Open Access Journal

ISSN : 2456-1304 (Online)

International Journal of Engineering Research in Electronics and Communication Engineering(IJERECE)

Monthly Journal for Electronics and Communication Engineering

Open Access Journal

International Journal of Science Engineering and Management (IJSEM)

Monthly Journal for Science Engineering and Management

ISSN : 2456-1304 (Online)

Use of Mathematics in Economy (Mathematical Tools in Analyzing Economy)

Author : Pawan Kumar 1 Manish Sahani 2 Kunal Roy 3 Manjunatha K N 4

Date of Publication :22nd November 2017

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 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 analyse the economy. There is discussion on how these tools helps in finding the factors (GDP, Interest Rate, Inflation, Repo Rate, Reverse Repo Rate etc.) and analysing the economy. Here we are also going through the drawbacks in the mathematical tools (Forecasting using Statistical methods such as Means, Regression Correlation, Percentages, Graphical Methods) while using in analysis. Finally, we will discuss and analyse 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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