Question

EXPLAIN THE USE OF STATISTICS IN PARTICULAR COUNTRY'S ECONOMY

Answer 1

Answer:

Statistics can be used for making sales projections, financial analysis of capital expenditure projects, constructing profit projections for a new product, setting up production quantities, and making a sampling analysis to determine the quality of a product.

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Answer 2

Answer:

Step-by-step explanation:

Statistics for economics concerns itself with the collection, processing, and analysis of specific economic data. It helps us understand and analyze economic theories and denote correlations between variables such as demand, supply, price, output etc.