9781405111270

Mathematics for Economics and Business: An Interactive Introduction, Includes MathEcon CD-ROM, 2nd Edition

by
  • ISBN13:

    9781405111270

  • ISBN10:

    1405111275

  • Edition: 2nd
  • Format: Paperback
  • Copyright: 2004-05-01
  • Publisher: Wiley-Blackwell

Note: Supplemental materials are not guaranteed with Rental or Used book purchases.

Purchase Benefits

  • Free Shipping On Orders Over $35!
    Your order must be $35 or more to qualify for free economy shipping. Bulk sales, PO's, Marketplace items, eBooks and apparel do not qualify for this offer.
  • Get Rewarded for Ordering Your Textbooks! Enroll Now
List Price: $66.75 Save up to $10.01
  • Rent Book $56.74
    Add to Cart Free Shipping

    TERM
    PRICE
    DUE

Supplemental Materials

What is included with this book?

  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.
  • The Rental copy of this book is not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

Summary

This text offers the ideal approach for economics and business students seeking to understand the mathematics relevant to them. Each chapter demonstrates basic mathematical techniques, while also explaining the economic analysis and business context where each is used.Now in its second edition, the text features expanded summaries of economic analysis, new sections on matrix algebra and linear programming, and additional demonstrations of economics applications. Along with these new features, the book continues to separate mathematical methods and economics applications into discrete sections, allowing the student to learn the mathematics needed, or to proceed immediately to the economics examples.

Author Biography

Jean Soper is Lecturer in Economics at the University of Leicester and is involved in the Executive Committee responsible for the continuing development of WinEcon.

Table of Contents

Preface ix
Features of the Book xii
List of MathEcon Screens xvii
List of Excel Worksheets xxiii
1 Functions in Economics
1(60)
1.1 Introduction
1(1)
1.2 Coordinates and Graphs
2(3)
1.3 Variables and Functions
5(7)
1.4 Basic Rules of Algebra
12(10)
1.5 Fractions and Sharing
22(7)
1.6 Powers and Indices
29(4)
1.7 Functions of More Than One Variable
33(1)
1.8 Economic Variables and Functions
34(1)
1.9 Total and Average Revenue
35(3)
1.10 Total and Average Cost
38(3)
1.11 Profit
41(1)
1.12 Production Functions, Isoquants and the Average Product of Labour
42(3)
1.13 Functions in Excel
45(8)
Chapter 1: Answers to Practice Problems
53(8)
2 Equations in Economics
61(60)
2.1 Introduction
61(1)
2.2 Rewriting and Solving Equations
62(5)
2.3 Substitution
67(1)
2.4 Demand and Supply
68(8)
2.5 Cost-Volume-Profit Analysis
76(2)
2.6 Linear Equations
78(6)
2.7 Budget Lines
84(3)
2.8 Constant Substitution Along a Line
87(1)
2.9 Quadratic Equations
88(3)
2.10 Intersection of MC with MR or AVC
91(3)
2.11 Simultaneous Equations
94(2)
2.12 Simultaneous Equilibrium in Related Markets
96(3)
2.13 Exponential Functions
99(4)
2.14 Logarithmic Functions
103(3)
2.15 Plotting and Solving Equations in Excel
106(6)
Chapter 2: Answers to Practice Problems
112(9)
3 Macroeconomic Models
121(26)
3.1 Introduction
121(1)
3.2 Notation and Model Specification
122(8)
3.3 Identifying Equilibrium Income
130(1)
3.4 Keynesian Cross Model
131(5)
3.5 IS-LM Analysis
136(6)
Chapter 3: Answers to Practice Problems
142(5)
4 Changes, Rates, Finance and Series
147(40)
4.1 Introduction
147(2)
4.2 Percentage Changes
149(3)
4.3 Simple and Compound Interest
152(5)
4.4 Annual Equivalent Rate
157(3)
4.5 Nominal and Real Interest Rates
160(2)
4.6 Growth Rates and Logarithms
162(3)
4.7 Depreciation
165(2)
4.8 Net Present Value
167(4)
4.9 Series
171(2)
4.10 Savings and Loans with Regular Payments
173(5)
4.11 Prices of Bills and Bonds and the Rate of Interest
178(2)
4.12 Financial Calculations with Excel
180(4)
Chapter 4: Answers to Practice Problems
184(3)
5 Differentiation in Economics
187(40)
5.1 Introduction
187(1)
5.2 Using Differentiation in Economics
188(2)
5.3 The Basic Rules of Differentiation
190(11)
5.4 Application to Economic Analysis
201(1)
5.5 Utility Functions
201(3)
5.6 Revenue Functions
204(4)
5.7 Short-run Production Functions
208(2)
5.8 Cost Functions
210(3)
5.9 Point Elasticity of Demand and of Supply
213(8)
5.10 Investment Multiplier
221(2)
Chapter 5: Answers to Practice Problems
223(4)
6 Maximum and Minimum Values
227(22)
6.1 Introduction
227(1)
6.2 Identifying Maximum and Minimum Turning Points
228(4)
6.3 Maximum Total Revenue
232(2)
6.4 Maximum Profit
234(5)
6.5 Minimum Average Cost
239(2)
6.6 Average and Marginal Product of Labour
241(2)
6.7 Tax Rate which Maximizes Tax Revenue
243(1)
6.8 Minimizing Total Inventory Costs
244(2)
Chapter 6: Answers to Practice Problems
246(3)
7 Further Rules of Differentiation
249(21)
7.1 Introduction
249(1)
7.2 The Chain Rule
250(1)
7.3 The Product Rule
251(2)
7.4 The Quotient Rule
253(1)
7.5 Marginal Revenue, Price Elasticity and Maximum Total Revenue
254(3)
7.6 Optimal Production and Cost Relationships
257(5)
7.7 Exponential and Natural Logarithmic Functions
262(2)
7.8 Applications to Economic Analysis
264(1)
Chapter 7: Answers to Practice Problems
265(5)
8 Partial Differentiation in Economics
270(37)
8.1 Introduction
270(1)
8.2 Partial Derivatives
271(2)
8.3 Small Increments Formula
273(2)
8.4 Multipliers
275(7)
8.5 Differentials and Implicit Differentiation
282(2)
8.6 Slope of an Indifference Curve
284(3)
8.7 Elasticities
287(2)
8.8 Logarithmic Demand Functions
289(1)
8.9 Long-run Production Functions
290(5)
8.10 Second Order Partial Derivatives
295(2)
8.11 Optimization of Multivariate Functions
297(2)
8.12 Price Discriminating Monopoly
299(3)
Chapter 8: Answers to Practice Problems
302(5)
9 Constrained Maxima and Minima
307(13)
9.1 Introduction
307(1)
9.2 Substitution Method
308(3)
9.3 Lagrange Multiplier Method
311(4)
Chapter 9: Answers to Practice Problems
315(5)
10 Integration in Economics 320(16)
10.1 Introduction
320(1)
10.2 Rules of Integration
321(4)
10.3 Finding Total Functions from Marginal Functions
325(3)
10.4 Area Under a Curve
328(3)
10.5 Definite Integrals in Economics
331(2)
Chapter 10: Answers to Practice Problems
333(3)
11 Linear Programming 336(21)
11.1 Introduction
336(1)
11.2 Formulating Linear Programming Problems
337(2)
11.3 Graphical Solution
339(4)
11.4 The Optimal Solution and the Feasible Set
343(1)
11.5 Using Excel Solver
344(4)
11.6 Sensitivity Analysis
348(1)
11.7 Minimization Subject to Constraints
349(4)
Chapter 11: Answers to Practice Problems
353(4)
12 Matrices in Economics 357(42)
12.1 Introduction
357(1)
12.2 Matrices and Vectors
358(3)
12.3 Matrix Addition and Subtraction
361(1)
12.4 Multiplication of Matrices
362(11)
12.5 Handling Equation Systems
373(4)
12.6 Determinants
377(5)
12.7 Matrix Inversion
382(4)
12.8 Systems of Equations in Economics
386(2)
12.9 Matrix Operations in Excel
388(5)
Chapter 12: Answers to Practice Problems
393(6)
Index 399

Rewards Program

Write a Review