Application of Microeconomic Concept

Please create a response to each prompt on the attached document addressing the below criteria. Each response needs to be about two paragraphs each. • Comment on the conclusions your peers drew. Add any of your own observations about the firm and how the selected microeconomic concept applies. Additionally, discuss how the concepts your peers chose would be applied to your current or future work in the healthcare industry.Prompt 1: The firm I chose was Coca-Cola and the concept I found interesting was something I never really considered to be an issue and that’s the barriers of entry. Coca Cola is pretty well established so they dont have many but for a newly established company trying to make it in the beverage company it would be tough, manly because of the competition. What Ive learned studying this is for a company to be successful with this dilemma capital investment would be a must.Prompt 2:In my Microeconomic analysis of Walmart, I examined the pricing elasticity demand, and how it effects the company. Walmart uses the distance of direct competition in order to establish pricing on most items. From one side of town to the next the cost of your groceries may very significantly because of the level of competition in that area. Walmart is known for its “Everyday Low Prices” and it is because of the manufacturing partnerships that they can keep these prices low. Being a grocery and retail chain, pricing is sometimes dictated by trends. Partnering directly with the manufacturers in order to establish price, this has been an extremely sustainable and competitive method for Walmart because it allows them to undercut the competition.

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