Question

what is the importance of statistic in modern economic set-up ​

Answer 1

Answer:

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.

Explanation:

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Answer 2

Answer:

(a) Economic theories:- In Economic Theory statistics is used for formulating economic laws and for testing and giving empirical support to economic laws. Economic Theories like law of Distribution of Income , Law of Demand . These theories were only put into practice after applying them upon masses.

Explanation: