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Understanding The Concept Of Econometrics?
The economics branch concerned with the use of mathematical methods (especially statistics) in the description of economic systems is Econometrics. In order to validate or improve economic theory, econometrics analyzes data using statistical techniques. To measure and evaluate economic hypotheses, these approaches focus on statistical inferences by using instruments such as frequency distributions, likelihood and probability distributions, statistical inference, correlation analysis, basic and multiple regression analysis, models of simultaneous equations, and methods of time series.
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