Breifly explain what is difference b\w mathematical model & statistical model ? Explain it by giving example
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Every Model development that engages mathematical generics for defining the relationship between variables (dependent and independent) is a Mathematical Model. Like you already know, stochastic modelling entails all mathematical models with random variable in the function assignment. This means your stochastic modelling is a form of mathematical model with the use of random assignment for probabilistic of forcasting functions unlike Physical or descriptive modelling
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