Today nearly every decision in business is made with the aid of statistical data and statistical methodsâ??. Explain the importance.

Asked by Last Modified  

1 Answer

Learn Economics +1 Class XI-XII Tuition (PUC)

Follow 1
Answer

Please enter your answer

Shivani Gupta

Use of statistical data is made even in business. The importance of statistics in business can be given by the following points(1) Working Out Cause and Effect Relationship Economists try to find out cause and effect relationship between different sets of data. When the causes of the problem are identified,...
read more
Use of statistical data is made even in business.The importance of statistics in business can be given by the following points(1) Working Out Cause and Effect Relationship Economists try to find out cause and effect relationship between different sets of data. When the causes of the problem are identified, it is easier to formulate certain policies to tackle it. These policies help a businessman to take important decision, e.g. the law of demand states that as price rises, demand falls. 2) Economic Equilibrium With the help of statistical methods, the economists have evolve some eco-fundamentals telling us how will producers get maximum profit or how consumers get maximum satisfaction? The concept of producer’s equilibrium will help a business to earn maximum profits and the concept of consumer’s equilibrium will help him to assess how much price can be charge from consumers. read less
Comments
Dislike Bookmark

Related Questions

How should I do self-study of chemistry class 12 without any coaching to get a perfect score?
first you should know all the basic concepts and practise it . and watch youtube videos which is related to topics. it is more than enough to get a decent score. And also refer the old Model Question Papers.
Aditya
0 0
5
Is it possible to get full marks in maths on class 12 CBSE without tution or coaching?
Yes, of course Many candidates perform self study
Samit
0 0
5
How do I manage time to study in class 12 with coaching and school?
All you need is proper planning .
Ashwini
0 0
5

What"s the tution fees for xI and xII Economics and for graduation Economics in Delhi
for XI-XII rs 300 and for graduation rs 500 per hour
Minakshi Verma
0 0
6
Should I join JEE coaching in class 11?
If u have interested then join autherwise do not join.
Yash
0 0
5

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Exploring Data in Economic Analysis

Shashi Shankar

0 0
0
ELASTICITY of demand

Manik

0 0
0
Banking
Functions of RBI: 1. Authority to issue currency: It has the sole authority to issue notes and coins in India except for one rupee note, and coins are issued by the ministry of finance. 2. Banker's...

Astha V.

0 0
0
Division of labour
By division of labour we mean specialisation in work. Under it the worker specialises either in the prouduction of a single commodity or single sub-process . It is a system whereby the operations necessary...

Disha S.

1 0
0
Demand: Individual Demand and Market Demand-Class 12th/Std XIIth Microeconomics (CBSE/NCERT), ICSE Class 9, BBA, B. Com, MBA
Meaning of Demand, Individual Demand and Market Demand in Economics

Rajiv Vadera

0 0
0

Recommended Articles

The Rising Problems in Indian Government School

With the mushrooming of international and private schools, it may seem that the education system of India is healthy. In reality, only 29% of children are sent to the private schools, while the remaining head for government or state funded education. So, to check the reality of Indian education system it is better to look...

Read full article >

6 Exam Hall Tips To Follow, For Every Good Student

Appearing for exams could be stressful for students. Even though they might have prepared well, they could suffer from anxiety, tension etc. These are not good for their health and mind. However, following a few exam preparation tips can save them from all these and help them to score good marks. Let’s find out all...

Read full article >

How To Choose The Right School For Children?

Quality education does not only help children to get a successful career and life, but it also hugely contributes to society. The formal education of every child starts from school. Although there are numerous schools, parents find it challenging to choose the right one that would fit their child. It is difficult for them...

Read full article >

The Trend of E-learning and it’s Benefits

E-learning is not just about delivering lessons online. It has a much broader scope that goes beyond manual paper or PowerPoint Presentations. To understand the reach of E-learning and how the whole process works in developing the Educational system, we will discuss a few points here. Let us find out how this new learning...

Read full article >

Find Class XI Tuition near you
Class XI Tuition in Delhi
Class XI Tuition in Bangalore
Class XI Tuition in Kolkata
Class XI Tuition in Hyderabad
Class XI Tuition in Mumbai
Class XI Tuition in Chennai
Class XI Tuition in Pune
Class XI Tuition in Gurgaon
Class XI Tuition in Noida
Class XI Tuition in Ghaziabad

Looking for Class 11 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you