briefly explain importance of statistics in economic analysis
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Hey Mate !
In economics research, statisticalmethods are used to collect and analyze the data and test hypotheses. The relationship between supply and demand is studied by statisticalmethods; imports and exports, inflation rates, and per capita income are problems which require a good knowledge of statistics.
The statistics are presented in a definite form so they also help in condensing the data into important figures. So statistical methods present meaningful information. In other words statistics helps in simplifying complex data to simple-to make them understandable.
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