Econometrics is a branch of economics that includes the application of statistical methods, computer science, and mathematics to conduct quantitative analysis of economic phenomena. It establishes economic relationships and gives empirical content to large economic data. It is used to forecast and analyse future economic trends. The economic students should be well-versed and have clear knowledge about the various concepts and statistical tools. In layman language, econometrics is a depiction of economic theory in a mathematical equation. It deals with raw data and converts them in the form of diagrams for testing economic phenomena. As the subject has lots of numerical and statistical questions, students find it difficult to solve their econometrics assignments. If you are also struggling with econometrics assignments, then don't hesitate to take the help of our econometrics homework helper.
In econometrics, students often get lost in its complicated mathematical equations, mind-boggling economics model, and economic graphs. The following reasons are responsible as to why students fail to complete their econometrics assignments on time:
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The three components of econometrics are theory, statistics, and data. The branch of econometrics is divided into two categories. They are:
Theoretical econometrics - This branch is concerned with methods of existing ones as well as developing new ones. Theoretical econometrics draws heavily from mathematical statistics, theoretical statistics, and numerical methods to research the particular methods, their properties, and assumptions.
Applied econometrics - This branch as the name suggests applies econometric theories to the economic models. It works to draw economic relations and give empirical content. This technique is used to draw out inferences and conclusions from qualitative data into quantitative data.
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It is very imperative for students to know the application of econometrics as it is quite helpful in solving real-life applications. Some applications are mentioned below:
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