Argument Against Universal Health Care in the Us Essay

Argument Against Universal Health Care in the Us BY shaker71493 Jacob Nieuwenhuis Contemporary Issues MSR 10 March 2010 Universal Health Care in the United States â€Å"Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron’s cruelty may sometimes sleep. His cupidity may at some time point be satisfied; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience. † -C. S. Lewis (1898 – 1963) The issue of universal health care taking over the present health care system has become a heated topic all over America. With President Obama’s promise to pass a bill that will give government coverage to all Americans, most people were happy that health care would become more affordable for them. But is this the case? There has been a stiff opposition to the passing of any bill of this kind throughout the entire process, but the longer a bill stays in circulation the more time people have to form an opinion on the issue. With the law in effect now the issue now turns to if this will e better off for America in the long run, and if there is any good to such a system. History has a lot to say about socialized medicine. There have been many countries, not only socialistic countries which have used a public method of offering medicine. A few of these countries are Great Britain, Canada, France, Australia, and also the European system. These systems will be analyzed from their ro ots up in order to see whether they were successes or failures. The National Health Service (NHS) of Great Britain, which was created on July 5, 1948, is the world’s largest publicly funded health service ever. As can be seen on the diagram, the NHS is divided into two sections: primary and secondary care. Primary care is the first point of contact for most people and is delivered by a wide range of independent service providers, including general practitioners, dentists, pharmacists and optometrists. Secondary care is known as acute healthcare and can be either elective care or emergency care. Elective care means planned specialist medical care or surgery, usually following referral from a primary or community health professional such as a general practitioner. In this system there are a lot of different trusts (refer to iagram). These trusts are where the money is sent for certain types of care. The main trusts are the Primary care trusts. Primary care trusts (PCTs) are in charge of primary care and have a major role around commissioning secondary care, providing community care services. They are the main core to the NHS and control 80% of the NHS budget. Green, did a report on the effects of preventive care in Great Britain for diseases such as circulatory disease and cancer. His main focus was on the circulatory system and the conclusion of his reports states that: â€Å"The main findings can be summarized as follows. The I-JK has a poor record of preventing death from diseases of the circulatory system. After allowing for the different age structure of each country in the European Union, the I-JK death rate from circulatory diseases for persons aged less than 65 was ranked thirteenth out of the 15 countries studied. † There are many negative aspects of the NHS. There are stunning reports of people who didn’t get care, or who waited for months in order to get prevented care. One example of a terrible thing that happened recently in Great Britain was a cancer patient who had to wait for 62 weeks before starting treatment. Patients were outraged by this. They said that for some cancer patients with slow growing tumors could wait that long but that it is atrocious that someone would have to wait that long to receive any type of care at all. It was compared side by side with a case from 20 years earlier, when Heather Goodare was diagnosed with the same problem and eceived treatment within two weeks after first being diagnosed. The European system has run into a lot of obstacles over the years, mostly financial. There is currently a 5 percent to 8 percent increase in expenses per year in real terms, resulting in enormous deficits and even greater problems when the rate of unemployment rises. When employment rates improve, the deficits are eased because more taxes come in to pay for care. But as soon as employment falls again (which is common everywhere right about now), deficits come back. A common method used for getting over this deficit is rationing care and restricting use of high ost preventive cares such as CAT scans. Sometimes this is only towards people who meet a certain criteria, e. g. the elderly. This can only be bad for the consumer. Michael Tanner sums this up nicely in his article condemning socialized medicine in the U. S. : â€Å"The Europeans have run into a very simple economic rule. If something is for it. Think of it this way: if food were free, would you eat hamburger or steak? At the same time, health care is a finite good. There are only so many doctors, so many hospital beds and so much technology. If people over consume those resources, it drives up the cost of health care. â€Å" All the countries in Europe have this health care system. There are, however, three countries in Europe that allow their citizens to opt out of the official system and to take with a tax credit for the money they paid to the official system, to purchase private insurance in the health market. These countries are Germany, the Netherlands, and Switzerland. In those countries, citizens do not have to pay twice in order to acquire private health insurance. The systems of these three countries are important in that they may point the way to a solution for the current financial problems Western health care systems are experiencing. This private plan is more expensive but reachable for at least a third of the population. For the most part, people in Europe are happy with the health care they receive. In the Netherlands there is a basic plan that everyone can buy (it is not a government mandate). This covers things such as broken limbs, emergency room visits Oust the visit), and seeing general practitioners. On top of this, a person may buy whatever â€Å"premium add-ons they want. An example of an add-on is dental and orthodontic care. With this add-on all the people in the household of the insurance buyer receive ull dental care as well as braces for all the children of the family. Trudy Rubin, who is a Philadelphia Inquirer opinion columnist, says that the United States is not learning valuable lessons from the European system of healthcare. She addresses the three myths that she thinks are thought to be believed as fact. She takes these myths from an excerpt from T. R. Reid. The three myths are as follows: à ¢â‚¬Å"Myth No. 1, he says, is that foreign systems with universal coverage are all â€Å"socialized medicine. † In countries such as France, Germany, Switzerland, and Japan, the coverage is universal while doctors and insurers are private. Individuals get their insurance through their workplace, sharing the premium with their employer as we do – and the government picks up the premium if they lose their Job. Myth No. 2, which is long waits and rationed care – is another whopper. â€Å"In many developed countries,† Reid writes, â€Å"people have quicker access to care and more choice than Americans do. † In France, Germany, and Japan, you can pick any provider or hospital in the country. Care is speedy and high quality, and no one is turned down. Myth No. 3 really grabs my attention: the delusion that countries with universal care â€Å"are wasteful systems run y bloated bureaucracies. † In fact, the opposite is true. America’s for-profit health insurance companies have the highest administrative costs of any developed country. Twenty percent or more of every premium dollar goes to nonmedical costs: paperwork, marketing, profits, etc. â€Å"If a profit is to be made, you need a n army of underwriters to deny claims and turn down sick people,† says Reid. † Canada is another place where health care is run by the government. This came into effect when the parliament unanimously passed the Canadian Health Act in system. Under this law, provinces must ensure that their health care systems respect ive criteria: The first is public administration. This means that the health insurance plans must be administered by a public authority who is accountable to the government. The second is comprehensive benefit. The plan must cover all medically necessary services prescribed by physicians and provided by hospitals. The third is universality. This means all legal residents of the province must be covered. The fourth criterion is portability. Under this, residents continue to be covered if they move or travel from one province to another. And the final criterion is accessibility. This means that services must be made available to all residents on equal terms, regardless of income, age, or ability to pay. The process which a patient goes through to receive health care is very simple. When a person goes to a doctor for any kind of medical treatment they have to present what is called a provincial health card. This is a credit card-looking piece of plastic that lets your physician know you are a legal user of the system

Check Point Personal Philosophy of Education

Checkpoint Personal Philosophy of Education Rachel Pearson AED 200 03/16/2013 Dr. Maloney Hunter-Lowe Philosophy of Education The Philosophy of education I would use would be Essentialism education. Essentialism hypothesis tells that there is a general nucleus of talents and information that an educated individual should have. I share the same opinion. I trust that there are certain talents that all people should have. The talents are basic talents however they are the starting point. Talents are building blocks that let children to continue stepping up to the next higher level of education that an individual should have.Instructional Philosophy I would have a behaviorist style in my class. The hypothesis of behaviorist is an educational and psychological hypothesis that states that one’s attitude is revealed by surroundings, not some one’s heredity. I believe that this is very significant because if an individual is in a bad surrounding, then their learning is slowed d own by that bad surrounding. If a child is in a good surrounding they are more willing to learn and they absorb the teachings better. Behaviorist or Constructive approach to instructionI personally love the opinion of having Essentialism and Behaviorist merged together. Those two are my personal philosophy in education. Essentialism philosophy and the behaviorist style combined bring out the reality that there are definitely talents required and that the surroundings must be precise for a child’s learning. These opinions will help me supervise my classroom better and assist with my instructional technique. When the four are combined, they will work fine with each other and make me a better teacher. Check Point Personal Philosophy of Education Checkpoint Personal Philosophy of Education Rachel Pearson AED 200 03/16/2013 Dr. Maloney Hunter-Lowe Philosophy of Education The Philosophy of education I would use would be Essentialism education. Essentialism hypothesis tells that there is a general nucleus of talents and information that an educated individual should have. I share the same opinion. I trust that there are certain talents that all people should have. The talents are basic talents however they are the starting point. Talents are building blocks that let children to continue stepping up to the next higher level of education that an individual should have.Instructional Philosophy I would have a behaviorist style in my class. The hypothesis of behaviorist is an educational and psychological hypothesis that states that one’s attitude is revealed by surroundings, not some one’s heredity. I believe that this is very significant because if an individual is in a bad surrounding, then their learning is slowed d own by that bad surrounding. If a child is in a good surrounding they are more willing to learn and they absorb the teachings better. Behaviorist or Constructive approach to instructionI personally love the opinion of having Essentialism and Behaviorist merged together. Those two are my personal philosophy in education. Essentialism philosophy and the behaviorist style combined bring out the reality that there are definitely talents required and that the surroundings must be precise for a child’s learning. These opinions will help me supervise my classroom better and assist with my instructional technique. When the four are combined, they will work fine with each other and make me a better teacher.

Clinical epidemiology 2 Assignment Example | Topics and Well Written Essays - 1750 words

Clinical epidemiology 2 - Assignment Example Breast cancer cells may be hormone-dependent while some can lie dormant in tissues for a very long time, as long as thirty years, after removal of the primary tumor (Lipkus et al, 2001). Some illnesses may act as catalysts in the progression of the disease in the body (Gail & Rimer, 1998). Consequently, this implies that even with earlier detection and treatment, there can be a risk of recurrence during the entire life of the patient. However, with early screening, it is possible to detect these cells before they start causing symptoms (Schonberg   et al, 2014; Siegel et al, 2012). Once the disease symptoms start showing, the tumors are mostly larger and will have likely spread to other parts beyond the breast. In contrast, breast cancer cells found earlier through screening are likely smaller and their presence is still limited to the breasts thus their spread is much easier to curtail, for example, through prophylactic surgery (Freedman, 2010; Nelson,  2012). At the point of detection, it is easier to estimate the prognosis of breast cancer. The size of the tumor and how far it has spread are vital indicators of predicting prognosis and are almost entirely dependent on the time of detection of the cancer (Siegel et al, 2012). Screening enables detection of the disease in early stages and hence it is possible to reverse the spread of the disease. Consequently, screening improves survival rates among breast cancer patients. The proportion of the population affected by breast cancer is a pointer to the importance of screening the at-risk population. According to studies, breast cancer is the most common form of cancer and causes the second highest number of deaths in the US (Smith et al, 2013). Health statistics indicate that out of every 8 women, one will develop a severe form of breast cancer over the course of her lifetime. In 2014 alone, close to quarter million cases of new breast cancer cases were expected to

Totalitarianism and the individual using the book Under a Cruel Star Essay

Totalitarianism and the individual using the book Under a Cruel Star and two other readings - Essay Example horrible living conditions and galling transportations can be used to describe the camp as trying to establish one’s life and a family was hardly possible due to starvation and violence. Another form of totalitarian form of governance was in Moscow where purge was conducted as authors were controlled over the content with which they are to publish. Those carrying out the purge are described as lacking sophistication and stupidity. Under controversial circumstances, books were withdrawn and example being Lenin’s book because they were listed under Marx’s â€Å"Communist Manifesto† with Riazanov’s forward, but in many other instances this explanation breaks down. The â€Å"Authoritative† and â€Å"Educated† bunch of people were forming purging committees and recommending the removal of controversial readings. Under â€Å"philosophy† the Leningrad instructions propose that â€Å"idealistic philosophy should be removed entirely fro m circulation and this would leave only Kant’s and Hegel’s works in circulation since their writing and ideologies went in line with the governing authorities. Questions were raised over the withdrawal of many writers especially those who by the humblest and most general assessment are on a higher level and less pernicious than the hundreds of junky kinds of belles-lettres that Gosizdat put out even at this time. The kind of leadership being experienced was resulting in a totalitarian form as the main instructions of Glavpolitprosvet are more restrained and balanced, TBTW. The recommendation was to remove all the prerevolutionary literature that was concerned with upbringing and education, all prerevolutionary mathematics textbooks, all anthologies of Russian literature, collections of pieces for recitation, oral public reading and narrations from the local public libraries to central and pedagogical libraries (Kova?ly 17). On the other hand, Adolf Hitler being an arde nt militarist, during his rule rejected democracy terming it a bankruptcy and promoted an authoritarian form of politics based on the leadership principle. He was of the belief that war was a crucial test of a nation’s vigor and the defeat of Germany in 1918 was not the result of military failure but rather the product of the diseased condition of the German society in general, (Hitler 513). The corruption and weakness that was evident in the country was caused by the diabolical machinations of the Jewish people, whom Hitler had portrayed as a degenerate race engaged in an international conspiracy designed to destroy the national principle binding the German people together as a â€Å"master race† and Hitler then offered himself as the leader of the revitalized militantly nationalist Germany purged of all those who would weaken or diminish the racial purity of the German people. Hitler’s thoughts were centered along an obsessive preoccupation with racial â€Å" hygiene† which according to him was a basis of national strength. According to Hitler (517), the Jewish people with all their apparent intellectual qualities are nevertheless without any culture of their own and the sham culture which the Jew possess today is the property of other people and is mostly spoiled in their hands. He furthers the opinion that the state is a means to an end, and

Human resource planning and recruitment strategies Research Paper

Human resource planning and recruitment strategies - Research Paper Example Also, the flexibility changes that have been made have also been discussed. Lastly, the recruitment decisions and the changes that are made have also been included. An attempt to provide examples for each of these situations has also been made to gain a better perspective of the situation and to understand how recession has impacted the companies. Human resource planning is the process of ensuring that the right person is at the right job at the right time. According to Vetter, 1967, ‘the process by which management determines how the organization should move from its current manpower position to its desired position. Through planning, management strives to have the right number and the right kinds of people, at the right places, at the right time, doing things which result in both the organization and the individual receiving maximum long-run benefits’ (Jackson & Schuler, 1990). There have been several businesses in the current economic environment who have made several changes in the human resources being used within the company to ensure that there is no wastage of resources and better levels of cost cutting as well. In the current economic condition with the level of recession increasing steadily, there are two main view points, a) viewpoint of the employees, and their salaries, and b) viewpoint of the employers and ‘loaded’ labour costs. Two of the companies that have used the recession as a basis for lay off include, Citigroup, which has laid off a total of 52,175 people, and General Motors which lay off a total of 75,658 people (Kneale & Turchioe, 2009). The companies did so due to the increasing expenses and need for cost cutting. However in the long term the companies do not consider how much of these lay offs could cost them. In the hustle bustle of reducing the costs, the companies, i.e. Citigroup and General Motors have also laid off several good employees who bring the company a high level of profit. In the long run this could prove to

Donald Palmers introduction to Western Philosophy Essay

Donald Palmers introduction to Western Philosophy - Essay Example A country’s constitution is used to protect the laws and rights of people residing in that country at any particular time. The constitution also gives guideline on how the law should be applied and interpreted. Politicians are given the mandate of changing the constitution and coming up with new laws that are meant for the greater good of the people and the country as well. A popular trend noticed during the campaigns is the issue of a personal manifesto, which stipulates what the politician will do for the people. Some greedy leaders have constantly exploited the authority given politicians by the constitution to change the laws. Such cases are popular in the African countries where there have been incidents whereby the president convinces his fellow politicians to change the constitution so that he or she can hold office for a longer period. This is where the current president’s political party has more people in parliament of political positions and this makes it eas y for him or her to do such a thing. Greedy politicians have passed laws that are in their favor failing to consider the greater good of other persons. There have been the passing of laws in some country that exempt the politicians from paying taxes and in order to cover for the lost tax, they increase the basic tax for the ordinary person. They also change the laws making them become the well-paid employees in the country.  Ã‚  To stress the impact of rules on people he quotes a person who was giving his experience on oppressive rules.

SPECIFIC MORAL ISSUES (DEATH PENALTY) Essay Example | Topics and Well Written Essays - 1750 words

SPECIFIC MORAL ISSUES (DEATH PENALTY) - Essay Example In total, there have been approximately 345 executions within Massachusetts, including 26 convicted of witchcraft. Until 1951, murder in the first degree called for a mandatory punishment of death. In 1951, the law was changed to allow the jury the discretion to recommend against a death sentence after considering mitigating circumstances - in which case the sentence would be life imprisonment -unlessthe murder was committed in connection with a rape or attempted rape, in which case the death sentence was mandatory. In 1968, voters expressed disapproval with this trend in a non-binding referendum, voting 49 to 31 percent in support of continued use of the death penalty. During the 1970's and 80's, a series of judicial rulings eventually eliminated the death penalty altogether under Massachusetts law: In 1972, the US Supreme Court decision of Furman vs. Georgia, threw out Georgia's death penalty as cruel and unusual, citing the arbitrary and capricious manner in which it was administered, and leading to capital statutes throughout the country being overturned. For Massachusetts, this meant that the discretionary death penalty for murder was nullified, but the mandatory death penalty for rape-murder was left intact for the time being (Cf.Commonwealth v. Harrington, 1975). On October 28, 1980, the SJC ruled inDistrict Attorney for the Suffolk Dist. v. Watsonthat a new capital statute signed into law by Governor Edward King the previous November (c. 488, Acts of 1979) was unconstitutionally cruel for all the reasons laid out inO'Nealand their opinion of the proposed 1977 bill. On November 2, 1982, voters approved by referendum (54 to 35 percent) an amendment to Article 26. The amendment, Article 116of the Massachusetts Constitution, states that: No provision of the Constitution... shall be construed as prohibiting the imposition of the punishment of death. This completed the amendment process, which had been initiated in 1980 by legislators acted quickly to draft another new death penalty bill. On December 15, 1982, the House and Senate passed legislation providing for capital punishment for first-degree murder. The bill was signed into law (c. 554, Acts of 1982) a week later by Governor King and went into effect on January 1st. This 1982 statute was invalidated by the SJC on October 18, 1984 in the case ofCommonwealth v. Colon-Cruz. While the death penaltyper sewas no longer forbidden by the Constitution, this particular statute improperly encouraged defendants in murder cases to plead guilty rather than face a jury trial, thus avoiding the possibility of the death sentence, and violating the right against self-incrimination and the right to trial by jury. Massachusetts has remained without a valid death penalty law ever since. Subsequent attempts to reinstate the death penalty have failed: By the time of theColon-Cruzdecision, Michael Dukakis had become governor again. Throughout these two terms, a nearly evenly divided legislature never passed a bill - which the governor would have certainly vetoed. In 1991, William Weld became governor. He, and every governor since, argued for death

Personal Managerial Effectiveness - Assignments Essay

Personal Managerial Effectiveness - Assignments - Essay Example urring of boundaries between nations, immigration reforms and the likes, there is a sudden influx of socio-culturally diverse population in the UK, resulting in a highly diverse workplace (Allard, 2002). These changes in the demographic profile of the country have played a key role in the increased significance of workplace diversity and the need for reforms in workplace related laws. Globalization has opened the gates for firms to compete on a global scale. Organizations today are, hence, not only competing on a local or national level but on a much wider global platform. The markets and the demography of a typical consumer have also changed simultaneously. Hence it is imperative for organizations to ensure increased awareness about the need and significance of workplace diversity (Deborah & Smith, 2003). Positive work environment is one of the most coveted aspects of a workplace that promises to foster harmonious working relationships among the employees and greater individual dignity. Considering the benefits offered by a positive and diverse workplace, organisations today are embracing the concept and reaping the benefits offered by a skilled workforce, hired purely on the basis of talent and skills rather than socio-cultural factors. This report on workplace diversity aims to discuss, analyse and explore the concept of workplace diversity, its application, benefits and implications within workplaces in the UK, and the recommendations for improving workplace diversity. The term diversity with regard to workplace refers to differences among employees with regard to a range of factors including age, gender, race, ethnicity, sexual orientation, and /or disability. It is also used with regard to acceptance and respect for the individual differences (Hankin, 2005: p. 67). Daft (2007) defines workplace diversity as "a workforce made of people with different human qualities or who belong to various cultural groups". It is also defined as "differences among people

A monopoly from start to finish Essay Example for Free

A monopoly from start to finish Essay During out studies this term we have learned a lot about a Monopolistic way a company is able to maneuver in the business market and I would like to refresh your mind by offering a clear definition. A Monopoly is a situation in which an entity, either an individual or an industry or organization, is the sole supplier of a particular good or service. As such, this supplier has no competition from other suppliers and is able to control the market value of the commodity. Some monopolies are government-enforced or controlled, while others form naturally or through company merger. According to our focus of this paper, we are asking about the long-run competitive equilibrium of the Wonks Company that was earning a normal rate of return and were competing in a monopolistically competitive market structure. One of the questions we must answer regarding this change in business structure is how the company’s shift to a monopoly will benefit the stakeholders involved. One of the stakeholders who may be involved is the government. Monopolies sanctioned by the government are called legal monopolies. These are considered coercive monopolies, meaning that other companies are forbidden by law to compete against them. Governments also maintain some control over monopolies through competition laws, which prevent monopolies from engaging in unscrupulous or anti-competitive practices (http://www. reference. com/motif/Society/advantages-disadvantages-of-monopolies). The second question is how a Monopoly will affect other businesses and after research it is quite obvious from the definition of a monopoly that other companies do not have to worry about competition from other companies in the same market. Consumers are affected by this change because they must either purchase the product or service from the monopoly or do without it. When a company transitions from a monopolistically competitive firm to a monopoly, there will be changes with regard to prices and output from both of these market structures. So, let’s take a closer look at how prices are affected when a firm becomes a monopoly. A common practice among some monopolies is price discrimination, in which the monopolist charges some segments of the population more than others for the same product or service, based on a higher need or a wealthier consumer base. This would usually be called price fixing which is an agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand. When the monopoly is able to prevent buyers from reselling their product, they may be able to price discriminate to accentuate the effects of monopoly power. In my opinion the most important group that is affected by a Monopoly are the consumers. Monopolies can impact consumer prices in two obviously different ways, they can cause prices to drop so low that it forces companies out of business or it an cause prices to skyrocket making it difficult for consumers to purchase a product, neither being a good option for the consumer. If one business is the only provider of a product or service, the consumer is forced to pay whatever the price they demand. This can also lead to the company providing a low quality product or service without fear of losing business (Home, 2009). Since monopolies are the only provider, they can set pretty much any price they choose, regardless of demand, because they know the consumer has no choice. Is this sort of thing fair to consumers? Of course not, but it is how big business is able to stay on top of the market. For example, most people find that Apple products have an outrageous price tag, but I have come to learn that the quality of their products is outstanding and I estimate that Apple will continue to rise in popularity for years to come. It has also come to my attention that because Monopolies try to monitor the price of products they may resort to price discrimination. Price discrimination is sometimes defined as the practice of a firm selling a homogeneous commodity at the same time to different purchasers at different prices . Of course, I believe it is important to understand what and how price discrimination occurs. â€Å"Price discrimination exists when two similar products which have the same marginal cost to produce are sold by a firm at different prices. This sort of practice is highly controversial in terms of its impact on both consumers and rivals† (Price Discrimination, 2006, p. 1). There are many ways to accomplish these sort of conditions because the transactions surely need not be simultaneous; indeed, there is temporal discrimination, such as between Sunday rates and week, day rates, matinee and evening prices, peak rates and off-peak rates, season and off-season prices. To sell different qualities or products with different marginal cost at the same price, or to buy different qualities or factors of different efficiency at the same price, is also discriminatory. Based on all of this useful information we must also answer the question regarding which market structure is more beneficial for Wonks to operate in and will this market structure benefit consumers? In my opinion it is based on the level of quality and service of the products and how much consumers are willing to pay for the products they want to purchase. In a monopolistic competitive market the consumer may choose to purchase a substitute product for a lower price, but only if the consumer values price over value. Of course with a monopoly there may be only a few companies offering a substitute product. If one company’s product becomes too high in price, the consumer will eventually look for another brand that offers similar use. According to economist, the monopolistic competitor’s demand curve is less elastic than a pure competitor and more elastic than a pure monopolist. Monopolistic competitors have excess capacity which means that fewer companies operating at capacity could supply the industry output. It is my opinion that Wonks might operate more beneficially as a Monopoly than at a Monopolistic Competitive firm because they will not have as much competition to deal with and they can corner the market with value and price. Resources: 1. McChesney, F. S. , Shughart II, W. F. , Haddock, D. D. (2004). ON THE INTERNAL CONTRADICTIONS OF THE LAW OF ONE PRICE. Economic Inquiry, 42(4), 706-716. doi:10. 1093/ei/cbh091 2. Mainwaring, L. L. (1977). MONOPOLY POWER, INCOME DISTRIBUTION AND PRICE DETERMINATION. Kyklos, 30(4), 674. 3. https://www. fcsknowledgecenter. com/uploads/2011_Row_Crops_Industry_Perspective. pdf 4. http://academic. udayton. edu/lawrenceulrich/Stakeholder%20Theory. pdf 5. http://www. answers. com/topic/mergers-and-acquisitions 6. http://www. helium. com/items/1405663-what-is-a-monopoly-what-do-monopolies-do-how-is-the-economy-affected-by-monopolies 7. Case, K. E. , Fair, R. C. , and Oster, S. E. (2009) Principles of Microeconomics (9th ed). Upper Saddle River, New Jersey: Pearson Prentice Hall.

The Effects of High Gas Prices Essay Example for Free

The Effects of High Gas Prices Essay Gas is an important productive resource in the world. Driving cars, heating buildings, producing electricity, people all need gas. Therefore, gas is directly related to peoples normal life and the global economy. Recently, due to the fights between Israel and the Hezbollah guerrilla, the Middle East political and economic situation has been deteriorating, which has led to the continuous hikes of gas prices. Since gas plays an important role in our economy, people should understand that the high gas price does not only mean people need to pay more for driving their cars, but it also leads the pervasive inflation, the change of peoples consumption habits, and more seriously, the recession of the global economy. First of all, the rising prices of gas, a critical input in almost all production processes, will trigger the price hikes of most consumer and industry products: the inflation. For example, after the gas price increases, the costs of transportations also increase. Raw materials need to be transported into factories before they become final products; all final products need to be transported to retail stores where consumers can buy them. Therefore, the increasing costs of transportation will directly be added in the prices of consumer products. Moreover, the high gas prices generally are led by the high crude oil prices, and the crude oil is the raw material of most important chemical products such as nylon and synthetic polymers, which are inputs of most industry products. Consequently, the hike of the crude oil price also leads the rises of the industry product prices. The pervasive inflation is inevitable. Influenced by the inflation caused by the high gas prices, peoples consumption habits will gradually change. With the rising gas prices, people will reduce the times of long-distance travel by driving their cars, and they will more rely on public transportation systems such as the metro and the bus to commute between their working sites and their homes. If the hikes of gas prices continue, people will stop buying luxurious and gas-consuming Sport Utilities Vehicles: a type of passenger vehicle which combines the load-hauling and versatility of a pickup truck with the passenger-carrying space of a van or station wagon, and they will even buy more compact and economical cars to retire their SUVs already owned. Moreover, facing more  expensive hydro bills at homes, people will change their electrical appliances to more energy-efficient ones and renew their insulation of their house to keep their house warm in the winter. More dramatically, people will opt to live in urban areas which are near their working places to reduce their commute distances to save gas. The most serious impact of high gas prices is the global recession, which was proved by the history in 1970s. The hikes of gas prices will lead chain effects and vicious economic cycles. First, the high gas prices will lead the pervasive inflation in the global economy. Facing the continuous rising prices of consumer products, people will consume less and demand high salaries. However, due to the rising prices of raw materials and workers salaries, entrepreneurs will reduce their production capacities and even layoff their employees. With more people unemployed, demands will decrease even more, so will the supplies. Finally, the global economy will step down unhealthy cycles. The political and economic situation in the world will become turbulent. This is what exactly happened in 1970s after OPEC increased the crude oil price artificially. In general, the skyrocketing of gas prices is not an isolated event. It will directly influence peoples normal life and global economy in ways of inducing inflation, altering peoples consumption habits, and making the global economy slipping into deep recession. For the interests of human beings, the international communities should immediately intervene in the conflict between Israel and the Hezbollah guerrilla and force them to reach a peace treaty. The peace of Middle East will eventually lead the cool down of gas prices.

Looking For Alibrandi, Analysis

Looking For Alibrandi, Analysis However, the Italian adolescents, and in Josies case, have guidelines and family expectations they have to live up to, for example, after school she has to visit her Nonna, dress, friends and the reputation of her family and the Alibrandi name. This is against the expectations of her Italian culture of the assumption that she will marry someone of the Italian background. It is though these regulations that Josie has to fight, these cultural boundaries are revealed. Respect is a cultural boundary that Josies family holds upon her, and is presented through the characters of Josephine and Nonna Katia. Josie crossed this boundary and hit her with her science book. This is seen in the Italian eye as disrespect to her Italian heritage. Josie also shows bitterness at Easter when other children receive chocolate eggs and as an alternative, Josie must help her Nonna prepare for a large family food-gathering event. We were all caught up in the middle of two societies. Josie crosses this boun dary when she would rather join her friends in other places than to stay and contribute in the Italian sauce-making day. Melina Marchettas purpose to educate the readers of the discrimination and prejudice of todays society on a cultures values, beliefs and traditions, and that crossing boundaries brings greater self knowledge leading to growth and emancipation. The Italians and the Australians try and keep separate, and there is always a lack of interaction between, relationships and communication is always minimised. This cultural boundary is crossed through the unaccepted relationships between Italian Josie and Australian Jacob, and Nonna Katia and Marcus Sandford. Through the conflict of the characters, this cultural boundary of interaction is exposed. The reader is satisfied as Josie breaks free, unshackles the chains of the cultural restrictions her mother and grandmother place upon her, and finds her true identity. Jossies intelligence and confidence are two unique qualities portrayed in this young girl, struggling with her identity. She is a remarkably imaginative young person possessing a quick temper. She is a confused girl searching to find where she belongs in the two different cultures. These cultures, being Australian and Italian, are very demanding on such a young girl, having to mould herself for each and find an equilibrium of both. She has major difficulties coping with the harsh reality of prejudice and these problems soon take their toll on her. These pressures continue with her living a life in a prestigious private school, battling to balance herself in a middle class life. Josies aspirations reach much farther than that of her families ambitions for her life. It is at this point in time where a classic example of culture clash begins. Josie feels the need to rebel against the stereo-typical female in an Italian culture. This determination stems from her education and desire to step away from her Italian life and responsibilities, breaking away not only from her family and their narrow mindedness but also the entire Italian culture. This is a major leap for Josie who aspires to be the first Alibrandi female to take control of her life. This motivation of freedom is strong in Josie and her rebellious ways demonstrate this. Christina is the result of the Italian culture and the clash it has with the Australian identity. From the time she was thrown out of home at 17, Nonna has always blamed Christina for Josies birth. Up until Francesscas death, Nonna was forbidden to have any contact with her daughter. this exemplifies the authority an Italian male can exert on the women in his family. Josie would have seen this and blinded with her motivation from her Australian identity could not stand for such a culture. It was not until Francesscas death that Nonna could be reunited with her daughter and grand daughter. Josies father has had very little immediate impact on her life thus far. When her father did arrive in back in Sydney Josie is naturally angry at him. This is a totally acceptable form of behaviour considering the circumstance, but her anger not only stems from her own personal experience. Josie had to grow up knowing that her father had abandoned her and her mother, pushing her Christina into being a single parent bringing up her child alone. Because of this humiliating fact Christina and her daughter were outcast from the Italian community. Her hatred also delved into the way the Italian community treated Christina and Josie through gossip and intentional humiliation of the family. Even though Josie rebels against her father initially, she eventually begins to grow closer to him. This initial bonding occurs when Josie needed her dad, when she broke Ivys nose. This allowed for some trust to be restored between her and her father, making their relationship stronger and giving them a new start. Second site: Josie is very rebellious to the Italian way of life, which has a lot to do with Nonna and her constant remarks such as you brake my heart and i deserve respect. She also hates the fact that nonnas friends are always reporting things that she does. She undervalues Jossie as a person by not allowing her to sit in the lounge room with the air conditioning, as this is for visitors only. She is also blames by her mum for anything that jossie does such as yous let her go out like a gypsy. When she finds out that christina is not Francesas daughter but also a bastard, she confronts nonna and is very angry because she feels the hypocrisy in her argument. Â  Its not until nonna explains her situation and the hardships she has endured in her that she begins to understand nonna and have some compassion for her; she begins to understand the Italian family life. Nonna also starts to compromise her attitude to Jossie and begins to accept some of the Australian ways of life. Josies life has many prominent issues relating to multicultural Australia today. The prejudice and need to be normal in any minority society is tremendous and this book covers that issue very intensely. But there is also a lot more to this novel than simple bigotry. Looking for Alibrandi also attacks very important issues at the foundation of the Australian culture. These range from teenage pregnancy to the social hierarchy at a private school. All these issues are entwined to create a very revealing book about all aspects of Australian life, not necessarily from a purely Australian view. http://wwwfp.education.tas.gov.au/english/alibrandi.htm

James Clavell Essay - Taipan and Shogun :: essays research papers

James Clavell’s Exploration Of Ancient Oriental Customs James Clavell certainly had his work cut out for him when he chose to write his â€Å"Asian Saga† series of novels. Exposing the customs and culture of the ancient Orient is a daunting task for even the most qualified professional. However, to do so with an intriguing and entertaining medium is verging on impossibility. Until the last two centuries, both China and Japan remained time capsules that held within them unique societies based on radically different values and perspectives. This national seclusion in China and Japan was a direct result of the countries’ trade policies and their view of foreigners. Both countries believed that their country was truly the â€Å"land of the Gods† and that all foreigners were inferior. This belief lead to laws that acted as force fields to repel Western society. Clavell’s in-depth biography explains how Clavell spent part of his life as a prisoner of war in Japan (JamesClavell.net, par. 2), and thus was able to coupl e his experiences with his natural gift of story telling. Throughout James Clavell’s novels Taipan and Shogun, Clavell cleverly intertwines the plot with beliefs and customs of ancient Hong Kong and Japan, respectively. Clavell does not merely present the oriental culture, but he incorporates all of his characters in the process of portraying the different aspects of their way of life. In doing this, Clavell is able to educate the reader without losing their interest. Throughout the two novels, Clavell stresses the importance of â€Å"face† and honour to the Oriental cultures. Early on in the novel Shogun, Clavell opens the reader’s eyes to the absolute importance of honour. Honour, in Japan, came in many forms. A person of low status was always expected to honour a superior by treating them with the utmost respect. One of the most important ways to pay respect to a superior was by bowing to   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   them. Clavell demonstrates that this ritual of bestowing honour was extremely important when one man is purposefully disrespectful by â€Å"rise[ing] deliberately, without bowing† (Clavell, 1975, 34). The astonishing result of this disrespect is that â€Å"the [superior’s] killing sword made a hissing silver arc and the man’s head toppled off† (Clavell, 1975, 34). Although this seems extremely ridiculous and uncalled for, the reader realizes that if a samurai broke their code of honour, or bushido, then they had shamed themselves forever. When this occurred, their life no longer had meaning and was disposable at the will of their superiors.

Outline of Marriage in the Victorian Era Essay -- Victorian Era

Outline of Marriage in the Victorian Era In the Victorian era, marriage was not as romanticized or fairytale-like as depicted in many novels of the time. On the contrary, love actually played a very minor role in the majority of matrimonies that took place. An engagement was entered into as one would approach a business deal, and there were some generally accepted rules and guidelines to follow. The Rules * It was illegal to marry your deceased wife’s sister. You could marry first cousins, but attitudes changed towards the end of the 19th century, and this became frowned upon. * Victorians were encouraged to marry within the same class (remember the views on social mobility!). They could marry up, but to marry down meant marrying beneath yourself (Soames). * A woman entering into the institute of marriage had to be equipped with a dowry. The husband-to-be had to prove that he could support his new bride in the lifestyle she was accustomed to. * An unmarried woman could inherit money and property after she reached the age of 21, but once married, all control would revert to her husband. A woman could not have a will for her own personal possessions; since the control was in her husband’s power, he could distribute her property in any way he likes, even to his illegitimate children (if he has any). * Women married because they had a lack of options; they were not formerly educated, and were only instructed in domestic duties. They needed someone to support them, and were encouraged to marry and have children ("The Rules of Marriage"). The Courtship * Marriage was a carefully contemplated subject for a woman; since she would lose control over any possessions once married, it was not somethin... ...and helped to strengthen the family line, divorce was neither economically or socially practical. It would guarantee the family losing some of its strength and influence by giving up property and wealth. Works Cited â€Å"Marriage and Divorce in Victorian England.† Charlotte's Web: A Hypertext on Charlotte Bronte's Jane Eyre. . "The Rules of Marriage in the Victorian Era.† . Soames, Enoch. â€Å"Marriage in the Victorian Era.† The Charlock’s Shade. 18 February 2004. Wells, Richard A. â€Å"Manners Culture and Dress of the Best American Society.† King, Richardson, & Co. Publishers. Springfield, MA. 1893. .

Math 208 Week One Individual

Chapter 1 – Section 1. 1 Write the interval of real numbers in interval notation and graph it. See Example 5. 50. The set of real numbers less than or equal to -4 Consider the following nine integers: -4, -3, -2, -1, 0, 1, 2, 3, 4 94. Which of these integers has an absolute value greater than 1? Solution: -4, -3, -2, 2, 3, 4 Write the interval notation for the interval of real numbers shown in the graph. __________________ -50 -40 -30 -20 -10 0 A B Hint: replace a with (-3) and evaluate each expression. Which are positive and which negative? a)-3 solution: positive (b)|-3| solution: positive (c)-|3| solution: negative (d)-(-3) = 3 solution: negative (e)-|-3| solution: negative Chapter 1 – Section 1. 2 Build up the fraction so that it is equivalent to the fraction with the indicated denominator. See Example 1. 5/7=? /98 (fraction problem) Let the missing number be x then Therefore, Convert the given fraction to both decimal and percent. See Example 8 or use a calculator. 19/20 = 0. 95, 95% Perform the indicated operations. See Example 7c. Chapter 1 – Section 1. 3Fill the correct value in the parentheses to make the statement correct. See Example 4. Solution : -9-(-2. 3) = -9 + 2. 3 Perform the indicated operations. -19-13=-32 Perform the indicated operations. 15 + (-39) = 15 – 39 = -24 Fill in the correct value in the parentheses so the equation is correct. Let the missing number be x then 13 + x = -4 Subtract 13 from each side, we will get x = -4 – 13 = -17 13 + (-17) = -4 Answer: -17 Chapter 1 – Section 1. 4 Perform the indicated operation. (-8)(-6) = 48 Perform the indicated operations and reduce to lowest terms. 9/10 x4/3 Solution: = – 36/30 = -6/5 Fill in the correct value in the parentheses so the equation is correct. -48 divided by ( )=6 -48/ x = 6 ?-48 = 6x ?x = -48/6 = -8 Therefore, -48 (-8) = 6 Chapter 1 – Section 1. 5 Evaluate the expression using order of operations.. See Example 8. 3[(2-3)^2 +6 (6-4)^2] = 3[(-1)^2 + 6*(2)^2] = 3[1 + 24] = 3*25 = 75 Evaluate each expression using order of operations.. See Example 8 a) 8 – 3 |5 – 4 + 1 | = 8 – 3|5-16+ 1| = 8 – 3|-10| = 8-3*10 = 8 – 30 = -22 Chapter 1 – Section 1. 6Evaluate each expression using a = -1, b = 2, and c = -3. See Example 4. (a – c)(a + c) = a^2 – c^2 = (-1)^2 – (-3)^2 = 1 – 9 = -8 Determine whether the given number is a solution to the equation following it. See Example 5. Let us substitute x = 5 in the given equation, we will get 3(5) + 7 = 2(5) – 1 15 + 7 = 9 22 = 9 Which is not true Therefore 5 is not the solution of the given equation Chapter 1 – Section 1. 7 Use the commutative and associative properties of multiplication and exponential notation to rewrite each product.See Example 3. y(y*5)(wy) y(y * 5)(wy) =5wy3 Use the distributive property to remove the parentheses. See Example 5. -3(6-p) 3 (6 – p) = (-3)6 – (-3)p = -18 + 3p Chapter 1 – Section 1. 8 Combine like terms where possible. See Example 3. Simplify the following expression by combining like terms. See Example 8. 2a(a – 5) + 4(a -5) = 2a2 – 10a + 4a – 20 = 2a2 – 10a + 4a – 20 = 2a2 – 6a – 20 Simplify the expression. 1/4(6b+2)-2/3(3b-2) (Please note!! the ? and the 2/3 are fractions) Solution:

Greek Mythology Essay

Do you know any historical background on the word giant? Greek and Roman mythology is present all around us. Many new and interesting words were created from the Greeks. There are many types of myths that we hear about including; gods, goddesses, mythical heroes, other heroes, monsters, and villains. When looking up these myths, research will show that many of the words we say today come from these gods and goddesses. An example of this is the words gigantic and gigantism comes from giant. The word giant has a long, unique, and mysterious background. According to dictionary. com, â€Å"Giant is very large; abnormally great development in size. †(dictionary. com) Prior to my search, I predicted that a giant was a very large man that lived in the forest and had no connection with either gigantic nor gigantism. I inferred this because of movies and books. When I saw the word gigantic I remember hearing it and I thought it meant a large person, but I had no idea it was related to Greek or Roman mythology. Gigantism puzzled me because I’ve never heard it before. As I came across the definition of gigantic, I found out that it meant very large which connects to giant and gigantism. (dictionary. com) upon conducting research, I learned more about the root word giant, coming across information about its etymology and actual story behind it. Perrizo 2 Giant’s roots go all the way back before gods or even humans existed. The etymology relates back to Greek mythology the giants were the children of Uranus and Gaea. They were involved in a conflict with the Olympian gods called the Gigantomachy, which was eventually settled when the hero Heracles decided to help the Olympians. The Greeks believed some giants lay buried from that time under the earth and that they resulted in earthquakes and volcanic eruptions. Many stories have been written about giants in lots of cultures. In Norse mythology, the giants are the origin of most of various monsters, and in the eventual battle of Ragnarok the giants will storm Asgard and defeat them in war. The gods themselves were related to the giants by many marriages, and there are giants such as ? gir, Loki, Mimir and Ska? i, who have little difference in status to them. In Bulgarian mythology, giants called ispolini inhabited the Earth before modern humans. They lived in the mountains, fed on raw meat and often fought against dragons. Ispolini were afraid of blackberries which posed a danger of tripping and dying, so they offered sacrifices to that plant. Giants stand for the Basque people not willing to convert to Christianity who decides to stick to the old life style and customs in the forest. Sometimes they hold the secret of ancient techniques and wisdom unknown to the Christians, like in the legend of San Martin Txiki, while their most outstanding feature is their strength. It follows that in many legends all over the Basque territory the giants are held accountable for the creation of many stone formations, hills and old structures, with similar explanations provided in different spots. There are many similarities and differences in the words giant, gigantic, and gigantism. Gigantic is big: very large, tall, or bulky. Giant is a very tall imaginary creature: in fairy tales and legends, an imaginary being who resembles a human but is much taller, larger, and stronger. Perrizo 3 Gigantism is the quality of being giant: the quality or condition of being much taller, larger, or stronger than is usual. These three definitions are similar to each other because all of them have to do with being large. Today these words are all used to describe how tall, strong, or big someone is. All of these words also share the same Greek, Roman, and other origins. These he creatures. This particular word has a very long and precise background, whereas gigantic and gigantism have a short and not informational background. Not only is the word giant relevant in today’s world, famous playwright William Shakespeare alludes to the word in one of his plays. In Shakespeare’s play much ado about nothing, Claudio uses the word giant in act 1 scene 3. â€Å"He is then a giant to an ape; but then is an ape a doctor to such a man. †(line 2276) Shakespeare uses the monsters name as an illusion to illustrate the comparison between a giant, an ape, and man. Perhaps Shakespeare wanted to show the difference between stupid and so-called smart. Giant is being used to illustrate that a giant and an ape are two unintelligent creatures. Aside from Shakespeare’s use of the word, giant is used in the following quote from measure for measure. â€Å"O, I do fear thee, Claudio; and I quake, lest thou a fevorous life shouldest entertain, and six or seven winters more respect than a perpetual honor. Darest thou die? The sense of death is most apprehension; and the poor beetle that we tread upon, in corpual sufferance finds a pang as great as when a giant dies. (isabell). The word giant is used in reference to emphasize the greatness of a giant dieing with Claudio dying. perrizo 4 Whether giant is used in Shakespeare or other forms of literature, the words etymology seems to be prevalent in today’s world. The word Is regularly used today, ranging from a gas company, to a disability center. The general meaning of giant hasn’t changed over time, but only people who are educated about the word know its true mythical meaning. For example gigantism organization is an organization for the tallest people in the world. I did not find a relevant industry on website on giant or gigantic. When writing this paper, I learned a plethora of information about the word giant, and its ethnic background. Not only did I learn about this interesting monster, I gained experience on learning how to evaluate reliable sources and search the web cautiously. This essay taught me that the majority of the words we use today have an origins that dates back to Roman and Greek times. Giant originated the words gigantic and gigantism, and I found a great deal of information that connected giant to both of the other words. Furthermore, locating the information necessary to complete the project was easy and fast, but then I began to write my report, I had to think about where to start and how to organize the information I had into a cohesive essay. Finally,, I learned that people can misconstrue the meanings of words easily if they do not understand or use the words correctly. All people need to develop their communication skills and look up unfamiliar words or inquire about the origin of words so they learn about the amazing history of our amazing language.

Arbitrage in the Government Market Essay

In 1991, major discrepancies in the prices of multiple long maturity US Treasury bonds seemed to appear in the market. An employee of the firm Mercer and Associates, Samantha Thompson, thought of a way to exploit this opportunity in order to take advantage of a positive pricing difference by substituting superior bonds for existing holdings. Thompson created two synthetic bonds that imitated the cash flows of the 8 ¼ May 00-05 bond; one for if the bond had been called at the year 2000, and one for if it hadn’t been called and was held to its maturity at year 2005. The first synthetic bond combined noncallable treasury bonds that matured in 2005 with zero coupon treasuries (STRIPS) that matured in 2005. The synthetic bond had semiannual interest payments of $4.125 per $100 face value and a final payment of $100 at maturity in order to exactly match the cash flows of the 8 ¼ May 00-05 callable bond if it had been held to maturity. Thompson found the price of this synthetic b ond by using this formula: The ask price of the two bonds were given as $129.906 and $30.3125, respectively. She calculated the number of units needed of the 2005 treasury bond by dividing the semi-annual callable 00-05 coupon rate by the semi-annual 2005 treasury bond (4.125/6). The only part of the equation that she did not have was the number of units needed of the 2005 STRIP. She had to calculate the correct amount in order to imitate the cash flows of the 00-05 callable bond. Thompson did this by using this equation. The final cash flow of the 00-05 bond was $104.125, the final cash flow of the 2005 treasury bond was $106, and the final cash flow of the 2005 STRIP bond was $100 as there are no coupon payments in STRIPs. She found that the number of units needed of the 2005 STRIP bond was 0.3125, and then found that the synthetic price of this bond was $98.78. The second synthetic bond combined the noncallable bonds maturing in 2000 with STRIPS maturing in 2000. This synthetic bond also had semiannual interest payments of $4.125 per $100 face value and a final payment of $100 at maturity in order to exactly match the cash flows of the 8 ¼ May 00-05 callable bond if it had been called in 2000.  Through similar calculations of the first synthetic bond, she found that she needed 0.0704 units of the 2000 STRIP, and the price of this synthetic bond was $100.43. What Thompson found was surprising because both of these synthetic prices were less than the ask price of the 00-05 treasury bond. In normal markets this shouldn’t be the case because the synthetic bond would be worth more to investors since it does not have a redemption right to the government. In other words, the callable bond should have a lower price than the synthetic noncallable bond. 2. There are two ways that Thompson could exploit this pricing anomaly that she found. If she already held the 00-05 treasury bond, then she could immediately capitalize on the price discrepancy by selling the 00-05 treasury bond for the bid price of $101.125 and buying one of these synthetic bonds. Whether to buy the 2000 synthetic bond or 2005 synthetic bond is up for debate and opinion but it might be suggested to go with the 2005 one since the price of $98.78 is even smaller than the price of $100.43 and there would be larger price impact. By selling the 00-05 bond and buying the 2005 treasury bond, she would be getting the same cash flows for an immediate lower price. The second way that Thompson could exploit this pricing anomaly would be if she does not currently hold any bonds at all. A profit could be earned by establishing short positions in the relatively overpriced security and long positions in the relatively underpriced security. Thompson would borrow the 00-05 treasury bond from a dealer and then sell it. With that money, she would buy a synthetic bond and wait for the 00-05 treasury bond to decrease in price as prices converge. Once they do, she would buy the 00-05 bond for a lower price and give it back to the dealer, while pocketing about $2 (given that she bought the 2005 synthetic bond). There’s plenty of risk when trying to take advantage of pricing arbitrage. For example, the prices may never converge and Thompson might end up waiting almost 15 years without anything happening. Another risk is that the dealer might call the bond back while the money is tied up in the synthetic bond. Because of these risks, it might be better if she doesn’t try and take advantage of the pricing arbitrage at all. 3. Through close examination, a multitude of factors could have come into play resulting in the odd pricing of Thompson’s evaluated bonds. In studies conducted by Longstaff (1992) and Eldeson, Fehr, and Mason (1993) they found that negative option values were very common, ultimately implying that callable treasury bonds were significantly overpriced (35). Although it seems odd to have a negative option value, Thompson found herself in a rapidly changing bond market with the earlier introduction of derivative securities and STRIP bonds. With the introduction of STRIP bonds in 1985, problems arise in valuing callable treasury bonds using solely zero-coupon STRIP bonds being that they tend to undervalue the implied options (Jorden et al. 36). In addition, since negative option value bonds do not have implied volatilities, this raises the question whether callable bonds are priced rationally (Bliss and Ronn 2). Furthermore into Longstaff’s (1992) research, they exercised the â€Å"striplets† approach to investigate implied call option values. The â€Å"striplets† approach uses a U.S. Treasury coupon STRIPS and a coupon bond to synthesize a noncallable bond with the desired coupon (Jordan et al. 37). Longstaff finds that â€Å"61.5% of the call values are negative when estimates are based on the midpoint of the bid and ask prices, whereas 50.7% of the negative call estimates are large enough to generate profits even after considering the bid-ask spread† (38). Ultimately, the odd pricing in Thompson’s current situation is most likely due to the mispricing of callable bonds at the time due to the method of callable bond valuation and the early introduction of new types of bond securities in the market. 4. â€Å"Callable debt gives the treasury the right, but not the obligation, to redeem the callable treasuries at par (100) on any semiannual interest payment date within five years of maturity, provided that it gave investors four months’ notice† (Arbitrage in the Government Bond Market). There are multiple upsides for a company to issue callable debt. The main reason for this is to give the company (treasury) a sense of security in that they can redeem the bond in the event of an interest rate drop. For example, if the company issues bonds to investors at a 10% interest rate and then this rate  goes down to 8%, the company may redeem the callable bonds they’ve issued and replace them with the lower interest rate (8%). Callable debt is essential to have when there are long maturity dates. If you issue a non-callable bond for a fixed amount of years, there is a tremendous amount of risk for the treasury. For instance, if you issue a non-callable bond with a maturity of 25 years and the interest rate goes down over the years, this negatively affects the company. â€Å"Callability enables the treasury to respond to changing interest rates, refinance high-interest debts, and avoid paying more than the going rates for its long term debt† (Why Companies Issue Callable Bonds). Bibliography 1. â€Å"Bonds 200.† Why Companies Issue Callable Bonds. N.p., 24 Sept. 2014. Web. 30 Sept. 2014. 2. Jordan, Bradford D., Susan D. Jordan, and David R. Kuipers. â€Å"The Mispricing of Callable U.S. Treasury Bonds: A Closer Look.† Journal of Futures Markets 18.1 (1998): 35-51. Web. 3. Bliss, Robert R., and Ehud I. Ronn. â€Å"Callable U.S. Treasury Bonds: Optimal Calls, Anomalies, and Implied Volatilities.† The Journal of Business 71.2 (1998): 211-52. Web. 4. â€Å"Bonds 200.† Why Companies Issue Callable Bonds. N.p., 24 Sept. 2014. Web. 30 Sept. 2014. 4. 5. â€Å"Harvard Business School.† Arbitrage in The Government Bond Market. N.p., 20 Sept. 2014. Web. 28 June 1995. .

Risk Management: Trends and Developments

As time evolves organizations must continue to grow and evolve. The demographics and territories of organizations change as time evolves. As a result the risk management trends and developments become extremely important to the long-term success and survivability of organizations. Risk management trends exist at the corporate, business, and project levels of organizations. At each level of the risk management process stakeholders are identified and encouraged to actively participate in the process (Merna & AL-Thani, 2008).This has a positive effect on any future challenges that may arise and helps insure that the risk mitigation of trends and developments are beneficial to everyone involved. In this assignment three new trends and developments such as technology, culture, and government regulations will be examined, along with their future challenges. Each trend, development, and challenge will be summarized and the pros and cons and implications of each in the business environment w ill be discusses as well.The use of technology and e-commerce has become widespread especially for organizations that conduct business over the internet. Many organizations have adapted to selling their products to consumers and distributors through the internet. This helps businesses grow by reaching international customers or customers in different territories. Online sites such as PayPal have created a faster and safer way to pay bills online virtually at any location and at any time. This feature has allowed consumers and organizations to pay their bills in a more efficient way.More consumers have adopted e-commerce to pay for personal bills such as car payments and utility bills. The benefits of this technology perk are the efficiency and convenience of having the ability to transact anywhere, anytime, and in any way, it saves consumers time and fees. The immediate transfer of funds benefits businesses because buyers are more willing to make purchases if the process is quick an d easy. The downside of paying bills online is the security hazards. Businesses will not be able to protect themselves against all the security threats when creating an online payment system.Businesses should be aware of malware and other various hacking attempts that can track their keystrokes stealing usernames and passwords to access financial information. This trend could lead to challenges for risk management because of the security threats the trend poses. The challenge for risk managers would be keeping up with security threats and keeping their systems secure from hackers. Every business strives to be successful, and keeping up with the ever-changing cultural habits is an important risk management trend businesses should take into consideration while working on international projects.Globalization has increased the importance of cultural risk management, and if this trend is not taken seriously it could prove to be very costly for organizations. Cultural differences can affe ct many parts of an organization. One example is the difference in managerial approaches between an international and domestic management team. A proactive approach in the beginning of an international project will help mitigate the differences in managerial approaches. Networking and negotiations are two main issues that should be taken into consideration when deciding on an international project.Networking is a critical stage for organizations looking for international business opportunities. The process of bidding for potential projects worldwide seem to be similar, the difference is in the lead-time given to bidders in certain countries. Domestically projects are advertised openly, giving anyone interested a fair opportunity to bid on the project. Projects in some international cultures are first spread by word of mouth, giving some bidders time to prepare and research their bid.This would give international bidders a heads up on potential future projects and would give them ade quate time to prepare before the bidding became public. Negotiations were found to have different meanings in different cultures, the styles were culture dependent. Different cultures may perceive the definition of negotiation differently so it is important to risk managers to understand the different cultures and how they perceive the term negotiation in business. Understanding cultural differences will help businesses become successful when operating internationally.On the other hand if risk managers are not aware of the cultural differences it may lead to misunderstandings and could have negative effects on the business. The U. S. government sets business regulations to hold organizations accountable for the amount of power they have; they also protect employees and the environment. Businesses are expected to abide by governmental regulations and should do so to stay out of trouble. Business regulations are different for different industries. It is important for organizations to be aware of the business regulations affecting their industry.Government regulations should always be considered when running a business. There are regulations for state, local, and federal taxes as well as financial reporting requirements presented by the Securities and Exchange Commission. Business regulations for international organizations include an additional range of rules regulating international trade. Importers must deal with regulations relating to import quotas, tariffs, and prohibition. Business regulations could be a challenge for businesses that do not which regulations to follow; they could be faced with costly fines if they do not comply.Because of business regulations consumers can feel safe about the products they are purchasing off of store shelves. If there is a product that could be a threat, government regulators would take quick action to remove it from the marketplace. Government regulations can cause disadvantages for both consumers and businesses. If busin esses do not comply with government regulations they could be faced with large fines, and because of the increased cost of doing business consumers would be affected by paying higher prices.Businesses may not always be able to manage every risk they run into but being aware of the trends and developments will help eliminate most risks. For those involved with managing risk, risk management should be used to generate new ideas and to promote good business practices. The business trends and developments discussed in this paper relating to technology, culture, and business regulations are just a few business trends that should not be ignored.

Adele Laurie Blue Adkins

Adele Laurie Blue Adkins is a young music composer of the 21st century. She is British, American, Seoul, R B and pop music. She is only 25 years old and has won numerous Grammy nominations and awards for her early career. Adel will receive more prizes in his future career. Adele has been hit at least five times since signing at the age of 19. When she entered puberty, she got a lot of inspiration. Adel was born on May 5, 1988 in London, England. Adele Laurie Blue Adkins is a British singer and composer. In 2006, she graduated from Britt Performing Arts Technical Graduate School. Her debut album 19 was released in 2008. This album is a huge success, has received seven Platinum certifications in the UK, and the Double Platinum award in the United States. She appeared on Saturday Night Live at the end of 2008 and improved her career in the United States. In the 2009 51st Grammy Awards ceremony, Adel received the Best New Records Award and the Best Female Pop Music Performance Award. Ad ele Laurie Blue Adkins is a young music composer of the 21st century. She is British, American, Seoul, R B and pop music. She is only 25 years old and has won numerous Grammy nominations and awards for her early career. Adel will receive more prizes in his future career. Adele has been hit at least five times since signing at the age of 19. When she entered puberty, she got a lot of inspiration. Adel was born on May 5, 1988 in London, England. A 29 year old British singer-songwriter, Adele Laurie Blue Adkins, has released three highly rated albums in seven years. Roger Lawson, a 32 - year - old American television advertiser and enthusiastic writer, had three faithful relationships during the same period. Below is a discussion of similarities between Adele 's respective album and Roger' s respective relationship. Adele released her first album 19 in the United States on June 10, 2008. Within three months, Roger is scheduled to meet Mike in the diving bar in the East Village, New Yo rk. Coincidentally, Roger coincidentally dated, and another man named Mike in the fall. The first microphone was inexperienced, confused, and excessive; Roger was looking for something else at the age of 22. Indeed, Roger just left the closet just a year ago, but he was more confident about his needs and the needs of the date. Adel London is a very different hometown from mine. Adele Blue Adkins did not think he was living anywhere in the city I was living when I was 19 at the age of fifteen, but a vibrant division and culture bumped me. Eugene Oregon is a hometown indifferent to me, there is no kinetic energy of the city and the warmth of a small town. Eugene's hometown glory is sports, especially running. My high school is basically a group of light and muscular sprinters who eat protein bars and are taken to the preposs marathon to the university professor. I am tall, my legs are thick, my thighs are full, my ass and small breasts. I step on the sorghum potatoes because this is b ecause my sports friends made me feel unevenly adjusted. A miracle of my hometown, and a small world that makes it confusing us is a girl who is not afraid to take off clothes in the locker room.

Relevance of Martial Arts in Modern Society Essay

Relevance of Martial Arts in Modern Society - Essay Example The most interesting aspect of Martial Art is that it is found in wide range of styles which though based on primary philosophy of awareness and self defense, offers different people to choose a style which most appeals to their temperament. In recent years there has been increased interest in Martial Art, which is a wonderful thing. Martial Art has profound relevance in the present day modern lifestyle. Interestingly, in modern world with globalization and inter-cultural integration the term "Martial Art" has come to mean different things to different people. There are different styles depending upon different institutions and the place of origin. Martial Art, as is prevalent today covers a wide range of activities from hard core training for self defense to relaxed, esoteric and higher spiritual practices leading to meditation and relaxation aimed at sole fitness, health and relaxation. There is no universal standard which dictates the style of Martial Art. There has been linked muti-dimensional benefits from practice of martial Art, affecting different facet of modern life of humans. There is significant relevance of such training in the fast-paced terrorism dominated modern life, where safety and harmony are essential goals. Martial Art places great importance to character development... Those who take up Martial Art seriously, realize that with passage of time the practice of their chosen style of martial Art eventually became part of their life and changes them subtly as a person. The change is manifested in such a subtle manner that they are unaware of the transformation which has taken place in them internally and externally, altering their state of awareness to a higher degree of response and reflex. Universally, people lack conscious self-awareness of precisely why they do what they do and are surprised at the relevance which their training has on how they live their everyday life in the world. Martial Art is essentially taken as a technique for self defense, and that is how it evolved. Martial Art was first developed as a means to self preservation, a defense against cruel and savage world of ancient times, when survival of the fittest was the criterion for life. It was not acknowledged as a matter of recreation or sport, but an essential tool for survival, on which depended human beings life or death. With the evolution of human beings and emergence of developed societies, the role of martial Art changed to that of a means to preserve and protect the society. Eventually, they developed into warfare methods with enhanced fighting techniques using swords shields, spears, axes, lances etc. and had great practical relevance in the changing modern world to maintain order and control. The relevance of martial art changed with evolution of the society. The technique of warfare changed and so did the urban lifestyles. This presented a significant need for organized methods of tr aining for individual self defense and personal dueling

Planning my assignment on a case study of child typical development Essay

Planning my assignment on a case study of child typical development - Essay Example Low self-esteem is triggered by the child’s inability to interact academically with his peers. Peccei (2006) identify schemas as the bridging gaps between low literacy levels and improvements. The one on one assistance issued to the student acts as a schema based on Piaget theory to literacy development. The 17 year old lacks organisational skills that are essential to literacy development. There is need to identify the student’s environment and plan based on these environments. Cognitive abilities enable students to identify tasks and perform them based on priorities and allocation. The environment around the child if effective, this is enhanced by the fact that both the teachers and parents are interested in his development. In assisting the student, various aspects would be considered. Basic cognitive abilities need to be identified upon which literacy development stages would be introduced to the student to enhance his learning. Once the student identifies priorities, different study schedule should be designed. This will enable the student identify the key areas of development and perfect on

Not requried, it depends on you Essay Example | Topics and Well Written Essays - 2000 words

Not requried, it depends on you - Essay Example The analysis of the individual performance, the work environment and the managerial and employee traits are discussed in the study. The problems faced by the company with regard to the employee and management are also referred to understand the cause of failure. Moreover, the relevant solution to the problem which would help the management to accomplish its objectives is considered for the long run profitability of the company. In the book by Dewar, it has been highlighted that the management style used by Ford in the earlier stage was not providing the required yield because of a lack of motivation among the workers. The improper management style had a negative impact on the employees and the management objective to gain profitability. The convertor line technique used by the company was not delivering proper efficient result. The main reason behind the incessant constraints was a lack of motivation among the workers along with job satisfaction. With the implementation of proper man agement style and motivational factors the leader was able to derive the required output from the employees. The change in the leadership style along with maintaining proper relation, valuing the employee in Ford helped to increase the level of production and efficiency. The proper control of management on the employees helps in sustaining the business and increasing profitability. INTRODUCTION â€Å"The Savage Factory: An Eyewitness Account of the Auto Industry’s Self-Destruction† is a book that reflects the story of a giant automotive, which was losing its competitive market to the smaller and weaker competitors because of the implemented organizational behavior approaches. The organizational behavior exhibits the influence that the individuals, groups and structure have on the human behavior within the organization. The performance of the people within an organization is affected by the behavior of the organization. The behavior within an organization is considered by the interaction among the people, the technology implemented by the management and the external environment. The working environment provided to the individuals or group affects the productivity of the company. The management style and the theory are of great importance when analyzing the performance of the company. The behavior between the employee and the management reflects the concept of organizational behavior. The narration presented in ‘savage factory’ exactly demonstrates the relation among the hourly line workers, factory foremen and the management. It gives an inside look at the incompetency of the management with regard to managing the labor forces, which caused the automobile industry to suffer. The loss faced by the Ford was due to the improper management style and the behavior within the organization. The book gives an insight to the importance of behavior among the worker, management and the structure of the organization (Dewar 1-10; Mcshane, Glinow an d Sharma 1-10). THESIS STATEMENT This study intends to reflect the significance of the organizational behavior among the workers and the management for a better working environment. The issues regarding the leadership style, the motivational factors and the working environment are the main determinants which are discussed. The approaches regarding the behavior to mitigate the issues and increase the productivity are reflected through the paper. IDENTIFICATION OF THE PROBLEM The author Robert J. Dewar joined the Ford

See below Term Paper Example | Topics and Well Written Essays - 2500 words

See below - Term Paper Example On the third part of the paper, the impact of the great power and the attitude of the corporation were also discussed. The documentary entitled â€Å"The Garden† was used in this discussion. It displayed the attitude shown by the corporation. And the last part is the conclusion which is the idea and the opinion of the writer were written. On January 1, 2002, an article was published by The Washington Post written by Michael Grunwald which was entitled â€Å"Monsanto Hid Decades of Pollution: PCB’s Drenched Ala. Town, But No One Was Ever Told.† This article is regarding the contamination of a nearby creek from an area of wet lands where the Monsanto Factory hid PCB toxins. It was said on the article that some scientists tested the said creek from toxicity by releasing fish and in three and a half minutes, most of the fish died. A lawsuit had been filed against the corporation but on January 5th the corporation issued a clarification regarding the article stating that the Monsanto Corporation had no involvement in the ongoing lawsuit concerning PCB pollution which was made by the old Monsanto Corporation in Anniston Alabama Solutia Incorporated. The corporation said that the Monsanto Corporation’s chemical operation had been spun off in the year 1997 into a Solutia Incorporated which is responsible for the issue and which is the defendant of the lawsuit. The above example is just one of the happenings that showed the power and attitude of the Monsanto Corporation. The growing power, attitude and global control of Monsanto Corporation lead to the violation of the essence of â€Å"dirt,† leading to the farmers to become slaves and the risk of human and animal’s health. Monsanto Corporation was founded in the year 1901 at St. Louis Missouri. John F. Queeny, an Irish immigrant and a 42-year-old who is a purchaser of a Drug Company of the Meyer brothers, started this kind of

Vatican council 2 Essay Example | Topics and Well Written Essays - 500 words

Vatican council 2 - Essay Example O’Malley himself supports the third interpretation and holds that Vatican II marks a great change in the history of the Church. In O’Malley’s opinion, the Council has ushered in decrees â€Å"that marked a real departure from previous Catholic practice.† These include the license to engage in joint prayer with Protestants and attend services in Protestant churches. The Decree on Religious Liberty also put an end to the earlier  Ã¢â‚¬Å"ideal that Catholicism should be established as the official religion of every nation, even the United States.† O’Malley contends that the radical aspect of Vatican Council II is its changing emphasis on the style of the Church. This emphasis is seen in the â€Å"striking shift in language† in the documents of the Council. Departing from the abrupt, authoritarian tone of earlier Councils, Vatican Council II adopts an â€Å"invitational style† which attempts to foster dialogue, respect for conscience, freedom of speech and a spirit of participation. The new â€Å"invitational† style of Vatican II is seen in: the emphasis on partnership and collaboration in relations among church hierarchy and with the laity; the emphasis on the main pastoral ministry being service; openness to change and development; a conciliatory attitude towards all faiths; and the active participation of the entire congregation in the liturgy. O’Malley’s article attempts to support the author’s contention that the Vatican Council II ushers in transformation in the style of the Church. The five points O’Malley cites in order to support his stand are very credible as they mark a change of direction in the Church. However, O’Malley argues that even this change is grounded in the past tradition of the Church. The â€Å"partnership and collaboration† (O’Malley, 2003) which the Council recommends in the relationship of the Church hierarchy is in line with the traditional understanding of the ‘Mystery of the

Research-Based Studies Essay Example | Topics and Well Written Essays - 1000 words

Research-Based Studies - Essay Example Apart from reported lower birth rates in the test group, no other significant differences were found between the two groups, and it was concluded that there are no significant differences in the likelihood of having a cesarean delivery between the women that had induced labor and those which awaited spontaneous labor, which is contradictory to previous studies that reported a 2.5-fold increase in the likelihood of a cesarean delivery among women with induced labor (Nielsen, et al., 2005). A flowchart showing how the researchers possibly designed the study is shown in figure 1. The results of the study and the evidences were consistent with the conclusion that having induced labor does not increase the likelihood of having a cesarean delivery as compared to awaiting spontaneous labor. The results were processed using statistical analyses, and even if the rates of cesarean delivery for the test group was 8/116 and the control group 8/110 seem variable the differences were statistically non-significant according to tests (Nielsen, et al., 2005). The cesarean delivery rate for nulliparous patients in the test group (6/45) was also non-significantly different from the control (6/58). The results corroborate the conclusions of the researchers with regards to the use of induced labor in pregnancy, implying that whether or not a woman chooses to undergo induced labor or not, her chances of delivering cesarean delivery is just the same as with any other woman. Ethical Issues The study could have encountered several possible ethical issues, especially since the test subjects were people. For one, the autonomy of the test subjects might have been challenged so as to keep the homogeneity of the sampled population, and they might have to undergo certain restrictions in order to do that (Jones, 2003). To fill in the number of people needed for the study to be initiated all women that were possibly included in the assignment criteria, their informed consent have to be obtaine d first. If the subjects were to be forced to participate without their knowledge and consent, not only would their autonomy be challenged but their patient rights would also be violated (Jones, 2003). Thus before the women were observed in the study, aside from informing them of the purpose, they were also given an option of participating, along with the causes and consequences so as for them to weigh in on whether to become part of the study or not. In relation to this, confidentiality is also an important ethical issue, and this was done possibly through random assignment of codes instead of referring to each participant with their names, to keep patient information private. Research Type The study of whether or not the induction of labor increases the likelihood of cesarean delivery among expectant mothers was conducted through an experimental research method. Based on the definition, the research studied causal relationships as well as theories, and these were tested and valida ted or contradicted based on the collected results (Brink & Wood, 1998). As indicated in the paper, most of the test subjects that were included in the study were selected based on certain criteria such as cephalic presentation, singleton gestation, maternal age greater than 17 years, as well as being a candidate for vaginal

PHYSICS (SOLUTIONS) Essay Example | Topics and Well Written Essays - 750 words

PHYSICS (SOLUTIONS) - Essay Example 100Pa). Here, it is essential that the pressure decreases exponentially, i.e. without local minimums and maximums (with the exception of atmospheric fluctuations); so, our criterion mb is valid. Roughly, from the graph attached we can localize km, say, km. e) Let us analyze the pressure curve . It is necessary to note that values of altitude are in log-scale. Nevertheless, even in linear scale dependence is non linear; see ('Atmospheric pressure' 2008) and (Ahren 2000). This can be explained by 'exponential atmosphere' model. This is very rough model for a column of gas extending to a great height; see details in (Feynman et al 1964). Such gas column is supposed to be at thermal equilibrium without any disturbances, so in the model. Model gives an obvious relationship where is the mass of the gas molecule (supposed to be constant in the model), is the acceleration due to gravity, and is the total number of the gas molecules in the unit section of a gas column. Solution of this relationship is ; here . So, the pressure exponentially decreases with increasing of altitude. Such decreasing depends upon the mass of gas molecule: the pressure of lightweight gases (e.g. hydrogen) decreases more slowly with altitude then the pressure of heavy -weight gases (e.g. oxygen). Here, and are weights of a ball... oxygen). Task 2 This task can be solved using Archimedes' principle. Let us make schematic illustration for a helium balloon and all the forces applied to it: Here, and are weights of a balloon and helium inside it, is the net force of buoyancy (for both balloon and helium inside). In accordance with Archimedes' principle, or the law of upthrust, a balloon is buoyed up by a force equal to the weight of the displaced air. A balloon is in state of rest when resulting force equals to zero, i.e. when . a) A balloon is assumed to be a sphere with a diameter of 20cm, so m. Hence, its volume is , or m3, or roughly litres (because 1 litre equals to m3). b) Let us estimate the mass of helium in the balloon. Let us suppose that helium is an ideal gas at and atmosphere. The ideal gas law gives volume occupied by a mole of an ideal gas: litres; here is universal gas constant (Feynman et al 1964). Therefore, the balloon contains moles of helium. The relative atomic mass of helium is 4, so a mole of helium weights 4 grams. Hence, helium in the balloon weights approx. grams. c) Using the graph attached for the task 1, namely dependence , let us define where km. Roughly, mb, say, mb or atmosphere. Let us estimate density of the air at the altitude km. For exponential model of atmosphere we have ; see (Feynman et al 1964). The ideal gas law or allows us to make estimations in terms of air density ; here grams per mole is the mean molar mass of air. For isothermal atmosphere () , so . Then, , so . Let us compute , the density of air at sea level: grams per litre. Let us estimate , the density of the air at the altitude km: or grams per litre. d) It is necessary to note that almost all numeric

Handstar Inc Essay Example for Free

Handstar Inc Essay Handstar Inc. was created a little over four years ago by two college roommates to develop software applications for handheld computing devices. It has since grown to ten employees with annual sales approaching $1. 5 million. Handstar’s original product was an expense report application that allowed users to record expenses on their handheld computers and then import these expenses into a spreadsheet that then create an expense report in one of five standard formats. Based on the success of its first product, Handstar subsequently developed three additional software products: a program for tracking and measuring the performance of investment portfolios- a calendar program, and a program that allowed users to download their email messages from their PC and read them on their handheld computers. The two founders of Handstar have recently become concerned about the competitiveness of their offerings, particularly since none of them has been updated after their initial launch. Therefore, they asked the directors of product development and marketing to work together and prepare a list of potential projects for updating Handstars current offerings as well as to develop ideas for additional offerings. The directors were also asked to estimate the development costs of the various projects, product revenues, and the likelihood that Handstar could retain or obtain a leadership position for the given product. Also, with the increasing popularity of the Internet, the founders asked the directors to evaluate the extent to which the products made use of the Internet. The product development and marketing directors identified three projects related to updating Handstars existing products. The first project would integrate Handstars current calendar program with its email program. Integrating these two applications into a single program would provide a number of benefits to users such as allowing them to automatically enter the dates of meetings into the calendar based on the content of an email message. The directors estimated that this project would require 1250 hours of software development time. Revenues in the first year of the products launch were estimated to be $750,000. However, because the directors expected that a large percentage of the users would likely upgrade to this new product soon after its introduction, they projected that annual sales would decline by 10 percent annually in subsequent years. The directors speculated that Handstar was moderately likely to obtain a leadership position in email/calendar programs if this project were undertaken and felt this program made moderate use of the Internet. The second project related to updating the expense report program. The directors estimated that this project would require 400 hours of development time. Sales were estimated to be $250,000 in the first year and to increase 5 percent annually in subsequent years. The directors speculated that completing this project would almost certainly maintain Handstars leadership position in the expense report category, although it made little use of the Internet. The last product enhancement project required enhancing the existing portfolio tracking program. This project would require 750 hours of development time and would generate first-year sales of $500,000. Sales were projected to increase 5 percent annually in subsequent years. The directors felt this project would have a high probability of maintaining Handstars leadership position in this category and the product would make moderate use of the Internet. The directors also identified three opportunities for new products. One project was the development of a spreadsheet program that could share files with spread-sheet programs written for PCs. Developing this product would require 2500 hours of development time. First-year sales were estimated to be $1,000,000 with an annual growth rate of 10 percent. While this product did not make use of the Internet, the directors felt that Handstar had a moderate chance of obtaining a leadership position in this product category. The second new product opportunity identified was a Web browser. Developing this product would require 1875 development hours. First-year sales were estimated to be $2,500,000 with an annual growth rate of 15 percent. Although this application made extensive use of the Internet, the directors felt that there was a very low probability that Handstar could obtain a leadership position in this product category. The final product opportunity identified was a trip planner program that would work in conjunction with a PC connected to the Web and download travel instructions to the users handheld computer. This product would require 6250 hours of development time. First-year sales were projected to be $1,300,000 with an annual growth rate of 5 percent. Like the Web browser program, the directors felt that there was a low probability that Handstar could obtain a leadership position in this category, although the program would make extensive use of the Internet. In evaluating the projects, the founders believed it was reasonable to assume each product had a three-year life. They also felt that a discount rate of 12 percent fairly reflected the companys cost of capital. An analysis of pay-roll records indicated that the cost of software developers is $52 per hour including salary and fringe benefits. Currently there are four software developers on staff, and each works 2500 hours per year. Which option should they choose?