Numerical Methods for Economics

Overview

Framework:
Access to HE 2024
Level:
Level 3
Unit No:
Not available
Credits:
3
Guided learning hours:
Not available

Qualification Grading Type

Graded

Unit Learning Outcomes

1.

Understand iteration when applied to numerical methods.

Assessment Criteria

  • 1.1.

    Explain the purpose of using iteration to help solve equations.

2.

Be able to use iteration.

Assessment Criteria

  • 2.1.

    Locate a root for a given function.

  • 2.2.

    Use an iteration formula to approximate a solution.

  • 2.3.

    Find the roots of an equation using the Newton-Raphson method.

3.

Be able to solve problems involving linear programming.

Assessment Criteria

  • 3.1.

    Formulate a problem as a linear programming problem.

  • 3.2.

    Use the objective line method to locate the optimal point.

  • 3.3.

    Use the vertex testing method to locate the optimal point.

  • 3.4.

    Solve a maximisation problem using the Simplex method.