(1) At or before the conclusion of the hearing held pursuant to section 6, the arbitration panel shall identify the economic issues in dispute and direct each of the parties to submit to the arbitration panel and to each other, within a time limit that the arbitration panel prescribes, its last offer of settlement on each economic issue. The determination of the arbitration panel as to the issues in dispute and as to which of these issues are economic shall be conclusive.

  (2) The arbitration panel, within 30 days after the conclusion of the hearing, or within further additional periods to which the parties may agree, shall make written findings of fact and promulgate a written opinion and order upon the issues presented to it and upon the record made before it, and shall mail or otherwise deliver a true copy of the findings of fact, opinion, and order to the parties, their representatives, and the employment relations commission. As to each economic issue, the arbitration panel shall adopt the last offer of settlement which, in the opinion of the arbitration panel, more nearly complies with the applicable factors prescribed in section 10. The findings, opinion, and order as to all other issues shall be based upon the applicable factors prescribed in section 10.