Explain any two uses of statistics in economics
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Statistics is a data interpretation tool used for collecting, classifying and analyzing data .
It is an indispensable tool for economist to understand various business and economic problems and formulate policies to tackle with them.
Statistics play a vital role in researches . For example : Statistics can used as in data collection, analysis, interpretation, explanation and presentation
Use of statistics will guide researchers in research for proper characterization, summarization, presentation and interpretation of the result of research.
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