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**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**