In this article we will discuss about the Application of Econometric Methods to Various Economic Problems. It is well known that the quantitative methods in the discipline of Economics are being extensively used to examine the economic relationships among variables [Functional Relationships]. The combination of the theory of Economics, Methods of Statistics and Mathematics is referred to as Econometrics [Measurement [...]
The below mentioned article provides a study note on the Engel function in economics. Engel's Laws: The relationship between total consumption expenditure and expenditure on a specific item at a point of time across the sample households is known as Engel Function or Engel Curve. The empirical results of the study undertaken by Engel [Ernst Engel was German Statistician] were [...]
In this article we will discuss about the demand function for commodities. The quantity of a commodity to be demanded [purchased] by consumers depends mainly on its own price, cross price [prices of other commodities such as complementary and substitutes] and income. These factors are referred to as determinants. Functional relationship between the quantity of commodity demanded and its determinants [...]