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An Easy Way to Teach First-order Linear Differential and Difference Equations with a Constant Term and a Constant Coefficient

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  • Todorova, Tamara

Abstract

We present a simple method of solving first-order linear differential and difference equations with a constant term and a constant coefficient. When solving such equations standard books in mathematical economics resort to a particular integral and a complementary function without further explaining those to beginning undergraduate students. We use the derivative and the difference, respectively, which give rise to a number of parental functions whose time path is studied by economic dynamics. A derived function is “shared” by multiple parental functions, but a number of parental functions give rise to one derived function. The method is smooth and easy to understand. Instead of spending time on complicated theoretical math techniques, the professor teaching quantitative methods could emphasize substantive economic models applying such simple equations.

Suggested Citation

  • Todorova, Tamara, 2013. "An Easy Way to Teach First-order Linear Differential and Difference Equations with a Constant Term and a Constant Coefficient," MPRA Paper 48187, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:48187
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    References listed on IDEAS

    as
    1. Todorova, Tamara, 2010. "Problems Book to Accompany Mathematics for Economists," MPRA Paper 117866, University Library of Munich, Germany.
    2. Fuente,Angel de la, 2000. "Mathematical Methods and Models for Economists," Cambridge Books, Cambridge University Press, number 9780521585293.
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    More about this item

    Keywords

    simple differential equations; simple difference equations; particular integral; complementary function; phase lines; Solow growth model;
    All these keywords.

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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