mathematical techniques such as differentiation, integration, set theory, matrices and linear programming in economic theory. 1. It is possible to deal with any number of economic variables: Variable is a mathematical term which means it is that which changes from time to time and point to point. Economic variable is one in which all those economic activity which undergoes change from time to time. All activities concerned with economics are economic variable, which changes from time to time. For example: demand, price, utility, production, supply, cost, income, consumption, savings and profit. Economic analysis can be classified into two types: 1. Verbal economic analysis 2. Quantitative techniques 1. Verbal economic analysis is based on simple observation. In verbal economic analysis only two variables considered to formulate the theory but other factors which may affect the function may not be considered. If we can observe the economic variable at a time is called micro economic analysis. This tries to study the relationship between one or two variables.
mathematical techniques such as differentiation, integration, set theory, matrices and linear programming in economic theory. 1. It is possible to deal with any number of economic variables: Variable is a mathematical term which means it is that which changes from time to time and point to point. Economic variable is one in which all those economic activity which undergoes change from time to time. All activities concerned with economics are economic variable, which changes from time to time. For example: demand, price, utility, production, supply, cost, income, consumption, savings and profit. Economic analysis can be classified into two types: 1. Verbal economic analysis 2. Quantitative techniques 1. Verbal economic analysis is based on simple observation. In verbal economic analysis only two variables considered to formulate the theory but other factors which may affect the function may not be considered. If we can observe the economic variable at a time is called micro economic analysis. This tries to study the relationship between one or two variables.
tootls_of_economic_analysi.docx