ECON1202 Quantitative Analysis for Business and Economics - 2023
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ECON1202 Quantitative Analysis for Business and Economics - 2023
Course Code : ECON1202
Year : 2023
Term : Term 3
Teaching Period : T3
Delivery Mode : In Person
Delivery Format : Standard
Delivery Location : Kensington
General Course Information
Course Code : ECON1202
Year : 2023
Term : Term 3
Teaching Period : T3
Is a multi-term course? : No
Faculty : UNSW Business School
Academic Unit : School of Economics
Delivery Mode : In Person
Delivery Format : Standard
Delivery Location : Kensington
Campus : Sydney
Study Level : Undergraduate
Units of Credit : 6
Useful Links
Course Details & Outcomes
Course Description
Mathematics is an important part of theoretical and applied analysis in economics and business.
This course equips students with a working knowledge of the most common techniques,
providing the basis for their further studies. Topics include the mathematics offnance, matrix algebra, linear programming, as well as calculus and (unconstrained and constrained)
optimisation. Special emphasis is put on the illustration of the covered concepts and techniques with applications to typical problems in business and economics.
Course Aims
This course is offered as part of the frst-year core in the Bachelor of Economics degree
program. For students in the Bachelor of Commerce program, it is not part of the frst-year core, but it is a prerequisite for most second-year economics courses, so it is strongly recommended for those contemplating an economics major within the Bachelor of Commerce.
The course aims to give students insight into how mathematical concepts, theories and
techniques are applied to the felds of business, economics and the social sciences in order to generate solutions to problems encountered in these felds. The course builds on mathematical knowledge which you should have gained in highschool.
After completing ECON1202, your use of mathematics and statistics in your studies will vary depending on the major(s) you choose. If you choose a major such as Economics, Business Economics, Financial Economics or Econometrics, you will study further courses in
econometrics. These majors are designed to equip students with statistical and other
quantitative skills that are widely used and increasingly demanded by employers in commercial felds and the public sector. If you choose other majors where quantitative skills are needed,
such as in accounting,fnance or marketing, a good understanding of concepts taught in this course will be a major asset.
The aims of this course are for you to:
Develop your ability to perform calculations;
Develop your ability to solve real-life business problems using formal mathematical tools and algorithms;
Extend your skills in analysis, oral communication and written communication.
Relationship to Other Courses
The Business School has an assumed knowledge requirement that students entering the BCom and BEc are expected to be familiar with HSC Mathematics. Therefore, in this course we will
base lectures on a prior knowledge of HSC Mathematics and this assumed knowledge will not be covered or revised as part of the lectures or tutorials.
If you have not studied HSC Mathematics in New South Wales, knowledge of the following topics is essential: basic functions and graphs, including logarithms and exponentials, and solutions of linear and quadratic equations. If you have not studied any or all of these topics previously at
highschool, remedial work will likely be necessary.
Course Learning Outcomes
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Course Learning Outcomes |
Program learning outcomes |
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CLO1 : Apply basic principles offnancial mathematics to real-life problems. |
|
|
CLO2 : Apply probability tools to solve risk and uncertainty scenarios. |
Knowledge
|
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CLO3 : Use matrix algebra to represent and solve systems of equations. |
Knowledge
|
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CLO4 : Apply both single-variable and multivariable calculus to business and economics problems. |
Knowledge
|
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CLO5 : Solve optimisation problems. |
Business Practice
Cultural Competence |
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CLO6 : Formulate and solve real problems amenable to mathematical analysis that arise in economics and business using the methods appropriate to the problem. |
Knowledge
Communication
Cultural Competence |
|
CLO7 : Construct written work which is logically and professionally presented. |
Communication |
|
Course Learning Outcomes |
Assessment Item |
|
CLO1 : Apply basic principles offnancial mathematics to real-life problems. |
participation
|
|
CLO2 : Apply probability tools to solve risk and uncertainty scenarios. |
participation
|
|
|
|
|
CLO3 : Use matrix algebra to represent and solve systems of equations. |
participation
|
|
CLO4 : Apply both single-variable and multivariable calculus to business and economics problems. |
participation
|
|
CLO5 : Solve optimisation problems. |
participation
|
|
CLO6 : Formulate and solve real problems amenable to mathematical analysis that arise in economics and business using the methods appropriate to the problem. |
participation
|
|
CLO7 : Construct written work which is logically and professionally presented. |
|
Learning and Teaching Technologies
Moodle - Learning Management System
Learning and Teaching in this course
Approach to Learning and Teaching in the Course
The lectures, tutorials, and assessments have been designed to appropriately challenge students and support the achievement of the desired learning outcomes. A climate of inquiry and dialogue is encouraged between students and teachers and among students (in and out of class). The lecturers and tutors aim to provide meaningful and timely feedback to students to improve learning outcomes.
This is not a course where you can become profcient just by observing. You will need to get
involved in class â€囚evaluating information and asking and answering questions. You also must learn to organise your independent study and practise enough problems to gain a thorough
understanding of concepts and how to apply them.
You are expected to:
· Put consistent effort into learning activities throughout the term by preparing for the regular assessment tasks
Take a responsible role in preparing for tutorials and participating in them · Develop communication skills through engaging in classroom discussions
· Concentrate on understanding how and why to use formulas and less on memorising them · Make continuous improvements by using the feedback from assessments
Learning Activities and Teaching Strategies
The examinable content of the course is defned by the references given in the lecture schedule, the content of lectures, and the content of the tutorial program.
In this course, there are two types of formal classes: lectures and tutorials. There are also
QUANTPASS classes which you can attend on a voluntary basis. In addition, you will be expected to spend a considerable amount of extra time working on your own to prepare for tutorials.
Lectures
The purpose of lectures is to provide a logical structure for the topics that make up the course and to emphasise the important concepts and methods of each topic. Lectures will include
explanation of relevant topics and theory together with worked examples to demonstrate the
theory in practice. Where possible, lectures will show the relevance and application of the
quantitative techniques covered in this course to business, economic and fnancial applications.
In T3, lecture content will be delivered online in a prerecorded format.
Because lectures are prerecorded, students can view them at times outside the timetabled
lecture slots. The Thursday timetabled lecture slot will be used for a Q&A session with the
lecturer (see the course schedule). The Tuesday timetabled lecture slot will be used for online in- session tests (see below) in some weeks and may be used for online course activities at the
lecturer's discretion in other weeks.
In each week's online Q&A session, the lecturer will recap some concepts from the lectures.
Students will have the opportunity to discuss the material in that week's lectures and ask
questions. Students are encouraged to post, to the course Moodle forum, questions that they'd like to have discussed during the Q&A sessions.
Tutorials
Students are expected to attend tutorials which will be delivered in-person.
Tutorials are an integral part of the subject. Tutorial discussion problems will build on the
material discussed in lectures. Tutorials will increase your understanding of the material covered in lectures if you have tried to work through some numerical problems yourself beforehand.
Focus. Besides learning practical problem‐solving skills, there is an emphasis on the
development of communication skills and the ability to construct arguments. Discussions, both in small groups and involving the whole class, will be an opportunity for you to examine your
understanding of concepts and applications before working on numerical examples.
Preparation. Tutorial questions must be prepared for your tutorial each week. Expect that your
tutor or another student will check that you have attempted these. You are expected to attend the tutorials and discuss any difculties you encountered solving the tutorial questions with your
tutor. Solutions to these tutorial questions will be available on the course website each week.
Self-study questions will also be set for each week. Attempting these will assist you in answering the tutorial questions and will form a necessary part of the practice you will need to do to
successfully complete this course. Solutions to some of these questions will be posted on the course website before summative assessment occurs. Further help in understanding the tutorial solutions and in solving the self-study problems can be obtained through consultations with your course staff.
Discussion. The frst part of your tutorial will involve discussion questions related to the
numerical questions you have prepared. These will help you improve your understanding of
concepts and mathematical methods and assist you to see the relevance of these in business and economics. During this part of the tutorial, you may also suggest topics you would like to be discussed, for example areas where you are confused or need more explanation.
Numerical solutions. During the second part of the tutorial, the students and the tutor, working together, will examine the solutions to the prepared questions. If time permits, extra questions may be attempted. In the case where there is not time to work through all the prepared
questions, answers to these questions (but not complete solutions) will be made available on the website.
Online In-Session tests. There will be two online in-session tests, which will beheld during the
Tuesday lecture slot (11:00-12:30) in Weeks 4 and 9. Each test will be delivered as a Moodle quiz. These tests will assess your understanding of the course material; course staff will inform you in advance about the topics covered in the test.
Out-of-Class Study
Lectures can only provide a structure to assist your study, and tutorial time is limited. Most learning will be achieved outside of class time. Students differ in their learning styles but a learning strategy might include:
· Read sections of the textbook before/after the lecture
· Attempt the self-study problems and compare your methods with the online practice problems to prepare for quizzes; try extra problems from the textbook if required
· Prepare tutorial questions
Take the online quiz, look at your results and if necessary carry out further preparation before
re-attempting it
Seek assistance from staff, QUANTPASS leaders or fellow students to have queries answered
2023-09-12