What is Statistics?
The branch of mathematics and used in various disciplines such as accounting, economics, management, physics, finance, psychology, and sociology is called statistics. It helps in condensing mass data into a few numerical measures such as mean, variance, etc. It helps in summarizing data. It helps in determining
- The situation after increasing or decreasing the price of the commodity.
- The effect on the supply of commodities on changing the price.
- The situation to the general price level when the government expenditure increases.