Give the points of importance of statistical information in the study of economics.
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Statistical data helps economists to understand the behaviour of the producer and consumer in the market. ... 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.
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Statistical data helps economists to understand the behaviour of the producer and consumer in the market. ... 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
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