The kind of model shown is mathematical because it makes use of equations.
A mathematical model is a representation of facts using equations. Mathematics is a language whose medium of communication are equations. Like every other language, mathematical equations and symbols carry specific and special meanings which are understood by people trained in the use of the language. Mathematical equations and models are often the language of science and engineering. The mathematical models used in science often communicate important scientific principles.
The model shown contains an equation we which can be interpreted to have a specific meaning by mathematicians therefore, it is a mathematical model.
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