By Mike Rosser
Economics scholars will welcome the hot version of this glorious textbook. With new sections on matters akin to matrix algebra, half yr funding and fiscal arithmetic the e-book has been completely revised and up-to-date.
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Additional info for Basic Mathematics for Economists
The negative square root is often important in the mathematical analysis of economic problems and it should not be neglected. The usual convention is to use the sign ± which means ‘plus or minus’. Therefore, we really ought to say √ 16 = ±4 √ There are other roots. For example, 3 27 or 271/3 is the number which when multiplied by itself three times equals 27. g. 5 , so that the rules for multiplying powers can be applied. 5 = 15 × 9 × 3 = 405 These basic rules for multiplying numbers with powers as fractions will prove very useful when we get to algebra in Chapter 3.
1. 2. 3. 4. 5. 6. 7. 8. 9. 06)n = 235 what is n? 22)n = 1,972 what is n? 14)n = 8,523 what is n? 1 Construct algebraic expressions for economic concepts involving unknown values. Simplify and reformulate basic algebraic expressions. Solve single linear equations with one unknown variable. Use the summation sign . Perform basic mathematical operations on algebraic expressions that involve inequality signs. Representation Algebra is basically a system of shorthand. Symbols are used to represent concepts and variables that are capable of taking different values.
5. 6. Evaluate the expression 2x 3 + 4x when x = 6. 6. When the UK government privatized the Water Authorities in 1989 it decided that annual percentage price increases for water would be limited to the rate of inﬂation plus z, where z was a ﬁgure to be determined by the government. Write an algebraic expression for the maximum annual percentage price increase for water and evaluate it for an inﬂation rate of 6% and a z factor of 3. 1 above and then evaluate. 8. 5 7. 8. where q is output. What will AC be when output is 175?
Basic Mathematics for Economists by Mike Rosser