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Various types of economies and diseconomies of scale

February 15th, 2012 admin

It refers to the economies / benefits which a firm gets internally due to the expansion of scale of production. It is simply enjoyed by a particular firm and not by all the firms in the industry.
Internal economies may be classified into following:

Technical economies: when a firm increases its scale of production, it becomes possible for it to make use of modern machines and superior technique of production. As a result per unit cost of production goes down. Similarly large firm has mechanical advantage of using large machines. Large machines require comparatively less labour for construction and cheapest to operate. A big ship can carry goods at cheap rates.

Managerial economies: a large scale firm can afford to engage competent and efficient managers. Management is divided under separate functions. Division of labour accordingly can improve the efficiency and reduce the cost of production.

Marketing economies: A large scale firm has a separate marketing department. Marketing of finished product can be done cheaply. It can spend a large sum on publicity and advertisement. Thus a large firm secures certain advantages in buying and selling.

Financial economies: A large sized firm has high credit rating. It is in position to secure huge loans at low rate of interest.

Economies of welfare: A large firm with its large resources, may run subsidized canteen, and provide cheap houses, educational and medical facilities for the families of workers and clubs outside the factory.

Economies of research: A large firm possesses large resources than a small firm and can establish its own research laboratory and employ trained research workers. Such research technique and labs become the property of the firm which utilizes them for increasing its output and reducing cost.

External economies of scale: External economies refer to the benefits which all the firms of an industry share equally as a result of the general industrial growth.

Economies of concentration: It refers to localization of localization of large number of firms producing similar goods. As a result firms get various kinds of advantages.

Economies of information: When several firms of an industry are established at one place, one may find publications of useful information concerning that industry, as very useful. The information may relate to new inventions, new markets, price prevailing at different markets, position of demand in various markets etc.

Economies of raw material: Plants situated in isolated spot will have to maintain sufficient buffer stock of raw material. But if many firms are situated in locality raw materials are easily available.

Economies of specialization: Development of an industry is followed by undertaking of different processes by different firms. For example, different firms may come up specializing in dyeing, bleaching, weaving and spinning rather than one firm handling all these related processes. This increases the degree of specialization and lowers the cost of production.

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Statistics: difference between measures of central tendency and measure of variation

February 6th, 2012 admin

A central tendency=y refers to a central value or a representative value of a statistical series. It is difficult for anyone to understand or remember a large group of raw data. One would like to know the critical value which represents all the items in a series. Such a value is called central tendency or average value. For example it is very difficult to understand the data concerning the income of millions of Indians. However it is said that in 2001 average income of people in India was 16,000 per annum, It will be easy for us to guess the economic condition of most of the Indians. It is this average value which is called central tendency of the series. It is called measures of location. Thus measures of central tendency refer to all those methods of statistical methods of statistical analysis by which averages of the statistical series are worked out. According to Croxton and Cowden “an average is a single value within the range of the data that is used to represent all of the values in the series. Since an average is somewhere within the range of data, it is sometimes called measures of central value. According to Clark an average is a figure that represents the whole group.

Measures of Variation:
According to brooks and dick dispersion or spread is the degree of the scatter or variation of the variable about the central value. According to Simpson and Kafka the measurement of the scatterness of the mass of the figure in a series about an average is called measure of variation or dispersion. Measures of variations are needed for 4 basic purposes:
1. To determine the reliability of an average.
2. To serve as a basis for the control of variability.
3. To compare 2 or more series with regard to their variability.
4. To facilitate the use of other statistical measures.

Essentials of Good Average:
Since an average is a single value representing a group of values, it is desired that such a value satisfies the following properties:

1. Easy to understand: Since statistical methods are designed to simplify complexity, it is desirable than an average should be such that can be readily understood otherwise its use is bound to be very limited.

2.Simple to compute: An average should not only be easy to understand but also simple to compute so that it can be used widely. However though ease to computation is desirable, it should not be sort at the expense of other advantages that is if in the interest of greater accuracy, use of a more difficult average is desirable, one should prefer that.

3.Based on all the items: The average should depend upon each item of the series so that if any of the item is dropped the average itself is altered.

4.Not be unduly affected by extreme observations: although each and every item should influence the value of the average, none of the items should influence it unduly. If one or two very small or very large items unduly affect the average, that is either increase or decrease its value the average cannot be really typical if the entire series. In other words extreme may distort the average and reduce its usefulness.

5. Rigidly defined: An average should be properly defined so that it has one and only one interpretation. It should preferably be defined by algebraic formula so that if different people compute the average from the same figure they all get the same answer. The average should not depend upon the personal prejudice and bias of the investigator otherwise the results can be misleading.

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Management Accounting

November 23rd, 2011 admin

Management accounting covers all those services by which the accounting department can assist the management of business enterprise in formulation of policies, taking decision, control and execution and appreciation of effectiveness.

Management accounting doesn’t provide only meaningful accounting information to the various levels of management to enable them to be well informed and equip them with analytical and measurable tools. It ensures the effective and profitable utilisation of monetary and non-monetary resources of organisation. Management accounting incorporates planning about what should be doe, how it should be done and when it should be done. It involves forecasting on the basis of available information, setting goals, framing policies, determining alternative course of action and deciding on the program of activities to be done. Management accounting assess in the following ways:

1. Management accounting serves as a vital source of data for management planning.
2. The accounting data required for managerial decisions is properly compiled and classified.
3. It makes available to the management relevant accounting costing and other statistical data for use if the process of planning and decision making.
4. It analyses and presents the financial implication of alternative course of action and the effect of these on the profitability of the concern
5. It provides means of communication. Management plans to the various levels of organisation. It ensures the coordination of various segments in the whole plan and assist the managers in directing their activities.
6. Management accounting measures actual performance against operating plans, standards and budgets with a view to interpret the results of operations to the concerned head of responsibility centres and managers at higher levels. This enables the manager in controlling function by indication the significant deviations between actual and expected activities and by adhering to the principles of selectivity.
7. Management accounting provides the methods of techniques for evaluating the performance of the management in the light of the objectives of the organisation.

The management accounting assists the management on the formulation of policies and in planning and control of the operation of the undertaking. Management accounting provides following services:

1. It increases the efficiency of various business functions.
2. It has eliminated the element of intuition from business decisions and extended the use of accounting services to the management.
3. Different tools of management accounting have provided validity, objectivity and reliability in business management.
4. Planning, forecasting and budgeting have protected business entities from business fluctuations and various types of risk.
5. Different techniques of management accounting help in control of various business operations. The maximum utilisation of capital and maximum return on capital invested in business becomes feasible through the application of accounting techniques.
6. It brings about improves customer relationship and promote labour management relationship.
7. It helps in interpretation of financial information and assist in controlling the performance of business.
8. Management accounting assists in coordination operations and motivating employees.
9. Last but not the least management accounting helps in communication up to date information to various parties interested in successful working of organisation.

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What is economics?

October 20th, 2011 admin

Adam smith who is popularly known as father of economics wrote in his book that economics can be defined by two aspects i.e.

1) Wealth and welfare definition of economics – which states that economic activities of people are guided by objective of acquiring wealth.

2) Scarcity of means definition of economics- states that human wants are unlimited and means to fulfill those wants are scarce. The means have alternative uses and the user puts it to that use which gives him maximum satisfaction. People of every country and society are faced with the responsibility of making best use of the scarce resources to satisfy their unlimited wants.

This responsibility is organized, managed and controlled by the political system that the country adopts. Today economics as a subject has a wide scope, economics alone offers a large number of branches and career opportunities to the students.

The branches of economics comprises of subjects like:
• Micro Economics
• Macro Economics
• Managerial Economics
• International Economics
• Econometrics
• Public Economics
• Environmental Economics
• Industrial Economics
• Political Economics
• Health Economics
• Development Economics

These form the broad classification then again under each category there are sub categories of topics which makes your subject complete.

Students these days are increasingly taking up separate branches of economics as their career interests but due to paucity of time they feel stressed out with the work and assignments. Economics as a subject is very interesting but one has to devote proper time towards it. Doing regular assignments and economics homework assignments help you to improve your grades. If basics of economics are not understood properly it becomes very difficult for students to understand the concepts which follows the basics. For example, if law of demand is not understood properly then it will be impossible for a student to understand concepts like elasticity of demand, cardinal and ordinal utility analysis. A student can understand the various concepts by referring to some good books, articles, journals available on the internet as well as libraries which can be a great deal of help in economics. Different branches of economics have different purpose of existence.

Micro economics- talks about the analysis of individual firms operations. How a firm can make best utilization of resources and can achieve high profits. Macro economics- on the other hand is the analysis of a nation as a whole i.e. how a nation or a particular region can put its resources to the best usage and gain competitive advantage over others.

Managerial economics- it deals with the application of economics concepts to the business. It helps the business firms to build strategy based on the economic concepts.
International economics- it deals with the study of different economies of the world like US economy, Indian economy etc. international economics goes beyond the national boundaries.

Econometrics- Econometrics is defined as the application of mathematical and statistical tools and methods to define the relationship between key economic factors such as capital, wages, bank interest rates, population, and fiscal & monetary policies. It is a combination of economic theory and statistical techniques to study the economic relationships.

Public economics- Public economics is about the interaction of the government and the economy. It considers the effects of taxes and government expenditures, with particular emphasis upon how the choices of the government can improve or hinder economic efficiency. Public economics also investigates the extent to which it is possible, or Public economics desirable, for the government to influence the distribution of income and wealth.

Environmental economics- Environmental economics is the branch of economics that deals with the effective and efficient allocation of environmental resources. It deals with the managing a healthy relationship of our environment and the economy. To carry out economic activities we need raw material or natural resources. This environmental resources and the economy are dependent on each other. Environmental economics takes into consideration issues such as the conservation and valuation of natural resources, pollution control, waste management and recycling, and the efficient creation of emission standards.

Industrial economics- Industrial economics is the branch of economics that deals with the strategic behaviour of a firm, the market structure and the interactions between them. There are two approaches in industrial economics. The first one is the descriptive approach, which gives the overview of the industrial organization and the second one is the price theory approach, which uses microeconomic models to explain firm behavior and market structure.

Political economics- Political Economics is the social science that deals with the study of the interrelationships between political and economic processes. It is a combination of political science and economics.

Health economics- Health economics is a branch of economics that deals with issues and concerns associated with scarcity in the allocation of health care. In broad terms, health economists study the functioning of the health care system and the private and social causes of health-affecting behaviours such as smoking.

Developmental economics- Development Economics is a branch of economics which deals with various economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example, through health and education and workplace conditions, whether through public or private channels. All these leads to creation of different career opportunities for students. So one should analyze all the options and take up the one which interests him/ her more.

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Finance and Accounting Assignment Help

August 23rd, 2011 admin

Accounting concepts:

1) Money measurement concept: Money measurement concept holds that accounting is a measurement and communication process of the activities of the firm that are measurable in monetary term. Thus only such transactions and events can be interpreted in terms of money and recorded. Events which cannot be expressed in money terms do not find place in the books of accounts though they may be very important for business. Non-monetary events like death, dispute, sentiments, efficiency etc. are not recorded in the books, even though these may have great effect. Accounting therefore does not give a complete account of the happenings in a business or an accurate picture of the conditions of the business.

Thus accounting information is perceived as essentially monetary and qualified. Any unit of measurement over a period of time has its drawbacks. Though a universally acceptable measure of value, it suffers from territorial limitation. It gets affected seriously by economic differences between various territories as well as political and social differences.

2) Cost concept: This concept is closely related to going concern concept. According to this concept an asset is ordinarily entered in the accounting records at a price paid to acquire it and this cost is the basis for all subsequent accounting for the assets. If a business buys a plot of land for $50,000 the asset would be recorded in the books at $50,000 only even if its market value happens to be $60,000, in case inserting year if the market value of the asset comes down to $40,000 it will ordinarily continue to be shown at $50,000 in the books. The cost concept does not mean that the asset will always be shown at cost. It has also been stated above that cost becomes the basis for all future accounting for the asset. It means that asset is recorded at cost at the time of its purchase but it may systematically be reduced in its value by charging depreciation.

3) Dual aspect concept: According to this concept every business transaction has a dual effect. Eg. A person starts a business with capital of $10,000. There are two aspects of this transaction. On the one hand business has asset of $10,000 on the other hand business has to pay the liability of $10,000 to the proprietor. The term assets denotes the resources owned by the business while the term equity denote the claim of various parties against the assets.

Equity is of two types: Owner equity and outside equity.
Owner equity is the claim of owners against the assets of the business while outsides equity is the claim of outside parties such as creditors, debentures holders etc. since all assets of the business are claimed by someone, the total of assets will be equal to the total of liabilities.

Equities= Assets
Liabilities + Capital = Assets
In the example given above if the business purchase furniture worth $5000 provided by the owner the situation can be written as:
(Capital) $10,000 = (Cash) $5000 + (Furniture) $5000

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Doing Statistics assignments and homework was never so easy

July 21st, 2011 admin

Doing Statistics assignments and homework was never so easy. We all are well aware about the difficulty level of problems in statistics and it is no fun solving them. But now with the help of many online educational service providers all these can be solved easily. There are many firms which are offering online educational services these days but how can one judge which company to go for especially when it comes to subject like maths and statistics assignment help . It is a difficult question which no one has answer, unless and until you yourself experience the services of that educational firm. Many firms don’t even provide answers and don’t even refund the amount of money to the student. What one can do, is to first read the reviews of the service provider on internet if any by reading them one can get fair idea about how the service provider is performing.

Tutorhelpdesk is one of the leading brands in providing online assignment help to the students. It provides help in all areas like economics, finance, maths, accounting, physics, chemistry, biology, statistics, etc. Statistics tutors at Tutorhelpdesk.com are certified experts with vast experience in assignment solving, teaching and research. They are knowledgeable and well aware of the various concepts of Statistics and their application. We take all the prerequisites and requirements into consideration before solving an assignment to minimize all kinds of errors. Our Statistics tutors are excellent in their respective fields with experience of solving more than thousand assignments. Statistics tutor at tutorhelpdesk make use of graphs, tables and organized data to make the solution more presentable.
It helps to understand the concept better and improve your grades at school or college at a very affordable price. It provide help in all areas of statistics like:

• Probability theory

• Random variables

• Distribution function

• Expected value and variance

• Chebyshev’s Inequality

• Law of Large Numbers

• The Central Limit Theorem

• Median and quartiles

• Mean value

• Empirical standard deviation

• Statistical hypothesis testing

• Binomial distribution

• Poisson distribution

• Geometrical distribution

• Hypergeometrical distribution

• Multinomial distribution

• Negative binomial distribution

• Exponential distribution

• Normal distribution

• Tests in the normal distribution

• Analysis of variance (ANOVA)

• The chi-squared test

• Contingency tables

• Distribution-free tests

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• SAS

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Experts at tutorhelpdesk specializes in the most difficult areas of statistics like Minitab, SPSS, STATA, MATLAB etc. They have helped many students to get good marks in statistics. So if you as a student has missed some your college classes because of which you are facing problem in answering your assignments you need not to worry and can contact tutorhelpdesk.com for assistance. I can guarantee you that after availing their services you will feel satisfied like never before. You will get full value of money and time invested. Taking statistics as a career can be very challenging and to face those challenges you can take help of tutorhelpdesk and you can see yourself coming out with flying colours.

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Managerial Economics Assignment help by Tutorhelpdesk

July 20th, 2011 admin

Managerial economics is that branch of economics that deals with managerial decision making. Managerial Economics and Business economics are the two terms, which, at times have been used interchangeably. But somehow the term Managerial Economics has become more popular and seems to displace progressively the term Business Economics.

The major role and responsibility of a management executive in a business organization is decision making and planning. Decision Making means the process of selecting one course of action from two or more alternative courses of action whereas on the other hand planning means laying down plans and policies for the future. The opportunity of making the choice arises because resources which are required for production of goods and services such as capital, land, labour and management are limited in nature and can be employed in alternative uses.

The decision making function thus becomes one of making choices or decisions that will provide the most efficient means of attaining a desired end, say, profit maximization. Once decision is made about the particular goal to be achieved, plans as to production, pricing, capital, raw materials, labour, etc., are prepared. Forward planning thus goes hand in hand with decision making.

A major condition of the business under which it operates, work and take decisions, is uncertainty. And this fact of uncertainty not only makes the function of decision making and forward planning complicated but adds a different dimension to it. If we had full knowledge of the future then, plans can be formulated without committing any error and hence without any need for subsequent revision.

In the real world, however, the business manager do not possess complete information and the estimates about future are predicted to the best of their knowledge. As plans are implemented over time, many real situations, problems and facts comes to our knowledge and with respect to these changes, plans may have to be revised, and a different course of action adopted. Managers are thus engaged in a continuous process of decision making through an uncertain future and the overall problem confronting them is one of adjusting to uncertainty.

In achieving the function of decision making in an uncertain environment, economic theories can be put into the best service with considerable advantage. Economic theories talks about number of concepts and principles which relate to business directly, for example, to profit, demand, cost, pricing, production, competition, business cycles, national income, etc., which takes help by many other disciplines like Accounting, Finance, Statistics and Mathematics can be used to solve or at least throw some light upon the problems of business management. The manner in which the analysis of economics theories can be used as a tool to solve business problems, is known as Managerial Economics.

In approximately all management courses Managerial economics is studied as a subject so that potential business manager’s can come to know about economic theories and they can take better decisions.

As we know management field is open to all commerce and non-commerce students so economics seems to be a difficult subject for those who are studying it for the first time. So tutorhelpdesk is one company which provides managerial economics assignment help on all topics of managerial economics etc. for any kind of help on economics feel free to contact tutorhelpdesk.