Economic Principles and Decision Making Case Solution
Reducing tariff barriers resulted or lead to the lower priced product or services. However it can be said that the countries would beneficially increase the margins in case of a free trade as this will create more organizations to come forward with their product.
Existing industries would boom as new markets are created, job employment will reach to a higher level, and this will all in return provide economic boom and be beneficial for the country and the people.
Exhibit
| ANOVA | |||||
| df | SS | MS | F | Significance F | |
| Regression | 3 | 11019.2105 | 3673.070166 | 60.07748704 | 2.94899E-09 |
| Residual | 17 | 1039.36093 | 61.13887825 | ||
| Total | 20 | 12058.57143 |
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | Lower 95.0% | Upper 95.0% | |
| Intercept | -12.16021978 | 11.30761101 | -1.075401318 | 0.297221563 | -36.01719364 | 11.69675407 | -36.01719364 | 11.69675407 |
| Average income per person | 0.004837918 | 0.001815213 | 2.665206601 | 0.016316406 | 0.001008153 | 0.008667683 | 0.001008153 | 0.008667683 |
| Tariff rate on imports of energy bars | -6.456977068 | 1.041615246 | -6.199003994 | 9.71362E-06 | -8.654593139 | -4.259360996 | -8.654593139 | -4.259360996 |
| Number of stores where energy bars are offered | 4.072444073 | 1.897801051 | 2.145875128 | 0.046613919 | 0.068433852 | 8.076454295 | 0.068433852 | 8.076454295 |
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