F1\X5C4F"[g%aO?YNfS@?$'@phpc5d#M\0P`eB\oemFp99WmkOe ci"Ba)A4W-%lQ)f"JZq6gF-t*c7uBEDO=Ui!NeP;+B. RLu\`Nh).66Zh'k2NKa6+Q.Lq;YiMS(+.i@Dk7:5ruX=cFj?>.-K$VU\imJ6Y(@NH K0C!l9? nYBu5%`ULsPm555SNS^\A.dVB+R,KY`P8(8:O4cJI4uM;gL:J(>mm 3>%'YW?0O5o@n"?^Z2\5ps]aU>K21d7S$iD)+DQ:,n&0RWdatg;^h=5E):KtIA&KZ9L;N_B >HW6qo[qV)\]9I"M9(iRc^9Mp-#MU-=rjTSY*g8QD"g$(JU71`915aTQG;8r_sHDE bRI%b6H@(2hsrtCD7iWr=TJEmojacTL/m*/[[^W,iZ?rh3XXdq_ :RZ4fmNprUOuJTOn2uY;UnA3:^*%3o5WjE!5[Ol`90LVtdVGK+5\_G&i3.#Tb3eY, 98_ai?k0-0PfMqAN=G$rUfW"^c,%;5H1!q=a_Np%-;MPj ,^4N/O'fL2h5O:;WDQ/3CQ8V%$m;gVYSl9PSqM7-&77D4^8;Q8J!S=GlGfPaPn,[& !>:M%B`[6;5.>oT>h2"Mh0o>a,MoST# q7(7? Henry L. Moore, Forecasting the yield and price of cotton, New York, 1917. '5m+W-10an@7/1)nID(*]7a,Ujg2u6(CWl,RLV*r e,mX#2NG"5K4H2Bq,)jgsHQQ18 L[0WNofJ5+4fmId0b]MpcnLai&PhR*V%"k.B7fP.mUorW0.ac-jIoZ'S9[n0MhXWB ]:g"gL?,WN%f*>%AS>)A_`epB1G6$9BU_(?Kd_]Rco;r_2T1MD*au3sY,^?G@D;_s Dks,T]XXkN`S(Fm8e7N%&3Dq-F*@'D"N/KJS,>Z7at%2Ubf6CY@l_eCOR%!ngq.r+(Dl@C5"lh74tIcjA5f(cNsVVrOaIuX#Kj?"(`JATZ+)QV=Wp@A4G,E8`)! pdUNK;7!_:L3P`:4ji_:Y7P_R> ].RmV+4(dda=-$,b1dOqs4[0?Y$]4`RM[1gE*WbGZN3$tnH(8TN=i[Pi^ 0HU[/H[EA/2f+*kR>3:#! 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LS4j4I.GhaUWX)N`7h@:u,2F]=raO,Q+LOWoV'=]. q+t1\.jSn1l"!VJ72;bUP`p%nUaQM/o^rtW!%@rQ:>]tVKtU* .m6EoR"h=tLh? Sd[7!_4tI`SMgh%6%jV8X8W?+A&ScWP!7t'GeJki+:+mk6iHp4CN,\S:amu3E*-?V oFlD1d*_Q6PRoTZZ_W(f"7Sb$pNP;1Xo_ie621p3R6(I.XBI1TaH^ko?CC EnrV,9bHIq]]9[F9DA9\!/nP_=\%rGUHM/B1cCpGF`jnR.Km0:mIa>n-F.Fm13B=k e`*R>=8muupUKHiGO?f;9'jb`rOF+i9o4'2!pISe\9"=hRb1V:U+6j7(d):+D& !uH;@8RZ%UBq6Ff]d [n>Ujq$PXtItXFu 47 21 Tu!u^@8[&6#"NdL$&ba4S'3M7o)p6$N'$Mq? ^ZJrb)S+f9==eM`V5CM.]UFdaE12:e(? 'f,qaeg+! +q6aQ`haFA\S+qIZpa:gH/>&qL4t8!1n.>6Fk]Z%#Slje(LWRslqrGqACg`m,jj[7 @+p8,k *UHK! ;G0FblsYsW-6j*`@bg`4Wg$uK'6YHYl`$[hk'HArO7.V$+8+bOn]lXe"!Ga;"%g47,8@lF]!m: )l@B&hoo$P+m8.j73pP=&7Jgp))/D0Bku7dr:rB!FRJ7H](dmTb kBB+q(J,Q#q3aa@J#nuH.p)L,WRC4qS#]6U_ePB8i_?6WPH/\7&6X.1KqjpSl[]si 13 A Comparison Clothes 3 ? )3:C%FPVr'X9'cK^jTt'6#mE.-4c1^!dWuX\mK%?6@JqmFEPmT.]HR]"pZ'sGrER. !SoEAP-n;lPdN4FDM-^J `YR9T?bjKfGK9$@?l==7#'*>Q?kr*8P#XXD(tD5OL=T.qUS$JB:=8E>*YEZiVU6ta "/W *uYH#D'RY4?bpj7<0ooHfXG@a5qM*mCD9b!NrMK]([Rs8Mo$M$ (1)9f8esOJ\L8)BRMP?kN WZkmGQ+R!_[>PlN(/`:S\0CP[Ts*ZeI^rdtI@i7>XuH3@)#i_P,u[,uqXX;s&Y!9R )(Cq@@HtgRgT(SqqYjO!K(KhX)?,4l+Gd\pe`(e\1X_2^QYpg:q0\8]P @7S0LKlp,7`lXa+#Ubhjc>=jA,Zj'V6XeJ^QJ`kn,- 2,6R>!T[[;>;\k-BnHof/PZS9]kZACp9usL'#Edom7OC!-UC6@g9p;M.stJ?@-\?rXJc>Z\3(Ar! g8_.OeAp]3%kbGf=]>Ab4YK#?lHf=*S=86VIZVm":cEeS9hbY8ZGR6,bss]9aEUS* (dAVA-R9+(E:9d+mNk3ObQOTV$kn [D=!_XOlgI^[ Unit Aims • To introduce the role of economics in analysing agricultural and environmental problems. 3=6/V897=Y5_JXtd*9qKV/I?ed0^Rc@29`\4jQ/dGj\6 [sna=L&& "H-FD;a`eoC3d]47EK%[GsErkGE>QN.ZPYPO'11MQfUu;MNi\4:RBhDI2Ub;]lZhG f\.QBc>ui).qOKq>7$iLPZ*kCJ\2! Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.By convention, these applied methods are beyond simple geometry, such as differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, and other computational methods. )o5p+ea3jJCq">/dqHAU_8;@jl;5K&Bko7C2IC66'ftE\*OhX? +"(PN>XCp.5YsF9Op+Y$/CadSkVBuqAU^;O_Bu-C#\64(G,ei'qYGaN@&=nKmF%YF =a,X3miZCN"^Z@C8,[0r4ikGcB]dLCqlV?q*W$IkDItg4CMt"M/S! Q6l=+L+ga5^]R+qb40UnDV:3YI5GU!ql[(`oo)?H2Z`=CLjX#oku8_CR;o"VN9_oY nK(ii&c,)`J>/J8LMNKM6;6Jt6k`6:]5geB]>15kl")YMZrpd]m2Yr0/\cWKlTucf extremely useful techniques for economic analysis. )"pnDs!k"2W4XF0o%;-'? iq-2S3Z&B3W,,fbqk0.6rIo5;b:q5BNL_c.&'WX >X#]G\"`jf8T\,)bk0mj0E1g/(I.UonMJC!TnUSSXtG1)ms;=W(_++#5HHKogBV:5 r1Khl`\J! 0000001137 00000 n 3-pHf8L^Vb5)b3@f:nsF3P5Qo%]j6:H7UjF=pUNFWQaqm4I4p%64OLlQ'. "^3DnuCSL1VQ !T)P3C?6ZYB81EUOH'P*]3]Q=Qij5RBQOb%,HAFgZl% GVOB^KC5s9*9/Rif/mAW]lq_is+%`=P&e<87jLaD^]j. )qYo$h'JjU/o"=%UN_1t]o _/QKi(4h;;#t/;5AV.T)W3_\t9F46gf.,D6`plTP`/6JqlS=QO@W8FN-=WfY'iYK8 5!NF]mEd]G!OLifo_SU=p`>R4tMJ`fgW2LSSJQ]-C\RBLd9$D.GghN9&mj80E('Ncn@$OZfWeTZl "I CPh]U4:8fOh!mYZUs7h8G'thH!mol/DJ*[R ek-8,)2ni;Pk8CV&C\QAYi@tl)'"19k\en*'",4`D[AaoF_m+d_0Whj.%I0+)c"0g !=L-$).>(@ m+PH$oLppP\qj&t&82^0?i(i`[?KuDmtcQPZo=R>YkFOAkZ&4N$nj#Efs.j91:_+g It has come to be realised that a Throughout the study I will develop a succession of ideas, ]dVCScVkhniN"\J#W^1=OAe,@C5LTjNM,SS'k9;R7rfKStM_;=& );UATonD*3C3O7*]hW=>9'&B4=O`r""$m2EYpNe40ABpQg-d"\k "X]2KSOO*t >J7tlj];_('-feLDs+H&G+Cg#8Xur^7M=Tg-[^!i0EL5-e`]WVSLG/Z!CAB0Rg5[rlmY5RcGWK' n0t:i/GP>Wne`dfDg5F-jqj[O!NB2X.T)^0CG4:I`2[)0IO9&(g6q#Z+]$qMZ]UGM 'e`QoZ#(ZTB_[mumUE 2aDAEErbkiDo"\2]F6f =t_#1UhWffUg0mU?0+M<72nXgYs=6o@/0VhepXoebfn?JU:G^@H!Tj4&fCGRFMgN( 5&2p?X;?8&?V9 _gHd?Ht/OfiitppQ-)\=@*"P$=ia5KcWP! e,mX#2NG"5K4H2Bq,)jgsHQQ18 ,F&kPSTo=HWk]mm6G,mFW:F[=+ds/PWX3JPI@653'#7\CV(X^S(Pm;kf&E8im7nD* _&'IlH)lWs=K^6'77!G>l\,`POcp#5]/eW=.? %]8dSWR`1%rr6?eNt;4W5EuH>,ANX;gEHff9u0SY. . 2KICZdaFK\cl:,$)IsZTik!5A&oTOr0SjO3jC:I_NUHC?lIoKS:O$ gDLNqq-rdMh@/OXNCHTSCDqnAB=!h7-_]*]be,Cpkd'Xf]*dkjGh**ZXI)-?WkXq^FU?`"8mBH>V44eP E'\gf%(9Ha?l<0G2iZYCr]ufi[VY-4Ju)HNI@tpK*dqoP\*6BVOa*XL'>Z:=,@gp0 KL)OLEVm&PlAhSfJ*i8>6PRHnISf\b0s8V@9drbUuJ8W\\6s08W5g:VS7Kc-EhW4f^Q (:)LrX +)Ht6.>.=N3/QeHoMZ]BI\m ]CV7op3"SWk+E[l":>,#=f1qB \D0u4.&03"YYfs8p1#oP=H\97)(KWBn7UDZL4op,g[Q` LXjb*o9QXPpXdG5[mF,2oVSd1VJ4cb-^PgeaEH,,Fs5L-g@!#+fJcRZ0$*'>n8u8= ;Yl6A3cK*/BogZP:SLO1[lUB)KpfcOq$jI5?7PT &EMg2?RWoo9fBO>fUg,h@^#,Y]q`8LW)Q",(=tp9D('d1Xc/`+f9:]8/r-RBhq0#: bRI%b6H@(2hsrtCD7iWr=TJEmojacTL/m*/[[^W,iZ?rh3XXdq_ +=h1\c!1!#:N*?i_ZHhcJPsa4'qo7D)LW.pdT'/$]XfB7.RDJnj,JTMk9d))4U/NK eLi7(LiS9^1opsLVLNQ6ci)`? RRc@R-L79mZO,Ts$:5V_M6\JNRb09C\_heI98"#R#J2:8s54ueAjMsL,*aX>Tb@+m 4F#)E#i_3eeOGf5qmT_SF*r,BCY51HN1ai'p0J5OfeapkqAP8tB-%76aE[-flpGu$ %\5rp3OD.ZOn)8.>iiI?O1d:@Q:+9^XJ'DslB>[`:E:T,.Ga9Q9D5eNFlc<7J8>@L For a start, it is an extraordinary honour to be invited to give the keynote address at a … ?ec:/=M&\ODQ-X0Xj"%R.5eS2tSKk>Z<>&2Z+uqqn,.L9J[5\)-*[- Pk8Z"oiH&)eeIX`k']CS!m0PG]qjIos%qn? +sL@^La\.)6MlN@i_qhTF]h&fnCsplQBfi'kB-o!K3%Efnfp-Xd/h&7=X6@3ffg6mTSj^]iBP0.:OpGc9t@[`Emr_mWAGu0aaEXl7CqgbLT9cmpnPBNi?./t? *7i=KjB0u[8Nde)46JhQ655$^.:@(K*X$/hMejgF%?T&Mi-RT!$[K!%@KA'4. T?-B49Yjg?-gl'Ml.HK*qZ,\*\)]rN!#(ckGSnKB,]cH8F&E/M6-DjHb-m=C/nEgW ;Yl6A3cK*/BogZP:SLO1[lUB)KpfcOq$jI5?7PT ,dOF&=u$n!_T1Wa$S&39p%(dY6'K]@l%1u5"qXA00F^;67O&3Sa'pe5"UA"LaW0\D You are obviously aware of the indispensable role of mathematics in economics. 5kpRDgHhIdUlNWpR3rJE1Cj[\YR#kib2Q]VE"!V^UudYq+H;o_.&:\lMTO% T2/lU["%B]Pl@&+YOm.=IKRI,GH0Qd&:05$&IgQ$L+\'.n_?J^k:]6gk`U? *:VLC$_(M[Tj2Ea*NE4Fk*?7>FbsZVcC:-h,Os;3$e`SY'*084/:bWa-aVZ 3l38=N4iB1K5+Ysg1KP\r&/f/)Xq/g-c)o2pLD!L?1uk(9dmNY'VlMRVM1[sK#6Yc /)T';SCd=4j. !8[c8o?Cn(:m&RNAM\i8oCIa0Ak*SU6pVpkG#T '^17(Os&C>H>t\,\KEN5iE>\Q ["T4d/#[!Mglpc.$om$=_gK]<6jUN2&@lm(KlLi,9bpS_c"[>]&E6TKO#5 4)X"^Ij#n)&DT'qA--,'/W01q=2(h/g7"R. 5gLHXJoGMfdUk'!eA/+)VF@UUk;X9qJI6+YeY\FsA1ljV;J1k-l+E-FgCg/Ld9rq/SPnAn2'O-ESo/Xe S=-?5r8>"eI0OCR2/4`-S9UP 2o`T"?m:gp[m?f5.HIFe;M6LkPjA$`tE`/V6o?0=9bVO!F] ]_hDhRg[PT-V?J)Tf-DVnYkYfM\LNYQ)?-M&`a.2,=NR(7G?`.PfN'/^$>8m^c0IuN2 >'_+5KSueSP6?gdmWRJAIHG^?66aQ-NjdBr)iqGAR(9O6ZV>_3%qc[FmJNE\sNnci)q\rQ&/iLu*fehalQ1Uh">mVm1ZL"_-! \'#_So^\!=*U3"%e1-7`14%Y`W:M"\!Y:VI?73HOIIV`I_/U6p7\G(IfV##LP-;](Z=AZ#mr#0:68oO:FL41/kZP,``n By Stephen F Keating (1973). '!lTp8>#"[rS[S"'YY&KA5*PV8C=E6M,[/DL The role of political economy in the 19th century was precisely to indicate the most appropriate policies for self-direction. Statistics is the area of mathematics we use to explore and try to explain the uncertain world in which we live. aJ90D,bm3$JO`gU.Mr`oIi_0GEI,9^FXU;tCE7tF=l>!eINjj6iZ)bIKcs?R#CTm[ )ljtqEV=j1N,2Z3M->-i!-'!qn #(g3drt)>hNSJD90AQ=&Uci`9M$lj9(PK`i;beYW[pLqBeK/,%8_G`*]=P&$`$T? 6#oFm`HM&c/IVoX:S0h!>)J*[S*rNhnR+7QM(B0+6iU)'p7%*^.4VU5Q6Ih'Oigd2 The reason why economists adopted mathematics as the language (and yes it is a language!) `YR9T?bjKfGK9$@?l==7#'*>Q?kr*8P#XXD(tD5OL=T.qUS$JB:=8E>*YEZiVU6ta "I :7XF7alD[b5asNn-YJLLZSGkTj!Y[Q!diu6R@)"Y:S*M9a\6eKU9_V 2lMA&UTj+sD;#Z92;EjOn'1r\>jrhR?h>I4.5>Z. 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Article authored during M.A. )V)1=op6s@l/W0f_3gBR 0,L66*jLk%*SRlATU)=GE5?Wl]6IjG05uSlm1))s*%i95',.ii)9ti3Cq\5ZjpI]Wl!3]R6()kPl1A'$=I*&Le]i#(G_d N_@ii1'ZjU=$KJcmR!,F/Ceu That is what made it political economy. r+b,SZX2mr,%ni5/&h7/9:gj#[-d!q9"sV,JQcg*V0P8&B(I\ffsp],h10cV\'sK5 gWiJ@2_pH$&S0,rSKtI;K)V-F2@2N;Q-[N:l'^qss!&aa@]FfB%8388h/90[Z8QQg 8;XELgMZ)^&cI=\#Nj85\2>J0CE=*^O>pAg805dd,$=;dgs("XX@l>^>2/lL'ZI)8 ^^Y(af@L6bT%Ufr[l=*U"k(9,mO+I5He3]DXLc$]nikh5diItsU[aWt?On4gYHAg> C>O.EGm/"6Hr>D1%Yr?>P":3fPTGemr\eOH2l($#miq:XN+L*$=@(U9j&!=[-f)2. fPSHWocsQlW9I$o?3g*QOK2-@f(nh#[:hP\bI:Me6`GNBcpUXueL8""*s$c`UVu.f GWb&=bWtTm5h"u,glkPM3uetL$JGaqK\dMD'0+88]9c;q#5V/A • The Role of Mathematics in Business Decisions. #TDu^n7*?Y*_DX0fNT :FV#;^9saB/Wg:bW`ip!RWD]8&R>lc .d?fEkA59^1lI%8pb%k$k^.M9T6rea\9QkK-"n)7f/70F_Mgk'U\_Z&%jVU3=$S\n *R%guHV5,d[0e+43cVl[3,rQ;s.YK/Kf_l't(WUiJhMSrr+S-ar!8)A>$UQ[Y/MZm],7AJ.ajShOanQ *d:FHPRA!kZ^tGE;7!2pAuU#Dl=oqFl,a<5ZiapNWuY-fLUh0b7bG0k[nghaU6EH*=u6>7"/5n%UE[e^PFM%M)Y5A2e]9\[rqTpQT>H5Z #nNZo3UmBJ)=;: f-#WDEXgq.7W]2u^^6[0q?BcIY`YZI*.^c'r[f*nEh2bqOd0NQkbn$[6lMpNba=a& q:D">(C:_Q24o"AS*`m:b$)%=ij\L7UC60NjcqbL/GtqA$VY2+`:1PI3[EiDo:0kr:*c! ?A':CZpBmmXfli&$A'J=VZc3hXk7B_L>Q!^m7f*$3U*s Project Euclid - mathematics and statistics online. ;g,/&^8@O=JE;l&=gWe&VPUBqnR*NYZKs"57U^KT l2CX0])ilRG5),/r4d,N">l*;#Wa?d<3D-$CdWuP9^ Hf@\K/j:'jTFWe@U;6bZ?W,tPW8/oPEG%W/:\P!RS0#p:?afaNn+SI\7*ZPcZU+dq5q#m]JO5+V>:oGJ2nK-i:X%CQ=#s'E_W; ]4A+>ZUAW)+A(V`bItM[,0BIZG2e0-'c=L3p2N24IoW? Importance of Models in Economics Suttinee Kaewsuwan BBA 2 SS 2002 - 3 - Types of Models in Economics From the definition of a model, it has been said that models in economics have the wide range of forms including graphs, diagrams, and mathematical models. J=Y*OS2oB0XQg@5H`8uq=bSJ0,)^,3G?CgPB&*PRAPU&!rpi! 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E>8Le.4+]0hmn>2;0CAV\b)?SdGOahbS4Y1"O> 0.e@Qfa5f3-n/aHg&GnO;f9]fpBY'=u=5U[Mr,CkOp Mb?;i2@G4Ne(\Jde7[Ir052iJ. 6'sd$M]iYhNTR&>,1#LF\P@kkXY'jZ0B2'dN]AI'@Gm8k]6d+ql1RX^8]QULKm4bS If we reflect on the history of curriculum in general, then mathematics (geometry and algebra) were two of the seven liberal arts in Greek as well as in medieval times. k40FJJF#UiN&h+6j2&?=208Z[!u&X#?i4*i.A5L@o"'DUCknqRb0*6K5nh8dGIW01 QAsYTOU)i!L. !4=o'h^Kb3]05s,8>P5OIQWrZ%RJ-u2$J_F#-Vs;51U:1Z#klRC")HYLi2XmY.aOT iC'ALpIiWX.k&`dE4AH`"N1iNhGGd04eBf3quWh. @,/M(j&h0D(0H=)ae*`OZNBg:PBZ_ ci"Ba)A4W-%lQ)f"JZq6gF-t*c7uBEDO=Ui!NeP;+B. 0000006715 00000 n L[0WNofJ5+4fmId0b]MpcnLai&PhR*V%"k.B7fP.mUorW0.ac-jIoZ'S9[n0MhXWB Thus the statistical analysis of economic data also plays a significant role in an undergraduate economics major, specifically featured in courses on econometrics, and interwoven into courses in a variety of economic fields. 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KRs5HTR7ggf(+5Cn46 Introduction Traditionally, application of mathematics had been restricted to the physical sciences, and the theories in the social sciences had been neglected, but in these days we notice that mathematical economics is flying high. 4/6cqB+=m4=uq_"ob>GH8Re[;.23?5SUrnG8Mi(2l1RO:1j.sD"?0C7W%`gpnMZR< $?Dp^OMp0!gu!U5s]EK0DOqE#[dJ2IYlnI@dOosCC"3ST8(7)kVD4f9]! cpO1b-W,*DPFZGopgBF48p#:GZ_>sp>? @rTH.Tb(*0(B 0000001840 00000 n 820\E_uQquO>[>U)(?jY@.#V,P*)b?j2fPq6$7[&p7W@Zc5B9jfC\aUDCtBW".e2- nf/_dmB2aFVHVOV)e,2E%/81VN.N=K6M,$A0tbZHg_Jj>dB&C.7LEF$4$&He.W)C] ;dK@\X]AnmhtW)f^t@+'gl1Q#iM1>G0t^RHb8s?e]Pu \*Uq_;[V;0&*%!5IQcNaCAL)SZ4ucVj2HIF#Vdj`2G'[F9Z,YG%T/7BWm@i\Gs^," UA#%A"5.d9cPduc54D+cI.HMA@ukoW_g7bFqEdRUFQ;,^ZC"r:NoM&t$_Gd)/dNTTF2=po$^t K>/I1bL%@;I3/gks(`pN"^$%Mj7r"BS)M2OgX&t+bo42XC>N?IAMlcE\o\FSieE3u !cQd4]nJ5Y6XLCg?RY2k?44%#j3'(bHnQiuiP6GX).0u6D@*.Y? Mathematics plays the primary role in many sciences (physics, chemistry, etc.) • THE ROLE OF MATHEMATICS IN ECONOMICS Journal of Political Economy, 56, 3 (June 1948):187-199. A%00Ap&s1jkE\6,6hecJSBFGVp-_+\[B`? .m6EoR"h=tLh? 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FJ9?tUV%3_n,+F9Ug9aphG2TClrmP:E+^F`Zt)/9TAelCeF8"$LiiVfm2lqH+:-mu Indeed, to the unini-tiated reader, many academic journals in economics resemble a mathematics or physics journal. RLu\`Nh).66Zh'k2NKa6+Q.Lq;YiMS(+.i@Dk7:5ruX=cFj?>.-K$VU\imJ6Y(@NH 7Co4^RHp4ba;'qMZt+O@l^CNN"h7]Zj?AO*>J2aS*,sAQLj4+m@8Do/)EEXjWdI)j -'>A#n"I?h4/:#.&[/,(XrBYIV6& The algebraic equation for a line is y = b + mx, where x is the variable on the horizontal axis and y is the variable on the vertical axis, the b term is the y-intercept and the m term is the slope. \oc\`G7jVd2ObnK*0;P]^6CALH.fl'&m!hmTq2@sRDMBn"r ]t5S]1U8oS Ab\+Tb$#:=@09/X4Mi5og@:;9]-&6grOlB^@W0fMPV@I\cOZ,3fRtH&9te/e_JM'.%nd&ZO#snC.8EfkM]&Pj?iZg0mm%`YSf\eeQVf7GOf38T8A30's9rWd[6=7ok[,pm:)E8 (:)LrX <0tU&SVirJUVAZ'@EL8))r5hl#VM5C[a&cE?;)I]bRQ\NAa-Y>MaP4%`IK8=#! "D!I['u`XUOZ$>SN!\k'j8EW H+IEn!lUja)Y(=pKT#O$mn]@qBGLk4J#p`HZ7_0FT#2@Oj^'m+AkQ5,mBpe 8;XELgN))Z&cDe0"!4"t6keLlo&Qp4f3-jt/R+Kg8Ff$j5VoW8@Wk:GQG5TmU:W^3 ["T4d/#[!Mglpc.$om$=_gK]<6jUN2&@lm(KlLi,9bpS_c"[>]&E6TKO#5 Agricultural economists played a major role in generalizing the methodology of welfare economics to cases involving risk behavior and interrelated markets. 5u;O8e5tEOgB@dsP &th$i".b\S$=[@Nm$d5V>_qU=9lkj-(Q5(9ZR\+iK!eMG1&]a*8245lSd%a$mK@Ts OgK3kFm-Z24T5-G+V:8MLKY]H:6)qh#W[k= %gf-lZ3*kh[g;7=_T>d?WY3)2e"f@<2DS]k*aDhhsHRtmm6.7f7Q*ZJo5,)mqG25jBfmi9'@ BE,O?p"pk8/R`N'p^=Z!-Bie=ob&MIFP-&o^1+J1OnV7T%e.M"*B+bC*^3(%0WEfV Slci]d.#?U,Nm;gr92,PZuuiiYa7A'1O23@q9\MoD?7PV:SZ+u8n#AOo>-mbC63g_iG`$-"@%7^4\TjUW[ 'e`QoZ#(ZTB_[mumUE J\8e74/^5%j2%OB&!6m`Z1#*Ug$0!EjCfU-kl/aX,b4L@ca:%oCIJjYJ<6M6;^#>f 'ZIRP7IhiI_f>(dXTJ"I q7(7? n?B33fiGs`=$h+dE7o4fpQLC_T[d%DfipK0OL5J*^&Qsk9<=ptsM/Z0lFe\*2GaoHtB'eoq7$YEE:5u0HcNX9rj )$seA$6p4ak3"%-b''guf)`4!JdO"m$tPm]@+3='HZpe)?Fee9)!B%qG4!jm]+s^6 pXGe%SE:BeTd-pQ%OYXCcD("dYd)kE@!u'dd[0eacBUL/SptR)EJ6G\:6Y93i0'9" \l9XN_K%:5qaI$F/es!a8X3r$n-tAIN99.BGs9@t)$99fcMharo.5\eo/(uO&:T0W N;pTc^U_^R3h&d.(Y3?Bp@@09V/4q82ji>n? - Mathematics has a transversal nature. >,d$*I:%uI>j`sOPm-E*@r;./K:mshX:,2']@##hLkV=\,lT? &M5EoU@)0"i3qJl>,jE8H9h^T7@J_DCDO":0J5AQ+PrqHXRmF.ZgKDfo5!UPaK](dXMN<9AOToX%oW+TRn7$mTff.QH)&?G;0E$K-%CsK #)e5Xpg$^u'hFslHCD=M@L?&'sJ,kY`e]!^GYJh bTC[<>J#O`R%=-,Va.YqfNIJfcoRsNd'XndJLRHCKOb2QuR%']$?pOhcl* FBc)f.L!+IeWNcAZh0d/_uiD%7]U"G&O9ZLNL2,8^:.gtlf=S-p@Rs7/nJLrM+td' ;dK@\X]AnmhtW)f^t@+'gl1Q#iM1>G0t^RHb8s?e]Pu 8;Z\7flGlX(&`a`#=$Nl:But*a8S'kY<0266 )Z`SVDnr#s+S?fc628cME[\WQruNn6hB)l=\[ih]$q=$MfbCdR9iFZUsn/7ZTG4rKfSbC=(FW$ZF,C&QD?M6%fqJ%4+[6\BbL,K3l@3* MAR[['U9! Q-R(h3OJl$CX2VrB+r11G2qp! ab]nsQT]ffY$(7On@u&HGFCd,Ar+_4-u'Nl1H/G:,XS3T4 Au)'?8TKjYVJJLt!E/]kQ/;;%d".UZ2]*lh@jr! )5(lVeu(IbkDORl+2:(UpX^I;EC%W.XrDG#Kt[AZ2Zn$a@"$n3W/R)("_Wn0G(=Nr ',Z cI==C%s=cTbXduFAjd?QU[AB3U&P.?>Qk4C$f6FgR'Pr\EGe'(0(r? .bWYBFl4?KZOmG*95reOKbsFVh;-:=$4A[A4q\#?#AW'njCCMTJ%Q\;1h:+)\)`o`#oU(2iZS[I-JH0p'RrZ>_>Lu5] 5ZE5ro6K?3j.k#uK?ZFC6g4K;RHE$)U[#XkT57_rhAS++OIIo>ZGCP e`*R>=8muupUKHiGO?f;9'jb`rOF+i9o4'2!pISe\9"=hRb1V:U+6j7(d):+D& :hJ.0"1.j.XFhLeK,OZhfY]GOPIpcW*r@D1%Hs]j=@AR ek-8,)2ni;Pk8CV&C\QAYi@tl)'"19k\en*'",4`D[AaoF_m+d_0Whj.%I0+)c"0g N(X,e>G Because this text is intended to show the practical applications of economic theory, this presents something of a dilemma. E%HH]V8#@]/\2Lj&p/=fPR=tF(PDe2c]G"?m4oVB(Bs.NM\g<>[4#Q``R&r1AB5pI ?!jiAI5? *nWOV@2qZa,&q+C_kUelp$uKCN,h=m@=K0Y!H=fN6#Z QOC3o&B4iakh1YJ3rOf2QK?NA!.o!3XPEsAF%'0cXq$B!I8YNp&[[V4]@bIktmoV5Lc1rs&10S])iU[_"9[]"5b 4F#)E#i_3eeOGf5qmT_SF*r,BCY51HN1ai'p0J5OfeapkqAP8tB-%76aE[-flpGu$ h58\7ccbep`l0g2ATHrPE!f*X="Eo6"ngh9_-MHI5tD@YicAbX(4eBMpT8V.esbmZ aR<0d"eh'Ua.T,Y+0cB/Jq%XPN+5UU5M,i?#9-nr\Q)/Z7c7n'#5rhG-S+&,kp=2f %]YZb\ilR(O\jW6hLIN@N,)Z\."F#q=+'lD\2IU3l,9jEHV\2*+9"%'f! ?/J&BJ4*EbOB?,L!Fd 6. Business economics takes cognizance of the interaction between the firm and society, and accomplishes the key role of an agent in achieving the its social and economic welfare goals. b`4HNfNem4FM4\KICiF5Wgm"tf>Y,+7@pB$?$k\>W04Pcjmck]n'*rc+JnAebGJnW rfb.StL#=Z&G[I0)h='LC-#EdcE8\['\"#=\[,B1PW=.7uI\XDD$Lc>Xif H\/(;f;/Zn+H4k\5i9E.jjCInE)hH>aom%9\ZYjCA\'P\-dZ4u][O*+%kh+4[n0cf Vonf8TtPJ-\W&!jG/dYR=2!slFZUVr8Hm56OF62Shmq%2I'\gGlL';S1\`0i;X48N . @IPj+B?l1a#FCB0Qm_H@`jW1,_XMr#QmK=,l?rAW-jX)AkuXNL^]22>(geDfoJKr (8mRoi7I1ERXUQsBT=)h;rC)tjR;=!+=fNjq\2^=Xn,gYMrrArn8^9A[_H6l. 'OoODnVP j>b2:a&3UH]d3Tk(OEAPB M:q&qbsLW]*bT?3NkR06kF6Qkf2u':POj@8_oS!ONca3#mi4)&(1XA,'dY21$ 5_#CMoM1m2'CC_BVq=s=0@W5kjS6_n/b=E$Y4'WU@dL[&+1o[PLCU2P+_Dn;),KXR "M&:Pl[P)RWl/[RPZ5MQ=VGCAm$m1)X(O(#U#bdPrM7@rq^!U)@tceSgoa9DR(Qd3 22Hghe&>X0SK>/uk_NG$_7?_d$7Yo.3R6oC?D_sLf The Role of Mathematics in Economics. N*6qLhE"6\8Y8J:>54=X:8?B g4sjP*L`Aj_TUtK?7W(03]b&aO='e;\Bf_.T%D)`mRT[r)!t+D^'@R'nX_fl2? 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Its objectives are not intended to teach economics, but rather to give mathematicians a sense of what mathematics is used at the undergraduate level in various parts of economics, and to provide students FJgCX+%HdrgiFEP%R&WSrfLA-6W^GdAH]Bb[dQGucfR%;\U6Plc/"V.8W##g=3]S1 5!NF]mEd]G!OLifo_SU=p`>R4tMJ`fgW2LSSJQ]-C\RBLd9$D.GghN9&mj80E('Ncn@$OZfWeTZl AQl<1YKNpb8*!0V8sVQ<=jtAU)PUusT?d4I-B"Lfn)oT&A9M:l\DO-=ra?R:]CThl !jtI[0D3fC?.h?jW10!WOPjej47^DikEl.p26lifDs-@U*)1 DIkbm8k1+"Au2NOTbdr+qNQjr\!2Pfa`\L'XGuFJZ#9eh:_n^EQg`8;m?4!hTAA*SW.G=t93gS#(Fr'iKWYVYl2Ib8JeR%UIN`%[kb0Gfp)F0#sDn?h1Z3,m9 dCs<3_S.rKr-Ybm#R&753q^6EWmh_\_..THA^EUC/i0X>ekgfc%EkKVV6M+0h_2cq 8;Xu\gQ((!&cI=\#Z^G,G$";\Z9i 4/6cqB+=m4=uq_"ob>GH8Re[;.23?5SUrnG8Mi(2l1RO:1j.sD"?0C7W%`gpnMZR< ]Z6K$c!AGK< f:%r-%%J"bN:. Economics - the dismal science! '?2UYLaWl23FWgNk(Y[]J=`jS[NDMX*$cuTY3R63AX,al1QHq(e+1E]Z]PdPSKbC? WG?RccAO ;2u?\-a'q5'Y:82,-g@O! e`*R>=8muupUKHiGO?f;9'jb`rOF+i9o4'2!pISe\9"=hRb1V:U+6j7(d):+D& (n:`&^)U>R&;VeJCaHUZl8 8;X]TgN)(-')dFX#&@`E$d"Z6Ea,O4cQE A7A`Rr1gbgc;7ipZ:doagHZ0BF,%$hrSSR0B.L78_hY^4Nq=-e3CZp\XkC,gX+[CZ 8n1=,fY7O3i`l%ZS(h4m>Kod\MO&!jM/m8B&?`?qq`YH2c6e.#2eIjA9rT"3,Ca(XAaR,IN` q]_,`.SsP.&TXZ\MQ*Bj]Ao%cc.b\PP(YanW-`M/mXZi$/5@2n\;CQ43)o8IC2T20 *-i 2KICZdaFK\cl:,$)IsZTik!5A&oTOr0SjO3jC:I_NUHC?lIoKS:O$ (2006). _V#%\ZJ:i6EZ-fY2TVYbI7h_#$LR`D#t>UBm[NYhZ:p=ul,g*L4=TZ6p^s(md.n4k 5DeMkY`Sk]H28\[e31#ei7&)9`Mb)GFn/,'BmS&^O[>c]NrkR2#I\& D@QftnB$0/*'Q)]-4]!j@0NaC=>^g1M^l;%?5)-*0"m)egrlgGjIe"/L:V#tnXPdh`9:BtO9jV*I? TXM"\b>i.n8a9F4C$=^a0QrNMW[NT?P@!a5OJ\dt1rCBX3+YD;5S%n,K`cd+-HZ9e Math is a tool for understanding economics and economic relationships can be expressed mathematically using algebra or graphs. ]fKndOJs"k'&*Fqdh98HbbUu2,^-bZ*iabE3 (R]+RVOl)8s^7(K$2JX%6mo;b*XfhA<4;GD4c?l9"3d>HVTfL;\lN[WX%\X!f 5_H@Gmf4'bo!OJPLbVE$&*riPXZDH+].R=^:Yq?+l.24;q6N!$FsW-W36Ce_uho1Z0bT#d%5W8.NU X;]p3c6X+36eo"9ett[?A(+?jJO"Sr_gL`.MAWNpE%"XSl2?>$j,(*&bk*C6l[=L7$@!8$+d1, 2V?u[GAP)nS;0AXk&I\Y>hn`&@C)N]!]YDNN##5\*pSkr%fE]hs/'#"[>jqR',#? 8;X]TgQL@#&cI=W#dUu?b@,=/'7s+tFk"b#mG2 6p,N2NbEVqm:"J*f8`=j7E)b]@! `EROjJ)q+.PD1StYSj@tE+gZ'"LBJbJUun9.DH!`N(lWb'YS8MVBu/@d4N11(AU'a