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 behavior of the producer and consumer in the market.
in economics research, statistical methods are used to collect and analyze the data and test hypotheses. The relationship between supply and demand is studied by statistical methods; imports and exports, inflation rates, and per capita income are problems which require a good knowledge of statistics.
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