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Durham University

Faculty Handbook 2022-2023

Module Description

Please ensure you check the module availability box for each module outline, as not all modules will run each academic year.

Department: Economics and Finance

ECON2121: INTERMEDIATE METHODS FOR ECONOMICS AND FINANCE

Type Open Level 2 Credits 20 Availability Available in 2022/23 Module Cap Location Durham

Prerequisites

  • Introduction to Economics (ECON1101) AND Quantitative Methods (ECON1151) OR Principles of Economics (ECON1011) AND EITHER Economic Methods (ECON1021) OR Calculus I (MATH1061) AND Linear Algebra I (MATH1071) AND Probability I (MATH1597) AND Statistics I (MATH1617)

Corequisites

  • None.

Excluded Combination of Modules

  • None.

Aims

  • To develop critical understanding and knowledge of quantitative methods in economics and finance
  • To build on the skills obtained in Level 1, and provide a grounding for further study in Level 3
  • To offer the opportunity to develop some key skills

Content

  • Using specific examples from Economics and Finance, the module develops key mathematical tools such as:
  • Systems of linear equations
  • Matrix algebra
  • Introduction to determinants
  • Second order conditions for multivariate optimization.
  • Implicit differentiation and comparative statics.
  • Natural Exponential Functions in Financial Mathematics
  • Further Applications of Natural Exponential Functions
  • Integral Calculus: the Definite Integral and Indefinite Integral
  • First-order Ordinary Differential Equations
  • First-order Difference Equations

Learning Outcomes

Subject-specific Knowledge:
  • At the end of the module, students should:
  • be familiar with mathematical techniques and their applications in economics and finance
Subject-specific Skills:
  • Being able to apply mathematical tools to solve problems in economics and finance
Key Skills:
  • Written Communication - e.g. through summative assessment.
  • Planning, Organization, and Time Management - e.g. by preparing for examinations.
  • Problem Solving and Analysis - e.g. by applying the necessary analytical and quantitative skills in intermediate methods in economics and finance in undertaking assessed work.
  • Numeracy - e.g. by applying core mathematical and statistical skills to answer a range of examination questions.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

  • Teaching is by lectures and seminars. Learning takes place through attendance at lectures, preparation for and participation in seminars, and private study. Formative assessment is by means of a time-constrained closed-book test. Summative assessment is by means of a written examination.

Teaching Methods and Learning Hours

Activity Number Frequency Duration Total/Hours
Lectures 22 1 per week 1 hour 22
Seminars 8 Fortnightly 1 hour 8
Preparation and Reading 170
Total 200

Summative Assessment

Component: Examination Component Weighting: 100%
Element Length / duration Element Weighting Resit Opportunity
One written examination 2 hours 100% Same

Formative Assessment:

Time-constrained closed-book test.


Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University



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