Cost of Debt Bias

Debt is perpetual 2. probability of default is 6 in each period. The probability is the same in every period 3. If default occurs, bondholders receive p fraction of the face (principal) value f the bond plus accrued interest. 4. Bond is sold at par, i. e. , the bonds initial price equals its principal value. . If the bond does not default, the bondholders receive the promised coupon payment. 6. Discount rates are constant over time. At the start of each period in which the bond has yet to default, the bonds price must equal its initial price. Why? At the start of period 1, the bond promises to pay a perpetual series of interest payments and with a 6 probability of default and an a ecovery rate of p; at the start of period 100, if the bond never defaulted in the previous 99 periods, the bond promises to pay a perpetual series of interest payments and with a 6 probability of default and an a recovery rate of p.The same statement is true for any and all dates in the future. Thus, the pr ice will be the same at all dates in the future. Thus, if the bond does not default at the end of the period, at the end of a period, it is worth P + rYTM P; if the bond defaults at the end of a eriod, it is worth y(P + rYTM P).

Proteomics

Tracing the footprints of Proteomics – To compare and study the techniques used in proteomics since the last decade. Abstract: Proteomics is a study of the proteome of an organism. The last few decades have seen a rapid progress in the development of this field. This paper attempts to compare and contrast the way in which proteomics studies are performed today as opposed to those performed ten years ago and analyse its future implications. The thrust of research while studying biology at a molecular level initially was focused specifically on the genomes of various organisms. As scientists discovered the intricacies of genes and their functionalities, the attention was soon drawn towards the end result of the central dogma of molecular biology, namely, the proteins, produced through translation of RNAs. Therefore, to study the proteins produced in an organism, referred to as the proteome, not just as products of a genome, but more importantly how they interact and bring about changes at the macro level, the field of proteomics has emerged. (1) Proteins play a pivotal role in carrying out various functions in a body at the structural and dynamic levels. Proteins as enzymes and hormones regulate the vital metabolic processes and as structural components provide stability to the cellular components. The knowledge obtained through the study of these systems gives an insight into the overall functioning of the living organisms. In spite of having similar genetic blue prints, the protein expression in various organisms are regulated differently through diverse networks of protein-protein interactions. Hence, proteomics provides an understanding about these regulatory processes and establishes the differences and similarities between the evolutionary pathways of the organisms by grouping them under phylogentic trees. Further, drugs can be developed for specific diseases by designing structural analogues of proteins responsible for diseased conditions after elucidating their structures, which can then up or down regulate metabolic processes. Thus, the study of proteins plays an essential part of researches carried out in other related fields of study such as developmental and evolutionary biology and drug designing. (1)(2) Since the invention of the 2-Dimentional Gel Electrophoresis in the 1970s, which is considered to be the stepping stone of modern day protein studies, scientists have been constantly striving to develop new and potent methods to study proteomics. Thus, this paper is an attempt to identify and compare these techniques which have been used and improved over the last decade. The popular and preferred procedure to study the proteome of an organism comprises of three major steps, isolation, separation on 2-D gel and analysis through a mass spectrometer. Most of the improvements revolve around this basic protocol. 2-D gel electrophoresis was one of the first methods which were used to analyse the proteome of an organism. In this technique, the protein is separated on the basis of its charge and size. The proteins are first separated on the basis of their different charges in the 1st dimension, following which they are separated on the 2nd dimension on the basis of their molecular weight. The gel or map provides a graphical representation of each protein after separation and hence they can be distinguished individually. However, the reproducibility of the results obtained through such an analysis has not been satisfactory. Till date there are constant efforts being made to improve the efficacy of this technique, such that a large number of proteins could be separated at the same time. The first 2-D separation which was carried out by using the electrophoresis buffer and starch gel, the improvements which followed gave rise to the foundation of modern day 2-D separation, which was combining two 1-d techniques involving separation on the basis of pH using isoelectric focusing (IEF) and using SDS-Page for separation on the basis of molecular weight after the samples have been prepared specifically using various reagents such as Urea (as a chaotrope to solubilise) and DTT (to break di-sulphide linkages without fragmentation into peptides), in a suitable buffer (3). Further, for certain segments of proteins which were hydrophobic in nature, like those found in the cell membrane, it was discovered that special reagents such as thiourea, sulfobetaine and tributyl phosphine which are classified as chaotropes, surfactants and reducing agents respectively, assisted their solubility during sample preparation before running them on the gel. Another notable extension of 2-D separation was the use of IPG strips, which had different pH gradients. These strips were made available commercially and drastically contributed to the convenience of the technique. Also, experiments were carried out using a number of such strips to increase the range of pH, hence successfully accommodating a large number of proteins(4). Nevertheless, such a method, although successful, was human-error prone and hence the results on the varied from each other in majority of cases. To overcome this, a number of replicates of the gel had to be prepared and therefore demanded a lot of labour. To overcome this barrier, the differential gel electrophoresis technique DIGE was developed. In this method, the proteins are labelled with fluorescent dyes prior to electrophoresis. The fluorophores are joined via an amide linkage to the amino acid lysine and therefore the proteins can be resolved together on the same gel through distinguished patterns of fluorescent emissions (5). Further advancement of the standard 2-D gel analysis was to incorporate automation to the technology, however the room for automation to analyse the results was limited due to the inability of a computer to distinguish between the different patterns. Differentiating a spot of protein on a gel, its intensity and to separate it from a background still remains an overwhelming task for the computer. The next step in proteome analysis is protein identification using mass spectrometry (MS). One of the most compelling problems of using MS to study biomolecules such as proteins was the inability to obtain ions of sufficiently large size which would effectively lead to their identification. Since the development of Electron Spray ionization and MALDI (Matrix assisted Laser Desorption Ionization) this drawback of MS was overcome and today the combination of these ion sources with different mass analysers e. g. MALDI-TOF/TOF, ESI Q-TOF and ESI triple quardrupoles are used widely in proteomics. Identification of a protein is carried out through a process referred to as peptide mass fingerprinting (PMF). In this technique, proteins that have been separated on a 2-D gel are excised and digested into peptides using proteases such as trypsin. The digested peptides, when subjected to study in a MS, give a characteristic m/z spectrum. The protein can be indentified when this data correlates to the data in protein databases; compared using softwares based specific algorithms. However, to extrapolate a proteins role in metabolism, it is also necessary to identify how the protein is modified after translation. Post translation modification plays an important role in acting like a regulating switch; modifications such as phosphorylation play an important in processes such as cell signalling. The main drawback while analysing a phosphorylated protein through MS was its signal suppression. To rectify this issue, high performance separation techniques such as HPLC were conjugated with the MS; LC-MALDI-MS is an example of such a combination (6). Further extension of the protein mass fingerprinting was the development of shotgun proteomics, to specifically do away with the disadvantages of a standard 2-D gel analysis. This technique is based on separation of peptides obtained after protease digestion, using multidimensional chromatography. It is necessary that the two dimension of this multidimensional separation done using chromatography are orthogonal in nature, i. e. using two different properties of a protein similar to a 2-D gel separation which uses pI and mass. Separating proteins using reversed phase, based on hydrophobicity, and Strong cation exchange, using the charged state of the peptides is an example of separation in two dimensions. Although the PMF approach provided a successful identification process to recognize the proteins present in a proteome, it was also necessary to study the changes in protein expression in response to a stimulus. To achieve this, the technique call the ICAT was developed which protein mixtures from after isolation were modified such that they can differentiated on the basis of mass from one cellular location to another. In ICAT, this modification is done using a cysteine with an isotope labelled biotin tag. Today, the efforts to develop new technologies are directed towards automation in sample preparation and effective interfacing with other techniques. Interfacing has been achieved more successfully with ESI than MALDI owing to its ability of operating with a continuous flow of liquid (7). Sample from organisms contain thousands of proteins, to effectively separate certain important proteins such as disease biomarkers from this mixture, is a highly demanding task. Further, effective proteolytic digestion can be challenging when the proteins of interest are present in low quantities. Therefore, before a sample of protein can be effectively analysed there are a number of steps to be performed which are prone to human error and are laborious. The development of Micro-fluidic system as an interface with the mass spectrometer such as ESI provides the option of automating this process and hence making proteome analysis more effective less time-consuming. Therefore, such a chip based technology has a clear advantage over the traditionally used methods due its improved probability of obtaining the protein of interest, reduced consumption of reagents and accelerated reaction time. The micro fluidic chips can be directly coupled to an ESI- MS using a pressure driven or electro-osmotic flow. Thus, such a system where there is a direct interface is called an on-line setup. On the other hand, such a setup cannot be achieved in MALDI where a mechanical bridge is created between the micro-fluidic chip and the Mass spectrometer. The first step of a proteome analysis, i. e. sample purification is carried out using a hydrophobic membrane integrated into an inlet channel of a polyimide chip. Separation of proteins from the sample can be achieved either using a capillary electrophoresis (CE) or a liquid chromatographic (LC) method. CE is usually preferred over LC due as it provides a faster separation and can be coupled to an electric pump. Proteolytic digestion is carried out on the solid surface of the chips, where the enzymes are immobilized. Thus, such a chip provides a platform for the automation of the initial steps of a proteomic study, and more studies are still being performed to increase the efficacy of this approach (8). To conclude, over the last decade, there has been a rapid progress in the techniques used to study proteomics. The direction of progress has also shed a light on the importance of proteomics and the implications if would have in the coming years. Studies on evolution have benefitted a great deal with the development of techniques like ICAT which enhances quantitative and comparative studies of the different proteomes. In the field of medicine and drug discovery, the application of these techniques, paves the road for discovery of novel biomarkers for specific diseases in a quicker and less complicated manner. Further, it would also assist vaccine development by identifying specific antigens for a disease. The developments of micro-fluidic chips have opened the door for new diagnostics techniques by characterizing effectively the protein responsible for a diseased state. Such an approach has already been employed to study the proteins produced in the body in a cancerous state. Therefore, as more researchers and academics adapt these with these applications, many more improvements would soon evolve. References: 1. Anderson, L. , Matheson, A. and Steiner, S. (2000). â€Å"Proteomics: applications in basic and applied biology. † Current Opinion in Biotechnology Vol: 11:pp. 408–412. 2. Pazos, F. and Valencia, A. (2001). â€Å"Similarity of phylogenetic trees as indicator of protein protein interaction. † Protein Engineering Vol: 14: no 9: pp. 609-614. 3. Klose, J. (2009). From 2-D electrophoresis to proteomics. † Electrophoresis Vol: 30: pp. 142–149. 4. Herbert, B. (1999). â€Å"Advances in protein solubilisation for two-dimensional electrophoresis. † Electrophoresis Vol: 20: pp. 660- 663. 5. Alban, A. , David, S. , Bjorkesten, L. , Andersson, C. , Sloge, E. , Lewis, S. and Currie, I. (2003). â€Å"A novel experimental design for comparative two-dimensional gel analysis: Two-dimensional difference gel electrophoresis i ncorporating a pooled internal standard. Proteomics Vol: 3: pp. 36–44. 6. Reinders, J. , Lewandrowski, U. , Moebius, J. , Wagner, Y. and Sickmann, A. (2004). â€Å"Challenges in mass spectrometry based proteomics. † Proteomics Vol: 4: pp. 3686–3703. 7. Swanson, S. and Washburn, M. (2005). â€Å"The continuing evolution of shotgun proteomics. † Drug Discovery Today Vol: 10. 8. Lee, J. , Sopera, S. and Murraya, K. (2009). â€Å"Microfluidic chips for mass spectrometry-based proteomics. † Journal of Mass Spectrometry Vol: 44: pp. 579–593.

1996 Ap Us History Free Response dbq Essay

Throughout the period 1801-1817, the government was ruled by the Jeffersonian Republican party, whereas the Federalist Party began to slowly fade away from public view. The Jeffersonian Republican party, led by Thomas Jefferson, professed to favor a weak central government through the support of more states’ rights, â€Å"†¦that the states are independent†¦ to†¦themselves†¦and united as to everything respecting foreign nations.† (Document A). On the other hand, the Federalist Party, previously led by Alexander Hamilton, espoused the idea of a strong central government. The characterization of these two political parties during the presidencies of Jefferson and Madison were inconsistent with the professed position in the 1790’s.The Jeffersonian Republican party was founded on specific principles, presented and created by Thomas Jefferson’s ideal of the perfect government. The nation was thus divided into two ideals – the Jefferson ian Republicans and the Federalists – but as Thomas Jefferson rose to power, the Federalists ideals and influence began to fade. During the Tripolitan War, Jefferson used mostly the navy to fight and win the war, because of Jefferson’s belief of a strong standing army was an invitation towards dictatorship. Specifically, the â€Å"mosquito fleet† was used because of its size and maneuverability. The â€Å"mosquito fleet† was also lightly funded because of the Jeffersonian Republicans’ belief in a minimal navy, but it provided sufficient protection for the American shores. Three years after the Tripolitan War, the Embargo Act was enacted to avoid yet another war, which was the reason for Jefferson’s pressure on Congress to pass it. The Embargo Act, however, was an example of Jefferson’s Jeffersonian Republicans’ â€Å"strict constructionist† ideal because a compromise in the Constitution stated that Congress had the power to regulate foreign trade. Jefferson’s main goal was to avoid war, but the Embargo Act only delayed what seemed to be the inevitable. The Embargo Act caused a complete boycott of British and European goods, and it was supposedly an ultimatum for the discontinuation of British and European harassment of American shi ps. The Embargo Act in turned backfired, because it hurt the merchants through the discontinued trade with superpower, Great Britain and other European countries, and was three times more costly than war itself. On the other hand, the Embargo did have positive attributes because the merchants began to develop domestic manufacturing, which slowly made the United States economically independent  from other countries’ economies. Ironically, Jefferson’s Embargo Act did cause an economic ripple in Europe, but the American people were too impatient to reap its â€Å"bountiful† yield. The Federalists obtained the title of being â€Å"loose constructionists.† The Jeffersonian Republicans’ rational of the Constitution was if it did not grant, it forbade. President Madison vetoed the Internal Improvement Bill (soon to be known as the American System) because â€Å"†¦seeing that such a power is not expressly given by the Constitution.† (Document H) President James Madison further defended his position by stating the success of the Constitution depended on the cooperation of the federal and state governments. (Document H) Thus President James Madison upheld the ideals of the Jeffersonian Republican of a strict interpretation of the Constitution and the conservation of states’ rights, even though he was the person to first propose/develop, the soon to be known, American System – later made popular by Henry Clay in 1824. The Jeffersonian Republicans wanted to avoid the Federalist ideals of â€Å"Congress has power to create a dict ator,† but the pressure from the American people and being the President of the United States caused certain members of the Jeffersonian Republicans to be steadfast on only several governmental and national topics. (Document D) As certain members, Thomas Jefferson and James Madison, of the Jeffersonian Republicans rose into a higher leveled power, their ideals began to fade and mix with Federalists’ views. During Jefferson’s second term as president, Jefferson’s â€Å"reasons† â€Å"†¦tells me that civil powers along have been given to the President of the U.S†¦Ã¢â‚¬  (Document B). In four years time, Jefferson switched from his Jeffersonian Republicans’ view to the Federalists’. Furthermore, as Jefferson urged the removal/impeachment of Supreme Court justice, Samuel Chase, Jefferson was – at the same time – further empowering his own governmental position. The Embargo Act postponed America’s war with foreign European nations and developed the United States’ domestic manufacturing. On the other hand, the Embargo Act was quickly pushed through Congress by Thomas Jefferson, but the Embargo Act was never approved by the individua l states. So, the Embargo Act was a federal policy and not a policy passed by the states. The abolition of the slave trade also expressed Jefferson’s indirect favoritism towards the Federalist policies. The method  of which Jefferson obtained the abolition of the slave trade was against the Jeffersonian Republicans principles. The states did not have representation in the decision upon which to abolish the slave trade because Jefferson pushed the policy through Congress for a permanent ban on the slave trade. Similarly, the War of 1812, occurred during Madison’s presidency, was not supported by all American, and therefore was one of the many factors that caused America to suffer one of its most humiliating defeats. John Randolph, who was a Democratic Republican, began to state the obvious near the end of Madison’s presidency, â€Å"†¦the present government have renounced the true republican principles of Jefferson’s administration.† (Document F) The Jeffersonian Republicans were feeling the pressure of addressing national issues at different angles and they could not remain solid on their original ideals, â€Å"Their (Jeffersonian Republicans) pri nciple now is old Federalism.† (Document F) In a sense, Thomas Jefferson was slowly replacing his own political party ideals with Federalist ideals. The Jeffersonian Republicans was not the only political party to sway from its ideals. The Federalist, Daniel Webster, stepped aside from the common Federalists ideal. In Daniel Webster’s speech to the House of Representatives on the conscription bill, he strongly opposed the conscription bill. (Document D) What was his reason for such opposition, even though he was a Federalist? Thus, the Jeffersonian Republicans were not the only political parties to lean away from their political ideals, Federalists did also. The Louisiana Purchase further exemplified Thomas Jefferson’s growing detachment from his Jeffersonian Republican ideals. Where did it strictly say in the Constitution that Jefferson could buy land? It did not. Thus, Jefferson adopted the Federalist ideal of â€Å"loose construction† through buying land to expand America’s power, even though Jefferson contemplated if the purchase was unconstitutional. Similarly, the Federalists were also changing views, for the Federalist opposed the Louisiana Purchase – even though it would increase the federal government power. The underlying purpose of the Federalists’ opposition towards the Louisiana Purchase was mainly on political grounds. Through the United States doubling in size, the influence of the much faded Federalist ideals would further weaken because the Federalists were already out of office and faced steadily diminishing influence in American society. Thus, in a respect, the Federalist ideas did not begin to fade from public view  after John Adams was voted out of office, but instead was expressed to the public through the opposing party’s top officials, Thomas Jefferson and James Madison. The characterization of the two parties did not remain accurate during the presidencies of Jefferson and Madison because of the pressure during the possession of the high powered position changed the views of the Jeffersonian Republican leaders, â€Å"laws and institutions must go hand in hand with the progress of the human mind.† (Document G) During Jefferson’s and Madison’s term as president, the single-minded ideal of the Jeffersonian Republican did not withstand the influence of the Federalist ideas on several government issues. Thus, Jefferson’s and Madison’s term as president was a melting pot of both Jeffersonian Republican and Federalist ideas. None of the two presidents were able to continually uphold the Jeffersonian Republican idea through their presidency. However, the War of 1812 – known as the Second War for Independence – would cause an upsurge of nationalism in the upcoming years during James Madison’s term as pr esident and bringing America closer.

English 103 - Research essay - A Rose for Emily

English 103 - Research - A Rose for Emily - Essay Example â€Å"A Rose for Emily† can be approached in several ways by the reader: as a tragic love story which depicts Emily’s great love for Homer Barron; as a comment on life in the deep American South as it grapples with the changing times; as a cold-blooded murder shrouded in mystery; and as a psychological tale of madness and isolation. However it is approached, the story is undoubtedly a gripping piece of fiction which captivates the reader. Several themes are woven into the narrative, contributing to its richness. These themes mirror the characteristics of the Old South. â€Å"A Rose for Emily† is a narrative set in the Old South where racism, classism and sexism are an integral part of society. As a story which is set in the deep American South, â€Å"A Rose for Emily† is inevitably touched by the inherent racism of the southern plantations. The agrarian economy of the south depended on inhumane slave labor for profitability in its cotton and tobacco plantations. It is commonly acknowledged that, even after the defeat of the South and the abolition of slavery, southern society continued to be characterized by strong racist attitudes. This racism lingered on for decades and African-Americans remained unassimilated into southern society. In â€Å"A Rose for Emily,† Faulkner skillfully highlights this prevalent racism through the voice of the narrator and through his characterization of Emily’s Negro servant, Tobe. The narrator, representing the Jefferson community, is lightly dismissive of Emily’s servant. He is seen merely as â€Å"an old man-servant--a combined gardener and cook† (Faulkner, I). He is not perceived to be a person in his own right, but only in terms of being Emily’s man-of-all-trades. He is casually referred to as â€Å"the old Negro,† (Faulkner, I) and â€Å"the Negro man† (Faulkner, IV). The

How would you characterize writing in you field Do you believe it has Essay

How would you characterize writing in you field Do you believe it has a persuasive demension to it What sorts of evidence, data, and reasoning count as convincing and logical in your field's writing - Essay Example Business manager is responsible for marketing, finance, development and research, needs exceptional writing skills to convey his ideas and concepts. During the average day the managers may need to answer emails sent by bosses, notify the authorities on the progress in their new business venture - all these messages must be self-explanatory and concise; after all, a well written piece saves time and makes communication coherent removing the chances of misunderstandings. Writing in social sciences should be critical, as the subject is more often event-related and concerns different issues. The four basic writing styles used in social sciences are reporting, narration, exposition and argumentative. Usually the writing in social sciences is expected to be focused on the event which requires comparing and contrasting them back and forth. The writing style demands the writers to have a view point, give logical arguments backed up by empirical or anecdotal data. In short it is critical thinking. Writing, for example, in advertising field holds a prime importance, as the tag line should grab consumer’s attention. Likewise, broachers must also be written in a persuasive manner which is capable of seeking consumer’s attention and creating a desire to purchase that product. On the other hand, a human resources manager may also need good writing style to attract, select and hire the right kind of person who is fit for the job, thus, he should also know how to state specific qualifications in the advertisement. If we closely observe, writing in social sciences demands critical thinking, comparing and contrasting abilities, good narration and persuasive arguments, if not all of the aforementioned then some zest for writing in social sciences is needed, it is quite important for a person, who is a marketing head or a human resources manager, to be proficient in the field of business management and administration. Ability

Infectious disease Research Paper Example | Topics and Well Written Essays - 1250 words

Infectious disease - Research Paper Example Dr. Kai Kliiman has also been an efficient manager for the National Tuberculosis Program. The authors have a biased interest as they tend to incline their article to their point of view. Though there is also some vested interest which is obvious through the biased interest, the article does not tend to show any prejudices. Since the article talks about established facts and has less to do with assumptions, this article shows the biased interest of the authors than the vested interest. This is a peer reviewed article and this can be confirmed by the article itself. The article does attribute the critical revision, provision on study materials, collection and assembly of data and other important aspects of the article just to both the authors and no other source of cross check involved and hence it is obvious that this is a peer reviewed article. The article â€Å"Predictors of extensively drug-resistant pulmonary tuberculosis† is about the study conducted on several patients in Estonia suffering from culture confirmed pulmonary-tuberculosis. The article educates the readers about the brief study conducted on patients with extensively drug-resistant tuberculosis and multi drug but non-extensively drug resistant tuberculosis and the efforts to identify the their causes. ... s and continents in which it is prevailing and is spreading, and also speaks about the number of deaths that are reported every year owing to this infectious disease. The article speaks much about the studies conducted on patients of Estonia, which had the highest number of cases of multi-drug resistant tuberculosis. Initially the reader gets exposed to the details of the spread of the disease in spite of the measures that had been taken and also the effect of NTP (National Tuberculosis Control Program). This in association of HIV virus is spoken about and their combined effect is also talked about. â€Å"In certain African countries and many parts of Southeast Asia, HIV is becoming more and more endemic. Where tuberculosis is also endemic among the population, a weakened immune system will increase the risk of getting tuberculosis. This is an extremely worrying situation and the WHO and the IUATLD are doing all they can to prevent the disease from spreading† (Dr.Pallisgaard, 21). The adoption of several sophisticated methods for this study is also mentioned in the article. The study has taken into consideration factors like sex, age, place of birth, economic status and other factors like drinking habits, marital status and employment and studied their effects too. These tests were conducted dividing the patients into three separate groups, namely the extensively drug resistance tuberculosis, multi drug but non-extensively drug resistant tuberculosis and non- multi drug but non-extensively drug resistant tuberculosis. All the data pertaining to the patients has been collected and stored in a database. Tests have been conducted in highly equipped labs and highly qualified people as per the directions of WHO. In each case susceptibility has been gauged separately and

The issue of lurking doubt Essay Example | Topics and Well Written Essays - 1250 words

The issue of lurking doubt - Essay Example But after the passing of CAA 1966, the court is now vested with the power of allowing an appeal against a conviction if the court feels that the jury’s verdict should be discarded on the basis that the case is unsafe or not acceptable or does not satisfy all conditions. Lord Widgery stated that a court must leave the objective part of a case and take a subjective measure of the case analysis. The subjective measure proposed by Widgery is that the court should decide whether to let the matter rest as it is or whether they have some lurking doubt. In this case, the lurking doubt is considered if it makes the court wonder if some miscarriage of justice was committed. This subjective test is strictly not based on the evidence received by the court; instead, it is based on the general feel of the case and the personal opinion of the judge(s) of the case. The precedent set by Lord Widgery in 1966 became the lurking doubt test for the appellate court, where each member of the bench c onsiders if the verdicts given are unsafe or unsatisfactory and then allows the conviction to pass or be quashed. The decision on whether the lurking doubt test should be consigned to history or still be used is based on the court itself and the trial jury. An analysis of different cases indicated that the test is still in use but can be arguable. From an analysis of Malleson’s () research into the use of the lurking doubt test, it is found that after Widgery’s introduction of the test in Cooper, 6 cases used the test between then and 1989.... inst a conviction if the court feels that the jury’s verdict should be discarded on the basis that the case is unsafe or not acceptable, or does not satisfy all conditions. Lord Widgery (1969) stated that a court must leave the objective part of a case and take a subjective measure to the case analysis. The subjective measure proposed by Widgery is that the court should decide whether to let the matter rest as it is or whether they have some lurking doubt. In this case the lurking doubt is considered if it makes the court wonder if some miscarriage of justice was committed.7 This subjective test is strictly not based on the evidence received by the court; instead it is based on the general feel of the case and the personal opinion of the judge(s) of the case. The precedent set by Lord Widgery in 1966 became the lurking doubt test for the appellate court, where each member of the bench considers if the verdicts given are unsafe or unsatisfactory and then allows the conviction t o pass or be quashed. The decision on whether the lurking doubt test should be consigned to history or still be used is based on the court itself and the trial jury. An analysis of different cases indicated that the test is still in use but can be arguable. From an analysis of Malleson’s () research into the use of the lurking doubt test, it is found that after Widgery’s introduction of the test in Cooper (1969),8 6 cases used the test between then and 1989. However, in 1990, of the 102 successful appeals, 6 of them included the aspect of the lurking doubt test, as compared to 14 out of 114 cases in 1992.9 In the 1992 cases, Malleson states that the 14 convictions were reversed based on the court’s opinion that the jury reached wrong decisions, despite the fact that no new evidence was

Reflective account of two placement experiences Essay

Reflective account of two placement experiences - Essay Example mental balance and wellbeing. For instance, I was assigned to care for a service user with dementia. Accordingly, such individuals require specialized arenas of care, as they are medically categorized as being amongst the most prone of individuals in society (Darling, 2011:642). It hence takes individual input, gradual experience, acquired expert knowledge and excellent communication skills to effectively function in such a setting (Jasper, 2003:24). With no form of experience, expertise, expert knowledge and internship, I experienced amongst others nervousness and lack of confidence that made me scared. In dealing with such individuals, the lack of confidence did not aid much as provision of care for the service users, required individuals (medical students and professionals) who had a better idea of how to handle such service users. In such a setting, the presence of medical professionals was crucial, as the service users were not capable of helping themselves (Eva & Regehr, 2005:S47). Even with the presence of other first year nursing students, the lack of expert knowledge and experience hampered my overall handling of existing service users. I however take solace in the fact that if functioning in such situations was not with its high and low moments, I would invariably feel not effectively utilized in such clinical settings (Sandars, 2009:687). It was difficult for me to feed them, give them medication or any other care they needed because of the violent behavior that made me even more scared especially for the fact that I lacked experience. It was difficult even to get close to them at first because I was not confident and thought they would beat me up or even worse bite me. However, with time I overcame such issues as my mentor modeled me. She instructed me on what to do on top of the fact that I saw what she was doing and adapted slowly. I was not knowledgeable of such conditions but after

Angioplasty Essay Example | Topics and Well Written Essays - 1000 words

Angioplasty - Essay Example ding of the procedure has helped this procedure to be acknowledged as safe, and at least in the short term, the success rate of this procedure is high (1999 Heart and Stroke Statistical Update), where successful therapy has been defined as persistence of less than 50% residual stenosis. However, despite the frequency of its usage, research has found that the main limitation of this procedure is restenosis which has been defined as renarrowing of the original arterial lesion at the site of dilatation. Most of the data indicate that around 35% of the patients have restenosis and within six months following the angioplasty procedure (Savage et al., 1998). To improve this statistic and to improve the life-threatening complications following angioplasty or to back up and improve the outcomes of results from balloon angioplasty, the use of stents came into vogue which essentially was balloon angioplasty with introduction of an implant into the arterial area of narrowing that would prevent the renarrowing of the arterial segment (Sculpher et al., 2002). The results of failure of angioplasty are many. The first important ones are unacceptable short and long-term clinical and angiographic outcomes. Next are the high rates of restenosis, high incidence of abrupt closure of the target vessels leading to life-threatening complications, and low incidence of target vessel revascularization, which happened to be the intended objective and indication of angioplasty as a procedure. Although there are numerous studies researching the implications of a failed angioplasty in the clinical scenario, despite having quite a number of studies, investigating the economic issues related to angioplasty as a procedure has been inadequate (Hannan et al., 1997). A second procedure during the same hospital stay, a failed procedure needing another, associated morbidities of a failed procedure all have negative implications for the patient or the providers, although all these scenarios adds to

The process of organizing Essay Example | Topics and Well Written Essays - 3000 words

The process of organizing - Essay Example Thus, at its core marketing is a transaction or exchange. In this broad sense, marketing consist of activities designed to generate and facilitate exchanges intended to satisfy human or organizational needs and wants. Market-driving companies are able to match customer value opportunities with their capabilities precisely because they drive the structure of the marketplace. As previously indicated, this is achieved by a greater capacity of market-driving firms to influence the behaviours of customers and competitors. Such capacity results from an organizational culture that fosters the creation and implementation of innovations (Dawn Burton, 2005). Market-driving organizations are better able to gain a sustainable competitive advantage by changing the structure or composition of a market and/or behaviours of its players (Dawn Burton, 2005). The market-driving organization is likely to propose offerings more valued by consumers than competitors. In addition, driving markets allows organizations to exploit opportunities that competitors cannot (Robert E. Morgan, Christopher R. Turnell, 2005). Market-driving organizations may achieve greater performance than market-driven organizations by reshaping the structure of the market according to their own competencies and by exploiting the competitors' weaknesses. Market type culture is oriented toward the accomplishment of well-defined goals as well as toward enhancing productivity and efficiency (Gordon E. Greenley, 1996). Market type cultures allow for successful communication of innovations and coordination of activities between departments. The formality of communications and inter-functional coordination facilitates the implementation of innovation

The N word Essay Example for Free

The N word Essay The word Niger should not be used by anyone regardless of the circumstances. Niger comes from the Latin word Niger meaning black. Niger was used derogatory term used to refer to black slaves during colonial times. It represents generations of endured racism and oppression. The word was used to make a mockery of black people. Whether [Niger Is] used as a noun, verb, or adjective, It strengthened the stereotype of the lazy, stupid, dirty, worthless nobody, (N Egger, a brief history). The use of the word Niger strips away the individuality of a person. Niger is evident in IP hop music, the civil rights movement, pop culture, and is now used as a term of endearment. The genre of hip hop music inspires use of the generalizing term Niger. Hip hop music allows the term Niger to be a normal thing to say. When Niger is used in a song it gives people of every race an excuse to use it. Certain words from song only can end up in a persons vocabulary. In the song Real Amiga Roll Call by Ill Jon and The East Side Boozy, the variation of the word Niger Is used over 95 times. After hearing Niger over 95 times in one song, the word Is going to stick. Rappers should cake responsibility for music they put out In the music Industry. Rappers could be more positive and help a lot more people out. An opposing argument Is that HIP hop started In the late 19005 and It was a form of expression for blacks and it empowered them. Hip hop was all about individuality among blacks. Deceased rapper Outpace Shaker influenced many people going through struggles when he spoke about being grateful for what one has in his song Keep Way Head up: Ahoy, I remember Marvin Gay, used to sing TA me He had me feeling like blacks that thing to be And suddenly that ghetto didnt seem so tough And though we had It rough, we always had enough The problem with this argument is that hip hop music isnt like that anymore, nowadays hip hop puts more emphasis on partying, drugs, and sex. Hip hop music encourages the use of the word nigh? «. The people of the Civil Rights Movement fought very hard against the generic term Niger. DRP. Martin Luther King Jar. Was all about fighting love with hate. He died fighting for the equality of his kind, and yet a few decades later those same people are using a malicious racial slur among themselves. This situation should not be hat he died fighting for. Martin Luther King wrote in his Letter From Birmingham Jail When your first name becomes Niger, your middle name becomes boy. This quote shows what King thought about the use of enlarger, shows how the term really generalizes people. HIS argument here Is that If you call someone a Niger he might as well have no name. The word Niger has become a term of endearment, and people use it from racists by changing it from Niger to Amiga. Amiga is supposed to mean friend. The word was supposedly reinvented and meant something entirely different. People ere Just conforming with each other and lost their way when they came up with this. Then blacks took pride in being insignias, a variation of a word they Just spent generations fighting. Niger oppressed black people for hundreds of years, people died fighting against that slur, Just because an A was added at the end, and all of a sudden its k. The word Niger takes away the individuality of a person. Niger was used as a mockery of black people. During the Civil Rights Movement the word was fought against. Hip hop music started off with great messages, but now songs use the word Niger excessively. Lastly, Niger has supposedly become a term of endearment.

The differences in competencies Essay Example for Free

The differences in competencies Essay Write a formal paper (750-1,000 words) discussing the differences in competencies(ability of an individual to do a job properly) between nurses prepared at the associate-degree level versus the baccalaureate-degree level in nursing. For additional help finding research on this topic, refer to the library tutorial located at in the Student Success Center. Identify a patient care situation in which you describe how nursing care or approaches to decision-making may differ based upon the educational preparation of the nurse (BSN versus a diploma or ADN degree). RUBRIC: Differences in competencies between nurses based on degree level are accurate and supported with detail, while demonstrating deeper understanding by incorporating prior learning. Use of patient care situation to describe differences in approach to nursing care based upon formal educational preparation in nursing is accurate and supported with detail, while demonstrating deeper understanding by incorporating prior learning. Identify a patient care situation in which you describe how nursing care or approaches to decision-making may differ based upon the educational preparation of the nurse I. Introduction (1 paragraph) A. Thesis: BSN is better than ADN. 1. Why? a. More choices of employment b. More critical thinking developed c. Better pay d. I can specialize in healthcare areas and teach on these subjects (ex. wound care, tele) II. Body (5 paragraphs): Argument: A. Positives and negatives of ADN nurse 1. Positives: a. Get a degree in shorter amount of time but still get paid an RNs wage b. Get ADN and work and be making money and still support family while attaining BSN c. Get experience on the unit before accomplishing BSN degree (not so new feeling) 2. Negatives: a. Cannot work in hospital administration b. Is not up to magnet status B. Positives and negatives of BSN nurse

Developing Inclusive Education Systems

Developing Inclusive Education Systems What does inclusion mean? Early childhood inclusion makes up values, policies and practices that support the rights of infant and young children and their family no matter their ability. They will take part in a variety of activities and context as full members of families, the community, and the society. (AEC/NAEYC, 2009). This is when students that have special needs are included in normal education. Inclusion is more than a placement in regular classes in school. It is being a part in life and participating using your abilities in day to day activities as a member of the residential district. It is being a part of everyone else and being received and embraced as someone who belongs. It can be a church, school, playground, workplace, and in recreation. (INC., 1995-2009). The three key factors you should look at are access which is providing a big variety of learning opportunities such as activities, settings, and environments which defines high-quality early childhood inclusion. Th e second is participation which is children that need extra individualization accommodations and supports to participate in play and learning activities with adults and their peers. The third is Supports which is a base of systems-level supports must be in place to stand the efforts of people and organizations providing inclusive services to kids and families. (Carolina, 2010). The benefits of inclusive education are they build individual strengths and gifts and they have high but appropriate expectations for each child. They act along the childs individual goals while they take part in the liveliness of the classroom with children their own age. The parents are involved in the childs education and in their activities at school. The school nurtures a culture of respect and belonging. The inclusive education provides them an opportunity to learn about and accept an individual difference, this will diminish the impact of the child being bullied and harassed. They learn to develop frie ndships with a big variety of children, and each child has their own individual needs and abilities. It has a positive influence on both the school and community and they learn to appreciate diversity and inclusion on a bigger level. (BC, 2012-2017). There are more benefits for students with disabilities such as the form friendships, increase their social and behavior skills, Role models for their academics, they increase achievement on their IEP goals, and bigger opportunities for interactions with other children. The benefits of children that dont have a disability is making a meaningful relationship, they have more of an appreciation and they accept children with differences, they have an increased understanding and acceptance of diversity, and they respect all people. http://www.uvm.edu/ There is no research that will show any negative effects from the inclusion that is done right to the support and services for the children to participate and achieve IEP goals. (INC., 1995-2009). The resources that instructors can utilize to see about higher-quality preschool inclusion is https://www2.ed.gov/, Early Learning Inclusion, the policy of Inclusion of Children with Disabilities in Early Childhood Programs and is jointly released by the Department of Education and Health and human Resource. It was released on September 14. 2015 it says that all young kids that have disabilities need access to include high-quality early childhood programs where they offer individualized and appropriate support in satisfying high expectations of the child. The policy statement sets high expectations for high-quality inclusion in the early childhood programs. It shows the legal and research for inclusion, shows the challenges to accept the inclusive practices, it recommends state and local p rograms and providers for inclusive learning opportunities for children, Free resources for state and local programs, and providers and families that have developed to support children with disabilities in the high-quality education programs. Another resource is http://www.nectac.org/ It tells you what to look for in a high-quality education., http://npdci.fpg.unc.edu/ Practices of high-quality inclusion that promote access, Participation, and support. References AEC/NAEYC. (2009). A joint position statement of the DEC? NAEYC. Early Childhood Inclusion, 1-16. BC, I. (2012-2017). Benefits of Inclusive Education. Imclusion BC, 1. Carolina, T. u. (2010). Quality Indicators of Inclusive Early Childhood Programs/ Practices. Chapel hill: NECTAC. INC., K. t. (1995-2009). What is Inclusion. What is Inclusion, 1.

LVMH strategic analysis :: essays research papers

Challenge statement: â€Å"Despite worldwide softness in the sale of luxury goods, LVMH has cemented its position as the world’s largest and most profitable player in the category. To stay there it must keep its customers loyal and its brand strong and find new markets worldwide† (Hazlett C. 2004). That is why in its mission they state to represent the most refined qualities of Western â€Å" art de vivre† all around the world. Their objective is to be the leader in the luxury market, continuing to transmit elegance and creativity. This poses some major challenges, the main one is to keep being the leader in the luxury market through a sustainable growth. The main problem to achieve it is the high dependency on three main countries, France, Japan and USA. This becomes a threat because if there is an economic downturn in one country it affects LVMH directly that is why. ANALYSIS Financial analysis. LVMH founds itself in a stable financial situation. Being positioned as the market leader they have better financial results than the rest of the competitors. Although the sales results for 2004 were under the industry’s average the overall performance over the last 5 years was 3% higher then the industry. It is important to note that the major owner of the company’s capital is present CEO Bernard Arnault with 47.52% of the control of the company with 64% of voting rights. This may have an Important impact in the overall performance and operating decision taken in the company. Marketing system After a 4 P analysis of the company one found that it found itself in a luxury market where product quality and constant innovation are key points for the success. That is why the production process and its design can take even months. Product line is extensive however it is only conformed of high priced products. Price in this case is a guarantee of the quality present in the product. Moreover, high pricing represent an element of differentiation that the customer appreciates. However this is not a setback, LVMH has managed to have world wide presence and success. To accomplish it its selective retailing division is of high importance. Nevertheless, promotion posses the major challenge since its through this that the image of the product its transmitted that is why the company poses a major part of its budget in this section. It is Important to note that the percentage allocated is higher than those of most competitors.

Harry Potter :: Free Essay Writer

Harry Potter ‘Harry Potter and the Goblet of Fire’, written by J.K. Rowling, is an excellent example of a modern novel that uses medieval influences extensively. Many of the novel’s characters are based on medieval ideas and superstitions. The settings in the book resemble old medieval towns as well as castles. The book is also full of medieval imagery such as knights in armour, carriages etc. Whilst there is no time travel involved in the novel, the medieval period is used to such an effect that the reader is encouraged to ignore the fact that the book is set in the present. People in the medieval era were quite superstitious. They believed in fictional characters such as witches and wizards. ‘Harry Potter and the Goblet of Fire’ is a novel based on the existence of witches and wizards in secret communities. The medieval period is well known for the hierarchy of society. The society consisted of landlords and their servants. This medieval element was brought into the story in the form of house elves. House elves are little creatures that work for the wizarding communities that have no rights and are unable to use any magic: â€Å"The tiny creature looked up and parted its fingers, revealing enormous brown eyes and a nose the exact size and shape of a large tomato†¦it was†¦unmistakably a house-elf, as Harry’s friend Dobby had been. Harry had set Dobby free from his old owners, the Malfoy family.† (p88) The novel also incorporates fictional animals that medieval people believed to be real. These include creatures such as dragons, trolls and three-headed dogs: â€Å"Dragons. Four fully grown, enormous, vicious-looking dragons were rearing on their hind legs inside an enclosure fenced with thick planks of wood, roaring and snorting- torrents of fire were shooting into the dark sky from their open, fanged mouths, fifty feet above the ground on their outstretched necks.† (p286) People living in the medieval era created stories about creatures such as these and heroes that defeated them. In this way ‘Harry Potter and the Goblet of Fire’ uses medieval influences. The settings used in ‘Harry Potter and the Goblet of Fire’ are typical of those found in literature of the medieval period. The opening scene is set in a very typical present day suburban street. The following scene is set at the ‘Hogwarts Castle’. A castle is a very typical medieval image used in a lot of medieval literature.

The Ems Ukase Essay examples -- International Affairs Germany Ukraine

The Ems Ukase During the 1800s, Ukraine was under the powerful rule of Russian tsars who dictated over the entire Russian empire. The Ukrainians were used to being held under a heavy hand though, and at this point in time, groups of men call Cossacks were gathering in numbers to fight against the outside authority over their homeland and to once and for all bring freedom to Ukraine. Nostalgia of the original Cossacks and â€Å"national revival among the Ukrainians since around 1840† became fused with â€Å"ideas of Enlightenment in the works of people like Taras Shevchenko (1814-61) and Myhailo Drahomanov (1841-95) among others† (Pavlychko Page 6). In 1863, Petr Valeuv, the Russian minister of internal affairs created a â€Å"repressive anti-Ukrainian policy† to downgrade nationalism in Ukraine and even being to punish and arrest those participating in honoring their area of the Russian empire (Encylopedia of Ukraine 2001). By 1875, a commission was organized to investigate â€Å"Ukrainophile propaganda in the southern areas of Russia† (Encylopedia of Ukraine 2001). As a result of this investigation, a â€Å"secret decree written on May 30, 1876 by Russian tsar Alexander II† was written called the Ems Ukase (Encylopedia of Ukraine 2001). â€Å"The Ems Ukase was issued in response to the growing Ukrainian nationalism movement and the unrest of Ukrainian Cossacks† (Nationamaster 2003). Issued in the town of Ems, Germany (hence the name), the decree was also known as the â€Å"Yuzefovich Ukase† after its author, Mikhail Yuzefovich, who was the deputy curator of the Kiev school district (Encyclopedia of Ukraine 2001). The policy itself â€Å"banned publication of all Ukrainian- published texts except for belles-lettres and h... ...ited Ems Ukase 2001. Encyclopedia of Ukraine. Canadian Institute of Ukrainian Studies. http://www.encyclopediaofukraine.com/pages/E/M/EmsUkase.htm Ems Ukase 2003. http://www.nationmaster.com/encyclopedia/Ems-Ukase Hrycak, A. 2004. Schooling, language and the policy-making power of state bureaucrats in Ukraine. Reeds College. Novamova.com.ua/htm/04/45.htm Pavlychko, S. Modernism vs. Populism in Fin de Siecle Ukrainian Literature. Page 6. http://www.utoronto.ca/elul/English/Pavlychko-ModvsPop.pdf Rancour-Laferriere, D. 2000. Nationalism, Extremism and Xenophobia : Imagining Russia: ethnic identity and the nationalist mind. University of California. Short History of Ukraine. http://www.hf.uib.no/Andre/vesti/ukrainehistory.htm - kap2 Ukrainians 2005. Centre for Russian Studies. http://www.nupi.no/cgi-win/Russland/etnisk_b.exe?Ukrainian

Eschools as Organisations Post 16 Options for Young People and Adults Essay

1. 2 Explain the post 16 options for young people and adults: – Once a young person has reached year 11 there are a number of choices to make about their future, this could be choosing a new course at school or college or entering employment and training. These options will give them a good base on building a future career. Post 16:- Continue in full time education either sixth form or at a local college. Depending on their results they can choose from the list below:- Post 17:- If they have just completed a one-year course, following Year 12, they may decide to continue their studies full time or look for jobs and training:- Post 18:- Following Year 13, they will have a number of choices to make about their future. They may decide to continue their studies full time or look for jobs or training. List of options for post 16, 17 and 18. Course at entry level- Entry level courses do not require any exam passes and usually take one or two years to complete, a course at this level is an – Entry Level Certificate. Course at Level 1(foundation Level) – Foundation level courses do not usually require any exam passes. Depending on which course they do it usually takes either one or two years to complete. Examples of courses at this level are: -Introductory Certificates/Diplomas -National First Award (level 1) -National certificate/Award (level 1) -GCSEs -NVQ Level 1 Welsh Baccalaureate Qualification (foundation Level) All foundation Level courses can lead to higher level courses or work and training. Courses at level 2 (intermediate level) – Intermediate Level courses may require two or three passes at grades D–G and they usually take two years to complete. Examples of courses at this level are: – GCSEs – First Certificates/Diplomas – National Certificates/Awards (Level 2) – NVQ Level 2 – Foundation Apprenticeship – Welsh Baccalaureate Qualification (Intermediate) All Intermediate Level courses can lead to higher level course or jobs with training. (Providing they get the grades required). Courses at level 3 (advanced level) Four or five GCSEs at grades A*- C or equivalents are usually required for entry. Depending on the type of course, they generally take either one or two years to complete. Examples of courses at this level are: – AS/A levels, including applied A levels – National Diploma – International Baccalaureate – Welsh Baccalaureate Qualification (Advanced) †¢ NVQ Level 3 – Apprenticeship. All Advanced Level courses can lead to higher education or jobs and training (providing they get the grades required in the appropriate subjects). Welsh Baccalaureate Qualification:- The Welsh Bac is now becoming available to more learners throughout Wales in schools, colleges and work-based settings. It allows for more flexibility in their studies. They will also develop skills and learning styles that prepare you for further and higher education, as well as the world of work. The Welsh Bac consists of two parts: Core – consisting of five components: – An Individual Investigation (which is like a project) into a subject of their own choice. – Wales, Europe and the World – Key Skills – Work-related education – Personal and social education. Options – where they choose from course/programmes that are currently offered, for example: – GCSE – AS/A levels – VCE (Vocational A levels) – NVQ – BTEC – OCR. – New Principal Learning and Project Qualification will also be available as option within the Welsh Bac. Apprenticeships: Apprenticeships bring them formal qualifications and highly specific work skills. They must be employed so they will be earning while they learn. They can also use Apprenticeship as a stepping stone to higher qualifications. As an Apprentice, their skills and role are respected, many top managers started out by learning a trade and understanding how the organisation works from the ground up. To gain access to an apprenticeship applicants would need: – – Four or five GCSEs at grade C or above are usually needed. – They’d be paid while they learn the skills that employers are looking for. – They’d gain an NVQ Level 3 qualification as an Apprentice or a Level 2 qualification as a foundation Apprentice. Higher Apprenticeships are also available at a Level 4 or above. Traineeships: If the student was leaving school or college a Traineeship could help them get the skills needed to get a job or progress to further learning at a higher level, for example Apprenticeships or further education. In most cases they can start on a Traineeship at any point during the year and they don’t need any formal qualifications to access the programme. There are different levels of Traineeship. (Post 18) †¢ Engagement: If they are finding it difficult to find the right job, get into work or develop their skills and learning, this level will help prepare them for the world of work or full time learning. This level can include work placements, community projects or training. Level 1: If they know what career they want to follow and are ready for full-time learning at Level 1, this level will allow them to progress their skills further in their chosen subject and can also include work placements and community projects. If they have successfully completed a Level 1 and are still out of work, they maybe eligible to start learning at Level 2. Voluntary work: As well as doing something worthwhile and rewarding in its own right, voluntary work can also be a good way of gaining skills and experience, especially if they don’t find a job or training right away. It also looks good on a CV. Youth Gateway: If they need some extra help and support before applying for a course, job or training, Youth Gateway is a short programme run by Careers Wales to help them with identifying and developing skills, job search, making applications and choosing suitable courses. Information on this can found at the local Careers Wales Centre. Direct. Gov [15 April 2012] www. education. gov. uk [1 April 2012 wales. gov. uk [ 1 April 2012].

Outline the Differences Between the Excitation

Outline the differences between the excitation-contraction coupling mechanism between skeletal and cardiac muscles. Excitation-contraction coupling is the combination of the electrical and mechanical events in the muscle fibres and is related by the release of calcium from the sarcoplasmic reticulum. (Silverthorn, 2007) In the skeletal muscle, action potential in the nerves is generated when the somatic motor neurons releases the neurotransmitter acetylcholine (ACh), at the neuromuscular junction. This initiates muscle action potential which is then transmitted to the t-tubules.Action potential in the t-tubules leads to the release of calcium in the sarcoplasmic reticulum triggering muscle contraction. In the cardiac muscles, the initial depolarisation in sino-atrial node initiates the action potential in the muscles. This is then transmitted to T-Tubule which leads to calcium influx from extracellular space. This leads to the sarcoplasmic reticulum releasing calcium which causes the muscle contraction. The skeletal muscles need ACh from the somatic motor neuron, in order for skeletal muscle action potential to initiate excitation- contraction coupling.In cardiac muscles, the action potential also initiates EC coupling, but it originates impulsively in the hearts pace maker cells and spreads via gap junctions. (Richard and Pocock, 2006) The skeletal muscles and cardiac muscles differ mainly in mechanisms by which the depolarisation in the membrane leads to the release of Ca2+. In the skeletal muscle, the T-tubule membrane is coupled closely to the sarcoplasmic reticulum via the L-type calcium channel and the ryanodine receptor.However, in the cardiac muscle the Ca2+ enters via voltage-gated calcium channels which initiate a regenerative release, through activation of the Ca2+ sensitive ryanodine receptor and this initial entry triggers further release from the sarcoplasmic reticulum. (Rang and Dale, 2003) The mechanism of excitation- contraction coupling in the skeletal muscle relies on the ryanodine receptor being activated to produce the Ca2+ from the sarcoplasmic reticulum that is responsible for allowing muscle contraction. This is evident of direct coupling between the calcium channels of the T-tubule and the ryanodine receptors of the sarcoplasmic reticulum.The cardiac muscles lack T-tubules and therefore, there is no direct coupling between the plasma membrane and the sarcoplasmic reticulum. In cardiac muscles, the mechanism relies on a calcium-induced calcium release, which includes the conduction of calcium ions into the cell, causing the further release of ions. (Rang and Dale, 2003) The duration of action potential also differs for the skeletal and cardiac muscles. In the skeletal muscles, the action potential short and ends as the related twitch contraction begins.The twitch contraction is short and ends as the sarcoplasmic reticulum recovers the Ca2+ that it released. In the cardiac muscle cells, the action potential is long- lasting, and Ca2+ carries on entering the cell throughout the plateau period. As a result, the muscle cell contraction continues until the plateau ends. Therefore, the cardiac muscle contractions are nearly 10 times as long as those of skeletal muscles fibres. (Silverthorn, 2007) The cardiac muscle tissue can contract without neural stimulation, via automaticity and the specialized cardiac muscle cells called pacemaker cells control the timing of contractions.However, the skeletal muscle requires ACh from the motor neurons for contractions. (Mader, 2006) Mader, S, S,. (2006) Human Biology (9th ed. ). New York: McGrawhill Pocock, G. , Richards, D. C. , (2006). Human Physiology – the basis of medicine (3rd ed. ). New York: Oxford University Press Rang, P, H,. Dale, M, M,. Ritter, M, J,. Flower, J, R,. (2007). Pharmacology (6th ed. ). New York: Churchill Livingstone Elsevier Silverthorn, D, U. , (2007) Human Physiology (4th Ed. ). San Francisco: Benjamin Cummings.

Managerial Economics Essay

Q.1.0) For each of the following events, assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift. a.From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased. b.During the same period the price of radio sets declined, while the number of radio sets purchased increased. c.Housing prices are rising but more houses are sold. d.Australian Airlines reduces its average plane fare by 30 percent in order to attract more customers. Ans. a) In this case the number of the fruit pickers has decreased while the wages of the fruit pickers has increased. Thus, the demand has not changed. The supply of the fruit pickers has decreased, hence, the fruit pickers supply has shifted to the left. b) In this case the price of the radio sets declined while the number of radio sets purchased increased. This means the demand has increased. The demand curve has shifted to the right. c) In this case the housing prices are rising but more houses were sold. The demand of the houses has increased. The demand curve has moved to the right. d) In this the Australian Airlines reduces its average plane fare by 30 percent in order to attract more customers. The aim here is increase the revenue in the future. The supply is been increased to accommodate the increasing customers. The supply curve is moved to the right. Q.2.0) Explain the meaning of elasticity? What are the different types of elasticities? What are the factors that affect each type of elasticity? Of what use are these elasticities to business? Ans. Elasticity is a measure of the responsiveness of one variable to changes in another variable; the percentage change in one variable that arises due to a given percentage change in another variable. The Elasticity is one of the important factors to measure the market condition, the market character and depicts a comprehensive picture of the supply, demand relation. The different types of Elasticities are Own price elasticity, cross-price elasticity, income elasticity and other elasticity such as own advertisement elasticity and cross-advertisement elasticity. 2.1. Own price elasticity: A measure of the responsiveness of the quantity demanded of a good to a change in the price of that good; the percentage change in quantity demanded divided by the percentage change in the price of the good. EdQx, Px Percentage change in quantity demanded = %∆Qdx = Percentage change in price of the good %∆Px The Own price elasticity of demand is measured in terms of its absolute value, if the absolute value is greater than one (1) is said to be elastic, if the absolute value is less than one (1) is said to be inelastic and if the absolute value is equal to one (1) is said to be unitary. 2.1.1 Elastic demand: Demand is Elastic if the absolute value of the own price elasticity is greater than 1. │EdQx,Px│> 1 This means that the percentage change in the quantity demanded is more than the percentage change in the price of the good. Generally, the demand is elastic for consumer goods. The important point is when the total revenue increases (decreases) as a result of a fall (rise) in price, demand is elastic. 2.1.2 Inelastic demand: Demand is inelastic if the absolute value of the own price elasticity is less than 1. │EdQx,Px│< 1 This means that the percentage change in the quantity demanded is less than the percentage change in the percentage change in the price of the good. The demand is elastic for the daily requirement goods, specialty goods. The important point is when the total revenue decrease (increases) as a result of a fall (rise) in price, demand is inelastic. 2.1.3 Unitary elastic demand: Demand is unitary elastic if the absolute value of the own price elasticity is equal to 1. │EdQx, Px│= 1 This means that the percentage change in the price is equal to the percentage change in quantity demanded of the good. As the percentage change in price is equal to the percentage change in the quantity demanded, the total revenue does not change as price changes. 2.1.4 Perfectly elastic demand: A condition in which a small percentage change in price brings about an infinite percentage change in quantity demanded. │EdQx, Px│= ∞ 2.1.5 Perfectly inelastic demand: A condition in which the quantity demanded does not change as the price changes. │EdQx, Px│= 0 2.1.6 Influencing factors: The price elasticity is determined the following factors, the availability of the substitutes, time factor and the expenditure share of the product in consumer’s budget. * Availability of viable options: The price elasticity is very much influenced by the availability of substitutes. The price elasticity is greater when the substitutes are more. This is because of the wider choices consumer has. The minimal changes in the price of one good will result immediate shift of the demand to the other good. The elasticity for the broadly defined commodities tends to be more inelastic than the demand for specific commodities. This is because the specific products are demanded on the basis of the consumer’s tastes, preferences, likes, passion and need. * Time factor: The time factor influences the character of the demand of the good. In general, the availability of time allows the consumer to pursue the substitutes, which eventually results in the decline of the demand for the good whose price has increased. In short time, the demand is more likely to be inelastic for the reason that the consumer will not be able to find the substitutes. *Expenditure on the product: The amount spent by the consumer on a particular product determines the character of the demand elasticity of the product. The products on which the consumer spends fewer amounts are likely to be inelastic conversely the products on which the consumer spends large amount are likely to be elastic. This is because the slightest increase in their prices would have a great impact on the consumer’s budget. 2.1.7 Uses to the business: The own price elasticity is very much essential to the business to analyze the market and further to formulate the strategies to gain maximum benefit from the given situation. The price elasticity enables the firm to asses the relationship between the price of its product and the demand. The firm can be able to gauge the relationship between their products and other products in the market. This helps the firm to identify which are the competing products and complementing products. The firm by assessing the price elasticity can be able to define fine price strategies, promotion strategies and as well can contemplate about the synergies with the other firms whose products are in complementary relationship with the firm’s products. 2.2 Income elasticity: A measure of the responsiveness of the demand for a good to changes in consumer income; the percentage change in quantity demanded divided by the percentage change in income. EmQx, M Percentage change in quantity demanded %∆Qdx = Percentage change in the consumer income = %∆M If EmQx, M > 0, then X is a normal good, an increase in income leads to an increase in the consumption of X. If EmQx, M < 0, then X is an inferior good, an increase in income leads to a decrease in the consumption of X. 2.2.1 Influencing factors: The important factors influencing this elasticity are the income level of the consumers and the nature of the product. If the product is not having the perceived value or not having the perceived image, the product will be purchased more when the income level of consumer decreases conversely the products will be purchased less when the income level of the consumer increases. 2.2.2 Uses: The firms will be able to identify their product’s perceived  value. This assists the firms to modify their product’s features, promote well or position their product well in the market. In general, the firms are interested in making their products a normal good, the demand increases with the increase in the income level of the consumer. This elasticity helps the firms to define their pricing strategy to suit the consumer’s perceived value. 2.3 Cross-price elasticity: A measure of the responsiveness of the demand for a good to changes in the price of a related good; the percentage change in the quantity demanded of one good divided by the percentage change in the price of a related good. EdQx, Py = Percentage change in quantity demanded of one good = %∆Qdx Percentage change in price of related good %∆Py This elasticity helps in understanding the relationship between two goods. This elasticity explains whether two goods are complement or substitute to each other. If EdQx, Py > 0, the two goods are substitutes to each other, the larger the positive coefficient, the greater the substitutability between the two goods. If EdQx, Py < 0, the two goods are complement to each other, the larger the negative coefficient, the greater the complementary relationship between the two goods. The important point is the sign of the coefficient is important when mentioning the Cross-price elasticity. 2.3.1 Influencing factors: The close relationship between the products has a great impact on the elasticity. If the product has many competing or substitutes which offer similar benefits mix, the demand changes highly even with a minor changes in the price of the product or the changes in the price  of the substitutes. This elasticity is also influenced by the price of the complementing products; if the price of the complementing products increases (decreases) the demand for the firm’s product decreases (increases). 2.3.2 Uses: This helps the firms to handle the competition by formulating a well defined pricing strategy. The firms will be able to assess the relationship with the other products. The firms can identify the competing as well complementing products in the market. The demand of the product is highly influenced by the competing and contemplating product’s price. The firm by assessing the cross-price elasticity will be able to handle the competition and as well can form synergies with the firms offering complementary products. This will enable the firms to operate efficiently in the market. 2.4 Price elasticity of supply: The ratio of the percentage change in the quantity supplied of a product to the percentage change in its price. Es = percentage change in quantity supply = %∆Qsx percentage change in price %∆P Es > 1, elastic supply, the percentage change in quantity supply is more than the percentage change in price. Es < 1, inelastic supply, the percentage change in quantity supply is less than the percentage change in price. Es = 1, unitary elastic, the percentage change in quantity supply is equal to the percentage change in price. 2.4 Influencing factors: The influencing factors are the price of the product, the nature of the market. The ultimate objective of the firm is to make maximum profits, the firm will supply according to the rise in price and demand in the market to gain optimum profits. 2.5 Uses: This elasticity helps the firms to strike a balance among the price of the product, demand and supply of the product. This also helps the firms to define their production and supply str0ategy so as to address the given situation. Q.3.0) Read the New Economy Index dealing with the effects of internet and increased competition on business competition (http://www.neweconomyindex.org/section1_page06.html). a. List factors that are said to be driving the increased competition between firms? Do these factors suggest that the structures of the markets in which firms operate are taking on more of the characteristics of the perfectly competitive market structures? b. Is there information on these pages that gives an indication of whether increased competition is having an effect on the profitability of the firm? Ans. a) The factors that are said to be driving the increased competition between the firms are: i. Emergence of global market place. ii. The number of increased firms. iii. Technology that makes the entry easy for new entrants. iv. Ever increasing from securities markets to increase shareholders value. v. Frenetic atmosphere of mergers. vi. Increased number of large institutional investors. Yes, these factors suggest that the structures of the market are taking on more of the characteristics of the perfectly competition. The major  characteristics are the increased number of firms, more number of players. The easy entry for the new entrants suggests that the market is not having any entry barriers. b) Yes, the information on these pages indicates the effect of the competition on the profitability of the firms. The average price mark-up over the cost ration in manufacturing in United States had declined from about 19 percent in 1970 to 15 percent between 1980 and 1992. Q.4.0) Evaluate the economic case for economic integration in either South Asia or ASEAN region (chose the region which you live). Will this be beneficial for your country? Why or why not? Ans. I am from India and India is an active participant in South Asian regional development and welfare programs. The economic integration is an important factor influencing the prosperity of the nations worldwide. The economic integration is one most successful tool exploited by many countries to gain economic benefits and welfare. The movement of South Asian countries; India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan and Maldives towards the economic integration in the South Asian region will be a big step towards their economic welfare. The India has already signed Free Trade Agreement (FTA) with Thailand, one more similar agreement with Association of South East Asian Nations (ASEAN) and another trade agreement with Singapore in early next year. This is the initiative taken by India to bring close the nations of this part of the world and leap towards the economic integration. The developed have already formed their Regional Trade Agreement (RTA) such as North American Free Trade Agreement, European Union accord. The South Asian countries must formulate a similar platform to present their argument with one consented voice and craft own free trade agreement to counter the  growing competition from these countries. According a world bank report the success of the RTA is that the RTA were successful in eliminating the trade barriers thus, paving way for the free flow of goods and services, which ultimately benefits the masses. The trade barriers segment the market, restricts the free flow of goods, service, investments, development schemes which call for a joint venture. Therefore wide range policy measures are required to facilitate the economic integration. A direct shift from closed to open regionalism will enable the countries to operate in more liberal market. The increased relations between the nations allows the free flow of ideas, fosters alternative thinking and exchange of technology. In a liberal trade regime, the South Asian countries will reap benefits in terms increased volume of trade, larger investments and increased production but, also the new technologies which were hitherto unknown at work place. India, with a one fifth of worlds population has been successful in gearing the interaction between the South Asian countries, has a larger part to play and as well the biggest beneficiary from the economic integration in this region. There are some competitive complications in the integrations. Most of the countries are having rivalry among them as they offer similar products to the international market. India and Sri Lank compete in agro-products; tea, coffee, rubber and jute, Malaysia and Singapore in clothing, Japan and South Korea in electronics. At present the integration trade among SAARC is less than 5 percent, where as it is 55 percent in European Union countries and 65 percent in North American countries. The trade between India and Pakistan is currently at US$ 251; with the integration trade it would go up to US$ 4 billion. Q.5.0) What is a market failure? What are the different types of market failures? Discuss and give an example. Ans. The situation in which the following characteristics developed in the market is termed as Market failure. The different types of market failures are Market power Externalities Public goods Incomplete information 5.1 Market power: The ability of a firm to set its price above marginal cost. The main aim of the government is to create a perfect competition in the market. But, many a times it is not possible. There always exist some firms who have an advantage over the other firms operating in the same industry. These firms gain sustainable competitive advantage by having larger market share, high technology, competitive market position and/or financial support. The firm which has sustainable competitive advantage will exercise power to influence the market prices. The firm will keep its price higher than the marginal cost, the resources required to produce that unit good, thus decreasing the social welfare. The government will intervene in these instances to regulate these firms to increase the social welfare. When the firms exercise the market power, the social welfare will minimize, the consumer has to pay more than the cost incurred by the producer to produce that extra unit. The government formulates certain laws to avert the concentration in the market, which eventually results in Market power. In most of the countries, the governments formulate laws to control the formation of market power by legislating antitrust policy and price regulation. Example: The formation of a monopoly is a clear case of market power. Most of the firms attempt to build a monopoly. In monopoly market, the entry is restricted and the firms can charge high price than the marginal cost. In the above figure it shows the monopolist’s demand, marginal cost, and marginal cost and marginal revenue curves. In a perfect competitive market all the consumers are charged similar. But, in this case the monopolist charges PM price for the profit maximizing out put units of QM. At this price the consumer is pays higher amount for the last unit produced than the cost to produce it. Total social welfare in monopoly is the sum of producer and consumer surplus, the region W in the above figure. The triangle ABC represents the dead weight loss. 5.1.1 Antitrust policy: Government policies designed to keep firms from monopolizing their markets. The main aim of the antitrust policy is to eliminate the dead weight loss and discourage the mangers to exercise price-fixing agreements and other collusive practices by declaring it as an illegal to foster monopoly. The first successful antitrust act was used against United States and Trans-Missouri Freight Association agreement, which the Supreme Court declared as illegal. Standard Oil of New Jersey along with Standard Oil of Ohio was charged with attempting to fix the prices of petroleum products and the prices at which the products would be shipped. Standard Oil, in particular, was accused of numerous activities designed to enhance monopoly. 5.1.2 Price regulation: In many instances a single firm may be able to service the market or the  government may wish to allow the firm to practice monopoly. When the economies of scale are larger, the government may allow the firm to practice monopoly but choose to regulate the price of the firm’s products. Example: In India, the government has allowed the Maruti Udyog Ltd., au automobile manufacturing firm, to practice monopoly in small car segment till 1998. This was mainly to support this PSU, to gain the strength in the market and as was the capacity of the firm was made to address the demand of the market. Even though the Maruti was the only car manufacturer in the small car segment, the government has practiced strong price regulation in order to eliminate the dead weight loss. Regulating a Monopolist’s price at the Socially Efficient Level 5.2 Externalities: Effects on the third party who is not the part in decision making process is termed as the Externalities. There are two types of externalities; positive externalities and negative externalities. 5.2.1 Positive externalities: The benefits are received by the party which is not involved in the production or consumption of a good. Example: The benefits of the immunization of the public, which eventually leads to building a health society, benefits all the people irrespective of their participation in the process. The government programs aiming at imparting education to every one leads to the building a knowledgeable society. This initiative benefits the whole nation. 5.2.2 Negative externalities: The costs borne by parties who are not involved in the production or consumption of a good. Example: The pollution in the air, water and soil. The public in general suffers with out directly involving in the process. The society will be bearing some costs of this damage to the environment, but eventually the  impact will on everyone. 5.2.3 The Clean Air Act: The Clean Air Act was formed to address the much devastating issue of the pollution. The new act covers the industry which releases over 10 tons per year of any of the listed pollutants or 25 tons per year of any combination of those pollutants. The firms under this act are required to obtain permit to pollute. The permit is issued to the industry on the basis of its nature, level of pollution in that area and the calculated level of pollution that would be emitted by the firm at a fee. The act also supports the new entrants to find efficient ways to decrease the pollution in the industrial process. The Act’s another important feature is, a firm can sell its limit to the other firm if the firm has lower level pollution than the permitted level. This is to encourage the firms to find the new ways to minimize the pollution in their firms. 5.3 Public goods: A good that is nonrival and nonexclusionary in consumption. Public goods are the goods, which can be consumed by everyone. The goods are not paid by any one or the benefits are received by everyone. These benefits cannot be allocated to any single person; clean air, sunlight etc. In general, if no one pays for these goods, as everyone along with the purchaser will be benefited. Thus, there is little or no major incentive for the purchaser. This very factor leads to free ride phenomenon. 5.3.1 Nonrival consumption: A good is nonrival in consumption if the consumption of the good by one person does not preclude other people from also consuming the good. Example: street lights, public parks, radio signals, national defense. 5.3.2 Nonexclusionary consumption: A good or service is nonexclusionary if,  once provided, no one can be excluded from consuming it. Example: clean air, roads. It would be advantageous for a firm to contribute to public goods in its market place to create goodwill in the market. The same thing goes with the individuals as well. The benefit arising from paying for the public good is not exclusive for any individual, thus everyone would be willing not to pay for them, which eventually results in failure of the market in providing public goods. In conclusion, if the firm’s goal is to maximize profits, the last dollar spent on contributions to public projects should bring in one additional dollar in revenue. 5.4 Incomplete information: The information about the product and services to all the interested parties is important for the market to operate efficiently. The participants must have good knowledge about the product or service’s features, price, benefits, the risks and the available technologies. The incomplete information will eventually result in inefficiencies in the market functioning, usage and the firm’s output. The severe causes of market failure are asymmetric information, a situation where some market participants have better information than others. The presence of asymmetric information can lead buyers to refuse to purchase from sellers ort of fear that the seller is attempting to dump the product because it worth less than they are willing to pay and in some cases, may lead to the market collapse. The government has formulated policies to address this issue. 5.4.1 Rules Against Insider Trading: The regulation to avert the asymmetric information problem is by formulating rules against insider trading. The insiders will have more information about the company; can take better decisions about its stock trading. This if continues, the traders may reject the company’s shares. There will be little or no chance to the outsiders in the market which is dominated by the insiders; this will eventually result in market failure. To prevent insider trading form destroying the market for financial assets, the government has enacted rules against insider trading. The regulation is in Section 16 of the Securities and Exchange Act (1934) and amended in1990 and effective form May 1, 1991. Example: The manger has who has got a better knowledge about the company’s inside information may utilize to gain profits. If the company is contemplating to form a merger which would increase the value of the company, will buy the share in advance and sell them when actually the share value increase after the merger. Thus, gains maximum profits. 5.4.2 Certification: To eliminate the asymmetric information problems, the other devise is the certification. The government issues the certification of authenticity to the product or services after confirming to prescribe standards. This will ensure the consumers to get a fare deal in their transactions. Example: The issue of certification of authenticity by the government to the schools, colleges, industries etc. 5.4.3 Truth in lending: The little or no comprehensive information about the barrowings has resulted in financial crisis across the world. The government has passes legislation on the barrowing and repaying criteria to simplify the issue, Truth in Lending Simplification Act (1980). The truth in lending act affects both the supply and demand of credit. The barrowers have more information about the credit criteria, reduces the risk involved in repayment of the loan. The availability of information to the  barrowers increases the demand, thus, the demand curve for the loans moves towards the right. The suppliers are affected mainly by the increased cost in complying with the government regulations, hence the supply curve of the loan moves towards the left. This movement eventually results in increase in the price of the loan (interest). 5.4.4 Truth in advertising: Advertisement is one of the important means of communicating with the potential and actual buyers. The main aim of the advertisement is to turn viewers into buyers. Under the pressure to push the product in the market, the companies will indulge in providing the false information or too much from too little truth. When the consumers understand this, they will switch to competitor’s product or service. To alleviate this problem the government formulated the truth in advertisement. The main aim of this regulation is to cease the company’s from giving false information and to compensate the consumer who has incurred damages from a misguiding advertisement. 5.4.5 Enforcing contracts: Today’s markets are so dynamic, the relationships changes very quickly. In the attempt to gain the maximum benefit from a given situation, the companies become opportunists. To preserve the best interest of both parties the government has formed enforcing contracts regulation. In most of the instances the end-of-period is a crucial thing. The firms often violate the contract principles to gain instant benefit from a changing situation with out due concern to the other party’s interest. To solve this problem the government has formed Enforcing contracts, requires dishonest people to honor the terms of contracts. 5.4.6 Rent seeking: Selfishly motivated efforts to influence another party’s decision. The government always intervenes into the market in order to avert the market  failure. The government’s aim to intervene the market is to improve the allocation of resources in the economy by alleviating the problems associated with market power, externalities, public goods and incomplete information. The government policies benefits one party at the expense of other party. For this reason the lobbyists send huge amount of money in attempts to influence government policies. Q.6.0) Define CPI and Unemployment. What is the limitations/criticism of the following? a. CPI as a measure of change in prices. b. Unemployment rate as a measure of true employment. Ans. 6.1) The inflation and deflation are the two vital determining factors of the macroeconomics. Inflation: An increase in the general (average) price level of goods and services in the economy. The inflation does not mean that all prices of all products in the economy rise during a given period. Inflation is an increase in the overall average level of prices and not an increase in the price of any specific product. Deflation: A decrease in the general (average) price level of goods and service in the economy. In genera, the deflation is the reduction in the rate of inflation. 6.2 The Consumer Price Index (CPI): An index that measure changes in the average prices of consumer goods and services. The consumer price index is the widely accepted and used scale for measuring the inflation or deflation. The CPI is also called as the cost-of-living index. The CPI will measure the price changes in the consumer goods only. This measurement is considered with the effect of changes in the prices consumer goods on the income of the consumers. In Australia, the Australian Bureau of Statistics (ABS) prepares the CPI. The ABS price collectors contact a sample of retail stores, other businesses supplying consumer products or services, home owners and tenants in Australia’s capital cities, each quarterly. The items included in the market basket are the items used or consumed by a typical urban family, under the category of food & beverage, clothing, housing expenses, transportation, medical care, entertainment and a range of other goods and services. The composition of the market basket generally remains unchanged from one period to the next; hence the CPI is also called as fixed-price index. Computing CPI: CPI = Cost of the market basket of products at current year prices Ãâ€" 100 Cost of the same market basket of products at base-year prices Base year: A year chosen as a reference pint for composition with some earlier or later year. Annual rate of inflation= CPI in given year ─ CPI in previous year Ãâ€" 100 CPI in previous year 6.3 Limitation/criticism of CPI: The CPI as a measure of change in prices has attracted much criticism because of its limitations. The reasons for the change in price are affluent, the computing of CPI does not consider all these factors as it would be  difficult to collect and compile the data. 1. The CPI considers the items consumed by a typical urban family rather than the purchases of the consumers in every area. This very character limits the CPI to present a comprehensive measurement. Even in the family segment, the purchases of different families differ considerably from a typical family, the retired people have different buying criteria, purchases more of medicines and less of children products and the family who have more young children will have different needs. 2. The CPI does not acknowledge the changes in quality which in many instances results in the changes in the prices. Generally, the improving quality or performance of a product costs more to the producer, thus the producer will increase the price, the CPI fails to acknowledge this very fact. The price of television has increased quite highly, but the quality of the picture, sound and the added features are also the new benefits of today’s televisions, the CPI will not take these factors into consideration. 3. The composition of the market basket most of times is unchanged, which results in ignoring the latest trends. The market is more dynamic than ever and every year there are many new and innovative products and service are introduced to the market. The failure to take the changing patterns and preferences, the CPI will not be a comprehensive measure of the change in prices. b) It is very important for every country to assess the unemployment rate. The countries most important and valuable asset is its labor force. The government has to gauge the productivity of its employment force to develop the country. 6.4 Unemployment rate: The percentage of people in the labor force who are without jobs and are actively seeding jobs. The unemployment is not all the people who do not have jobs, but the people who are part of the labor force who do not have jobs or seeking jobs. 6.5 Civilian labor force: The number of people 15 years of age and older who are employed or who are actively seeking a job, excluding those in the armed forced, home makers, students, discouraged workers and other persons not in the labor force. 6.6 Limitations/criticism: The calculation of Unemployment rate has attracted much criticism for limitations to give a comprehensive detail of the employment. The Australian Bureau of Statistics (ABS) computes the unemployment rate in Australia. 1. False response to the ABS survey about the unemployment. The respondents may give false information about their employment. The respondents may give false information about their current position; they might say they are seeking a job even if they are not or employed in illegal activities. This could be because of the benefits of registering oneself as unemployed or job seekers. 2. The official definition of the unemployment understates the unemployment rate by not considering the discouraged workers. Discouraged worker: A person who wants to work, but who has given up searching for work because he or she believes there will be no job offers. After repeated rejections, discouraged workers often turn to their families, friends and possibly other forms of welfare for support. The ABS counts a discouraged worker as anyone who has looked for work within the last six months, but responds that they no longer looking for a job and includes in ‘not in labor’ category. The number of discouraged workers is likely to rise during a recession; the degree of underestimation of the official unemployment rate is thought to increase during a downturn. 3. Another understating of the unemployment rate occurs because the survey treats the part time workers equal to the full time workers. Some of these  part time workers might be willing to go for full time job given a chance. These latter workers are underemployed. Such under-utilization of the employees is great in recession, but is not reflected in the measured unemployment rate.