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Module MA3484: Methods of Mathematical Economics

Credit weighting (ECTS)
5 credits
Semester/term taught
Hilary term 2014-15
Contact Hours
11 weeks, 3 lectures including tutorials per week
Prof. David Wilkins
Learning Outcomes
On successful completion of this module, students will be able to:
  • determine optimal solutions of simple linear programming problems using the simplex method;
  • justify with reasoned logical argument the basic relationships between feasable and optimal solutions of a primal linear programming problem and those of the corresponding dual programme;
  • explain why the simplex method provides effective algorithms for solving linear programming problems;
  • explain applications of linear algebra and linear programming in contexts relevant to mathematical economics;
Module Content
  • Introduction to linear programming problems.
  • Duality in the theory of linear programming problems.
  • Farkas's Lemma.
  • Applications of Farkas's Lemma to prove duality theorems in the theory of linear programming problems.
  • Methods for solving linear programming problems based on the Simplex Algorithm of George Danzig.
  • The Transportation Problem
  • The Karush-Kuhn-Tucker Conditions characterizing optimal solutions of nonlinear programming problems.
  • Mathematical models of simple exchange economies.
  • Leontieff models.
Module Prerequisite
MA1212 (Linear Algebra II).
Assessment Detail
This module will be examined in a 2-hour examination in Trinity term.