Transformation Of Julius Caesar - 1324 Words

Augustus Caesar was the first emperor of the Roman Empire. Before Rome was an empire, Rome was a republic, which came to an end because of civil wars. During the republic, there was a representative government, but during the empire, an emperor oversaw making decisions, which showed that being an emperor came with a great amount of power. This was a huge transformation for the Romans, which Caesar made positive by bringing peace and stability to Rome. Augustus Caesar had a significant transformative effect on Rome because he ended the political chaos of the republic, introduced the Pax Romana, and had a great standing army. To begin, Augustus Caesar was formally known as Gaius Octavian, the grandnephew of Julius Caesar. Julius was†¦show more content†¦In addition to, Augustus introduced the Pax Romana. The Pax Romana was known as â€Å"The Roman Peace† which lasted about two-hundred years. His reign was known to have brought peace and prosperity to Rome because his power weakened the power of the Senate. Augustus referred to himself as an equal to the other Romans. He believed that he did not have more power than any other Roman, but no other Roman had more authority than he did. Sizgorich (2017) states â€Å"Augustus claimed that the Romans followed him because they decided for themselves that he was a worthy leader, not because he had imposed his will on them† (para. 2). The Romans trusted Augustus because he was a great emperor who treated everyone as equals and wanted Rome to grow and prosper successfully. Furthermore, Augustus Caesar had a great standing army. The Roman Senate granted Octavian with the title of Augustus. Augustus believed that the Roman people might not support him if he tried to take complete control, so he refused to be called a king or dictator. Instead, he preferred to be called a princep, meaning first citizen. Augustus ushers in the Principate, the early empire period. He rules alone for forty-four years. He is known as a clever politician and his army is loyal to him. â€Å"With these powers and the help of brilliant generals, Augustus extended the borders of the empire, adding more territory than anyShow MoreRelatedThe Assassination Of Julius Caesar As A Roman Dictator1086 Words   |  5 PagesJulius Caesar was a Roman Dictator who was both loved and hated by those that he ruled over. Throughout the world, he has been written about in a variety of different ways and is portrayed as a politician as well as a selfish dictator. Three â€Å"firsthandâ₠¬  accounts that were written to give us a better understanding of Julius Caesar were â€Å"The Assassination of Julius Caesar†, â€Å"Tranquillus, Gaius Suetonius†, and â€Å"Plutarch, The Assassination of Julius Caesar, from Marcus Brutus†. We will explore the writingsRead MoreSimilarities Between Julius Caesar And Gaius Marius855 Words   |  4 Pagesembody the spirit of Julius Caesar and Gaius Marius throughout his military campaign in the War of 1812 as well as his presidency (1829 -1837). President Jackson’s unprecedented imprint upon American politics and the presidency has exposed viewers to analyze few similarities portrayed from both Julius Caesar and Gaius Marius. Although the similarities portrayed between President Jackson and Gaius Marius were immense, based on their executive power, the similarity between Julius Caesar and Andrew JacksonRead MoreRome s Transformation From Republic1584 Words   |  7 PagesRoman emperor (though he never claimed the title), Augustus led Rome’s transformation from republic to empire during the chaotic years following the assassination of his great-uncle and adoptive father Julius Caesar. Augustus became one of Rome’s greatest leaders and he established the principate, the form of government under which Rome ruled its empire for many years. HISTORICAL CONTEXT Caesar Augustus, was born Gaius Julius Octavius in Rome, Italy and was alive from 63 BC - AD 14. Augustus’ fatherRead MoreDefining The Terms Renaissance And Humanism875 Words   |  4 Pages1. Define the terms Renaissance and humanism. As mentioned in the New World Encyclopedia article â€Å"Renaissance†, the Renaissance or â€Å"Rebirth† showcased a cultural shift exhibiting both scientific and artistic transformation and advancement between the Middle Ages and the early stages of the Modern age in Europe (2014). In the New World Encyclopedia article â€Å"Humanism†, Humanism’s scope primarily focuses on human beings: human being s place in relations to nature, human potential, human beauty, etcRead MoreDefining The Terms Renaissance And Humanism854 Words   |  4 Pages1. Define the terms Renaissance and humanism. The New World Encyclopedia article â€Å"Renaissance† states the Renaissance featured scientific and artistic discoveries and transformations that propelled a cultural shift in Europe after the Middle Ages (2015). The New World Encyclopedia article â€Å"Humanism† indicates that Humanism primarily focuses on human being s place, potential, beauty, and so forth (2014). 2. Who were the Medici’s? The Medici family, comprised of former bankers and commerce men, becameRead MoreEssay On Julius Caesar928 Words   |  4 PagesAs the first Roman emperor (though he never claimed the title for himself), Augustus led Rome’s transformation from republic to empire during the tumultuous years following the assassination of his great-uncle and adoptive father Julius Caesar. He shrewdly combined military might, institution-building and lawmaking to become Rome’s sole ruler, laying the foundations of the 200-year Pax Romana (Roman Peace) and an empire that lasted, in various forms, for nearly 1,500 years. Ask HISTORY: What doesRead More Julius Caesar Essay: Loyalty and Justice in Julius Caesar655 Words   |  3 Pages Loyalty and Justice in Julius Caesar nbsp; In Shakespeares Julius Caesar, one must read the text closely to track the shifting motivations and loyalties of each character as the play progresses. An important factor that must be kept in mind while reading is the degree of loyalty, in other words, the degree to which characters act out of a motivation to help others. Throughout the play, each characters current degree of loyalty to others is clearly exhibited by words or behavior – thisRead MoreThe Five Things I Have Learned1279 Words   |  6 PagesIn this course, History 101 Western Civilization to 1689, the five things I have learned are: Homer’s life and writings; Aristotle, and his synthesis of early thinkers; Alexander the Great, and his legacy; Julius Caesar, and his power; and finally, Martin Luther, and his influence. I feel that in this course I learned more about people in history than I have ever learned before. These people I am discussing have made tremendous impacts on the world and have allowed so much growth in western civilizationRead MoreInteraction Between The Roman And Celtic Civilizations1343 Words   |  6 Pageswhich occurred between 58 BC and 51 BC these battles are more commonly known thanks to Julius Caesar; the ruler of the Roman empire. Conflict between the two different cultures occurred as a result of Britain helping the Gauls (French) fight against Julius Caesar. Caesar became most known when he led his Roman armies into battle to conquer Gaul on August 26th , 55BC (towards the end of the late Iron Age). Caesar had lead his troops to Britain in an attempt to make it part of the Roman Empire, he tookRead More Revenge in Julius Caesar and Othello Essay1821 Words   |  8 PagesAuthors, in works of literature, often use the theme of revenge because it adds intrigue and suspense to a story. Julius Caesar and Othello by William Shakespeare are two plays whose most predominant theme is revenge. This is illustrated through the characters, symbols, and settings of both works. Revenge is a constant theme throughout the play Othello. It is portrayed through one of the character Iago. Iago is determined to destroy Othello and his loved ones. This retribution is a result of

Consent For Marriage By Mr. Darcy - 1058 Words

Willingness to consent for marriage with a loved one is a logical and emotional decision. In order to sensibly bring two people together, domestic ideology encompasses genuine emotional interest. During the analyzed passage, Mr. Darcy is proposing to Elizabeth for the second time. This signifies personal growth within Mr.Darcy as he lets go of prejudice and doesn’t let his pride get the best of him. Rather than continuously critiquing each other, they allow emotion to influence their thoughts. Mr. Darcy and Elizabeth realize that they’re not always initially correct, which signifies a release of pride. The proposal demonstrates the joy that Mr. Darcy feels and conveys that the combination of status and contract can create these immense amounts of happiness within a person. The characteristics of Elizabeth and Mr. Darcy combine within himself, as well as within his marriage due to the marrying of a genteel. The differences in the characteristics between Mr. Darcy and Eli zabeth demonstrate that lower classes can influence upper classes, and that each have beneficial qualities. Mr. Darcy exuberates this change as he is reluctant that she’ll say yes, unlike the first time that he proposed. He does not expect a yes simply because of status or due to her being a woman. He values the opinion of someone who is lower class, and he feels it is morally correct to show that he wants to be a gentleman. Mr. Darcy’s second marriage proposal signals the triumph of domestic ideology byShow MoreRelatedComparing The Regency Era And The Current Decade. Class Issues, Racial Barriers, And Heredity1300 Words   |  6 PagesEra, he stated, â€Å"marriage was a woman’s goal and fulfillment, it was a woman’s career- a doctrine accepted by all of Austen’s heroines†¦Ã¢â‚¬  (Lauber 26). In addition, marriage was crucial for women because there were few occupations open to females during the time period. A woman could rarely become c onsidered an independent because job opportunities that would pay well and be considered a reverential career were not available; therefore, women relied on inheriting money through marriage (Jane Austen InformationRead MorePride and Predujice by Jane Austen986 Words   |  4 Pages It is also the case of story of Lydia Bennet and her elopement with Mr Wickham. It was perceived as a disaster, but for the modern reader it can be rather incomprehensible. Why was Lydia’s elopement so scandalous? Kristen Koster is explaining why it was more difficult for couples to get married than before: in 1753 The Marriage Act, or the Hardwicke Act, was published. It was preventing couples from hasty and secret marriages, because it required the reading of the Banns – Banns were read everyRead MoreThe Relationship between Elizabeth and Darcy in Pride and Prejudice938 Words   |  4 PagesThe Relationship between Elizabeth and Darcy in Pride and Prejudice In the 19th century, a controversy arose over what the true foundation and purpose for marriage should be. The basis of this conflict was whether one should let reason or emotion be the guide of their love life and if a balance between the two could be maintained. The relationship between Elizabeth and Darcy in Jane Austens book Pride and Prejudice depicts such a balance, thus becoming the model for Austens definition of aRead MoreJane Austen s Pride And Prejudice1533 Words   |  7 PagesIn today s society, marriage is a significant bond that must be on the basis of love and understanding. Marriage is a relationship described as more for love and emotion rather than convenience or money. Through the experience of Lydia and Wickham, Charlotte and Collins, and Elizabeth and Darcy, Austen criticizes marriages based on infatuation, convenience and money, and emphasizes that marriage can only be successful if they are founded on mutual love. In the novel Pride and Prejudice, AustenRead MoreThe Woman Of A Tradesman Essay1537 Words   |  7 Pagesrecently discovered love won t meddle with her freedom and independence: Mr. Knightley as of now has a fortune of his own and even consents to move into Hartfield after their marriage. In spite of the fact that Emma is unmistakably a flight from the usual and ordinary Austen s depiction of women, the other female characters in the novel bring to light the challenges confronting ladies without monetary autonomy. Miss Bates, Jane Fairfax, and Harriet Smith represent three conceivable situationsRead MorePride And Prejudice By Jane Austen1066 Words   |  5 Pagesof the story, Elizabeth â€Å"Lizzy† Bennet. She is the second daughter to Mr. and Mrs. Bennet. She obtains quick-witted and a little bit sassy throughout the story. Highly agreeable, clever, and honest, Lizzy will not let anybody get in the way of what she truly wants. Next is the antagonist of the story, Mr. Fitzwilliam Darcy. He is known throughout the story as Mr. Darcy, and throughout most of the story, in the public eye, Darcy seems uncareful and sometimes overly honest. He can come off kind ofRead MoreWhy Is Lydia’s Elopement Perceived As a Disaster and How Does It Affect the Relationship of Elizabeth and Darcy?963 Words   |  4 Pages It is also the case of story of Lydia Bennet and her elopement with Mr Wickham. It was perceived as a disaster, but for the modern reader it can be rather incomprehensible. Why was Lydia’s elopement so scandalous? Kristen Koster is explaining why it was more difficult for couples to get married then before: in 1753 The Marriage Act, or the Hardwicke Act, was published. It was preventing couples from hasty and secret marriages, because it required the reading of the Banns – Banns were read everyRead MoreThe Austen Marriage1601 Words   |  7 Pagesfemales in Pride and Prejudice have their moral values reflected in their marriage. They each have a predetermined standard – whether it is love or monetary gain, or superficial or complex – of what constitutes a marital relationship. According to Zimmerman, â€Å"the character from whose point of view much of the action is seen is Elizabeth† (67). She is either the one being married or is the one giving opinion on another’s marriage. Jane Austen utilizes Elizabeth as the crux of the plot’s movement entrenchingRead MoreJane Austen s Pride And Prejudice1589 Words   |  7 Pagesand marriage. Pride and Prejudi ce depicts the commotion of a town called Longbourn by the arrival of Mr. Bingley, a wealthy man. At the beginning of the novel, Mrs. Bennet is trying to marry one of her five daughters-Jane, Elizabeth, Mary, Kitty, or Lydia-to Bingley. When Mr. Bingley meets Jane at a ball, he is immediately attracted to her. Yet Mr. Darcy, Bingley’s friend, is increasingly hostile towards Elizabeth. Jane and Bingley continue to get more acquainted with each other, while Darcy beginsRead MoreThe Price Of Love By Jane Austen1315 Words   |  6 Pagesnovel Pride and Prejudice by Jane Austen, the concept of marriage is presented in the form of a contract, true sense of love, and what society deems is acceptable, which leads to different outcomes as a result of the actions taken throughout the novel. The union of marriage during this period of time was highly prioritized within society. While it was prioritized by society, there were different motives behind the holy union. Marriage was seen as an accomplishment and way of life in some eyes

Anger at a Young Age free essay sample

Anger at a Young Age Growing up I always had anger issues, such as always taking anger out on everything and everyone. During my junior year of high school, I decided to change my ways. I knew it was not a great way to live life, and it had to change. I sought help through a therapist; these sessions have served me to become a better person. Anger is now not my constant companion. Through this experience my life has totally changed because I have learned ways to control my anger and how to express it in good ways. My childhood temperament was always very harmful. I became mad at everything even if it was not about me. Things that tended to bother me were when people did not listen to me and did the total opposite. I know it is not nice to do, and it was a little selfish of me, but it was almost like I could not control it at times. We will write a custom essay sample on Anger at a Young Age or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Other things that made me mad were when people said things about me. It escalated to the point where I would become involved in fights and words would be exchanged with someone. It became difficult at times, and it was almost like I did not care if I were in trouble. My parents told me I needed to change but I never listened. My older brother had anger problems almost like me, but not as serious. I knew it ran in the family, so it never bothered me. Anger was how I realized I needed to change my life. Having anger issues always made me look bad to other people and gave a negative impression, when really I am a nice person. My friends and girlfriend were the deciding factor. People would tell other people they could not take me out because of my anger problems; they did not want to have a terrible night or have a troubling situation. Well, my best friend, who is my cousin, told me about that. It hit me, hard, as it hurt that people would say that. This showed me that having a bad temperament was not an acceptable attribute. On another time, my girlfriend and I were out with friends, and she said something I did not like. I acted out and starting yelling at her even though I never meant to do that. I had never done that to any woman before, and it hurt me afterwards. My girlfriend had never seen that part of me before and it led to a break up. When that happened, I knew I needed to change. I lost my girlfriend and I was quickly losing my friends. It was making me appear to be a horrible person. I talked to my mom and we researched therapists. My mom found someone for me to see, and I started attending sessions, which, at first, seemed a little weird. After a few of these anger management classes, I really started understanding the meaning and began to think this was going to help. During the classes, we talked about how easily I reacted with anger to certain things. The therapist then found solutions for me on how to calm down and not become angry so often. After seeing the therapist for a while, I found the sessions improved my behavior. I discovered I did not become mad at stupid things anymore and now am a more relaxed person. Even people such as my friends, family, and my â€Å"old† girlfriend have realized I am a totally changed person. My parents told me they were proud of me and the person I have turned into. That made me feel wonderful. Being able to hang out with people and not getting into trouble, and hanging with friends without them saying things about my anger, made me realize I am accomplishing my g oals. All in all, having anger problems at a young age was shocking and should have been solved sooner, but when I realized I needed help with my anger problems, seeking out a therapist changed my life totally. Anger is no longer a way of life for me, instead I am able to live my life without the ever present â€Å"danger.† As an unknown author once said, â€Å"Anger is one letter short of danger.† I learned that many of the situations I found myself in, because of my anger, led me into dangerous situations. Controlling my anger has made me become the person I should have been a long time ago. I can now say that I am a young man who is positive about his future.

Some Facts About Body free essay sample

What structure separates the thoracic and abdominal cavities and what is it made of? The diaphragm. Made of skeletal muscle 2. What is the collective name for the contents of the ventral cavity? The viscera 3. What are the main functions of these membranes and the potential space they form? To secrete serous fluid which allows the parietal membrane to slide over the visceral membrane without friction. 4. What is the clinical condition that develops when air is able to enter the potential space of the pleural membrane? Pneumothorax 5. What is the clinical condition called when the membrane of the abdominal cavity is inflamed? (hint: periton****) Peritonitis 6. How does an organ differ from a tissue? Tissues are collections of specialised cells and cell products that perform a relatively limited number of functions (or a specific function) [or one or more specific functions]. Organs are combinations of tissue that perform complex functions. (or two or more tissues working in combination to perform several functions). We will write a custom essay sample on Some Facts About Body or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 6. Using the gastro-intestinal tract as an example, list the cavity/cavities in which organs of this system are found. buccal cavity), thoracic cavity (oesophagus), abdomino-pelvic cavity (rest of organs) – may separate organs into abdominal cavity and into pelvic cavity. .Using the gastro-intestinal tract as an example, list the cavity/cavities in which organs of this system are found. (buccal cavity), thoracic cavity (oesophagus), abdomino-pelvic cavity (rest of organs) – may separate organs into abdominal cavity and into pelvic cavity. 8. Do all organs of the body lie within a body cavity? If not, give examples. No. muscles bones lie outside cavities, kidneys (part of the pancreas) re â€Å"retroperitoneal† so lie â€Å"outside† the abdominal cavity. 9. Using directional terms, describe the appearance of the body when it is standing in the ‘Anatomical Position’ . Body vertical, feet inferior to waist knees, feet not everted, legs neither flexed nor extended, arms lateral to trunk, hands inferior to elbows, face directed anteriorly, neck neither flexed nor extended. 10. Describe the position of each of the following using anatomical, directional terms: ear (compared to the nose and to chin), elbow (compared to the wrist shoulder), vertebrae (compared to sternum and kidneys). Ear is lateral to parietal bone(or nose), superior to mandible. Elbow is proximal to hand, but distal to shoulder Backbone is posterior to lungs viscera and medial to shoulder blades. Task Describe how the body is sectioned by the Frontal, Sagittal and Transverse planes. Frontal You would see the body as if you were standing in front of a mirror looking at your self . A plane that divided the body into anterior and posterior sections Sagittal Sagittal: you would see an arm sliced lengthways into a front half (anterior) and a back half (posterior) so see same tissues as in transverse section, but not as â€Å"rings†. Transverse Transverse: you see â€Å"rings† of (going from superficial to deep) skin, subcut fat, muscle, bone (=radius/ulna, or humerous) 12. What organs would you find in the Right Hypochondriac Region? (ascending) large intestine, liver amp; Week 5 Table 1: Comparison of metric units of length METRIC UNITEQUIVALENT SIZE 1 metre (m)1 m100 centimetres 1 centimetre (cm)10-2 m10 millimetres 1 millimetre (mm)10-3 m1000 micrometres 1 micrometre (*m) 10-6 m1000 nanometres 1. Red Blood Cell RBC †¢no nucleus †¢biconcave disc †¢red in colour White blood cells WBC †¢Have a nucleus varied shapes †¢some have granulaes †¢irregular shaped cells wall unlike RBC What do you think these formed elements in the blood could be? ( Hint: they assist in coagulation) Platelets What views do the T and the L represent? Smooth muscle cells in longitudinal and transverse sections. CharacteristicSkeletal muscleSmooth muscle Microscopic appearance Long cylindrical striated and multinucleate ( more than one nucleus)Short, spindle shaped, non-striated, single central nucleus Main functions Moves, stabilises the position of the skeleton, guards entrances and exits to the digestive, respiratory and urinary tracts. Generates heat, protects internal organs. Moves food. Urine and reproductive tract secretions. Controls diameter of respiratory passageways. Regulates the diameter of the blood vessels. Locations in the body Combines with connective tissue and neural tissue in skeletal muscle. Found in the walls of blood vessels and in the digestive, respiratory, urinary and reproductive organs. Type of nerve supply (autonomic or somatic)Somatic ( conscious attempt to think about moving the area of the body)Autonomic ( automatic movement of a body part example heart) Bone cells make up only 2% of bone mass. Bone contains four types of cells 1. Osteocytes 2. Osteoblasts 3. Osteoprogenitor cells 4. Osteoclasts Osteocytes Mature bone cells that maintain the bone matrix that live in lacunae are between layers (lamellae) of matrix. They are connected by cytoplasmic extensions through canaliculi in lamellae. They do not divide. Two major functions of osteocytes 1. To maintain protein and mineral content of matrix 2. To help repair damaged bone Osteoblasts are immature bone cells that secrete matrix compounds (osteogenesis). Osteoid is the matrix produced by osteoblasts, but not yet calcified to form bone. Osteoblasts surrounded by bone become osteocytes. Osteoprogenitor cells These are Mesenchymal stem cells that divide to produce osteoblasts. Located in endosteum, the inner cellular layer of periosteum there involved in fracture repair. Osteoclasts secrete acids and protein-digesting enzymes; they appear as giant, multinucleate cells. Their role is to dissolve bone matrix and release stored minerals (osteolysis). Derived from stem cells that produce macrophages. Week 6 2. Locate the Foramen magnum. Why is there an opening here in the skull? Connects the skull/cranial cavity with the vertebral canal. The Foramen surrounds the connection between the brain and the spinal cord. Growth of the face. Locate the newborn skull model and compare it to the adult skull. Notice the great increase in the facial skeleton in the adult. 3. Gaps between skull bones allows skull to be moulded an fit through the birthcanal No teeth in the newborn Brain cavity nearly the same size. Facial bones much smaller in new bone 4 What is the significance of the C1 and C2? Atlas and axis allows rotation of the head on the neckThe odontoid peg from C2 allows CI Atlas to rotate around the peg. 5What feature distinguishes thoracic vertebrae from other vertebrae? The ribs joining onto to the thoracic vert 6. At what stage during human development do the cervical and lumbar (concave) curves develop and for what purposes? When the child begins to walk to keep the centre of gravity aligned 7. What distinguishes a ‘true’ rib from a ‘false’ rib? True ribs (numbers 1 through 7) each have their own costal cartilage connecting them directly to the sternum. False ribs (8 through 12) either have their costal cartilage connecting to the cartilage of the rib above (ribs 8-10) or are floating ribs, not connected to the sternum. 8Make a list of the differences in structure between the male and female pelvis. What is the purpose of these structures? Use the criteria listed in Martini figs 8. 8 to 8. 10 to identify and record in your Log book the sex of skeletons A, B, C, D, E and F. AF B M CMD M EFF F Female pelvis has round pelvic opening (not heart shaped); has pubic arch gt;100o (rather than

Quality gurus and their philosophies

Quality gurus and their philosophies China manufacturers have lost their markets of late due to poor quality their products. Allegations on poor quality of China’s products began in 2007 when some of them were banned in west countries. Troubles for these China manufactured products began after Canadian company which imported pet food from China realized that some animals died after consuming the food. Laboratory analysis later revealed that these food products imported from China had melamine.Advertising We will write a custom case study sample on Quality gurus and their philosophies specifically for you for only $16.05 $11/page Learn More This scenario tainted China’s products image and most of west countries that outsourced their products from China started to investigate those products keenly. The situation deteriorated further after the United States of America based toy companies recalled toys made in China. Mattel and RC2 Corporation discovered that some of toys they outsour ced from China constituted of high leads level. In addition, these toys outsourced from China had design flaws rather than manufacturer related faults. The rumors of flawed China’s products spread quickly globally especially in the western countries. A toothpaste company based in Europe discovered that the products they outsourced from China contained diethylene glycerol. This ingredient can result to mass poisoning. These China controversies did not spare even China itself. In 2007, China unearthed mass corruption deals in the state food and drug administration unit. It was revealed that China’s manufacturers of drugs bribed the Chief in the state’s food and drug administration unit to produce substandard drugs. In 2008, China faced a major blow regarding its export of manufactured products to the west countries. In 2008, China was entangled in another flawed deal, but this time round was on milk products. Apparently, after laboratory analysis on milk products outsourced from China it was discovered that they contained melamine. These milk products led to death of six infants while approximately 900 infants were hospitalized due to the side-effects of these milk products from China. The infants did not suffer alone, but also more than 300,000 adults. This led to strict ban on all milk products outsourced from China to western countries. The fall of China’s manufactured products in the western market can be attributed to the urge of China manufacturers to save on production cost and increase their profits. These China manufacturers’ ideas were to produce low quality goods to maximize their profits. On other hand, western countries buyers expected these China based manufacturers to produce high quality products and sell them at affordable price. This clash in expectations between both parties contributed to flaws and deterioration of China’s manufacturers as the largest exporters to the west countries.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More To improve the quality of these China’s products, the manufacturers should first acknowledge products quality as a key influence in the market. China manufacturers should focus on customers. They should put into considerations their market needs. They should focus on markets’ needs in the future, plan on markets requirements and work extra to go behold their markets’ expectations. For China’s manufacturers to meet the markets need such as high quality products they should research and ascertain their markets’ requirements. They should verify internal and external markets and their needs. In addition, leadership is of essence in achieving high quality products. China’s manufacturers should have leadership with direction and unity of purpose. These China’s based manufacturers should strive towards a chieving environment which guarantees manufactures’ quality objectives.

How the Shy Writer Copes

How the Shy Writer Copes When I speak at events, people tell me they cant believe Im an introverted person. Thats not to say I cant become a Mama Tiger when it comes to my family, or a real BE-ATCH when someones wronged me or mine.  But for the most part, I avoid throngs of people. Throngs meaning as few as four, sometimes. (NOTE: Scroll down for the previous podcast on this topic or click here.) I also avoid events that require interaction as in role playing. Oh my gosh, if I see anything that requires me to step up and adlib, or pretend, or act a character, I might have nightmares before and after. Im a grown up now, and grown ups can pick and choose their activities. I WILL NOT ROLE PLAY. Thats almost throwing up time. Ive done it, and felt too damn miserable before, during and after. That also includes those situations where an audience of writers may be asked to write for ten minutes then share their work with the class. Say what?  My first drafts suck like  buttermilk through a strawthat means really sucks in Southernese. And then you want me to stand there and take criticism for it? Like, what planet are you on? Or those moments where the instructor or moderator sets the group into teams. Dont ask   me why, but team building exercises make me awkward as heck, too. I can speak, when the need arises. I can adlib, if Im backed into a corner. I can even be funny sometimes, but trust me, thats the nerves talking. But my point is I want to pick and choose the situations I enter. Ive reached that stage in my life where I dont want to be embarrassed or awkward or uncomfortablenot without entering the situation completely prepared, in which case, I lesson my chances of being embarrassed, awkward or uncomfortable. Ive been speaking for over a decade now to writers. I spoke at government functions before that. Not a single one came easy. Yes, I am introverted, and I dont see me losing that character trait any time soon. No more than Ill change my eye color or the size of my feet. Its in our genes. We can shift with it, around it, and tend to it, but it does not disappear. Because just when we think weve got this, a situation will come along and remind us that we are introverted. I promise there is a point here. Today was one of those days that made me ponder: do I compromise my desire to avoid a throng, or do I sign up and barge into it because the results may be worth the discomfort. God, this type of decision makes me feel like Im  thirteen all over again. Nothing makes me cozier than staying home. Just writing, or feeding chickens, or watching Elementary or Blacklist  with hub So what, right? Well, first, they fill up fast, and mystery writers think this three-day event is nothing short of phenomenal. My author peers, and my fellow Sisters in Crime, have either gone, plan to go, or hope to go next year. Its like a right of passage to many to be able to write a technically-sound mystery or suspense story. For three years Ive watched   the sign-up open.then close. Each time deciding not to attend. I went to the website, read the proposed schedule for this years event, and told myself Id think about it. No doubt about it, the classes  are intriguing. There are police ride-alongs, jail tours, and a tad of firearms handling. Cyber crime, dead body disposal, undercover facts, evidence handling, microbial forensics, fingerprinting, special ops, exotic crimes, why good cops go bad, romance in the cop environment, and on and on. A groupies dream. A mystery authors treasure trove of information. Then I decided not to go. The event features every aspect of law enforcement. Michael Connelly and Lisa Gardner are guests of honor. Seriously! Thats like crack for someone who loves mystery and suspense like I do. But  Im still not going. You extroverts out there are probably going: What? Why? Whats holding you back? Look at what youre missing! You introverts out there are probably  thinking you understand where Im coming from. Im lucky enough to be married to a federal agent, retired. He has friends still  in law enforcement. I have two stepsons in law enforcement and a son with US Coast Guard enforcement. Im having  lunch with a state law enforcement forensics  agent this week, and well swap books and knowledge. Im more comfortable one-on-one, maybe having a drink, chatting up people without having to be ill at ease. This is what I talk about in The Shy Writer Reborn. We can still be writers, in my case a mystery author, and still be accomplished without serious compromise of who we are. Reading about the Writers Police Academy (I spent a long time studying the site in contemplation) made me test myself. I almost decided to sign up. Then I asked myself if there was a way I could obtain my information without the stress. So I decided to make contact with individuals with specific information I needed (or use hub Thats how you stay true to who you are as an introvert. You find alternatives if the one before you will disturb you. Now, I couldve also considered other choices. I couldve looked for a writing friend willing to attend with me. I could go and avoid the classes that involve teams and active participation or role playing. I could take an online class, or sign up for classes at my local community college. Being in the state capital, I could interview officers at the local, county, state and federal levels, even creating a few freelance articles from the effort. Guess this is a long message  for such  a short lesson. If, when  presented with an awkward situation, you feel uncomfortable as a shy individual, rather than freeze or run away . . . consider your options. There are always options. And you are not right or wrong in making the choice you make. With The Shy Writer Reborn, I try to tell people they are writers to sell their words, not their souls. The best writers in the world, those  who readers appreciate the most, are usually the most genuine. Life is short. Travel the route that makes you a better person who enjoys living his or her life. Now . . . before I sign off here, I want to leave you with the most positive of positive kudos for this event. I can honestly tell you that the Writers Police Academy  is awesome per the people I know whove attended. How can it not be? The instructors presenting are off-the-chart impressive. If you are a member of Sisters in Crime, you get in for a reduced fee. Thats insanely reasonable for three whole days. The slots   go fast.  Ã‚  Founder Lee Lofland, with tremendous credentials of his own, always outdoes  himself with this event, and it improves each and every year. A hundred percent thumbs up.

Wine of Barolo of the Nebiolo Grape Essay Example | Topics and Well Written Essays - 1000 words

Wine of Barolo of the Nebiolo Grape - Essay Example This means that it has an astringent taste. As such, when tasting the grape, one could experience the strong nature of the grape’s juice. Different people could actually have different interpretation of their tasting experience. Some utter that the grape’s juice is too strong. Others say it is soft and rich. In such case, the people’s reactions depend on their preference with regard to wine grape varieties. The grape’s name has actually two possible origins. The first thought is based on the grape’s appearance when it is fully ripe. When fully ripe, the grape gives a frosted or foggy look (â€Å"Nebbiolo†). The Italian term for fog is nebbia (â€Å"Nebbiolo†), thus, the name Nebbiolo. Nonetheless, it is also possible that the grape’s name is simply taken from the Italian word nobile which means noble (â€Å"Nebbiolo†). Irregardless of the two probable origins of the grape’s name, what is sure is that Nebbiolo is fa mous to be a good wine grape variety. It is even one of the grape varieties that is most treasured by wine growers not just in Italy but also in the different parts of the world. The Nebbiolo grape is actually hard to grow and cultivate according to vineyardists (â€Å"Nebbiolo†).... It is made from one hundred percent Nebbiolo grape. The label DOCG means that is a wine of highest category. It also indicates that is both controlled and guaranteed by the Italian government (Nowak and Wichman 87). In buying such kind of wine, the buyer could be assured of the wine’s quality. In Italian, DOCG refers to Denominazione di Origine Controllata e Garantita. In English, it means Controlled and Guaranteed Denomination of Origin (Nowak and Wichman 87). Wines in Italy are actually subjected to DOC appellation system (Katsigris and Thomas 262). In this system, wine products are labeled according to its level (DOCG being the highest grant). The labeling depends upon the result of the official taste test which is conducted by the Italian government before the wine is permitted to be sold in the market (Katsigris and Thomas 262). The system builds risks and incentives which encourage wine producers to make wines of good quality (Katsigris and Thomas 262). In this sense, th e Italian government is strict with regard to their wine production process. This is to say that the wine-making process is a big issue in Italy. In another aspect, the Barolo DOCG is actually called as the â€Å"Wine of Kings and Kings of Wines† (Gibson 181). This implies that the Barolo wine is the best wine in Italy. The wine of such kind is known to have been barrelled for several years. To note, extended bottle aging actually affects that taste of the wine. Most often, wines which are barrelled for a minimum of two to three years offer a very good taste. Laws in Italy actually require Barolo wines to be aged in wood for at least two years (Bespaloff 58). Longer barrel gives the wine a woodier and mature taste (Bespaloff 58). Stated otherwise, the

Block diagram Essay Example | Topics and Well Written Essays - 1000 words

Block diagram - Essay Example The block digram of the YAMAHA DM1000 shown above can be divided into functional blocks as below: 1) Analog inputs and outputs section. The input section has input conectors 1_16 through which to connect the microphone and line level sources, and 1_4 OMNI IN connectors though which line level sources are connected.SLOT(1_2) are used to offer AD/DA conversion and digital I/O interfaces.SLOT1 has 1-18 lines connected to the input patch. SLOT 2 has 1-18 also connected to the input patch( bus bar). Both slots are connected together to surround monitor. The sorround has a Pan function which places the sound image within a two-dimensional by using a multichannel playback system and so pans the image to the front, rear,left and right in relation (Collins 2011). The XLR connectors are wired in the sequence that follows:pin1 to ground,pin 2 to hot(+) and pin 3 to cold (-). Inputs 1-16 accept line-level and microphone signals in the range -60dB to +40dB. These inputs have a switchable +48V pow ering for use with condenser type microphones and the direct buses and the swiches turn the phantom power ON/OFF. The signal then passes through PAD switches which attenuate it by 20dB and through rotary gain controls used to adjust input sensitivity which range from +40dB to -40Db when PAD is on and from -16dB to -60dB when its off. The signal passes through the AD which convert the analogue signal into digital form. LED signal indicators light up when the input signal level is 20 dB below the nominal value and the PEAK indicators light up when input signal level is 3dB below clipping. The signal is then passed to the INPUT PATCH via the connectors 1-16. 2) Input chanel section This iswhere the signal level and tone inputs are adjusted and roputed to Bus 1-8,Stero Bus,SOLO Bus and Aux Busses.The signal flows as follows: The phase (Ð ¤) section switches the phase of the input signals. Signal passes on to the gate which is a dynamic processor for gating or for ducking. The signal th en pass through a metering unit. From here, its passed through a Compressor that has a dynamic processor used as a compressor,expander or limiter. It can be a pre-Equalizer, pre-fader or post fader. The signal then goes through the attenuator which attenuates or amplifies the signal to be fed to the Equalizer. The 4-band equalizer is parametric and features four band, i.e. high, high-mid, low-mid, and low and is connected to a metering unit. The signal the flows to the Input Delay that enables the signal to be delayed so as top fine tune the timing between channels or as a delay effect with feedback. The On/Off switches allows for the channel to be turned on or off (mute). The Level adjusts the input level of the Input Channel signal (Collins 2011). The INSERT is used to patch input signals to external devices through the on-board I/O connectors or I/O cards or to insert the internal effect processors. The Meter switches the metering position of the signal levels that are then displ ayed on the meter page. The PAN section adjusts the settings of the signals routed from the input channels to the Stero Bus. The AUX Send level adjusts the level of the signals routed to Auxilliary Out 1-8 either from the pre-fader or from the post-fader. These Channel parameters are stored in the channel libraries as appropriate. 3) Input patching Here the input signals presnt at the input ports 1-16, OMNI IN 1-4 and inputs to the SLOTS 1 are patched

Quality Improvement Plan Essay Example for Free

Quality Improvement Plan Essay Executive Summary Todays educational system is becoming increasingly competitive for both students and institutions. Total quality management is an approach that seeks to improve quality and performance in an organizations operations. It looks at the overall quality measures including managing the quality design and development as well as quality maintenance and improvement. In addition, it takes into account all quality measures at all levels especially for students. Because of quality management we were able to comprehend and seek solution to the problems regarding the uniform policy. We were able to visualize the outcome of our proposal if this could be implemented. I. PROBLEM STATEMENT The following quality issues noted during the actual observation in the standard policy of uniform at Far Eastern University – Business Center: Quality Problem 1: What will be the appropriate actions necessary to enhance the quality improvement of the university’s standard policy regarding its uniform? Quality Problem 2: How will the University encourage the students to comply with the said standards? Quality Problem 3: How will the FEU improve student awareness and obedience with respect to the implemented rules about uniform? Quality Problem 4: How will the university achieve consistency with regards to the rules implemented about the required uniform? Quality Problem 5: What will be the corrective actions needed to stop the piracy of university uniform by external sewers or producers? II. QUALITY TOOL Fishbone Diagram III. ROOT CAUSE OF THE PROBLEM Based on the cause-and-effect diagram (fish bone diagram) we noted the following attributions to the observed quality problem: MANPOWER a. What b. Went c. Wrong MATERIAL a. What b. Went c. Wrong MACHINE a. What b. Went c. Wrong METHODS a. What b. Went c. Wrong MOTHER NATURE a. What b. Went c. Wrong IV.RECOMMENDATION AND BENEFITS Recommendations Benefits 1. The FEU should develop only one standard uniform for both female and male students. (implementation of this matter will be discussed in the next sub heading) This will prevent confusion in identifying FEU students and regulate fair presentation that unity exists in our school. 2. The FEU should provide an orientation per institute before the start of class concerning the guidelines for proper wearing of uniform w/ corresponding punishment for students of non-compliance with uniform policy. (Ex: standard length of girl’s skirts, wearing of rubber shoes, etc.) Specifically, female students are benefited with this in terms of eliminating the erroneous reputation for it will provide pleasing impression to them but it will also promote good character of the school. 3. FEU’s student council per institute should effectively disseminate the new implemented uniform policy approved by the Institute’s Deans and considering enough time for the students to be prepared. Announcing personally increases student’s adherence to the policy and prevents student complaints of information from unreliable sources. 4. All of the said recommendations above would be crucial to maintain so we recommend that FEU should have its own official Tailoring Shop inside the school. Student accessibility and convenience, consistency, less costly service, and prevents delays. V.IMPLEMENTATION PLAN AND BUDGET VI. APPENDICES A. GLOSSARY Logistics – refers to the process of planning, implementing, and controlling the efficient, effective flow and storage of goods, services, and related information from point of origin to point of consumption for the purpose of conforming to customer requirements. Note that this definition includes inbound, outbound, internal, and external movements, and return of materials for environmental purposes. Process – refers Quality – refers Standard – refers System – refers B. QUALITY FORMS Paste the scanned form (existing and the proposed form to be used) C. REFERENCES ISO 9001:2000, 4.2.2 – Control of Documents ISO 9001:2000, 4.2.3 – Control of Records ISO 9001:2000, 5.1 – Management Commitment ISO 9001:2000, 5.2 – Customer Focus ISO 9001:2000, 5.4 – Planning ISO 9001:2000, 6.0 – Resource Management ISO 9001:2000, 6.1 – Provision of Resources ISO 9001:2000, 6.2.2 – Competence, Awareness and training ISO 9001:2000, 6.3 – Infrastructure ISO 9001:2000, 6.4 – Work environment ISO 9001:2000, 7.4 – Customer-related processes, 7.2.1, 7.2.2. 7.2.3 ISO 9001:2000, 7.5.3 – Identification and traceability Council of Logistics Management, http://www.clm1.org/mission.html, 12 Feb 98) http://www.logisticsworld.com/logistics.htm

Sample Concept Paper (not a rhet/comp concept, though) :: Essays Papers

Sample Concept Paper (not a rhet/comp concept, though) For John Wheeler, defining the term â€Å"quantum† in his essay â€Å"How Come the Quantum† (Best 41-43) seems the least of his worries. It’s a â€Å"thing,† he says, â€Å"a bundle of energy, an indivisible unit that can be sliced no more† as Max Planck’s observations 100 years ago indicate (41). Wheeler’s words ‘thing,’ ‘bundle,’ and ‘sliced’ are interesting: they seem at once colloquial and correct for the usage Wheeler makes of them. Quanta sound friendly, everyday. The just-folks tone continues as he observes that, thanks to quanta, â€Å"In the small-scale world, everything is lumpy† (41). He moves his readers forward smoothly (no lumps) to the next topic, what existence of quanta reveals about the uncertainness of the world, a world where chance guides what happens. In spite of this uncertainty, Wheeler continues, quantum physics serves both practical and theoretical ends. The theories involved in quantum physics explain atomic structures, starlight, the earth’s radioactive heat, and the travels of particles (which are waves of energy, it would seem) between neutrinos and quarks. The vocabulary has gotten tougher; Wheeler clearly assumes his readers know what ‘particles’ and ‘waves’ mean when physicists use those â€Å"ordinary† words, let alone what they mean by neutrinos and quarks (41). Enter the telltale ‘but.’ Wheeler seems troubled more by why quanta exist than how to define the quantum as a working concept in physics. He says, in fact, that â€Å"not knowing ‘how come’† the quantum shames â€Å"the glory of [its] achievements† in science (41-42). From here Wheeler takes the reader back into the task of defining, or â€Å"interpreting,† the quantum. First, he cites his teacher Nils Bohr, who proposed that the gap between the world of quantum physics and that of everyday reality might be bridged by the act of measurement between them. What is measurable, Bohr explained, is necessarily limited. Furthermore, continued Bohr, because of the theory of complementarity, one can look at a phenomenon one way or another—but not both ways at once (42). Wheeler next turns to his colleague in physics, Albert Einstein, who could never accept Bohr’s â€Å"world view† even when Wheeler’s student Richard Feynman offered an explanation of Bohr’s ideas about the quantum. Feynman’s explanation involved multiple simultaneous paths of travel for electrons; Einstein could not reconcile this explanation, however, with his own ideas about the relations between God and His creation (42). Sample Concept Paper (not a rhet/comp concept, though) :: Essays Papers Sample Concept Paper (not a rhet/comp concept, though) For John Wheeler, defining the term â€Å"quantum† in his essay â€Å"How Come the Quantum† (Best 41-43) seems the least of his worries. It’s a â€Å"thing,† he says, â€Å"a bundle of energy, an indivisible unit that can be sliced no more† as Max Planck’s observations 100 years ago indicate (41). Wheeler’s words ‘thing,’ ‘bundle,’ and ‘sliced’ are interesting: they seem at once colloquial and correct for the usage Wheeler makes of them. Quanta sound friendly, everyday. The just-folks tone continues as he observes that, thanks to quanta, â€Å"In the small-scale world, everything is lumpy† (41). He moves his readers forward smoothly (no lumps) to the next topic, what existence of quanta reveals about the uncertainness of the world, a world where chance guides what happens. In spite of this uncertainty, Wheeler continues, quantum physics serves both practical and theoretical ends. The theories involved in quantum physics explain atomic structures, starlight, the earth’s radioactive heat, and the travels of particles (which are waves of energy, it would seem) between neutrinos and quarks. The vocabulary has gotten tougher; Wheeler clearly assumes his readers know what ‘particles’ and ‘waves’ mean when physicists use those â€Å"ordinary† words, let alone what they mean by neutrinos and quarks (41). Enter the telltale ‘but.’ Wheeler seems troubled more by why quanta exist than how to define the quantum as a working concept in physics. He says, in fact, that â€Å"not knowing ‘how come’† the quantum shames â€Å"the glory of [its] achievements† in science (41-42). From here Wheeler takes the reader back into the task of defining, or â€Å"interpreting,† the quantum. First, he cites his teacher Nils Bohr, who proposed that the gap between the world of quantum physics and that of everyday reality might be bridged by the act of measurement between them. What is measurable, Bohr explained, is necessarily limited. Furthermore, continued Bohr, because of the theory of complementarity, one can look at a phenomenon one way or another—but not both ways at once (42). Wheeler next turns to his colleague in physics, Albert Einstein, who could never accept Bohr’s â€Å"world view† even when Wheeler’s student Richard Feynman offered an explanation of Bohr’s ideas about the quantum. Feynman’s explanation involved multiple simultaneous paths of travel for electrons; Einstein could not reconcile this explanation, however, with his own ideas about the relations between God and His creation (42). Sample Concept Paper (not a rhet/comp concept, though) :: Essays Papers Sample Concept Paper (not a rhet/comp concept, though) For John Wheeler, defining the term â€Å"quantum† in his essay â€Å"How Come the Quantum† (Best 41-43) seems the least of his worries. It’s a â€Å"thing,† he says, â€Å"a bundle of energy, an indivisible unit that can be sliced no more† as Max Planck’s observations 100 years ago indicate (41). Wheeler’s words ‘thing,’ ‘bundle,’ and ‘sliced’ are interesting: they seem at once colloquial and correct for the usage Wheeler makes of them. Quanta sound friendly, everyday. The just-folks tone continues as he observes that, thanks to quanta, â€Å"In the small-scale world, everything is lumpy† (41). He moves his readers forward smoothly (no lumps) to the next topic, what existence of quanta reveals about the uncertainness of the world, a world where chance guides what happens. In spite of this uncertainty, Wheeler continues, quantum physics serves both practical and theoretical ends. The theories involved in quantum physics explain atomic structures, starlight, the earth’s radioactive heat, and the travels of particles (which are waves of energy, it would seem) between neutrinos and quarks. The vocabulary has gotten tougher; Wheeler clearly assumes his readers know what ‘particles’ and ‘waves’ mean when physicists use those â€Å"ordinary† words, let alone what they mean by neutrinos and quarks (41). Enter the telltale ‘but.’ Wheeler seems troubled more by why quanta exist than how to define the quantum as a working concept in physics. He says, in fact, that â€Å"not knowing ‘how come’† the quantum shames â€Å"the glory of [its] achievements† in science (41-42). From here Wheeler takes the reader back into the task of defining, or â€Å"interpreting,† the quantum. First, he cites his teacher Nils Bohr, who proposed that the gap between the world of quantum physics and that of everyday reality might be bridged by the act of measurement between them. What is measurable, Bohr explained, is necessarily limited. Furthermore, continued Bohr, because of the theory of complementarity, one can look at a phenomenon one way or another—but not both ways at once (42). Wheeler next turns to his colleague in physics, Albert Einstein, who could never accept Bohr’s â€Å"world view† even when Wheeler’s student Richard Feynman offered an explanation of Bohr’s ideas about the quantum. Feynman’s explanation involved multiple simultaneous paths of travel for electrons; Einstein could not reconcile this explanation, however, with his own ideas about the relations between God and His creation (42).

Cost Theory

Cost Theory in Economics A central economic concept is that getting something requires giving up something else. For example, earning more money may require working more hours, which costs more leisure time. Economists use cost theory to provide a framework for understanding how individuals and firms allocate resources in such a way that keeps costs low and benefits high. 1. Function * Economists view costs as what an individual or firm must give up to get something else. Opening a manufacturing plant to produce goods requires an outlay of money.Once a plant owner spends money to manufacture goods, that money is no longer available for something else. Production facilities, machinery used in the production process and plant workers are all examples of costs. Cost theory offers an approach to understanding the costs of production that allows firms to determine the level of output that reaps the greatest level of profit at the least cost. 2. Features * Cost theory contains various meas ures of costs. These include a firm's fixed costs and variable costs. The former do not vary with the quantity of goods produced.Rent on a facility is an example of a fixed cost. Variable costs change with the quantity produced. If increased production requires more workers, for example, those workers' wages are variable costs. The sum of fixed and variable costs is a firm's total costs. * Additional Measures * Cost theory derives two additional cost measures. Average total cost is the total cost divided by the number of goods produced. Marginal cost is the increase in total cost that results from increasing production by one unit of output.Marginals–including marginal costs and marginal revenue–are key concepts in mainstream economic thought. Falling and Rising Costs * Economists often use graphs, similar to supply-and-demand charts, to illustrate cost theory and firms' decisions about production. An average total cost curve is a U-shaped curve on an economic diagram. This shape illustrates how average total costs decline as output rises and then rise as marginal costs increase. Average total costs decline at first because as production rises, average costs are distributed over a larger number of units of output.Eventually, marginal costs of increasing output rise, which increases average total costs. Maximizing Profits * Economic theory holds that the goal of a firm is to maximize profit, which equals total revenue minus total cost. Determining a level of production that generates the greatest level of profit is an important consideration, one that means paying attention to marginal costs, as well as marginal revenue (the increase in revenue arising from an increase in output). Under cost theory, as long as marginal revenue exceeds marginal cost, increasing production will raise profit.Types of Cost Economics Economists factor costs in many different ways. Though you may read the cost of a soup can at $1 as it’s listed on the grocery sto re shelf, economists view the cost of the soup can in very different ways. For example, an economist asks what you are giving up to buy that can of soup over another item. They measure the firm’s cost of producing that soup can as it relates to their output and factors of production. Thus, the different types of economic costs are varied. 1. Sunk Cost * A sunk cost is an expense that cannot be recouped.Mark Hirschy, author of the book, â€Å"Fundamentals of Managerial Economics,† explains that sunk costs should not factor into a decision when deciding between alternatives. For example, say a person spent $50,000 on a degree in education and earns $60,000 as a teacher. She is later offered a job in marketing that pays her $80,000. Though she may be tempted to factor in her education degree as reason to stay in her current teaching job, her $50,000 degree is regarded as a sunk cost. She already spent this money, and it cannot be recouped.In this case, she should only com pare the respective salaries of the positions. If all else is held equal, she should pursue the marketing job. Opportunity Cost * An opportunity cost is the value of an alternative choice. Though the word â€Å"cost† usually equates to a numerical value, like a dollar figure, this is not always the case. William Baumol and Alan Blinder, authors of the book, â€Å"Economics: Principles and Policy,† state that an opportunity cost calculates intangible things like time, location and job satisfaction.They explain opportunity costs are what you give up to follow one course of action. For example, a college graduate is deciding between a job as a tech consultant in Seattle or an investment broker in New York City. If the grad pursues the investment broker position, the opportunity costs of foregoing the job in Seattle could be a slower pace of life, $10,000 higher salary and lower costs of living like rent and food. * Marginal Cost * A marginal cost is the amount it takes to produce one more item.Under this view of costs, they vary along the production line and in most cases the cost to produce a good reduces over time. Intuitively, this makes sense: the more proficient you become at producing a good, the faster you can do it and less waste is produced. The savings in labor and material as you achieve â€Å"economies of scale† means the cost of production usually decreases. The way economists find the marginal cost is by taking the derivative of the total costs as it relates to the total output. How to Find Marginal Cost in EconomicsDeciding whether to produce more units is often based on marginal cost. The economic concept of marginal cost is the cost associated with producing one additional unit. This information is important to businesses because it allows the company to decide if the additional unit is worth producing from a financial standpoint. When a company produces a small amount of product, the cost of additional units often decrease. However, marginal costs increase when additional units are added once the production level reaches a minimum. This is based on the law of diminishing marginal returns.Instructions 1. * 1 Calculate the change in total variable cost. This is the amount that the costs increased by after additional units are produced. For example, if you'd like to produce more T-shirts and the increase in output would change the costs by $100, then the total variable cost is $100. * 2 Find the change in quantity produced. This represents how many additional units you would like to produce in the given scenario. For example, the change in quantity would be 50 if you'd like to produce 300 T-shirts instead of 250. * 3 Divide the change in total variable costs from Step 1 by the change in quantity from Step 2. This will give you the marginal cost (marginal cost = the change in total variable cost/the change in quantity). For this example, $100 (the change in total variable cost) / 50 (the change in quantity ) = $2 in marginal costs, which is the cost of producing each additional T-shirt. What Is the Relationship Between Production ; Cost? Production costs are linked to the cost of materials and labor.The relationship between production and cost in any manufacturing process varies based on volume produced and whether any part of the manufacturing process is outsourced or performed by subcontractors. Additionally, production and cost ratios vary based on the amount of automation involved in production and the amount of human oversight and involvement required. 1. Factors of Production * The main factors of production are labor, capital and supply costs. Capital is defined as equipment, cash reserves, and physical location or production facility.Labor is defined as the amount of and cost of manpower required to bring a product to market. This includes not only the physical labor and oversight related to product production, but also the associated costs of salaries of positions such as man agers, delivery drivers, warehouse supervisors, marketing directors and even administrative assistance. Supply costs are any fee associated with securing necessary materials for production. Subcontractor or outsourced work is considered a supply cost as well, as the manufacturer is essentially purchasing a product or service for use in the production process.In this example, work such as offsite creation of product packaging or assembly of minor components of a finished product are considered supply costs in the same way the purchase of raw materials are considered supply costs. Volume of Production * Volume of production figures signify the amount of products being produced. Typically, the greater the volume the lower the cost per unit as raw material suppliers often offer discounts on mass or bulk orders. Volume of production is based on a company’s anticipated product needs, past sales records and placed orders. *Volume of Business * The relationship between production and cost is frequently determined by the volume of business a company is doing. An example that illustrates this point is a multinational vitamin supplement company that produces vitamins in bulk compared to a small health food chain that produces its own vitamin line in small quantities. The cost of the product produced by the small company will typically be greater than the cost of the product offered by the bulk manufacturer because the smaller company produces its product in smaller volumes. Price Points The more it costs a company to produce a product, the greater price the company will have to charge consumers. A company’s production costs include the price of materials, the cost of manpower, the production and packaging process, advertising, and distribution. Mass producers may be able to offer more competitive pricing to end users because they have the luxury of working on a thin margin due to the large volume of production. In microeconomics, the long run is the concept ual time period in which there are no fixed factors of production as to changing the output level by changing the capital stock or by entering or leaving an industry.The long run contrasts with the short run, in which some factors are variable and others are fixed, constraining entry or exit from an industry. In macroeconomics, the long run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short run when these variables may not fully adjust. [1] In the long run, firms change production levels in response to (expected) economic profits or losses, and the land, labor, capital goods and entrepreneurship vary to reach associated long-run average cost.In the simplified case of plant capacity as the only fixed factor, a generic firm can make these changes in the long run: * enter an industry in response to (expected) profits * leave an industry in response to losses * increase its plant in resp onse to profits * decrease its plant in response to losses. Long-run average-cost curve with economies of scale to Q2 and diseconomies of scale thereafter. The long run is associated with the long-run average cost (LRAC) curve in microeconomic models along which a firm would minimize its average cost (cost per unit) for each respective long-run quantity of output.Long-run marginal cost (LRMC) is the added cost of providing an additional unit of service or commodity from changing capacity level to reach the lowest cost associated with that extra output. LRMC equalling price is efficient as to resource allocation in the long run. The concept of long-run cost is also used in determining whether the long-run expected to induce the firm to remain in the industry or shut down production there. In long-run equilibrium of an industry in which perfect competition prevails, the LRMC = Long run average LRAC at the minimum LRAC and associated output.The shape of the long-run marginal and averag e costs curves is determined by economies of scale. The long run is a planning and implementation stage. [2][3] Here a firm may decide that it needs to produce on a larger scale by building a new plant or adding a production line. The firm may decide that new technology should be incorporated into its production process. The firm thus considers all its long-run production options and selects the optimal combination of inputs and technology for its long-run urposes. [4] The optimal combination of inputs is the least-cost combination of inputs for desired level of output when all inputs are variable. [3] Once the decisions are made and implemented and production begins, the firm is operating in the short run with fixed and variable inputs. [3][5] Short run All production in real time occurs in the short run. The short run is the conceptual time period in which at least one factor of production is fixed in amount and others are variable in amount.Costs that are fixed, say from existing plant size, have no impact on a firm's short-run decisions, since only variable costs and revenues affect short-run profits. Such fixed costs raise the associated short-run average cost of an output long-run average cost if the amount of the fixed factor is better suited for a different output level. In the short run, a firm can raise output by increasing the amount of the variable factor(s), say labor through overtime. A generic firm already producing in an industry can make three changes in the short run as a response to reach a posited equilibrium: * increase production decrease production * shut down. In the short run, a profit-maximizing firm will: * increase production if marginal cost is less than marginal revenue (added revenue per additional unit of output); * decrease production if marginal cost is greater than marginal revenue; * continue producing if average variable cost is less than price per unit, even if average total cost is greater than price; * shut down if avera ge variable cost is greater than price at each level of output. Transition from short run to long runThe transition from the short run to the long run may be done by considering some short-run equilibrium that is also a long-run equilibrium as to supply and demand, then comparing that state against a new short-run and long-run equilibrium state from a change that disturbs equilibrium, say in the sales-tax rate, tracing out the short-run adjustment first, then the long-run adjustment. Each is an example of comparative statics. Alfred Marshall (1890) pioneered in comparative-static period analysis. [6] He istinguished between the temporary or market period (with output fixed), the short period, and the long period. â€Å"Classic† contemporary graphical and formal treatments include those of Jacob Viner (1931),[7] John Hicks (1939),[8] and Paul Samuelson (1947). [9] The law of diminishing marginal returns The law of diminishing marginal returns to a variable factor applies to th e short run. [10] It posits an effect of decreased added or marginal product of from variable factors, which increases the supply price of added output. [11] The law is related to a positive slope of the short-run marginal-cost curve. 12] Macroeconomic usages The usage of ‘long run' and ‘short run' in macroeconomics differs somewhat from the above microeconomic usage. J. M. Keynes (1936) emphasized fundamental factors of a market economy that might result in prolonged periods away from full-employment. [13] In later macro usage, the long run is the period in which the price level for the economy is completely flexible as to shifts in aggregate demand and aggregate supply. In addition there is full mobility of labor and capital between sectors of the economy and full capital mobility between nations.In the short run none of these conditions need fully hold. The price is sticky or fixed as to changes in aggregate demand or supply, capital is not fully mobile between sector s, and capital is not fully mobile to interest rate differences among countries & fixed exchange rates. [14] A famous critique of neglecting short-run analysis was by John Maynard Keynes, who wrote that â€Å"In the long run, we are all dead,† referring to the long-run proposition of the quantity theory of, for example, a doubling of the money supply doubling the price level. 15] Marginal  Analysis Thinking at the  Margin From Mike Moffatt, former About. com Guide From an economist's perspective, making choices involves making decisions ‘at the margin' – that is, making decisions based on small changes in resources: * How should I spend the next hour? * How should I spend the next dollar? On the surface, this seems like a strange way of considering the choices made by people and firms. It is rare that someone would consciously ask themselves – ‘How will I spend dollar number 24,387? ‘, ‘How will I spend dollar number 24,388? . Treatin g the problem in this matter does have some distinct advantages: * Doing so leads to the optimal decisions being made, subject to preferences, resources and informational constraints. * It makes the problem less messy from an analytic point of view, as we are not trying to analyze a million decisions at once. * While this does not exactly mimic conscious decision making processes, it does provide results similar to the decisions people actually make. That is, people may not think using this method, but the decisions they make are as if they do.Marginal Analysis – An Example Consider the decision on how many hours to work, as given by the following chart: Hour – Hourly Wage – Value of Time Hour 1 – $10 – $2 Hour 2 – $10 – $2 Hour 3 – $10 – $3 Hour 4 – $10 – $3 Hour 5 – $10 – $4 Hour 6 – $10 – $5 Hour 7 – $10 – $6 Hour 8 – $10 – $8 Hour 9 – $15 â €“ $9 Hour 10 – $15 – $12 Hour 11 – $15 – $18 Hour 12 – $15 – $20 The hourly wage represents what I earn for working an extra hour – it is the marginal gain or the marginal benefit. The value of time is essentially an opportunity cost – it is how much I value having that hour off.In this example it represents a marginal cost – what it costs me by working an additional hour. The increase in marginal costs is a common phenomenon; I do not mind working a few hours since there are 24 hours in a day. I still have plenty of time to do other things. However, as I start to work more hours it reduces the number of hours I have for other activities. I have to start giving up more and more valuable opportunities to work those extra hours. It is clear that I should work the first hour, as I gain $10 in marginal benefits and lose only $2 in marginal costs, for a net gain of $8.By the same logic I should work the second and third hours as well. I will want to work until which time the marginal cost exceeds the marginal benefit. I will want to work the 10th hour as I receive a net benefit of #3 (marginal benefit of $15, marginal cost of $12). However, I will not want to work the 11th hour, as the marginal cost ($18) exceeds the marginal benefit ($15) by three dollars. Thus marginal analysis suggests that rational maximizing behavior is to work for 10 hours. Next Lesson: Market Distortions: Altering the Supply and Demand Equilibrium.Marginal Analysis * Marginal Revenue – Glossary – Dictionary Definition of Marginal Revenue * Marginal Significance Value – Glossary – Dictionary Definition of Marginal Si†¦ * Marginal Revenue and Marginal Cost Practice Question Related Articles * Running a Private Practice – Working with Animals * Work Stress – Long Work Hours Are Not the Culprit * Open for Business: Scheduling Your Week – Being a Personal Trainer * Three Union Work Rules That Increase the Cost of Operating Transit * Hold On to Your Sanity – Start Your Own Business AN INTRODUCTION TOCOST BENEFIT ANALYSIS| * Background * Cost-Benefit Analysis (CBA) estimates and totals up the equivalent money value of the benefits and costs to the community of projects to establish whether they are worthwhile. These projects may be dams and highways or can be training programs and health care systems. * The idea of this economic accounting originated with Jules Dupuit, a French engineer whose 1848 article is still worth reading. The British economist, Alfred Marshall, formulated some of the formal concepts that are at the foundation of CBA.But the practical development of CBA came as a result of the impetus provided by the Federal Navigation Act of 1936. This act required that the U. S. Corps of Engineers carry out projects for the improvement of the waterway system when the total benefits of a project to whomsoever they accrue exceed the costs of t hat project. Thus, the Corps of Engineers had created systematic methods for measuring such benefits and costs. The engineers of the Corps did this without much, if any, assistance from the economics profession.It wasn't until about twenty years later in the 1950's that economists tried to provide a rigorous, consistent set of methods for measuring benefits and costs and deciding whether a project is worthwhile. Some technical issues of CBA have not been wholly resolved even now but the fundamental presented in the following are well established. * Principles of Cost Benefit Analysis * One of the problems of CBA is that the computation of many components of benefits and costs is intuitively obvious but that there are others for which intuition fails to suggest methods of measurement. Therefore some basic principles are needed as a guide. There Must Be a Common Unit of Measurement * In order to reach a conclusion as to the desirability of a project all aspects of the project, positiv e and negative, must be expressed in terms of a common unit; i. e. , there must be a â€Å"bottom line. † The most convenient common unit is money. This means that all benefits and costs of a project should be measured in terms of their equivalent money value. A program may provide benefits which are not directly expressed in terms of dollars but there is some amount of money the recipients of the benefits would consider just as good as the project's benefits.For example, a project may provide for the elderly in an area a free monthly visit to a doctor. The value of that benefit to an elderly recipient is the minimum amount of money that that recipient would take instead of the medical care. This could be less than the market value of the medical care provided. It is assumed that more esoteric benefits such as from preserving open space or historic sites have a finite equivalent money value to the public. * Not only do the benefits and costs of a project have to be expressed in terms of equivalent money value, but they have to be expressed in terms of dollars of a particular time.This is not just due to the differences in the value of dollars at different times because of inflation. A dollar available five years from now is not as good as a dollar available now. This is because a dollar available now can be invested and earn interest for five years and would be worth more than a dollar in five years. If the interest rate is r then a dollar invested for t years will grow to be (1+r)t. Therefore the amount of money that would have to be deposited now so that it would grow to be one dollar t years in the future is (1+r)-t.This called the discounted value or present value of a dollar available t years in the future. * When the dollar value of benefits at some time in the future is multiplied by the discounted value of one dollar at that time in the future the result is discounted present value of that benefit of the project. The same thing applies to costs. The net benefit of the projects is just the sum of the present value of the benefits less the present value of the costs. * The choice of the appropriate interest rate to use for the discounting is a separate issue that will be treated later in this paper. CBA Valuations Should Represent Consumers or Producers Valuations As Revealed by Their Actual Behavior * The valuation of benefits and costs should reflect preferences revealed by choices which have been made. For example, improvements in transportation frequently involve saving time. The question is how to measure the money value of that time saved. The value should not be merely what transportation planners think time should be worth or even what people say their time is worth. The value of time should be that which the public reveals their time is worth through choices involving tradeoffs between time and money.If people have a choice of parking close to their destination for a fee of 50 cents or parking farther away and spend ing 5 minutes more walking and they always choose to spend the money and save the time and effort then they have revealed that their time is more valuable to them than 10 cents per minute. If they were indifferent between the two choices they would have revealed that the value of their time to them was exactly 10 cents per minute. * The most challenging part of CBA is finding past choices which reveal the tradeoffs and equivalencies in preferences.For example, the valuation of the benefit of cleaner air could be established by finding how much less people paid for housing in more polluted areas which otherwise was identical in characteristics and location to housing in less polluted areas. Generally the value of cleaner air to people as revealed by the hard market choices seems to be less than their rhetorical valuation of clean air. * Benefits Are Usually Measured by Market Choices * When consumers make purchases at market prices they reveal that the things they buy are at least as beneficial to them as the money they relinquish.Consumers will increase their consumption of any commodity up to the point where the benefit of an additional unit (marginal benefit) is equal to the marginal cost to them of that unit, the market price. Therefore for any consumer buying some of a commodity, the marginal benefit is equal to the market price. The marginal benefit will decline with the amount consumed just as the market price has to decline to get consumers to consume a greater quantity of the commodity. The relationship between the market price and the quantity consumed is called the demand schedule.Thus the demand schedule provides the information about marginal benefit that is needed to place a money value on an increase in consumption. * Gross Benefits of an Increase in Consumption is an Area Under the Demand Curve * The increase in benefits resulting from an increase in consumption is the sum of the marginal benefit times each incremental increase in consumption. A s the incremental increases considered are taken as smaller and smaller the sum goes to the area under the marginal benefit curve. But the marginal benefit curve is the same as the demand curve so the increase in benefits is the area under the demand curve.As shown in Figure 1 the area is over the range from the lower limit of consumption before the increase to consumption after the increase. * Figure 1 * When the increase in consumption is small compared to the total consumption the gross benefit is adequately approximated, as is shown in a welfare analysis, by the market value of the increased consumption; i. e. , market price times the increase in consumption. * Some Measurements of Benefits Require the Valuation of Human Life * It is sometimes necessary in CBA to evaluate the benefit of saving human lives.There is considerable antipathy in the general public to the idea of placing a dollar value on human life. Economists recognize that it is impossible to fund every project whic h promises to save a human life and that some rational basis is needed to select which projects are approved and which are turned down. The controversy is defused when it is recognized that the benefit of such projects is in reducing the risk of death. There are many cases in which people voluntarily accept increased risks in return for higher pay, such as in the oil fields or mining, or for time savings in higher speed in automobile travel.These choices can be used to estimate the personal cost people place on increased risk and thus the value to them of reduced risk. This computation is equivalent to placing an economic value on the expected number of lives saved. * The Analysis of a Project Should Involve a With Versus Without Comparison * The impact of a project is the difference between what the situation in the study area would be with and without the project. This that when a project is being evaluated the analysis must estimate not only what the situation would be with the p roject but also what it would be without the project.For example, in determining the impact of a fixed guideway rapid transit system such as the Bay Area Rapid Transit (BART) in the San Francisco Bay Area the number of rides that would have been taken on an expansion of the bus system should be deducted from the rides provided by BART and likewise the additional costs of such an expanded bus system would be deducted from the costs of BART. In other words, the alternative to the project must be explicitly specified and considered in the evaluation of the project. Note that the with-and-without comparison is not the same as a before-and-after comparison. Another example shows the importance of considering the impacts of a project and a with-and-without comparison. Suppose an irrigation project proposes to increase cotton production in Arizona. If the United States Department of Agriculture limits the cotton production in the U. S. by a system of quotas then expanded cotton production in Arizona might be offset by a reduction in the cotton production quota for Mississippi. Thus the impact of the project on cotton production in the U. S. might be zero rather than being the amount of cotton produced by the project. * Cost Benefit Analysis Involves a Particular Study Area The impacts of a project are defined for a particular study area, be it a city, region, state, nation or the world. In the above example concerning cotton the impact of the project might be zero for the nation but still be a positive amount for Arizona. * The nature of the study area is usually specified by the organization sponsoring the analysis. Many effects of a project may â€Å"net out† over one study area but not over a smaller one. The specification of the study area may be arbitrary but it may significantly affect the conclusions of the analysis. * Double Counting of Benefits or Costs Must be Avoided Sometimes an impact of a project can be measured in two or more ways. For example, when an improved highway reduces travel time and the risk of injury the value of property in areas served by the highway will be enhanced. The increase in property values due to the project is a very good way, at least in principle, to measure the benefits of a project. But if the increased property values are included then it is unnecessary to include the value of the time and lives saved by the improvement in the highway. The property value went up because of the benefits of the time saving and the reduced risks.To include both the increase in property values and the time saving and risk reduction would involve double counting. * Decision Criteria for Projects * If the discounted present value of the benefits exceeds the discounted present value of the costs then the project is worthwhile. This is equivalent to the condition that the net benefit must be positive. Another equivalent condition is that the ratio of the present value of the benefits to the present value of the costs m ust be greater than one. * If there are more than one mutually exclusive project that have positive net present value then there has to be further analysis.From the set of mutually exclusive projects the one that should be selected is the one with the highest net present value. * If the funds required for carrying out all of the projects with positive net present value are less than the funds available this means the discount rate used in computing the present values is too low and does not reflect the true cost of capital. The present values must be recomputed using a higher discount rate. It may take some trial and error to find a discount rate such that the funds required for the projects with a positive net present value is no more than the funds available.Sometimes as an alternative to this procedure people try to select the best projects on the basis of some measure of goodness such as the internal rate of return or the benefit/cost ratio. This is not valid for several reasons . * The magnitude of the ratio of benefits to costs is to a degree arbitrary because some costs such as operating costs may be deducted from benefits and thus not be included in the cost figure. This is called netting out of operating costs. This netting out may be done for some projects and not for others.This manipulation of the benefits and costs will not affect the net benefits but it may change the benefit/cost ratio. However it will not raise the benefit cost ratio which is less than one to above one. For more on this topic see Benefit/ cost Ratio Magnitude. * An Example * To illustrate how CBA might be applied to a project, let us consider a highway improvement such as the extension of Highway 101 into San Jose. The local four-lane highway which carried the freeway and commuter traffic into San Jose did not have a median divider and its inordinate number of fatal head-on collisions led to the name â€Å"Blood Alley. The improvement of the highway would lead to more capacity which produces time saving and lowers the risk. But inevitably there will be more traffic than was carried by the old highway. * The following is a highly abbreviated analysis using hypothetical data. TRIP DATA| No Extension, â€Å"Blood Alley† Only| 101 Extension and â€Å"Blood Alley†| Rush Hours|   |   | Passenger Trips (per hour)| 3,000| 4,000| Trip Time (minutes)| 50| 30| Value of Time ($/minute)| $0. 10| $0. 10| Nonrush Hours|   |   | Passenger Trips (per hour)| 500| 555. 55| Trip Time (minutes)| 35| 25| Value of Time ($/minute)| $0. 08| $0. 08| Traffic Fatalities per year)| 12| 6| * The data indicates that for rush-hour trips the time cost of a trip is $5 without the project and $3 with it. It is assumed that the operating cost for a vehicle is unaffected by the project and is $4. * The project lowers the cost of a trip and the public responds by increasing the number of trips taken. There is an increase in consumer surplus both for the trips which would have been taken without the project and for the trips which are stimulated by the project. * For trips which would have been taken anyway the benefit of the project equals the value of the time saved times the number of trips.For the rush-hour trip the project saves $2 and for the nonrush-hour trip it saves $0. 80. For the trips generated by the project the benefit is equal to one half of the value of the time saved times the increase in the number of trips. * The benefits per hour are: TYPE| Trips Which Would Be Taken Anyway| Trips Generated By the Project| Total| Rush Hour| 6,000. 00| 1,000. 00| 7,000. 00| Nonrush Hour| 400. 00| 22. 22| 422. 22| * To convert the benefits to an annual basis one multiplies the hourly benefits of each type of trip times the number of hours per year for that type of trip.There are 260 week days per year and at six rush hours per weekday there are 1560 rush hours per year. This leaves 7200 nonrush hours per year. With these figures the annual benefits are: TYPE| Trips Which Would Be Taken Anyway| Trips Generated By the Project| Total| Rush Hour| $9,360,000| $1,560,000| $10,020,000| Nonrush Hour| $2,880,000| $160,000| $3,040,000| Total| $12,240,000| $1,720,000| $13,960,000| * The value of the reduced fatalities may be computed in terms of the equivalent economic value people place upon their lives when making choices concerning risk and money.If the labor market has wages for occupations of different risks such that people accept an increase in the risk of death of 1/1,000 per year in return for an increase in income of $400 per year then a project that reduces the risk of death in a year by 1/1000 gives a benefit to each person affected by it of $400 per year. The implicit valuation of a life in this case is $400,000. Thus benefit of the reduced risk project is the expected number of lives saved times the implicit value of a life. For the highway project this is 6x$400,000= $2,400,000 annually. * The annual benefits of the proje ct are thus:TYPE OF BENEFIT| VALUE OF BENEFITS PER YEAR| Time Saving| $13,960,000| Reduced Risk| $2,400,000| * Let us assume that this level of benefits continues at a constant rate over a thirty-year lifetime of the project. * The cost of the highway consists of the costs for its right-of-way, its construction and its maintenance. The cost of the right-of-way is the cost of the land and any structures upon it which must be purchased before the construction of the highway can begin. For purposes of this example the cost of right-of-way is taken to be $100 million and it must be paid before any construction can begin.At least part of the right-of- way cost for a highway can be recovered at the end of the lifetime of the highway if it is not rebuilt. For the example it is assumed that all of the right-of-way cost is recoverable at the end of the thirty-year lifetime of the project. The construction cost is $200 million spread evenly over a four-year period. Maintenance cost is $1 mill ion per year once the highway is completed. * The schedule of benefits and costs for the project are as follows: TIME (year)| BENEFITS ($millions)| RIGHT-OF -WAY ($millions)| CONSTRUCTION COSTS $millions)| MAINTENANCE ($millions)| 0| 0| 100| 0| 0| 1-4| 0| 0| 50| 0| 5-29| 16. 36| 0| 0| 1| 30| 16. 36| -100| 0| 1| * The benefits and costs are in constant value dollars; i. e. , there was no price increase included in the analysis. Therefore the discount rate used must be the real interest rate. If the interest rate on long term bonds is 8 percent and the rate of inflation is 6 percent then the real rate of interest is 2 percent. Present value of the streams of benefits and costs discounted at a 2 percent back to time zero are as follows:   | PRESENT VALUE $ millions)| Benefits| 304. 11| Costs|   | Right-of-Way| 44. 79| Construction| 190. 39| Maintenance| 18. 59| Total Costs| 253. 77| |   | | Net Benefits| 50. 35| | *independent rounding| * The positive net present value of $50. 35 million and benefit/cost ratio of 1. 2 indicate that the project is worthwhile if the cost of capital is 2 percent. When a discount rate of 3 percent is the benefit/cost ratio is slightly under 1. 0. This means that the internal rate of return is just under 3 percent. When the cost of capital is 3 percent the project is not worthwhile. It should be noted that the market value of the right-of-way understates the opportunity cost of having the land devoted to the highway. The land has a value of $100 million because of its income after property taxes. The economy is paying more for its alternate use but some of the payment is diverted for taxes. The discounted presented value of the payments for the alternate use might be more like $150 million instead of $100 million. Another way of making this point is that one of the costs of the highway is that the local governments lose the property tax on the land used. * Summary By reducing the positive and negative impacts of a project to the ir equivalent money value Cost-Benefit Analysis determines whether on balance the project is worthwhile. The equivalent money value are based upon information derived from consumer and producer market choices; i. e. , the demand and supply schedules for the goods and services affected by the project. Care must be taken to properly allow for such things as inflation. When all this has been considered a worthwhile project is one for which the discounted value of the benefits exceeds the discounted value of the costs; i. . , the net benefits are positive. This is equivalent to the benefit/cost ratio being greater than one and the internal rate of return being greater than the cost of capital. * History of Cost-Benefit Analysis * CBA has its origins in the water development projects of the U. S. Army Corps of Engineers. The Corps of Engineers had its origins in the French engineers hired by George Washington in the American Revolution. For years the only school of engineering in the Uni ted States was the Military Academy at West Point, New York. In 1879, Congress created the Mississippi River Commission to â€Å"prevent destructive floods. † The Commission included civilians but the president had to be an Army engineer and the Corps of Engineers always had veto power over any decision by the Commission. * In 1936 Congress passed the Flood Control Act which contained the wording, â€Å"the Federal Government should improve or participate in the improvement of navigable waters or their tributaries, including watersheds thereof, for flood-control purposes if the benefits to whomsoever they may accrue are in excess of the estimated costs. The phrase if the benefits to whomsoever they may accrue are in excess of the estimated costs established cost-benefit analysis. Initially the Corps of Engineers developed ad hoc methods for estimating benefits and costs. It wasn't until the 1950s that academic economists discovered that the Corps had developed a system for t he economic analysis of public investments. Economists have influenced and improved the Corps' methods since then and cost-benefit analysis has been adapted to most areas of public decision-making.