Why statistics are used in economics?

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Solution

Instead of just using raw data to explain observations, researchers use various statistical analyses to derive predictions and trends from large data sets. Among those one of them is Statistics.

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Similar questions

Mark the following statements as true or false.

(i) Statistics can only deal with quantitative data.

(ii) Statistics solves economic problems.

(iii) Statistics is of no use to Economics without data.

What is the importance of statistics in economics?

Discuss the importance of Statistics in Economics?

Mention two points to state the importance of Statistics in Economics.

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