Mathematical Models in Economics

Equips economics students with the foundational knowledge in mathematical models and concepts they need to transition from beginner-level courses to intermediate-level material. The book is designed to bridge the gap between applied maths and economics that students face when being confronted with calculus-based economics models for the first time.

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Mathematical Models in Economics: An Introduction equips economics students with the foundational knowledge in mathematical models and concepts they need to transition from beginner-level courses to intermediate-level material. The book is designed to bridge the gap between applied math and economics that students face when being confronted with calculus-based economics models for the first time. Written in an approachable and entertaining way, the book helps readers learn to use key math tools, understand a model, and interpret equations within an economics context.

The book covers basic calculus, both single variable and multivariate, optimisation, corner solutions, an introduction to comparative statics and duality, with some linear algebra and integration at the end. Applications of unconstrained and constrained optimisation to microeconomics, macroeconomics, and econometrics demonstrate the connections between the tools shown and their uses. Throughout the text, students are provided with salient definitions, Making the Connection (to the real world) features, and Quick Check side boxes to increase their understanding of the material and to encourage application and practice of key concepts. Each chapter ends with a series of exercises to help students master the tools and hone their modelling skills.