Please answer q10
Q.10.(a)
Modern developments in Economics have the roots in statistics. Economics and Statistics are closely related. Conducting socio-economic surveys and analysing the data derived from it are made with the help of different statistical methods. Regression analysis is one of the numerous applications of statistics which plays a key role in Economics for making future projection of demand of goods, sales, production etc. and these all are key factors of economic planning.
There are various theories of economics like Law of Demand and Supply which were studied upon a large scale before putting to use. Statistics gives us various facts and data which helps in applying the theories to the masses.
Q.10.(b).
Statistics for economics is related with the collection, processing, and analysing of specific economic data. It helps us in understanding and analysing economic theories and denote correlations between variables such as demand, supply, price, output etc.The importance of statistics in economics starts with economics research methods. These are used to collect and analyse 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.
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