Question

What is the impartance of statistics in economics ( short answer)​

Answer 1

Answer:

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.

Answer 2

Answer:

In economics research, statisticalmethods are used to collect and analyze the data and test hypotheses. 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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