Jun 21st, 2015
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Adams State College
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Math Camp 2012Department of EconomicsUmass Amherst9am-1pm, M-F, Aug. 20-30, 2012Thompson 919Chapter 1, 2, 4-9 were prepared by Sung-Ha Hwang and Seung-Yun Oh, based on Chapter 1-8 of Mathematics for Economists by Malcolm Pemberton & Nicholas Rau, Second Edition (Manchester University Press, 2007). Its a summary of Chapter 1-3, 6-9 of Fundamental Methods of Mathematical Economics, by Alpha C. Chiang, Third Edition (McGraw-Hill, Inc. 1984)Chapter 3 is based on Chapter 1 of Further Mathematics for Economic Analysis by Knut Sydsaeter, Peter Hammond, Atle Seierstad and Arne Strom (Pearson Education Ltd, 2008) and Sergei Treil, Linear Algebra Done Wrong (available at http://www.math.brown.edu/~treil/papers/LADW/LADW.html). Its a summary of Chapter 4 and 5 of Fundamental Methods of Mathematical Economics, by Alpha C. Chiang, Third Edition (McGraw-Hill, Inc. 1984)Chapter 1 Linear Equations1.1 Linear equationExample 1.1 Suppose the demand schedule for a good, say honey, is given by where denotes price and denotes quantity demanded. Suppose also that the supply schedule for honey is given by with the interpretation that bee-keepers wish to produce units of honey when price of honey is . Sketch the graph of demand and supply function. Find the market clearing price and quantity.Exercise 1.1 Sketch in the same diagram the graphs of the following linear relations:(a) , (b) , (c) What d

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