'Mathematical Modeling in Economics'

Authors: Deen Dayal Chaturvedi (Sri Guru Gobind Singh College of Commerce, University of Delhi), Navjot Singh (Sri Guru Gobind Singh College of Commerce, University of Delhi) and Saumya Chaturvedi (Bharati Vidyapeeth University Institute of Management & Research)

Abstract: This study examines the significance of fundamental and advance mathematics in theoretical as well as real world economic analysis.
It focuses on use of different mathematical operational tools and techniques to solve economic problems. The main significance of mathematical Economics is that it helps to solve the Optimisation problems like profit and output maximization given the labour and capital constraints and cost minimization. It is the main help to managerial economists and business analysts for the betterment of the firm.
The framework of Economic model can be mathematical and non- mathematical in nature. The model will consist of set of equations structured to explain the model. The relation of variables in certain ways helps these equations to give mathematical form to the analytical assumptions used.
Though mathematics has become advanced mode of communication in economic analysis as it helps to quantify the relation between economic variables but still there is criticism for the application of mathematical modelling in economics because sometimes textbook models fail to take in account real world scenario.

[mohamedabdulwahab]

It is good if you explan it on yhe board. Any body can read from a text book as you do now.