Take Class 12 Tuition from the Best Tutors
Affordable fees 1-1 or Group class Flexible Timings Verified Tutors Search in
Asked by Raja Lekshmi Last Modified
Answer 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 lessRelated Questions
Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com
Ask a QuestionRelated Lessons
Recommended Articles
Meet Swati, a Hindi Tutor from Bangalore
Swati is a renowned Hindi tutor with 7 years of experience in teaching. She conducts classes for various students ranging from class 6- class 12 and also BA students. Having pursued her education at Madras University where she did her Masters in Hindi, Swati knows her way around students. She believes that each student...
Read full article >
Meet Sandhya R, a B.Sc tutor from Bangalore
Sandhya is a proactive educationalist. She conducts classes for CBSE, PUC, ICSE, I.B. and IGCSE. Having a 6-year experience in teaching, she connects with her students and provides tutoring as per their understanding. She mentors her students personally and strives them to achieve their goals with ease. Being an enthusiastic...
Read full article >
Meet Raghunandan.G.H, a B. Tech Tutor from...
Raghunandan is a passionate teacher with a decade of teaching experience. Being a skilled trainer with extensive knowledge, he provides high-quality BTech, Class 10 and Class 12 tuition classes. His methods of teaching with real-time examples makes difficult topics simple to understand. He explains every concept in-detail...
Read full article >
Meet Mohammad Wazid, a skilled trainer for...
Mohammad Wazid is a certified professional tutor for class 11 students. He has 6 years of teaching experience which he couples with an energetic attitude and a vision of making any subject easy for the students. Over the years he has developed skills with a capability of understanding the requirements of the students. This...
Read full article >
Looking for Class 12 Tuition ?
Learn from the Best Tutors on UrbanPro
Are you a Tutor or Training Institute?
Join UrbanPro Today to find students near youThe best tutors for Class 12 Tuition Classes are on UrbanPro
The best Tutors for Class 12 Tuition Classes are on UrbanPro
6
