Mathematics for Economics

Mathematics for economics, or mathematical economics, refers to an economic model that uses mathematical principles and methods for creating economic theories and analyzing economic dilemmas. It facilitates undertaking quantifiable experiments and developing models for predicting economic growth in the future. Mathematics enables the formation of testable propositions associated with a wide range of subjects. Mathematical economics makes use of statistical observations, which enable the description of observable phenomena, thereby providing a base for theoretical interpretation. Some commonly used mathematical methods are mathematical programming, differential calculus, integral calculus, and matrix algebra. There are various applications of mathematical economics including dynamic analysis, comparative statistics, optimization, and equilibrium statistics. This book discusses the fundamentals as well as modern approaches of mathematical economics in detail. It strives to provide a fair idea about this discipline and to help develop a better understanding of the latest advances within it. This book will serve as a valuable source of reference for graduate and postgraduate students.