What is mathematical economics?
Mathematical economics refers to the application of mathematical methods to represent economic theory or analyze problems posed in economics. Expositors maintain that it allows formulation and derivation of key relationships in the theory with clarity, generality, rigor, and simplicity. For example, Paul Samuelson's Foundations of Economic Analysis (1947) identifies a common mathematical structure across multiple fields in the subject. Mathematical economics, however, conventionally makes use of calculus and matrix algebra in economic analysis. These are prerequisites for formal study, not only in mathematical economics but in contemporary economic theory generally. Mathematical economics provides methods to model behavior in diverse, real world situations, including international climate agreements, reactions to changes in divorce laws, and pricing in the futures markets for commodities. Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could not be adequately expressed informally. Further, the language of mathematics allows economists to make clear, specific, positive claims about controversial or contentious subjects that would be impossible without mathematics. source: wikipedia.
3 people found this useful
Mathematics ("math") is the science of dealing with numbers,counting, and numerical operations. It has several important branches dealing with actualor theoretical uses in the physical world. Math is the study of abstractions. Math allows us to isolate one ora few features such as the number, shape… or direction of some kind of object. Then wecan study what can be learned about the behavior of those features while ignoringeverything else about the object. a subject in all schools. It's the study of the theory and rules of numbers & theirmanipulations. Algebra for example, apart from being the building-blocks of maths,(or "math" without the "s" in the US) is the rules of arithmetic ingeneral form, hence its value in creating and manipulating formulae(specific equations to carry out particular tasks. Mathematics underpins all the Sciences to varying degrees and invarious ways, Engineering (the application of science to practicalends, not mending cars!), Administration and Business. Without it you would not have the computer you're reading this on -you would not even have the electricity supply to which it'sconnected. Without maths - or more accurately without the physics which worksto highly mathematical rules - we would not exist. Nothing would! So to say it's just a school exam subject is not an answer worthyof its author I'm afraid. (MORE)
Some of the sub-branches of economics that rely on fields of statistics and mathematics are econometrics, transport economics, managerial economics and international economics.
The science that studies human behavior as a relationship between ends and scarce means which have alternative uses.
The adjective "economic" applies to an "economy", often specifically to some region, country, state, or local area. Economics includes retail sales, trade, public works, capital management, and other financial activity. It pertains to fiscal activities by governments, corporations, and private busin…esses. (MORE)
in economics. mathematics is relevant because using mathematics we can illustrate the distribution of the live-stocks through graphs and measurements,thus, there will be a great adjustment on the proper distribution of goods and stocks to different departments of our government.
Answer . what a sufficent condition that shows a equation does not represent a linear function .
What is the Role of mathematical tools in economic analysis on both micro economic and macro economic?
Microecomics refer to the study of individual business unit that make up an industry where as macroeconomics is the study of the entire industry in an economy.
Economics requires kind of precision and modelling not usual to the other social sciences but more common with physics or engineering. Mathematics is a tool which allows the formal simplification, consistency, and exact results necessary to track, analyse, and predict variables in highly complex sys…tems. Since economics not only possesses these systems but needs these properties, mathematics, along with statistics, offers a methodological avenue that no other field can to achieving them. (MORE)
I cannot quite understand your eaning of "origin". If you mean the first one in history of economics to had done mathematical analysis, it was ricardo when he was working on his incomplete theory of labour. But the first one to have done complete mathematical deuction was Thuen(not sure if I have …spelled that wrong" a Gernman. Please correct me if I have said anything wrong. (MORE)
There is a field of study called "metamathematics" that attempts to address just that question. If this is a serious question, you might want to begin by going to the library and exploring the three volume set Principia Mathematica by Whitehead and Russell.
Personally I don't "have" it, however the subject is regarded as a necessary part of living on both a personal level and on a national one. Economics provides us with the means of describing and to some degree understanding the relationship between the efforts that we make and the value of the resul…ts that we (partially) enjoy. Since the following two axioms are fundamental to this subject, it is then possible to reason in this subject and to learn more about its significance to our community.. "Man seeks to satisfy his needs with the minimum of exertion". "Man's desires are unlimited". These two axioms were first proposed by Henry George (North American 19th centuary) , the first economist who seriously tried to put this subject on a scientific basis. (MORE)
Economics is the branch of social science that studies the production, distribution , and consumption of goods and services . The term economics comes from the Greek for oikos (h. ouse) and nomos (custom or law), hence "rules of the house(hold). Modern economics developed out of the b…roader field of political economy in the late 19 th century, owing to a desire to use an empirical approach more akin to the physical sciences. The subject thus defined involves the study of choices as they are affected by incentives and resources. . Areas of economics may be divided or classified into various types, including:. microeconomics and macroeconomics . positive economics ("what is") and normative economics ("what ought to be") . mainstream economics and heterodox economics . fields and broader categories within economics. . source: www.en.wikipedia.org (MORE)
Economics has this connection to mathematics: It is a jumbled heap of beliefs and statistics. Our beliefs tell us which numbers to add up, and which to ignore. Footnote: For the past 50 years, economic theories--principles, practices, and predictions--have been described in highly refined mathemati…cal terms. Economic concepts that were formerly stated in words are now codified in mathematical formulas. For example, Malthus and Ricardo described "game theory" discursively. Subsequently, economists devised mathematical explanations and formulas to explain and refine those concepts. (MORE)
To economize is lower expenses, to spend less on monthly bills.When it comes to a car, to economize means to spend less on fueland other costs incurred.
It is an equation containing differentials or derivatives, there are situations when variables increase or decrease at certain rates. A direct relationshin between the variables can be found if the differential equation can be solved. Solving differential equations involves an integration process:fi…rst order. dy. _____ which introduces one constant arbitrary. dx. And secnd order which introduces two arbitrary constant arbitraries. 2. d y. ______. 2. d x. dx (MORE)
A mathematical proof is a process that combines statements we knowto be true to show something else must be true. Basically, it'sjust a way of saying something is true, along with why each step inthe reasoning must be true. So for example, assume we know "If a
Mathematics is a universal language. Yes!! It's a language whereas students consider it as a big problem itself. We would be lost to any point in history or right after evolution if it was't for the subject of numbers. Let us try to understand that mathematics s not a problem but an answer to all th…ose who want to make money or look at their situation financially. Businesses are defined by what they profit from their operations. Interestingly, mathematics makes itself a symbiotic subject to finance, business, economics and even for military accreditations. Economics with mathematics is the answer for many economists who will make assumptions on the theory they would like top present on the workings of the economy but ill realize their ambitions be met when they use numbers to explain their relative thoughts. Businesses understand their motions in the market with the help of maths under conditions what they need to achieve to be the masters or what they need to remain in the business at all. Developing understanding that we are all connected to the mathematics will help us look beyond the horizons of the stars. Math is important and relavent in economic analysis, these are just two components of economic analysis and not the only way to view an economic model, as most economic analysis can be done with graphs. Mathematics is an important subject and knowledge of it enhances a person's reasoning, problem-solving skills, and in general, the ability to think. Hence it is important for understanding almost every subject whether science and technology, medicine, the economy, or business and finance. Mathematical tools such as the theory of chaos are used to mapping market trends and forecasting of the same. Statistics and probability which are branches of Mathematics are used in everyday business and economics. Mathematics also form an important part of accounting, and many accountancy companies prefer graduates with joint degrees with mathematics rather than just an accountancy qualification. Financial Mathematics and Business Mathematics form two important branches of mathematics in today's world and these are direct application of mathematics to business and economics. Examples of applied maths such as probability theory and management science, such as queuing theory, time-series analysis, linear programming all are vital maths for business. by ODOEMEAM JOSEPH CHIMEZIE 07031275671 (MORE)
Economics is about a government's or a society's exchange of goods and services. For instance, the tax system, tax rates, national debts, finances, banking systems, jobs/income, stocks, and everything else that is related to money. One section of economics is the theory of what you can do with a …limited supply. For example, how changes can increase or decrease wealth (e.g. technological innovations, depreciation). It is also the study of the person (producer or consumer). Rational thinking, happiness and game theory often come into consideration. For example why do you choose x over y? Or why is the economic power of crowds more knowledgeable than that of individuals? Economics can also be defined as "The study of choice making by individuals, institutions, societies, nations and the world, under conditions of scarcity and surplus, towards maximizing benefits and satisfying the unlimited present and future needs." The subject Economics is defined as the "Study of choices by all in maximizing production and consumption benefits with the given resources of scarce and surplus, for present and future needs." Macro-economics and micro-economics Economics is generally divided into two sub categories, macro-economics and micro-economics. Macro deals with the overall performance indicators of an entire economy. So it involves things like government spending, GDP and unemployment rates. It includes models that explain relationships between national income, aggregate output and inflation. Micro on the other hand studies and deals with market mechanisms. This mainly includes studying households and firms and how they come together to allocate limited resources. This determines the price of goods and services and this relates to quantity demanded and quantity supplied. Most of the macro principles are built on micro concepts. (see the related questions) (MORE)
The branch of social science that deals with the production, consumption and distribution of goods, services and their management. This includes capital and raw materials as well as labor and more abstract resources. Economics can be defined as the study of human commercial transactions and the var…ious forms of social organization that facilitate such transactions. --- It can also be defined as the study of how individuals and nations make decisions on how to use scarce resources to fill unlimited wants and needs. --- The word economics comes from a Greek word Oikou-Nomos or Oikonomia, meaning "household management". ---Economics can also be defined as "The study of choice making by individuals, institutions, societies, nations and the world, under conditions of scarcity and surplus, towards maximizing benefits and satisfying the unlimited present and future needs." The subject Economics is defined as the "Study of choices by all in maximizing production and consumption benefits with the given resources of scarce and surplus, for present and future needs." The branch of social science that deals with the production, consumption and distribution of goods, services and their management. The study of how individuals and nations make decisions on how to use scares resources to fill the unlimited wants and needs One other definition is: Economics is social science that studies the relationship between unlimited ends and relatively scarce resources which have alternative uses.Economics is a science which study humans behavior in a relationship between end and scarce means. (MORE)
In economics, mathematics helps analyze data and show patterns that can manifest in economic trends, predictions and relationships between elements of an economy.
Statics is a branch of mathematics concerned with the analysis ofloads or physical systems in equilibrium. Comparative static analysis is a branch of economics that comparestwo different economic outcomes, before and after a change of somekind in an outside parameter.
A lot of things. For example: partial differential equations are used to find weak points in aircraft before they fly, group theory is used to encrypt data over the internet, multi-particle stochastic processes, can tell us how diseases will spread, and how traffic behaves on roads, as well as how a…n economy works. Maths is also used in all sciences - everything scientists do they could not do without mathematics. On a lower level, it allows us to count how many things we have, and to decide for instance that 3 loaves of bread is better than 2. (MORE)
Economics is mainly the study of how people and society chose utilize their scarce resources to satisfy their unlimited needs and wants. When there is limited resources you will have a choice in which what needs and wants will you fully utilise them in and this this where the concept of … opportunity cost (Next best Alternative) comes where you will have to chose which option is the best in you can use you resources in. E.g. you have $5. 1st option movies cost $5 2nd option Lunch cost $5 Since you only have $5 which option would be the best inorder to satisfy your unlimited need and want? do you really need to watch the movie? no but do you need to eat? yes So your best alternative to use that limited resource is buying your lunch. Eliki Waqavakatoga (MORE)
Everything in economics is mathematical; you have to determine specific quantities of money, products, hours of labor, etc., and calculate relationships between these quantities.
One section of economics is the theory of what you can do with a limited supply. For example, money in the economy and how different elements can increase or decrease everyones wealth, eg technological innovations, depreciation etc. It is also the study of the person. Rational thinking, happiness… and game theory often come into consideration. For example why do you choose x over y? Or why do the power of crowds know more than individuals? For some its quite a daunting subject, but in practice its really quite simple. I know many who are instantly turned off when you show them a simple equation like Y = C + I + G + (X-M) but when its broken down for you its quite easy really, for me anyway! (MORE)
Modern Definition of Economics Prof.A.C.Dhas defines economics as " The study of choice making by individuals, institutions, societies, nations and globe under conditions of scarcity and surplus towards maximizing benefits and satisfying the unlimited present and future needs .". In short, ac…cording to Prof.A.C. Dhas, the subject Economics is defined as the " Study of choices by all in maximizing production and consumption benefits with the given resources of scarce and surplus, for present and future needs. ". Economics is generally divided into two sub categories, macro-economics and micro-economics. Macro is more deals with the over all performance indicators of the whole economy. So things like government spending, GDP and unemployment rates. It includes models that explain relationships between national income, aggregate output and inflation. Micro on the other hand studies and deals with market mechanisms this mainly includes studying households and firms and how they come together to allocate limited resources. This determines the price of goods and services and this relates to quantity demanded and supplied. Most of the macro principals are built on micro concepts. Prof.A.C.Dhas defines economics as " The study of choice making by individuals, institutions, societies, nations and globe under conditions of scarcity and surplus towards maximizing benefits and satisfying the unlimited present and future needs .". In short, the subject Economics is defined as the " Study of choices by all in maximizing production and consumption benefits with the given resources of scarce and surplus, for present and future needs. " . (MORE)
Economics is related to mathematics directly. There are so manycalculations and computations that are done as a way of measuringthe economy.
If you're wanting to know job opportunities - alot of things! Economics is a good well rounded subject to have, but it depends what other experience you have. Economist, policy analyst, consultant, business advisor are just a few options.
Assuming you mean the school subject: To prepare for any eventuality in the future where you will need mathematics. This ranges from something as simple as counting currency, to something as "complex" as flight trajectories of different objects, made of different materials in different atmospheric c…onditions. (MORE)
Hey, I have given one assignment to Assignmentbuddy.com, on Economics (Pareto efficiency), I got straight A on my assignment. This is a new company I suppose, and what is best about them is these guys are only into the subjects they specialize in and they have properly mentioned their team profile o…n their website. I recommended asssignmentbuddy.com to one of my friends also, though I dont know about her marks, I will ask and let you know. But yes a good comapany (MORE)
Study hard. . Try not to make careless mistakes. . Ask the teacher for help if you need it, that is what they're there for! . Engage in class, show your teacher you engage and pay attention. . Practice. Part of excelling in Math is understanding the material, and part is just being able to recog…nize which method applies to the particular problem that you are solving. The only way to hone that skill is to practice - eg. do all of the assigned problems. Remember to try as hard as you can. Depending on the level of math course you are in, sometimes it helps to study in groups, and get in with someone who seems to understand the material. And of course, there are several members here on WikiAnswers that like to help. (MORE)
Is any junior college of science has an option to take economics as an optional subject instead of mathematics?
Typically, within to science area, math is a constant and cannot be substituted for other courses. There are other areas where some institutions give the student an option, but not typically within the science area because of the critical nature of math plays within this area.
The relation between mathematics and economics involves economicsbeing dependent on mathematics for factual analysis. Mathematicalsolutions always portray facts needed in some form of economics.
by using mathamatics, we can better understand the economic theories.mathamatical models, diffrensiation,linear programming these are very help full to make analysis of variabels
It apply ecomically through calculating income and outcome of wat u've been achieved. And u used mathematics aspect to solve d problems.
Price, bills, checks,bank,knowing the difference of getting ripped off, it all revolves around one thing
Generally, to get many jobs, all you need is a GCSE in mathematics and English - however depending on the job, other people are likely to be more qualified... An AS level in mathematics is not a large step up from GCSE and so it doesn't open many doors - if you are studying for A levels and applying… for university however, the only qualifications you would have would be GCSEs and AS levels, and so your AS levels will help your application for university. (MORE)
It is not. Like chameleons changing colours to blend in with their environment, economists use mathematics to disguise their theology as a science.
they created a number system based on 60 like 60 minute hour, 6 sec. minute and the 360 degrees circle
It is simply calculations, such as if there will be a stock market crash, or a high rise in stock prices.
cooking envolves using maths because some time you have to measure how much ingredients a recipe
What is the probability of being in science and engineering if you are good at mathematics and economics but not essays over 2000 words long?
The probability depends on a lot of other factors: how good you are at mathematics and physics, how much competition there is for places, whether you have other attributes and so on. But, you should not simply accept that you are not good at essays. You ought to work to improve your written communi…cations. If you want to be successful in science or engineering, it is not simply enough to be good at mathematics and economics. There will be times when you need to make a pitch - to potential clients or financiers - and being able to produce a well written proposal or report will give you an edge over your competition. There will be times when you are working with interdisciplinary teams and being able to communicate your views to non-technical people in a clear and concise way is essential. So don't just accept being "poor" at writing. Do something about it. (MORE)
Mathematics can be used for all types of analysis, whether of physical processes or of human societies. In the case of economics, the relevance should be obvious. Economists are concerned with such things as tax rates, interest rates, employment rates, growth rates, etc., all of which can be measure…d and described mathematically. (MORE)
Economics depends on mathematics because it allows us to make use of distributions of goods and or other services and commodities. Without mathematics, economics will become obsolete and will be nothing more than just pure history. The equations and models allow us humans to not only supply and dema…nd goods, it also allows economists to make informed decisions about the future. (MORE)
It is very possible you would do well. Check out some engineering colleges and ask a few questions
This is a very good question :D im glad you asked. Now i think that they are studied separately because they are different thing in your life. If you were learning maths you would learn maths not economics. They are similar subjects but economics is mainly a part of life and maths is seperated to th…e jobs you do; using a calculator etc. (MORE)
How is it possible for an individual to be good at mathematics and economics but bad at science and engineering?
Simple. In spite of his innate talent, his science and engineering classes fail to engage his attention or spark his interest. He ditches classes and sleeps when he does attend. He fails to produce passing work in them, and even though his potential is stellar, grades are awarded commensurate… with work, not potential. It happens every day, and the consequences of a few years of that immature foolishness follow the individual for the rest of his productive life. Trust me ... I should know. (MORE)
Will you fail physics chemistry and engineering if you are good at mathematics economics and geography but not good at writing essays or papers and coding?
None of those talents or shortcomings is a reliable predictor. Youwill fail Physics, Chemistry, Engineering, or any other specialty, if you expect it tobe so hard that you'll fail it, or if you expect it to be so easy that you'll sailthrough without work. The decision to fail it or not fail it is yo…ur decision to make,and has no connection with what you think you're good at or not good at. (MORE)
Of course, there isn't a reason not to, because mathematics is the language of economics, science and engineering(withthe exception of computer programming).
What types of school subjects and majors are you good at if you are good at mathematics besides economics?
You could become an accountant, bookkeeper, business or financialanalyst, mathematician, actuary (calculates probabilities forinsurance companies), statistician (analyzes numerical data).