Question

Importance of statistics in Economics.
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Answer 1

Answer:

The importance of statistics in economics starts with economics research methods. These are used to collect and analyze data for factors, such as per capita income and inflation rate. Statistics play a major role in this field and they feed into each since both are largely number- and fact-based.

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Answer 2

1.It is the basis of dynamic analysis.

2.Prof. Hicks has pointed out that static economics occupies an important role because it gives a lot of information for the proper understanding of dynamic economics.

3. We can understand the path of equilibrium only after studying the conditions of equilibrium. i hope it helpfull