I’m studying for my Economics class and don’t understand how to answer this. Can you help me study?
Use the following information to create a set of recommendations.
You have been hired by the owner of a group (1,200) of unique grocery stores in multiple countries that sell both local products (produce, meat, dairy, eggs) and hard to find imported products (exotic fruits and vegetables). They store depends on both the availability and affordability of both imported and domestic products. The tariffs introduced during the current environment has the owner extremely concerned with the future profitability of the grocery stores. During the first rounds of tariffs, the store owner absorbed the increase in costs without raising prices. However, if the tariffs increase anymore the stores will have to increase prices, resulting in few sells and less profit.
The store has asked you to come up with two sets of recommendations: (1) what public stance should the owner have about the current environment of tariffs, (2) what the store should do to minimize the exposure to the risk of loss due to the tariffs. These are two distinct recommendations and should be discussed separately in your document think Part 1 and Part 2. This assignment will require some delicate thought on both parts.