CALCULUS
Instructional goals
The course aims to provide first-year economics students with the main mathematical tools that are used to analyse and solve a wide range of problems in economics, business, finance and insurance. This will be their first step towards achieving a broad training in quantitative disciplines, as well as a good methodological training for the analysis and critical interpretation of economic and business dynamics. This will allow them to acquire the useful tools for the formulation, implementation and control of decisions in the work contexts in which they will operate.
Intended learning outcomes
Knowledge and understanding:
By the end of the course, students will have acquired a wide range of mathematical tools and will be able to understand and solve numerous theoretical and applied problems in economics, business and finance.
Ability to apply knowledge and understanding:
By the end of the course, students will be able to apply quantitative tools to business decisions, to the analysis of economic phenomena and to the resolution of economic and business problems in the work contexts in which they will operate.
Autonomy of judgment:
By the end of the course, students will be able to develop a critical capacity in identifying the most suitable solution to the proposed problem, even in highly innovative contexts.
Communication skills:
By the end of the course, students will be able to develop both written and oral communication skills and to highlight the relationships between the theoretical concepts and the most important economic and managerial applications.
Learning ability:
By the end of the course, students will be able to stay up to date and improve their skills in examining the quantitative aspects of economics and management.
Course Contents
The mathematical analysis for functions of a single variable allows the students to introduce the fundamental mathematical tools (limits, derivatives, integrals) for the definition and study of the mathematical models in economics.
The functions of several variables make it possible to develop models that are closer to real life economics. To this end, the tools already introduced for the functions of single variable are suitably adapted to the new context.
The study of the matrices and the linear systems allows the design of models capable of including large amounts of data.
The explanation is accompanied by economic examples to illustrate the importance, in real life’s settings, of the tools acquired tools in during the course.
Reference Books
LinAlg: Ron Larson. Elementary Linear Algebra, International Metric Edition, 8th Edition (ISBN 9781337556217)
Calc1: Ron Larson, Bruce H. Edwards. Calculus: Early Transcendental Functions, International Metric Edition, 8th Edition (ISBN 9780357908426)
Calc 2: Ron Larson, Bruce H. Edwards Calculus, International Metric Edition, 12th Edition (ISBN 9780357908129)
Teaching Methods
The teaching activity will consist of:
- frontal teaching and tutoring
- material for in-depth study of the topics available on the learn.luiss.it page of the course.
The teacher and the teaching assistant will set up weekly office hours to help students.
Assessment Method
**Exam Rules and Assessment Criteria**
Student assessments will be based on individual performance, participation in activities, and classroom involvement. Specifically, for first-year students who maintain consistent class attendance, the grading criteria are as follows:
- **Midterm Exams:** Two midterms will be conducted during the course, each contributing 30% to the final grade. Each midterm consists of multiple-choice questions and written exercises, with points assigned according to the difficulty of the questions. Both midterms are graded on a scale of 0 to 30, with a minimum passing score of 18 required for each exam.
- **MATLAB Sessions:** Participation and performance in MATLAB sessions are worth 10% of the final grade.
- **Final Exam:** The final exam accounts for 30% of the final grade. Similar to the midterms, it includes multiple-choice questions and written exercises, with points allocated based on difficulty. The exam is graded on a scale of 0 to 30, with a passing grade set at 18 or higher.
- **Class Participation and Assignments:** Active participation in class and the completion of weekly assignments can earn students up to two bonus points.
**Review Process:**
After each written exam and before the official posting of grades, students will have the opportunity to review their work in a meeting with the instructors. During this meeting, instructors may ask questions about the students' papers and adjust grades accordingly.
**Retake and Exam Sessions:**
- During the December 2024 and January 2025 sessions, students will have the opportunity to retake individual midterms as well as the final exam.
- In the May and September 2025 sessions, a single comprehensive exam covering the material from the midterms and the final exam will be offered.
**Special Conditions:**
For students who did not participate in group activities and/or had absences from class, the final exam will account for the remaining percentage needed to achieve a total score of 100%.
Thesis assignment criteria
Interview with the teacher after the exam.
Week 1
Linear Equations (from LinAlg)
Systems of linear equations
Gauss and Gauss-Jordan Elimination.
TA sessions on the lectures of the present week.
Week 2
Matrices (from LinALg)
Operations and Properties of matrices.
The Inverse of a Matrix.
Economic Applications.
TA sessions on the lectures of the present week.
Week 3
Determinants (from LinALg)
The Determinant of a Matrix.
Properties of Determinants.
Functions (from Calc 1)
Graphs and Models
Linear Models and Rates of Change
TA sessions on the lectures of the present week.
Week 4
Functions (from Calc 1)
Functions and Their Graphs
Review of Trigonometric Functions
Inverse Functions
Exponential and Logarithmic Functions
TA sessions on the lectures of the present week.
Week 5
Limits and Their Properties (from Calc 1)
A Preview of Calculus
Finding Limits Graphically and Numerically
Evaluating Limits Analytically
Continuity and One-Sided Limits
Infinite Limits
TA sessions on the lectures of the present week.
Week 6
Differentiation (from Calc 1)
The Derivative and the Tangent Line Problem
Basic Differentiation Rules and Rates of Change
Product and Quotient Rules and Higher-Order Derivatives
The Chain Rule
TA sessions on the lectures of the present week.
Week 7
Differentiation (from Calc 1)
Derivatives of Inverse Functions
Extrema on an Interval
Increasing and Decreasing Functions and the First Derivative Test
Concavity and the Second Derivative Test
TA sessions on the lectures of the present week.
Week 8
Differentiation (from Calc 1)
Rolle's Theorem and the Mean Value Theorem
Limits at Infinity
Indeterminate Forms and L'Hôpital's Rule
A Summary of Curve Sketching
Optimization Problems
TA sessions on the lectures of the present week.
Week 9
Integration (from Calc 1)
Antiderivatives and Indefinite Integration
Area
Riemann Sums and Definite Integrals
The Fundamental Theorem of Calculus
TA sessions on the lectures of the present week.
Week 10
Integration (from Calc 1)
Integration by Substitution
The Natural Logarithmic Function: Integration
Basic Integration Rules
Integration by Parts
TA sessions on the lectures of the present week.
Week 11
Functions of Several Variables (from Calc 2)
Introduction to Functions of Several Variables
Partial Derivatives
TA sessions on the lectures of the present week.
Week 12
Functions of Several Variables (from Calc 2)
Extrema of Functions of Two Variables
Applications of Extrema
Lagrange Multipliers
TA sessions on the lectures of the present week.