
Why Use This Math Review?
There are 4 main reasons to use this Review:
- To Combat Rustiness: The mathematical tools in this Review (with a few minor exceptions) will all be familiar to you, some from high school mathematics and many from junior high school. If you haven't used them for a while, however, you may be a bit rusty. Doing some of the exercises (which have been designed with their application to solving Economics problems in mind) should bring back those skills, and increase your problem-solving speed.
- As a Diagnostic Tool: You may feel you're on top of the mathematics (or most of it) that you will need for the course. Working through this Review will set your mind at rest. In contrast, if you are fairly sure that there are parts you are weak on, working through the Review will give you a clear idea (right at the start of the course) of the precise areas where you are weak and need to brush up, in lots of time to do something about it before the course gets out of control.
- To Get Higher Marks: Contrary to what you might sometimes feel, Microeconomics is not mathematics! It is a social science, a study of people and of their behaviour, as individuals and in organizations, as decision-makers under conditions of scarcity. The fact remains that these days it is impossible to do economic theory, at any more than the most basic level, without having to know and do some mathematics. Much of the most important mathematics is very simple, and becomes almost automatic once you have mastered it. The secret? "Practice, practice, practice!" Most of your tests and exams will likely be time-limited ones. The faster, more automatically and more accurately you can do the actual "number-crunching," the more time you have free for real thinking! (And the higher your marks.)
- To Learn Economics: Instructors and textbook authors do not introduce mathematics into the subject simply to torture students. That's just an added bonus. There are 2 main reasons why mathematics is an integral part of economics. The first is that real-life economic activity has an inevitable quantitative dimension, and our economic models must reflect that fact. The second is that mathematics enables us to reach conclusions that would otherwise be difficult or impossible to reach, and it helps us to keep our logic straight. The more familiar the mathematics becomes, and the more it becomes "second nature," the more it will actively help you to grasp new concepts and models. Like any process of language learning, it takes time and practice, but if you plan to do any further work in economics, the payoffs are considerable.
Copyright ©2001 Ian Parker
McGraw-Hill Ryerson Higher Education
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