Question

i) What will be the effect of 10% rise in the price of good on its demand if the price elasticity of demand is: (a) Zero (b) 1 (c) 2
(ii) Explain the importance of Statistics in Economics.

Answer 1

Answer:

yes, when the prices of goods will go high then definately demand will be less. It is not possible to explain it here . so , you can see your text book or Google for it .

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Answer 2

Answer:

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.