Coursework 1
Economics tells us why the supply and demand sets ought to have certain
properties. Mathematics tells us what we can deduce from those properties
and how to do the calculations.
Mathematics also enables us to develop additional features of the model. In
the case of supply and demand, we might ask questions such as the following:
What happens if conditions change, so that the supply and demand
sets are altered slightly?
If the equilibrium is disturbed for some reason, what is the result?
How do the suppliers and consumers arrive at the equilibrium?
