Use of Spreadsheets to Teach Mathematical Applications in Economics

Abstract

The use of spreadsheets is increasing with the passage of time. Concepts are made clear and problems are made easier to understand by teaching economics using spreadsheets. In the contemporary world new concepts are evolving fast where mathematical formulations and graphical analysis are a requirement. In this regard the use of spreadsheets saves time for tedious computations as well as makes available new styles and techniques. The use of computers in economic analysis is increasing and there is a growing computational environment and extensive use of functions with content-specific templates employed in teaching methods. In modern times students of economics and people from different professions carry out routine work with the help of MS office and Excel spreadsheets. These can be used for simulating the impact of movements in conic sections by economists and mathematicians studying a plethora of phenomena. Students of economics, physics and mathematics must learn how to exploit spreadsheets for data analysis and programing purposes which is a need of time. In this manuscript we have shown two examples of mathematical applications to economics. In one of the examples we showed determination of equilibrium point graphically. The second example is unique in a sense that it covers optimization with some constraints in nonlinear programming. The optimal point is found through simulation.