  Recently, the author has constructed a series of four dimensional
non-critical string theories with eight supercharges, dual to theories of light
electric and magnetic charges, for which exact formulas for the central charge
of the space-time supersymmetry algebra as a function of the world-sheet
couplings were obtained. The basic idea was to generalize the old matrix model
approach, replacing the simple matrix integrals by the four dimensional matrix
path integrals of N=2 supersymmetric Yang-Mills theory, and the Kazakov
critical points by the Argyres-Douglas critical points. In the present paper,
we study qualitatively similar toy path integrals corresponding to the two
dimensional N=2 supersymmetric non-linear sigma model with target space CP^n
and twisted mass terms. This theory has some very strong similarities with N=2
super Yang-Mills, including the presence of critical points in the vicinity of
which the large n expansion is IR divergent. The model being exactly solvable
at large n, we can study non-BPS observables and give full proofs that double
scaling limits exist and correspond to universal continuum limits. A complete
characterization of the double scaled theories is given. We find evidence for
dimensional transmutation of the string coupling in some non-critical string
theories. We also identify en passant some non-BPS particles that become
massless at the singularities in addition to the usual BPS states.
