# ECONOMIC ANALYSIS WITH MATRICES - 2017/8

Module code: ECO2048

Module provider

Economics

MELE A Dr (Economics)

Number of Credits

15

ECTS Credits

7.5

Framework

FHEQ Level 5

JACs code

L100

Module cap (Maximum number of students)

N/A

Module Availability

Semester 1

Independent Study Hours: 118

Lecture Hours: 22

Laboratory Hours: 10

Assessment pattern

Assessment type Unit of assessment Weighting
Coursework COURSEWORK - COMPUTER ASSIGNMENTS 30
Coursework COURSEWORK - GROUP PROJECT 70

Alternative Assessment

If the group project is failed or not submitted, a shorter individual version should be submitted in the resit period.

Prerequisites / Co-requisites

None

Module overview

The module provides an introduction to linear algebra and considers a variety of applications of matrices of relevance to economics, using computational methods now standard in the profession.

Module aims

provide students with an appreciation of the variety of applications of simple matrix algebra in economics and other social sciences

develop confidence in applying those methods with the use of standard software packages (i.e. MATLAB), while at the same time building a basic understanding of programming techniques.

Learning outcomes

Attributes Developed
1 Understand and be familiar with simple vector and matrix notation and basic matrix operations KC
2 Be able to solve a set of simultaneous linear equations KC
3 Be able to manipulate matrices using standard software packages KCPT
4 Understand some important applications of matrix algebra in economics KC
5 Have a basic understanding of basic programming techniques

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content

Indicative content includes:

Matrix algebra: vectors and matrices; matrix operations: addition, subtraction, multiplication, inversion; notation, Solution to a set of linear equations
Representation of simple economic models in matrix form
Applications of Markov processes to questions of economic mobility and demographics
Social networks
Basic game theory

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

develop skills in both data analysis and written presentation
develop appreciation of the variety of applications of matrices in economics
develop understanding of the use of standard software packages (i.e. MATLAB) in the analysis of economic data and models
develop understanding of basic programming techniques

The learning and teaching methods include:

2 hour lecture per week x 11 weeks
Guided computer video-tutorials with practical exercises
1 hour computr lab feedback session per week x 10 weeks

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate

Their understanding of basic matrix algebra, its use in standard software packages (i.e. MATLAB) and some selected but varied applications to real-world socio-economic themes.

Thus the summative assessment for this module consists of:

10 Individual coursework assignments,   (worth 30% of the final mark). Each question is designed to test student’s knowledge, understanding and application of key concepts and techniques introduced in the module.
A final group project which allows students to analyse a topic in depth by using techniques and concepts assimilated during the module (submission deadline in January, worth 70% of the final mark). Each project will consist of a Matlab code, a written report and an assessment of individual performances in the group. The assessment is designed to evaluate the skills in Matlab progamming, the ability to gather, analyse and interpret information on a particular topic and to use this knowledge to produce a written report. It also assesses the ability to work in a group, and evaluate individual performances in their team.

Formative assessment and feedback

Students receive verbal feedback during lectures (in which multiple choice questions and real-world examples in economics are both attempted and discussed). Video tutorials will provide formative assessment and feedback on individual assignments and exercises. In these they receive guided explanations of structured exercises and individual guidance. Videos may also be used to deliver solutions of assignments, explaining concepts and procedures involved when the proposed solution code requires further clarifications. Computer lab feedback sessions deliver extensive formative assessment and feedback, possibly in small groups.

For the assignments, on top of video instructions and explanations, students will receive feedback on the discussion forums on Surreylearn.