Quantitative Methods

Overview

This course builds on the Mathematics taught at GCSE level or an equivalent level. The course is taught paying particular attention to the solving of economic problems and relating these to applications to the real world. There are two parts in the module.

The first part covers mathematical techniques required to solve applied economic problems. It begins with a revision of basic algebraic methods. These ideas are then further developed to cover more advanced mathematical concepts including linear and non-linear functions; single variable calculus and calculus of several variables.

The second part covers basic statistical methods used by economists and other social scientists. This will include data presentation, descriptive statistics, basic regression analysis, time series and elementary probability theory. Students will also be taught how to use Excel to perform basic statistical analysis.

Learning Objectives

On the successful completion of the module students will be able to:

1. Know what is meant by a function.
2. Use calculus methods to solve basic economic problems such as profit maximization.
3. Use calculus to locate the maxima and minima for functions of several variables.
4. Use descriptive statistics to present data.
5. Know what is meant by a probability distribution.
6. Perform basic regression analysis and time series forecasting.
7. Exhibit transferable skills of problem solving, numeracy and the communication of mathematical concepts.

Skills

The aim of this module is to give students a basic working knowledge of the mathematics and statistics that is needed in the quantitative and non-quantitative level 2 and level 3 modules. The primary focus of the module is to provide the basic tools to solve practical, applied problems.

Assessment

Students must achieve an overall mark of 40% in the module to pass