ECON6000 Module 5: Economic Principles and Decision Making Assessment

This assignment analyzes the potential impact of expanding the availability of the Schmeckt Gut energy bar, utilizing a multiple linear regression model to determine the relationship between the number of stores offering the product and its demand. The analysis reveals a positive and statistically significant correlation, suggesting increased demand with wider distribution. The assignment further investigates the impact of tariffs on energy bar demand, demonstrating a negative correlation where higher tariffs lead to reduced demand. It explores the economic effects of tariffs, including deadweight losses, and contrasts them with the benefits of free trade, emphasizing increased demand, enhanced capacity utilization, and improved resource allocation. The analysis highlights the advantages of free trade for both consumers and producers, advocating for the removal of tariff barriers to foster economic growth and efficiency. The assignment uses the provided data to showcase the impact of economic principles in the real world scenarios.