In economics, statistics play an important role as they. Statistics helps us gain valuable insights not only in the economics discipline, but is also popular amongst finance scholars, engineers, medical researchers and other science and social. Statistics plays a major role in economics.
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Statistics are aggregates of facts, affected to a marked extent by a multiplicity of causes, numerically expressed, enumerated or estimated according to reasonable standards. Social and economic studies without statistics are useless. Statistics is a field of research that focuses on collecting, arranging, studying, explaining, and displaying information.
Statistics helps in the study of market structure and understand the different economic problems.
This tutorial explains the importance of statistics in economics, including several examples. Elements of probability theory, sampling theory, statistical estimation, regression analysis, and hypothesis. It emphasizes the indispensable role of statistical methods for collecting, analyzing, and interpreting data, which aids in formulating policies and understanding relationships between. After a better understanding of the.
