Question

State the need of statistics in economics.​

Answer 1

Answer:

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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.

Explanation:

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Answer 2

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We need statistics to help transform observations into information and to answer questions about samples of observations. Statistics is a collection of tools developed over hundreds of years for summarizing data and quantifying properties of a domain given a sample of observations