whether it will benefit or injure consumers and producers in each country.

f. Does your general answer change if the Land of Submarines imposes an import quota of 70?

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A • The Use of Mathematics in Principles of Economics 501

APPENDIX A

The Use of Mathematics in Principles of Economics

(This appendix should be consulted after first reading Welcome to Economics!) Economics is not math. There

is no important concept in this course that cannot be explained without mathematics. That said, math is a tool

that can be used to illustrate economic concepts. Remember the saying a picture is worth a thousand words?

Instead of a picture, think of a graph. It is the same thing. Economists use models as the primary tool to derive

insights about economic issues and problems. Math is one way of working with (or manipulating) economic

models.

There are other ways of representing models, such as text or narrative. But why would you use your fist to bang
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