Conduct an economic analysis and determine what is the optimal industry position from the point of view of a consumer, a producer, and the government. Use real data where possible to advocate your position.
Evaluation of costs and benefits is essentially what economic analysis includes. In order to facilitate better resource allocation, it begins by evaluating projects according to their economic viability. Its goal is to evaluate how a project will affect wellbeing. The following queries or difficulties can be addressed through economic analysis: Should the public or private sector take up the project? What will the project’s financial effects be? How can we guarantee cost recovery is equitable and efficient? What effects will a project have on the environment? (Segurado and others, 2019) Generally speaking, an economic analysis is more uncertain than a thermodynamic study. Each variable in the economic analysis has been considered to be known with confidence in the explanation above. But several of the parameters utilized in the calculation are ambiguous (Tricase et al, 2018). A sensitivity analysis establishes the degree to which the final choice is impacted by a fair range of uncertainty considered for each uncertain variable. It is advised to conduct sensitivity analyses to look at how key future value assumptions, such as the cost of money, the rate of inflation, and the price of fuels, may affect the outcomes of an economic analysis. Cont…
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