Human Respiration Lab Report Example | Topics and Well Written Essays - 1000 words

Human Respiration - Lab Report Example Normal values range from 12 to 20 breaths per minute. The Inspiratory Reserve Volume (IRV) is the quantity of air that is taken into the lungs during a maximal forced inspiration that begins at the end of a normal inspiration. The trace for vital capacity shows an IRV reading of 2300cc. The normal value for IRV is 2500cc. The Expiratory Reserve Volume (ERV) is the quantity of air that is expelled from the lungs during a maximal forced expiration that begins at the end of a normal expiration. The trace for vital capacity shows a reading of 900cc for ERV. The normal value of ERV is 1500cc. The Vital Capacity (VC) is the total volume of air that is expelled from the lungs during a forced maximal exhalation that occurs after a forced maximal inhalation. The trace for vital capacity shows a direct VC reading of 4100cc. The normal value for VC is 4800cc. The depth of breathing at the start of the experiment is shown in the trace for CO2 accumulation part A. The TV reading is 1000cc. The depth of breathing at the end of the experiment is shown in the trace for CO2 accumulation part B. The TV reading is 1500cc. The frequency of breathing at the beginning of the experiment is shown in the trace for CO2 accumulation part A. The frequency at the beginning is 10 breaths per minute. The frequency of breathing at the end of the experiment is shown is the trace for CO2 accumulation part B. ... The depth of breathing at the start of the experiment is shown in the trace for CO2 accumulation part A. The TV reading is 1000cc. The depth of breathing at the end of the experiment is shown in the trace for CO2 accumulation part B. The TV reading is 1500cc. Frequency of Breathing at the Start and End of the Experiment The frequency of breathing at the beginning of the experiment is shown in the trace for CO2 accumulation part A. The frequency at the beginning is 10 breaths per minute. The frequency of breathing at the end of the experiment is shown is the trace for CO2 accumulation part B. The frequency at the end of the experiment is 17 breaths per minute. Sensations of Subject at the End of the Experiment Subject reports a slight feeling of breathlessness at the end of the experiment and reports the sensation of shallowness of normal breathing. EFFECT OF REBREATHING WITH CARBON DIOXIDE ABSORPTION The two traces that show the effects of rebreathing with carbon dioxide absorption are shown in the diagrams labelled CO2 Absorption Part A and CO2 Absorption Part B. Depth of Breathing at the Start and End of the Experiment The depth of breathing at the start of the experiment is shown in the trace for CO2 absorption part A. The TV reading is 1000cc. The depth of breathing at the end of the experiment is shown in the trace for CO2 absorption part B. The TV reading ranges from 1200cc to 1500cc. Frequency of Breathing at the Start and End of the Experiment The frequency of breathing at the beginning of the experiment is shown in the trace for CO2 absorption part A. The frequency at the beginning is 12 breaths per minute. The frequency of breathing at the end of the experiment is shown is the trace for CO2 absorption part B. The frequency at the

How effective managers might integrate biblical notions of service Essay

How effective managers might integrate biblical notions of service into managerial work - Essay Example There are reasons as to why business is carried on and also why management is important and how managers should approach business management in the biblical notion of service and be effective and efficient. According to Cyril and Cross (415), there are several salient basic influences or assumptions that are related to the business discipline. The managers should understand that God is compassionate, just, and loving (Matthew 5:1-7:29). They should also recognize that God is the creator of everything and that all people and materials; all the ability to create, discovering, and using information, and all the capability of creating wealth. The managers must also consider the fact that people receive gifts from God in various ways, and people are gifted with different skills. Due to the sinful nature of people, the managers must understand that people are greedy, prideful, and selfish, and that they have similar set of basic needs for justice, grace, and love provided by God and the ot her people. This implies that the people may as well be motivated in different ways in their actions to satisfy the needs. Again, people are familiar with two fundamental purposes, that is, the short-term view and the long-term view (Nell 17-18). In the short-term view, there is no other purpose for people other than procreation, selfish pursuit of their self-interest, and survival. For the long-term view, the people are creations in the image of God, meant to love, please, and serve both God and the other people. The managers should understand that people have the desire of living and working in relationships of other people (West 81). Because of the natural state of God and the work He did, and due to the nature of people and their actions, the Christian business managers take part in the redemptive activity of God by encouraging and

Implant of Radio-frequency identification tags in human body has more pros than cons Essay Example for Free

Implant of Radio-frequency identification tags in human body has more pros than cons Essay 1.0 Introduction RFID is the wireless non-contact use of radio-frequency electromagnetic fields to transfer data. The purposes of automatically identifying and tracking tags attached to objects. Since RFID tags can be attached to clothing, possessions, or even implanted within people the possibility of reading personally-linked information without consent has raised privacy concerns. There are three types of RFID such as passive, semi-passive and active. For the passive RFID tags does not contain a battery, the power is supplied by the reader. When radio waves from the reader are encountered by passive RFID tag, the coiled antenna within the tag forms a magnetic field. For the semi-passive RFID tags are very similar to passive tags except for the addition of a small battery. This battery allows the tag IC to be constantly powered. Semi-passive RFID tags are faster in response and therefore stronger in reading ratio compared to passive tags. Therefore, the active RFID tag when it is equipped with a battery that can be used as a partial or complete source of power for the tag’s circuitry and antenna It may have longer range and larger memories than passive tags as well as the ability to store additional information sent by the transceiver. Radio Frequency Identification (RFID) technology for human implants and investigates the technological feasibility of such implants for locating and tracking persons or for remotely controlling human biological functions. A human microchip implant is an identifying integrated circuit device or RFID transponder encased in silicate glass and implanted in the body of a human being. A subdermal implant typically contains a unique ID number that can be linked to information contained in an external database, such as personal identification, physiological characteristics, health, medical history, medications, allergies, and contact information. A classical example of human identification based on RFID-implant is given by the VeriChip tag (11 mm long and about 1mm in diameter) which contains numerical code (identifiers) readable at 10 centimeters or less using a handheld reader. When illuminating by the low-frequency magnetic field (134 KHz) generated by the reader, the RFID tag powers itself up and transmits a 16-digit code that is unique to the tag. Recent developments in RFID technology have opened up new potential applications, where RFID devices are implanted in the human body for locating and tracking persons or for remotely controlling human biological functions. 2.0Content 2.1Medical field The primary goal of applying RFID technology in healthcare is to improve patient safety. First, RFID is a valuable tool for quickly retrieving patient information, allergies, and medication the patient is currently taking or medication a doctor will prescribe to the patient and monitoring patient location in hospitals so as to improve the accuracy of patient identification. Besides, microchip contains a unique identification number that emergency personnel may scan to immediately identify the patient and access his or her personal health information, thus facilitating appropriate treatment without delay. This is especially important for patients who suffer from conditions that may render them unconscious, confused, or unable to communicate. Doctors would also be able to decide the needed equipment and medication with minimal delay in an emergency case where every second is decisive. With the implanted chip, a RFID reader, and a wireless connection, a doctor or nurse can pull up the patient’s information, or even update the patient information in real time. Some benefits of this include less patient mix-up, being able to access the patient information in real time, and fewer mistakes due to human error during data recording. Productivity would increase since the doctors and nurses would not have to go to a computer to enter in the updated information. This would allow doctors and nurses to focus more on their professional duties Alzheimer disease, the most common form of dementia which has no cure till date, the most common symptoms is difficult to remember recent events. This has place great burden on caregivers as they have to constantly look after the patient, worrying them lose track in middle of nowhere. By implanting RFID tags in those patients, it is easy to identify and monitor the location and keep track of those patients with Alzheimer disease for their safety purposes. Alerting services can identify possible human errors and warn care providers in case of danger. For example, automatic sponge counting by RFID can avoid sponge left inside the patient body. 2.1.1Evidence 1) VeriChip, the company that hold the rights and patents to the implantable chip for humans, has sold 7,000 chips with 2,000 of which have been placed in people, according to Scott Silverman, chairman of Applied Digital, which owns VeriChip. The company’s present focus is tagging â€Å"high-risk† patients, such as those with diabetes, heart conditions or Alzheimer’s. (July 30, 2007) 2) According to a survey on employed professional and semi-professional people done in Pittsburgh, US, 62.5% of the total respondents (comprises of both sexes with equal votes) were willing to accept implants for medical reason 3) A number of RFID-related software applications were developed in Taiwan. Some of these applications focused on the use of radio frequency identification (RFID) technology to prevent spread of the severe acute respiratory syndrome (SARS) disease. These applications include computerized systems for monitoring the body temperature of healthcare personnel and patients with implanted RFID tag in the hospital, track potential virus carriers and, when necessary, map their movements throughout hospitals and keeping track of people under quarantine in facilities separate from hospitals. 4) Don Mackechnie, the chairman of the British Medical Associations Accident and Emergency committee, and a consultant at the Rochdale Infirmary, said: Such a device (RFID tag implantation) could prove very useful in a situation where we have an unconscious patient with an unknown medical history. 5) Twenty-five Alzheimers patients were implanted with radio frequency identification chips that can be linked to their medical records and be tracked if they are lost. The patients were implanted at the 2007 Alzheimers Educational Conference in West Palm Beach, Florida. The chips, from VeriChip Corp., Delray Beach, Calif., work with the vendors VeriMed Patient Identification System. Each chip contains a 16-digit identification number that is linked to a patients medical records in a database at the medical facility. Waving the vendors RFID reader over a patient implanted with a chip can capture the number. Emergency personnel can also use the scanner to identify patients. The event was sponsored by Alzheimers Community Care, a local provider organization. Those who elected to receive the chip are not part of VeriChips recently announced study with the organization, which will implant 200 Alzheimers patients and their caregivers with the chips. In the study, the patients medical record will include their Alzheimers diagnosis, related medications, caregiver contact information, and other information. 2.2Human Tracking A tracking function could aid authorities in locating missing people such as kidnapping victim. As the numbers of abduction are surging nowadays, RFID implant in human body become the most effective way to fight against this crime. RFID implant in human body can help the authorities to identify their location if they were kidnapped. In fact, RFID implants in children are gaining popularity in Latin American and Russian markets, where parents fear that their children may be kidnapped and are therefore willing to brand them electronically in the hope that it will make it easier to trace kidnapped victims. One of the current issues of the world is the escalating numbers of crime. Because of this, authorities may use RFID tracking chips to track fugitives, terrorists, criminals and more. For example, by implanting the RFID tag into the criminal body, it would be easy to track them if they escape by any means. This chip allows the authority to track back the fugitives easily as the tag will locate the location of the criminal. This implantation will certainly help to ensure the safety of citizens from escaped felons at all time. Besides, these tags are incredibly versatile and may help the lives of countless people with chronic medical problems as well as keeping track of the vulnerable members (extremely young and old) of our society. A vulnerable elderly need this tags because of disability to remember the way back home, age or illness, and may be unable to take care or protect themselves against significant harm or exploitation. So a tag on old people can let the authorities find back them easily. Furthermore, schools are taking advantage of biometrics and RFID technology, as they are cognizant of the increasingly more complex responsibility of keeping children accounted for and safe from arrival through after school programs to transport home. 2.2.1Evidence 1) A real case of implantation of RFID happened in Mexico. According to the 2011 Mexican congressional report, kidnappings have jumped 317 percent in the past five years. Surprisingly, one fifth of instances have involved police officers or soldiers, which leads to a mistrust of these authority figures. Thus, some of the Mexicans pay for the implantation of RFID to protect themselves, so that they could be tracked in the case of being kidnapped. They are now having themselves implanted with RFID tracking chips which can help them to be rescued. Xega, the Mexican company that sells the chips and performs the implants, says its sales have increased 40 percent in the past two years. The company says it has successfully helped rescue 178 clients in the past decade. 2) In Brazil, where Applied Digital has already signed a deal on 2004 to supply RFID tracking chips to distributors in Brazil to help them to fight against kidnapping. Government official says that the chips could be used to t rack down victims via satellite. 2.3Convenience With an RFID implant in the human body, shopping could be as easy as waving your hand and such routine tasks would take less time. The customer can automate the process by simply scanning their implanted chip and the business could match the customer and shipment numbers with the barcode number on the item that is to be returned. They would no longer need a receipt to do so and prevent unnecessary arguments. This new technology makes the purchasing function faster and more convenient. If a bank account or credit card account is linked to an implanted microchip, making a purchase would be extremely fast and safe. Consumers can also enjoy the peace of mind knowing that there is a greatly reduced change of having their â€Å"card† stolen because it would be imbedded in their hand. Perhaps by utilizing microchip implants banking/credit card applications, females would not have to carry a purse everywhere they go and in turn reduce the risk of theft and, thus, reducing identity theft and fraud, which also appeared to be an important issue to women. Moreover, employers are exploring the advantages of utilizing these technologies to ensure only those employees authorized can enter buildings, turn on lights, access computers, change office thermostat settings and operate specialized machinery safely and according to set standards based on a system that can authenticate those employees who meet the re-determined levels of permission. With the implantation of RFID chips, people could stop worrying about keys for their house and cars, the lock code of doors, computers, and much more. Kevin Warwick, a professor had a microelectrode array implanted in the median nerve fibers of his left arm that allowed him to develop a system that could connect his nervous system and a computer (Foster and Jaeger 45). Some people who had RFID chips implanted in their bodies have developed circuits that will allow them to start their cars by waving their hands near a reader (Foster and Jaeger 45). It would certainly reduce the cases of car stolen as the cars cannot be accessed by people other than the specified person. People can access all of their things with the single micro chips that they have implanted inside their body. 2.3.1Statistics Based on a survey done in Pittsburgh, USA, it was found that working professionals between the ages of 25 and 36 years will be more adaptable to the microchips implant technologies than other age groups. Numerous studies have also shown that younger people are more likely to adapt to this new technology, particularly those who fall in the age category of 25 to 36, since they are most likely representative of the younger well-educated professionals. 2.3.2Evidence 1) Baja Beach Club in Barcelona, Spain Launches Microchip Implantation for VIP members (first discotheque in the world to offer the VIP VeriChip) on 7 April, 2004 * Using an integrated (imbedded) microchip, the VIPS can identify themselves and pay for their food and drinks without the need for any kind of document (ID). Special zone at Baja beach Club where only VIPs are allowed contains various exclusive services for these members. Therefore, they wont have to carry a wallet. By simply passing by our reader, the Baja beach Club will know who you are and what your credit balance is. From the moment of their implantation they will also have free entry and access to the VIP area The customers like the fact that they do not have to carry a credit card or ID card with them and with the VeriPay system, they no longer have to worry about their credit cards getting lost or stolen. 2) 18 staff members of the Mexican Attorney Generals office have been implanted with the Verichip to control access to a data room * Mexicos top federal prosecutors and investigators began receiving chip implants in their arms in November 2003 in order to get access to restricted areas inside the attorney generals headquarters, said Antonio Aceves, general director of Solusat, the company that distributes the microchips in Mexico.† Although the technology can be out there to duplicate (a chip), but what can’t be stolen is the unique identification number and the information that is tied to that number†, said by director of RFID analysis at ABI Research Inc. based on theory that the chips could be as secure as existing RFID-based access control systems such as the contactless employee badges widely used in corporate and government facilities. Silverman said his companys system is nevertheless safe because its chips can only be read by the companys proprietary scanne rs. 2.4Customers Relationship Management Companies could track customers’ personal purchases and send promotional items personally tailored to their customers. This has the potential to be a safe and cost-effective way to improve marketing and customer services of companies. Hence, improving customer services is where the benefits are more apparent for implant. The second improvement to CRM identified is the improvement of dispute resolution through reverse logistics. With this technology, any purchases that are made in a store can be database and store for later recollection. For example, this may mean that if a customer needs to return an item they would no longer need a receipt to do so. The customer can automate the process by simply scanning their implanted chip and the business could match the customer and shipment numbers with the barcode number on the item that to be returned. This application of relatively inexpensive technology could stop the countless hours and aggravation that customer service managers spend on trying to accommodate consumer’s disputes. It would also get a great distance on stopping fraud and other scams that cost stores millions of dollars each year. If it is more difficult to forge documentation of a purchase then potential thieves would seek easier prey for customer fraud and theft. Besides, purchasing made by customers is faster by using RFID which will help companies work more efficiently and effectively. This will help company to reduce time and cost and improve company performances. Another important improvement that is identified in the conceptual model is the ability of this new technology to make the purchasing function faster and more convenient. If widespread acceptance could be achieved, there is a distinct possibility that credit and banking cards may become obsolete in the near future. If a bank account or credit card account is linked to an implanted microchip, making a purchase would be extremely fast and safe. This implication would serve credit card companies in its ability to stop credit card theft, since a relatively simple precaution may be used that invalidates the microchip if tampered with and forcibly removed. Huge savings may be realized if even small reductions in credit card and identity theft were possible. This enhanced security would allow credit card companies’ capital to increase the credit lines of their consumers and also potentially lower interest rates. 3.0Conclusion In conclusion, RFID applications can provide significant benefits to the healthcare industry to ensure patient safety, avoid medical errors as well as improve efficiency. In fact, healthcare is predicted to be one of the major growth areas for RFID. Besides, RFID can keep track of elderly, children and fugitives. This will help to prevent happening of crimes. Moreover, this new technology makes the purchasing function to be faster and more convenient. Lastly, service marketing indicatives could use standard CRM principles to properly track, treat, and order required products and services that personally identify the customer, the needed services, and the proper billing information for such services.

History of Cheese Essay Example for Free

History of Cheese Essay In developing a search strategy the most important thing is to decide on the keywords that sum up the information one wants. In my research paper I am researching on the history of cheese. The keywords in my topic are history and cheese. The synonyms of cheese include cheese flower, high mallow, malva sylvestris and tall mallow. History synonyms include account, chronicle and story. Cheese production and consumption has proliferated all over the world since its discovery years ago. This is due to its availability in the stores all over the world. The process of making is also easy and the ingredients that are used in its production are easily presented. The main ingredient is milk. Production of cheese has been converted from small scale production to large scale production as years since its discovery progress (Martin 12). Cheese refers to a group of milk-based foods which come in different flavors, forms and textures. It comprises of proteins and fat that is gotten from milk. The milk is produced by cows, goats, sheep or buffaloes (Harbutt 8). Cheese is produced by curdling of milk protein. The mild is acidified and an enzyme called rennet is added to cause the curdling. The solid and liquid are separated and modeled into different forms and shapes. There are a variety of cheese that includes cheddar, camembert, stilton and parmesan. The history of cheese according to a study done at the University of Georgia was discovered by an accident. An Arabian merchant was carrying milk in a pouch. The pouch made from a sheep’s skin contained rennin. Due to the scorching heat from the sun, the enzyme rennin was activated causing the milk to turn into solid curds. Though the exact time of the discovery of cheese is unknown, cheese appeared 3500BC. It was widely used in Asia and then migrated to Europe. Cheese was mentioned in Homer’s epic, The Odyssey. In the scene the Cyclops is making cheese and placing in wicker (University of Georgia 1). In the early days of cheese production, milk from different sources was mixed, and a variety of seasonings added to produce abundant flavors. Cheese was introduced in America after Mayflower landed and became a staple component in many American households. The first cheese factory was established in 1851 in Oneida County, New York. The Jesse Williams factory eliminated the production of cheese individually or by local farms. This flourished the production of cheese (Sokol 2). Writers like Richard claims that cheese was first forum in the Middle East. It was in form of sour milk which came into being after it was discovered that domesticated animals could be milked. It was observed that milk left in a container turned into a solid especially in hot temperatures. The curds and whey that were gotten from milk were discovered to be edible. The history of cheese is also mentioned in the old testament of the bible. David was fed with cheese of kine when he escaped across the river Jordan. David was also asked to bring with him ten cheeses to his commander of his brothers as they were participating in the battle against the philistines (Sokol 2). The ingredient of cheese is mostly milk. All kinds of milk like reindeer, caribou, yak, and llama have been used to produce cheese. In the process of cheese production, Sokol in his book, â€Å"And That’s How You Make Cheese† claims that protein in the milk is curdled and separated from water. The curdles are cut, cooked, drained and pressed to drain out more water. This leads to the production of a solid cheese that can be sliced. Archeologists that were excavating lake dwellings on the shores of Lake Neuchatel found potsherds that had pierced with holes. The findings dated back to six hundred years before Christ. The vessels had been used as drainers that were used to separate curds from whey (Toussaint-Samat 103). This made them conclude that the production of cheese which was mainly from sheep and goats milk had been done on their land earlier. Cheese contains high concentration of essential nutrients. Some of these nutrients include quality proteins and calcium that help in the development of the body. The invention of cheese grew tremendously due to the many benefits that are accrued from it. Cheese contains high concentration of calcium that helps in cavity prevention in the teeth. It helps in the development of strong teeth because it has low concentration of lactose. The consumption of cheese after a meal such as cheddar, Swiss, Brie and Monterey helps in the prevention of tooth decay. Cheese has also been proven to prevent cancer due to its high concentration of conjugated Linoleic acid and Sphingolipids (Roberts, Petrini and Hooper 350). The cheese business has thrived in the world greatly due to the large profits accrued from the industry. Cheese production and consumption has increased all over the world. Companies have cropped up and ventured in the industry thus creating a viable business enterprise. Some of the companies like the Arena Cheese factory, Aria Foods, Inc and Andrew Everett are some of the companies that have ventured in the cheese industry. They have enabled many households to enjoy wide variety of cheese after their meals. Cheese like the Provolone and Ricotta are used as appetizers, salads. They are first refrigerated and wrapped in order to retain freshness. Other types of cheese like the Parmesan and Roman are grated on soups, bread and spaghettis. Camembert cheese is used o crackers or with fruit that help in appetizers and desserts. It is first refrigerated during storage and preserved in a temperature controlled room. The United States is the largest producer of cheese in the world. This has been facilitated by the large supply of milk in the US. The United States has dedicated large amount of funds and time on investment and research work. The availability of large farms involved in milk production has also contributed to the production of cheese in the US. There are more than four hundred and fifty plants in the United States dealing in cheese production. The companies operate on a strict sanitary and quality standards set up to control the cheese industry. This has helped the United States to position itself as the premium cheese supplier (Pastorino, Hansen and McMahon 67). One of the most popular types of cheese is Roquefort. This cheese falls in the family of blue veined cheese because throughout the cheese, there are thin blue lines amidst the cream colored cheese. Originally produced in Southern France, it has moved across the world as a favorite of so many. For this cheese, one can choose between goat, sheep, and cow milk. The sheep the French use to make their cheese are fed grass in which there is a high level of limestone or calcium carbonate. Cheese-France 1) If the milk has too much or too little acid in it, a different cheese may be formed or the milk can spoil at a faster rate and therefore making an unappetizing block of cheese. The limestone helps balance the pH level and acts as a buffer. At time the cheese maker adds rennet, to start the curdling process, and then must wait at least two hours to allow the rennet to form. People cant eat Roquefort cheese because of an allergy to penicillin. As one article states, The traditional way of getting penicillium is to place loaves of bread in a dark, damp space, and letting them mold. After ten weeks the bread crust is pealed back to reveal the inside of the bread, which is nothing more than a fine green powder, the powder is called penicillium. After combining the bacterium with the curd, the cheese begins to take shape but, the cheese needs to monitored because many other byproducts must be removed throughout the curdling process. Once the salt has settled, the cheese maker must put holes into the cheese to allow the carbon dioxide to release into the air. The cheese maker will receive his final product about six months later, as the bacterium is hard at for that long. Encyclop? dia Britannica 1) Cheese since its discovery has evolved in a great way. The production of cheese used to be in small scales during the early years. Today it is produced commercially by large companies. The use of cheese has also changed from the time when it was used as food. Cheese is currently used in prevention of teeth cavities, salad and preservatives. This shows that since cheese was invented tremendous changes have been experienced thus leading to its development to what it is in the present world (Sokol 29).

Factors That Affect the Market Price of Oil

Factors That Affect the Market Price of Oil THE FACTORS THAT AFFECT THE MARKET PRICE OF A PRODUCT SUCH AS THE WORLD PRICE OF OIL IN THE PAST TWO DECADES. BRIEF: 103737 INTRODUCTION In order to have a good understanding of the factors that affect the market price of a product, one will first need to grasp the meaning of what a market is. A market can be defined as an area over which buyers and sellers negotiate the exchange of some product or related group of products. It must be possible, therefore, for buyers and sellers to communicate with each other and to make meaningful deals over the whole market. Individual markets differ in the degree of competition among the various buyers and sellers. In some cases where the number of buyers and sellers is sufficiently large no one of them will have any appreciable influence on price. This is what is known as a perfectly competitive market. However, for the purposes of this essay we will stick to the concept of a market. Using the table below we will show how the market price of a product (bread) is affected. Demand and supply schedules for eggs and equilibrium price From the table above we can see that the quantity demanded is much higher than the quantity supplied at 110 and 5 and the price is  £0.50. This shows an excess demand of 105. When the quantity demanded is 90 and the amount supplied to the market is 46, we have excess demand of 44 we correspondingly have a market price of 1. However, when the quantity demanded is 77.5 and the quantity supplied is 77.5, the market price for bread is  £1.50. At this point the quantity demanded is the same as the quantity supplied. At such a price consumers wish to buy exactly the same amounts as the producers wish to sell, this is known as the equilibrium price. At prices above  £1.50 the quantity supplied exceeds quantity demanded. Furthermore, the higher the price, the lower the excess of quantity demanded over quantity supplied. The amount by which the quantity demanded exceeds the quantity supplied is called the excess demand, which is defined as quantity demanded minus quantity supplied (qd à ¢â‚¬â€œ qs). This is shown in the last column of the table. Finally, consider prices higher than  £1.50. At these prices consumers wish to buy less than producers wish to sell. Thus, quantity supplied exceeds quantity demanded. Furthermore, the higher the price, the larger the excess of one over the other. In this case there is negative excess demand (qd – qs Now that we have understood the factors that affect the market price of a product, we can now move on to talk about the factors that affect the fluctuations in the price of oil for the past two decades. In 1985, the price of oil (Saudi Arabian Light) was $27.53 per barrel[1] (yearly average). The price of oil during this period was falling, in which in 1986, the Saudi’s abandoned the swing producer role because they had the largest reserves of oil and capacity utilization to stabilize the price of oil when there was a shortage in the world oil market. By 1987, the price of oil had dropped to $16.95. In 1988, it dropped further to $13.27 and $15.62 in 1989. In 1990, Iraq invaded Kuwait in what turned out to be a huge blow to the stable price of oil. The oil price rose to $20.45 per barrel. The major reason for this is that both Iraq and Kuwait were members of OPEC and due to the war there was a shortage of oil in the world oil market which led to an increase in the price of oil. Between 1990 and 1991 America launched operation desert storm, which was to help Kuwait against Iraq. This also contributed to the rise in the price of oil as America is the largest consumer of oil, an d they needed it during the military campaign of operation desert storm. In 1991 and 1992, the price of oil decreased to $16.63 and $17.16 respectively. In 1993, it fell again to $14.95 and $14.74 in 1994. In 1995, the price rose to $16.10, and in 1996 it shot up to $18.52. In 1998, the price initially dropped to $12.21 but shot back up again to $17.25 in 1999. The main reason for this during this period was that there was an Asian economic crisis; the Iraq oil-for-food programme which helped in stabilizing the price of oil in 1998. In 2000, the price of oil leaped to an astounding $26.20. The reason for this was that due to the decline in the price of oil OPEC members decided to cut back production in order to stabilize the price of oil, before it went below the amount various member countries of OPEC will be able to cover the cost of producing oil. In 2001, the price decreased to $22.81, and in the same year (Sept. 11th) there was an attack in the US which destroyed the world trad e centre. In 2002 to 2003, the price of oil rose to $23.74, and $26.78 respectively. This came about due to strong demand growth mainly from countries like China, and India, in which in 2004, the price of oil jumped to an ecstatic $33.64. In the present year of 2005, the monthly average of the price of oil has reached $63 a barrel. However, for reasons to do with accuracy, we have decided not to use 2005 figures since we are still in the year. The following graph represents the trend in the world price of oil over the past two decades. Data source: BP Statistical Review of World Energy, June 2005. On the supply side, the main players in the crude oil market are OPEC, which currently provides about 40 percent of world supply and hold about 70 percent of proven oil reserves, and non-OPEC producers who own the rest. OPEC as the marginal supplier does act like a cartel in most cases, i.e. they collude to restrict the output of oil and raise the price far above their cost. In recent years, its policy has been to balance the market while allowing for an appropriate level of crude oil inventories in consuming nations. Non-OPEC producers, on the other hand, have relatively limited reserves and spare capacity, and generally behave as price takers. Currently, the estimated reserves of OPEC are 890 billion barrels, as opposed to 177 million barrels for non-OPEC members. In the latter years, world events such as the Iran and Iraq war, the Asian economic crisis, the invasion of Kuwait by Iraq, and corporate social responsibility such as country legislation which regard environmental pollut ion as high on the agenda (in some country’s environmental pollution is stricter than others in order to produce oil, e.g. Nigeria has a less stricter environmental pollution legislation compared to Saudi Arabia) have all contributed to the fluctuations in the world price of oil. However, of recent, the strong demand growth from Asia and China in particular can be said to be the reason why the price of oil is rising. The consumption of oil in 2004 grew by 2.9 million barrels a day (mbd) (3.7 percent of which China contributed about 1 mbd) relative to 2003, which can be said to be the largest increase in the past 20 years. With notable exceptions of Iraq, Russia, and Saudi Arabia, the world’s oil producers may be close to their short-run output capacity. Thereby, continuing increases in demand and the possibility of even minor disruptions (Hurricane Katrina (US), Industrial disputes (Nigeria), environmental concerns (Nigeria)) in supply thus help in explaining the high market price for oil. Investment in refining capacity has been too low, and a mismatch has emerged between the type of refining capacity now required and what is available. For sometime, world oil demand has been driven by high-quality light crude (oil of low density or containing a low wax content, which makes production and refining easier) and by sweet crude (oil with a low sulphur content). Recent additions to production capacity by OPEC have though largely been in the heavy and sour grades of crude, which are more difficult and costly to refine. This lack of investment in appropriate refining capacity and limited substitution possibilities has pushed the retail price of oil up. Another reason which can be said to this lack of investment by OPEC members is a price collapse. When demand falls and the quotas allocated to member OPEC countries breaks down, the price can drop dramatically. For example, in 1997, OPEC raised its production ceiling by 2.5 million barrels per day in ant icipation of growing Asian demand, but the currency crisis of late 1997 instead caused Asian demand to fall. The result was a market price in 1998 that dipped to as low as $12.21 per barrel, the lowest level since 1973, and a $51 billion year over year reduction in oil revenue. In addition given continued uncertainty over the pace of China’s economic development, OPEC may be cautious in expanding supply capabilities due to this. This uncertainty of slow or minimal investment contributes to high futures prices for oil delivery several years ahead. One should also note that since 1986, most oil exporting countries have been burning more oil than they have discovered and since 1998, there has been a fragile balance between supply and demand. Oil is being found at a lower rate than what has been consumed, i.e. we are finding reserves at 7 billion while consuming oil at 30 billion barrels per annum (Exxon-Mobil estimates), hence the law of price adjustment and equilibrium can be s aid to have taken place. SUMMARY AND CONCLUSION This paper has looked at the definition of what a market is. We have also mentioned the concepts of demand and supply with regards to equilibrium and the law of price adjustment. The erratic movement in the price of oil in the past two decades are also looked at. Issues of what factors cause fluctuations in the price of oil such as, the lack of investment by various OPEC member countries into oil production so as to keep up with the world demand of oil, the increasing demand of oil from Asia and the Peoples Republic of China, and the uncertainty of the oil market are all mentioned. It will be worthwhile to conclude that although at present these factors seem to be the norm that affects the price of oil, one should be more cautious into the future, as with hindsight these factors could become obsolete with time passing by. Potential factors which could turn out to be embedded in the future range from alternative sources of energy to synthetic fuels, in which in the long term the demand of oil will continue to exceed supply until the previous mentioned becomes entrenched in most economies. BIBLIOGRAPHY Asian Development Outlook, (2005), The challenge of higher oil prices. BP Statistical Review of World Energy, (2005), Putting energy in the spotlight. Berkmen, P., Ouliaris, S., and Samiei, H., (2005), The structure of the oil market and causes of high prices, research department, International Monetary Fund. Chrystal, K.A., and Lipsey, R.G., (2004), Economics, Tenth Edition, Oxford printing press. International Energy Agency, (2004), Analysis of the impact of high oil prices on the Global economy. www.iea.org/textbase/papers/2004/high_oil_prices.pdf. International Monetary Agency, (2004), Analysis of the impact of high oil prices on the global economy, research department, December. Saxton, J., (2005), Explaining the high price of oil, Joint Economic Committee, Research Report, United States Congress. Serrapere, J., (2005), Crude Oil – Energy and Market Outlook, September. APPENDICES Source: BP Statistical review data 2005 The following table since 1999 shows that there has been no ‘Real’ excess oil supply. Estimated Annual World Oil Demand Growth 2000 – 2005 (million barrels daily) % Change Source: IEA monthly oil report July, 2005. 1 Footnotes [1] The reason we have used US dollars is that it is predominantly used internationally as the currency to benchmark trade.

Food Irradiation Essay -- essays research papers

Food Irradiation: Solution to Hunger or Killer Mutagen? People all over the world are starving for fresh, uncontaminated food. Insects, pests, and invisible microorganisms are not what the public want to find on their dinner plates. Throughout history, life has depended on ways of treating food to reduce or destroy these naturally occurring harmful contaminants and to enable foods to be stored after harvesting so that they can be saved for use at other times of the year. With increasing populations and the growth of cities, it is even more important to be able to preserve food so that it can be transported over considerable distances and stored for long periods before it reaches the consumer. The relentless pressure to supply safe foods to mass markets has led to major contamination problems arising in recent years. The food industry has responded by developing new methods to treat food, such as food irradiation. To some in the food industry, irradiation is a wonderful new technology that could solve many contamination problems without any apparent effects on the treated food. To the consumer, it is a new process that has unknown threats and benefits. Currently, 37 countries, including the United States, permit the use of irradiation and approximately 25 actually use it. Irradiation will remain an expensive and little used technology until there is general acceptance of irradiated foods by consumers. The modern food industry has to make certain choices as to how and when it treats food during the food production cycle. It can start by reducing the level of microorganisms and pests in food by using chemical treatments and pesticides during growth. For this to be effective the food must then be protected against fresh contamination during transport and storage. An alternative approach is to do very little to the food as grown and harvested, but to treat it nearer to the point of consumption. This is common with herbs and spices. The food industry will tend to choose the way it deals with contamination based on the economics of each case, in other words, the cheapest way possible. Even where food is produced relatively close to the point of consumption, it may have to be treated because contamination is inherent in the production process. This is why milk has to be pasteurized. Pasteurization is the most effective way of killing microorganisms with m... ...where the greed of people like Gustavus Swift turned meat-packing plants into death traps and sold ground cardboard, rats, and fingers to the public as ‘fresh meat’ while sweeping the floors of the plant to recover the sliced-off bits and package them as potted meat. Clearly the food industry is driven by capitalism, and not by concern for the consumer, and although I am wholeheartedly in favor of capitalist businesses, I do think federal regulation needs to come into play not just in the United states, but in other countries where most of the people have no legal recourse at all if they fall ill or die as the result of unclean food. Education of the consumer is the key to this problem, as is objective research. Governments around the world should be made to adhere to guidelines recommended by people whose main concern is the safe and healthy production of food, instead of the cheapest way to produce it, or what would be best for the businesses already irradiating fo od, as is the case for the federal government. Without measures taken during all aspect of food production to ensure cleanliness, the consumer is doomed to a lifetime of choices between dirty food, and dirtier food.

Edward II of England :: Essays Papers

Edward II of England Edward II was born in April 25, 1284 to the great King Edward I and Eleanor of Castille in Caernaven Caste in Wales. Edward II did not have a particularly happy childhood as he grew up under his overbearing father and in the absence of his mother. Edward II had three older brothers, two of which died in infancy and the third unexpectantly in adolescence. Thus, in 1307 Edward gained the throne of England and then married Isabella, daughter of Philip IV of France, in 1308 as a matter of convenience. Edward is said to be as much of a failure as king as his father was a success. Edward II’s contemporaries thought him to be an incompetent ruler. They claimed that the king had been led and ruled by others, who had advised him badly to his own dishonor, and to the destruction of the Church and of all his people. He and neither made any effort to see of find out what was good or bad, nor taken any steps to remedy the situation when requested to do so by the great and wise men of the kingdom. They also said that during all his reign, the king had been unwilling to take of believe good advice, and, instead of devoting his efforts to good government, he had spent all his time in unseemly pursuits, neglecting the affairs of the kingdom. Edward II possessed none of the chivalric qualities attributed to great men of his time. Edward had no interest in knightly exercises such as joust and tourney. Instead of spending time with nobility, he preferred to consort with singers, actors, oarsmen, diggers, etc., who shared his tastes. This failure to understand the importance of patronage lost him the trust of nobility as he turned to unsuitable favourites such as Piers Gaveston and the Despensers whom he had homosexual relations with. Because Edward did not care about his responsibilities as King, he appointed these men to handle his affairs. Gaveston assumed this position and behaved like a second king who was above everyone, and had no equal. He was accused of treason and executed. When the younger Despenser was later appointed, he too was accused of the same crimes, namely accroaching royal power and dignity and counseling the king badly.