Monopoly and marginal cost Essay Example for Free

Monopoly and marginal cost Essay Practice Questions and Answers from Lesson III-3: Monopoly Practice Questions and Answers from Lesson III-3: Monopoly The following questions practice these skills: ? Explain the sources of market power. ? Apply the quantity and price affects on revenue of any movement along a demand curve. ? Find the profit maximizing quantity and price of a single-price monopolist. ? Compute deadweight loss from a single-price monopolist. ? Compute marginal revenue. ? Define the efficiency of P = MC. ? Find the profit-maximizing quantity and price of a perfect-price-discriminating monopolist. ? Find the profit-maximizing quantity and price of an imperfect-price-discriminating monopolist. Question: Each of the following firms possesses market power. Explain its source. a. Merck, the producer of the patented cholesterol-lowering drug Zetia b. Chiquita, a supplier of bananas and owner of most banana plantations c. The Walt Disney Company, the creators of Mickey Mouse Answer to Question: a. Merck has a patent for Zetia. This is an example of a government-created barrier to entry, which gives Merck market power. b. Chiquita controls most banana plantations. Control over a scarce resource gives Chiquita market power. c. The Walt Disney Company has the copyright over animations featuring Mickey Mouse. This Is another example of a government-created barrier to entry that gives the Walt Disney Company market power. Question: Skyscraper City has a subway system, for which a one-way fare is $1. 50. There is pressure on the mayor to reduce the fee by one-third, to $1. 00. The mayor is dismayed, thinking that this will mean Skyscraper City is losing one-third of its revenue from sales of subway tickets. The mayor’s economic adviser reminds her that she is focusing only on the price effect and ignoring the quantity effect. Explain why the mayor’s estimate of a one-third loss of revenue is likely to be an overestimate. Illustrate with a diagram. Answer to Question: A reduction in fares from $1. 50 to $1. 00 will reduce the revenue on each ticket that is currently sold by one-third; this Is the price effect. But a reduction in price will lead to more tickets being sold at the lower price of $1. 00, which creates additional revenue; this is the quantity effect. The price effect is the loss of revenue on all the currently sold tickets. The quantity effect is the increase in revenue from increased sales as a result of the lower price. Question: Consider an industry with the demand curve (D) and marginal cost curve (MC) shown in the accompanying diagram. There is no fixed cost. If the industry is a single-price monopoly, the monopolist’s marginal revenue curve would be MR. Answer the following questions by naming the appropriate points or areas. Practice Questions and Answers from Lesson III-3: Monopoly a. If the industry is perfectly competitive, what will be the total quantity produced? At what price? b. Which area reflects consumer surplus under perfect competition? c. If the industry is a single-price monopoly, what quantity will the monopolist produce? Which price will it charge? d. Which area reflects the single-price monopolist’s profit? e. Which area reflects consumer surplus under single-price monopoly? f. Which area reflects the deadweight loss to society from single-price monopoly? g. If the monopolist can price-discriminate perfectly, what quantity will the perfectly price-discriminating monopolist produce? Answer to Question: a. In a perfectly competitive industry, each firm maximizes profit by producing the quantity at which price equals marginal cost. That is, all firms together produce a quantity S, corresponding to point R, where the marginal cost curve crosses the demand curve. Price will be equal to marginal cost, E. b. Consumer surplus is the area under the demand curve and above price. In part a, we saw that the perfectly competitive price is E. Consumer surplus in perfect competition is therefore the triangle ARE. c. A single-price monopolist produces the quantity at which marginal cost equals marginal revenue, that is, quantity I. Accordingly, the monopolist charges price B, the highest price it can charge if it wants to sell quantity I. d. The single-price monopolist’s profit per unit is the difference between price and the average total cost. Since there is no fixed cost and the marginal cost is constant (each unit costs the same to produce), the marginal cost is the same as the average total cost. That is, profit per unit is the distance BE. Since the monopolist sells I units, its profit is BE times I, or the rectangle BEHF. e. Consumer surplus is the area under the demand curve and above the price. In part c, we saw that the monopoly price is B. Consumer surplus in monopoly is therefore the triangle AFB. f. Deadweight loss is the surplus that would have been available (either to consumers or producers) under perfect competition but that is lost when there is a single-price monopolist. It is the triangle FRH. g. If a monopolist can price-discriminate perfectly, it will sell the first unit at price A, the second unit at a slightly lower price, and so forth. That is, it will extract from each consumer just that consumer’s willingness to pay, as indicated by the demand curve. It will sell S units, because for the last unit, it can just make a consumer pay a price of E (equal to its marginal cost), and that just covers its marginal cost of producing that last unit. For any further units, it could not make any consumer pay more than its marginal cost, and it therefore stops selling units at quantity S. Practice Questions and Answers from Lesson III-3: Monopoly Question: Bob, Bill, Ben, and Brad Baxter have just made a documentary movie about their basketball team. They are thinking about making the movie available for download on the Internet, and they can act as a single-price monopolist if they choose to. Each time the movie is downloaded, their Internet service provider charges them a fee of $4. The Baxter brothers are arguing about which price to charge customers per download. The accompanying table shows the demand schedule for their film. Price of download Quantity of downloads demanded $10 0 $8 1 $6 3 $4 6 $2 10 $0 15 a. Calculate the total revenue and the marginal revenue per download. b. Bob is proud of the film and wants as many people as possible to download it. Which price would he choose? How many downloads would be sold? c. Bill wants as much total revenue as possible. Which price would he choose? How many downloads would be sold? d. Ben wants to maximize profit. Which price would he choose? How many downloads would be sold? e. Brad wants to charge the efficient price. Which price would he choose? How many downloads would be sold? Answer to Question: a. The accompanying table calculates total revenue (TR) and marginal revenue (MR). Recall that marginal revenue is the additional revenue per unit of output Price of download Quantity of downloads TR MR demanded $10 0 $0 $8 1 $8 $8 $6 3 $18 $5 $4 6 $24 $2 $2 10 $20 $-1 $0 15 $0 $-4 b. Bob would charge $0. At that price, there would be 15 downloads, the largest quantity they can sell. c. Bill would charge $4. At that price, total revenue is greatest ($24). At that price, there would be 6 downloads. d. Ben would charge $6. At that price, there would be 3 downloads. For any more downloads, marginal revenue would be below marginal cost, and so further downloads would lose the Baxters’ money.e. Brad would charge $4. A price equal to marginal cost is efficient. At that price, there would be 6 downloads. Practice Questions and Answers from Lesson III-3: Monopoly Question: Suppose that De Beers is a single-price monopolist in the market for diamonds. De Beers has five potential customers: Raquel, Jackie, Joan, Mia, and Sophia. Each of these customers will buy at most one diamond—and only if the price is just equal to, or lower than, her willingness to pay. Raquel’s willingness to pay is $400; Jackie’s, $300; Joan’s, $200; Mia’s, $100; and Sophia’s, $0. De Beers’s marginal cost per diamond is $100. This leads to the demand schedule for diamonds shown in the accompanying table. Price of Diamond Quantity of Diamonds Demanded $500 0 $400 1 $300 2 $200 3 $100 4 $0 5 a. Calculate De Beers’s total revenue and its marginal revenue. From your calculation, draw the demand curve and the marginal revenue curve. b. Explain why De Beers faces a downward-sloping demand curve. c. Explain why the marginal revenue from an additional diamond sale is less than the price of the diamond. d. Suppose De Beers currently charges $200 for its diamonds. If it lowers the price to $100, how large is the price effect? How large is the quantity effect? e. Add the marginal cost curve to your diagram from part a and determine which quantity maximizes De Beers’s profit and which price De Beers will charge. Answer to Question: a. Total revenue (TR) and marginal revenue (MR) are given in the accompanying table. Price of Diamond Quantity of Diamonds TR Demanded $500 0 $0 $400 1 $400 $300 2 $600 $200 3 $600 $100 4 $400 $0 5 $0 MR $400 $200 $0 -$200 -$400 The accompanying diagram illustrates De Beers’s demand curve and marginal revenue (MR) curve. b. De Beers is the only producer of diamonds, so its demand curve is the market demand curve. And the market demand curve slopes downward: the lower the price, the more customers will buy diamonds. c. If De Beers lowers the price sufficiently to sell one more diamond, it earns extra revenue equal to the Practice Questions and Answers from Lesson III-3: Monopoly price of that one extra diamond. This is the quantity effect of lowering the price. But there is also a price effect: lowering the price means that De Beers also has to lower the price on all other diamonds, and that lowers its revenue. So the marginal revenue of selling an additional diamond is less than the price at which the additional diamond can be sold. d. If the price is $200, then De Beers sells to Raquel, Jackie, and Joan. If it lowers the price to $100, it will also sell a diamond to Mia. The price effect is that De Beers loses $100 (the amount by which it lowered the price) each from selling to Raquel, Jackie, and Joan. So the price effect lowers De Beers’s revenue by 3 ? $100 = $300. The quantity effect is that De Beers sells one more diamond (to Mia), at $100. So the quantity effect is to raise De Beers’s revenue by $100. e. The marginal cost (MC) curve is constant at $100, as shown in the diagram. Marginal revenue equals marginal cost at a quantity of 2 diamonds. So De Beers will sell 2 diamonds at a price of $300 each. Question: Use the demand schedule for diamonds given in the previous question. The marginal cost of producing diamonds is constant at $100. There is no fixed cost. a. If De Beers charges the monopoly price, how large is the individual consumer surplus that each buyer experiences? Calculate total consumer surplus by summing the individual consumer surpluses. How large is producer surplus? Suppose that upstart Russian and Asian producers enter the market and the market becomes perfectly competitive. b. What is the perfectly competitive price? What quantity will be sold in this perfectly competitive market? c. At the competitive price and quantity, how large is the consumer surplus that each buyer experiences? How large is total consumer surplus? How large is producer surplus? d. Compare your answer to part c to your answer to part a. How large is the deadweight loss associated with monopoly in this case? Answer to Question: a. The monopoly price is $300. At that price Raquel and Jackie buy diamonds. Raquel’s consumer surplus is $400 ? $300 = $100; Jackie’s is $300 ? $300 = $0. So total consumer surplus is $100 + $0 = $100. Producer surplus is $300 ? $100 = $200 for each diamond sold; 2 ? $200 = $400. b. In a perfectly competitive market, P = MC. That is, the perfectly competitive price is $100, and at that price 4 diamonds will be sold—to Raquel, Jackie, Joan, and Mia. c. At the competitive price, Raquel’s consumer surplus is $400 ? $100 = $300; Jackie’s, $300 ? $100 = $200; Joan’s, $200 ? $100 = $100; and Mia’s, $100 ? $100 = $0. So total consumer surplus is $300 + $200 + $100 + $0 = $600. Since the price is equal to marginal cost, there is no producer surplus. d. Under perfect competition, the sum of consumer and producer surplus is $600 + $0 = $600. Under monopoly, the sum of consumer and producer surplus is $100 + $400 = $500. So the loss of surplus to society from monopoly—the deadweight loss—is $600 ? $500 = $100. Question: Use the demand schedule for diamonds given in the previous questions. De Beers is a monopolist, but it can now price-discriminate perfectly among all five of its potential customers. De Beers’s marginal cost is constant at $100. There is no fixed cost. a. If De Beers can price-discriminate perfectly, to which customers will it sell diamonds and at what prices? b. How large is each individual consumer surplus? How large is total consumer surplus? Calculate producer surplus by summing the producer surplus generated by each sale. Practice Questions and Answers from Lesson III-3: Monopoly Answer to Question: a. If De Beers can price-discriminate perfectly, it will charge each customer that customer’s willingness to pay. That is, it will charge Raquel $400, Jackie $300, Joan $200, and Mia $100. De Beers does not want to sell to Sophia since she will only buy at a price of $0, and that would be below De Beers’s marginal cost. b. Since each consumer is charged exactly her willingness to pay, there is no consumer surplus. De Beers’s producer surplus is $400 ? $100 = $300 from selling to Raquel; $300 ? $100 = $200 from selling to Jackie; $200 ? $100 = $100 from selling to Joan; $100 ? $100 = $0 from selling to Mia. So producer surplus is $300 + $200 + $100 + $0 = $600. Question: Download Records decides to release an album by the group Mary and the Little Lamb. It produces the album with no fixed cost, but the total cost of downloading an album to a CD and paying Mary her royalty is $6 per album. Download Records can act as a single-price monopolist. Its marketing division finds that the demand schedule for the album is as shown in the accompanying table. Price of album Quantity of albums demanded $22 0 $20 1,000 $18 2,000 $16 3,000 $14 4,000 $12 5,000 $10 6,000 $8 7,000 a. Calculate the total revenue and the marginal revenue per album. b. The marginal cost of producing each album is constant at $6. To maximize profit, what level of output should Download Records choose, and which price should it charge for each album? c. Mary renegotiates her contract and now needs to be paid a higher royalty per album. So the marginal cost rises to be constant at $14. To maximize profit, what level of output should Download Records now choose, and which price should it charge for each album? Answer to Question: a. Total revenue (TR) and marginal revenue per album (MR) is shown in the following table: Price of album Quantity of albums TR MR demanded $22 0 $0 $20 1,000 $20,000 $20 $18 2,000 $36,000 $16 $16 3,000 $48,000 $12 $14 4,000 $56,000 $8 $12 5,000 $60,000 $4 $10 6,000 $60,000 $0 $8 7,000 $56,000 -$4 b. If the marginal cost of each album is $6, Download Records will maximize profit by producing 4,000 albums, since for each album up to 4,000, marginal revenue is greater than marginal cost. For any further albums, marginal cost would exceed marginal revenue. Producing 4,000 albums, Download Records will charge $14 for each album. c. If the marginal cost of each album is $14, Download Records will maximize profit by producing 2,000 albums, and it will charge $18 per album. Practice Questions and Answers from Lesson III-3: Monopoly Question: The movie theater in Collegetown serves two kinds of customers: students and professors. There are 900 students and 100 professors in Collegetown. Each student’s willingness to pay for a movie ticket is $5. Each professor’s willingness to pay for a movie ticket is $10. Each will buy at most one ticket. The movie theater’s marginal cost per ticket is constant at $3, and there is no fixed cost. a. Suppose the movie theater cannot price-discriminate and needs to charge both students and professors the same price per ticket. If the movie theater charges $5, who will buy tickets and what will the movie theater’s profit be? How large is consumer surplus? b. If the movie theater charges $10, who will buy movie tickets and what will the movie theater’s profit be? How large is consumer surplus? c. Now suppose that, if it chooses to, the movie theater can price-discriminate between students and professors by requiring students to show their student ID. If the movie theater charges students $5 and professors $10, how much profit will the movie theater make? How large is consumer surplus? Answer to Question: a. If the movie theater charges $5 per ticket, both students and professors will buy tickets. The movie theater will sell to 1,000 customers (students and professors), at a price of $5 each. Since the movie theater’s cost per ticket is $3, its profit is $2 per ticket for a total profit of 1,000 ? $2 = $2,000. Students will experience no consumer surplus, but each of the 100 professors will experience consumer surplus of $10 ? $5 = $5 for a total consumer surplus of 100 ? $5 = $500. b. If the movie theater charges $10 per ticket, only professors will buy tickets. The movie theater will sell to 100 customers (professors) at a price of $10 each. Since the movie theater’s cost per ticket is $3, its profit is $7 per ticket for a total profit of 100 ? $7 = $700. Students experience no consumer surplus since they do not buy any tickets. Each of the 100 professors experiences no consumer surplus since the price is equal to their willingness to pay. So consumer surplus is $0. c. If the movie theater charges students a price of $5, it sells 900 tickets at a profit of $5 ? $3 =$2 each for a profit from selling to students of 900 ? $2 =$1,800. Charging professors $10, it sells 100 tickets at a profit of $10 ? $3 =$7 each for a profit from selling to professors of 100 ? $7 =$700. So the theater’s total profit is $1,800 + $700 =$2,500. Since each customer is charged exactly his or her willingness to pay, there is no consumer surplus. Question: A monopolist knows that in order to expand the quantity of output it produces from 8 to 9 units that it must lower the price of its output from $2 to $1. Calculate the quantity effect and the price effect. Use these results to calculate the monopolist’s marginal revenue of producing the 9th unit. The marginal cost of producing the 9th unit is positive. Is it a good idea for the monopolist to produce the 9th unit? Answer to Question: The quantity effect is $1 (the increase in total revenue from selling the 9th unit at $1). The price effect is 8 ? (? $1) =? $8 (the decrease in total revenue from having to lower the price of 8 units by $1 each). So the marginal revenue of producing the 9th unit is $1 ? $8 =? $7. Since marginal revenue is negative, producing the 9th unit is definitely not a good idea: it lowers revenue (since marginal revenue is negative), and it increases the total cost (since marginal cost is positive). So it will definitely lower profit. Instead, the monopolist should produce less output.

Homeostasis Of Skeletal And Muscular Systems

Homeostasis Of Skeletal And Muscular Systems Living cells of plants and animals are only able to survive under a narrow range of certain conditions that include nutrient availability, pH concentration, temperature, ion concentration among other factors. The human body, usually called inner environment has to time and again adapt to the outside environment which is ever experiencing weather changes and great climate diversification that occurs from one hour to another, one day to another day and from one season to another. It is in this respect that human beings have to device physiological mechanisms in order to survive because any inability by the human body to adjust to these changes leads to either diseases or to death. Human beings for example can only survive under a narrow range of pH values of 7.35 and 7.45.Any value below these results to a situation called acidosis whereas any excess of this causes a situation called alkalosis. It is of paramount importance to note that either condition is as life threatening as the ot her. Likewise, the normal body temperature of 37.2 to 37.7 degrees Celsius has to be equally maintained to ensure survival of a living organism. Any deviation from these results to a condition called hypothermia (if the core body temperature goes below 33 degrees Celsius or 91 degrees Fahrenheit) or hyperthermia (if the core body temperature goes above 42 degrees Celsius or 108 degrees Fahrenheit) This is done through the process called Homeostasis. Homeostasis is the tendency of a system of a living organism, either closed or open, to regulate an internal environment while maintaining a constant and stable condition. Homeostasis is made possible through multiple dynamic equilibrium adjustment and regulation mechanism and not a stable equilibrium as such. This is because internal body conditions are never absolutely stable but varies within a narrow range of average commonly referred to as set point. Several body systems are involved in the process of homeostatic regulation. The Nervous system is in charge of controlling other body parts by sending an electrochemical signal to the brain whenever there is any change from optimum levels. The brain then corresponds by sending the required stimulus to the respective body organ. The Circulatory system, made up of arteries and veins, maintains this balance through the circulation of blood to all other body parts. Through capillaries , an exchange of nutrients in each cell is initiated. This system also enhances the transportation of toxic excretory wastes and other liquid material to the excretory organs. Through lymphatic vessels, the Lymphatic system is involved in homeostasis by collecting excess tissue fluids and taking them back to the veins. The Endocrine system, the main regulator of this process of homeostasis, on the other hand contains hormones (chemical messengers) that keeps circulating throughout the blood stream and acts on the respective target organs. As much as the Endocrine system cannot work without coordinating with the Nervous system, its effects as long lasting even thou they are slow. The process of Homeostatic regulation takes place under a mechanism called feedback. This feedback can either be negative-to ensure stability or positive-to enhance a rapid change. A negative mechanism loop is where a body senses a change in the internal environment and activates methods to negate, reverse or counter that change. A very relevant example of negative mechanism is the process of temperature regulation. A rise in blood temperatures is sensed by specialized neurons located in the hypothalamus found in the brain. This is then signaled to other nerve centers which in turn relay them to the blood vessels of the skin. The dilation of the blood vessels pushes the blood to flow closer to the body surface and excess heat is radiated from the body. If this does not cool the body back to the set point, sweating is activated by the brain. A strong cooling effect is thus felt on the skin due to evaporation of sweat. In the event that the body temperatures fall too low, the same hypo thalamus senses this and signals this to the cutaneous arteries (that supply the skin with blood) to perform an action called constriction. Deeper retention of warm blood in the body is initiated thus less heat is lost from the body surface. If this effect is inadequate, the brain likewise activities the act of shivering and in the course of shivering, each muscle tremor releases heat energy to return the body back to the set point of 37 degrees Celsius. The second mechanism of homeostasis, a counterpart to the negative feedback loop is that of positive feedback and rapid change. In this positive feedback loop mechanism, once the body is able to sense a change, it activates a mechanism to either accelerate or increase that change. As much as this mechanism aids in homeostasis, it mostly produces opposite results and can be life threatening or fatal. A good example of a beneficial positive feedback is exhibited in the process of blood clotting where an enzyme that is used to form the matrix of blood clot thrombin in the complex biochemical pathway is catalyzed thus the process is speeded up. Another beneficial positive feedback is seen in the process of childbirth where the secretion of hormone oxytocin is triggered by the stretching of uterus and this enhances uterine contraction that speeds up labor. Similarly, a beneficial positive feedback is experienced in the process of protein digestion where secretion of hydrochloric acid and enzyme pepsin is initiated by the presence of partially digested protein particles that once digestion begins, it becomes a process that is self-accelerating. However, this mechanism has more harmful and more potential fatal consequences that often results to rapid loss of internal stability. The death of a small area of a heart tissue for example triggers myocardial infarction, a kind of heart attack, because the heart is not able to pump an adequate amount of blood hence the heart itself is deprived of blood and more tissues begins to die. In many cases, this leads to rapid cardiac mal-functioning leading to death. It is therefore important to bear in mind that many deaths that occur are as a result of positive feedback loop. However both the skeletal and the muscular systems work hand in hand in the process of homeostatic regulation in a combined system otherwise known as the muscular skeletal system or rather musculoskeletal system. This system consists of the bones and joints- skeletal system and voluntary or striated muscles-skeletal muscle system. Skeletal muscle fibers contain numerous nucleuses on each cell and the cell nuclei are found beneath the plasma membrane of the skin. Both the skeletal and the muscular systems work together in the process of performing basic and essential functions necessary for life that includes protection (of the brain and other internal organs), supportive services of maintaining an upright posture, blood cell formation in a process called hematopoesis, storage of minerals and fats among other minor duties like leverage that involves magnifying movement or force speed. Musculoskeletal system comprises of five major tissues that include bones, tendons, ligaments cartila ge and skeletal muscles. The ligaments are the tissues on which one bone is attached to another bone. Cartilages are protective and gel-like substances that line interveterbral discs and joints while tendons usually attach muscles to bones. Each of these tissues has four connective blocks that build tissues. They include fibroblasts, collagen, elastic fibers and proteoglycans. Fibroblasts are the mother of all these other connective tissues as it is the one that produces them. Collagens are the principal proteins that are long and thin and are organized into various intertwining fibers to form strong ones that do not stretch. Elastic fibers are found in the walls of arteries whereas proteoglycans are ground substances normally called matrix in which the other connective tissues reside. This combination of functions by both the muscular and skeletal happens mostly when there is a change in both the body pH and the central venous pressure. Active body muscles usually respire and in the process carbon dioxide is produced. The carbon dioxide that is produced dissociates in the blood to produce both hydrogen and carbon ions which have an impact of lowering this pH. Once there is such a decrease in the pH, the chemoreceptors that are centrally located in the brain detect this and induce respiration that accelerates expulsion of the carbon dioxide gas thus maintaining the internal body temperature. The second way in which muscular skeletal homeostasis in the body is evident happens during exercise. Here, more blood is diverted into body muscles as a result of relaxation of arterioles hence a considerable decrease in the volume of blood flowing to the heart. This brings about an impact in the central venous pressure. In order to correct this defect and bring about homeosta sis, the aortic and carotid barroreceptors via the cranial nerves detects this and relays this information in the cardiovascular (medulla) part of the brain. This then lowers the action potential rate in the brain thereby increasing and decreasing the sympathetic and the parasympathetic outputs respectively. The overall result is an increase in not only the inotropy (heart rate) and chronotropy (contractility) but also in vasoconstriction and total peripheral resistance (blood pressure).

New Law :: essays research papers

CBS) Attorney General John Ashcroft denounced Tuesday's Supreme Court ruling that overturned a law banning computer simulations and other fool-the-eye depictions of teen-agers or children having sex, saying it would make prosecutions more difficult. Where possible, he said, the Justice Department will restructure prosecutions it has brought to pursue "general obscenity charges against those who have victimized children." Child pornographers "will find little refuge" in the decision, he said. "We will continue to use whatever resources we can to identify and prosecute child pornography cases to the fullest extent of the law." Ashcroft also said that he was eager to work with Congress to revise the law. Youthful sexuality is an old theme in art, from Shakespeare to Academy Award-winning movies, the court found in striking down the 1996 child pornography law on free speech grounds. The law would call into question legitimate educational, scientific or artistic depictions of youthful sex, Justice Anthony M. Kennedy wrote for a 6-3 majority. "The statute proscribes the visual depiction of an idea — that of teen-agers engaging in sexual activity — that is a fact of modern society and has been a theme in art and literature throughout the ages," Kennedy wrote in a decision joined by four other justices. Clarence Thomas, one of the court's most conservative justices, wrote a separate opinion agreeing with the outcome. The court invalidated two provisions of the Child Pornography Prevention Act as overly broad and unconstitutional. Free speech advocates and pornographers had challenged the law's ban on material that "appears to be" a child in a sexually explicit situation or that is advertised to convey the impression that someone under 18 is involved. Another section of the law was not challenged, and remains in force. It bans prurient computer alteration of innocent images of children, such as the grafting of a child's school picture onto a naked body. CBS News Correspondent Bob Orr reports the adult entertainment industry, which led the challenge, hailed the decision as a victory for free speech. "The creators of art who can now safely deal with the important topic of teenage sexuality without fear of the most severe possible government sanctions," said Jeffery Douglas of the Free Speech Coalition. Justices John Paul Stevens, David H. Souter, Ruth Bader Ginsburg and Stephen G. Breyer signed Kennedy's opinion. Thomas, in a separate concurring opinion, said the court's ruling appropriately strikes down a ban that was too sweeping but leaves a window for future regulation of some kinds of virtual child pornography.

Making Money When the Market is Mistaken! :: essays research papers

Making Money When the Market is Mistaken! Part 1.) I did my program review on a one-hour show I watched straight through. It was called, â€Å"Making Money when the Market is Mistaken.† The lead man basically running the show was Conrad De Aenlle. He is also a writer for the New York Times and is an expert on making money. The show was basically on Stocks and how J.P. Morgan runs their company. Now nobody has ever gone broke by thinking others where stupid. There are many managers that work for J.P. Morgan and many of them agree that there is good money to be made underestimating others ability to get the job done right. Now what does that mean? Sounds wrong to me, I was taught to never underestimate others. Now during the entire show they would focus in on this point and try to prove that J.P. Morgan could and would make me money off others mistakes. The funds in most companies are run according to principles of behavioral finance, which means they are run according to behavior repetition. They believe that people are illogical, yet predictable. Followers of this approach do not ignore the nuts and bolts of business - profits, sales, cash flow and so forth. Basically all the functions of the daily business, But they say that investors consistently have errors in evaluating such information, and that professional portfolio managers, wink, wink (J.P. Morgan) can profit from the ways that others make mistakes. Conrad would constantly remind the viewers that he was a part of J.P. Morgan and he was trying to make me money. "Traditional finance theory tells us markets are efficient and rational," said Silvio Tarca, one of the managers of the Morgan funds and one of two people interview live on the show. And basically she says that human behavior leads to irrational decisions and that J.P. Morgan makes a lot of money off of and so should you or me. People when wrapped up in the stock investment life, start to invest based on feelings and emotions instead of logically reasoning. She said J.P. Morgan is practicing sociology instead of just stock investments to become a step ahead of everybody else. The five Morgan portfolios sold under their own brand all produced better than the Standard & Poor 500-stock index over the 12 months through March. Which would mean their theory is working. The flagship Intrepid America a stock of J.

Reality Versus Perception in the Kasdan Films, Grand Canyon and Mumford

Reality Versus Perception in the Kasdan Films, Grand Canyon and Mumford All of knowledge is founded on axioms: assumptions that are agreed upon for stability. However, since those axioms are assumptions and cannot be proven without a doubt, nothing ca truly be known with absolute certainly. Still, in order to carry on with life, assumptions have to be made. Knowing this, the task becomes making assumption that are more educated and, given the lack of certainty, ones that matter. Furthermore, the assumption of others can be examined more accurately with this knowledge in mind. The most important of these assumptions, and in many cases points of debate, is the nature of reality. The old world thought the matters of the spirit to be truly real, or ethereal, as opposed to the physical world. The modern period, on the other hand, held that sense perception was the only evidence that was concrete and that reality was only that which could be corroborated by sense perception. This gradual shift that occurred endeavored to transform humanity’s vi ew of reality from the ethereal to the physical. The fact of the matter, however, is that the modern period had no more indubitable evidence for believing in a physical reality than the people before it had for believing in an ethereal reality. As a result, the current time of postmodernism is fragmented in a disarray of those two realities and countless variations thereof. The world today is trying to figure out constantly what actual reality is, whether it truly is ethereal or physical. This trend can be observed in media to a large degree. The case here is that the Kasdan films Grand Canyon and Mumford are portraying this social struggle in the bifurcation of postmodernism.... ...lso that the reality of events throughout time is variable and relative. The nature of things commonly understood as good or bad are not necessary one or the other, but may change. Reality is a matter of perception. Whether reality is truly ethereal or actually physical in nature is determined, for the duration of life, by the living. Given this, it can also be conceived that no one knows the nature of what is happening to anyone as being positive or negative. No one even knows whether the nature of events is a constant factor, since finding that reality may be variable insinuates also that the nature of anything and everything may also be subject to change. So in truth, this inquisition, in some ways, is back at the starting point. However, there is an advantage in knowing what potential ignorance exists as opposed to being ignorant of that very ignorance.

Volumetric Analysis: Lab Report

Floyd Askew 3/19/13 CHEM 1211L Lab Report Introduction The purpose of this lab is to use volumetric analysis to determine the concentration of unknown substances. A sodium hydroxide solution is standardized to assist in finding the concentration of an acetic acid. An indicator must be used to pin point the equivalence point, the point in which 1 mole of a substance is equal to 1 mole of another. When that is found, we can determine the concentration. HC2H3O2 (aq) + NaOH (aq) H2O (l) + NaC2H3O2 (aq) The above equation is used to neutralize the acetic acid.The acid reacts with a base to produce water and a salt. Because there’s a 1:1 ratio, the moles of the acid must equal the moles of the base in order to reach the equivalence point. As far as the indicators go, an acid-base indicator will be used to show when we are close to the end point. For example, when HIn is dissociated In – is produced and it is pink. (See equation below) HIn + H2O H3O + +In – Procedure St andardization of NaOH Solution 1. A known amount of KHP is transferred to an Erlenmeyer flask and an accurately measured amount of water is added to make up a solution. . NaOH solution is carefully added to the KHP solution from a buret until we reach the equivalence point. At the equivalence point, all the KHP present has been neutralized by the added NaOH and the solution is still colorless. However, if we add just one more drop of NaOH solution from the buret, the solution will immediately turn pink because the solution is now basic. Titration of an unknown 1. A measured amount of an acid of unknown concentration is added to a flask using a buret. An appropriate indicator such as phenolphthalein is added to the solution. The indicator will indicate, by a color change, when the acid and base has been neutralized). 2. Base (standard solution) is slowly added to the acid. 3. The process is continued until the indicator shows that neutralization has occurred. This is called the END P OINT. The end point is usually signaled by a sharp change in the color of the indicator in the acid solution. In acid-base titrations, indicators are substances that have distinct different colors in acid and base (Phenolphthalein pink in base, colorless in acid). 4. At the equivalence point, both acid and base have been completely neutralized and the solution is still colorless.However, if we add just one more drop of NaOH solution from the buret, the solution will immediately turn pink because the solution is now basic. This slight excess of NaOH is not much beyond the end point. The volume of the base is recorded and used to determine the molarity of the acetic acid solution. Experimental Data Standardization of NaOH solution | Trial 1| Trial 2| Trial 3| Mass of KHP| 0. 297 g| 0. 325 g| 0. 309 g| Initial buret reading, NaOH| 0. 00 mL| 0. 50 mL| 7. 70 mL| Final buret reading, NaOH| 32. 0 mL| 34. 0 mL| 38. 7 mL| Volume used, NaOH| 32. 0 mL| 33. mL| 31. 0 mL| Molarity of NaOH soluti on| 0. 0454 M| 0. 0475 M| 0. 0488 M| Average molarity of NaOH| 0. 0472 M| Titration of unknown | Trial 1| Trial 2| Trial 3| Initial buret reading, NaOH| 2. 70 mL| 19. 9 mL| 0. 00 mL| Final buret reading, NaOH| 19. 9 mL| 36. 2 mL| 19. 8 mL| Volume used, NaOH| 17. 2 mL| 16. 3 mL| 19. 8 mL| Molarity of acetic acid solution| 0. 0780 M| 0. 0769 M| 0. 0935 M| Average molarity of acetic acid solution| 0. 0828 M| Sample Calculations The following calculations were used for each Trial, but only inputs for Trial 1 will be shown below.Volume = Final buret reading – Initial buret reading i. Volume of NaOH = Final buret reading of NaOH – Initial buret reading of NaOH ii. Volume of NaOH = 32. 0 mL NaOH – 0. 00 mL NaOH iii. Volume of NaOH = 32. 0 mL Molarity = Moles/Liters i. Molarity of NaOH solution = (mass of KHP/molar mass of KHP) / Volume of NaOH ii. Molarity of NaOH solution = (0. 2966 g/204. 22 g)/0. 032 L iii. Molarity of NaOH solution = 0. 0454 M Molarity of acetic ac id = (Molarity NaOH * Volume NaOH) / Volume Acetic Acid i. Molarity of acetic acid = (0. 0472 M * 0. 0172 L)/ 0. 1 L ii. Molarity of acetic acid = 0. 0780 M Percent Error = Experimenal value-Accepted valueAccepted value*100 i. Percent Error of Molarity of NaOH = 0. 0472 M-0. 05 M0. 05 M*100 ii. Percent Error of Molarity of NaOH = 5. 6% i. Percent Error of Molarity of acetic acid = 0. 078 M-0. 080 M0. 080 M*100 ii. Percent Error of Molaarity of acetic acid = 2. 5% Discussion The results obtained from the experiment proved to the principle that using the indictor we can find the end point, which is very close to the equivalence point of an acidic solution.Then using that point we were able to calculate the unknown molarity which was one of the goals of the experiment. The calculations also verify Boyle’s Theory. When we calculated the molarity of the acetic solution, an average value of 0. 078 M was obtained. The true value of the molarity of the acetic acid solution was 0. 08 M. Although it isn’t right on, it is very close to the true value which leads me into discussing the percent error. We found the percent error of the molarity of NaOH to be 5. 6%, and the percent error of the molarity of acetic acid to be 2. 5%, which are both pretty small.The error may have occurred when adding NaOH solution. Occasionally slightly more pressure was put on tilts of the piece on the buret to allow the solution to flow through. This means that more of the solution may have been used than needed. Overall, experiment agrees with the formulated hypothesis. Pre-Lab and Post Lab Questions Pre-Lab 1. Molarity of NaOH solution = (mass of KHP/molar mass of KHP) / Volume of NaOH a. Molarity = (0. 2816 g/204. 22 g)/29. 68 mL Molarity = 4. 64*10-5 M 2. Molarity of acetic acid = (Molarity NaOH * Volume NaOH) / Volume Acetic Acid b.Molarity = ((4. 64*10-5 M)*20. 22 mL)/10. 06 mL Molarity = 9. 34*10-5 M Post Lab 1. A. TD B. TD 2. A graduated cylinder with calibration type TD could be used to deliver a certain amount of a liquid into another container. A graduated cylinder marked TC could be used to contain an accurate volume of a liquid that is to be mixed with another solution, where the experiment is to be done inside of that graduated cylinder. 3. 50g * 1mol /49. 997g = 1 mol 100g * 1mL / 1. 53g = 1L / 15. 3 1mol / (1L / 1. 53) = 1mol* 1. 53 / 1L = 15. 3 mol/L= 15. 3 M

Fortress of North Carolina’s History

Stretching almost 500 miles through North Carolina and Virginia, the Blue Ridge Mountains stand like a fortress that conceal some of the oldest settlements of both pre-historic and early European settlement. Much of the 200-year-plus history of Appalachian culture still persists by simply discovering what remnants are left. In 1539, the first European expedition to venture into the Blue Ridge region was led by Span’s Hernando de Soto, as his troops landed near Tampa Bay, Florida, with over six hundred soldiers and some additional men (mostly servants and slaves).Soto's expedition headed toward the Appalachian interior with two goals — to find adventure and to discover gold and other precious metals rumored to be in the region. Numerous Native American tribes (most of them Mississippian cultures) resisted the Spaniards' advance (Olson 1988, p. 3). In May of 1540, Soto's expedition crossed the Blue Ridge, probably guided by Native American scouts who knew of a well-establ ished trail over the mountains. The expedition passed through the domain of the region's predominate tribe, the Cherokee, quickly and without difficulty.The reason behind must be that the tribe had already been decimated by smallpox or other European disease that spread to the Cherokee from coastal tribes, which likely had contracted that disease from earlier European explorers. The Peachtree site within the Cherokee county fits the description of the town of Guasili visited by Soto. The Peachtree site is geographically and topographically more accurately situated for the location of Guasili than either the Nacoochee or Etowah mounds, both of which had previously been considered as the site of Guasili.At present, this site in the midst of the Blue Ridge Mountains, where the feasibility of trails is limited, coincides more nearly with the expected situation as described by the chronicles than any other location. However, the significant point in this report is not whether this is the site of the ancient town of Guasili as shows at least one trail of importance which passes the site, while several others are connected to it (Setzler, Jennings & Stewart 1941, p. 9).However, it was England and France that garnered the political control of eastern North America, as many English settlers avoided exposure to the fighting by moving from the North Carolina and Virginia piedmont onto Cherokee lands in the Carolinas. In reaction, the Cherokee staged a series of attacks on English settlements and fortifications, a situation which came to be known as the Cherokee War. The Cherokee won several of these contests, including one major victory, the capture of Fort Loudoun on the Little Tennessee River in 1760.In retaliation English soldiers under Major Hugh Waddell in 1761 stormed Cherokee towns along the Little Tennessee River; suffering many casualties, the Cherokee pled for peace (Ehle 1988, p. 51). The English, recognizing that they could not fight the Cherokee and the Fren ch at the same time, forged a new alliance with the Cherokee. By 1763, this alliance had defeated the French and their Native American allies.English monarch King George III rewarded the Cherokee for their loyalty by issuing the Proclamation of 1763, which established a boundary line intended to prevent colonists from venturing onto Cherokee land. As the nineteenth century dawned in the Blue Ridge region with several states was mired in political squabbling over territorial boundaries. By 1800, the border between North Carolina and Virginia had already been surveyed, but North Carolina's border with the new state of Tennessee.As a cause of the frequent revision of county lines in the North Carolina Blue Ridge, it prompted the slowing the development of stable and productive county governments. The limited state funds allocated to mountain counties were often rendered ineffective by a lack of competent administration within the counties. For decades after the Revolutionary War, count ies in the Blue Ridge region not only were generally underrepresented in state politics, but also received little benefit from the federal government.Much of the western North Carolina landscape had been destroyed by the Revolutionary War, yet the state government of North Carolina put little effort toward boosting the region's economy. This was in part because the state's economy was sluggish, the result of many factors: a lack of harbors, the absence of an effective road system by which to conduct trade within the state, high transportation tariffs, and an over-dependence on agriculture (McPherson 1988, p. 65-71). In the North Carolina General Assembly in 1823, the state allocated funds for a trans-mountain road, the Buncombe Turnpike.Completed in 1827, this road linked South Carolina with Tennessee, allowing safe wagon transport from Greenville, South Carolina, over the North Carolina Blue Ridge, then through the valley of the French Broad River to Greeneville, Tennessee. A toll road, the Buncombe Turnpike profoundly affected the Blue Ridge communities through which it passed, providing economic relief to an impoverished region. Inns, supply outlets, and wagon-repair shops sprang up in a number of places along the turnpike. Owing to its strategic location along the turnpike, Asheville, North Carolina, grew quickly as a supply center for travelers.An important tourist attraction also emerged along the turnpike: Warm Springs, later called Hot Springs. The Buncombe Turnpike not only benefited the communities through which it was routed, but also served the nation by providing eastern markets with a steady supply of agricultural products, poultry, and livestock raised to the west of the Blue Ridge (Dunaway 1996, p. 113-115). During the Civil War, no major battles took place in the North Carolina Blue Ridge because political loyalties within the region were sharply divided, countless skirmishes occurred there.These conflicts were particularly frequent after July 1863, when the Confederate congress elected to position militia throughout the South in an attempt to capture draft evaders, return deserters to their commands, and control marauders who were opportunistically exploiting undermanned southern farms and villages. Confederate soldiers were soon present in the Blue Ridge, causing conflict wherever they encountered Union sympathizers. Thus, when the Civil War ended in 1865, marked the slowdown of political and social turmoil in the Blue Ridge region.The war had a profound impact on the region, as many people became disgusted at their ruined environment and disillusioned with their government. This is even worsened by the fact that political representation of the Blue Ridge people during Reconstruction was marked by corruption. Only after Reconstruction ended in the mid-1870s did state governments reorganize and actively participate in the economic development of the Blue Ridge. Finally, this improved the conditions in the region, which harnessed the forces of industrialization to come in. References Dunaway, Wilma A.(1996). The First American Frontier: Transition to Capitalism in Southern Appalachia, 1700-1860, Chapel Hill: University of North Carolina Press. Ehle, John (1988) Trail of Tears: The Rise and Fall of the Cherokee Nation, New York: Anchor Press. McPherson, James M. (1988). Battle Cry of Freedom: The Civil War Era, New York: Ballantine Books. Olson, T. (1998). Blue Ridge Folklife. Jackson, MS: University Press of Mississippi. Setzler, F. M. , Jennings, J. D. , & Stewart, T. D. (1941). Peachtree Mound and Village Site, Cherokee County, North Carolina. Washington, DC