ECO 101.1 PAST QUESTIONS AND ANSWERS 2009/2010

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QuizTablet Community! ECO 101.1 PAST QUESTIONS AND ANSWERS 2009/2010

COURSE: ECO 101.1

SESSION: FIRST SEMESTER EXAM 2009/2010 SESSION

COURSE TITLE: INTRODUCTORY MATH METHODS

PART A:

QUESTION 1

Would you recommend the use of mathematics in economic analysis? Why or why not.

SOLUTION

Yes, I would strongly recommend the use of mathematics in economic analysis because economics has to do with the production, distribution, reallocation and consumption of scarce goods and services.

Thus, the economist is interested in how production is optimized by reducing cost and maximizing profit and satisfaction. Maximization of profit and minimization of cost are pure mathematical manipulations, only a sound knowledge of both basic and advanced mathematics is needed by the economist to get the job done.

The economist, especially the managerial economist, also needs mathematical models to reach a decision. If relevant calculations do not indicate feasibility, the economist immediately gets to make decisions based on what the calculator says.

QUESTION 2

Diagrammatically describe the number system.

SOLUTION

The diagram can be seen HERE: https://ruffnerais.weebly.com/the-number-system.html

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