ECON 441: Introduction to Mathematical Economics
Lecture 1
Your preferred name and pronouns
Why are you here?
The last math class you took, and roughly when
Your comfort food
Fractions: \[\frac{1}{2}, \frac{3}{5}, -\frac{2}{3}\]
Rational numbers: ratio of integers
Are fractions rational numbers? What about integers?
A set is a collection of distinct objects. \[A = \{brownies, icecream, pizza, ramen\}\]
\(pizza \in A\), \(\in\) stands for ‘is in’
What are all possible subsets of \(S = \{a,b,c\}\)?
Union: \(A \cup B\), elements in either \(A\) or \(B\)
Intersection: \(A \cap B\), elements in both \(A\) and \(B\)
Example: \[A = \{brownies, icecream, pizza, ramen\}\] \[B = \{salad, fruits, icecream\}\]
Union: \(A \cup B\), elements in either \(A\) or \(B\)
Intersection: \(A \cap B\), elements in both \(A\) and \(B\)
What about \[A = \{brownies, icecream, pizza, ramen\}\] \[B = \{salad, fruits\}\]
Complement of \(A\): \(\tilde{A}\) or \(A^c\), ‘not \(A\)’
Universal set \(U\) (context specific) then: \[A^c = \{x | x \in U \text{ and } x \not\in A\}\] Example. \(U=\{1,e,f,2\}, A=\{1,2\}\), then \(A^c=\{e,f\}\).
Shade the following regions:
\(A \cup B\)
\(A \cap B\)
\(A^c\)
Commutative law \[A \cup B = B \cup A \quad \quad A \cap B = B \cap A\]
Distributive law \[A \cup (B \cap C) = (A \cup B) \cap (A \cup C)\] \[A \cap (B \cup C) = (A \cap B) \cup (A \cap C)\]
Verify by shading: \(A \cup (B \cap C) = (A \cup B) \cap (A \cup C)\)
\(A\)
\(B \cap C\)
Now the right-hand side, \((A \cup B) \cap (A \cup C)\):
\(A \cup B\)
\(A \cup C\)
We said order does not matter for sets
But we can have ordered sets where \[(a,b) \neq (b,a) \text{ unless } a=b\]
Ordered pairs, triples,…
The Cartesian product of two sets \(A\) and \(B\) is the set of all ordered pairs whose first element comes from \(A\) and second from \(B\): \[A \times B = \{(a,b) \mid a \in A, \; b \in B\}\]
Example. \(A = \{1,2\}\), \(B = \{3,4\}\) \[A \times B = \{ (1,3), (1,4), (2,3), (2,4) \}\]
\[\mathbb{R}^2 = \{(x,y) | x \in \mathbb{R}, y \in \mathbb{R}\}\]
Can have \(\mathbb{R}^3, \mathbb{R}^4,...,\mathbb{R}^n\)
What is \(x \times x\)?
What is \(x^2 \times x\)?
What is \(x^2 \times x^2\)?
More generally, \(x^n \times x^m = x^{m+n}\).
ECON 441 · Introduction to Mathematical Economics