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Economists use the data to obtain the results. They collect and analyse the data. At the initial stage, the economists observe the facts and trends in the data. After that, they try to find the cause and effect relationship.
The microeconomics assignment help experts try to observe a particular phenomenon. The observed fact will be in a particular form like the gasoline prices of California are higher than any other region in the US. They try to find the reason for the particular problem. The fact is presented in the form of variables. The variable can be the quantity of something which helps to find the reason for the issue. There are two types of variables which includes the discrete and continuous variable. Discrete variables are considered as the finite amount of variables. The researcher can count the number of variables for examples the amount of money in the bank account or the number of students in the classroom.
The continuous variables are infinite in nature and it is measured not counted by the researcher. The research method helps to obtain specific information on the specific aspects of the economy. When the economist measures the fact or phenomenon then it is known as the data. Data helps to provide factual information about the specific event. When the economists examine facts and trends then the data is presented in the form of graph and table.
Explaining and predicting focuses on formulating the economic theories and testing the validity of the particular theory. In the initial stage, the economists try to explain the particular problem. Then, the researcher tries to find the relationship between the two variables. In most of the scenarios, scientific methods are used to understand the particular problem. The scientific method includes the variables, parameters, assumptions and other functional forms.
In this method, knowledge is gained with the help of reasoning. It is considered as the most consistent method. The scientific method focuses on objective and logical reasoning to analyse the particular phenomenon. Objective, logical and systematic is the three major characteristics of the scientific method. The scientific method is logical as it is not biased or opinionated. The scientific method is logical because it follows logical reasoning. However, the logical reasoning follows deductive and inductive approach. The scientific method is systematic as it helps to find the truth. Our Microeconomics Assignment Help experts in Canada have this method for solving a number of problems given by students.
Deductive and inductive approaches are types of logical reasoning. In deductive research the hypothesis is taken from the suggested study then a strategy is formulated to examine the hypothesis of the study and conclusion is derived from it. The data is collected from a large number of population and particular results are derived from it. The major advantage of deductive research is that it helps to define the relationship between the variables and concepts. The inductive research does not include the hypothesis in the research. It starts with the objectives and aims that are achieved in the research process. The inductive approach is generally related to qualitative research. The inductive research focuses on generating the new theory from the data.
Hypothesis helps to find the relationship between the two events. It includes the null and alternative hypothesis. The null hypothesis explained that there is no significant difference between the two variables. However, the alternative hypothesis explained that there is a significant difference between the two. The dependent variables are also used to find and predict. In the cause and effect relationship, the effect is the dependent variable. Hence, all the parameters are used to understand the specific concept.
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