what are the five steps of economic analysis?

Expert Solution

Answer : Economic analysis means to provide information about how market operate and provide future market behaviour in respect to event, trend and cycle. It is step to solve problems of distribution of scarce resources.

Step1 : Observation : First step is observe all resources available in an economy. Scare resources should properly observed and check the utilisation of the resources in best possible manner.

Step 2 : Problem definition : Problem should properly study and reason for occurring of the problem has been discussed in detail. Problem should properly identify with allocation of resources in best possible manner.

Step 3: Formulation of hypothesis : Hypothesis has been created by using different economic model. It has helpful in application of economic model in hypothetical situation.

Step 4 : Experimentation : Proper analysis of the experiment of the model and resources should allocated in systematic and logical manner.

Step 5 : Verification : It means that the model which has been applied in the market provide logical result. Resources should properly utilised in best possible manner as hypothesis. Market is able to produce efficient result.

Rahul Sunny answered 2 years ago

Explain in detail with examples the five (5) steps of job analysis process.

Describe the five steps in an ethical analysis. Below are the guidelines of answer. DO NOT...

Describe the five steps in an ethical analysis. Below are the guidelines of answer. DO NOT use guidelines below as the answer of question. Please use your own answer with provide example with each step. Five steps 1. Identify and describe clearly the facts. Find out who did what to whom, and where, when, and how. In many instances, you will be surprised at the errors in the initially reported facts, and often you will find that simply getting the...

What are the steps of a root cause analysis?

Positive economic analysis deals with_____ and normative economic analysis deals with_ (a)What should be, what is...

Positive economic analysis deals with_________________________ and normative economic analysis deals with_____________________ (a)What should be, what is (b)What is, what ought to be (c)Fiction, fact (d)Positive things, negative things A leftward shift in the PPF curve of a country’s economy given ceteris paribus could be caused by: (a)An improvement in technology (b)A decrease in resources (c)An increase in entrepreneurship (d)All of the above

What are the five steps behind the theory of constraints methodology and what take place in...

What are the five steps behind the theory of constraints methodology and what take place in each?

Please use excel to do your analysis. Follow the steps and have a what if analysis...

Please use excel to do your analysis. Follow the steps and have a what if analysis data table for your car loan case. You are loaning 20,000 with 8.5 % interest for 60 months. In this scenario you need to pay $410 monthly. Use Excel’s PMT function to calculate monthly loan amount. What will your monthly payment be if you have different interest rates and terms (total term of months). Use Excel’s what if data table analysis to check various...

What are the general steps for sinusoidal steady state analysis of a circuit? Is there a...

What are the general steps for sinusoidal steady state analysis of a circuit? Is there a way to generalize the procedure?

Please show all steps: What is the economic life of an asset that was purchased for...

Please show all steps: What is the economic life of an asset that was purchased for $12,000. O&M costs are $3000 for the first year and increase $1500/yr each year after that. Assume a 7% interest rate.

Describe the principles underlying recrystallization. What are the five steps used for recrystallization and what does...

Describe the principles underlying recrystallization. What are the five steps used for recrystallization and what does each step accomplish?

This is for an Economic Analysis of the company Amazon What is the role of asymmetric...

**This is for an Economic Analysis of the company Amazon** What is the role of asymmetric information experienced by Amazon? Are there issues of adverse selection and/or moral hazard in Amazon? Are incentives aligned between management and workers?

Question