Question

Write two importance of the study of statistics in economics

Answer 1

statistics important in life time mathematical tipe in economics important in life all besis in increase in decrease

Answer 2

Answer:

Statistics exist as a discipline that involves the collection, organization, analysis, interpretation, and presentation of data.

Explanation:

Statistics exist as a discipline that involves the collection, organization, analysis, interpretation, and presentation of data. In involving statistics in a scientific, industrial, or social problem, it is conventional, to form a statistical population or a statistical model to be studied.

The field of Statistics deals with the collection, organization, research, interpretation, and presentation of data. Statistics recreates a vital role in understanding economic data such as the connection between the quantity and price, supply and demand, financial output, GDP, per capita income of nations, etc.

• Statistics permits economists to understand the state of the economy utilizing descriptive statistics.
• Statistics allows economists to spot trends in the economy by operating data visualizations.
• Statistics permits economists to quantify the relationship between variables utilizing regression models.

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