EE Economics

8/12/2019 EE Economics

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Extended Essay in Economics

Tacit Oligopoly of the OriginalSupermarkets of Bogor

Written By

IB Diploma Candidate #:SessionWord Count:

0


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Abstract

The grocery market of Bogor has been facing a significant change during the past several

years. Sudden emergence of new suppliers has more than doubled the number of existing

supermarkets. I took interest at the fact that despite of the sudden increase in the number of

suppliers, there never was a price decrease. This signifies that the market is experiencing ver

Supply.

I decided to investigate whether the strain caused by the over supply have changed a

particular part of the market structure of the supermarkets of Bogor. I took a keen interest at

whether the original supermarkets of Bogor form a tacit oligopoly to compete against new

competitors.

!y first step was to investigate whether the supermarkets shows characteristics of an

oligopoly. Several factors are apparent" the number of firms in the market is small, their si#e is

relatively big, their products are slightly differentiated, and the entry barriers are high. To further

strengthen my claim concerning the barrier, I have studied a small portion of two legal documents

that concerns starting a supermarket business.

$fterwards, I have recorded product prices and performed statistical analysis to determine

whether the price range is narrow. I then compare the prices of the new supermarkets and all the

supermarkets of Bogor as a whole.

The result shows that indeed there is an oligopoly" yet it extends to reach the new

supermarkets. This means that the original supermarkets have not segregated themselves to attempt

gain business power %e.g. in pricing&. 'ew (uestions are formed based on the results. $mong them

is whether the oligopoly intentional or has competition with other suppliers, e.g. the traditional

markets, caused the price range to be limited) These (uestions re(uire further researches that are

likely to orientate to the Business Studies disciplines.

Word Count: 295

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Table of Contents

Abstract 1

Table of Contents

!art 1: An Introduction to t"e Essay

!art : T"e !resent $ar%et !ro&le '

!art : (e)ie* of (ele)ant T"eories +

!art ,: -ypot"esis and $et"odolo.y of (esearc"1/

!art ': Data Collection and Analysis1

!art 0: Conclusion and E)aluation 1+

Biblio.rap"y 1

Appendix 12222 13

Appendix /

Appendix 1

Ac%no*led.ements

+


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!art 1:

An Introduction to t"e Essay

Bogor is a minor city that is founded over two centuries ago, thus by now it is well known

by its surrounding cities and villages. The city was established as a center of trade for local

agricultural industries %ncarta&.

$s a citi#en of the city ever since birth, I know well that the grocery market of the city is

massive. The vast and well known open air market of fresh produces called -asar Bogor %or the

!arket of Bogor/&, numerous minor grocers, five notable supermarkets, and the easily accessible

shopping centers in akarta have supplied the household demands of the 1,232,454 citi#ens residing

in Bogor %the figure was recorded at a *336 census& %ncarta&.

The market status, however, have taken a significant turn during the last *0 years.

'umerous new suppliers entered the market" among them are as much as five new supermarkets

%doubling the present number&, two hypermarkets, and two new mini7market chains.

$mong the very basic principles taught to economics students is the !arket (uilibrium

law. It states that the demand and supply of a product is dependent of the price level. The

consumers prefer lower prices while the suppliers prefer higher prices. 8here the two (uantities

met, it is called the (uilibrium point. %9ollier, +0*& :iagram *.0 shows this point of importance

as %(*, p*&.

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Diagram 1.0. The Micro Economic Model of the Grocery Market

$ sudden increase in supply that was not due to a price change signifies that there is a shift

in the Supply line. :iagram *.0 portrays this scenario by having the line labeled Supply */ shift to

become Supply +/. This shift will cause the e(uilibrium to increase in (uantity but decrease in

price %9ollier, *3*&.

;owever, there never was a significant price decrease in the grocery market of Bogor. The

supply line may shift, but the price is maintained at p*, and theoretically this must result in an ver

Supply. $n ver Supply occurs when the (uantity of supply exceeds the (uantity of demand.

%9ollier, +01)

Diagram 1.1. Illustration of the market experiencing Over Supply

The ver Supply strains the suppliers, since it means that some of their stock will remain

stagnant and inevitably experience depreciation


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There is the possibility that the demand line has shift along %or even preliminary& to the shift

of the supply line. ;owever, through observation I have noticed that there never was an apparent

change in the factors that may trigger a shift of the demand line. Those factors are= price of

substitute products, price of complementary goods, general income and taste %preference&, the

population, and advertisements %>lanville, +5&.

The original supermarkets %from this point this term will be used to refer to the

supermarkets that have existed before the sudden emergence of new competitors& concerned me the

most. The !arket of Bogor and other minor suppliers surely offered the least pri#e, thus they have

a separate market segment. !y concern would be whether the business pressure is strong enough

for the original supermarkets to from a tacit oligopoly. Thus was formed the research (uestion= Did

the original supermarkets of Bogor form a tacit oligopoly to compete against the new

competitors?

The next part of the essay will reveal the present market profile. ?ollowing it will be a

review of relevant theories, which serves as a base for the hypothesis. $fter discussing my methods

of research to verify my hypothesis, the data collected will be presented and analy#ed. Thus, a

conclusion will be formed, along unanswered (uestions and possible sources of error.

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!art :

T"e !resent $ar%et !ro&le

;ere is a list of the present entities of the market=

Original Supermarkets

'gesti Supermarket %1 outlets&

>rand Supermarket Shangri7Aa Supermarket

!e" Supermarkets

;ero Supermarket

!atahari !arketplace

$> >roceries

$:$ Supermarket

Camayana Supermarket

!e" #ypermarkets >iant ;ypermarket

;ypermart ;ypermarket.

!e" Mini$markets

Indomart

$lfamart

Other competitors

The !arket of Bogor

!inor >rocers Suppliers %supermarket, etc.& of akarta

$ minor grocer/ is a reference towards traditional Indonesian grocery suppliers, known

locally as waroengs/. It tends to be a small store, not often would you found one the si#e of a

typical bathroom. The goods it sells are usually minor needs, such as cigars, sweets, and hygiene

products. The appearance of the outlets tends to be ignored and they could be found dispersed

around the vicinity of the city.

;owever, the term mini7markets/ refers towards literal small supermarkets. Its design and

facilities e(ual those of a supermarket and thus it presents its customers with every benefits of a

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supermarket besides variety of product. The mini7markets belong to a nationwide chain and they

have an outlet in seemingly every residential area of the city.

:espite being under the same brand, the three outlets of 'gesti Supermarket belong to

different people. It originated as a -rivate Aimited company, but now the three branches are run

separately by three children of the original founder.

very new entity belongs to a company7chain or to a public limited company=

%'ote= -tDTbk/ is the Indonesian label for a -ublic Aimited company&

;ero Supermarkets and >iant ;ypermarket belong to -T. ;ero Supermarket Tbk.

!atahari !arket -lace %a supermarket& and ;ypermart %a hypermarket& belong to -T.

!atahari -utra -rima Tbk.

Camayana Supermarket belongs to -T. Camayana Aestari Sentosa Tbk.

$> !art >roceries and $:$ Supermarket belong to different companies but both own

more than one outlet situated in different cities of the country.

The mini7market chain Indomart belongs to -T. Indomarco -rismatama %a Aimited company

that belongs to the Indofood group, whose owner once so far as become Indonesia/s richest

entrepreneur&.

The $lfamart mini7market chain belongs to -T Sumber $lfaria TriEaya Bidang Fsaha %a

Aimited company& and is about to be integrated to -T Camayana Aestari Sentosa Tbk that

owns the Camayana Supermarket %see above&.

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!art :

(e)ie* of (ele)ant T"eories

Ceteris Parius

9eteris -aribus is an assumption that every factor other than the one being discussed

remains constant %>lanville, *0&. very part of this essay is written on 9eteris -aribus.

!arious "orms of #arket $tructure

To investigate whether the original supermarkets of Bogor have formed an oligopoly, first

the characteristic of that particular market structure and other alternatives must be pre7determined.

%&' ( #onopoly

This is a market where there is a single seller. It has absolute control over the prices of the

market due the unavailability of substitute products. :ue to this fact, often times monopolies are

placed under strict control of the government. %>lanville, *+0&

$ monopoli#ed market re(uires the highest forms of barrier of entry. This means that people

interested in entering the market ought to proceed through many difficult re(uirements which often

was impossible to attain. The highest barrier that one may encounter is governmental laws, and

indeed it was often intentionally employed to create monopolies. %9ollier, +23&

$ good example would be Indonesia/s -A', its sole electricity supplier for the whole

nation. It was the only entity in the market for mass electricity and legal laws forbid any enterprise

to enter the market. In this particular case, the government owned the company. This grants them

maximum control over the market. The huge sales volume was directed towards the government/s

fund.

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2&' (ssumptions of an )ligopoly

$n oligopoly is a market situation where there are few sellers and each firm may be aware

of the activities of another. There are high barriers of entry lanville, *50&

The few firms in the market collude together and act like a monopoly formed by many

entities. $ formal collision is called a cartel, and the original supermarkets of Bogor do not belong

to a formal cartel. $n unofficial collusion is referred to as a tacit oligopoly. %>lanville, *50&

The colluding firms will have an agreement about price range, advertising, market share,

and possibly corporate business strategies. Their semi7monopoly allows the firm si#es to be big.

%>lanville, *50&

*&' (ssumptions of a #onopolistic #arket

$ monopolistic market is when many firms compete in the same market, selling similar yet

differentiated goods or services. The barrier of entry is relatively low compared to the previous two

market structures discussed. %>lanville, **5&

eans and brand7less t7shirts are examples of products that are close substitutes of each other

but are differentiated. $ consumer may switch his preference from one brand to another and will

not experience a significant change in utility. 'ote however, that when talking about such products,

there are several items on the market with very distinguished feature %special brand of clothing,

etc.& that belongs to niche markets. These products are not part of a monopolistic market.

The degree of price control %however weak& of a monopolistic market is attributed towards

this slight differentiation. If the product is entirely homogenous, no firm will have control over its

prices, turning it into a -erfect 9ompetition !arket. %>lanville, **5&

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+&'(ssumptions of a Perfect Competition #arket

$ perfect competition market houses extreme amounts of producers, none of which

possessing a high rate of market share. The products are homogenous %exactly the same&, and the

barrier of entry is near to non7existent.

'o firm has any influence over the market/s price. The homogeneity of the product does not

allow selling above market price %since it will result in severe loss&, and the fierce amount of

competition did not allow the firms to engage in a price war strategy %setting price lower&, since the

market price is already set as close to the cost of production as it could be. If indeed the current

price is a degree above the average cost of producing the goods, then a firm may employ a price

war strategy and enEoyed supernormal profit for a period of time, but other competitors will follow

suit immediately.

;ere is a table that summari#es the elements of the four market structures discussed previously=

MarketStructure

NumberofFirms

TypicalSize ofFirms

ProductHomogeneity

EntryBarriers

Examples

Monopoly One(solesupplier)

Usuallyverylarge

No substitute Blockadeor almostimpossible

Nationalcompanies

Oligopoly Few RelativelyBig

Dierentiated !igniicant "ygieneproducts

Monopolistic Many Relativelysmall

Dierentiatedbut similar

Relativelyeasy

#arments

$erect%ompetition

&erylarge

!mall 'lmostidentical or

even identical

Barely any #ardenproduces

*0


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!art ,:

-ypot"esis and$et"odolo.y of (esearc"

!y hypothesis is the original supermarkets of Bogor have formed a tacit

oligopoly that is separate from the new supermarkets to gain business power. $s

discussed in the introduction and the market profile section of this essay, it is

un(uestionable that the original supermarkets experience a degree of pressure from

the sudden establishment of new competitors. I believe that it is only logical for them

to attempt making the overall competition more endurable by forming a segregated

oligopoly. This way, they may attempt corporate business strategies, especially on the

matter of pricing.

To prove this hypothesis, I must attempt to correlate the supermarkets with

characteristics of an oligopoly. Those are=

Number of rms: few.Products are slightly dierentiated (as in groceries).Size of rms: relatively big.igh barrier of entrance.

Similar !rice range.

The first three characteristics are theoretical and apparent. There are a small number

of firms %compared to the monopolistic food and beverage business or the perfect

competition green grocers, for example&. $ll supermarkets sell many identical

products %common brand and package si#e& and the nature of these products is in

general only slightly differentiated. The si#e of the firms too is relatively big, proven

to us by the existence of mini7markets which are smaller representatives of

supermarkets.

$s of the barrier of entering the market, it is only logical that it is high. $

supermarket is visibly a large scale business


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barrier on its own. So, I believe it is endorsable to conclude that the barrier of entry to

the supermarket business is high.

The last missing information is their product prices. I will record the prices of

all supermarkets and perform statistical analysis to determine their price range. If the

prices posed by the original supermarkets are similar to each other, then it is proven

that they indeed do form a tacit oligopoly.

The next part of the research would be comparing the price of the original

supermarkets to the new supermarkets. $fterwards I shall perform identical

mathematical analysis as before. If indeed the two results %the first being the price

range of the original supermarkets alone and the second data being the price range of

all supermarkets& are different, then indeed we would know that the original

supermarkets of Bogor have formed an oligopoly that segregated them.

Diagram 4.0sho"s the Market "ith the original supermarkets segregating

themselves and formed an entirely ne" team %oligopoly). This "ay& possi'ilities to

compete 'etter "ill open to them& e.g. a corporate pricing strategy.

;owever, if their price range is similar, then we may conclude that all the

supermarkets as a whole is an oligopoly and so the original supermarkets have not

segregated themselves by making an oligopoly of their own.

*+


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Diagram 4.1sho"s an oligopoly that includes 'oth the original and the ne"

supermarkets.

*1


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!art ':

Data Collection and Analysis

Before proceeding with the price analysis, I would like to strengthen my claim

concerning the high entry barrier. ;ere are parts of two legal documents that concern

opening a new supermarket business. 'ote that the documents are written in the

Indonesian language %Bahasa Indonesia&, thus the translations present are my personalattempt.

;ere is a transcript from the -erda tentang -engelolaan Fsaha Industri

Gabupaten Bogor HCegional Cegulation 9oncerning the !anaging of Industries in the

Bogor Cegion/=

Surat Izin Usaha Perdagangan [Legal Permission of Retail Businesses], herebyreferred to as SIUP, is a permission to commence retail business activities.

%Transcript from (e' Terintegrasi a'upaten *ogor&

Thus we know the SIF- is necessary to start the business. The conditions of attaining

a SIF- present a more apparent barrier. SIF-s are differentiated according to business

si#e. It is only logical that supermarkets are considered a large retail business,

therefore=

Business activities may posses a SIUP for large retail if the investment value is above

Rp. 500 million excluding land and building costs.

%Transcript from +T. ,-S Online +age&

*5


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To clarify the weight of this figure %Cp.@00 million& to international readers of this

essay, note that the >:-J9apitappp of Indonesia was merelyFSK1,300 %at +002,

according to the 9I$ 8orld ?act Book&. If converted to FS dollars, Cp.@00 million

will become FSK@+,400.@0 %based on today/s rate


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;ere is the result of the calculations. ?or the detailed list of prices, please referto $ppendix *.

Product

Mean oOriginal

!upermarkets

Mean o New!upermarkets

Mean(Overall)

!D o Original!upermarkets

!D o New!upermarkets

!D(Overall)

Frisian FlagMilk Full%reamgr

Rp*+,+- Rp**,.*- Rp*/,00- *-*12 -/32 4-02

Ovale !kin5onic 1ml Rp.,.*- Rp,40- Rp,//- 3-*2 4-412 -342

!ariwangi

Bagged 5ea/mg

Rp+,*- Rp/,3+3- Rp+,4*- .-432 /-.32 3-342

Blue BandMargarine1/ mg

Rp*,40/- Rp*,*1/- Rp*,*- *-132 /-332 *-.2

$epsi %ola/mg Rp*,*+- Rp*,/1- Rp*,*.- -.2 *-.32 3-+2

!o6lin7antai Floor%leaner 3mg

Rp*,3/- Rp/,+- Rp/,/-/ 4-32 +-+2 /-.+2

Oreo

Biscuits/g Rp*,4- Rp*,*/4- Rp*,43-/ 4-2 -32 0-002

7iebuoyBody 8as94ml

Rp,+3- Rp,*3/- Rp,/31-/ 1-+2 -02 0-2

The original supermarkets showed a similar price range. The biggest deviation

is merely **.*3N, meaning the average difference in price was only **.*3N of the

mean price.

;owever, the new supermarkets/ average prices did not differ greatly with the

prices of the original supermarkets. There is no repetitive trend on which one side

always poses a higherJlower price than the other. This means that the oligopoly that

the original supermarkets have made extends to all of the supermarket industry.

If the original supermarkets have created a separate oligopoly to compete with

the new competitors, evidence of them segregating themselves would be visible. Their

prices will have a trend that is close to each other yet different from the newsupermarkets. ;owever, in the chart above, we could see that for some products, the

*@


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prices were generally cheaper in the original supermarkets yet for some others it was

cheaper in the new supermarkets. ?urthermore, the overall standard deviation shows

that both sides/ prices did not differ significantly.

The (uestion now will be, why have not the original supermarkets made a

new oligopoly)/ ne factor to (uestion would be whether the profit margin for

grocery products will allow further price deduction. ?urther investigations of this

possibility however must derive from the disciplines of economics and orientate to

areas of business studies and this essay will not further develop this idea for that

reason.

$nother notable factor is that by not posing a corporate pricing strategy, the

original supermarkets are ready to engage in a non7price competition with the new

suppliers. 8hat made them prefer doing so) To complete the analysis, that (uestion

must be answered.

$fter investigating economics textbooks, I discovered that there exists a form

of oligopoly named!on$collusive Oligopoly. $ market is labeled so when the firms

met all characteristics of an oligopoly but they compete among themselves in ways

that did not involve price. In its place, the firms may compete in branding,

advertising, free offers, and promoting (uality and price. %>lanville, *50&

The original supermarkets of Bogor have a beneficial factor that readied them

for a non7price competition" it is the fact that they are original. :uring the years

before the new supermarkets entered the market, surely the original supermarkets

have built a strong customer base.

It is known that all original supermarkets except for Shangri7Aa Supermarket

are Sole +roprietorships


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'evertheless, if we decide to disregard the non7price competitive power of the

original supermarkets, a new argument might arouse. ;ave the supermarkets of Bogor

turn into a monopolistic market) 8here no firm has a high degree of price control and

so everyone is selling at their absolute minimum profit. The answer to this will

certainly be negative.

It is true that the number of the entities has increased, but I believe that it is

not big enough to deform the market structure to become a monopolistic market. $n

empirical evidence is that the prices posed by the original supermarkets and the new

supermarkets differ


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If one side of suppliers poses high prices and the other side poses lower prices,

customers will prefer the less expensive side


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!art 0:

Conclusion and E)aluation

This main aim of this essay is answer the (uestion PDid the original

supermarkets of Bogor form a tacit oligopoly to compete against the new

competitors?, It is proven through the collected data that there is an oligopoly

between the original supermarkets, but this oligopoly extends to include the new

supermarkets as well.

I hypothesi#ed that the original supermarkets have formed a separate oligopoly

in which they may employ corporate pricing and other business strategies. It is now

proven wrong. This also implies that the original supermarkets are willing to engage a

non7price competition.

;owever, this investigation process is limited. To maintain subEectivity, I have

decided that branded goods would be the only appropriate sample products" these

products allow (uantity and (uality to be controlled. If non7branded goods are taken

into account, the fluctuation of price might be greater. Those goods/ values are

subEective and the supermarket/s brand image will definitely alter its value in the eyes

of the consumer. This gives the supermarkets a higher degree of price control.

?urthermore, the price recording is held only once. There might be a trend of price

change that depends on the time of the year or the day of the week and which I might

have failed to apprehend. $part form the price recording process, there are other

limitations as well. :espite there is a figure for >:-J9apita, income disparity is notintegrated into it.

Aastly, there are several new (uestions that emerge from these results. Is the

oligopoly intentional or was it a necessity to compete with other suppliers, e.g. the

hypermarkets) r was there a corporate pricing strategy %a separate oligopoly& once

but the new supermarkets has adapted their prices unto it) :espite these (uestions

derives from the purpose of this essay, they could be taken into consideration during

future researches.

+0


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Biblio.rap"y

*&. QBogor.QMicrosoft Student+002 H9:. Cedmond, 8$= !icrosoft 9orporation,+00@.

+&. 9ollier, Barry. Introducing conomics. +nded. Rueensland= acaranda -ress,*33+.

1&. >lanville, $lan. conomics from a >lobal -erspective. xford= >lanville Books,+001.

5&. PIndonesia. The 9I$ 8orld ?act Book. *2 $ug +006 9entral Intelligence $gency.*4 $ug +006. https=JJwww.cia.govJlibraryJpublicationsJthe7world7factbookJgeosJid.htmlU

@&. PGT'TF$' ST$':$C -!BCI$' SFC$T II' FS$;$-C:$>$'>$' %SIF-& +00+. -T.C9S nline -age. -T. Coda 9iptaSemesta. *4 $ug +006. www.rcs.co.idJkepmendprinV+43V+00*.htmU.

2&. P-erda tentang -'>AA$$' FS$;$ I':FSTCI :$' -C:$. +00+.8ebTerintegrasi Gabupaten Bogor. Bupati Bogor. *4 $ug +006. http=JJgerbang.

Eabar.go.idJkabbogorJindex.php)indexL*@idartikelL*U.

6&. Frban, -aul, et al. !athematics for the International Student= !athematics ;A%9ore&. $delaide= ;aese ;arris -ublications, +005.

+*


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Appendix 1

Product

Product Prices Posed by te !riginal Supermarkets "nalysis

Ngesti stBranc9

Ngesti 1ndBranc9

Ngesti 4rdBranc9

#rand!upermarket

!9angri:la!upermarket

Mean Standard#e$iation

Frisian Flag MilkFull %reamgr

Rp**,0- Rp**,4- Rp*0,*- Rp*0,*- Rp*.,1- Rp*+,+- *-*12

Ovale !kin 5onic1ml

Rp,3- Rp.,+- Rp3,.- Rp.,+- Rp,3- Rp.,.*- 3-*2

!ariwangi Bagged5ea /mg

Rp+,.- Rp+,0- Rp/,3- Rp/,0- Rp+,.- Rp+,*- .-432

Blue BandMargarine 1/mg

Rp*,+1/- Rp*,1- Rp*,1- Rp*,/- Rp*,4/- Rp*,40/- *-132

$epsi %ola/mg

Rp/,1/- Rp*,4/- Rp*+- Rp*,- Rp*,- Rp*,*+- -.2

!o6lin 7antaiFloor %leaner 3mg

Rp*,3/- Rp*,0- Rp*,0/- Rp*,3/- Rp/,- Rp*,3/- 4-32

Oreo Biscuit /g Rp*,4/- Rp*,4- Rp*,/- Rp*,1/- Rp*,/- Rp*,4- 4-2

7iebuoy Body8as9 4ml

Rp,.- Rp,0- Rp,1- Rp,3- Rp,3- Rp,+3- 1-+2

++


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Appendix

Product

Product Prices Posed by te Ne% Supermarkets "nalysis

'# Mart"ero!upermarket

'D'!upermarket

Mata9ariMarket$lace

Ramayana!upermarket

Mean Standard#e$iation

Frisian Flag MilkFull %reamgr

Rp*/,+- Rp*/,+- Rp*4,.- Rp**,0- Rp**,.-Rp**,.*- -/32

Ovale !kin 5onic1ml

Rp3,/- Rp,/- Rp.,*/- Rp,./- Rp,3-Rp,40- 4-412


Rp/,/- Rp+,10/- Rp+,- Rp+,+/- Rp/,/-Rp/,3+3- /-.32


Rp*,- Rp*,+0/- Rp*,+0/- Rp*,11/- Rp*,*/-Rp*,*1/- /-332

$epsi %ola/mg

Rp*,/- Rp*,/- Rp*,+- Rp*,0/- Rp*,+-Rp*,/1- *-.32

!o6lin 7antai

Floor %leaner 3mg

Rp/,*- Rp/,*/- Rp*,00/- Rp/,*/- Rp*,3-Rp/,+- +-+2

Oreo Biscuit /g Rp4,3/- Rp*,1.- Rp*,4- Rp/,1/- Rp*,0- Rp*,*/4- -32


Rp.,0- Rp,.1/- Rp,4- Rp,0/- Rp.,41/-Rp,*3/- -02

Appendix

+1


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Product Prices (Comparison)

Product

Product Prices Posed by te !riginal Supermarkets Product Prices Posed by te Ne% Supermarkets

Ngesti st

Branc9

Ngesti 1nd

Branc9

Ngesti 4rd

Branc9

#rand

!upermarket

!9angri:la

!upermarket '# Mart

"ero

!upermarket

'D'

!upermarket

Mata9ariMarket

$lace

Ramayana

!upermarketFrisian Flag MilkFull %reamgr

Rp**,0- Rp**,4- Rp*0,*- Rp*0,*- Rp*.,1- Rp*/,+- Rp*/,+- Rp*4,.- Rp**,0- Rp**,.-

Ovale !kin 5onic1ml

Rp,3- Rp.,+- Rp3,.- Rp.,+- Rp,3- Rp3,/- Rp,/- Rp.,*/- Rp,./- Rp,3-


Rp+,.- Rp+,0- Rp/,3- Rp/,0- Rp+,.- Rp/,/- Rp+,10/- Rp+,- Rp+,+/- Rp/,/-


Rp*,+1/- Rp*,1- Rp*,1- Rp*,/- Rp*,4/- Rp*,- Rp*,+0/- Rp*,+0/- Rp*,11/- Rp*,*/-

$epsi %ola/mg

Rp/,1/- Rp*,4/- Rp*+- Rp*,- Rp*,- Rp*,/- Rp*,/- Rp*,+- Rp*,0/- Rp*,+-

!o6lin 7antaiFloor %leaner 3mg

Rp*,3/- Rp*,0- Rp*,0/- Rp*,3/- Rp/,- Rp/,*- Rp/,*/- Rp*,00/- Rp/,*/- Rp*,3-

Oreo Biscuit /g Rp*,4/- Rp*,4- Rp*,/- Rp*,1/- Rp*,/- Rp4,3/- Rp*,1.- Rp*,4- Rp/,1/- Rp*,0-


Rp,.- Rp,0- Rp,1- Rp,3- Rp,3- Rp.,0- Rp,.1/- Rp,4- Rp,0/- Rp.,41/-

+5


26/26

Ac%no*led.ements

I would like to credit=

$anto -ultom, as my xtended ssay supervisor, conomics teacher, and IB9oordinator %+0067+004&.

.ale /anson, as my IB 9oordinator %+0027+006&.

I also acknowledge the supermarkets that were subEect to my research=

'gesti Supermarket

'gesti Supermarket +ndBranch

'gesti Supermarket 1rdBranch

>rand Supermarket

Shangri7Aa Supermarket

;ero Supermarket

!atahari !arketplace

$> >roceries

$:$ Supermarket Camayana Supermarket

Documents

EE Economics