Big Mac Index
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"We wanted to see where the U.S. minimum wage ranked on an international scale, so we took a fairly well-known indicator – the Big Mac Index – and compared burger prices to minimum wages in different countries," says the ConvergEx team.
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Marketing case study d-mart
D-Mart is an Indian supermarket chain started in 2002 with a philosophy of providing customers what they want at low prices. It focuses on serving the middle class with daily necessities at prices below MRP through strategies like low overhead costs, direct supplier relationships, and efficient warehouse-like stores. D-Mart has seen success operating this low-cost model in Western and Southern India and plans to primarily expand within existing regions to maintain tight control over real estate and distribution costs as it faces growing competition from other retailers and online players.
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2) A change in a non-price factor like income causes a shift of the demand or supply curve, while a price change results in movement along the curve.
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Big mac index short description
The Big Mac Index, published by The Economist since 1986, uses the price of a McDonald's Big Mac burger in different countries as a lighthearted way to measure purchasing power parity and determine if currencies are undervalued or overvalued. The index compares the local price of a Big Mac in one country to the price in the United States, with large differences suggesting the local currency may not be at an optimal level against the U.S. dollar based on purchasing power. For example, when the average Big Mac price in the U.S. was $4.37 and in China was $2.87, the index estimated the Chinese yuan was undervalued by 41% at that time based on purchasing power.
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The document discusses D'Mart, a leading Indian retail chain. It outlines D'Mart's growth strategy, strengths like everyday low pricing, and weaknesses like slower expansion. Big Bazaar is a key competitor, with strengths like a wide product range but weaknesses in meeting store targets. The retail industry in India is growing rapidly, presenting opportunities for expansion into new areas. Online retailers and unorganized stores pose threats. Effective supply chain management is important for D'Mart's continued success.
Price change income and substittution effects
1) Economists separate the impact of a price change into a substitution effect and income effect. The substitution effect is due to changes in relative prices, while the income effect is due to changes in purchasing power.
2) There are two main methods to decompose the price effect: the Hicksian method and the Slutsky method. The Hicksian method isolates the substitution effect by holding utility constant, while the Slutsky method does so by holding purchasing power constant.
3) For normal goods, the substitution and income effects reinforce each other, ensuring demand falls when price rises. Rare inferior goods can see opposing effects, potentially causing demand to rise with price - known as Giffen goods.
Demand analysis and elasticity of demand
Demand is defined as the desire for a commodity supported by the ability and willingness to pay for it. The law of demand states that demand increases when price decreases and decreases when price increases, with other factors held constant. Demand can be individual, family-level, or market-level. A demand schedule shows the relationship between price and quantity demanded at different price levels, while a demand curve graphs this relationship. Elasticity measures the responsiveness of demand or supply to changes in factors like price and income. The different types of elasticity include price elasticity, income elasticity, cross elasticity, and advertising elasticity.
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The document discusses disruptive innovation and describes Godrej's development of the Chotukool portable refrigerator. Some key points:
1) Disruptive innovations are inferior on attributes valued by mainstream customers initially but have other unique features appreciated by niche customers. They start in low-end or new markets and eventually displace incumbents.
2) Godrej developed the Chotukool mini-fridge priced at $69 using cooling chips instead of a compressor. It was portable, lightweight, and energy efficient.
3) The Chotukool targeted rural Indian markets where refrigerator penetration was only 18%, representing a large potential market. It aimed to provide value to people like food sellers through its affordable price
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Demand forecasting involves anticipating future demand for a company's products and services under uncertain competitive conditions. It is essential for production planning, purchasing raw materials, and other business decisions. Demand can be forecasted qualitatively using opinion surveys of consumers, salespeople, and experts, or quantitatively using statistical techniques like trend projection, regression analysis, and econometrics that analyze historical demand data and its relationships to economic indicators. Accurate demand forecasting is important for production planning, inventory control, sales forecasting, budgeting, and long-term growth strategies.
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D-Mart is a chain of 136 hypermarkets and supermarkets across India founded by RK Damani in 2000. It has the highest sales per store of any grocery chain in India at Rs. 53 crore on average and an overall sales turnover of Rs. 11,500 crores as of 2017, making it the largest branded retail chain in the country. D-Mart had a very successful IPO in 2017, raising Rs. 1,870 crores and seeing its stock price rise over 100% on listing day to make its founder one of the richest people in India. It employs a low-cost model through owned properties, efficient cost control, and favorable supplier terms.
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The power point presentation will help understanding the concept of BCG Matrix. It covers example of Reliance Industry Limited and ITC.
Monopoly
- A monopoly is a sole seller in a market that faces a downward-sloping demand curve. It is a price maker unlike competitive firms.
- A monopoly maximizes profits by producing where marginal revenue equals marginal cost and charging a price above marginal cost.
- This results in a lower quantity and higher price than would be socially optimal, causing deadweight loss.
- Governments address monopoly power through antitrust laws, regulation, or public ownership to increase competition and efficiency.
law of variable proportions
The Law of Variable Proportions states that as the quantity of one variable input is increased while holding other inputs fixed, total product will initially rise at an increasing rate, then at a decreasing rate, and eventually at a negative rate. It operates in the short-run when some factors can vary and others are fixed. The law is demonstrated through a schedule that shows as labor is incrementally increased from 1 to 6 units, total product first increases, then increases at a lower rate, and eventually decreases, moving from phases of increasing, diminishing, and negative returns.
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The document discusses the different components of a business environment. It describes the business environment as consisting of internal and external factors. The internal environment refers to conditions within an organization that can be controlled by management, such as employees and organizational structure. The external environment consists of forces outside the organization's control that affect its performance, including the political-legal, economic, socio-cultural, and technological environment as well as specific industry forces like customers and competitors. Each component of the business environment is complex and dynamic, with the potential to significantly impact business operations.
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The Cobb-Douglas production function is widely used to model the relationship between output and two inputs, labor and capital. It takes the form of P(L,K) = B*L^α*K^β, where P is total production, L is labor input, K is capital input, B is total factor productivity, and α and β are output elasticities. The function was formulated by Cobb and Douglas based on statistical evidence showing how U.S. output and the two inputs changed together from 1889-1920. It has since been widely applied despite some criticisms around its lack of microeconomic foundations.
Reliance mart ( pratik negi)
The document provides an overview of Reliance Mart, a 165,000 square foot retail store located in Ahmedabad, India. It offers over 95,000 products across several categories including food, consumer goods, consumer durables, automotive accessories and lifestyle products. Key strengths include its large size and product selection, affordable prices, and unique on-site services. The store aims to provide customers an international shopping experience through its layout, product range, and distribution network which utilizes cross-docking and real-time inventory updates. However, weaknesses include its lack of customer focus and specialty sections.
Managing hindustan unilever strategically
HUL's strategy focuses on the core business, offering low prices, and having an Indian connection. The strategies are formulated at multiple levels, including the corporate, operational, business, and functional levels. While Unilever's revenues come from food and HUL focuses on home and personal care with lower prices tailored for India, a shift in strategic decision-making from India to Unilever's headquarters could disadvantage HUL by hindering its understanding of the Indian market and consumers.
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The document provides information about Patanjali Ayurved Limited, an Indian FMCG company. Some key details include:
- It is the fastest growing Indian FMCG company valued at ₹30 billion manufacturing 444 products across food, personal care categories.
- The brand focuses on herbal and ayurvedic products made in India to promote nationalism. It aims to replace foreign brands.
- Baba Ramdev acts as the brand ambassador appealing to patriotism and traditional Indian values.
- The target audience is middle class households seeking affordable alternatives to premium brands.
Monopolistic Equilibrium in short and long run
In the short run, a monopolistically competitive firm will produce at the quantity where marginal cost equals marginal revenue to maximize profits. This occurs at a price above average cost, resulting in abnormal profits. In the long run, entry of new firms shifts individual demand curves down and costs curves up, eliminating abnormal profits so firms only earn normal profits where price equals average cost, establishing equilibrium.
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Godrej product mix
The document provides information on Godrej's diverse product portfolio across multiple industries including FMCG, appliances, furniture, security, agriculture, real estate, and industrial engineering. It outlines the various product classes, lines, types, and examples within each industry family. The product mix includes items at various price points to serve broad customer segments.
Price determination under perfect competition
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Laws are rules that are recognized as binding by the governing authority in a society or state. They aim to guide behavior, and if broken, can result in punishment being enforced through the court system or other government agencies. The development of laws plays an important role in regulating human interactions and maintaining order, safety, and justice within a community.
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Big mac index short description
The Big Mac Index, published by The Economist since 1986, uses the price of a McDonald's Big Mac burger in different countries as a lighthearted way to measure purchasing power parity and determine if currencies are undervalued or overvalued. The index compares the local price of a Big Mac in one country to the price in the United States, with large differences suggesting the local currency may not be at an optimal level against the U.S. dollar based on purchasing power. For example, when the average Big Mac price in the U.S. was $4.37 and in China was $2.87, the index estimated the Chinese yuan was undervalued by 41% at that time based on purchasing power.
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This document discusses factors that affect foreign exchange rates, including relative inflation rates between countries, interest rates, international trade balances, foreign currency supply, and net international reserves of a country. Floating and managed exchange rate regimes are also covered. The author predicts that the Egyptian pound will face challenges maintaining its value against the US dollar in 2009 due to declining factors like international reserves and an increasing trade deficit, and may depreciate to reach 6 Egyptian pounds per US dollar by the end of the year.
Exchange rate determination.
This paper develops an equilibrium model of the determination of exchange rates and prices of goods. Changes in relative prices due to supply or demand shifts induce changes in exchange rates and deviations from purchasing power parity. These changes may create a correlation between the exchange rate and the terms of trade, but this correlation cannot be exploited by governments to affect the terms of trade through foreign exchange market operations. The model emphasizes the role of relative price changes due to real disturbances and how these changes affect both exchange rates and the terms of trade through shifts in supply and demand. Government interventions in foreign exchange markets cannot influence exchange rates if the relationship between exchange rates and terms of trade is due to shifts in real supply and demand for domestic and foreign goods.
Determinants of foreign exchange
The document defines foreign exchange and foreign exchange markets. It discusses the key participants in foreign exchange markets including individuals, firms, banks, governments, and international agencies. It also outlines some of the main functions and determinants of foreign exchange markets. Long-term determinants include balance of payments, relative economic strength, interest rates, inflation, money supply, and national income. Short-term determinants include central bank intervention, export/import payments and flows, foreign investment flows, political factors, speculation, and capital movements. The document also provides context on the Foreign Exchange Management Act (FEMA) in India.
Exchange rate determination
This document discusses foreign exchange rates and their determination. It explains that foreign exchange rates are the rates at which one country's currency can be converted into another's. These rates are determined by currency supply and demand in global foreign exchange markets. The key factors that influence supply and demand - and thus exchange rates - include interest rates, inflation rates, government budgets, and political stability. The document also outlines different exchange rate systems like fixed, floating, and managed rates.
Exchange rate system
1. The document outlines the history of currency exchange rate systems from the gold standard in the 1800s to the present day.
2. It describes the three main categories of exchange rate regimes: flexible exchange rates, managed floating, and fixed exchange rates.
3. Flexible exchange rates are determined by market forces, while managed floating involves some government intervention and fixed rates keep currencies at constant values against other currencies or currency baskets.
Exchange Rate Fluctuation
The document discusses exchange rates and factors that influence them. It defines exchange rate as the value of one currency compared to another, such as the current rate of $1 USD to 62 Indian rupees. Exchange rates can fluctuate depending on factors like a country's gold reserves, trade balances, foreign investment, inflation rates, public debt levels, political stability, interest rates, and current account deficits. The document also mentions different stages of inflation from creeping to hyperinflation.
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- 8. We can find more view of Big Mac Index from NationMaster.com …
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