what basically characterizes an econometric study? Describe the various steps to be followed in an econometric syudy? 20Mark
Answer (1)
1st Sep, 2022
Hi
Econometrics is the quantitative application of statistical inferences, economic theory and mathematical models using data to develop theories or test existing hypotheses in economics and to forecast future trends from the huge amount of data acquired over time.
The four stages of econometrics are
- Suggestion of theory
- Specifying a statistical model
- Estimating variables
- Proof reading.
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