...Questions 1 As seen from the excel sheet we conclude that the NVP for Project 1 results in negative amounts, as a result we do not choose project 1. As for project 2 amongst the two options we will choose Project two with DR at 10% as it yields a higher NVP value. Question 2 a) What is the equilibrium price and quantity of fertilizer in an unregulated, competitive market? 6 tons per day b) What is the efficient quantity of fertilizer? 4 tons per day c) Suppose government imposes a tax equal to the marginal external cost. What is the equilibrium price paid by consumers and the equilibrium quantity after implementation of the tax? Consumers will pay $1,200 per ton, and the efficient level of output at 4 tons per day will be achieved. d) At the output level in part (6), how much is the tax per one ton? $1200 - $800 = $400 e) How much tax revenue does government collect? $400 per ton x 4 tons per day = $1,600 per day f) What is the deadweight loss borne by society if the externality is left uncorrected? (6-4)x(1,600-1,000)/2 = $600 Question 3 a) According to Coase theorem it doesn’t matter who builds the fence as long as it is less than the cost of the crop damage. However, to answer the question; the rancher builds the fence, because the cost of the fence ($100) is less than the cost of compensating the farmer for crop damage. Together, the rancher and the farmer are $200 better off ($300 crop damage less $100...
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...Market Equilibration Process Jeremiah D. Wood ECO/561 April 19, 2014 Professor John Lindvall Market Equilibration Process Economic equilibrium is defined as a condition or state in which the economic forces are at a balance. In this particular discussion, one will discuss equilibration, the process of moving between two different points that is affected by a change in demand or supply. One will cover how a specific world event, Hurricane Katrina, caused home prices in Baton Rouge, Louisiana to fluctuate between two equilibrium states. Also to be covered is how the process of said movement occurred using the behaviors of both supply firms and consumers. In the late summer of 2005, Hurricane Katrina bared down on the City of New Orleans and the surrounding areas. This storm caused a surge that caused the storm levees to break that in turn, flooded the City of New Orleans and took most of the city’s housing with it. Because of the destruction, about two hundred and fifty thousand people were relocated to nearby Baton Rouge, making it the largest city in Louisiana. Let us start the discussion by stating that the average price of a single-family home in Baton Rouge before Katrina was one hundred thirty thousand dollars, shown by point A on the graph (O'Sullivan & Sheffrin, 2002). With the explosion of the population, the average price jumped to one hundred and fifty six thousand dollars within six months, point B, and the market shrunk from three thousand six...
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...Risk in Housing Markets: An Equilibrium Approach⇤ Aurel Hizmo† NYU Stern January 30, 2012 Abstract Homeowners are overexposed to city-specific house price risk and income risks, which may be very di cult to insure against using standard financial instruments. This paper develops a micro-founded equilibrium model that transparently shows how this local uninsurable risk a↵ects individual location decisions and portfolio choices, and ultimately how it a↵ects prices in equilibrium. I estimate a version of this model using house price and wage data and provide estimates for risk premia for di↵erent cities, which imply that homes are on average about $20000 cheaper than they would be if owners were risk-neutral. This estimate is over $100000 for volatile coastal cities. Next, I simulate the model to study the e↵ects of financial innovation on equilibrium outcomes. Creating assets that hedge city-specific risks increases house prices by about 20% and productivity by about 10%. The average willingness to pay for completing the market per homeowner is between $10000 and $20000. Welfare gains come both from better risk-sharing and from more e cient sorting of households across cities. ⇤ I am deeply grateful to Patrick Bayer, Andrew Patton, and Peter Arcidiacono for their encouragement and support. I also thank Robert McMillan, Tim Bollerslev, Vish Viswanathan, Chris Timmins, Jimmy Roberts and the seminar participants at Duke Finance, the ERID Conference at Duke, Fed Board, NYU Stern...
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...list of Frequently Used Symbols and Notation A text such as Intermediate Financial Theory is, by nature, relatively notation intensive. We have adopted a strategy to minimize the notational burden within each individual chapter at the cost of being, at times, inconsistent in our use of symbols across chapters. We list here a set of symbols regularly used with their specific meaning. At times, however, we have found it more practical to use some of the listed symbols to represent a different concept. In other instances, clarity required making the symbolic representation more precise (e.g., by being more specific as to the time dimension of an interest rate). Roman Alphabet a Amount invested in the risky asset; in Chapter 14, fraction of wealth invested in the risky asset or portfolio AT Transpose of the matrix (or vector)A c Consumption; in Chapter 14 only, consumption is represented by C, while c represents ln C ck Consumption of agent k in state of nature θ θ CE Certainty equivalent CA Price of an American call option CE Price of a European call option d Dividend rate or amount ∆ Number of shares in the replicating portfolio (Chapter xx E The expectations operator ek Endowment of agent k in state of nature θ θ f Futures position (Chapter 16); pf Price of a futures contract (Chapter 16) F, G Cumulative distribution functions associated with densities: f, g Probability density functions K The strike or exercise price of an option K(˜) Kurtosis of the random variable x x ˜ L A lottery...
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...The theory of market equilibrium states that market forces tend toward a balance, or equilibrium, of price and quantity, unless an outside source intervenes to disrupt the balance (University of Phoenix, 2010). The product I will be discussing is the Apple iPhone and how it reaches its market equilibrium. Apple goes through three phases when releasing inventory to stores (through personal experience.) The first phase is to release a lot of inventory on the day of release. The second phase is slowly release inventory to keep demand up. The third phase is release enough inventory so that all stores have supplies readily available. By being strategic with the quantity of iPhones released Apple set their own market equilibrium. Demand is a schedule that shows the various amounts of a product that consumers are willing and able to buy at each specific price in a series of possible prices during a specified time period (McConnell, Brue, & Flynn, 2009). This demand on a product is greatly affected by supply, which is a schedule that shows amounts of a product a producer is willing and able to produce and sell at each specific price in a series of possible prices during a specified time period (McConnell, Brue, & Flynn, 2009). When the iPhone first releases every Apple and AT&T store receive very large amounts of inventory. Most of the customers waiting at the stores will get an iPhone, however, those that did not wait before stores hourse usually will not get a phone. The reason...
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...contended, however, that the management scientists were proposing changes with insufficient regard for relevance, timeliness, acceptance, or implementation (Zand, 1975). Identifying the Characteristics of Effective Organizational Change Psychologist Kurt Lewin theory on organizational change conceptualized the present condition or level of activity of a system as a dynamic social equilibrium, that is a state of balance maintained by active driving and resisting social forces. Change then consisted of altering the driving and resisting forces thereby facilitating the movement of the system to a new level of equilibrium (Zand, 1975). Lewin conceptualized change as a process with three phases: (1) unfreezing—behavior that increases the receptivity of the client system to a possible change in the distribution and balance of social forces; (2) moving—altering the magnitude, direction, or number of driving and resisting forces, consequently shifting the equilibrium to a new level; and (3) refreezing—reinforcing the new distribution of forces, thereby maintaining and stabilizing the new social equilibrium. Lewin also suggested that although common sense might lean toward increasing driving forces to induce change, in many instances this might arouse an equal and opposite increase in resisting forces, the net effect being no change and greater tension than before (Spector, 2010). The Situation at Asda...
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...Tournaments and Piece Rates Revisited: A Theoretical and Experimental Study of Premium Incentives Werner Guth Rene Levnsky Kerstin Pully Ori Weiselz June 22, 2010 Abstract Tournaments represent an increasingly important component of organizational compensation systems. While prior research focused on xed-prize tournaments, i.e., on tournaments where the prize or prize sum to be awarded is set in advance, we introduce a new type of tournament into the literature: premium incentives. While premium incentives, just like xed-prize tournaments, are based on relative performance, the prize to be awarded is not set in advance but is a function of the rm's success: the prize is high if the rm is successful and low if it is not successful. Relying on a simple model of cost minimization, we are able to show that premium incentives outperform xed-prize tournaments as well as piece rates. Our theoretical result is qualitatively con rmed by a controlled laboratory experiment and has important practical implications for the design of organizational incentive systems. JEL Classi cation: C72, C91, J33 Keywords: Tournaments, Incentives, Economic experiments Max Planck Institute for Economics, Kahlaische Strasse 10, 07745 Jena, Germany. yEberhard Karls Universitat Tubingen, Faculty of Economics and Business Administration, Nauklerstrasse 47, 72074 Tubingen, Germany. zThe Hebrew University, Center for the Study of Rationality, Giv'at Ram, Jerusalem 91904, Israel...
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...|Course Syllabus | | |College of Natural Sciences | | |CHM/110 Version 3 | | |Introductory Chemistry | Copyright © 2010, 2007 by University of Phoenix. All rights reserved. Course Description This course will examine the basic principles of chemistry conceptually and specifically. The course will apply chemical concepts to address relevant issues ranging from atomic structure and chemical reactions to organic and biological chemistry. The course topics include matter and energy, chemical bonding, intermolecular forces, chemical equilibrium, and nuclear, organic, and biological chemistry. Students will apply these concepts using practical examples, facilitated discussions, and experiments conducted through a virtual laboratory. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials...
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...CHEMISTRY CHEMISTRY (CLASSES XI–XII) Rationale Higher Secondary Stage is the most crucial stage of school education because at this stage specialised discipline based, content oriented courses are introduced. Students reach this stage after 10 years of general education and opt for Chemistry with a purpose of mostly for pursuing their career in basic sciences or professional courses like medicines, engineering, technology and studying courses in applied areas of science and technology at tertiary level. Therefore, at this stage, there is a need to provide learners with sufficient conceptual background of Chemistry, which will make them competent to meet the challenges of academic and professional courses after the higher secondary stage. National Curriculum Framework for School Education – 2005 recommends a disciplinary approach with appropriate rigour and depth with the care that syllabus is not heavy and at the same time it is comparable to the international level. It emphasizes a coherent focus on important ideas within the discipline that are properly sequenced to optimize learning. It recommends that theoretical component of Higher Secondary Science should emphasize on problem solving methods and the awareness of Syllabus for Secondary and Higher Secondary Levels 22 historical development of key concepts of science be judiciously integrated into content. The present exercise of syllabus development in Chemistry at Higher Secondary Stage is based on this framework...
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...Chemical Equilibrium in Solution 2/5/13 Jim Jacobs (Partner: Jessica Janiga) Abstract The purpose of this experiment was to determine the equilibrium established between iodine species [I3-, I2, and I-] dissolved in an aqueous KI solution. The values obtained for equilibrium were as follows: Kc (run#1) = 620; Kc (run#2) = 599; Kc (run#3) = 545. In effort to distinguish between the species of iodine the distribution coefficient ratio between two immiscible solvents (dichloromethane and water) was determined at multiple concentrations. I. Introduction The purpose of this experiment is to determine the equilibrium constant of iodine species at various concentrations. The equilibrium equation of the iodine species is as follows: I2+I_=I3- (1) The equilibrium constant is calculated as: KC=(I3-)I2I- (2) Where the equilibrium constant KC is calculated from the concentrations of the species and does not take into consideration the activities of the species. Knowing Kc will indicate if the reaction favors products (if Kc>1) or if it favors products (Kc<1). Sodium thiosulfate is used to determine the concentration of Iodine in solution via titration in the following reaction: 2S2O32-+ I3- → S4O62-+ 3I- Before titration excess KI is added to each solution to ensure that I2 is converted completely to I3-. This is done to ensure that molecular iodine is not loss to evaporation while in the aqueous phase (I3- is non-volatile). However...
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...Lectures and Tutorials Course No CHE101 Course Category Cours Title CHEMISTRY Courses with numerical focus Course Planner 14863 :: Ashish Kumar Pandey Lectures Tutorial Practical Credits 3 1 0 4 Text Book: 1 Zumdahl,S., Chemistry: Concepts and applications, Cengage Learning,Indian Edition-2011 Other Specific Book: 2 Suba Ramesh, S.Vairam, Pradnya Tej Godbole ,Engineerig Chemistry, John Wiley, Ist edition ,2011 3 R.T. Morrison and R.N. Boyd, S.K.Bhattacharjee, Organic Chemistry, 7th Edition, Pearson Other Reading Sr No Jouranls atricles as compulsary readings (specific articles, Complete reference) 4 http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)1097-4601 5 http://www.springer.com/chemistry/electrochemistry/journal/10800 6 http://www.sciencedirect.com/science/journal/13882481 7 http://www.springerlink.com/content/100224/ 8 http://www.sciencedirect.com/science/journal/00108545 9 http://pubs.acs.org/journal/joceah 10 http://www.sciencedirect.com/science/journal/00323861 Relevant Websites Sr. No. (Web adress) (only if relevant to the courses) 11 http://www.klte.hu/~lenteg/animate.html 12 http://dwb4.unl.edu/chemAnime/atomic_orbits.htm Salient Features Chemistry animation and videos Atomic orbital animations 13 http://www.mhhe.com/physsci/chemistry/essentialchemistry/fla Hybridization animation sh/hybrv18.swf 1 Approved for Spring Session 2011-12 14 http://www.mhhe.com/physsci/chemistry/animations/chang_7e VSEPR animation _esp/bom3s2_7.swf 15 http://jchemed...
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...AS/A Level GCE GCE Chemistry A OCR Advanced Subsidiary GCE in Chemistry A H034 OCR Advanced GCE in Chemistry A H434 Vertical black lines indicate a significant change to the previous printed version. © OCR 2008 version 2 – February 2008 QAN 500/2425/5 QAN 500/2347/0 Contents 1 About these Qualifications 1.1 1.2 1.3 1.4 1.5 The Three-Unit AS The Six-Unit Advanced GCE Qualification Titles and Levels Aims Prior Learning/Attainment 4 4 4 5 5 5 2 Summary of Content 2.1 2.2 AS Units A2 Units 6 6 7 3 Unit Content 3.1 3.2 3.3 3.4 3.5 3.6 AS Unit F321: Atoms, Bonds and Groups AS Unit F322: Chains, Energy and Resources AS Unit F323: Practical Skills in Chemistry 1 A2 Unit F324: Rings, Polymers and Analysis A2 Unit F325: Equilibria, Energetics and Elements A2 Unit F326: Practical Skills in Chemistry 2 8 8 20 38 40 51 62 4 Schemes of Assessment 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 AS GCE Scheme of Assessment Advanced GCE Scheme of Assessment Unit Order Unit Options (at AS/A2) Synoptic Assessment (A Level GCE) Assessment Availability Assessment Objectives Quality of Written Communication 64 64 65 66 66 66 67 67 68 5 Technical Information 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 Making Unit Entries Making Qualification Entries Grading Result Enquiries and Appeals Shelf-life of Units Unit and Qualification Re-sits Guided Learning Hours Code of Practice/Subject Criteria/Common Criteria Requirements Arrangements for Candidates with Particular...
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...each of the three days. 2 Discussion Questions Respond to weekly discussion questions. DQ1:Wed DQ2:Sat 2 Nongraded Activities and Preparation Complete the Equation Editor tutorial and Virtual ChemLab Tutorial located on your student website. Individual Text Exercises, Part I Resources: Equation Editor tutorial Prepare written answers to the following assignments from Introductory Chemistry: • Exercise 20 in Ch. 1 • Exercise 120 in Ch. 2 • Exercise 112 in Ch. 3 • Exercise 120 in Ch. 4 • Exercise 100 in Ch. 5 • Exercise 126 in Ch. 6 • Exercise 116 in Ch. 7 • Exercise 100 in Ch. 8 Submit the assignment, as directed by your facilitator. Friday 5 Individual Virtual ChemLab Assignment 2-4 Access and view the Virtual ChemLab Tutorial, located on the student website. Complete 2-4: Precipitation Reactions from Virtual ChemLab: General Chemistry Laboratories, located on the student website. Note. To complete the assignment, the Virtual ChemLab software must be installed on your computer and must be used in conjunction with Virtual ChemLab: General Chemistry Laboratories. Installation requirements and instructions may be found in the workbook and on the accompanying CD. Once the software is installed, an electronic workbook may be found corresponding with your workbook, which contains preset lab assignments that match the workbook assignments. Use these preset assignments when working on your workbook assignments, as the appropriate laboratory will...
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...8 References 8 Appendix 9 Chemical Equilibrium in Solution Ginger Rimestad 10 December 2005 Abstract The experiment, Chemical Equilibrium in Solution, makes use of a titration of a heterogeneous solution. This is done in order to find the distribution of molecular Iodine, I2, as the solute between two immiscible liquid phases, water and a hexane solution. The average values obtained for (I2) = 6.11E-06 M, (I-) = 0.1097, (I3-) = 2.82E-04. The results that were found in this experiment show an inaccuracy. This may have been due to the third run in the titration of the Iodine in Hexanes. This inaccuracy is represented on the graph. There should be no variation with the concentration shown. Unfortunately, due to there being only three trials completed there can be no certainty as to which trail is the least inaccurate. I. Introduction The purpose of this experiment was to measure the chemical equilibrium in solution of a typical homogeneous equilibrium in aqueous solution. The equilibrium that is to be observed is that which occurs when Iodine, I2, is dissolved in aqueous potassium iodide (KI). The equilibrium constant, Kc, for each run was found using; Kc = (I3-) (I2w) (I-) (1) The method involves the use of two immiscible liquid phases, aqueous and hexane solution. To determination of I2 present at equilibrium in the aqueous solution use is made of the heterogeneous solutions of hexanes and water...
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...- Medicinal Chemistry - Question No. 3. Define the Hammett Constant and the hydrophobic (Hansch) substituent constant. Comment on how inductive and mesomeric polar effects are treated in substituted aromatic systems. A quantitative structure-activity relationship (QSAR) is an equation which correlates measurable or calculable physical or molecular properties to some specific biological activity. Once this relationship has been determined, it is possible to predict the biological activity of related drug candidates before they are put through expensive and time-consuming biological testing. The electronic effects of a substituent have an effect on the ionisation or polarity of a drug. This in turn may affect how easily a drug can pass through...
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