ETC2440 Mathematics for economics and business
Faculty of Business and Economics
ETC2440 Mathematics for economics and business is a level 2, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2023 in Semester 1 at Clayton. It needs ETF1100, STA1010, ETW1001, ETX1100, FIT1006, ETC1000, SCI1020 or ETB1100 and unlocks 5 units, leading on to 28 units in all.
- Credit points
- 6
- Offered in 2023
- Semester 1
- Clayton
- Assessment
- Exam 60%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2023 handbook entry. See the 2027 entry.
Reviews
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Requisites
Before ETC2440
Prerequisites
Pass these before you enrol.
- ETF1100Business statisticsNo reviews yet
- STA1010Statistical methods for scienceNo reviews yet
- ETW1001Introduction to statistical analysisNo reviews yet
- ETX1100Business statisticsNo reviews yet
- FIT1006Business information analysisNo reviews yet
- ETC1000Business and economic statisticsNo reviews yet
- SCI1020Introduction to statistical reasoningNo reviews yet
- ETB1100Business statisticsNo reviews yet
Prohibitions
You can't enrol if you have passed any of these.
After ETC2440
5 units list ETC2440 as a prerequisite or corequisite.
Enrolment rules
If you are enrolled in course B6001, B6014 or B6030, there is no prerequisite.
To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 Higher level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.
Equivalent units
The same content under another code. Only one of them counts.
Overview
This unit introduces mathematical techniques that are invaluable tools for econometrics, economics, finance, and business. Topics covered include matrix algebra, linear simultaneous equations and the LU decomposition, eigenvalues and the Schur decomposition, random vectors; optimisation, including the Lagrange multiplier method, partial differentiation, multiple integration, difference and differential equations. Some emphasis will be given to the use of computer programs for performing matrix calculations.
Offerings in 2023
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Clayton | On campus |
Assessment
- Within semester assessment40%
- Examination60%
Learning outcomes
When you finish this unit, you should be able to:
- 1
provide a practical training in basic mathematics needed for the study of econometrics
- 2
examine the calculus of many variables and its application in econometrics and business statistics
- 3
have a basic understanding of matrix algebra
- 4
provide a training in the use of mathematical software.
Workload and teaching
- Lectures24 hours
- Tutorials18 hours
- Teaching approachProblem-based learning
- Teaching approachActive learning
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
This unit includes problem-based learning approaches, where you engage in research, integrate theory and practice and apply knowledge and skills to develop viable solutions in response to a problem or set of problems.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
Learning resources
Technology resources
There may be an additional cost associated with purchasing a physical and/or virtual calculator. Specific details will be provided in the Learning Management System by commencement of Orientation week.
Where it fits
ETC2440 is part of 5 areas of study in the 2023 handbook.
- ACTRLSTD02Core unitsActuarial studiesNo reviews yet
- ACTRLSTD07Additional actuarial studies unitsActuarial studiesNo reviews yet
- ECONOMTR02Core unitsEconometricsNo reviews yet
- ECONOMTR05Additional econometrics unitsEconometricsNo reviews yet
- MTHFNDEC01Core unitsMathematical foundations of econometricsNo reviews yet
Contacts
- Chief Examiners
- Mr John Stapleton
Common questions
What are the prerequisites for ETC2440?
You need ETF1100, STA1010, ETW1001, ETX1100, FIT1006, ETC1000, SCI1020 or ETB1100 before you enrol. Enrolment rules also apply.
What can I take after ETC2440?
ETC2440 is a prerequisite or corequisite for 5 units, including MTH2051, MTH3051, MTH3140, MTH3241 and MTH3330. Those lead on to 28 units in all.
When is ETC2440 offered?
In 2023, ETC2440 runs in Semester 1 at Clayton.
How much work is ETC2440?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETC2440 have an exam?
Yes. The exam is worth 60% of the final mark, alongside 1 other task.
Which majors and minors include ETC2440?
ETC2440 is part of Actuarial studies, Econometrics and Mathematical foundations of econometrics.