Docsity
Log inSign up
Docsity
Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity

Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan

Guidelines and tips
Guidelines and tips
Sell on Docsity
Sell on Docsity
Log inSign up

Prepare for your exams

Study with the several resources on Docsity

Find documents

Prepare for your exams with the study notes shared by other students like you on Docsity

Search Store documents

The best documents sold by students who completed their studies

Search through all study resources
Docsity AINEW

Summarize your documents, ask them questions, convert them into quizzes and concept maps

Explore questions

Clear up your doubts by reading the answers to questions asked by your fellow students

Earn points to download

Earn points by helping other students or get them with a premium plan

Share documents
download point icon20 Points

For each uploaded document

Answer questions
download point icon5 Points

For each given answer (max 1 per day)

All the ways to get free points
Get points immediately

Choose a premium plan with all the points you need

Study Opportunities

Choose your next study program

Get in touch with the best universities in the world. Search through thousands of universities and official partners

Community

Ask the community

Ask the community for help and clear up your study doubts

University Rankings

Discover the best universities in your country according to Docsity users

Free resources

Our save-the-student-ebooks!

Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors

From our blog

Exams and Study
Go to the blog

Business economics internal assessment BBA 1st year, Assignments of Business Economics

Bharathidasan UniversityBusiness Economics

Business economics internal assessment - 1. Give the practical examples of Indian company with monopoly? 2. Explain the concept of Full Cost Pricing? 3. Enlist and explain different Short Run Cost curves? 4. State and explain the Law of Demand 5. Explain the nature of Business Economics.

Typology: Assignments

2021/2022

Available from 04/28/2023

m-e-d-i-c-o
m-e-d-i-c-o 🇮🇳

10 documents

1 / 4

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
Subject - Allied Paper -I Business Economics
Assessment Type – Internal Assessment (Subjective Assignment)
1) Give the practical examples of Indian company with monopoly?
Monopolistic, oligopolistic, Monopoly, and perfect markets are just few of the market structures that
exist in the economy. Only a few of them are purely theoretical. Others, on the other hand, are useful
and practical. Let's talk about Monopoly for a moment.
Monopoly is a market structure in which a single business operates in an industry and sells a unique
product or service that is difficult to duplicate. There are normally no rivals in this market. This could be
regarding to a variety of other factors. It could be due to technology limitations, difficulty obtaining
inputs, political and legal constraints, and so on. Is it conceivable to have just one company in an entire
industry in the actual world? There are disadvantages in a few areas, such as railways, that prevent
other companies from entering the industry. However, in most industries, players try their luck by
entering the market.
As a result, the definition of "monopoly" has been slightly altered. If a company has grabbed the
majority of the market share and can influence the business decisions of other competitors in the
industry, it is considered to have a monopolistic position. The "monopolist" also becomes the trend-
setter and price leader, and the other players follow suit.
1) Hindustan Aeronautics Limited (HAL) is a government-owned aerospace and defense enterprise based
in Bangalore, India. Hindustan Aeronautics Limited, formerly known as Hindustan Aircraft Limited, has
been in the aviation industry for over 79 years. It is one of Asia's largest aerospace corporations, with
the government owning over 75% of the company.
2)The Indian Railway Catering and Tourism Corporation (IRCTC) is in charge of ticketing, catering, and
tourism for the Indian Railways. Its shares are currently traded on the NSE, despite the fact that it was
founded as a government-owned corporation. Because it is meant the main entity that operates from
Indian railways, where IRCTC has monopoly power. The government recently indicated that it intends to
phase down this sector's privatization.
3. Cerelac by Nestle -Cerelac is an instant cereal designed for infants aged 6 months and up. Nestle is the
global leader in infant nutrition and milk substitute products, and is known in India as "The Most
Valuable Food Brand." Nestle Cerelac has a market share of around 96.5 percent in India.
2. Explain the concept of Full Cost Pricing?
Full costing is an accounting strategy for determining the total cost of producing goods or services from
beginning to end.
TAKEAWAYS IMPORTANT
Full costing, also known as absorption costing, takes into account all fixed and variable costs, as well as
overhead, that go into a finished product.
pf3
pf4

Partial preview of the text

Download Business economics internal assessment BBA 1st year and more Assignments Business Economics in PDF only on Docsity!

Subject - Allied Paper -I Business Economics

Assessment Type – Internal Assessment (Subjective Assignment)

  1. Give the practical examples of Indian company with monopoly? Monopolistic, oligopolistic, Monopoly, and perfect markets are just few of the market structures that exist in the economy. Only a few of them are purely theoretical. Others, on the other hand, are useful and practical. Let's talk about Monopoly for a moment. Monopoly is a market structure in which a single business operates in an industry and sells a unique product or service that is difficult to duplicate. There are normally no rivals in this market. This could be regarding to a variety of other factors. It could be due to technology limitations, difficulty obtaining inputs, political and legal constraints, and so on. Is it conceivable to have just one company in an entire industry in the actual world? There are disadvantages in a few areas, such as railways, that prevent other companies from entering the industry. However, in most industries, players try their luck by entering the market. As a result, the definition of "monopoly" has been slightly altered. If a company has grabbed the majority of the market share and can influence the business decisions of other competitors in the industry, it is considered to have a monopolistic position. The "monopolist" also becomes the trend- setter and price leader, and the other players follow suit.
  2. Hindustan Aeronautics Limited (HAL) is a government-owned aerospace and defense enterprise based in Bangalore, India. Hindustan Aeronautics Limited, formerly known as Hindustan Aircraft Limited, has been in the aviation industry for over 79 years. It is one of Asia's largest aerospace corporations, with the government owning over 75% of the company. 2)The Indian Railway Catering and Tourism Corporation (IRCTC) is in charge of ticketing, catering, and tourism for the Indian Railways. Its shares are currently traded on the NSE, despite the fact that it was founded as a government-owned corporation. Because it is meant the main entity that operates from Indian railways, where IRCTC has monopoly power. The government recently indicated that it intends to phase down this sector's privatization.
  1. Cerelac by Nestle -Cerelac is an instant cereal designed for infants aged 6 months and up. Nestle is the global leader in infant nutrition and milk substitute products, and is known in India as "The Most Valuable Food Brand." Nestle Cerelac has a market share of around 96.5 percent in India.
  2. Explain the concept of Full Cost Pricing? Full costing is an accounting strategy for determining the total cost of producing goods or services from beginning to end. TAKEAWAYS IMPORTANT Full costing, also known as absorption costing, takes into account all fixed and variable costs, as well as overhead, that go into a finished product.

Compliance with reporting regulations and improved openness are two advantages of full costing. The disadvantages include the possibility of skewed profitability in financial statements and the difficulty of evaluating cost differences at various production levels. Understanding the Total Cost of Ownership It is required in most mainstream accounting procedures, including generally accepted accounting principles (GAAP), International Financial Reporting Standards (IFRS), and reporting standards for income tax purposes. It is also known as "full costs" or "absorption costing. all direct, fixed, and variable overhead expenses are to be ascribed at the end of product when employing their whole costing technique. Direct costs are charges are that are incurred directly during the manufacturing process of the system. Staff salary, the cost of any raw materials required, and any overhead charges, such as batteries to power machinery, are all examples. Fixed costs: These are primarily overhead expenses like salaries and building leases that stay constant regardless of how much or how little the company sells. Even if it produces nothing, a corporation must pay its office rent and staff on a monthly basis. Variable overhead costs are the indirect costs of running a business that change in response to production activity. When output increases, for example, additional workers may be engaged to assist. As a result of this scenario, the corporation would have to bear increased variable overhead expenditures. These numerous expenses flow with the product (or service) through inventory accounts until the product is sold in full cost accounting. These will be recorded as expenses on the income statement under costs of goods sold (COGS).

  1. Enlist and explain different Short Run Cost curves? Because producing more output requires more labor in both the short and long runs, and because producing more output in the long run involves using more physical capital input; and using more of either input involves incurring more input costs, the short-run total cost (SRTC) and long-run total cost (LRTC) curves are increasing in the quantity of output produced. In the short run, with only one variable input (labor usage), each potential amount of output necessitates a specific quantity of labor usage, and the short–run total cost as a function of output level equals this unique quantity of labor times the unit labor cost. However, in the long run, with sufficient labor and physical capital, The entire cost of achieving a specific output level is determined using an optimization problem: The sum of labor (wage rate times chosen level of labor usage) and capital (unit cost of capital times chosen level of physical capital usage) expenditures is minimized with respect to labor and capital usage, subject to the production function equality relating output to both input usages; the (minimal) level of total cost is the total cost of producing the given quantity of output. The average total cost curve is drawn to depict the relationship between cost per unit of production and output level, all else being equal. A fully competitive and productively efficient firm arranges its factors of production in such a way that their utilization is as low as possible in relation to the level of output to be produced. When at least one factor of production is fixed in the short run, this occurs at the output

Demand evolves in shape and size in response to changes in consumer preferences, incomes, or associated economic commodities, not in response to price changes.

  1. Explain the nature of Business Economics. Business economics is a branch of applied economics that looks into the financial, organizational, market-related, and environmental concerns that businesses confront. Using economic theory and quantitative tools, business economics evaluates key elements affecting organizations, such as corporate organization, management, expansion, and strategy. How and why firms expand, the impact of entrepreneurs, corporate contacts, and the involvement of governments in regulation are all possible research subjects in the discipline of business economics. TAKEAWAYS IMPORTANT Business economics is a branch of applied economics that looks into the financial, organizational, market-related, and environmental concerns that businesses confront. The concept of scarcity, product factors, distribution, and consumption are all covered in business economics. Managerial economics is a branch of business economics that is very important. Economics, in its broadest meaning, is the study of the components and functions of a certain marketplace or economy, such as supply and demand, as well as the impact of the concept of scarcity. Production factors, distribution strategies, and consumption are all essential topics in economics. Business economics examines the aspects and factors that affect business operations, as well as how they affect the economy as a whole. Business economics is concerned with economic principles, tactics, and typical business practices, as well as the acquisition of required capital, profit generation, production efficiency, and overall management strategy. External economic issues, such as a change in industry regulation or a rapid price shift in raw materials, are also studied in business economics.