EXC 2910 Mathematics
APPLIES TO ACADEMIC YEAR 2016/2017 
EXC 2910 Mathematics
Responsible for the course
Svein Lund
Department
Department of Economics
Term
According to study plan
ECTS Credits
7,5
Language of instruction
English
Introduction
This is a basic mathematics course that spans two semesters. It aims to prepare the student for quantitative courses in economics and finance. The first semester (autumn) covers basic mathematical skills in algebra, equations, inequalities, functions and their graphs, and differentiation. The second semester (spring) focuses on more advanced calculus and some financial mathematics.
Learning outcome
Acquired knowledge
Students will get to know a wide area of mathematical topics relevant to subjects in business administration such as statistics, finance and economics.
Acquired skills
 Master fundamental skills in algebra, and be able to solve equations and inequalities
 Firmly understand the notion of a function and its graph
 Master derivatives and understand the relation between the derivative and the slope on a graph
 Use differentiation to solve optimization problems and calculate elasticities
 Master simple integration and understand its relation to the area between graphs
 Be familiar with exponential and logarithmic functions. Understand the use of the exponential function in calculating compound interest
 Be familiar with the use of price, profit and cost functions in economics
 Be able two solve constrained optimization problems in two dimensions by using partial differentiation and Lagrange multipliers
 Be able to evaluate determinants and use Cramer's rule to solve linear equations
Prerequisites
None
Compulsory reading
Books:
Sydsæter, Knut and Peter Hammond. 2016. Essential mathematics for economic analysis. 5th ed. Pearson Education
Recommended reading
Course outline
 Basic algebra
 Solving equations and inequalities. Systems of equations
 Functions and graphs
 Differentiation and its use in economics
 Basic financial mathematics
 Basic integration
 Functions of two variables. Partial differentiation and Langrange's method
 Determinants and Cramer's rule
Computerbased tools
Spreadsheet.
Learning process and workload
The course spans two semesters and consists of an introduction and an advanced part, total 84 lecture hours.
Introduction part
First semester (autumn  EXC 2911) 36 hours  covers basic mathematical skills in algebra, equations, inequalities, functions and their graphs, and differentiation.
Advanced part
Second semester (spring  EXC 2912) 48 hours  focuses on more advanced calculus and financial mathematics.
The lecture hours will both cover the theory and train the students in practical problem solving. Training / use of Excel will be integrated into teaching. Every week the students are assigned exercises that will be discussed in the following lecture. The students are expected to work on these weekly exercises, and they will form a basis for the examinations.
During each semester a midterm mandatory assignment will be given. This will have to be approved to have the course approved.
Activity  Introduction 
Advanced 
Lectures (participation in class)  Introduction  36 

Preparation for lectures/reading literature  10 

Working with the weekly exercises  11 

Multiplechoice examination  3 

Lectures (participation in class)  advanced  48 

Preparation for lectures/reading literature  72 

Work on the weekly exercises  75 

Written examination  5 

Total recommended use of hours  60 
200 
Examination
The final grade in the course will be based on following elements:
 Assignment 1 will be given half way trough the first semester. Pass/Fail.
 A three hour individual multiplechoice examination will be given at the end of the first semester. Counts for 20 % of the final grade.
 Assignment 2 will be given half way trough second semester. Pass/Fail.
 A four hour individual written exam will be given at the end of second semester. Counts for 80 % of the final grade.
All elements must be passed to obtain the final grade. It will be possible to sit for a reexamination separately.
Examination code(s)
EXC 29101  Assignment 1 Pass/fail
EXC 29102  Multiple choice. Counts 20% towards the final grade.
EXC 29103  Assignment 2 Pass/fail
EXC 29104 – Written examination. Counts 80% towards the final grade.
Examination support materials
Multiple choice  No support materials allowed except a bilingual dictionary.
Written examination  BI approved exam calculator.
Examination support materials at written examinations are explained under examination information in the student portal @bi. Please note use of calculator and dictionary in the section on support materials (https://at.bi.no/EN/Pages/Exa_Hjelpemidlertileksamen.aspx).
Resit examination
A resit examination is held in every term.
Additional information