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EMET1001
Foundations of Economic and Financial Models
First Semester
Academic Year : 2024
The course teaches the mathematical foundations of models in economics, business and finance and its applications. Mathematical topics covered include set theory, functions, series, limits, univariate and multivariate calculus, unconstrained and constrained optimisation, matrix algebra. Applications include effective interest rates, present value, annuities, production functions, average and marginal cost functions, profit maximisation.
Learning Outcomes
1. demonstrate an understanding of mathematical techniques discussed;
2. be able to formulate economic problems in mathematical terms and apply the tools provided to analyse them correctly and precisely;
3. demonstrate an understanding of the common functional forms and rules used in derivatives and integrals of functions that frequently appear in economic models;
4. apply the basic principles of maximisation and minimisation to optimisation problems in economics and find the correct solutions to these problems;
5. apply matrix algebra to simple economic problems and linear models, demonstrating the ability to solve linear systems of equations in matrix form;
6. make use of basic principles of financial arithmetic in economic and financial problems to compute solutions.
Policies
ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:
. Academic Integrity Policyand Procedure
. Student Assessment (Coursework) Policy and Procedure
. Special Assessment Consideration Guideline and General Information
. Student Surveys and Evaluations
. Student Complaint Resolution Policyand Procedure . Code of practice for teaching and learning
Examination Material or equipment
You may need access to a calculator to complete the exercises required for this course.
Required Resources
Sydsæter, Hammond, Strøm, and Carvajal (2021). Essential Mathematics for Economic Analysis. 6th edition. Pearson. Access to the electronic version is provided through the ANU library.
(Referred to as "SHSC".) We expect to cover chapters 1-14 and maybe bits of 15-16.
Pearson's MyLab. Note the costs are paid by the Research School of Economics. Access through the Wattle course site.
If any addition material is required, it will be announced on the Wattle course site.
Staff Feedback
Performance on the homework assignments will be available the week after the due date, through the MyLab platform.
Performance on the midsemester exam is expected to be available within two weeks after the exam, through Wattle.
Student Feedback
ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.
Assessment Requirements
The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.
Moderation of Assessment
Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.
Participation
All course activities take place on the ANU campus.
Examination(s)
See assessment tasks 2 and 3.
Assessment Task 1
Homework (weekly)
Weekly quizzes conducted through Pearson's MyLab. Results will be available progressively after the deadline each week.
Students who do not wish to use MyLab (which is provided externally) should contact the lecturer as soon as possible to arrange alternative assessment. The quizzes will open on Tuesday each week and will be due at noon on Tuesday the following week, unless otherwise indicated on Wattle. The quizzes are not timed, and you can submit any time between the opening and closing times. Each quiz cover the material from the week before the due date.
The quizzes are compulsory. The two quizzes with the lowest marks will be ignored, and only the remaining quizzes count towards the total course mark. No late submissions will be accepted, unless with prior permission. Any quiz not submitted by the deadline will receive a mark of zero.
Assessment Task 2
Written examination held during the ANU midsemester exam period. Duration 90-120 minutes, to be determined. The exam will cover all material discussed in the weeks prior to the exam week. Typically the questions will involve mathematical derivations and calculations similar to the end-of-chapter exercises in the textbook. Further details will provided no later than week 4.
The mid-semester exam is compulsory. Students who miss the mid-semester exam and have legitimate reasons need to apply for a deferred exam. Students who miss the mid-semester exam and do not meet the necessary requirements for a deferred exam will receive a mark of zero.
Assessment Task 3
Final exam
Written examination held during the ANU from the entire semester, with emphasis on material discussed after the midsemester exam. Typically the questions will involve mathematical derivations and calculations similar to the end- of-chapter exercises in the textbook. Further details will provided no later than week 10.
The final exam is compulsory. Students who miss the final exam and have legitimate reasons need to apply for a deferred exam. Students who miss the final exam and do not meet the necessary requirements for a deferred exam will receive a mark of zero.