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EPMP673 Course Outline 2023-2024

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52 views5 pages

EPMP673 Course Outline 2023-2024

Uploaded by

jeansamuel100
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© © All Rights Reserved
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UNIVERSITY OF GHANA

(All rights reserved)


DEPARTMENT OF ECONOMICS
SCHOOL OF SOCIAL SCIENCES

M.A. IN ECONOMIC POLICY MANAGEMENT

FIRST SEMESTER 2023/2024 ACADEMIC YEAR

COURSE OUTLINE

EPMP673: MATHEMATICAL & STATISTICAL METHODS FOR POLICY


(3 CREDITS)

Lecture hours: Tuesday 12.00am – 2.30pm (Regular programme)


Saturday 2.00pm – 4.30pm (Weekend programme)

Assessment and Grading


The course is in 2 parts: Mathematics and Statistics. The course is examined over 100% and
is made up of: (1) Continuous assessment = 30%; and (2) Final Examination = 70%.
Continuous Assessment shall be made up of at least one in-class test and one take-home
assignment.

Please note: This course requires regular attendance of lectures and regular practice on your
own. You will be given practice questions and assignments. Do well to complete each of
these assignments on your own and hand them in to be marked. Please do not hesitate to
bring challenges up for discussion during lectures and our consultation hours.

Plagiarism Policy

Plagiarism in any form is unacceptable in the University of Ghana and shall be treated as a
serious offence. Appropriate sanctions, as stipulated in the Plagiarism Policy, will be applied
when students are found to have violated the Plagiarism policy.

Grading Scale

Students’ performance on the course shall be graded as follows:

Letter Grade Marks Interpretation Grade Point


A 80-100 Excellent 4.0
B+ 70-79 Very Good 3.5
B 60-69 Good 3.0
C 50-59 Pass 2.0
D 30-49 Fail 1.5
F 0-29 Fail 1.0

1
2
PART ONE: Mathematics

Instructor: Bernardin Senadza bsenadza@ug.edu.gh

Aim:
The study of mathematical methods is very rewarding. The subject matter of economic theory
lends itself to the analytical rigour provided by mathematics. The application of mathematical
ideas and techniques in economics, management and other related fields makes it
indispensable. This course is designed to fill in gaps in knowledge of mathematics. It is also
geared to those who have been away from mathematics for a while. It goes through the basic
tools and concepts needed for later work in the EPM.

Texts:
1. Chiang, A. C., “Fundamental Methods of Mathematical Economics”, 3 rd Edition,
McGraw Hill, 1984.
2. Jacques, I., Mathematics for Economics and Business, 6 th Edition, Prentice Hall,
2009.
3. Sydsaeter, K. and P. Hammond, Essential Mathematics for Economic Analysis, 2 nd
Edition, Prentice Hall, 2006.
4. Dowling, E. T., “Introduction to Mathematical Economics”, 3rd Edition, Shaum’s
Outline Series, McGraw-Hill Inc, 2001.

Topics to be covered:

1. Week 1-2 FUNCTIONS


Functions: Linear functions; Algebraic solution to systems of simultaneous linear
equations: Non-linear functions (quadratic); Economic applications

2. Week 3-4 MATRIX ALGEBRA


Basic matrix operations; Determinant of a matrix; Inverse of a matrix; Matrix solution
of system of linear equations; Applications

3. Week 5-7 DIFFERENTIAL CALCULUS


Derivative of a function; Differentiation (functions of one variable); Optimization of
functions of one variable (stationary points - maximum and minimum points); Partial
differentiation (functions of several variables); Differentials; Unconstrained and
constrained optimization; Lagrange multipliers; Applications

4. Week 8 INTEGRAL CALCULUS


Introduction to integral calculus: Definite and indefinite integrals; Methods of
integration; Applications to consumer and producer surplus.

3
PART TWO: Statistics

Instructor: T.O. Antwi-Asare

Aim:
This course aims to provide skills in basic statistical techniques and their application to the
field of economics. The course will equip students with elements of statistical methods used
in collecting, organising, summarising, presenting, analysing and interpreting data. It
provides students with the foundation for their study of Applied Quantitative Analysis in the
Second Semester.

Main texts:
1. Barrow Michael, (2009) “Statistics for Economics, Accounting and Business Studies”
Fourth Edition, Pearson Ed
2. Bluman, Allan G., (2004) “Elementary Statistics” 5th Edition, Mcgraw Hill Inc., NY

Other Recommended Texts:

1. Freud E. John & Perles M. Benjamin, “Modern Elementary Statistics” 12 th Edition:


Prentice Hall International Edition
2. Wonnacott T. H. & Wonnacott R. J., “Introductory Statistics for Business and
Economics” 4th Edition
3. Murray R. Spiegel & L. J. Stephens (1999) “Theory and Problems of Statistics” Third
Edition” Shaums Outline Series, Magraw Hill
4. Newbold, P., Carlson, W.L., and Thorne , B. (2007) “Statistics for Business and
Economics” 6th Edition, Pearson Prentice Hall, New Jersey

Lecture Schedule and Topics to be Covered

Week 9: Statistics, Data Compilation, Cleaning and Analysis


What is Statistics; why study statistics? Descriptive and Inferential Statistics, Types of data,
Collection of data- population and sample data

Stata/Excel data management

Week 10
Data presentation: Frequency, Relative frequency and Cumulative frequency distributions;
other graphical methods of data presentation: Pie charts, Histograms, Frequency polygons
and Frequency curves.

Data presentation using excel/stata

Week 11-12
Descriptive Statistics for grouped and ungrouped data – numerical measures
Measures of central tendency: Mean, Weighted Mean, Median, Mode, Percentiles;

Measures of Dispersion: Range, Variance, Standard deviation, Skewness; applications


Data analysis using excel/stata

4
Week 13-14
Estimation
Estimation of the population mean: Confidence Interval for the mean using the Normal and
student’s “t” distributions;

Estimation of population proportions: Confidence Intervals for the population proportions;


applications.

Correlation and Simple Regression, Interpretation of results


Estimation using excel/stata

Week 15
Hypothesis testing
Basic steps in the hypothesis testing; Hypothesis testing using the Normal distribution; Type I
and Type II errors; Test of hypothesis between two means, using the Normal and student’s
“t” distribution

Analysis of Variance, the F-test, Test of Hypothesis for: (i) Samples, (ii) Proportions and (iii)
Difference between Samples, (iv) Difference between Proportions. The Chi (χ2) distribution.

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