Background You have been hired by the finance minister of small country in central America.
The minister Linnea Ribbelov, is a lovely young woman who wants to do the best for the country
but her knowledge of economics is poor. She is worried that the election is only few months
away. She has hired you a bright graduate from EU Business School. The problem is a steel
factory in the country is struggling against cheaper imports from China. Last week she visited the
company and they explained that if things do not improve they may have to close some
operations which may mean 1000 people lose their jobs. The steel is used by many other
industries in the country such boat manufacturing, construction and oil exploration industry as
well as others. Some local steel is exported to neighbouring countries. Task You are required to
prepare a report: - She is considering putting tariffs on imported steel. Explain with diagram
what happens when you put tariffs on steel, given that today it is an open economy. Please show
this with diagrams. This should show consumer and producer and explain who are consumers. -
Please explain in detail who are winners and loser. She is a politician so must really think of all
the winners and losers in the economy- often lots of consequences you don't imagine.- - Think of
other creative methods that could be used to help the company or steel industry. However any
suggestion must show advantages and disadvantages. There are some ideas in the slides from
that class..
Measures of Central Tendency: Mean, Median and Mode
Background You have been hired by the finance minister of small count.pdf
1. Background You have been hired by the finance minister of small country in central America.
The minister Linnea Ribbelov, is a lovely young woman who wants to do the best for the country
but her knowledge of economics is poor. She is worried that the election is only few months
away. She has hired you a bright graduate from EU Business School. The problem is a steel
factory in the country is struggling against cheaper imports from China. Last week she visited the
company and they explained that if things do not improve they may have to close some
operations which may mean 1000 people lose their jobs. The steel is used by many other
industries in the country such boat manufacturing, construction and oil exploration industry as
well as others. Some local steel is exported to neighbouring countries. Task You are required to
prepare a report: - She is considering putting tariffs on imported steel. Explain with diagram
what happens when you put tariffs on steel, given that today it is an open economy. Please show
this with diagrams. This should show consumer and producer and explain who are consumers. -
Please explain in detail who are winners and loser. She is a politician so must really think of all
the winners and losers in the economy- often lots of consequences you don't imagine.- - Think of
other creative methods that could be used to help the company or steel industry. However any
suggestion must show advantages and disadvantages. There are some ideas in the slides from
that class.
