Unit - 1 

Multivariate Optimization with constraints

Constrained optimisation with equality and inequality constraints: geometric characterisation, Lagrange characterisation using calculus and applications; properties of value function: envelope theorem, applications.

Sydsaeter, K., Hammond, P. (2002). Mathematics for economic analysis. Pearson Educational. (Chapter 18.1 to 18.9 & 18.3 (The statement only))


Unit - 2

Linear programming 

Introduction, graphical solution, matrix formulation, duality, economic interpretation.

Sydsaeter, K., Hammond, P. (2002). Mathematics for economic analysis. Pearson Educational. (Chapter 19)


Unit - 3

Integration, differential equations, and difference equations

Definite integrals, indefinite integrals and economic applications; first order and second order difference equations, equilibrium and its stability; first order differential equations, phase diagrams and stability; second order differential equations.

Sydsaeter, K., Hammond, P. (2002). Mathematics for economic analysis. Pearson Educational. (Chapter 10, 20 and 21 (except 21.9))
 


Assessment:
1. Semester-end Examination: 90 marks

2. Internal Assessment (IA): 30 marks
• Two class test (12 marks each), and
• 6 marks will be for attendance

3. Continuous Assessment (CA): 40 marks
• 5 marks will be for attendance
• 1 Class test for 10 marks
• At least 2 quizzes, adding up to total 25 marks