Principles of Microeconomics (ECO2103) Diploma in Business Administration Mehdi Tasaloti mehdi.tasaloti@newinti.edu.my Faculty of Business‚ Communication & Law (FOBCAL) INTI International University August 2014 Session Faculty of Business‚ Communications and Law INTI International University 1 Class syllabus for Long semester Week 1-3 4-6 Topic Economics Concepts‚ Issues & tools Price Theory ( Demand & Supply) / Individual assignment/ Test 1 7&8 Applications
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Walmart - My Favorite Store Walmart is America’s biggest retailer. Not only are their prices reasonable‚ they have EVERYTHING! Everyone shops at Walmart. By everyone‚ I mean approximately 2.35 million people shop there a day. That many people is almost as much as Canada’s population. Another fact to show how great Walmart really is would be by looking at Walmart’s economy alone. If Walmart was a country‚ it would have the 26th largest economy in the world. these facts show how great Walmart’s industry
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Assignment 1 Additional Background Information of Wal-Mart in 2005: * Sales Revenue: In 2005‚ Wal-Mart had $312.4 billion in sales‚ more than 6‚200 facilities around the world—including 3‚800 stores in the United States and 2‚800 elsewhere‚ employing more than 1.6 million "associates" worldwide. * Other Innovations: Later in October Wal-Mart announced it would implement several environmental measures to increase energy efficiency. The primary goals included spending $500 million a year
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WALMART NEGOTIATION CASE: Walmart the world’s largest retailer‚ sold $315 billion worth of goods in 2006. With its single-minded focus on "EDLP" (everyday low prices) and the power to make or break suppliers‚ a partnership with Wal-Mart is either the Holy Grail or the kiss of death‚ depending on one’s perspective. There are numerous media accounts of the corporate monolith riding its suppliers into the ground. But what about those who manage to survive‚ and thrive‚ while dealing with the classic
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data identifying a small number of stores (54‚ as of 2005) that closed. We return to this issue in some of our robustness analyses. This data set also indicated some store relocations within counties‚ which are treated as continuing stores because WalMart replaced smaller‚ older stores with larger ones in nearby locations. 21 The measurement error corresponding to stores opening in January through early March of the previous year is less important in the IV estimation than in OLS estimation‚ because
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Case Synopses Walmart Stores‚ Inc. 09/12/13 Which strategic management concepts are useful in the analysis of this case? 1. SWOT Analysis Walmart’s internal strengths and weaknesses and environmental opportunities and threads are: Strengths Highly motivated and committed employees (Associates) Top management involved on daily operations (street managers) Latitude price setting (allows more profitability in different locations) Technology oriented (Satellite system and logistic
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Wal-Mart Wal-Mart has a great history of leadership‚ innovation and success. The founder‚ Mr. Sam Walton had a vision and traveled the country studying discount retailing because he had a vision of selling quality products at a lower price. He opened his own store‚ Wal-Mart‚ in Rogers‚ Arkansas in 1962. Today‚ Wal-Mart is the largest retail chain in the world with over 9‚000 stores‚ servicing over 176 million customers‚ and over two million employees in 15 countries; Mexico‚ Puerto Rico‚ Canada
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Problems faced in different countries 1. Slowness to develop a strong presence online. Walmart has become sloppy in executing big changes‚ which is inevitable for an organization. After so many years of such an explosive growth. Case in point is Walmart’s slowness to develop a strong presence online. Despite these fears‚ Walmart’s leaders are optimistic that they can shift the business and position the retailer for long-term success. They are already testing a radical new concept -- downsizing
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Economies of Scale * This is the cost advantage that a business obtains due to expansion. * That is the factor that cause the average cost of producing a product to fall‚ as output of the product rises as explained in the ‘Dictionary of Economics’. * By achieving economies of scale‚ a company would have the cost advantage over its existing and new rivals. * Further‚ the company could achieve lower long run average cost (i.e. productive efficiency). But if technology changes‚ this
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Economies of scale are the cost advantages that a business can exploit by expanding their scale of production. The effect of economies of scale is to reduce the average (unit) costs of production. Economies of scale‚ in microeconomics‚ refers to the cost advantages that an enterprise obtains due to expansion. There are factors that cause a producer’s average cost per unit to fall as the scale of output is increased. "Economies of scale" is a long run concept and refers to reductions in unit cost
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