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<v Speaker 0>Hello, everyone.

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<v Speaker 0>This is the first in a series of short videos

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<v Speaker 0>that are focussing on the importance of mathematics within economics.

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<v Speaker 0>Now the various videos will focus on different areas of

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<v Speaker 0>mathematics and why they're important within economics.

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<v Speaker 0>But this first video is really just looking at mathematics

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<v Speaker 0>in general and why it's really important that you've got

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<v Speaker 0>a good understanding of mathematics and how that's going to

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<v Speaker 0>help you in your understanding of economics.

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<v Speaker 0>So firstly, why do you need this good understanding of

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<v Speaker 0>mathematics now in economics and in the modules that you'll

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<v Speaker 0>be studying at Warwick?

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<v Speaker 0>You will see that we consider problems from lots of

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<v Speaker 0>different perspectives.

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<v Speaker 0>So we'll think about them intuitively.

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<v Speaker 0>We will think about them from a graphical point of

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<v Speaker 0>view.

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<v Speaker 0>So do lots of graphs, but we will also consider

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<v Speaker 0>them from a mathematical point of view.

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<v Speaker 0>We will be looking at how do we mathematically solve

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<v Speaker 0>particular problems.

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<v Speaker 0>And with that, if we're going to be looking at

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<v Speaker 0>a number of different areas in economics, where you will

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<v Speaker 0>see that mathematics is absolutely vital.

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<v Speaker 0>So it therefore means that if you've got this really

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<v Speaker 0>good understanding of mathematics, you are able to view economic

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<v Speaker 0>problems from an extra perspective.

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<v Speaker 0>You can actually go through and rather than just thinking

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<v Speaker 0>about it or seeing how particular values are determined.

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<v Speaker 0>So perhaps how prices are determined in markets, how we

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<v Speaker 0>find a firm's profits, rather than just thinking about it

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<v Speaker 0>intuitively or seeing it graphically, we can actually solve to

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<v Speaker 0>find the actual value.

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<v Speaker 0>And that is therefore very helpful when we're trying to

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<v Speaker 0>solve economic problems and perhaps making policy recommendations.

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<v Speaker 0>So you will see that understanding mathematics is absolutely crucial

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<v Speaker 0>to your study of economics.

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<v Speaker 0>So what are you actually going to use mathematics in

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<v Speaker 0>your modules?

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<v Speaker 0>Well, as you can see from the slide all the

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<v Speaker 0>time, it is something that you need to be aware

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<v Speaker 0>that it will feature in almost every aspect of economics.

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<v Speaker 0>And it's not to say that it's the only way

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<v Speaker 0>of considering problems.

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<v Speaker 0>There are lots of other ways we can do it.

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<v Speaker 0>It's just a really useful method.

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<v Speaker 0>And for some people in particular, it will be the

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<v Speaker 0>main method that makes sense.

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<v Speaker 0>So I teach, what, nine microeconomics?

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<v Speaker 0>One, what you will see is that in this module,

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<v Speaker 0>particularly in term one, we use mathematics in almost every

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<v Speaker 0>lecture.

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<v Speaker 0>We use different types of mathematics and some of the

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<v Speaker 0>later videos in this sequence of short videos.

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<v Speaker 0>They will talk in a bit more detail about some

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<v Speaker 0>particular topics within mathematics.

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<v Speaker 0>But what you will see is even basic mathematical concepts

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<v Speaker 0>are ones that will come in handy in your Mocho

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<v Speaker 0>AC1 09, but also in many other modules as well.

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<v Speaker 0>Almost every module will use some form of mathematics, even

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<v Speaker 0>if it is basic simultaneous equations.

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<v Speaker 0>So, for example, thinking about a demand function or supply

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<v Speaker 0>function, we want to solve a defined quantity and price.

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<v Speaker 0>You therefore need to understand that basic algebra in order

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<v Speaker 0>to be able to solve for those types of things.

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<v Speaker 0>The same might apply to firms and they're calculating that

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<v Speaker 0>profits.

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<v Speaker 0>So having this basic understanding of key things in economics

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<v Speaker 0>when it comes to mathematics is going to really, really

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<v Speaker 0>help you understand relationships between different variables and to help

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<v Speaker 0>us make policy recommendations, because we've actually got the numbers,

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<v Speaker 0>the data to back it up.

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<v Speaker 0>So really make sure you've got a good grasp of

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<v Speaker 0>mathematics and you will therefore see that that really does

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<v Speaker 0>help in your study of economics.

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<v Speaker 0>I hope you find the videos in this series very

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<v Speaker 0>useful in picking out some of the really key areas

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<v Speaker 0>in mathematics that are going to prove very helpful to

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<v Speaker 0>your studies of economics.

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