BASIC TOOLS OF ECONOMIC ANALYSIS
CONTENT
- Introduction to Graphs, Charts and Tables
- Tables
- Graphs
- Charts
Introduction to Graphs, Charts and Tables
Economic relationship can be expressed in two major ways. These are:
(i) Verbal statement: This is the expression of economic relationship in statement. For example, one could say “the number of bag of rice demanded depends on its price”
(ii) Mathematical expressions: Mathematical expressions are used to explain verbal statements in economics in order to make concise and accurate predictions. It can be explained below:
A. Symbolical Statement: This is the use of algebraic expressions to express functional relationships. For example, the quantity of a commodity depends on its price. This can be expressed using functional relationships in mathematics.
\({Q_d = f(p)_m}\)
Where Qd is quantity demanded of commodity m
Pm is the price of commodity m
B. Statistical Tools (Geometric expression and Arithmetical expression): These are tools like tables, graphs and charts which are used to illustrate a body of data in economics.
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