eBook - ePub
Introductory Mathematical Economics
Adil H. Mouhammed
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- 260 pages
- English
- ePUB (mobile friendly)
- Available on iOS & Android
eBook - ePub
Introductory Mathematical Economics
Adil H. Mouhammed
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About This Book
This book provides both students and individuals with a simple and rigorous introduction to various mathematical techniques used in economic theory. It discusses the applications to macroeconomics and market models, and describes derivatives and their applications to economic theory.
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Chapter One
Vectors and Matrices
Vectors and matrices are very important tools in economic analysis. This chapter outlines the algebra of vectors. Students will not only be able to add and subtract vectors but also to multiply vectors. For economic modeling, linear independence is indispensable in that economic models must have unique solutions, and linear independence provides these solutions. Similarly, linear and convex combinations are also important for economics.
An extension of vector analysis is matrix algebra. The types of matrices and matrix operations are outlined in this chapter. A system of equations is solved by using matrix methods such as the inverse method, Cramerâs rule and the Gauss-Jordan method. Eigenvalues and vectors are explained and used for diagonalizing matrices. Finally, various economic applications of matrices are provided.
Vectors
A vector is a symbol used to refer to a set of variables or coefficients. For example,
where Y is used to...