logo

Economic Principles and Decision Making Assignment

12 Pages2200 Words359 Views
   

Added on  2020-11-12

Economic Principles and Decision Making Assignment

   Added on 2020-11-12

ShareRelated Documents
Economic Principles andDecision Making
Economic Principles and Decision Making Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1PROBLEM A...................................................................................................................................11. Investigating the demand for energy bars in Atollia to identify impact on on demand byproduct offering at another store..................................................................................................1PROBLEM B...................................................................................................................................51. Impact of the tariff on demand................................................................................................52. Impact of tariff on energy bars using diagram.........................................................................6PROBLEM C...................................................................................................................................71. Developing a brief for the board on the benefits of free trade for both countries by usingsupport of regression analyses.....................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
Economic Principles and Decision Making Assignment_2
Economic Principles and Decision Making Assignment_3
INTRODUCTIONEconomic principles are the few guidelines which helps in effective decision making.These principles are developed by the application of concepts of economics. These principles arescarcity, marginal and incentives. The main aim of this project report is to provide anunderstanding about the significance of economic principles against decision making oforganisations (Bateman and et. al., 2013). In this project report various economic concepts areapplied to ascertain supply and demand of energy bars of Schmeckt Gut in Atollia. Linearregression analyses is conducted in this report to provide evidence to determined demand. Threeproblems are solved in this report which are related with the demand of products and their tariffrates. Graphical tools of Microsoft Excel are used to represent demand along with impacts. Abrief has been also developed about the benefits of free trade for both countries (Atollia andcountry of Schmeckt Gut).PROBLEM A1. Investigating the demand for energy bars in Atollia to identify impact on on demand byproduct offering at another storeSchmeckt Gut is an energy bar manufacturing company which is interested to determinedemand of their energy bars in Atollia. Board of this company has instructed its researchdepartment to conduct a survey and provide a raw information about annual average demand ofenergy bars per person, average income per person, tariff rate on imports of energy bars andnumber of stores which are selling these energy bars. Board has ordered for detail investigationabout the demand for energy bars. In order to conducted an investigation, Microsoft Excel tool ofregression is used. Linear regression analysis – This concept is a linear approach which helps indetermining relationship between scalar response and explanatory variables by using a particularequation. Data which is collected by research team is required to be analysed and thenrelationship between two variables are ascertained (Epstein, 2018). Format of linear equation ofregression is as follows: Y = a+bXwhere, X is explanatory variable and Y is dependent variable1
Economic Principles and Decision Making Assignment_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Impact of Schmeckt Gut Energy Bar Availability on Demand in Atollia
|6
|1189
|1

Economic Principles and Decision Making - Doc
|16
|3156
|174

Impact of Offering Schmeckt Gut at Another Store on Demand in Atoilia
|5
|958
|88

ECON6000 Economic Principles and Decision Making
|8
|926
|66

Economic Principles and Decision Making: Regression Analysis and Trade Policy
|10
|1838
|345

Business Principles and Decision Making
|9
|1280
|53