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Why the Gauss Markov Theorem is Important in the econometrics?
because your econometrics professor said so!
Why is the error term important in econometrics?
Error terms occur because ofExcluding independent variables from the modelUncertainty in human behaviorSelecting the wrong mathematical formworkConsolidation incorrectnessesClustering errors
How matrix X1 X2 equals matrix X1 X2?
i think its pretty much the same thing because matrix X1 X2 IS ACTUALLY X1 X2
What are the sub-branches of economics that relies on fields of statistics and mathematics?
Some of the sub-branches of economics that rely on fields of statistics and mathematics are econometrics, transport economics, managerial economics and international economics.
Who is known for transformations in maths?
Laplace' is known for transformations in math; as in a Laplace Transformation. Transformations are used extensively in matrix models in general equilibrium theory and econometrics such as Dominate Diagonal transforms. That is where I reached my level of incompetency; fond memories. See: Lionel McKinsey, Economic Theory and Matrices with Dominate Diagonals
