International Journal of Science , Engineering and Management (IJSEM)

Monthly Journal for Science , Engineering and Management

Volume2,November 2017,

Topic : Use of Mathematics in Economy (Mathematical Tools for Analyzing Economy)

Authors:Pawan Kumar || Manish Sahani, Kunal Roy, Manjunatha K N

Abstract:As mathematics is the area which is widely used in almost all the areas of the life. Our main aim here is to know where still we are lagging in using the mathematics for economic analysis as it is very important topic of the current period. So on that contribution of mathematics to the area of the economy is considerable. In this paper, we will pass the light on the tools which are vastly used in finding the factors related to the economy and also to analyze the economy. There is a discussion on how these tools help in finding the factors (GDP, Interest Rate, Inflation, Repo Rate, Reverse Repo Rate etc.) and analyzing the economy. Here we are also going through the drawbacks of the mathematical tools (Forecasting using Statistical methods such as Means, Regression Correlation, Percentages, Graphical Methods) while using in an analysis. Finally, we will discuss and analyze the improvements need to increase the accuracy of the results and to reduce the mistakes in the results of the economic factors which are part of economic analysis.

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DOI: 01.1617/vol4/iss11/pid40693


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Editor-in-Chief

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Dr.Muhammad Ishtiaq,
Mirpur University of
Science & Technology,
Mirpur, Azad Kasmir.

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IMPACT FACTOR: 2.7

ISSN(Online): 2456-1304

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Thomson Reuters ID : q-6288-2016.
ORCiD Research ID : 0000-0001-9540-6799

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ACCEPTANCE RATIO: 25%
ARTICLES PUBLISHED:00007
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Journal Code : IJSEM
Electronic ISSN : 2456-1304
Impact Factor : 2.7
Frequency : Monthly
Contact : editor@ijsem.org

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