Engineering Economy Essay Example

Engineering Economy Essay Engineering economy * Engineering economy is a subset of economics for application to engineering projects. * It is an economic approach in solving problems in engineering projects particularly for the assessment of projects investment. Importance of Study Engineer must take into account the monetary value in their invention as they have to position a firm to be the most profitable one * The aim is to balance the trade off between cost and performance in the most economical manner * Engineers play a major role in capital investment decisions based on their technical knowledge * To prevent a conflict between engineers and financial department Demand * An economic principle that describes a consumer’s desire and willingness to pay a price for a specific good or service. Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa. Law of Demand The lower the price of the product, the greater will be the quantity demanded by all buyers, all other things being equal (Ceteris Paribus). Businesses often spend a considerable amount of money in order to determine the amount of demand that the public has for its products and services. Incorrect estimations will either result in money left on the table if it’s underestimated or losses if it’s overestimated. Supply The different quantities of a good that producers are willing and able to supply at various prices. Equilibrium When supply and demand are equal the economy is said to be  at  equilibrium. At this point, the allocation of goods is at its most efficient because the amount of goods being supplied is exactly the same as the amount of goods being demanded. INTEREST RATE If a given amount of money is borrowed for a specified period of time (typically, one year), a certain percentage of the money is charged as interest. This percentage is called the interest rate. We will write a custom essay sample on Engineering Economy specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Engineering Economy specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Engineering Economy specifically for you FOR ONLY $16.38 $13.9/page Hire Writer SIMPLE INTEREST Simple interest is defined as a fixed percentage of the principal (the amount of money borrowed), multiplied by the life of the loan. Thus, I =total amount of simple interest n =life of the loan I = interest rate P = principal EX A student deposits $1000 in a savings account that pays interest at the rate of 6% per year. How much money will the student have after one year? (b) An investor makes a loan of $5000, to be repaid in one lump sum at the end of one year. What annual interest rate corresponds to a lump-sum payment of $5425? The student will have his original $1000, plus an interest payment of 0. 06 x $1000 = $60. Thus, the student will have accumulated a total of $1060 after one year (b) The total amount of interest paid is $5425 $5000 = $425. Hence the annual interest rate is TO FIND FUTURE VALUE F = P + I = P (l + n i) EX A student borrows $3000 from his uncle in order to finish school. His uncle agrees to charge him simple interest at the rate of 5% per year. Suppose the student waits two years and then repays the entire loan. How much will he have to repay? F = $3000[1+ (2)(0. 05)] = $3330. COMPOUND INTEREST During a given interest period, the current interest is determined as a percentage of the total amount owed If there are n interest periods, we have EX A student deposits $1000 in a savings account that pays interest at the rate of 6% per year, compounded annually. If all of the money is allowed to accumulate, how much will the student have after 12 years? Compare this with the amount that would have accumulated if simple interest had been paid. INFLATION National economies frequently experience inflation, in which the cost of goods and services increases from one year to the next A = annual inflation rate (expressed as a decimal) n = number of years Ex An economy is experiencing inflation at the rate of 6% per year. An item presently costs $100. If the 6% inflation rate continues, what will be the price of this item in five years? An economy is experiencing inflation at an annual rate of 6%. If this continues, what will $100 be worth five years from now, in terms of todays dollars? INFLATION + INTEREST TAXES In most situations, the interest that is received from an investment will be subject to taxation. TAXES + INTERSET + INFLATION F = P (1 + )n EX Suppose the engineer is in the 32% tax bracket, and is likely to remain there throughout the lifetime of the certificate. If inflation continues at the rate of 6% per year, what will be the value of his investment, in terms of todays dollars, when the certificate matures? Let us assume that the engineer is able to invest the entire $10 000 in a savings certificate and that the 32% tax bracket includes all federal, state, and local taxes. Interest rate = 8 % GOOD LUCK Engineering Economy Essay Example Engineering Economy Essay Engineering economy * Engineering economy is a subset of economics for application to engineering projects. * It is an economic approach in solving problems in engineering projects particularly for the assessment of projects investment. Importance of Study Engineer must take into account the monetary value in their invention as they have to position a firm to be the most profitable one * The aim is to balance the trade off between cost and performance in the most economical manner * Engineers play a major role in capital investment decisions based on their technical knowledge * To prevent a conflict between engineers and financial department Demand * An economic principle that describes a consumer’s desire and willingness to pay a price for a specific good or service. Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa. Law of Demand The lower the price of the product, the greater will be the quantity demanded by all buyers, all other things being equal (Ceteris Paribus). Businesses often spend a considerable amount of money in order to determine the amount of demand that the public has for its products and services. Incorrect estimations will either result in money left on the table if it’s underestimated or losses if it’s overestimated. Supply The different quantities of a good that producers are willing and able to supply at various prices. Equilibrium When supply and demand are equal the economy is said to be  at  equilibrium. At this point, the allocation of goods is at its most efficient because the amount of goods being supplied is exactly the same as the amount of goods being demanded. INTEREST RATE If a given amount of money is borrowed for a specified period of time (typically, one year), a certain percentage of the money is charged as interest. This percentage is called the interest rate. We will write a custom essay sample on Engineering Economy specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Engineering Economy specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Engineering Economy specifically for you FOR ONLY $16.38 $13.9/page Hire Writer SIMPLE INTEREST Simple interest is defined as a fixed percentage of the principal (the amount of money borrowed), multiplied by the life of the loan. Thus, I =total amount of simple interest n =life of the loan I = interest rate P = principal EX A student deposits $1000 in a savings account that pays interest at the rate of 6% per year. How much money will the student have after one year? (b) An investor makes a loan of $5000, to be repaid in one lump sum at the end of one year. What annual interest rate corresponds to a lump-sum payment of $5425? The student will have his original $1000, plus an interest payment of 0. 06 x $1000 = $60. Thus, the student will have accumulated a total of $1060 after one year (b) The total amount of interest paid is $5425 $5000 = $425. Hence the annual interest rate is TO FIND FUTURE VALUE F = P + I = P (l + n i) EX A student borrows $3000 from his uncle in order to finish school. His uncle agrees to charge him simple interest at the rate of 5% per year. Suppose the student waits two years and then repays the entire loan. How much will he have to repay? F = $3000[1+ (2)(0. 05)] = $3330. COMPOUND INTEREST During a given interest period, the current interest is determined as a percentage of the total amount owed If there are n interest periods, we have EX A student deposits $1000 in a savings account that pays interest at the rate of 6% per year, compounded annually. If all of the money is allowed to accumulate, how much will the student have after 12 years? Compare this with the amount that would have accumulated if simple interest had been paid. INFLATION National economies frequently experience inflation, in which the cost of goods and services increases from one year to the next A = annual inflation rate (expressed as a decimal) n = number of years Ex An economy is experiencing inflation at the rate of 6% per year. An item presently costs $100. If the 6% inflation rate continues, what will be the price of this item in five years? An economy is experiencing inflation at an annual rate of 6%. If this continues, what will $100 be worth five years from now, in terms of todays dollars? INFLATION + INTEREST TAXES In most situations, the interest that is received from an investment will be subject to taxation. TAXES + INTERSET + INFLATION F = P (1 + )n EX Suppose the engineer is in the 32% tax bracket, and is likely to remain there throughout the lifetime of the certificate. If inflation continues at the rate of 6% per year, what will be the value of his investment, in terms of todays dollars, when the certificate matures? Let us assume that the engineer is able to invest the entire $10 000 in a savings certificate and that the 32% tax bracket includes all federal, state, and local taxes. Interest rate = 8 % GOOD LUCK

Uxmal A Study of Mayan Art and Architecture essays

Uxmal A Study of Mayan Art and Architecture essays Uxmal: A Study of Mayan Art and Architecture Mayan civilization flourished in the greater Yucatan Peninsula and adjacent highlands from as early as 300 B.C. and continued until the Spanish Conquest in the sixteenth century, although its origin almost certainly reaches considerably farther in time(Gallenkamp 1985:35). Remnants of the ancient civilization can be found in the form of art and architecture. The archaeological site at the Mayan city of Uxmal has many examples of Mayan Art and architecture. The Mayan civilization had remarkable artistic and intellectual achievements in architecture, sculpture, hieroglyphic writing, astronomy and mathematics. They were also know for their farming techniques, their use of chultunes, which are cistern style reservoirs that held rain water, and their extensive trade. Uxmal means Thrice Built; it was named this way because of three clearly visible construction epochs. It is considered as one of the most beautiful Mayan cities. Located at about 80 km south of Mrida on, what is now, road 261 within the Puuc region of the northwest Yucatan. Taking advantage of the variances of the terrain, it was built with great symmetrical precision (Kowalski 1987:27). The urban center has a series of quadrangular buildings and open spaces. Given the dimensions, it is clear in its time, Uxmal had great political, social, cultural and economic impact. Its building process surely demanded an efficient organization of the labor force and the intervention of specialists such as stonecutters, brick masons, sculptors, painters and so on (Rubio 1990:89). Nonetheless, from looking at pictures, it becomes clear why the investigations have centered its attention to the architecture. The buildings at the site of Uxmal are very important to the archaeological record. Although we are learning more every day we still do not know enough about this region an...

Debate over Universal Healthcare Essay Example | Topics and Well Written Essays - 1750 words

Debate over Universal Healthcare - Essay Example In some nations like United Kingdom and Spain, the government has highest level of involvement in providing health care to all the citizens based on the residential status where insurance coverage is not mandatory. In Britain, the National Insurance Act 1911 can be considered as the initiative taken towards the provision of universal health care. It covered the salaried employees and their family members who contributed monitorily towards the health care setups. However, it continued up to 1948 when the National Health Service was created and universal health care security was provided to all legal residents. In some other nations, the governments involve insurance agencies to operate the health schemes and the beneficiaries and their employers are asked to pay the premiums for their health care facilities. In several European nations, the efforts for establishing the universal health care systems were launched immediately after the second world war and one shouldn’t forget th e contribution made by Article 25 of the Universal Declaration of Human Rights of 1948 in this process. However, nations like USA didn’t implement the universal health care system (Armstrong et al., 1999; Institute of Medicine at the National Academies of Science, 2004.). Overall, the universal health care is operated in several nations, what ever the style may be, and we have to see whether it is successful in meeting the health requirement of people. If so, why not this universal health care is implemented in all other nations? This makes us to debate over the advantages and disadvantages of the universal health care system and let us analyse them one by one. Universal health care is a broad concept that has been implemented in many countries and was found to be highly useful for the benefit of the people (Conrad, 2008). The main advantage of this system is to ensure the social security to all the citizens of the country. In other words, health is a

ECO MOD 2 CA Essay Example | Topics and Well Written Essays - 500 words

ECO MOD 2 CA - Essay Example This was mainly due to the impairment charges of  £973mn related to ex-Armor Holdings business. BAE: The net operating cash flow has a mixed trend declining by 17.9% in 2008 and then growing by 9.1% in 2009. This is due to the company facing difficulties in generating net income from its operations. Upon examination of note 12 to balance sheet for the year ended 2009 it could be suggested that the machinery and other equipment recorded at historical cost of CHF677.9mn and accumulated depreciation is CHF477.7mn may not be reflective of the current market values as the depreciation amount is quite high that suggests long history of these equipments in use. Similar, reasoning could be made for other non-current assets that have a net book value of CHF53.4mn as compared to their historical value of CHF223.2mn (Sulzer 2009). Balance sheet of year ended 2009 reflects that the company has plant, rental machines and other property at historical cost of $39,596 with accumulated depreciation of $25,431. Under Note H to consolidated financial statement details of assets suggest that the company has land, building and other equipment however they are not distinguished on the basis of their remaining useful lives and no other details are provided (IBM 2009). Accumulated depreciation reflects 64% of the historical value that implies that these assets are quite old but the current values of replacement assets surely going to be higher than these values. From the note 12 it is clear that the accumulated depreciation is more than 50% for plant and machinery and aircraft. This implies that the remaining useful life of these assets is low and their net book values may not reflect the true value of these assets in their book. The depreciation method used for plant and machinery is straight line method that spreads the economic value over 3 to 5 years which means that the accumulated depreciation value implies high number of years

Tartuffe Society Moliere

Tartuffe Society Moliere The Role of Reason in Tartuffe Molià ©res Tartuffe speaks volumes about reason by highlighting it in some of the main characters, while at the same time exaggerating the lack of it in others. The period known as the Enlightenment overemphasized the importance of the ability to reason, often leaving man feeling that he alone was in control of his destiny. The play is a clever satire, which attacks religious hypocrisy, gullibility, foolishness and social problems that were all present in society during the time period in which it was written. Molià ©re uses his pen as a teaching tool to point out the folly of relying only on one path to obtain knowledge, whether that path is religion, reason, or experience, and subsequently losing sight of the truth. The play begins with Madam Pernelle cutting everyone off mid-sentence and refusing to listen to anyone, while at the same time declaring that no one in the house will pay attention for a single minute. This scene sets the tone for the foolish premise of only trusting ones own ideas and perceptions. This closed mindset prevails throughout the play. The work presents the voice of reason in the lowly maid, Dorine, the less powerful brother-in-law, Clà ©ante, and the son, Damis. These three see Tartuffe for the hypocrite that he is and try in vain to convince the others of the mans clever deceptions. Dorine openly labels Tartuffe as a fraud and a bigot. She humorously describes the pious imposter as a â€Å"man of destiny† and then adds, â€Å"Hes made for horns.† This is amusing because it insinuates that he is the Devil and not a man of God. These are bold statements for a member of her class. She is much more insightful than most of the characters, but she is repeatedly told to be quiet and is referred to by Orgon as a dunce or a dunderhead. Unfortunately, the words of reason from Dorine, Clà ©ante, and Damis have no effect on Orgons or Madame Pernelles favorable impression of Tartuffe. However, these reasonable characters provide an interesting balance between themselves and the foolishness of the other charact ers. The readers introduction to the master of the household, Orgon, begins with a ridiculous conversation where Dorine reports that Elmire has been ill during his absence. Speaking almost as if he is deeply in love, Orgon is unable to even entertain thoughts of concern for anyone except Tartuffe. Orgon and Madame Pernelle are so convinced that they are endowed with the absolute truth that they are unwilling or unable to even consider the real truth. Their eyes are blind and their ears are deaf to anything that is in direct conflict with their preconceived ideas or beliefs concerning Tartuffe. Madam Pernelles obtuseness concerning Tartuffe is dwarfed by her sons complete and total devotion to the con man. They are both easily duped and vehemently refuse to allow their minds to be changed by others, which could possibility indicate an inherited naivety and hardheadedness. Mariane is more of a neutral character. She is not without the ability to reason, but feels powerless to go against her fathers wishes. In one of the early scenes, she tells her father that she will say whatever he tells her to say. This statement demonstrates the power of her fathers control. Mariane and Valà ©re both seem rather foolish when they are first discussing the possibility of her marriage to Tartuffe. Neither is voicing what they truly feel about the situation. Molià ©re uses Marianes character to point out conflicts between the parent and the child, one struggling to gain some small amount of control and the other struggling to maintain complete control of his family. The reader is made aware of other familial control issues between the in-laws, the husband and the wife, and the father and the son. For this reason, it is even more interesting that Orgon willingly turns almost all control of everything in his life over to Tartuffe. The relationship of the characters in the play mirrors some of the control struggles and problems in society at that time, only on a smaller scale. Many of these same struggles and problems still exist today in families and society. Tartuffe had been thoroughly discussed by the other characters long before he actually made his entrance. His words and actions immediately uphold the impression previously given by those who see him for what he is. As he tries to seduce Elmire, he speaks of religious matters and the secrets of science. He blatantly states that â€Å"Heaven is not averse to compromise.† When Damis tells his father of Tartuffes betrayal, oddly enough, Tartuffe does not deny it. He actually says that he is wicked and tells Orgon to charge him with any deed and adds that he will not defend himself. Orgons irrational response is to accuse Damis of being deceitful. This scene provides proof that Orgon is totally under Tartuffes spell. He refuses to believe the awful truth about Tartuffe even when it comes directly from the mans own lips. Even after Orgon is forced to see Tartuffes true character, he is unable to convince Madame Pernelle of the evil mans deceitfulness until she sees proof of his dec eption in the form of an eviction order. It is at this point that they are both chided for their stupidity by Dorine when she appears to defend Tartuffes benevolent act of liberating them from material things that might have endangered their salvation. Metaphors, allusion, and comic devices are all powerful tools used in Tartuffe to make a statement about the existence of hypocrisy and other social ills in society at that time. The play serves as a warning against the dangers of blindly accepting anything at face value. It was not meant as an insult to the religious community. This is evidenced by the fact that in the end Tartuffe is exposed as an imposter. Common sense and a willingness to consider the perceptions of others seem to be the missing components for those characters so completely duped by Tartuffe. It is important to note that social status does not dictate reason and in this play Molià ©re gives the voice of reason to the less important characters. Many people are capable of reasoning, but not all are capable of coming to the correct conclusion. The reasoning ability of the human mind is great, but reason alone is not enough to ascertain the truth in every situation.

Analyzing Dickinson’s Poetry Essay

To analyze Dickinson’s poetry, this paper will involve the analysis of three of her works, `Safe in their Alabaster Chambers†, â€Å"I Heard a Fly Buzz-when I died†, and â€Å"The Brain-is wider than the Sky†. 1. The poems were written in the first person. Since most of her poems tackled the depressing situation of death, the speaker of the poem can in fact be a dead person. However, it seemed that ED may also be assuming an all-observing, all-seeing speaker like God. In the Brain-is wider than the sky, it even seemed that God was in fact the speaker since â€Å"the weight of God† was compared to the â€Å"brain†.   As for the poem’s audiences, it may be that the literary works were directed towards the ‘living’ – people who are not safe within alabaster chambers and who have not heard the buzzing fly as they lay on their deathbeds. 2. In the â€Å"The Brain – is wider than the sky†, there is really no definite setting, it can be likened to any moment of rationalization. In â€Å"I heard a fly buzz when I died†, the setting was in a deathbed while it was perhaps in the cemetery for the poem â€Å"Safe in the alabaster chambers†. The situation was related to dying. It may be that the speaker is already dead, or nearing his death. Nonetheless, the action in the poems remains the same – surrendering to the abyss. 3. Most of the poems had their verbs in the present tense, and in the indicative mood. The style may be to emphasize that the speaker is actually experiencing whatever situation is being imparted in the poems. Such style makes the poems more contemporary and typical, and thus engaging to read and easier to relate to despite the fact that they were written centuries ago. The syntax may also indicate that the poems will be eternal since the action involved is always presented as a current situation. 4. In her poems, Dickinson uses two formal patterns alternatively- tetrameter and trimeter. In every stanza, the first and third lines always have four stresses while there are only three stresses in the second and fourth lines. The rhyme schemes come in the ABCB form. 5. Dickinson uses the slant rhyme in the second and fourth lines of the first two or three stanzas to provide a sense of association and form. In the last stanza however, she then uses a true rhyme also in the last words of the second and fourth stanzas to emphasize conclusions to the proposed action. 6. In â€Å"The Brain is deeper than the sky†, the phrases â€Å"The brain is† and â€Å"The one the other will† were repeated thrice and twice, respectively, to give both indicative and comparative effects. The repetition emphasizes the subject of the poem – â€Å"the brain† – and stresses its association with other elements – the sea, the sky, and the weight of God. 7. To extensively describe the subjects of her poems, Dickinson The poem contained metaphors and personifications to describe her chosen subjects. In one poem, she likened a fly to death perhaps to stress out the repugnance of not being able to experience the simple joys of living. It is also important to note that she always compared the poem’s settings to universally recognizable elements of nature. For example, she likened the stillness of being dead to â€Å"heaves of storm†. 8. The effectiveness of Dickinson’s poems in relaying thematic obsessions may rely on the fact that she uses a mixture of images to convey the setting of her works. In `Safe in their Alabaster Chambers†, Dickinson describes the situation of the dead through their inability to be â€Å"touched by morning†, feel the sunshine, and hear the birds and the bees. She also totally equates death to â€Å"soundlessness†, darkness, and numbness. The same image associations can also be observed in â€Å"I Heard a Fly Buzz-when I died†. However, in contrast to the first poem, the latter’s scenario of soundlessness exempted the buzzing of the fly.   In â€Å"The Brain-is wider than the Sky†, visual comparisons were made with the brain and major elements of nature. 9. In most of the poems, the speaker just describes poem subjects in relation to what she sees, feels, or hears. In the process, she narrates her observations and seemingly creates an underlying story for her works. In these stories, the climactic moment is death and the resolution is one’s total submission to the darkness and numbness of losing her life. 10. Dickinson’s poems are mostly playfully dreadful as they deal with death in relation to bees, sunshine, and castles. Death was portrayed as a very awful situation of being deprived of the small things which make living simply a pleasant experience. Although not portrayed as something gruesome, the description of a death as a natural and inevitable experience adds dread to poem’s tone.

Merchant of Venice by William Shakespeare Essay

Mercy is compassionate treatment, while justice is the administration of law. Justice may not necessary include mercy. Mercy is natural. Portia says that the â€Å"quality of mercy is not strained†, it is not a forced effort but something that one already possesses. Mercy cannot be forced by anyone; it is something that one must come up within himself. Like how â€Å"gentle rain† cannot be created artificially, it is sincere. Mercy also benefits the merciful. Portia says that â€Å"earth power doth then show likest God’s when mercy seasons justice†, implying that man can only become like God when he is merciful. Mercy is something that is powerful. Portia says, â€Å"scepter[s] shows the force of temporal power†¦but mercy is above this sceptered sway†, symbolizing that mercy is more powerful than mere symbols of earthly power, i.e. the crown and the scepter. Mercy is forgiving. Portia points out that God is merciful, and forgives us for our sins, and â€Å"in the course of justice none of us should see salvation†. Only with the mercy of God would they be delivered. Mercy is reciprocal, and â€Å"twice blest†, bringing good tidings to both â€Å"him that gives and him that takes†. Portia says that mercy is divine, as it â€Å"droppeth†¦from heaven† and â€Å"an attribute to God himself†. Mercy is a heavenly quality, a sacred virtue and he who has this characteristic becomes â€Å"likest God†. It is like â€Å"gentle rain from heaven†. Mercy is fair treatment to others. For example, the Duke asks Shylock to â€Å"forgive a moiety of the principal†, sympathising with Antonio as he has lost money in his wrecked investments. Justice is strict and condemning, as the place where justice is practised is  described as the â€Å"strict court of Venice†. Portia asks Shylock to â€Å"mitigate†¦thy plea†, exemplifying how justice is indeed harsh. Justice is earth-bound, dispensed and followed by Man. â€Å"No power in Venice† can alter justice, meaning that justice can be changed by heaven’s mercy. Justice is something that follows laws strictly, and is blind. Even as Shylock says, â€Å"What judgment shall I fear, doing no wrong,† he emphasizes how justice is strictly based on laws, as he has nothing to fear despite plotting against Antonio’s life as the law says he is entitled to. Justice is one-sided, and that it clearly defines a loser and winner. Shylock, who thinks that justice and mercy cannot be reconciled, decides the fate of Antonio, saying, â€Å"it is his humour†, as he has lost three thousand ducats in the deal. Justice is inflexible. As Portia states, â€Å"there is no power in Venice that can alter a decree established†, she is also hinting to Shylock that heavenly mercy is the only thing that can change justice, and it is unchangeable otherwise. Mercy is something that enhances justice, and â€Å"mercy seasons justice†. Too much mercy spoils justice, as it will thus become too lenient, but without mercy, justice is bland.