Question

Describe the relationship between economics, mathematics and statistics.

Answer 1

As Economics is a study of various factors affecting both nations and individuals, hence, to avoid the usage of bland usage of economic theory in explanations, economists mix in mathematics and statistics in their studies. This said compilation of research technique leads to econometrics, attached with a distant link between statistics and econometrics. There is heavy usage of case models in Econometrics, which is helpful in explaining any relationships between hypotheses.
For example, business may need information on the likelihood that an event will occur in a specific time period. The use of an economics consulting firm may help a company determine equilibrium points for products, marginal costs, marginal revenue, and other economic measurements. Statistics can help the company determine the probability of these events occurring. These studies cannot be complete without the use of econometrics and statistics being involved.

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Answer 2

Economics,mathematics and statistiçs
àre interrelated.All the three are useful for mathematical and research purposes.These are used combindly
to find the national income.
In econometrics both maths and economics are used.
In statistics maths is also used to find mean and median.