Create your own economic problem and use its context to complete the following:

Question 1 Create own economic problem and use its context to complete the following:

a) State your problem in both non-mathematical and mathematical approaches; (6

Marks)

b) Step by step, explain or demonstrate how you would analyze your problem in

mathematical and non-mathematical approaches; (6 Marks)

c) Summarize your assumptions, reasoning and conclusions in the following table:

(6 Marks)

Mathematical Non-mathematical

Economics Economics

Assumptions

Reasoning Process

Conclusions

d) Which approach would you prefer? Or, you are indifferent? Explain. (6 Marks)