What are factors affecting economic analysis?

Q: Why would you rather use real variables in an economic analysis

A: Real variables are those where the impacts of costs or potentially expansion have been taken out.…

Q: What is an incremental benefit-cost ratio?

A: An incremental benefit-cost ratio is a type of benefit-cost analysis that helps to understand the…

Q: where q is the number of units produced and A is the time in months that LeAnnʹs manager has spent…

A: A firm incurs various types of costs during the production process. The various types of costs…

Q: Describe the straight-line method?

A: According to the straight-line method of depreciation, the equal amount of depreciation is allocated…

Q: Why mainstream economics has intentionally misinterpreted the pioneers of economic theory?

A: The economics is the social science that studies the allocation of scarce resources and how the…

Q: How would an economist define the efficient amount of time studying?

A: Marginal cost (MC): The marginal cost refers to the amount of additional costs incurred in the…

Q: How do you apply managerial decisions to production decisions?

A: Decision making is significant for maintaining a business undertaking which faces countless issues…

Q: What is a major difference between adaptive and rationalexpectations? Give an example of each.

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: Describe 3 ways in which human decision differs from the rational individual conventional economic…

A: The behavioural economics is the subfield of economics that integrates the insight of psychology…

Q: From where concept of economic planning is derived?

A: Economic Planning is the process in which the limited natural resources are used skillfully so as to…

Q: Are options b through e correct or incorrect?

A: A price ceiling is the commanded most extreme amount a dealer is permitted to charge for a product.…

Q: Is there a pattern in opportunity cost changes?

A: Opportunity cost is a micro economics concept refer to the lost of the potential benefit for an…

Q: What is cost leadership strategy advances?

A: In a market, there are different strategies used by the firms to gain competitive advantage such as…

Q: What are the elements of Research Methodology?

A: Research Methodology is a wider term.

Q: In command economies, decision-making is Select the correct answer below: O determined by the market…

A: Command Economy is one of the types of economies. The main goal of command economy is the allocation…

Q: What is the best and the worst economic theory of adam smith as an economist?

A: Adam Smith, the father of modern economics, was a Scottish economist, philosopher, and author in the…

Q: What makes Economic Decisions different from other Design Decisions?

A: The engineering economic decisions are investment decisions that are related to engineering…

Q: What are Direct Materials?

A: Direct materials are the physical items that are used in the manufacturing process to produce the…

Q: How does the study of economics depend upon the phenomenon of scarcity?

A: Scarcity is known as the excess of demand over supply in an economy at a particular price.

Q: Explain how construct economic model?

A: The field of economics studies how resources are allocated in a manner that most of the human needs…

Q: aking Effective Decisions ften illustrated with a graph or a table, shows the results under…

A: the opportunity cost of a specific action choice is the deficiency of significant worth or advantage…

Q: Explain the difference(s) between an economic and an econometric model.

A: Economics studies how products and services are produced, distributed, and consumed. It investigates…

Q: What are the aims of science as a cognitive enterprise?

A: The philosophy of science is the study of science as a cognitive enterprise, i,e; a knowledge…

Q: How does TripAdvisor use the four basic inputs of an economic system?

A: Introduction: An economic system, sometimes known as an economic order, is a system for producing,…

Q: Why must economic theories and models be abstract?

A: Economic theory is based upon the assumption that consumers and investors are rational and also…

Q: How does the learning curve positively affect a person in their college studies. Does this achieve…

A: Learning curve is positively affecting the college studies and not leads to diminishing return.

Q: Should an economic model describe reality exactly?

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: How does the scarcity of resources affect the firm’s decision making? Justify your answer through…

A: One of the core principles of economics is scarcity.It indicates that there is a gap between the…

Q: What are diminishing marginal returns?

A: In the production process, different inputs are used to produce final outputs. Land, labor, capital,…

Q: Why is scarcity an essential concept in economics?

A: Social science studies human behavior in different societies, the relationships, and the functions…

Q: What are the goals of economic engineering?

A: Engineering economics is a part of economics that deals with the use and application of economics…

Q: Why do you think economic models are important in econometric?

A: Econometrics is the application of the statistical method to economic data in order to give…

Q: How is the Rational decision making a complex process?

A: Rational decision making is a multi-step process used for making bets decision or choice when…

Q: What does it mean to think like an economist?

A: Economist think by considering relevant facts about an economy.Different factors such as…

Q: What are the benefits of The Rational Decision-Making Process?

A: The process of rational decision making is used to make choices among the alternatives. Under this…

Q: Whose work on decision making received a 2002 Nobel Prize?

A: Answer: Princeton University psychologist Daniel Kahneman received a 2002 Nobel Prize. He won this…

Q: How do constraints affect decision making?

A: A type of external constraint is economic constraints. An external constraint is a factor in the…

Q: Hi! We this for our Microeconomics course. We are tasked to analyze the following. Please help me…

A: The supply curve shows the positive relationship between the price and quantity supplied. The demand…

Q: What is proper method in economic analysis and what is the value of economic analysis?

A:

Q: What is the difference between Gordon method and Brainstorming?

A: The process of forming and transmitting ideas, whether they are abstract, tangible, or visual, is…

Q: What is the difference between static and dynamic analysis in economics? When is each appropriate?

A: An economic analysis is a method used by specialists to determine how significant economic elements…

Q: What do Experience curves tell us?

A: According to the economic concept of an experience curve, a company becomes more efficient the more…

Q: What is the contributions of Paul Samuelson to the history of economic thought?

A: Economics is a subject which caters to many other subjects in today's world. Economics helps to…

Q: Real life example of scarcity forces tradeoff

A: Wants are unlimited but the resources to fulfil those wants are limited. This causes scarcity which…

Q: What are the major course learning outcomes from studying a microeconomics course?

A: Microeconomics is the discipline of economics that investigates the economy on individual and…

Q: Define Three Major Uses of Econometrics?

A: Econometrics is the application of the statistical methods to economic data which helps the observer…