Analysis of CBA,CEA and CUA
Compare and contrast the primary strengths and weaknesses of cost-benefit analysis (CBA), cost-effectiveness analysis (CEA), and cost-utility analysis (CUA).Explain the meaning of CBA,CEA, and CUA.Give the importance of each abbreviation. Give your opinion on which method you believe to be the most effective in economic evaluation. Using the umbrella decision-making example on page 198 of the textbook, suppose the probability of rain is 0.6, the ruined clothes cost is $30, and the lost umbrella costs are $2. Come to a decision based upon these assumptions, and determine the break-even probability of rain.Conduct a well-based research on the topic given.