ETC2440 Mathematics for Economics and Business
Difficulty:
Year Completed: Semester 1, 2026
Prerequisite: ETC1000
(or SCI1020, or ETF1100, or STA1010, or ETW1001, or ETB1100, or FIT1006, or ETX1100)
Mean SETU Score: 72/100
Exemption: N/A
Subject Content:
Lecture(s) and Tutorial(s):
Textbook(s):
Assessments:
Main content taught focused on matrix algebra (a large portion of the unit), sets, functions, sequences, integration, no-arbitrage principle, term structure of interest rates, Markov chains, and stochastic processes.
1 x 2 hour lecture 1 x 1 hour tutorial
1 x 1 hour workshop
Fundamental Methods of Mathematical Economics by Alpha C. Chiang and Kevin Wainwright, 4th edition, McGraw-Hill Irwin (2005) was recommended.
However, it was not used during the course of the unit as the lectures slides provided sufficient and relevant material.
Assignment 1 - 10%
Assignment 2 - 20%
Assignment 3 - 10%
Final Exam - 60%
Comments
The unit is quite enjoyable with a wide array of mathematical applications to economics taught, however some outdated content (specifically lecture slides) could make the unit confusing at times, specifically when trying to reference them for the assignments. It is an engaging unit that challenges students fairly and provides them with a basis
The lectures were quite useful, with the teaching staff outlaying the content in an enjoyable way, providing insights into assignment questions and final exam information, and providing further demonstrations on topics beyond what the lecture slides gave. Attendance was not required, but is recommended.
Tutorials involved practice questions relating to the content of the week prior. These were often quite challenging and involved multiple steps, allowing for students to be challenged further than the simple level of understanding obtained from the lecture. Attendance was not required for tutorials either, but again, is recommended.
The assignments consisted of questions related to the concept covered in previous weeks, and the importance of referencing the lecture slides (through theorems and rules) was emphasised, with the marking being extremely unforgiving if any were missed. However, the questions within the assignment were generally level with some higher end questions attempted in tutorials, meaning that a dedicated student should have no problems attempting them.
The final exam allowed for a double sided A4 cheat sheet, which made memorising intricate formulas and rules quite easy. The questions on the exam were at a simpler level than those on the assignment, which resulted in an exam that was not particularly challenging for students who had kept up to date throughout the semester and prepared adequately.
If adequate time is dedicated to this unit, achieving a high mark is definitely achievable to most students. The content is delivered well in a manner that benefits attending lectures. The assignments can be unforgiving, but in a way that makes achieving top marks more time intensive, rather than unobtainable.
General Overview:
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