TITLE Vapour Liquid Equilibrium OBJECTIVE To find the Vapour-Liquid Equilibrium (VLE) relationship for binary mixture and to plot the equilibrium curve. INTRODUCTION The term equilibrium is referred to as when a system is in a static condition and there is absolutely no changes that occur as time goes by. Vapour-liquid equilibrium is a condition where a liquid and its vapor are in equilibrium with each other‚ a condition or state where the rate of evaporation is equal to the rate of condensation
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understand how market equilibrium is maintained. Simple economic principles such as supply and demand are crucial in the business world when it comes to everything‚ especially making very important day to day decisions. The Process The intersection of the supply curve and the demand curve is considered market equilibrium and the price point (investopedia‚ 2012). This is another way of saying that the economic forces are balanced or the point where supple equals demand for a product or where the quantity
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THE S-CURVE Introduction The first time most project managers become aware of the existence of S Curves is when they are requested by the client or senior management to include one in their next progress report. The following explains what the mysterious S Curve is‚ why it is an important project management tool‚ and how to generate one. What is a S Curve? A S Curve is defined as "a display of cumulative costs‚ labour hours or other quantities plotted against time. The name derives from
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American Finance Association Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk Author(s): William F. Sharpe Source: The Journal of Finance‚ Vol. 19‚ No. 3 (Sep.‚ 1964)‚ pp. 425-442 Published by: Blackwell Publishing for the American Finance Association Stable URL: http://www.jstor.org/stable/2977928 . Accessed: 23/08/2011 00:15 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use‚ available at . http://www.jstor.org/page/info/about/policies/terms
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The demand curve is flatter (more horizontal) the closer the substitutes for the product and the less diminishing marginal utility is at work for the buyers. • The dependent variable in demand analysis is the quantity (the number of units) sold. The independent variables are price‚ income of buyers‚ the price of substitutes‚ and the price of complements. • An increase in income shifts the demand curve to the right for normal good. It goes to the left for an inferior good. • An increase in the price
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Cost and Revenue Curves J Bara ECO/533 Economics for Managerial Decision Making PA04MBA10 April 7‚ 2005 1. Total profit is the product of profit per unit and the quantity. To maximize profit‚ quantity is chosen at the point where marginal cost (MR) is equal to marginal revenue (MR) which is where the two graphs intersect. This is the ideal situation to a profit seeking company. Since price is greater than the Average Total Cost (ATC)‚ for each unit sold the profit per unit is simply the
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Summer2011-Microeconomics-Exam Two Practice 1. To calculate the total utility of consuming N products: A. add the additional satisfaction of consuming each product up to N and multiply by its price. B. add the total satisfactions of consuming each product up to N. C. multiply the additional satisfaction from consuming the Nth product by its price. D. multiply total satisfaction from consuming N products by N. 2. Suppose that the following table lists the utility that Steve receives from consuming
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Bombay The long-run cost curve (LTC) is composed of a series of short-run cost curves. Assumes that the firm has only one plant‚ with the corresponding short-run cost curve given by STC1‚ Suppose the firm decides to add two more plants with associated two more short-run cost curves given by STC2 and STC3. Prof. Trupti Mishra‚ School of Management‚ IIT Bombay The long-run total cost curve (LTC) is then drawn through the minimum of the short-run cost curves‚ STC1‚STC2‚ and STC3. The
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C) D) ELASTICITY Price Elasticity of Demand Topic: The Price Elasticity of Demand Skill: Conceptual Topic: Calculating Elasticity Skill: Conceptual 1) The slope of a demand curve depends on A) the units used to measure price and the units used to measure quantity. B) the units used to measure price but not the units used to measure quantity. C) the units used to measure quantity but not the units used to measure price. D) neither the units used to measure price nor the units used to measure
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Exclusive Hyun Kim Jung Hoon Hong Daiki Kim Meejoo Song Wooseung Sohn 1 I. INTRODUCTION In our presentation‚ there are four main subjects that we will be explaining today. Those subjects are: 1. Private goods and the Free Market System. 2.The Price Mechanism and the Invisible Hand 3. Public goods and the market failure 4. Public hand and the government failure. Before we go into the details‚ let me briefly give you the overview. First we have to approach these questions by asking ourselves… What
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