Introductory Mathematical Economics
The book is primarily intended for undergraduate economics or applied economics majors transitioning from a possibly non-technical and introductory Principles course into a calculus based intermediate or senior level course in economics. It provides a bridge from college math courses to calculus based intermediate economics. Mathematical techniques that are specifically most useful for formalizing and presenting economic ideas to an undergraduate audience are reviewed. The presentation style emphasizes the intuition underlying these techniques and their usefulness in economic analysis. Inclusion of mathematical proofs and non-essential technical details are kept at a minimum. Several chapters and sections within other chapters are devoted to the use of these tools to either formalize familiar concepts and ideas from introductory economics or provide an initial exposure to more advanced concepts one is likely to face in intermediate economic theory. A reappraisal of familiar material from introductory courses using a mathematical approach is intended to motivate and make easier, the transition to calculus based economics courses. It provides a hands-on experience of the additional analytical power gained via formalism. The many worked out examples, in-text review questions and End of Chapter exercises emphasize skills that are necessary to put tools into practice and solve problems in the upper level courses. The book is designed as a companion volume to but not as a substitute for a textbook on intermediate economic theory. Concepts and ideas from such courses are selectively discussed with the explicit purpose of illustrating the use of the mathematical techniques. The book does not attempt an in depth treatment of these topics. The book is ideal for a second or third year undergraduate mathematical methods course in a quantitatively oriented economics program. As a matter of fact, it grew out of the material developed for such a course offered at Iowa State University.