Every education stream whether science, humanities, commerce has its own way of reasoning and thinking. Sciences are mainly based on experimental verification of various types of research carried out whereas humanities are based on observation only. Two important subjects that exist in humanities and sciences are Mathematics and Economics and this paper deals with their coexistence. The field that defines their co-existence is Mathematical Economics which is becoming quite important for any person studying economics. Mathematical economics is a science which helps us in converting various economic theories into compact form by applying various mathematical techniques. The paper deals in explanation of various mathematical and statistical tools that are widely used in the field of economics for obtaining simple models of various complex economic problems. The advantages and disadvantages of using maths in economics is also dealt with.