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MONOPOLY AND OLIGOPOLY

Monopoly is detrimental to the society because of a number of reasons. In Monopoly only a single firm operates and its charge very high price for its services. It can be said that relevant firm charge higher value for its product then actually it must charge. Hence, society did not observe the value of money for the product firm supply to them. Due to no competition in the market monopoly firms have less incentive to reduce costs and they consistently charge higher price for their product due to which for long term people have to pay more to the firm (Pettinger, 2019). Another negative side of monopoly is that firms did not innovate their product line to a great extent. Hence, on one hand society is paying more its need remain unsatisfied in the market. It is the liability of the firm that if it charge a higher price for the product than reasonable rate then it must also innovate its product line so that the needs of the customers can be met in the market. But a firm that is in monopoly constantly focused on earning more profit in the business (Merhav, 2017). A firm that is in monopoly often having political power. Entrepreneur by doing invention create its unique image and due to this reason it comes in contact with the political elite. Hence, this lead to political power in the hand, which entrepreneur uses for it for its business interest which sometimes negatively affect the entire society and harm its interests (Zeuthen., 2018). Sometimes, firm that is in monopoly also make available defective product to the customers and also did not give proper customer care support which negatively affect entire society.

Apart from monopoly, oligopoly also negatively affects society. In case of oligopoly innovation did not exist in the market. Already existed players have tight control on the market and due to this reason it becomes harder for new one to enter into the industry. These firms have sufficient market share and due to this reason they did not need to do innovation in their product line. Hence, it can be said that society needs remain unsatisfied in the market even they pay a high price for the product (Garage, 2017). Interesting fact is that in oligopoly companies form a cartel under which they charged almost similar and high price. There will not be a situation where one firm will charge a low price for the product and another one will charge a high price for the product. Due to formation of cartel society have no choice and it pays similar price for the product irrespective of fact which company produces it. Firms charge high price and due to lack of option society is forced to pay even more for the product then reasonable value.

REFERENCES
Books and Journals
Merhav, M., 2017. Technological dependence, monopoly, and growth. Elsevier..
Zeuthen, F., 2018. Problems of monopoly and economic warfare (Vol. 25). Routledge.
Online
Pettinger, T., 2019. [Online]. Advantages and disadvantages of monopolies. Available through:< https://www.economicshelp.org/blog/265/economics/are-monopolies-always-bad/>.
Garage, G., 2017. [Online]. 10 Pros and Cons of Oligopoly. Available through:< https://greengarageblog.org/10-pros-and-cons-of-oligopoly>.

MONOPOLY AND OLIGOPOLY

The monopoly market structure has negative impact on the society. In this market structure only a single company operates and its charge very high value for money for its services and products to customers. Due to this reason many times society did not get value for money. People are forced to pay more than required and they did not feel valued for money on money which they spend on the product and services which are produced and provided by the companies. Interesting fact is that due to the absence of rivals in the market firms operating in this structure often did not make changes in the cost structure (Crapis and et.al., 2017). Hence, due to no change in the cost structure society is forced to pay the same amount or more in the market for product produced and services offered by the firm that is in a monopoly market. Another negative side of monopoly is that firm did not innovate its product line. Means that firm will consistently charge high prices for its product, and it know that there is no value of money for the product and even though it did not make efforts to improve its product line so that value for money can be provided to the society. Thus, in this way, monopoly negatively affects the entire society (Posner and Weyl, 2017). The firm takes more advantage and sometimes its supply product to the people that lacks in quality. There is no alternative and due to this reason people are forced to pay more for the product and accept or use product that even does not have quality. Thus, monopoly negatively affects the entire society.

In an oligopoly market few companies operate and they have large market share. These firms hold entire market and due to this reason it becomes harder for new players to enter into the market. These firms often did not innovate their product line and keep going to sell the same type of product in the market. The interesting fact is that many times in such kind of market structure firms prepare cartel. Under the cartel system they offer products at almost similar and a higher price (Eichner, 2019). Thus, society has no alternative and it is forced to pay more for the product produced by the company. Cartel system has many other negative impact on the society. Those firms that are highly successful in the oligopoly market structure have political connections. For fulfilling their self interest these companies use political influence and many times take decisions that are against the society interest (Lambertini and Tampieri, 2015). Thus, it can be said that many times firms operating in the oligopoly market directly negatively affect entire society. Firms operate in the oligopoly market often give due importance to money then society. Those individuals that cannot contribute to their business is expelled from the business. Such kind of practices is common and negatively affects entire society.
REFERENCE
Books and Journals
Crapis, D. and et.al., 2017. Monopoly pricing in the presence of social learning. Management Science. 63(11). 3586-3608.
Eichner, A. S., 2019. The Emergence of Oligopoly: Sugar refining as a case study. JHU Press.
Lambertini, L. and Tampieri, A., 2015. Incentives, performance and desirability of socially responsible firms in a Cournot oligopoly. Economic Modelling. 50. 40-48.
Posner, E. A. and Weyl, E. G., 2017. Property is only another name for monopoly. Journal of Legal Analysis. 9(1). 51-123.

ECONOMICS AND INNOVATION

Q 1
1. a) Difference between innovation and invention
Invention means developing any new thing or process so as to fulfill any specific need of individuals. On the other hand, innovation means modifying or improving an existing product or process so as to create any new need for individuals or solving their problems or providing more facilities to them. If there is invention, then innovation comes into existence. For example Airplane development was innovation, but further changes made in the technology are innovation in it. Difference between innovation and invention is given in below given table.
.b) Types of innovation
There are multiple types of innovation like architectural, radical, incremental and disruptive innovation. Architectural innovation is a very important form of innovation and in this company simply learns lessons, technology and skills from someone or from personal experience. Firmly apply these into different markets where the company already operates or plan to operate (Dirican, 2015). This help firm to expand its business at a fast pace in new markets. Radical innovation is the sort of innovation in which industry that was for a long time comes to end and new industry comes into existence. This happened when revolutionary technology is developed (Lopez., 2015). For example, firms that earlier manufacture radio shut down and now through mobile people listen music. In current time period architectural innovation is taking take place on large scale. By forming joint ventures over the years firms do technology transfer and lead domestic market after JV comes to end. In entertainment industry radical innovation happened at fast pace and Netflix like companies are best example of this. Radical innovation change face of industry at fast rate then architectural innovation.

Q4
4.a) Appropriate leadership style
For management of the innovation process leader must follow transformational leadership style. Innovation requires application of mind of different people in its development and management process. Success of any firm depends on its workforce efforts. Employees at the workplace need to be motivate and inspire and encourage for innovating products and process at the workplace. By motivating and inspiring their efforts can channelize in proper direction at the workplace. This is done under transformational leadership. (Ferreira Gregorio, Pié and Terceño., 2018). There are some challenges that one face while following transformational leadership style. First challenge is that leader has to make its followers understand that there is need to bring change at the workplace. Many times employees failed to understand logic that their leader gives and does not make sufficient efforts for innovation of products. Second challenge in this leadership style is that it is hard task to inspire workforce for innovation at the workplace with compelling vision of future. Third challenge is that while doing innovation changes need to make in the business and many times workforce oppose implementation of those changes at workplace. In such case it becomes hard task to convince them to accept change.
4.b) Modular value chains governance and technology learning
Modular method can be adopted by the business firm as it assist firm to elevate business profitability. Foreign company which is developing company which receive subsidy from Government make payment of licensing fee even it does not have brand name (Saviotti and Metcalfe, 2018). In modular method foreign firm never involved in development of any subsidized company. According to self T&C firm which is subsidized make investment of capital in technology and do production of products. Firm must not choose captive method because in this firm is not able to develop its technology base in respect to all business functions Schaltegger and Wagner, 2017). Captive method can be used by the firms which sufficient control on subsidiary company financial and technical aspects.
. 
REFERENCES
Books and journals
Barbier, E. B. and et.al., 2019. The economics of the tropical timber trade. Routledge.
Chang, H. J. and Andreoni, A., 2019. Institutions and the process of industrialisation: towards a theory of social capability development. In The Palgrave Handbook of Development Economics (pp. 409-439). Palgrave Macmillan, Cham.
Daunorienė, A and et.al., 2015. Evaluating sustainability of sharing economy business models. Procedia-Social and Behavioral Sciences. 213. 836-841.
Dirican, C. 2015. The impacts of robotics, artificial intelligence on business and economics. Procedia-Social and Behavioral Sciences. 195. 564-573.
Elgelal, K. S. K and Noermijati, N. 2015. The Influences of Transformational Leaderships on Employees Performance (A Study of the Economics and Business Faculty Employee at University of Muhammadiyah Malang). Asia-Pacific Management and Business Application. 3(1). 48-66.
Ferreira Gregorio, V., Pié, L., and Terceño, A. 2018. A systematic literature review of bio, green and circular economy trends in publications in the field of economics and business management. Sustainability. 10(11). 4232.
Georgescu, M. and Popescul, D. 2015. Social Media–the new paradigm of collaboration and communication for business environment. Procedia Economics and Finance. 20(1). 277-282.
Hanushek, E. A. and Woessmann, L., 2015. The knowledge capital of nations: Education and the economics of growth. MIT press.
Holzman, L., 2016. Schools for growth: radical alternatives to current education models. Routledge.
Hummel, K., Pfaff, D. and Rost, K. 2018. Does economics and business education wash away moral judgment competence?. Journal of Business Ethics. 150(2). 559-577.
Kelly, R., 2016. Creative development: Transforming education through design thinking, innovation, and invention. Brush Education.
Lawrence, R. J. 2018. Applications in economics and business. In Lognormal Distributions (pp. 229-266). Routledge.
Melé, D. and Schlag, M. 2015. Humanism in economics and business. Dordrecht: Springer.
Robeyns, I., 2017. Wellbeing, freedom and social justice: The capability approach re-examined. Open Book Publishers.
Robst, J. and VanGilder, J. 2016. Salary and job satisfaction among economics and business graduates: The effect of match between degree field and job. International Review of Economics Education. 21. 30-40.
Saviotti, P. P., and Metcalfe, J. S. 2018. Present development and trends in evolutionary economics. In Evolutionary theories of economic and technological change (pp. 1-30). Routledge.
Schaltegger, S., and Wagner, M. 2017. Managing and measuring the business case for sustainability: Capturing the relationship between sustainability performance, business competitiveness and economic performance. In Managing the business case for sustainability (pp. 1-27). Routledge.
Willis, J. J., Koper, C. and Lum, C., 2018. The adaptation of license-plate readers for investigative purposes: police technology and innovation re-invention. Justice quarterly. 35(4). 614-638.

Online
Lopez., J., 2015. [Online]. Types of innovation. Available through:< https://techblog.constantcontact.com/software-development/types-of-innovation/>

ECONOMICS FOR BUSINESS AND FINANCE 

Section 1: International trade and exchange rates
1. Indonesia has decided to protect the textile industry
● Low currency value is the suitable process for Indonesia to revive its textile market and create competition in Global market. This strategy will help Indonesia exports be cheaper and more competitive.
● Indonesia is trying to grow strong in its textile industry, but due to Vietnam and China it is not becoming possible. The currency value of Vietnam in Dollar is 0.000043 US dollar and the currency value of China 0.14 US Dollar. It is seen that the Currency value of Indonesia is 0.000073 US dollar (Bcg.com.2020). This value is greater than Vietnam currency value (Bcg.com.2020). In case the Government of Indonesia and Central bank of Indonesia will decrease the value of its currency this country is able work more comparatively.
● However, decreased the value of Indonesian currency or deflation will create some problems and these problems must affect the Indonesian economy. Use of Deflation has become more expensive. Aggregate demand increases causing demand pull inflation. Reduce the purchasing power of citizens abroad (Bcg.com.2020). In case of mortgages in foreign currency, it will be seen that after devaluation the customer faces more difficulties to repay the borrowed principal amount. Foreign investors are not shown any kind of interest in this country to invest their capital.
2. Trading Economics
● Indonesia’s exports of clothing and material industry recorded surprising development in 2017. The industry delighted in a flood in fares of 6% year over year from $11.8 billion USD in 2016 to $12.4 billion USD. Its exchange balance was up 1.7% from $3.67 billion USD in 2016 to $3.73 billion USD in 2017. Besides, interest in the material division took off up to 68% from that of the earlier year in which residential speculation represented 61.4% (Dallasfed.org.2020). Therefore, the business rate in Indonesia’s material and piece of clothing division developed by 0.13% from 1,514,000 to 1,516,000 laborers with a use pace of 75%.
● It is seen that, due to reduction of interest rate, a country’s economy is affected by various types. The output that comes out from the reduction of Interest rate in the US. This kind of Output is not coming in the case of Indonesia. Because the US is a developed country and Indonesia is not a developed country (Gbgindonesia.com.2020). In case of under developed or developing countries, the interest rate is always maintained by a high rate. In case this rate is reduced the country’s, face banks are not able to work with efficiency.


Section 4: Fiscal, monetary and supply-side policies
● It is analyzed from Pakistan’s fiscal policy. The government of Pakistan is not able to maintain a suitable fiscal policy. It is important for this country to maintain a suitable fiscal policy for its country. It is seen that the GST tax rate of this company is very high for this reason customers have not bought. This is the main problem for this country. It is seen that a country does not have any kind of customers buying power. This country is facing various types of problems under its economy. The main target of this country’s fiscal policy is to stabilize the economy. In case of price fluctuation, the customers are not able to prepare its plan to buy any desired products. In an effective fiscal policy, it is important to maintain a suitable growth to stabilize its economy otherwise this must be faced with an economical downwards trend (Dallasfed.org.2020). According to the table it is seen that any kind of trend is not seen in Pakistan. It is seen that, in the year 2017 GDP growth rate was 4.5 but it is seen that in the beginning of 2020 this growth rate was turned negative. It is also seen from this tale that the unemployment rate of this country has increased. This is mainly occurring for the government of Pakistan’s interest rate. This country also must reduce its interest rate.
● According to many economist’s Fiscal policy is not able to control the unemployment rate of the country. Administration related lags are also present in fiscal policy, in case of government is not prepared its fiscal policy in an independent position this country is not able to maintain this any many kinds of loopholes are also present.
● It is seen that Pakistan is an underdeveloped country where customers have buying power. In case the central bank of this country maintains a high rate of interest rate this country is not able to provide customer buying power (Dallasfed.org.2020). It is seen that, present Interest rate of Pakistan is 7.5month, this rate will increase in 2021 by 10%.
● In the time of Central banks purchasing long term government bonds, this also helps this country to maintain an open market operation. It will help this country to reach money in customers’ hands and the government will also be able to support the business.
● When central banks buy the government’s long-term bonds it helps to open market operations. For this reason, customers are also interested to invest capital in business. Due to increasing production and the GDP rate of this country is also increased. It will help this country to maintain a suitable GDP for Pakistan (Dallasfed.org.2020). It is also seen that, due to the huge amount of investment new business will start and the unemployment rate will also decrease. Customers have buying power at this time so it can be disclosed that inflation rate of Pakistan can be decreased five structural changes to boost development.

Reference List
Bcg.com.2020,Australian Consumer Sentiment Snapshot #1https://www.bcg.com/en-au/capabilities/marketing-sales/australian-consumer-behaviour-economic-recovery-post-covid.aspx[Assessed with: 12-06-2020]
Dallasfed.org.2020, External and Internal Determinants of Development https://www.dallasfed.org/-/media/Documents/research/pubs/migration/osang.pdf?la=en[Assessed with: 12-06-2020]
Gbgindonesia.com.2020, Indonesia’s Garment and Textile Sector : Remain Optimistic Amid Mounting Pressurehttp://www.gbgindonesia.com/en/manufacturing/article/2018/indonesia_s_garment_and_textile_sector_remain_optimistic_amid_mounting_pressure_11879.php[Assessed with: 12-06-2020]
Papers.ssrn.com.2020, An Estimate of the Economic Impact of COVID-19 on Australia https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3581382[Assessed with: 12-06-2020]
Sites.google.com.2020, Fiscal Policy in Pakistan https://sites.google.com/site/maeconomicsku/home/fiscal-policy-in-pakistan#:~:text=The%20Government%20receipts%20consist%20of,%2Dtax%20revenue%2C%20and%20surcharges.[Assessed with: 12-06-2020]
Thebalance.com.2020,Trade Protectionism Methods With Examples, Pros, and Conshttps://www.thebalance.com/what-is-trade-protectionism-3305896[Assessed with: 12-06-2020]
Theodora.com.2020, Cambodia Economy 2020 https://theodora.com/wfbcurrent/cambodia/cambodia_economy.htmlpapers.ssrn.com
Toppr.com.2020,Fiscal Policyhttps://www.toppr.com/guides/general-awareness/public-finance-and-budget/fiscal-policy/[Assessed with: 12-06-2020]

Economics and Finance for Business

INTRODUCTION
This report investigates Domino’s outlet located on T22 259 George St (Cnr Of Jamison & Lang Sts), SYDNEY CBD NSW 200. Outlet offers wide variety of pizza, dessert and drinks to customers. The main aim of the report is to propose varied strategies that can be followed in the business to improve profitability and performance. Strategies are prepared based on inputs received by gathering information from Domino’s retail outlet located at the above given address. Data is collected by taking interview of individuals working at Domino’s. On collection of data it is identified that total 8 employees worked on outlet, 1 is manager and 1 is cashier and others are in labor. Employing state that firm currently following competitor based pricing strategy. $1200 amount of rent is charged by the property owner. In order to promote a product, advertisement is given on newspaper and varied offers are displayed on screen within premises. High income individuals currently are major target customers. Section 2 will propose cost saving strategies that firm can follow in its business. Section 3 proposes competitive strategies that firm can follow in its business to get an edge over rivals. Section 4 proposes pricing, non pricing and growth strategies that can be adopted by the firm. In end conclusion section is prepared.
Cost saving proposal
Domino’s outlet is located at T22 259 George St (Cnr Of Jamison & Lang Sts), SYDNEY CBD, NSW 2000 which is highly expensive area and due to this reason the rent cost is high there. Raw material cost is also high because firm purchase ingredients from multiple nations and these are available there at reasonable price. Higher shipping cost is another reason behind the higher procurement cost. The outlet has total 8 employees in its premise due to which HR cost is also high. Cost saving proposal is given below.
Reducing fixed cost
• Renegotiate rent contract: Rent is the major element of the fixed costs that Domino’s bear in its business. Usually, it happened that property owner’s increase rent amount in one or two years of the time period. Due to this reason rent cost also elevate in its business. Considering low economic growth of the nation and less employment opportunities property owner increase rent by higher amount and due to this reason fixed cost increase in the business. In order to reduce fixed cost in upcoming time period firm must renegotiate contract with property owners and must make them agree on condition that rent amount will be increased in every seven years of gap. This will help firm to control fixed cost in its business to great extend. In implementing this strategy major challenge will be that property owner may deny from accepting new terms and conditions. In such kind of condition outlet manager will need to persuade property owner. Already Domino’s is paying higher rent for property then its rivals and by considering this point pressure can be build on the property owner and he may made agree on no elevating rent amount for seven years.

CONCLUSION
On the basis of the above discussion, it is concluded that there are a number of strategies that Domino’s must follow in its business. First, it must focus on cost control and under this must improve its supply chain and identify individuals who can offer raw items at cheaper price. Transportation cost must also be low from that supplier to company’s warehouse. Moreover, firms must renegotiate contract with the property owner and try to increase time after which rent amount is increased by owner. Workforce shuffling must be done to fill vacant positions or fulfill resource requirement. By doing so HR cost can be reduced in the business. The focus must be on product and service differentiation and under this product line must be innovate according to the needs of people. As part of service differentiation by identifying taste of the customer’s relevant item must be suggested to them.
In order to grow the business rapidly firm must increase its chain network, offer new products to the customers and follow value based pricing strategy and promote products through Facebook. Domino’s can also look for other strategies and it can do so because it has sufficient resources in its business.

Business and Economics

Main difference between gross profit and operating profit is that former profit indicate profit that remain after deducting cost of goods sold from the revenue earned in the business (Weygandt, Kimmel and Kieso, 2015). On other hand, operating profit reflect profit that is computed after subtracting direct and indirect expenses from the revenue. Interest, tax and dividend are not taken into account for deduction purpose.
(c)
Three stakeholders are shareholders, creditors and Government.
(d)
Three stakeholders are given below.
• Shareholders: They need profit figures to make investment related decisions.
• Creditors: They need profit figures to determine whether firm will be able to pay its debt on time (Kieso and et.al., 2019).
• Government: Government need profit figures because accordingly tax is charged on people.
Question 2
(a)
Meaning of 4P’s is given below.
• Product: Firm is preparing mobile phones and different mobile phones that firm manufacture are its products.
• Price: Firm is selling mobile phones at low price, medium price and high price. Thus, firm is following competitive and low price as well as premium price strategy in the business (Lovelock and Patterson, 2015).
• Promotion: Through social media marketing of product will be done.
• Place: Mobile phones will be delivered through stores and online mode.
(b)
4C’s are critical thinking, creativity, collaboration and communication.
• Critical thinking: It means deep thinking and evaluation of any subject or topic.
• Creativity: It means thinking outside of box to handle any situation.
• Collaboration: It is the practice to work with others to achieve a common goal (Cateora and et.al., 2020). More critical thinking and creativity will be there more there will be collaboration.
• Communication: It is practice of conveying ideas clearly. More clear will be communication better will be collaboration.


Question 4
(a)
There is difference between absolute and comparative advantage. In case of absolute advantage it is identified that which nation is best at producing specific sort of goods. On other hand, in case of comparative advantage nation produce alternative goods and it loose least in producing it (Tietenberg and Lewis, 2018). If France can prepare 14 planes in a day and USA can produce 45 planes in a day then in that case it can be said that USA is at absolute advantage. On other hand, comparative advantage refers to bearing opportunity cost in the business. China can produce both computer and cell phone. Opportunity cost for one computer is 1.5 cell phone and same for cell phone is 0.67 computers. Thailand can produce only single one and opportunity cost is low in case of computer then in that case if it produce computer then it is at comparative advantage of China.
(b)
Government should always not pursue free trade policy because sometimes due to following this policy local industry got damaged heavily and it struggle for its survival. Foreign companies build their empire in the nation and country become excessively dependent on foreign companies like seen in Nigeria (Sahlins, 2017). Hence, Government should not always pursue policy of free trade. There are number of benefits of free trade but in case of some industries free trade must not be allowed. By doing so Government can ensure that domestic companies will be able to grow and country will not be dependent on other nations companies to meet its needs.

REFERENCE
Books and Journals
Cateora, P. R. and et.al., 2020. International marketing. McGraw-Hill Education.
Hollensen, S. 2019. Marketing management: A relationship approach. Pearson Education.
Kieso, D. E. and et.al., 2019. Intermediate Accounting, Volume 2. John Wiley & Sons.
Lovelock, C. and Patterson, P. 2015. Services marketing. Pearson Australia.
Malhotra, N. K. and Dash, S. 2016. Marketing research: An applied orientation. Pearson,.
Sahlins, M. 2017. Stone age economics. Taylor & Francis.
Tietenberg, T. H. and Lewis, L. 2018. Environmental and natural resource economics. Routledge.
Weygandt, J. J., Kimmel, P. D. and Kieso, D. E. 2015. Accounting principles. John Wiley & Sons.