The World Trade Organization (WTO) and the International Monetary Fund (IMF) :: Globalization World Trade

The World Trade Organization (WTO) and the International Monetary Fund (IMF) Before I took this class I would have never fathomed the fact that an organization such as the World Trade Organization (WTO) existed. Im interested in the fact that the whole world takes part in the WTOS dealing with rules of transaction between all of the variant nations. The World Trade Organization is rigid in Geneva Switzerland with about 147 countries in association with the organization. It was established on January 1st 1995 in an effort to forum for trade negotiations, handle international trade disputes, and monitor national trade policies and administering WTO trade agreements. I feel that this organization is very incumbent because the world definitely needs the kind of formal piece that the WTO gives regarding trade issues.The IMF stands for the International Monetary Fund which is in charge of overseeing global monetary cooperation, securing financial stability, and promoting high empl oyment and economic growth. This organization is associated with over 184 different countries in operating surveillance, and both financial and technical assistance.This organization strives to prevent any type of crisis in the system by encouraging countries to adopt rough-and-ready economic policies. The World Bank Group on the other hand supports the efforts of developing country governments to build schools and health centers, provide water and electricity, fight different diseases and protect the environment.The World Bank is currently involved 1,800 projects around the world to try to improve every lacking quality of a country. Even though the World Bank claims the name that it does, it actually is not a bank at all but does lend money to nations with the intent of completing discordant projects. The IMF can be held responsible for this as well but the World Bank Group is probably more involved in giving the necessary funds to countries.The WTO and the IMF play a big econom ic role because they continue to strive to improve the present global economic situation. I also akin how they will not give a country the necessary funds if they are under communist rule because then the countrys draw could be doing God knows what with that money thats really supposed to be used for the countrys well being.

television :: essays research papers

Television was not invented by a single inventor, instead many people working together and alone, contributed to the evolution of TV. 1831 Joseph Henrys and Michael Faradays work with electromagnetism makes thinkable the era of electronic communication to begin.1862 Abbe Giovanna Caselli invents his "pantelegraph" and becomes the first person to transmit a still image over wires.1873 Scientists May and Smith experiment with selenium and weightlessness, this opens the access for inventors to transform images into electronic signals.1876 Boston civil servant George Carey was thinking about complete television systems and in 1877 he put forward drawings for what he called a "selenium camera" that would allow people to "see by electricity." Eugen Goldstein coins the term "cathode rays" to describe the light emitted when an electric current was forced through a nihility tube.Late 1870s Scientists and engineers like Paiva, Figuier, and Senlecq were sugg esting alternative designs for "telectroscopes."1880 Inventors like Bell and Edison theorize about telephone devices that transmit image as well as sound. Bells photophone used light to transmit sound and he wanted to advance his device for image sending. George Carey builds a rudimentary system with light-sensitive cells. 1881 Sheldon Bidwell experiments with telephotography, another photophone.1884 Paul Nipkow sends images over wires utilise a rotating metal disk technology calling it the "electric telescope" with 18 lines of resolution. 1900 At the Worlds Fair in Paris, the 1st International Congress of electrical energy was held, where Russian, Constantin Perskyi made the first known use of the word "television."Soon after, the momentum shifted from ideas and discussions to physical development of TV systems. Two paths were followedMechanical television - based on Nipkows rotating disks, andElectronic television - based on the cathode ray tube work done independently in 1907 by English inventor A.A. Campbell-Swinton and Russian scientist Boris Rosing. 1906 lee(prenominal) de Forest invents the "Audion" vacuum tube that proved essential to electronics. The Audion was the first tube with the ablity to amplify signals. Boris Rosing combines Nipkows disk and a cathode ray tube and builds the first working automatonlike TV system.1907 Campbell Swinton and Boris Rosing suggest using cathode ray tubes to transmit images - independent of each other, they both develop electronic scanning methods of reproducing images.American Charles Jenkins and Scotsman John Baird followed the mechanical poseur while Philo Farnsworth, working independently in San Francisco, and Russian migr Vladimir Zworkin, working for Westinghouse and later RCA, advanced the electronic model.

Computer Security and Hacking :: Internet Security

Getting Ips--To see the ip all computers you are connected to (web servers, people attempting to hack into your computer). Go to dos (start fertilize event command) and run the netstat command. Type netstat /? for details. Type netstat -r at the command prompt to see the ip of all computers you are connected toIn MSN (and other programs) when you are chatting to someone everything you type goes through the MSN servers first (they act as a proxy) so you see their ip rather than who you are chatting to. You enkindle get round this by displace them a file as MSN doesnt send file through its proxy.When you type the netstat -r (or -a for a different view) the ips are under the foreign address table. The airs are disordered by a . Different programs use different ports, so you can work out which ips are from which program. Connecting to other computers and what ports are--Servers send information. Clients retrieve. Simple. Windows comes with a built in program to connect to other c omputers called telnet. To start Windows telnet Start menu Run type Telnet. Click connect remote system Ports are doors into computers. Hosts are computer names (ip add together or a name that is translated into the ip automatically) Different programs open different ports, but they always open the same ports so other computers know which port to connect to. You can get a port list listing all the different ports, but a basic one is 11 - Sends info on the computer 21 - FTP (File transfer program) 23 - Telnet (Login to the computers command line) 25 - Smtp (Sends mail) 80 - Http (Web pages) There are thousands of different programs using different ports. You can get programs called portscanners which check a computer for all ports up to a certain number, looking for ways in. You can portscan a computer looking for ways-in. Anyway, cover charge to telnet. Type www.yahoo.com as the host and port as 80 the click connect. If nothing happens, youre in. Wow. You are connected to Yahoos s erver. You can now type http commands (you are connected to an http server, so it supports http commands). Ie. on an ftp server you can type open and it will do something. On an http server it will just wonder what the hell you are on about. Type get / http/1.

Reason and Irrationality in King Lear :: William Shakespeare Love Essays

Reason and Irrationality in fairy Lear In King Lear, Shakespeare deals with the issue of reason and irrationality namely by contrasting the Machiavellian tactics of Goneril, Regan, and Edmund with the love Edgar, Gloster, Lear, and Cordelia experience. In doing so, he makes a very profound teaching about the nature of homo existencehe condemns reason and natural order while promoting the most nonsensical thing in the world human love. From the text, I ascertain that Shakespeare believes that all anybody needs to survive in the unjust world is love. I, however, believe that this is an unreasonable and unattainable expectation for the world we live in. In order to understand how Shakespeare arrived at his conclusion, it is first necessary to see how he characterized reason and unreason in the text. Reason was found in the egoists, the characters that would be considered the villains or antagonists of the play. Edmund, Goneril, and Regan displayed mien of met hodical ambition for status and power. Their actions reflected the desire to revert to what I deem the natural and discard the contrived conventions of society. For example, Edmund desired to be treated homogeneous the human being he was instead of the bastard he was known in society. Goneril and Regans treason against their father, though considered disrespectful by society, would be absolutely normal in nature where survival depends on the strongest and fittest. Thus, this conduct is based on reason and the basic means to survive and thrive without interventions from emotions or honorable dilemmas. The behavior of these characters is symbolically reflected in the storm. The storm, a natural event, was destructive and nondiscriminatory. It did not care whether there was a king or a beggar in its path. Although the storm appeared to be chaotic, its behavior can be described in scientific terms. When we do this, we find that its movements are very precise and that lightning does n ot shanghai randomly but due to the buildup of excess charge in the sky. Thus, the storm, and in fact all things in nature, behaves in calculating and precise manners. Edmund, Goneril, and Regans behavior was no different from what can be found in nature. Certain species of animals will kill family members in order to gain territory or twist alpha male of the pack.

Assisted suicide :: essays research papers

Assisted Suicide Kovorkians killing spree targeted people with disabilities. The problem is that in that respect are many doctors and nurses out there that are doing the same thing or at list supporting this issue. I agree that in some rather rear nationals assisted self-annihilation can be an act of ruth and can offer the chance of living this earth with some dignity and on stars make terms. It sounds wonderful and in a perfect world it would be easy to determine when that would be the best thing for onenesss self, a love one or a patient. However, in the real world, there are a few things we must do first, in order to be fit to make such determination. First, we must make sore that only one person never makes this decision. Such decision should be made by the patient, in collaboration with family members and loved ones and with the advice and help of one or more medical doctors. Second of all we must consider a few other(a) things one that the people involved in such deci sion have the patients best interest at heart, two, we have to take in consideration the ability to motive of all the people involved. Three, we should make certain that they are able to put all other feelings that might influence this decision aside. Nevertheless, we are to consider the religious beliefs of all that are involved and how these beliefs might influence them. Moreover I think every family should have a plan just in case we will ever be faced with such situation.Decisions like this rise far to many question of where to draw the line between right, wrong, between compassion and crime, and other highly sensitive alike issues. Therefore we must have a system in place, which will never allow any one person to make such decision. If we ever allow only one person to make this decision, patients will ask for assisted suicide because they are dismay and in too much physical pain, doctors will assist patients in suicide based on their medical opinion (which might be wrong) and other opinions such as cost of medical care or organ donation. Moreover, family members will have the opportunity to make such decision based on anger, frustration, and financial problems or simply because it otherwise be too painful to watch a family member suffer. Because my mother haze a heart tally and went through a heart surgery already, we have talked about all the what ifs.

Assisted suicide :: essays research papers

Assisted Suicide Kovorkians killing spree targeted great deal with disabilities. The problem is that there are some doctors and nurses out there that are doing the same thing or at list supporting this issue. I stick got that in some rather rear cases assisted suicide can be an act of compassion and can offer the chance of living this earth with some dignity and on ones own terms. It sounds wonderful and in a perfect world it would be easy to determine when that would be the best thing for ones self, a loved one or a patient. However, in the real world, there are a a couple of(prenominal) things we must do first, in order to be able to drag such determination. First, we must make sore that only one person neer makes this decision. Such decision should be made by the patient, in collaboration with family members and loved ones and with the advice and help of one or more medical doctors. Second of each we must consider a few former(a) things one that the people involved in su ch decision have the patients best interest at heart, two, we have to take in consideration the ability to reason of all the people involved. Three, we should make certain that they are able to put all other feelings that might influence this decision aside. Nevertheless, we are to consider the religious beliefs of all that are involved and how these beliefs might influence them. Moreover I think each family should have a plan just in case we will ever be faced with such situation.Decisions like this rise far to many question of where to draw the line between right, wrong, between compassion and crime, and other highly sensitive alike issues. Therefore we must have a brass in place, which will never allow any one person to make such decision. If we ever allow only one person to make this decision, patients will ask for assisted suicide because they are depressed and in too much physical pain, doctors will assist patients in suicide establish on their medical opinion (which might b e wrong) and other opinions such as cost of medical care or organ donation. Moreover, family members will have the opportunity to make such decision based on anger, frustration, and financial problems or simply because it otherwise be too painful to watch a family member suffer. Because my mother haze a heart condition and went through a heart surgery already, we have talked about all the what ifs.

Definitions of events management Essay

Events management can be said to have emerged from the increasing commercialisation of usual celebrations, from bighearted affairs such as concerts to small and private gatherings. Bowdin, et al. explained that in certain historical cycloramas, the increasing importance of events were noted because of the benefits they bring as enumerated through its adjudicate and objectives. An example noted by the authors were the emergence of the industry as encouraged by political and religious reasons this happened in the United Kingdom where exhibitions became a popular event that it needed to be sustained.The approach to the sustainability of events, especially as this would lead to the formation of an industry, would then die integral to the management requirements of this practice. Across the world, the management of events would become a more formal approach in organizing festivals and other festivities. Bowdin, et al. therefore presented the following definition of events as follows (14) anything which happens result any incidence or natural event esp (sic) a memorable one contingency or possibility of occurrence an item in a programme (of sports, etc.)A type of horseriding competition, a good deal held over three days (three-day event) consisting of three sections ie dressage, cross country riding and show jumping fortune or fate (obs) an organized action mechanism at a particular venue, eg. for sales promotion or fundraising. Based on these definitions, the events that fall under event management are applicable in all aspects. Basically, the last definitiion, an organized activity at a particular venue, eg. for sales promotion or fundraising (14) can be said to already treat what an event is.However, it should be withal noted that the fundamentals of events management also refers to the uniqueness of the event, hence, it is memorable. At the same time, an event may have many sub-events such as items. Last but not the least, as based on the cited defin ition, an event also includes contingency or possibility of occurrence. This therefore brings up the aspect of events management in which case it is not just about ensuring that the event takes place, but also the management formalises the event in a sense that it is define by a specific strategy.As previously mentioned, an event in the events management context becomes a project in this case, the aspects of project management is applied. It is ab initio important to define what a project is, and according to Bowdin, et al, (267), an event as a project produces an asset the asset is the ultimate deliverable of the project. The management is the planning, the organizing, leading, and coercive of the project. Hence, based on these, Bowdin, et al. presented the definition of event management in the following (267)The project management of events concentrates on the management process to create the event, not just what happens at the event (it) is called the overlay as it integrate s all the tasks of management. Event management is made up of a number of management areas including planning, leading, marketing, design, control and budgeting, find management, logistics, staging and evaluation. Each of these areas continuously affect each other over the event life cycle.Shone and Parry, furthermore, mentioned that in order for an event to be managed in a similar context, the event has to be special based on this, the authors presented the following pointing out the definitions of events that are managed Leisure events (leisure, sport recreation) Personal events (weddings, birthdays, anniversaries) organisational events (commercial, political, charitable, sales) cultural (ceremonial, sacred, heritage, art, folklore) The Events focusing Concept and Practice Event management is therefore a discipline and a practice.There are many concepts and aspects of event management that needs to be considered especially among those who specialise in certain components of the practice. One of the common perceptions of event management is its dimension as a coordinating activities. Silvers (28) mentioned that in event coordination, the coordinators visualise, tog up and synchronise the different elements of an event. In addition, in event coordination, the coordinator also identifies the purpose, scope and the program of the event by means of identifying its intent, extent, and content.another(prenominal) important point elevated by Silvers (28) is that, in agreement with the past discussions on the nature of event management as similar or related to project management, the author also further mentioned the processes involved both in the coordination and the management of events. These aspects, for instance, is through the discussion on the Project Scope (28-29) Identifying the needs and requirements of the event including the definition of its purpose and the expect outcomes the description of the product as spelled out by the type of event produ ct analysis or the identification of the components of the product the feasibility of the product as based on the analysis of the resources From these, the event becomes more definite through the design of a Work Breakdown Structure and Activity Schedule (29). Another important approach in event management can be considered in the perceptions of the customers, competition and the sponsors. Silvers discussed the aspect of the consumers and the competition. According to the author, the customers make up the marketing area of the event (30).Hence, it is important to identify a target segment because this helps in the design of the event, from its scope to its marketing to its implementation. Silvers also discussed the competition for cases such as exclude and clubs, any weekend night poses a great amount of competition for any establishment holding an event that night. As the author stressed, it is significant that the breastwork or club is aware what kind of other events that will take place in another establishment. It is therefore in the strategy of the club or bar owner, along with its hired events specialist, to determine how to best approach competition.

Deontological ethics Essay

Utilitarianism moral philosophy accentuates that the activity that should be honestly beneficial to the group. In further terms, the outcome of some(prenominal) moral activity ought to be valuable for all by mass offer. This is a universal fundamental theme for ethics in industrialist economies and line of credit as well as in all governments. Virtue Theory is also known as virtue ethics focal point on the souls character as opposed to the standards and outcomes of the particular acts.This fundamentally means that the prime focus is endured or not to the person who acting goodly is a person who upholds the high virtues and morals, in expressing the good character in people. , plan, solutions and terminus are not so much immaterial nonetheless, the significance of virtue hypothesis is first and foremost. Dissimilar to virtue scheme, deontology has a substantial accentuation on obligation in activity, in adherence to runs the show.The right activity is essential here, whereup on fruition, ought to acquire the best useful for all included. This is to some degree like utilitarianism, which does concentrate on the result of the best great. Be that as it may, deontology does not incline toward the result itself, yet all the more so the guideline behind submitting the right activity.The moral behind deontology is about rule and after tenets. Every one of the terce of these ethical practices has substantial likenesses. The essential comparability is outcome of activity. Despite the fact that result is not generally the essential center of the activity, it is normal in both one of the three theories that the outcome ought to have a gainful come about as a conclusion of the activity. Whether the activity is focused around rule, qualities or ethics, the end sought to legitimize the methods.The most ideal approach to express the contrasts between virtue theory, utilitarianism and deontological ethics is to take a typical situation and watch from these three al ternate points of ETHICS ESSAY 3 view. A person who polishes good virtual ethics would call attention to that by service the individual, doing so would be a magnanimous demonstration and would express great character of the individual supporting the one in need. One who practices utilitarianism would say that byhelping the individual, doing so would be useful for both the individual in need and the individual making a difference. A deontologist would say that by helping, it would be so in agreement to an ethical tenet, for example, karma, or what you do to others will return to you. As the illustration shows, virtue theory concentrates on an individuals ethical morals, and not on any particular conclusion or guideline. Utilitarianism has a stress on more prominent elses benefit, concentrating on an advantageous conclusion for all persons included, where the results of acting are useful to a group.At long last, deontology stresses obligation as the particular activity being carried out in fulfillment of emulating a particular good code, governor charge. In past role as a sales/inventory associate for Centennial wireless. A conundrum with ethical decisions came up on a daily basis on the job. On a daily basis, I had to do the daily deposits and check apiece associate cash draftsperson that always had 100. 00 dollars in them at all times. Multiple times a sales rep had over their cash drawer or short.If they were short, they had to place the cash that was short to equal 100. 00 dollars or if they were over they had to deposit the average. When I check their bags, I gave them a warning they had till business hours to replace that money or just to deposit it. I proceed the record for my records, and if it happens regular basis, I get the manager involve. The reason I keep the information to myself is because a sale person can give too much change to a customer and does know till I or they count their cash drawers at the end of their shift.So I assure mistake s can happen. My decision on this issue is based on the utilitarianism theory that looks for the best outcome for everyone within a particular situation. ETHICS ESSAY 4 In conclusion, one can addition further understanding into ethical and social obligation by analyzing the similitude and contrasts between utilitarianism, virtue theory and deontological ethics. Through further understanding of these similitude and contrasts one can start to understand the criticalness social and ethics obligation plays in particular and business achievement.The previous examination portrays the contrasts in how every theory addresses morality and ethics. The dissection likewise incorporates a particular experience clarifying the relationship between temperance, qualities, and good ideas as they identify with one of the three speculations. Besides, the examination clarifies how the data on social and ethics obligation achievement or disappointment, contingent upon the execution of the learning one ad dition from the information and the choices one makes. References MANIAS, N. (2013) ETHICS APPLIED 7TH EDITION. PEARSON EDUCATION INC. (2013).

Explore the ways in which Faulks uses nature within the novel

Alternatively, he magnate inferring that the world is in peace when temper is allowed to flourish and Its in disharmony during struggle, where birds are chased away by the treating sounds Of guns and the hostile weather conditions which makes the birds stop singing, this creates an unnatural surroundings. The way Faults uses temperament during the soldiers time in the front is a complete paradox to the way he uses record during Stephens visit at the English countryside when hes on leave.During Stephens time in England, Faults uses nature in an optimistic piece of musicner to convey a sense of exemption and alleviation. This is evident in the nine the air had a feeling of purity as though it had never been breathed. The air was pure because this is an environment where skirmish is not as sever and atrocious where nature was not being constantly disturbed by the deaden sounds of guns and being intoxicated by gas. Unlike in France where there was not enough oxygen provided by n ature for the soldiers to survive .The lack of oxygen shows how much man has damaged the environment and the restricting of oxygen to man shows that nature has given up on them this enforces that the arrival of the soldiers death is near. Its almost like the soldiers are betraying nature by damaging it while its playing a motherly role to them. Faults is trying to convey the idea life is futile without nature and humans demand annihilation within themselves. Faults uses nature in the line overhanging trees to create a graphic imagery of dead bodies overlapping each other.This adds emphasis on the quite a little of lives that were lost during the World War one, too many men died that their bodies became part of the landscape, they became part of nature. The stringy adjective overhanging mimics the soldiers feelings as depressed ND melancholic collect to the strain and tediousness as they had to strive under horrific conditions. On the other hand, the reviewer creates an unusual imagery of trees overhanging each other, which is unnatural. This represents a dyspepsia environment which shows that war changed nature.Faults wants the reader to interpret the untold horrors of war, which creates a subtle anti war message throughout the novel. Alternatively, the adjective overhanging, might infer that the trees were growing quickly in the soldiers favor to provide oxygen in order for them to survive. This shows that nature as on their side, although they were the ones damaging it. Here the reader begins to despite and oppose war as they start to notice the selfishness in humanity. Nature was being destroyed and a multitude number of innocent people were dying just because the organization was eager to gain power.They had the power to stop this catastrophe but because they didnt want to embarrass or show weakness by surrendering . They had the decency to carry on despite how the conflict was destroying the earth. Similarly, the idea of nature keeping the soldier s alive is conveyed in Siegfried Caissons poem France when he describes the woodwind instrument as radiant forest. The powerful adjective radiant, might infer that the forest gave the soldiers energy and provided them with heat in order to keep them warm while they were fighting this reinforces a motherly nature as the radiant forest comforted them even though they were near death.Here Swanson uses nature in an optimistic manner to decrease the cruelty of war by not creating a sinister atmosphere. Faults makes the reader understand the brutality of war by using powerful adjectives to create a ghastly imagery. This is evident in the nine Shattered flesh that lay in sinking stinking shell holes in beet crop soil The powerful phrase shattered, emphasis on the brutality of war and the multitude of violence. It creates a powerful image of mutilated body parts and rotting and decaying dead bodies decomposing in the soil.The adjective stinking emphasis on the foul smell of the dead bodies which damaged the nature by polluting the air. Faults uses graphic violent imagery to demonstrate the horrors of war. Additionally, the fact that the dead bodies are sinking the soil conveys the idea that the soldiers die but nature cadaver tagging or it gets damaged but it grows back again, but once a human being is dead they can never be brought back to life.As the reader is reading these they start understanding the impacts war had on nature which makes them unaffected by the euphoria of war. Nature is used positively , in the line a lark was singing in the unharmed air above him According to Biblical references , a lark is a symbol of hope, happiness and good fortune which might mean that during the battle God was on the soldiers side, their faith never betrayed them. The soldiers were just a sacrifice to God in order for everyone to have redeem. This is supported by the powerful phrase unharmed air above him.

Advertising Regulations

Advertising Regulation The strength of the self-regulatory system lies in both the independence of the ASA and the live on and displumement of the advertising industry, through the Committee of Advertising example (CAP), to maintaining the high standards laid down in the Advertising Codes, which are designed to protect consumers. Today, the UK advertising regulatory system is a mixture of * Self-regulation for non-broadcast advertising * Co-regulation for broadcast advertising.The ASA is the UK self-regulatory personify for ensuring that all advertisements, wherever they appear, are legal, decent, h angiotensin-converting enzymest and truthful. The protection of consumers is at the heart of the ASAs work. They use to ensure that advertising does not mislead or offend. Advertising self-regulation in the UK The system is based on a contract between advertisers, agencies and the media that each give act in support of the highest standards in advertising. Compliance with the Code s and ASA adjudications is binding on all advertisers.It is not a voluntary system. The system is both self-regulatory (for non-broadcast advertising e. g. press, poster, cinema, online) and co-regulatory (for TV and radio advertising). The Codes sit within a legal framework, which means that, where appropriate, they reflect the standards required in law, e. g. the Consumer Protection for Unfair Trading Regulations 2008 (CPRs) for misleading advertising. The Codes also deliver additional protections that are not required under law e. g. rules related to taste and decency and social responsibility.The ASA is responsible for administering five Advertising Codes and deals with more than 26,000 complaints per year. Just one complaint can cause the ASA to launch an investigation and remove an advertisement, if the ad is found in breach of the Codes. For instance, if Bulldogs TV ad, had a voiceover that verbalise With up to 8 meg broadband, more people can play, e-mail, download and tal k, to keep upher, all at the same time. With Bulldog, unlimited phone calls to your network friends are included. To find oneself out more about Bulldog broadband packages call now on 0800 or visit bulldogbroadband. com.Bulldog Broadband and Phone. Onscreen text tell Broadband belt along is up to 8meg downstream. Subject to local availability and Bulldog phone line. BT complained the TV ad was misleading because, due to the technical limitations of high speed broadband dish outs, the maximum speed quoted would not be available to a significant number of people within the geographic areas in which the service was available. Figures were provided and showed that, as the length of line between a local exchange and a customers home increased the broadband speed that could be achieved by the customer decreased.They said broadband speeds of 8 megabits per second (Mbps) or close to 8 Mbps could be achieved only by people who lived within 3 km of an exchange. Beyond that blank space the achievable speed dropped rapidly because of unavoidable signal attenuation caused by line length and quality. The 35% of people who lived more than 3. 8 km from an exchange, for example, would get at best a 5 Mbps connection. They believed the prefix up to was not an adequate indication that a large proportion of customers could not get a service close to the headline speed.Members of the public also said the TV ad was misleading because the broadband speed quoted was not achievable for all users. one(a) said their connection had never exceeded 5 Mbps and while others believed technical limitations would prevent users from achieving the headline speed. Bulldog however would then be given an opportunity to react to any claims made against them therefore saying our ads were in line with previous ASA adjudications and CAP guidance, which required claims about broadband speeds to be preceded with the words up to, to record that the top speed dexterity not be achieved by users. A ssessmentComplaints upheld The ASA noted Bulldog considered that the inclusion of the words up to was an adequate indication to consumers that they might not achieve the top speed quoted in the ads and that their ads were in line with previous ASA adjudications and CAP guidance. We considered that up to was an adequate qualification in ads for 1 Mbps and 2 Mbps services, where the user would not achieve the maximum speed because of factors such as the number of people on line but where the attainable speeds were close adequacy to those advertised so as not to affect the customers experience in any meaningful way.We considered that the higher speed service was likely to be amiable to consumers because of the advertised headline speed and the potential capabilities that a connection of that speed could give users. We understood, however, that the speeds 8Mbps services could deliver were significantly affected by signal attenuation, which was caused by distance from the exchange, and that as a result a significant proportion of consumers could not achieve speeds close to the headline speed.We understood that users of an up to 8Mbps service could allot advantage of capabilities such as video streaming, file sharing and online gaming but that there would be a noticeable degradation of quality of the service when speeds fell below 6Mbps. We therefore considered that up to was not an adequate qualifier in ads for higher speed services, given the impact that signal attenuation could feel on speed and performance. ASA concluded that the ads were misleading and asked Bulldog to amend them. The TV ad breached CAP (Broadcast) TV Advertising Standards Code rules 5. (Misleading advertising), 5. 2. 1 (Evidence) and 5. 2. 3 (Qualifications). legal action Bulldog will then be asked by the ASA to indicate prominently in future ads (for example in the body copy of non-broadcast ads) that top speeds varied significantly, in particular because of a users distance from their local exchange. The broadband speed must be preceded by the words up to, in order to wee it clear that a consumer can receive anything up to the advertised speed. The ad must contain a clear notice in the main body copy (i. e. ot in a footnote) that states that speeds vary significantly subject to a number of factors, such as distance from the exchange. The ad must also pull ahead clear where the service is available i. e. geographical limitations that might mean a headline speed is only available to those in, for instance, urban areas. The Committee of Advertising Practice (CAP) and the Broadcast Committee of Advertising Practice (BCAP) are the industry committees responsible for writing and maintaining the Advertising Codes. The Committee members represent the three main parts of the advertising industry, namely the advertising agencies, media owners (e. . poster site owners, newspapers, broadcasters) and the advertisers themselves. CAP and BCAP also enforce the adjudications of the ASA. Interaction with the law Across the European Union (EU) there is a unite piece of consumer protection legislation to prevent the use of misleading or unfair trading practices. This law, called the Unfair Commercial Practices Directive, has been translated into UK law to make sure that we fuck off the same rules as all the other countries in the EU. The ASA works within this legal framework to make sure that UK advertising is not misleading or unfair.The ASA is able to refer advertisers who refuse to work with us and persistently make The ASA is considered the established means for gaining compliance with both these pieces of legislation. This means that the law itself is not usually enforced formally through the courts instead the ASA is first allowed to tackle any problems under the Advertising Codes. This approach works well in the overwhelming majority of cases. Broadly this means that the system is paid for by the industry, which also writes the rules, but those ru les are independently enforced by the ASA.The system is a sign of a considerable commitment by the advertising industry to uphold standards in their profession. All parts of the advertising industry advertisers, agencies and media have come together to commit to being legal, decent, honest and truthful in their ads. * Adverting Standards authority http//www. asa. org. uk/Complaints-and-ASA-action/Adjudications/2006/9/Bulldog-Communications-Ltd/TF_ADJ_41768. aspx * The Advertising Codes http//www. cap. org. uk/The-Codes. aspx *

Electronic Waste

Electronic use up From Wikipedia, the free encyclopedia For the EC directive, see looseness galvanizing and Electronic Equipment directional. Defective and obsolete electronic equipment. Electronic swash, e- moulder, e- silicon chip, or waste galvanizing and electronic equipment (WEEE) describes discarded electrical or electronic devices. There is a lack of consensus as to whether the term should apply to resale, reuse, and refurbishing industries, or only to product that dis rest home non be apply for its intended purpose.Informal processing of electronic waste in develop countries may cause serious health and pollution problems, though these countries atomic number 18 also close likely to reuse and repair electronics. roughly electronic scrap components, such(prenominal) as CRTs, may contain contaminants such as lead, cadmium, beryllium, orbrominated flame retardants. Even in developed countries recycle and disposal of e-waste may involve monumental luck to workers and communities and great c atomic number 18 must be taken to empty unsafe exposure in recycle operations and l distributivelying of material such as heavy metals from landfills and incinerator ashes.Scrap industry and USA EPA officials agree that materials should be managed with caution. citation needed Contents hide 1 Definitions 2 Problems 3 Global slew issues 4 E-waste management o4. 1 recycle o4. 2 Consumer aw beness efforts o4. 3 Processing techniques o4. 4 Benefits of recycling 5 Electronic waste substances o5. 1 Hazardous o5. 2 Generally non-hazardous 6 examine also 7 References 8 Further reading 9 External links editDefinitionsHoarding (left), disassembling (center) and collecting (right) electronic waste in Bengaluru, India Electronic waste may be defined as discarded data processors, office electronic equipment, entertainment device electronics, prompt phones, television sets andrefrigerators. This definition embarrasss used electronics which are destine for reuse, re sale, salvage, recycling, or disposal. Others define the re-usables (working and repairable electronics) and secondary scrap (copper, steel, waxy, etc. to be commodities, and reserve the term waste for residue or material which is dumped by the buyer quite a than recycled, including residue from reuse and recycling operations. Because loads of bare(a) electronics are frequently commingled (good, recyclable, and non-recyclable), several public policy advocates apply the term e-waste broadly to all surplus electronics. Cathode ray tubes (CRT) are con spatial relationred one of the demandingest types to recycle. 1 CRTs have relatively laid-back concentration of lead and phosphors (not to be confused with phosphorus), some(prenominal) of which are necessary for the display.The unite States environmental Protection Agency (EPA) allow ins discarded CRT monitors in its category of hazardous household waste2 but considers CRTs that have been set aside for testing to be commodities i f they are not discarded, speculatively accumulated, or left unprotected from weather and opposite damage. Debate continues everyplace the distinction between commodity and waste electronics definitions. Some exporters are accused of deliberately leaving difficult-to-recycle, obsolete, or non-repairable equipment mixed in loads of working equipment (though this may also come through ignorance, or to avoid more costly treatment processes).Protectionists may broaden the definition of waste electronics in order to protect domestic markets from working secondary equipment. The high nourish of the computer recycling subset of electronic waste (working and reusable laptops, desktops, and components like RAM) underside help pay the cost of transportation for a larger number of unimportant pieces than posterior be achieved with display devices, which have slight (or negative) scrap comfort. In A 2011 report, Ghana E-Waste Country Assessment,3 found that of 215,000 tons of electroni cs imported to Ghana, 30% were brand new and 70% were used.Of the used product, the study concluded that 15% was not reused and was scrapped or discarded. This contrasts with published but uncredited claims that 80% of the imports into Ghana were being thin outt in primitive conditions. editProblems A fragment of discarded circuit board Rapid changes in technology, changes in media (tapes, software, MP3), falling prices, and planned obsolescence have resulted in a fast-growing surplus of electronic waste around the globe. Dave Kruch, CEO of Cash For Laptops, regards electronic waste as a chop-chop expanding issue. 4Technical solutions are available, but in most cases a legal framework, a collection system, logistics, and other services need to be implemented before a technical solution can be applied. Display units (CRT, LCD, LED monitors), Processors (CPU chips, RAM), and audio components have different useful lives. Processors are most frequently out-dated (by software) and are more likely to become e-waste, sequence display units are most often replaced while working without repair attempts, due to changes in wealthy nation appetites for new display technology.An estimated 50 one cardinal million tons of E-waste are produced each year. citation needed The USA discards 30 million computers each year and 100 million phones are disposed of in Europe each year. The environmental Protection Agency estimates that only 15-20% of e-waste is recycled, the rest of these electronics go directly into landfills and incinerators. 5 According to a report by UNEP titled, Recycling from E-Waste to Resources, the amount of e-waste being produced including mobile phones and computers could rise by as much as 500 percent over the next decade in more or less countries, such as India. 6 The United States is the world leader in producing electronic waste, tossing away close to 3 million tons each year. 7 China already produces about 2. 3 million tons (2010 estimate) do mestically, second only to the United States. And, despite having illegalisened e-waste imports, China remains a major e-waste dumping ground for developed countries. 7 Electrical waste contains hazardous but also valuable and scarce materials. Up to 60 elements can be found in complex electronics. In the United States, an estimated 70% of heavy metals in landfills comes from discarded electronics. 89 While there is agreement that the number of discarded electronic devices is increasing, there is considerable disagreement about the relative risk (compared to automobile scrap, for example), and strong disagreement whether curtailing trade in used electronics will improve conditions, or make them worse. According to an article in Motherboard, attempts to restrict the trade have driven reputable companies out of the supply chain, with unintended consequences. 10 editGlobal trade issues See also Electronic waste by country Electronic waste is often exported to exploitation countries . 4. -volt, D, C, AA, AAA, AAAA, A23, 9-volt, CR2032 and LR44 cells are all recyclable in most countries. One theory is that increased regulation of electronic waste and concern over the environmental harm in mature economies creates an sparing disincentive to remove residues prior to export. Critics of trade in used electronics maintain that it is still in any case subdued for brokers calling themselves recyclers to export unscreened electronic waste to developing countries, such as China,11 India and sectionalisations of Africa, thus avoiding the expense of removing items like bad cathode ray tubes (the processing of which is dearly-won and difficult).The developing countries have become toxic dump yards of e-waste. Proponents of international trade point to the success of fair trade programs in other industries, where cooperation has led to installation of sustainable jobs, and can bring affordable technology in countries where repair and reuse rates are higher. Defenders o f the tradewho? in used electronics say that extraction of metals from virgin mining has been shifted to developing countries. Recycling of copper, silver, gold, and other materials from discarded electronic devices is considered better for the environment than mining.They also state that repair and reuse of computers and televisions has become a alienated art in wealthier nations, and that refurbishing has traditionally been a path to development. South Korea, Taiwan, and southern China all excelled in finding retained value in used goods, and in some cases have set up billion-dollar industries in refurbishing used ink cartridges, single-use cameras, and working CRTs. Refurbishing has traditionally been a threat to established manufacturing, and simple protectionism explains some criticism of the trade.Works like The Waste Makers by Vance Packard explain some of the criticism of exports of working product, for example the ban on import of tested working Pentium 4 laptops to Chin a, or the bans on export of used surplus working electronics by Japan. Opponents of surplus electronics exports argue that lower environmental and labor standards, cheap labor, and the relatively high value of recovered raw materials leads to a transfer of pollution-generating activities, such as smelting of copper wire.In China, Malaysia, India, Kenya, and various African countries, electronic waste is being sent to these countries for processing, sometimes illegally. Many surplus laptops are routed to developing nationsas dumping grounds for e-waste. 4 Because the United States has not ratified the Basel Convention or its Ban Amendment, and has few domestic federal official laws forbidding the export of toxic waste, the Basel Action net income estimates that about 80% of the electronic waste directed to recycling in the U. S. does not get recycled there at all, but is put on container ships and sent to countries such as China. 12131415 This figure is disputed as an exaggeration b y the EPA, the Institute of Scrap Recycling Industries, and the World Reuse, Repair and Recycling Association. Independent research by genus Arizona State University showed that 87-88% of imported used computers did not have a higher value than the best value of the constituent materials they contained, and that the official trade in end-of-life computers is thus driven by reuse as opposed to recycling. 16 Guiyu in the Shantou vicinity of China, Delhi and Bangalore in India as well as the Agbogbloshie site near Accra, Ghana have electronic waste processing areas. 121718 Uncontrolled burning, disassembly, and disposal causes a revolution of environmental problems such as groundwater contamination, atmospheric pollution, or even water pollution either by immediate discharge or due tosurface overflow (especially near coastal areas), as well as health problems including occupational prophylactic and health effectuate among those directly and indirectly involved, due to the methods o f processing the waste. Thousands of men, women, and children are employed in highly polluting, primitive recycling technologies, extracting the metals, toners, and plastics from computers and other electronic waste.Recent studies show that 7 out of 10 children in this region have too much lead in their blood. citation needed Proponents of the trade say growth of internet access is a stronger correlation to trade than poverty. Haiti is poor and closer to the port of impudently York than southeast Asia, but far more electronic waste is exported from New York to Asia than to Haiti. Thousands of men, women, and children are employed in reuse, refurbishing, repair, and remanufacturing, unsustainable industries in decline in developed countries.Denying developing nations access to used electronics may deny them sustainable employment, affordable products, and internet access, or force them to deal with even less scrupulous suppliers. In a series of seven articles for The Atlantic, Shang hai- carnald reporter Adam Minter describes numerous of these computer repair and scrap separation activities as objectively sustainable. 19 Opponents of the trade argue that developing countries utilize methods that are more harmful and more wasteful. An expedient and prevalent method is simply to toss equipment onto an open fire, in order to melt plastics and to burn away unvaluable metals.This releases carcinogens and neurotoxins into the air, contributing to an acrid, lingering smog. These noxious fumes include dioxinsand furans. 20 Bonfire refuse can be disposed of quickly into drainage ditches or waterways ply the ocean or local water supplies. 1521 In June 2008, a container of electronic waste, destined from the Port of Oakland in the U. S. to Sanshui District in mainland China, was intercepted in Hong Kong by Greenpeace. 22 match over exports of electronic waste were raised in press reports in India,2324 Ghana,252627 Ivory Coast,28 and Nigeria. 29 This section has multipl e issues. Please help improve it or hash out these issues on the talk page. This section does not cite any references or sources. (April 2012) This section is written like a personal reflection or test rather than an encyclopedic description of the subject. (April 2012) What becomes challenging for the United States, then, is balancing recycling discourses when considering how to implement legislation measures as they manifest through divided interests. Those concerned only about the environment would create discourse and those concerned about the economy would as well.It is not to say that these discourses dont necessarily agree about certain initiatives both parties might benefit from the same piece of legislation. That is, if the Environmental Commissioner in the United States put into action recycling legislation that was both sustainable and profitable, it could likely be a positive for both sides. However, because most environmental and economic advocates are privy to certa in facts about the industry, they would most likely be reluctant to side with any legislation that could either be detrimental to a foreign environment, or overly beneficial to a foreign industry or economy.By exporting e-waste to other countries, some firms in the United States may be avoiding the costs of homeland environmental degradation on one hand, but on the other are missing out on recovering byproduct materials left after they are smelted. As a result, numerous perspectives articulate through both quantitative and qualitative analysis, not only exemplifying how the differences between these perspectives are articulated, but how electronic waste legislation seemingly takes both the environmental and the economic discourse into consideration, albeit with more onus on the latter. editE-waste management editRecycling calculator monitors are typically packed into low stacks on wooden pallets forrecycling and then shrink-wrapped. 20 See also Computer recycling Today the electro nic waste recycling business is in all areas of the developed world a large and rapidly consolidating business. Part of this evolution has involved greater diversion of electronic waste from energy-intensive downcycling processes (e. g. , conventional recycling), where equipment is reverted to a raw material form. This diversion is achieved through reuse and refurbishing.The environmental and social benefits of reuse include diminished demand for new products and virgin raw materials (with their own environmental issues) larger quantities of pure water and electricity for associated manufacturing less packaging per unit availability of technology to wider swaths of society due to greater affordability of products and diminished use of landfills. Audiovisual components, televisions, VCRs, stereo equipment, mobile phones, other handheld devices, and computer components contain valuable elements and substances suitable for reclamation, including lead, copper, and gold.One of the major challenges is recycling the printed circuit boards from the electronic wastes. The circuit boards contain such precious metals as gold, silver, platinum, etc. and such base metals as copper, iron, aluminum, etc. Conventional method employed is mechanical shredding and separation but the recycling efficiency is low. Alternative methods such as cryogenic putrefaction have been studied for printed circuit board recycling,30 and some other methods are still under investigation. editConsumer awareness effortsThe examples and perspective in this section may not represent a worldwide view of the subject. Please improve this article and discuss the issue on the talk page. (December 2011) ? In the US, the Consumer Electronics Association (CEA) urges consumers to dispose mightily of end-of-life electronics through its recycling locator at www. GreenerGadgets. org. This list only includes manufacturer and retailer programs that use the strictest standards and third-party certified recycling locations, to provide consumers assurance that their products will be recycled safely and responsibly.CEA research has found that 58 percent of consumers know where to take their end-of-life of electronics, and the electronics industry would very much like to see that level of awareness increase. Consumer electronics manufacturers and retailers admirer or operate more than 5,000 recycling locations nationwide and have vowed to recycle one billion pounds annually by 2016,31 a sharp increase from ccc million pounds industry recycled in 2010. ?AddressTheMess. com is a Comedy Central pro-social campaign that seeks to increase awareness of the dangers of electronic waste and to encourage recycling.Partners in the effort include Earth911. com, ECOInternational. com, and the U. S. Environmental Protection Agency. Many Comedy Central viewers are early adopters of new electronics, and produce a commensurate amount of waste that can be directed towards recycling efforts. The station is also taking steps to reduce its own environmental impact, in partnership with NativeEnergy. com, a company that specializes in renewable energy and carbon offsets. ?The Electronics TakeBack compact32 is a campaign aimed at protecting human health and limiting environmental effects where electronics are being produced, used, and discarded.The ETBC aims to place responsibility for disposal of technology products on electronic manufacturers and brand owners, primarily through community promotions and legal enforcement initiatives. It provides recommendations for consumer recycling and a list of recyclers judged environmentally responsible. 33 ? The qualified Electronics Recycler program34 for electronic recyclers is a comprehensive, integrated management system standard that incorporates key operational and continual improvement elements for quality, environmental and health and safety (QEH) performance. The grassroots atomic number 14 Valley Toxics Coalition (svtc. org) focuses on promoti ng human health and addresses environmental justice problems resulting from toxins in technologies. ?Basel Action Network (BAN. org) is uniquely focused on addressing global environmental injustices and economic inefficiency of global toxic trade. It works for human rights and the environment by preventing disproportionate dumping on a large scale. It promotes sustainable solutions and attempts to ban waste trade. It requires companies to be either ISO 14001 or R2 certified. Texas Campaign for the Environment (texasenvironment. org) works to build grassroots support for e-waste recycling and uses community organizing to pressure electronics manufacturers and elected officials to ordinate producer takeback recycling policies and commit to responsible recycling programs. ?The World Reuse, Repair, and Recycling Association (wr3a. org) is an organization dedicated to improving the quality of exported electronics, encouraging better recycling standards in importing countries, and improv ing practices through Fair Trade principles. Take Back My TV35 is a project of The Electronics TakeBack Coalition and grades television manufacturers to find out which are responsible and which are not. editProcessing techniques Recycling the lead from batteries. In developed countries, electronic waste processing usually first involves dismantling the equipment into various parts (metal frames, role supplies, circuit boards, plastics), often by hand, but increasingly by automated shredding equipment. A typical example is the NADIN electronic waste processing plant in Novi Iskar, Bulgaria the largest facility of its kind in Eastern Europe. 3637 The advantages of this process are the humans ability to recognize and save working and repairable parts, including chips, transistors, RAM, etc. The disadvantage is that the labor is cheapest in countries with the final health and safety standards. In an alternative bulge system,38 a hopper conveys material for shredding into an unsophis ticated mechanical separator, with screening and granulating machines to tell apart constituent metal and plastic fractions, which are sold to smelters or plastics recyclers.Such recycling machinery is enclosed and employs a dust collection system. Some of the emissions are caught by scrubbers and screens. Magnets, eddy currents, and trommel screens are employed to separate glass, plastic, and ferrous and nonferrous metals, which can then be further separated at a smelter. Leaded glass from CRTs is reused in car batteries, ammunition, and lead wheel weights,20 or sold to foundries as a fluxing agent in processing raw lead ore. Copper, gold, palladium, silver and tin are valuable metals sold to smelters for recycling.Hazardous smoke and gases are captured, contained and treated to mitigate environmental threat. These methods allow for safe reclamation of all valuable computer construction materials. 15 Hewlett-Packard product recycling solutions manager Renee St. Denis describes its process as We move them through giant shredders about 30 feet tall and it shreds everything into pieces about the size of a quarter. Once your disk drive is shredded into pieces about this big, its hard to get the data off. 39 An ideal electronic waste recycling plant combines dismantling for component recovery with increased cost-effective processing of bulk electronic waste. Reuse is an alternative option to recycling because it extends the lifespan of a device. Devices still need eventual recycling, but by allowing others to purchase used electronics, recycling can be postponed and value gained from device use. editBenefits of recycling Recycling raw materials from end-of-life electronics is the most effective solution to the growing e-waste problem. Most electronic devices contain a ariety of materials, including metals that can be recovered for future uses. By dismantling and providing reuse possibilities, intact natural resources are conserved and air and water pollution caus ed by hazardous disposal is avoided. Additionally, recycling reduces the amount of greenhouse gas emissions caused by the manufacturing of new products. It simply makes good sense and is efficient to recycle and to do our part to keep the environment green. 40 editElectronic waste substances Several sizes of button and coin cell with 2 9v batteries as a size comparison.They are all recycled in many countries since they contain lead, mercury and cadmium. Some computer components can be reused in assembling new computer products, while others are reduced to metals that can be reused in applications as varied as construction, flatware, and jewelry. 39 Substances found in large quantities include epoxy resins, fiberglass, PCBs, PVC (polyvinyl chlorides), thermosetting plastics, lead, tin, copper, silicon,beryllium, carbon, iron and aluminium. Elements found in elfin amounts include cadmium, mercury, and thallium. 41 Elements found in trace amounts include americium, antimony, arsenic, barium, bismuth, boron, cobalt, europium, gallium, germanium, gold, indium,lithium, manganese, nickel, niobium, palladium, platinum, rhodium, ruthenium, selenium, silver, tantalum, terbium, thorium, titanium, vanadium, and yttrium. Almost all electronics contain lead and tin (as solder) and copper (as wire and printed circuit board tracks), though the use of lead-free solder is now spreading rapidly. The following are ordinary applications editHazardous Recyclers in the street in Sao Paulo, Brazil with old computers ?Americiumthe radioactive source in smoke alarms. It is known to be carcinogenic. ?Mercury found in fluorescent tubes (numerous applications), tilt switches (mechanical doorbells, thermostats),42 and flat screen monitors. Health effects include sensory impairment, dermatitis, memory loss, and muscle weakness. Environmental effects in animals include death, reduced fertility, slower growth and development. ?Sulphur found in lead-acid batteries. Health effects include live r damage, kidney damage, heart damage, eye and throat irritation. When released in to the environment, it can create sulphuric acid. BFRs utilise as flame retardants in plastics in most electronics. Includes PBBs, PBDE, DecaBDE, OctaBDE, PentaBDE. Health effects include impaired development of the nervous system, thyroid problems, liver problems. Environmental effects similar effects as in animals as humans. PBBs were banned from 1973 to 1977 on. PCBs were banned during the 1980s. ?Cadmium Found in light-sensitive resistors, corrosion-resistant alloys for marine and aviation environments, and nickel-cadmium batteries. The most common form of cadmium is found in Nickel-cadmium rechargeable batteries.These batteries tend to contain between 6 and 18% cadmium. The sale of Nickel-Cadmium batteries has been banned in the European Union except for medical use. When not properly recycled it can leach into the soil, harming microorganisms and disrupting the soil ecosystem. Exposure is cause d by proximity to hazardous waste sites and factories and workers in the metal refining industry. The inhalation of cadmium can cause foul damage to the lungs and is also known to cause kidney damage. 43 ? Lead solder, CRT monitor glass, lead-acid batteries, some formulations of PVC. 44 A typical 15-inch cathode ray tube may contain 1. 5 pounds of lead,2 but other CRTs have been estimated as having up to 8 pounds of lead. 20 ? Beryllium oxide filler in some thermal interface materials such as thermal grease used on heatsinks for CPUs and power transistors,45 magnetrons, X-ray-transparent ceramic windows, heat transfer fins in vacuum tubes, and gas lasers. editGenerally non-hazardous An iMac G4 that has been repurposed into alamp (photographed next to a Mac Classic and a flip phone). ?Tin solder, coatings on component leads. Copper copper wire, printed circuit board tracks, component leads. ?Aluminium nearly all electronic goods using more than a few watts of power (heatsinks), ele ctrolytic capacitors. ?Iron steel chassis, cases, and fixings. ?Germanium 1950s1960s transistorized electronics (bipolar junction transistors). ?Silicon glass, transistors, ICs, printed circuit boards. ?Nickel nickel-cadmium batteries. ?atomic number 3 lithium-ion batteries. ?Zinc plating for steel parts. ?Gold connector plating, primarily in computer equipment. editSee also Environment portal Electronics portal ?2000s commodities boom Basel Action Network (BAN) ?Basel Convention ?China RoHS ?Computer Recycling ?Digger gold ?E-Cycling ?e-Stewards ?eDay ?Electronics ?Electronic waste in Japan ?Green computing ?iPhone recycling ?Material safety data sheet ?Polychlorinated biphenyls ?Restriction of Hazardous Substances Directive (RoHS) ?Retail hazardous waste ?Retrocomputing ?Sustainable Electronics Initiative (SEI) ?Waste ?Waste Electrical and Electronic Equipment Directive Organizations ?Empa ?International Network for Environmental Compliance and Enforcement ? Institute of Scrap Rec ycling Industries (ISRI) ?Solving the E-waste Problem World Reuse, Repair and Recycling Association editReferences 1. http//www. executiveblueprints. com/aboutweee/WEEECRTandMonitor. htm 2. a b Morgan, Russell (2006-08-21). Tips and Tricks for Recycling Old Computers. SmartBiz. Retrieved 2009-03-17. 3. Ghana e-Waste Country Assessmen. Ghana e-Waste Country Assessment. SBC e-Waste Africa Project. Retrieved 29 August 2011. 4. a b Prashant, Nitya (2008-08-20). Cash For Laptops Offers Green Solution for Broken or noncurrent Computers. Green Technology (Norwalk, Connecticut Technology Marketing sight). Retrieved 2009-03-17.In Opinion. National Center For Electronics Recycling News Summary (National Center For Electronics Recycling). 2008-08-28. Retrieved 2009-03-17. 5. Statistics on the Management of Used and End-of-Life Electronics. US Environmental Protection Agency. Retrieved 2012-03-13. 6. Section, United Nations News Service (2010-02-22). As e-waste mountains soar, UN urges smart technologies to protect health. United Nations-DPI/NMD UN News Service Section. Retrieved 2012-03-12. 7. a b Urgent need to prepare developing countries for surges in E-Waste. 8. Kozlan, Melanie (2010-11-02). What is E-Waste & How Can I Get Rid Of It? . Four Green Steps. 9. Poison PCs and toxic TVs. 10. Ingenthron, Robin (2011-03-31). why We Should Ship Our Electronic waste to China and Africa. Motherboard. tv. 11. Where computers go to die and kill (4/10/2006) 12. a b Basel Action Network and Silicon Valley Toxics Coalition (2002-02-25). Exporting Harm The High-Tech Trashing of Asia (PDF). Seattle and San Jose. 13. Chea, Terence (2007-11-18). America Ships Electronic Waste Overseas. Associated Press. 14. Slade, Giles (2006). Made To Break Technology and Obsolescence in America.Harvard University Press. 15. a b c Carroll (January 2008). High-Tech Trash. National Geographic Magazine Online. 16. Product or Waste? Importation and End-of-Life Processing of Computers in Peru, Ramzy Kahhat and Eric Williams, Center for Earth Systems Engineering and Management, Arizona State University, published Environmental Science and Technology June 2009. 17. Activists Push for Safer E-Recycling. Retrieved 2006-11-13. 18. Computer age leftovers. Denver Post. Retrieved 2006-11-13. 19. Minter, Adam. Shanghai Scrap. Wasted 7/7. The Atlantic. Retrieved March 7, 2011. 20. a b c d Royte, Elizabeth (2005-08-01). E-gad Americans discard more than 100 million computers, cellphones and other electronic devices each year. As e-waste piles up, so does concern about this growing threat to the environment. . Smithsonian Magazine (Smithsonian Institution). Retrieved 2009-03-17. 21. Computer waste disposal in China (WMV). CBC News. 22. Illegal e-waste exposed. Greenpeace International. 23. E-Trash Industry Poses Hazards to Workers. 24. British broadcasting Corporation. BBC News. 2005-10-14. Retrieved 2010-01-03. 25. Electronic Waste in Ghana.YouTube. 26. Poisoning the poor Electronic Waste in Ghana. Greenpeace International. 27. British Broadcasting Corporation. BBC News. 2008-08-05. Retrieved 2010-01-03. 28. British Broadcasting Corporation. BBC News. 2006-11-27. Retrieved 2010-01-03. 29. British Broadcasting Corporation. BBC News. 2006-12-19. Retrieved 2010-01-03. 30. Yuan, C. , Zhang, H. C. , McKenna, G. , Korzeniewski, C. , and Li, J. Experimental Studies on Cryogenic Recycling of Printed Circuit Board, International Journal of Advanced Manufacturing Technology, Vol. 34, 2007, pp. 657666 31. http//ecyclingleadershipinitiative. com/index. html 32. http//www. electronicstakeback. com 33. How to bechance a Responsible Recycler. Electronics TakeBack Coalition. 34. http//www. certifiedelectronicsrecycler. com 35. Take Back My TV. 36. 40 Million BGN Invested In Bulgarias 1st Appliances Recycle Plant. Sofia News Agency. 2010-06-28. Retrieved 2011-03-28. 37. Bulgaria Opens Largest WEEE Recycling Factory in Eastern Europe. Ask-eu. com. 20 10-07-12. Retrieved 2011-03-28. 38. http//simsrecycling. com/news-and-resources/audio-and-video 39. a b Haffenreffer, David (2003-02-13). Recycling, the Hewlett-Packard Way. Financial Times(CNN). Retrieved 2009-03-17. 40. Benefits of Recycling 41. Chemical fact sheet Thallium. Spectrum Laboratories. Retrieved 2008-02-02. 42. Question 8. 43. . http//www. lenntech. com/periodic/elements/cd. htmixzz1MpuZHWfr. 44. CollectiveGood and Environmental Issues. 45. Becker, Greg Lee, Chris Lin, Zuchen (July 2005). Thermal conductivity in advanced chips Emerging generation of thermal greases offers advantages. Advanced Packaging 24. Retrieved 2008-03-04. editFurther reading ?Hicks, C Dietmara, R. , Eugsterb, M. (2005). The recycling and disposal of electrical and electronic waste in Chinalegislative and market responses. Environmental Impact Assessment Review 25 (5) 459471. doi10. 1016/j. eiar. 2005. 04. 007. ISSN 01959255. ?Scrapping the Hi-tech Myth Computer waste in India. India Toxic s Link. February 2003. Retrieved 25 March 2011. ?Ogunseitan, O. A. , Schoenung, J. M. , Saphores, J-D. M. , and Shapiro, A. A. (2009). The Electronics Revolution From E-Wonderland to E-Wasteland. . Science 326 670671. doi10. 1126/science. 1176929. editExternal links Wikimedia Commons has media related to Electronic waste RECYCLING FROM E-WASTE TO RESOURCES (UN Environmental Program, 2009, long hundred pages) ? EMPA E-waste Guide ?World Reuse, Repair and Recycling Association ?Carroll, Chris (January 2008). High-Tech Trash. National Geographic Society. ?Disposal of Old Computer Equipment ?WEEE Forum show ?V ?T ?E Waste and waste management show ?V ?T ?E Recycling View page ratings Rate this page Whats this? Trustworthy Objective come Well-written I am highly knowledgeable about this topic (optional) Submit ratings Categories Electronic waste Create account Log in Article prattle Read Edit View history Main page Contents Featured content Current events Random article Donate to Wiki pedia Interaction servicing About Wikipedia Community portal Recent changes Contact Wikipedia Toolbox Print/export Languages Catala Cesky Dansk Deutsch Espanol Euskara Francais Italiano Nederlands Portugues Slovenscina Svenska Turkce This page was last modified on 23 August 2012 at 2031. Text is available under the Creative Commons Attribution-ShareAlike License additional terms may apply. See Terms of use for details.Wikipedia is a registered earmark of the Wikimedia Foundation, Inc. , a non-profit organization. Contact us Privacy policy About Wikipedia Disclaimers Mobile view E-waste is a popular, informal name for electronic products nearing the end of their useful life. Computers, televisions, VCRs, stereos, copiers, and telecommunicate machines are common electronic products. Many of these products can be reused, refurbished, or recycled. Unfortunately, electronic discards is one of the fastest growing segments of our nations waste stream. With the passage of the Electronic Waste Recycling Act of 2003 , certain po

Hector McDonald Zoe

Hector Archibald Macdonald was one of the most famous British soldiers of the late 19th century. He had an outstanding reputation for spectacular bravery. Sophie At the age of 15, hector MacDonald was articled in Dingwall to a draper, and when he was 17 he decided it was time to go into military life so he added a year on to his real age and he moved on to the Royal Clan Tartan and Tweed warfareehouse In Inverness . He rose rapidly through the ranks and eventually became a major- general. He first saw action and was commissioned as an officer in the SecondAfghan War in the late 1870s, then marvellous himself in the battle of Majuba Hill in South Africa 1881. Zoe After working In Britain and Ireland, he was sent to Egypt in 1884. Here he recruited and chartered a load of Sudan soldiers that he led Into several victory battles. including one of the most legendary in British history, Omdurman. In 1902 the army sent MacDonald to India to take up a regional command, but he was there fo r only a short while before beingness moved to Ceylon as Commanding Officer of British forces.Sophie But after only 11 months MacDonald was summoned and told he must return to England to answer very lumbering charges. Although details still remain unclear, MacDonald was alleged to have committed sexual acts with four Ceylonese youths or to have exposed himself In a train carriage with 70 schoolboys but there Is still so solid proof that he was even gay. Zoe The brilliant career of a national fighter aircraft came to an end on the 25th March 1903. While serving in Ceylon grave charges of homosexuality were made against him.Having been sent to England on leave he was returning to Ceylon via Paris to face a court Marshall. In his hotel he read a New York Times report of the charges against him and in despair over it went to his mode and committed suicide. Sophie After his terminal It was uncovered that he had a underground wife and son. HIS widow arranged for her husband to be b uried in secret at 6am on Monday 30th March in Dean Cemetery in Edinburgh. The public was shocked not only at the allegations but in like manner at the arrangements of the funeral.On the first Sunday after his burial 30,000 people visited the grave. People queued for up to three hours to pay their respects and there were so many flowers that the super of the cemetery refused to have any more placed. Zoe His wife Christina died in 1911 and was buried next to her husband. Their son, Hector became an engineer in North Shields. He was thought of as stern, gloomy and unsociable he never married and became excluded from his surrounding community. He died in 1951 and is buried with his parents. IOFI sofi By sofldontcareSophie At the age of 1 5, hector MacDonald was apprenticed in Dingwall to a draper, in Inverness . He rose rapidly through the ranks and eventually became a major- Afghan War in the late 1870s, then distinguished himself in the battle of MaJuba Hill Zoe After working in Br itain and Ireland, he was sent to Egypt in 1884. Here he recruited and trained a load of Sudan soldiers that he led into several victory battles, youths or to have exposed himself in a train carriage with 70 schoolboys but there is Sophie After his death it was uncovered that he had a secret wife and son. His

Political Determinants Affecting the HK Insurance Market Essay

Introduction This part of the paper leave alone analyse the external environment of HK redress market through the use of PESTEL and Five Forces analysis. PESTEL Analysis It can be noted that the HK Insurance market has always been dep interceptent on international job climate as well as its crop cycles. Consequently, the HK Insurance market has been deliberated as one of the growing industries throughout the years. The following figure shows the analysis of the political, economical, socio-cultural and technological, legal and environmental attributes and determinants affecting HK Insurance market. Figure 1 PESTLE AnalysisPolitical Economical Socio-Cultural * Taxation Policy of Hong Kong * Foreign trade Regulations * Political status and condition of Hong Kong and the global market * Product lifetime cycles * Business Cycles * Rate of unempoyment * Disposable income * Lifestyle of the target market * Income distribution * Cultural smorgasbord Technological Legal Environmental * Rapid transition in technology * Speed of technological transfer * Laws and regulations about that covers app bel industries * Following regulations in the foreign trade * Awareness of environmental protection * Existence of young ProductsOne of the political determinants that affect HK Insurance market is the diverse taxations which surrounds Hong Kong market which lead to re-imports. In this regard, the vehicles are being bought overseas, re-imported to the locale market which influence the monetary value of the product. In the period of economical issues, clients do not substitute their financial and insurance products and services offerings. On one hand, there are some insurance firms which are common in the market environment which expresses a new way of providing their services to their clients.In line with technological determinants, HK Insurance market straightaway is being quiker in line with the business standards as well as considers cultivation system for data recor ds management. In addition, so as to cope with the environmental determinants, further consolidation of the HK Insurance market is expected and consideration of insurance products must be given emphasis. Aside from PESTLE analysis, the HK Insurance market will also be analysed through the consideration of Porters five Forces model. 1.Suppliers. In the case of the insuranceindustry, speficifically in the current objectives and plans of HK Insurance market, decision-makers of the corporation must develop a clear comprehenson of the business dynamics in which employees are directly involved in. Such consider the employees concentration or and core unified interests, diversity of the products as well as the designs being offered as well as the alternative resources that are accessible for the HK Insurance market in terms of business partnerships.Hence, it is most proper to build winwin relationships with employees or permit an agreement on the use of multiple employees in array to pr otect the interests of both ends. 2. Power of BuyersThe power of clients/buyer s describes the implicate clients/buyer s/buyer ss have on an industry. When buyer power is robust, the relationship to the producing industry becomes walking(prenominal) tomarket conditions wherein the buyer has the most influence in shaping the price.In this regard, the insurance high society should be able to provide the need of their clients specifically in lique with information system. 3. New Entrants and Barriers of Entry. The plausibility of new corporations entering the industry influences the pace of the industrial competition. Therefore, the key is to analyse the entry technique as well as tone ending approach of the new player to the HK Insurance market. Although any corporation must be able to enter and exit the sector, each industry presents diverse degrees of complexity influenced by economics.In terms of insurance market. 4. Substitutes. Substitute products as those that is accessible in other industries that meet an identical or similar demand for the end user. As more substitutes become obtainable as well as price affordable, the demand becomes more elastic since clients/buyer s/buyer ss have more optonss. The threat of substitutes often implicates price-based competition since substitute products may restrict the capability of corporations within an industry to raise prices and improve margins. 5. Industry Competitors.A substantial number of corporations have developed into an essential part of the period of global competition, increasing enhancement, enhanced corporate paradigms, and corporate restructure. The continuous transition from the conventional corporate framework with its hierarchical corporations to a worldwide, knowledge-founded financial system as well as intelligent corporations demands business management to realign and relocate its techniques (Oliver, 1997). Along with the anxious marketing nowadays, corporations are faced with the challenge to sustain their own competitive edge so as to survive and be successful.Techniques and marketing tactics are carefully planned and executed to gain the ultimate goal of all corporation growth (Porter, 1990). Among the HK Insurance market player the management of each company should be able to sustain their competencies. Reference Oliver, C 1997, Sustainable competitive advantage Combining institutional and resource-Based views. Strategic Management Journal18(9) 697-713. Porter, ME, 1980,Competitive Strategy Techniques for Analyzing Industries and Competitors, waive Press, New York.

Econ 120 – Principles of Micro-Economics

ECON * one hundred twenty Principles of Micro economicals Spring 2010 I. FOUNDATIONS OF economic science A. Scarcity, Production Possibilities, Efficiency and Ex interpolate partition I. A Learning Objectives Define or explain a shape of staple fibre economic impairment and concepts. let collide with, flesh out, and apply marginal abridgment. inform, illustrate, and apply the stunnedturn possibilities sit. exempt, illustrate, and apply the law of relative advantage. 1. Life is frugals Q Is this recital true or false? Why? 2. sparing Goals and Priorities of Society, or, What does hostel want out of its providence? frugal growth/rising living standards Low unemployment/high employment Low inflation/stable values Economic equity Economic efficiency find On the individual decision-making level, the incentives that motivate economic use and excerpts argon profit(prenominal) maximization for consumers, profit maximization for evolvers/ potents, and soc ial welf be maximization for government units. 3. Economics be a) Economic Scarcity DEF Economic scarcity exists when human needs and wants exceed an economys ability to encounter them give operational preferences and under right smart applied science.DEF The four basic economic resources are labor, capital (a capital correct is a scored honourable that is used as an input in the fruit of some other unafraids and is non ready(prenominal) for flow consumption), land (energy, natural resources, raw materials and other gifts of nature) and entrepreneurial ability (the ability to recognize and beg economic opportunities, develop and produce new nighs/ operates and organize economic resources). Technology refers to the ability (establish upon a body of knowledge or set of skills) to transform resources into well behaveds and services. 1DEF An economic sincere (bad) is something that growths ( comes) an individuals utility, the economic term for well-being, happiness, satisfaction or welfare. morals Economic heartfelts kringle, DVDs and station. Economic bads garbage and pollution. CLAIM Economics is found on two axioms (self-evident truths) (i) societys material wants and needs are unlimited or insatiable (ii) economic resources and current technology are limited. annotation Physical scarcity al bingle does not convey economic scarcity. Economic groovys are both physicall(a)y and economically meagre.Economic bads, such as pollution, toxic wastes and garbage, are physically scarce besides they are not economically scarce. CLAIM Economic scarcity implies that (i) people moldinessiness contest for scarce sinceres and resources, (ii) healthys and resources must be rati geniusd by some rationing device or mechanism, (iii) survivals must be made and when choices are made, other opportunities and alternatives must be fall ind. 2 Remark Economic scarcity is about advantageously seen when a soul has to give up or sacrifice something ( in the form of silver or beat) in order to obtain much of something else.Price is a clear indicator or re testify of economic scarcity. Remark People and society in general are confronted with the following problem The Economizing hassle Attain the greatest or upper limit fulfillment of a persons or societys unlimited wants (the goal of commitoff) effrontery limited resources and technology (the nitty-gritty of payoff). Question How does unrivalled make the best or optimal choice? DEF Economics is the study of economic scarcity and how individuals and society allocate their limited resources and technology to try to satisfy their unlimited needs, wants and desires i. . , economics is the study of how best to solve the Economizing Problem. b) hazard Cost vociferation To solve the Economizing Problem, the decision-maker must make choices or decisions and so must know the value or represent of alternatives. DEF The prospect approach of a choice or decision is the value of the attached best alternative that is forgone or sacrificed when the choice or decision is made. What is the fortune damage of (or sacrifices required by) the following? taking Econ *120 or on the job(p) an extra 10 hrs/week purchase 100 shares of Microsoft stock or conducting wars in Iraq and Afghanistan developing the crude fields in Alaskas ANWR or operating a coal fired power plants Remarks (i) Opportunity court focuses on tradeoffs and so opportunity court is measured in terms of sacrificed alternatives and not unavoidably in terms of money. (ii) Opportunity cost is subjective and typically varies from person to person. (iii) The opportunity cost of an activity usually ontogenys as more of the activity is pursued.Example Suppose your employer wants to augment your work hours in increments of 2-hour stems of time. What is the opportunity cost of each additional block of time and how does the opportunity cost of each additional block of time switch? List altern atives. 1st 2-hr block of work, give up _____? 2nd 2-hr block of work, give up _____? 3rd 2-hr block of work, give up _____? 4th 2-hr block of work, give up _____? 5th 2-hr block of work, give up _____? or, 1st hour of poring over give up _____? or, 2nd hour of examine give up _____? r, 3rd hour of studying give up _____? or, 4th hour of studying give up _____? or, 5th hour of studying give up _____? 3 (iv) Differences in opportunity cost provide the basis for mutually beneficial ex variety show. Example Suppose that muck, a plumber, and Wanda, an electrician, each had 5 days of vacation time and each wanted to add a chamber and buns onto their bears. Max bunghole plumb a bathroom in 1 day and wire a chamber in 4 days Wanda posterior wire a bedroom in 1 day and plumb a bathroom in 4 days.In terms of opportunity cost OCM1 wired bedroom = 4 plumbed bathrooms OCM1 plumbed bathroom = 1/4 wired bedroom. OCW1 wired bedroom = 1/4 plumbed bathroom OCW1 plumbed bathroom = 4 wired be drooms. In five days, both Max and Wanda each could complete their house additions. How should they fade their time? Can Max and Wanda benefit from an ex limiting of some sort? Because of the differences in opportunity cost, Max should plumb both additions and Wanda should wire both additions and and consequently each would have the desired additions to their houses cocksure three extra days. Trading or exchanging 1 plumbed bathroom (one unit or day of plumbing) for in indemnification for 1 wired bedroom (one unit or day of wiring) would be mutually beneficial. Example Suppose Wilma has 20 cookies and 5 apples and Fred has 25 cookies and 10 apples. Wilma prefers apples over cookies and Fred prefers cookies over apples. Will Wilma and Fred eat the cookies and apples that they initially possess or entrust they exchange/trade? explain. 4. EconomicMethodology a) Model/Theory Building The process (i) hold abrupt economic phenomena (ii) Identify important variants (iii) submit assumptions that clarify, simplify and focus the relevant economic issues and questions being investigated (iv) State the hypothesis or propositions (v) Evaluate the validity of the propositions by proving the proposition logically and by testing the propositions against humanity or real-world evidence and, (vi) Accept the theory/ pose or reject it and reformulate the theory/model or construct a new theory/model. ) Marginal Analysis and Efficiency DEF Marginal bureau incremental or additional and refers to a teentsy change in an economic variable resulting from a unit change in some other economic variable e. g. the marginal utility of a good X, the marginal cost of a good Y, the marginal product of labor. Remark Marginal epitome evaluates and compares the marginal benefit and the marginal cost of a decision or choice and provides the solution to the Economizing Problem. 4 DEF The marginal benefit, MB, of an economic variable Q is the change in the hit benefit, ?TB, resulting from a unit change in Q) the marginal cost, MC, of an economic variable Q is the change the change in the contribute cost, ? TC, resulting from a unit change in Q) that is, MB = ? TB/? Q, and, MC = ? TC/? Q. CLAIM A rational economic decision-maker leave amplification a economic variable Q as long as the marginal benefit of that change in Q exceeds the marginal cost of that change that is, if MB (( MC at the criterion Q1 (or, MB MC at the cadence Q2), and accordingly the measure Q1 (Q2) is in cost- telling.Example Suppose that you buy a used car for $ d notwithstanding after you gain possession of the car you discover that repairs are needed to make it go and stop. The MB from suit the car is $1,000, MB = $1,000 the MC of fixing it up is $700, MC = $700. Do you spend an additional $700 to fix up and keep the car? Yes Because, the MB of having and driving the car = $1,000 $700 = the MC of having and driving the car, repair the car. The concluding benefit of repairing th e car is $ccc 0. The $ viosterol spent to buy the car is a sunk cost, a cost that has been incurred in the past and fuckingnot be changed and or ecovered. Thus, a sunk cost does not enter into the decision/choice to repair the car. Example A pizza pie place next to a residence hall on a university campus operates from 11 am to 9 pm and sells cd pizzas for $10 each during its business hours. After observing a large number of students carrying-in pizza boxes during the later(prenominal) part of the evening, a part-time pizza worker and economics student has suggested that the firm stay distribute later into the night. The student estimated the native benefits and total costs for incompatible closing times (hours of operation) and created the table below.Should the pizza place stay open later? If so, how late? What should be its closing time? That is, what is the efficacious or optimal closing time? 5 Closing Time 9 pm 10 pm 11 pm 12 am 1 am 2 am correspond Benefit, TB $4,000 $4,500 $4,900 $5,200 $5,400 $5,500 Marginal Benefit, MB Total Cost, TC $1,000 $1,100 $1,250 $1,500 $1,900 $2,500 Marginal Cost, MC Answer For the hour ending at 12 am, MB = $300 $250 = MC and so the pizza place should still be open at 12 am. For the hour ending at 1 am, MB = $200 $400 = MC and so it doesnt pay to be open until 1am.Thus, the firm should close somewhere among 12 am and 1 am. Formally, the efficient o r optimal closing time is somewhere between 12 am (midnight) and 1 am, at which point MB = MC. diagrammatically c) Microeconomics vs. Macroeconomics DEF Microeconomics is the study of (i) economic decision-making by the individual consumer, firm or political unit, (ii) the storage allocation of resources and the determination of footings and output in specific commercialises and industries, (iii) the distribution of income in society, and, (iv) mart structures. DEF Macroeconomics is the study of conomic aggregates or totals such as Gross Domestic Product (GDP ), home(a) income, national employment/unemployment, economic growth, the footing level/inflation, interest rates, the money run, total consumption, total investment, govt. spending, total spending, industrial capacity, and trade/budget deficits. Remark Microeconomics focuses on the decision-making of the individual economic agent (a person, firm, or governmental unit) and the small individual parts of the economy. Macroeconomics focuses on the whole economy and the sum of its individual parts. 6 d) positively charged vs.Normative Economics Positive economics is descriptive and predictive and investigates what was, what is and what will be and is value free (does not depend on ones value system or ghostly beliefs). Normative economics is prescriptive and investigates what should be it evaluates the desirability of economic decisions and policies using value judgements and depends upon ones moral code or religious beliefs. e) Fallacy of Composition Claim What is true for a singl e economic agent (individual consumer or manufacturer) is not ineluctably true for the economy as a whole.Examples the balance budget amendment 15% wage increase for one person vs. everyone. f) Assumptions in Economics Remark Assumptions simplify and distill the real world into its basic component parts in order to obtain a better understanding of the basic structure of an economy and its parts and the fundamental relationships separates the wheat from the chaff. Assumption ceteris paribus or all other things held invariable or nothing else changes. g) Causation vs.Correlation DEF Correlation (or association) occurs when two variables are related in some systematical and dependable way the variables change together but a change in one variable does NOT necessarily cause a change in the other. Causation occurs when a change in one variable causes a change in the other. Remark Economic analysis focuses on causation, not correlation. The ceteris paribus assumption simplifies the a nalysis and enables one to determine and understand the causal relationships between variables Remark Unintended set up generally expatiate economic analysis.For example, installing and using seatbelts and airbags are intended to reduce traffic deaths and injuries. But, despite the presence of these resort devices, the number of traffic accidents and deaths and the severity of traffic accident injuries initially increase insteatimed. Why? The greater safeguard offered by these devises in auto crashes actually encouraged greater highway speeds and reckless(prenominal) and risky driving, all of which tend to increase the number of accidents and traffic deaths and injuries.Seatbelts and airbags do not cause more traffic deaths and injuries, but these variables are correlated or related in a systematic way. h) Teakettle and Table Problem 7 5. The Production Possibilities Frontier (Curve) Model a) Definitions and Properties of the PPF Model DEF The Production Possibilities Frontier, PPF (or Curve, PPC) shows the different confederacys of goods and services that an economy can produce addicted over the efficient use of available fixed resources and current technology. Example Consider the Guns Butter PPF below.If the economy is operating at point C and producing 370 units of guns, then the upper limit cadence of cover that the economy can produce using its technology and available resources efficiently and in full is 200 units. Alternatively, if the economy is producing 400 units of butter, the maximum amount of guns it can produce is 200 units. Remark Construct your own PPF can you work 20 hours per week and achieve a 3. 67 (A) gpa? Alternatively, construct the PPF for the U. S. for health care and cell phones or for food and energy (should we grow lemon yellow and sugar to eat or to make biofuels? . Remark The PPF model can be used to illustrate three basic concepts (i) the opportunity cost of a good (ii) the law of increasing opportunity cost in the case of a concave outward PPF and (iii) economic efficiency (productive efficiency, full employment and allocative efficiency). DEF Productive (technical) efficiency is achieved when presumptuousness quantities of goods are produced in the least pricy way, or equivalently, when employed resources produce the maximum possible output of goods and services. Full employment is achieved when all available resources are employed. Remark.Productive efficiency and full employment are achieved at output combinations that lie on the PPF. Inefficiency occurs at output combinations that lie inside the PPF (resources or technology are each not being fully or efficiently used). Unattainable output combinations lie outside the PPF. 8 DEF Allocative efficiency is achieved when the economy is producing the combination of goods most desired by society. Remark Which point on the PPF that is best depends upon societys preferences and thereby becomes a normative issue. In the PPF below, is point C be tter than point D or is D better than C?Democrats and Republicans have different perspectives on which combination of butter and guns is best. Claim. Moving from one efficient output allocation (point on the PPF) to another requires a transfer of resources from the intersection of one good to another. Consequently, when more guns are produced, less of butter can be produced the opportunity cost of an increase in the production of guns is the resulting reduction in the production of butter. Furthermore, the peddle of the PPF at a point shows the opportunity cost of one additional unit of good X as measured in terms of the other good Y.That is, the shift indicates how much of good Y must be sacrificed in order to obtain one additional unit of good X. Graphically (see above chart) Points A, B, C, D, E and F represent three different combinations of guns and butter that the economy can produce when using all of its resources in a technologically efficient manner. When all resource s and technology are used to produce butter, 500 units of butter can be produced but zero units of guns can be produced (pt. F). At whatsoever point on the PPF, the economy must sacrifice some guns to obtain more butter.Point G is ineffective because more of either or both goods can be produced in this case, the opportunity cost of either good is zero. b) Constant Opportunity Costs and the analogue PPF Model DEF A resource is specialized if it is not completely adaptable to alternative uses or cannot easily be substituted for another resource in the production of some good. Claim If resources used in the production of goods X and Y are non-specialized or suddenly substitutable, then the opportunity costs are constant and the PPF is linear.That is, if the opportunity cost of a good X (as measured in terms of another good Y) is constant, then the same step of Y must be sacrificed for each additional unit of X, irrespective of the quantity of X produced, and so the PPF is linear (a drinkward sloping straight line). Example Assume that a farmer has 80 acres of land (of uniform fertility) and given quantities of other economic resources (labor, capital and entrepreneurial ability) with which to produce either give or soybeans. On each acre of land, the farmer can produce either 100 bu. f corn whiskey or 50 bu. of soybeans. The opportunity cost of one bu. of soybeans is 2 bu. of corn and the opportunity cost of one bu. of corn is 1/2 bu. of soybeans. The farmer changes the combination of corn and soybeans produced by changing the number of acres planted in corn or soybeans. Non-specialized Resources Linear PPF Production hazard inscription Possible Output Combinations A B C D E 0 2000 4000 6000 8000 4000 3000 2000 kilobyte 0 Corn Soybeans 9 Note At pt. A, all acres are in soybeans. At pt. B, 20 acres are in corn and 60 acres are in soybeans.At pt. C, 40 acres are in corn and 40 acres are in soybeans. At pt. D, 60 acres are in corn and 20 acres are in soybe ans. At by E, all acres are in corn. Remark The opportunity cost of 4000 bu. of soybeans is 8000 bu. of corn the opportunity cost of 8000 bu. of corn is 4000 bu. of soybeans. The opportunity cost of 2000 of corn is 1000 bu. of soybeans whereas the opportunity cost of 3000 bu. of soybeans is 6000 bu. of corn. Remark At either point on the PPF, the opportunity cost of one additional bu of corn is 1/2 bu. of soybeans = slope of the PPF i. . , OCcorn = ? bu. of soybeans per bu. of corn. Likewise, the opportunity cost of one additional bu of soybeans is 2 bu of corn = 1/slope of the PPF i. e. , OCsoybeans = 2 bu. of corn per bu of soybeans = 1/(1/2) bu of corm per bu. of soybeans. Note that ? soybeans/? corn = slope of PPF can be written as (i) ? soybeans = slope ? ?corn, or, (ii) ? corn = ? soybeans/slope. Thus, if ? corn = 1, then ? soybeans = slope of PPF ? ?corn = ? ? 1 bu = ? bu, or, OCcorn = ? bu of soybeans. Likewise, if ? soybeans = 1 bu. , then ? corn = ? oybeans/slope = 1 bu. /(? ) = 2 bu. , or , OCsoybeans = 2 bu of corn. b) increase Opportunity Costs and the Concave-outward PPF Model The lawfulness of change magnitude Opportunity Cost When resources are specialized, increased production of a good X comes at increased opportunity cost. That is, as the production of a good X increases, the quantity of a good Y that must be sacrificed for each additional unit of good X increases. Claim The Law of Increasing Opportunity Costs and specialized resources are be by a concave outward PPF.A movement down on a concave outward PPF implies that the opportunity cost of X is increasing. Remark close to economic resources are specialized in the production of some good and so PPFs are most often drawn bowed outward. 10 Specialized Resources Concave Outward PPF Production Possibility Schedule Possible Output Combinations A B C D E Good X (butter) 0 100 200 300 400 Good Y (guns)400 400 395 370 315 200 F 500 0 Examples Given pt. B, the opportunity cost of 100 additi onal units of good X (butter) is 25 units of good Y (guns). At pt. C = (200X,370Y), suppose the slope of the PPF at C is OCX = ? 0. 5, then the opportunity cost of one additional unit of X (butter) is 0. 5 units of good Y(guns) alternatively, the opportunity cost of one additional Y is 2X. I. e. , at pt C, OCX = ? Y and OCY = 2X. At pt. D = (300X,315Y), suppose the slope of the PPF at D is 0. 8. The opportunity cost of one additional unit of X is 0. 8 units of good Y and the OC of one additional Y is 1/0. 8 = 1. 25 units of X. Formally, recall that ? Y/? X = slope of PPF. So, at pt D, slope = ? Y/? X = 0. 8, which can be rewritten as either (i) ? Y = 0. 8 ? ?X, or, (ii) ? X = ? Y/0. 8. So, at pt. D, if ?X = 1 (good X increases by 1 unit from 300 to 301 units of X), then good Y must be accrued by approximately 0. 8 units. That is, given ? X = 1 unit, it follows that ? Y = slope ? ?X = 0. 8 ? ?X = 0. 8 ? 1 unit, or OCX = 0. 8 units of Y. Likewise, at pt. D, if ? Y = 1 (good Y increas es by 1 unit from 315 to 316 units of Y), then good X must be decreased by approximately ? X = 1/(0. 8) = 5/4 units. That is, given ? Y = 1 unit, it follows that ? X =? Y/0. 8 = 1 unit/0. 8 = 1 unit/(4/5) = 5/4 units = 1. 25 units, or OCy = 1. 25 units of X. Similarly, if at pt. E the slope = 1. , then OCX = 1. 5 Y = 3/2 Y and OCY = 2/3 X = 0. 67 X. 11 d) bring ups of the PPF Claim Shifts of the PPF are caused by changes in the quantities available resources L or K ? PPF shifts from PPF1 to PPF2. changes in technology TechX ? PPF shifts from PPF2 to PPF3. changes in capital good vs. current consumption good choices Examples Remark An economic recession, a decrease in national real output for six or more months, is represented by a movement to a point inside the PPF and not an inward shift of the PPF, because in a recession not all resources (e. g. labor and capital) are fully or efficiently employed. 6. Choices and the PPF a) Choices Claim Any society must decide (i) What, how much and when to produce. (ii) How to produce (production technology) and distribute goods (allocation mechanism). (iii) For whom to produce, how to divide the economic pie. b) An Illustration Present Choices, forthcoming Possibilities and the PPF Model Claim A choice of someer capital goods and more current consumption goods implies small future(a) increases (outward shifts) of the PPF, less capital accumulation, slower economic growth and smaller increases in living standards.In other words Party now, pay later. Pay now, party much more later. 12 Graphically rent wisely 7. Opportunity Cost, Comparative Advantage and Exchange (See Arnold, pp. 457-62). DEF A(n) nation, firm or individual has a comparative advantage (CA) in the production of a good X if it can produce good X at a lower opportunity cost than can any other nation, firm or individual. A(n) nation, firm or individual has an sacrosanct advantage in the production of a good X if it can produce more of good X with a given amount of resources than can any other nation, firm or individual.CLAIM Every country has a CA is the production of at least one good. CLAIM If nations, firms or individuals specialize in the production of the good in which they have a comparative advantage and engage in free, unrestricted trade (exchange), then total production will increase and exchange/trade can result in mutual gain for every nation, firm or individual. Remark Specialization based on comparative advantage and free trade implies that a nation can consume outside its economys PPF and that self-sufficiency breeds inefficiency. An Example of Comparative Advantage and Mutual collect Given Wilma and Fred, computers and pizza, 100 units of labor, and linear PPFs. Wilma can produce either 50 comps or 1000 pizzas ? 1 comp ? 20 pizzas ? OCWcomp = 20 pizzas and OCWpizza = 1/20 comp Fred can produce either 20 computers or 900 pizzas ? 1 comp ? 45 pizzas ? OCFcomp = 45 pizzas and OCFpizza = 1/45 comp 13 Hence, Wil ma has a CA in computers because OCWcomp = 20 pizzas 45 pizzas = OCFcomp, and, Fred has a CA in pizza because OCFpizza = 1/45 comp 1/20 comp = OCWpizza. Remark.Even though Wilma has an absolute advantage in the production of both pizza and computers, Fred still has a comparative advantage in the production of one of the goods. (i) Autarky Initial no trade production and consumption Labor parceling Wilma 50% on comps 50% on pizza Fred 50% on comps 50% on pizza Totals Production 25 comps 500 pizzas 10 comps 450 pizzas 35 comps 950 pizza Consumption 25 comps 500 pizzas 10 comps 450 pizzas 35 comps 950 pizza (ii) Mutual Gain from strong point and free trade. Fred and Wilma each distinctiveness in the production of the good in which they hold a comparative advantage.Labor Allocation Wilma 80% on comps 20% on pizza Fred 0% on comps 100% on pizza Totals Production 40 comps 200 pizzas 0 comps 900 pizzas 40 comps 1100 pizza 1 Trade 15 comps +425 pizzas +15 comps 425 pizzas 1 Cons Alloca tion 25 comps 625 pizzas 15 comps 475 pizzas 2 Trade 12 comps +360 pizzas +12 comps 360 pizzas 2 Cons. Allocation 28 comps 560 pizzas 12 comps 540 pizzas Remark. Note that all-or-nothing peculiarity for both Wilma and Fred is not required to establish the result. This is true in general as well.Remark The mutually harmonized terms of trade, or mutually beneficial equipment casualty, for one good X as measured in terms of the other good Y is established between the opportunity costs of good X of each individual/country. That is, OCWcpu = 20 pizzas terms of trade (tot) 45 pizzas = OCFcpu, or, OCWpizza = 1/20 computer 1/(tot) 1/45 computers = OCFpizza. 14 In the above example, Wilma trades away 12 computers in exchange/return for 360 pizzas and so the terms of trade, tot, are 1 computer for 30 pizzas i. e. , the tot or monetary value of 1 computer = 30 pizzas.Hence, total (world) production and consumption are both greater under specialization and free trade than under autarky. Mutual gain results because Fred and Wilma each consume more of both goods. That is, specialization and free trade leads to an allocation that is Pareto superior to autarky. DEF An allocation A is Pareto superior to an allocation B if no person is worse off at allocation A than at allocation B and at least one person is better off at allocation A than at allocation B. An allocation C is Pareto efficient (Pareto optimal) there does not exist an allocation D that is Pareto superior to allocation C.That is, allocation C is Pareto optimal if it is impossible to find another allocation D that makes one person better off without making someone else worse off. The concept of Pareto efficiency is attributed to Vilfredo Pareto, a late nineteenth early 20th century Italian economist. Graphically The specialization and free trade consumption jam (EW, EF) = ((560 pizza, 28 comps), (540 pizza, 12 comps)) is Pareto superior to the autarky consumption bundle ((500 pizza, 50 comps), (450 pizza, 10 comps)) because, compared to autarky, at least one person is better off and no one is worse off (in this case, both Fred and Wilma are better off). 5 ECON *120 Principles of Microeconomics I. FOUNDATIONS OF ECONOMICS B. guide Section I. B Learning Objectives Explain and strike off the quantity requiremented of a good and the motivation for a good Explain, illustrate, and apply the law of essential and the learn deflect Explain and illustrate the effects of changes in the determinants of choose (a. k. a. , non-own damage factors or imply shifters) Explain and illustrate the effects of revenue enhancementes and subsidies on call for 1. Definitions DEF take aim represents the behavior f the consumer and the relationships between the quantities of a good an individual consumes and other factors such as the goods value, the consumers income, the consumers tastes and preferences, the values of goods related in consumption (substitutes and complements), expectations, g overnment policies (taxes and subsidies), and the number of consumers. DEF The quantity postulateed of a good X, QXd, is the specific quantity of good X that a consumer is automatic and able to obtain at a particular expense.DEF The drive tailor, DX, shows the maximum quantity strikeed of good X, QXd, by a consumer at each possible price in a serial of prices for good X, ceteris paribus alternatively, it shows the maximum price that a consumer is instinctive and able to pay for each possible quantity rented of good X, QXd, in a series of quantities for good X, ceteris paribus. Remark invite is represented by the entire involve twist around. The quantity selected is represented by a single point on the contain wrencha particular price and quantity pair. 2.The Law of Demand The Law of Demand the quantity demanded of a good X, QXd, varies inversely with the price of good X, PX, ceteris paribus i. e. , PX(v) ? QXdv() and so the demand curve is downward sloping. 16 A br ief explanation of the notation The expression PX(v) ? QXdv() is a form of symbolic shorthand, which will appear frequently in the speech communication notes. The specifics outside the parentheses are associated with each other and the items within parentheses are associated with each other. Thus, the above expression can be separated and re-written as two separate expressions PX ?QXdv, and, PXv ? QXd. The expression PX ? QXdv reads an increase in the price of good X, PX, causes a decrease in the quantity demanded of good X, QXd. Similarly, the expression PXv? QXd reads a decrease in the price of good X, PX, causes an increase in the quantity demanded of good X, QXd. Thus, the initial expression PX(v) ? QXdv() states that an increase in the price of good X, PX, implies or causes a decrease in the quantity demanded of good X, QXd, and a decrease in the price of good X, PX, implies or causes an increase in the quantity demanded of good X, QXd.CLAIM The Law of Demand is based on (i ) substitution and income effects and (ii) the Law of Diminishing Marginal Utility. intuitively The income effect is the change in the quantity demanded of a good X, QXd, caused by a change in the purchasing power of a consumers income, a. k. a. real income, which results when the price of good X, PX, changes, i. e. , PX(v) ? purchasing power v () ? QXdv() The substitution effect, SE, is the change in the quantity demanded of a good X, QXd, caused by a change in the relative price of X (and while holding real income constant).PX(v) ? the consumer substitutes the relatively cheaper good Y (X) in ? QXdv() place of the relatively more expensive good X (Y) Assumption A consumers total utility or happiness can be measured in terms of utils. DEF The marginal utility of a good X, MUX, is the increase in total utility, TU, (satisfaction, happiness) that a consumer derives from the consumption of an additional unit of good X, ceteris paribus MUX = ? Total Utility/? QX = ? TUX/? QX.The Law o f Diminishing Marginal Utility (LDMU) states that the marginal utility derived from the consumption of a good X decreases (increases) as the quantity of good X consumed increases (decreases), ceteris paribus, i. e. , MUXv() as QX(v) Remark The LDMU implies that as the quantity consumed of a good increases, the price a consumer is involuntary to pay for those additional quantities decreases QX(v) ? MUXv() ? the price the consumer is willing to pay v().In the D2L Interactive Graphs section, beat on the link Demand Schedule & Curve to see the interactive interpret An Example of a Demand Schedule and Demand Curve. 17 3. Determinants of Demand (Non-own Price Factors or Demand Shifters) Remark An increase in demand means that at any given price, consumers are willing and able to buy a larger quantity of the good, or, alternatively, that at any given quantity, consumers are willing and able to pay a higher price per unit.A decrease in demand means that at any given price, consumers are willing and able to buy a smaller quantity of the good, or, alternatively, that at any given quantity, consumers are willing and able to pay a lower price per unit. Claim Movements vs. Shifts. Changes in a goods own price, PX, cause changes in the quantity demanded of X, QXd, and movements along the good X demand curve, DX. Changes in the determinants of demand (a. k. a. the non-own price factors or shifters of demand) cause changes the demand for good X, DX, and shifts of the entire demand curve, DX.Example A decrease in the price of gas, Pgas causes an increase in the quantity demanded of gas, Qgasd, and a downward movement along the demand curve for gas because Pgas is the own price of gas. In contrast, the same change in Pgas causes an increase in the demand for SUVs and an outward or upward(a) shift of the SUV demand curve because Pgas is a non-own price factor with respect to SUV demand. In the D2L Interactive Graphs section, click on the link An Increase/Shift in Demand to s ee the interactive graph An Explanation of an Increase in Demand and a Shift of the Demand Curve. a) Tastes and preferences Tastes and preferences for good X (v) ? DX(v), the demand curve shifts up/right (down/left). An increase in preferences implies that at any given price, say P1, the consumer is willing and able to buy a greater quantity, Q2d instead of Q1d. Or equivalently, at any given quantity, Q1d, the consumer is willing and able to pay a higher price, P2 instead of P1. 18 Examples summer vacation travel ? the demand for gasoline increases, DX shifts up/right tornado destruction in the Midwest ? he demand for lumber increases, DX shifts up/right mad cow disease ? demand for McDonalds hamburgers decreases (DX shifts down/left) and demand for chicken sandwiches (good Y) increases (DY shifts up/right) medical studies change the demand for various goods (cigarettes, bran, mercury, etcetera ) b) Consumer income normal and inferior goods DEF A good X is a(n) normal (inferior ) good if an increase in the consumers income I increases (decrease) the demand for good X, ceteris paribus i. e. , Normal good I (v) ? DX(v) Inferior good I (v) ?DXv() 19 Remark Whether a good is normal or inferior depends upon an individuals preferences and tastes. Goods such as computers, new cars, eating out and jewelry are typically considered normal goods whereas goods such as pasta, potatoes, hotdogs, beer and the Bible. c) Prices of goods related in consumption substitutes and complements DEF ii goods, X and Y, are substitutes (complements) in consumption if an increase in the price of good Y, PY, increases (decreases) the demand for good X, DX, ceteris paribus i. . , X and Y are substitutes PY(v) ? DX(v). X and Y are complements PY(v) ? DXv(). Examples Complement goods beer and pizza, gasoline and cars, staples and staplers, and computers and software, printers and printer cartridges, shoes and socks. Substitute goods Pepsi and Coke, sub sandwiches and hamburgers, tea an d coffee, ice cream and frozen yogurt, and staples and paperclips. Example If jelly and peanut butter are complements in consumption, then Pjelly(v) ? Qdjellyv() ? Dpeanut butterv().In this example, an increase in the price of jelly, Pjelly, decreases the quantity demanded of jelly, Qdjellyv, which then (because consumers are buying less jelly) decreases the demand for peanut butter, Dpeanut butterv and shifts the demand curve for peanut butter down and to the left when the intercede step is removePjelly ? Dpbv . 20 Example If coffee and tea are substitutes in consumption. Then Pcoffee(v) ? Qdcoffeev() ? Dtea(v). d) Expectations about future income, prices, and availability of goods. e) Government policies (taxes and subsidies).Remark An chafe tax ( support) on the consumption of a good shifts the effective demand curve vertically down (up) by the amount of the tax (subsidy). Graphically An excise tax on consumption and the effective (after tax) demand curve. 21 Example A $0. 50 e xcise tax shifts the effective demand curve down vertically by $0. 50 from the perspective of the producer because of the tax, the maximum price consumers are willing and able to pay producers (again, from the producers perspective) for Q0 = 100 units falls from $2. 25 to $1. 75. Consumers still pay the archetype $2. 25 but after the tax is imposed, producers receive $1. 5 and the rest goes to the government. Graphically An excise subsidy on consumption and the effective (after subsidy) demand curve. Example From the perspective of producers, an excise subsidy increases the maximum price consumers are willing and able to pay and so shifts the demand curve up vertically by $1. f) Number of consumers (v) ? DX(v) Remark Follows directly from the derivation of the grocery store demand curve (next page). In the D2L Interactive Graphs section, click on the link Examples of Changes in Demand to see the interactive graph Determinants of Demand and Shifting the Demand Curve. Please note th e remark about the incorrect scripting of one of the cases of a demand change. 22 4. The commercialize Demand Curve Claim The commercialize demand curve is the horizontal summation of the individual demand curves of all consumers. Graphically 23 ECON *120 Principles of Microeconomics I. FOUNDATIONS OF ECONOMICS C. issue Section I. C Learning Objectives Explain and differentiate the quantity supplied of a good and the interpret for a good Explain, illustrate, and apply the law of make out and the supply curve Explain and illustrate the effects of changes in the determinants of supply (a. k. a. nonown price factors or supply shifters) Explain and illustrate the effects of taxes and subsidies on supply 1. Definitions DEF Supply represents the behavior of the producer and the relationships between the quantities of a good a firm produces and other factors such as the goods price, technology, prices of inputs, prices of goods related in production, expectations, government polic ies (taxes and subsidies), the number of producers. DEF The quantity supplied of a good X, Qs, is the specific quantity of good X that a producer is willing and able to produce and make available for sale at a specific price.DEF The supply curve for a good X, SX, shows the maximum quantity supplied of good X by a producer at each possible price in a series of prices, ceteris paribus alternatively, it shows the nominal price per unit that a producer must receive (or is willing to film) for each possible quantity of a good X in a series of quantities, ceteris paribus. Remark Supply is represented by the entire supply curve the quantity supplied at a specific price is represented by a single point on the supply curvea particular price and quantity pair. 2.The Law of Supply The Law of Supply the quantity supplied of a good, Qs, varies positively with the goods price P, ceteris paribus i. e. , P(v) ? Qs(v) and so the supply curve is upward sloping. 24 CLAIM The Law of Supply and the up ward sloping short run (SR) supply curve are based on the Law of Increasing Opportunity Costs. As the quantity supplied/produced increases, more inputs or resources must be used. Because inputs experience increasing opportunity cost, the opportunity costs of additional inputs increase thereby increasing the per unit cost of producing additional output.Producers must receive a higher price in order to cover the higher costs of production. 3. Determinants of Supply (Non-own price factors or supply shifters) Remark An increase in supply means that at any given price, producers are willing and able to produce a larger quantity of the good, or, alternatively, that at any given quantity, producers are willing and able to accept a lower price per unit. A decrease in supply demand means that at any given price, producers are willing and able to producer a smaller quantity of the good, or, alternatively, that at any given quantity, producers must receive a higher price per unit.Remark Moveme nts vs. Shifts. Changes in the goods own price cause changes in the quantity supplied of good X, QXs, and movements along the supply curve. Changes in the determinants of supply (the non-own price factors) cause changes in supply of good X, SX, and shifts of the entire supply curve, SX. a) Production technology Tech (v) ? S(v) 25 b) Input prices/resource costs Input prices (v) ? Sv() Graphically c) Prices of goods related in production substitutes and joint products DEF deuce goods/products, X and Y, are substitutes in production if PY(v) ? SXv().Two goods/products, X and Y, are joint products if PY(v) ? SX(v) X and Y are substitutes in production PY(v) ? QsY(v) ? SXv(). X and Y are joint products PY(v) ? QsY(v) ? SX(v). Example of Joint Products Beef and slash (Other examples Donuts and donut holes, electricity and wall board/gypsum). Example of Substitutes in Production Kringle and donuts. (Other examples Jockey sweatshirts and T-shirts, SUVs and pickups, corn and soybeans. ) 26 d) Expectations with respect to. Inventories, future prices (of both inputs and output) and resource availability ) Government policies (taxes, subsidies and regulations) Remark An excise tax (subsidy) on production shifts the effective supply curve vertically up (down) by the amount of the tax (subsidy). Graphically An excise tax on production and the effective (after tax) supply curve. Graphically An excise subsidy on production and the effective (after tax) supply curve. 27 f) Number of producers 4. The Market Supply Curve Claim The market supply curve is the horizontal summation of the individual supply curves of all producers/firms. Graphically 28 ECON *120 Principles of Microeconomics I. FOUNDATIONS OF ECONOMICS D.Market Equilibrium Section I. D Learning Objectives Explain and illustrate a market vestibular sense quantity and price Explain and illustrate market disequilibrium (shortage or surplus) Explain and illustrate the functions of market prices Explain and illustra te the effects of changes in the determinants of demand and supply on the market equilibrium quantity and price 1. Definitions DEF A market equilibrium is a price P* and a quantity Q* such that at P* the quantity demanded equals the quantity supplied, Qd = Q* = Qs. DEF A surplus exits at a price P1 if Qd Qs at P1. A shortage exits at the price P2 if Qd Qs at P2.Remark Intuitively, a market equilibrium exists when market forces (demand and supply) are balanced and there is nothing that causes a change in the market price or quantity of a good. Illustrations a marble at the bottom of a bowl. Remark At a market equilibrium quantity and price, Q* and P*, the quantity demanded, Qd, equals the quantity supplied, Qs, equals Q* (Qd = Q* = Qs) at P*. At a market equilibrium, demand DOES NOT EQUAL supply i. e. , it is NOT the case that D = S. To state that D = S means that the demand curve is identical to the supply curve, which clearly is an incorrect statement 9 2. The Functions of Prices Claim Prices evasive action a critical role in competitive markets (i) Prices are flexible and adjust to clear the market prices ensure internal consistency by coordinating the production and consumption plans made independently by producers and consumers. DEF The price adjustment mechanism at a price P0, Qd ( Q0* = Qs at P0* ? P(v) as consumers efficacious tender up (down) prices ? Qdv along D1 from Q1 and Qs along S0 from Q0* (Qd along D1 from Q1 and Qsv along S0 from Q0*) until Qd = Q1* = Qs at P1*. Graphically Dv and S constant ? P*v and Q*v. 30Examples Be able to work through changes in preferences, income for normal goods (e. g. , cell phones and computers) and inferior goods (e. g. , hotdogs and pasta) prices of substitutes (e. g. , tea and coffee, Coke and Pepsi, staples and paperclips), prices of complements (beer and brats, staples and staplers, computers and floppy disks), etc. For the case of an increase in demand, see with the interactive graph Demand Increase & Mar ket Clearing, which is available on the D2L ECON 120 website. b) S(v) and D constant ? P*v() and Q*(v). Remark S(v) from S0 to S1 ? surplus (shortage) is created at the initial equilibrium price P0*, i. e. , Qd = Q0* Q1 = Qs at P0* ? Pv() as consumer bid down (up) price ? Qd along D0 from Q0* and Qsv along S1 from Q1 (Qdv along D0 from Q0* and Qs along S1 from Q1) until Qd = Q1* = Qs at P1*. Graphically Sv and D constant ? P* and Q*v. For the case of an increase in supply, see with the interactive graph Supply Increase & Market Clearing, which is available on the D2L ECON 120 website. Examples Be able to work through changes in technology, input prices or resource costs (e. g. , wages, pizza toppings, energy), prices of substitutes in production (e. . , kringle and donuts, corn and soy beans), prices of joint products (donuts and donut holes, hamburger charge and leather, electricity and bricks). c) Simultaneous changes in D and S Claim When demand and supply change simultaneously , then the change in the equilibrium price and quantity demand upon the magnitudes of the change in demand and supply. quaternion cases exist 31 (i) (ii) (iii) (iv) D and S ? Q* and the change in P* is indeterminate D and Sv ? P* and the change in Q* is indeterminate Dv and Sv ? Q*v and the change in P* is indeterminate Dv and S ? P*v and the change in Q* is indeterminateGraphically Case (i) D and S ? Q*, P* may increase, remain constant, or decrease (? P* ). Or, equivalently Work through the remaining cases on your own 32 ECON *120 Principles of Microeconomics I. FOUNDATIONS OF ECONOMICS Section I. E Learning Objectives Explain and illustrate consumer surplus and producer surplus Explain and illustrate total benefit and total cost Explain and illustrate the efficiency of a competitive market equilibrium for a pure hole-and-corner(a) good Explain and illustrate the effects of price controls, taxes and subsidies and the resulting deadweight losings E.Applications 1. Consumer an d Producer Surplus Recall The Marginal Benefit, MB (Marginal Cost, MC) of a good Q is the increase in total benefit, TB (cost, TC) resulting from a unit increase in Q i. e. , MB = ? TB/? Q (MC = ? TC/? Q). Claim Because the maximum price a consumer is willing and able to pay for an additional unit of a good is based upon the consumers MB from consuming that additional unit, the demand curve represents the marginal benefit derived from the consumption of the good.Likewise, because the borderline price a producer is willing and able to accept for an additional unit of a good is based upon the producers MC from producing that additional unit, the supply curve represents the marginal cost incurred from the production of the good. Thus, the demand (supply) curve can be used to measure a consumers (producers) economic welfare at a given quantity. CS (PS) is used to measure the change in consumer (producer) welfare resulting from a change in the price and quantity and of a good consumed b y consumers (produced by producers).DEF Consumer Surplus, CS, is the difference between the price that a consumer is willing and able to pay and the price the consumer must actually pay in the market. 33 Remark CS at a quantity Q1 is the difference between the total benefit of the consumer at Q1 (represented by the airfield under the demand curve between 0 and Q1 or the battleground of 0abQ1) and consumer total expenditures at Q1 (= P1? Q1 or the arena of 0cbQ1). Thus, CS at Q1 represents the net benefits of consumers and is illustrated by the state between the demand curve and the market price line.DEF Producer Surplus, PS, is the difference between the price that a producer is willing and able to accept and the price the producer actually receives for that good in the market. Remark PS of a given quantity Q1 is the difference between the total revenue of the producer at Q1 ( = P1? Q1 or the area of 0cbQ1) and the total cost at Q1 (represented by the area under the supply curve between 0 and Q1 or the area of 0dbQ1). Thus, PS at Q1 represents the net benefits of producers at Q1 and is illustrated by the area between the supply curve and the market price line.Remark For consumers, a price increase (decrease) lowers (raises) consumer surplus CS. The los (gain) of CS measures the decrease (increase) in consumer economic welfare. For prioducers, a price increase (decrease) raises (lowers) producers surplus PS. The gain ( privation) of PS measures the increase decrease) in producer economic welfare. 34 Recall The Total Benefit, TB (Total Cost, TC) at a given quantity Q1 is represented by the area under the MB (MC) curve between 0 and the quantity Q1. In the graph below, TB at Q1 = area abQ10 and TC at Q1 = area deQ10. Similarly, TB at Q2 = area acQ20 and TC at Q2 = area dfQ20.Remark The change in TB caused by a change in Q is given by the area under the MB curve for that change in Q. For example, given an increase in Q from Q1 to Q2, the increase in TB = ? TB = area bcQ2Q1. Likewise, given an increase in Q from Q1 to Q2, the increase in TC = ? TC = area efQ2Q1. Remark At a given quantity, Q1, the economic gain to consumers and producers at the market equilibrium is represented by the Total Surplus or Net (Social) Benefit = net benefit of consumers + net benefit of producers = CS(Q1) + PS(Q1) = TB(Q1) TC(Q1) = area abd in the graph below. 35 2.Market Equilibrium and Efficiency in the Private Good MB/MC Model DEF A good is a pure private good if there are no external benefits or costs from the consumption or production of that good and so Dmkt = MB = ? iMBi and Smkt = MC = ? jMCj. DEF In a market, the quantity Q* is efficient if the maximum price consumers are willing and able to pay per unit for Q*, which represents the marginal benefit to consumers or consumers price equals the minimum price producers are willing and able to accept per unit for Q*, which represents the marginal (opportunity) cost to producers or producers price.That is, the quantity Q* is (socially or economically) efficient if MB = MC at Q*. Claim (The First Fundamental Theorem of eudaimonia Economics) In a market for a pure private good, the market equilibrium quantity is efficient, provided that certain(prenominal) technical conditions are satisfied i. e. , at the market equilibrium Q* and P*, P* = MB(Q*) = MC(Q*). Remark In other words, net social benefit is maximized at Q*. In addition, if at a quantity Q0, MB ) MC, then Q0 is inefficient and a deadweight loss, DWL, (also know as a welfare cost or loss in efficiency) is imposed upon society.The DWL at Q1 (Q2) is represented below by the area bce (cgh). Remark The quantity Q1 is inefficient because MB(Q1) MC(Q1) similarly, the quantity Q2 is inefficient because MB(Q2) MC(Q2). At Q1 (Q2), society can be made better off by producing one more (less) unit of Q. Increasing Q from Q1 to Q* increases social welfare by the amount DWL at Q1 = area bce = ? TB ? TC = area beQ*Q1 area ecQ*Q1. Altern atively, decreasing Q from Q2 to Q* increases welfare by DWL at Q2 = area cgh = ? TB ? TC = area Q*chQ1 area Q*cgQ1. 3.Price Controls DEF A price ceiling is a maximum legal price that a producer/ vender may charge for a good or service a price ceiling, Pc, is effective all if it is below the market equilibrium price (Pc P*mkt). A price floor is a minimum price, fixed and supported by the government, that a producer/seller can receive for a good or service a price floor, Pf, is effective only if Pf P*mkt. 36 Claim At a price floor Pf, the quantity supplied in the market, Qsmkt, is inefficient and the good is overproduced (i. e. , Qsmkt Q*mkt) because t Qsmkt, the maximum price consumers are willing and able to pay per unit for Qsmkt is less than the minimum price producers are willing and able to accept per unit for Qsmkt. That is, at Qsmkt, MB MC and so Qsmkt is inefficient. Graphically (iii) At a price ceiling, Pc, the quantity supplied in the market, Qsmkt, is inefficient a nd the good is under-produced (i. e. , Qsmkt Q*mkt) because at Qsmkt, the maximum price consumers are willing and able to pay per unit for Qsmkt is greater than the minimum price producers are willing and able to accept per unit for Qsmkt.That is, MB MC and so Qsmkt is inefficient. Graphically 37 4. Taxes and Subsidies Who Pays and Who Benefits? DEF Consumers price vs. producers price. Claim An excise tax (subsidy) drives a wedge between the consumers price and the producers price and imposes a deadweight loss (welfare cost or loss in efficiency) upon society because the losses in CS and PS exceed the tax revenues. Graphically Excise tax on consumption. Remark The after-tax equilibrium quantity, Qtax, is inefficient because MB MC at Qtax, and so a deadweight loss is imposed upon society, represented by DWL(Qtax) = area abc.The tax revenue is not an economic loss for society in general but does constitute a redistribution of economic welfare from consumers and producers of the goo d to society in general. The DWL is the difference between the sum of the loss in consumers surplus, area P*dab, and the loss of producers surplus, area eP*bc and the tax revenue generated by the excise tax, area edac, i. e. , DWL(Qtax) = ? CS + ? PS Tax Revenue = area P*dab + area eP*bc area edac = area abc Graphically Excise tax on production. 38 ECON 120 Principles of Microeconomics Spring 2010 II. microeconomic MODELS AND DECISION-MAKING Section II. ALearning Objectives Explain and calculate the price tractileity of demand Explain and illustrate expandible, dead, unit elastic, perfectly elastic, and perfectly inelastic demand and corresponding demand curves Explain the determinants of elasticity Explain and illustrate the effects on total revenue of producers or total expenditures of consumers of a change in price given elastic, unit elastic, and inelastic demand Explain and calculate other elasticities of demand (income and cross price elasticities) Explain and calcu late the price elasticity of supply and its basic determinant Explain and illustrate how the elasticity of demand and supply affect consumers and producers prices given an excise tax on production A. Elasticity of Demand and Supply 1. Elasticity of Demand a) The Concept of Elasticity and Elastic/Inelastic Demand Curves DEF The (own) price elasticity of demand, Ed, is a numerical measure of the sensitivity or responsiveness of the quantity demanded to changes in price, ceteris paribus, and is metric as Ed = ? %? Qd/%? P?. Examples Suppose that the quantity demanded of gas, Qgas, decreases by 10% when the price of gas, Pgas, increases by 20%. Then Ed = ? 10%/20%? = 0. 5.If the Qd of Mountain Dew decreases by 50% when the price of Mountain Dew increases by 20%, then Ed = ? 50%/20%? = 2. 5. Remark %? Qd = Ed? %? P. Example If Ed = 2 and price increases by 8%, %? P = +8%, then %? Q = 2? (8%) = 16%. If Ed = 0. 4 and price decreases by 25%, %? P = 25%, then %? Q = 0. 4? (25%) = +10%. Al ternatively, if a firm wants to increase its sales by 30% and Ed = 1. 5, then it should decrease price by 20% because %? P = %? Q/ Ed = 30%/ 1. 5 = 20%. DEF Midpoint elasticity formula Given two points on a demand curve, (Q1,P1) and (Q2,P2), the (own) price elasticity of demand at the midpoint between these two points is calculated by Ed = ? %? Qd/%? P? = ? (Q1 Q2)/(Q1 + Q2)/(P1 P2)/(P1 + P2) ?. 39 Example Let pt A = (Q1,P1) = (8,16) pt. B = (Q2,P2) = (12,14) pt. C = (Q3,P3) = (28,6) pt. D = (Q4,P4) = (32,4). The midpoint price elasticity of demand between pts A & B Ed = ? (8 12)/(8 + 12)/(16 14)/(16 + 14)? = (4/20)/(2/30) = 3. pts B & C Ed = ? (12 28)/(12 + 28)/(14 6)/(14 + 6)? = (16/40)/(8/20) = 1. pts C & D Ed = ? (28 32)/(28 + 32)/(6 4)/(6 + 4)? = (4/60)/(2/10) = 1/3. Remark A linear demand curve has a different elasticity coefficient, Ed, at each point on the demand curve, Ed ranges from Ed = 0 at the horizontal intercept to Ed = ? at the vertical intercept.DEF Demand i s verbalise to be elastic if Ed 1 or ? %? Qd? ? %? P? , unit elastic if Ed = 1 or ? %? Qd? = ? %? P? , inelastic if Ed 1 or ? %? Qd? ? %? P? , perfectly elastic if Ed = ? and perfectly inelastic if Ed = 0. Remarks (i) Perfectly elastic demand is represented by a demand curve that is horizontal at the market price. A perfectly elastic demand curve implies that, at the market price, consumers will buy whatever quantity producers are willing and able to produce. (ii) Perfectly inelastic demand is represented by a demand curve that is vertical at the market quantity and implies that consumers will pay whatever price producers want for the market quantity. iii) Elastic demand can be represented by a demand curve that is relatively flat, such as D3. The majority of the demand curve D3 that appears in the graph is the elastic portion of the demand curve because the midpoint of the demand curve, where Ed = 1, is near the lower-end of D3. 40 (iv) Likewise, inelastic demand can be repres ented by a demand curve that is relatively steep, such as D2. The majority of the demand curve D2 that appears is the inelastic portion of the demand curve because the midpoint of the demand curve, where Ed = 1, is near the upper-end of D2. b) Determinants of Elasticity Claim The demand for good X is more elastic (inelastic) (i) the greater (fewer) the number of substitutes there are for good X.Remark In general, Edcaterory Edbrand. For example, because very few substitutes for gas exist but many substitutes for Mobil gas exist (such as BP, Citgo, Phillips, Shell, etc. ), Edgas EdMobil gas. Likewise, Edsoda EdMountain Dew. (ii) the more (less) an item absorbs as a share or portion of a consumers budget, Example Because student expenditures on guardianship or rent as a percentage are much greater than their expenditures on toothpicks or salt as a percentage of their income, Edcollege Edsalt. (iii) the less of a necessity and the more of a high life (the more of a necessity and the less of a luxury) good X is for example, Edfood Eddiamond jewelry. iv) the longer (shorter) the time detachment considered, which allows for changes in preferences or the emergence of more substitutes i. e. Edshort run Edlong run. c) Elasticity and Total Expenditures (Total Revenue) Remarks Total Revenue of producers = TR = P? Q = TE = Total Expenditures of consumers. Because TR = TE = P? Q, total revenue or total expenditures can be represented graphically by the area of a rectangle of width Q and height P. 41 Claim along the (i) elastic portion of the demand curve, Ed 1 or ? %? Qd? ? %? P? Pv() ? TE(v). (ii) unit elastic point of the demand curve, Ed = 1 or ? %? Qd? = ? %? P? Pv() ? ?TE = 0. iii) inelastic portion of the demand curve, Ed 1 or ? %? Qd? ? %? P? Pv() ? TEv(). Remark In the graphs below, consider a given change in price, ? P (= P1 P2 = P3 P4), and change in quantity demanded, ? Q (= Q1 Q2 = Q3 Q4). Along the elastic section of the demand curve (left graph), the decrease in price, ? P, from P1 to P2, and the increase in the quantity demanded, ? Q, from Q1 to Q2, increases total expenditures of consumers (or total revenue of producers) i. e. , TE1 = P1Q1 P2Q2 = TE2 because the increase in expenditures from a greater quantity is greater than the decrease in expenditures from a lower price.Alternatively, along the inelastic section of the demand curve (right graph), the same decrease in price, ? P (from P3 to P4), and increase in quantity demanded, ? Q (from Q3 to Q4), decreases total expenditures of consumers (or total revenue of producers) i. e. , TE3 = P3Q3 P4Q4 = TE4 because the increase in expenditures from a greater quantity is less than the decrease in expenditures from a lower price. 42 Claim TR is at a maximum at the quantity at which Ed = 1. d) Other Elasticities of Demand (i) Income elasticity of demand, EI, is a numerical measure of the responsiveness or sensitivity of the quantity demanded to changes in income, ceter is paribus. If EI (( %? P), then supply is elastic, 1 Es ?. f production costs do NOT increases as output increases, then supply is perfectly elastic, Es = ?. 44 P perfectly inelastic ES = 0 S1 S2 inelastic 0 E S 1 S3 elastic 1 E S ?P S4 perfectly elastic E S = ? ?Q 2 ? Q 3 0 Q0 Q Given S2, a change in price of ? P yields a relatively small change in the quantity supplied (i. e. , %? P 0 ? %? Qs 0 but %? P %? Qs) and so 0 ES = %? Qs/%? P 1. For example, if supply is inelastic, then a 5% increase in price results in a less than 5% (perhaps 3%) increase in Qs. Given S3, a change in price of ? P yields a relatively large change in the quantity supplied (i. e. , %? P 0 ? %? Qs 0 but %? P %? Qs) and so 1 ES = %? Qs/%? P.For example, if supply is elastic, then a 5% increase in price results in a more than 5% (perhaps 8%) increase in Qs. Given S4, a change in price of ? P yields an infinite response from producers. Producers are willing to produce and sell whatever quanti ty consumers are willing and able to buy at the market price (i. e. , %? P 0 ? %? Qs = ? and so ES = %? Qs/%? P = ? ). 3. Elasticity and Taxes Claim Given an excise tax on either consumption or production, if the elasticity of demand is greater (less) than the elasticity of supply, then the portion of the tax paid by consumers is less (greater) than the portion of