Economic Analysis of Floating Exchange Rate Systems

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Economic Analysis of Floating Exchange Rate Systems"

Transcription

1 Economic Analysis of Floating Rat Systms Th businss sction of any nwspapr will hav a tabl of spot s. Ths ar th s at which a prson could hav bought othr currncis or forign, such as th English Pound, Frnch Franc, or th nw Europan Euro. Th prics of forign currncis can b dtrmind in two major typs of systms. In th Unitd Stats, th dollar s s ar dtrmind by th marktplac, i.., by supply and dmand. This typ of systm is calld a floating systm. In othr countris, govrnmnts st th pric of thir currncis with rspct to othr countris. Thy thn buy or sll forign at th prics thy v st. This is calld a fixd systm. Th conomic ffcts of ths two systms can b vry diffrnt. Howvr, in ithr systm th undrlying forcs influncing th valu of a country s currncy rmain th sam. Du to possibl confusion of bing abl to quot diffrnt currncis in trms of ach othr,.g., $/ or /$, w nd to xplicitly dfin an. An is, thrfor, th domstic cost of a unit of forign. For xampl, from th US prspctiv th pric of th English Pound would b dnominatd as th numbr of US dollars pr pound, or $/. As notd abov, th in a floating systm is dtrmind by markt forcs. Our dfinition of th dfins th markt as th markt for forign. In this markt w hav dmandrs and supplirs of forign currncis willing to pay and accpt dollars in rturn for ths currncis. W will in turn discuss th dmand and supply of forign. Dmand Th dmand for forign is a drivd dmand. With th xcption of currncy collctors, th dmand for forign is du to popl s dsir to us it in th purchas of forign goods or financial assts. dmand is, thrfor, highly snsitiv to changs in ths dsirs. In ordr to undrstand changs in th dmand for forign, w will nd to discuss its undrlying forcs. Ths ar th dmand for forign goods and srvics and th dmand for forign financial assts. Th supply of forign has at its roots th sam concptual basis as dmand, only it is from th forign prspctiv. currncy is supplid to th forign markt whn forignrs thir currncy for dollars in ordr to buy US goods or financial assts. Equivalntly, th supply of forign is nothing mor than a mirror imag of th forign dmand for US currncy. This is shown in Figur 1 by labling th supply curv as th supply for forign (Sfx) or as th dmand for dollars (D$). Using th sam logic, th domstic dmand for forign 1

2 is th mirror of th supply of dollars to th forign markt. Again in Figur 1, th dmand for forign (Dfx) is th sam as th supply of dollars (S$). On qustion which might aris is which forign markt. Nw York, London, Frankfort and Tokyo ar major financial cntrs with larg forign markts. Th answr as to which markt is all of thm. Th first rul of businss is to buy low and sll high. Should s b diffrnt across diffrnt financial cntrs, thn th opportunity for arbitrag profits occurs. Currncy dalrs will buy low in on cntr and sll high in anothr, driving s into quality across th diffrnt markts. $/ Figur 1 For xampl, should th Swiss Franc b at a lowr pric (in trms of $) in London and at a highr pric in Nw York, thn th dalrs will incras th dmand for th Swiss Franc in London, driving up its pric, and incras its supply in Nw York, driving down its pric thr. This continus until th pric is th sam in both placs. Th major qustions to b addrssd ar how ar s dtrmind and what ar th forcs which influnc thm. In Figur 1, th quilibrium () is th on whr th quantity dmandd is qual to th quantity supplid for forign. As with most markts, th pric changs in ordr to quilib th markt. Whn quantity dmandd xcds quantity supplid, thn th will ris. If th quantity supplid is gratr thn quantity dmandd, th falls. What dos it man whn th riss or falls? As w hav dfind th ($/ ), whn th riss, th valu of th dollar dcrass or dprciats. It now taks mor dollars to buy an English pound than it did bfor th chang in th $/ Figur 2 Shortag. Fwr forign goods can now b purchasd for a givn numbr of dollars. Th rvrs is also tru. As th falls, th dollar cost of forign falls, incrasing th dollar s valu. This is trmd an apprciation of th dollar. Mor forign 2

3 goods can now b purchasd. Should markt forcs lad to a chang in ithr th supply or dmand for forign thn th will chang accordingly to r-quilib th markt. Figur 3 Tim Trnd Short run fluctuations In Figur 2, dmand incrass from D to D. At th initial, th incras in dmand lads to a shortag of forign. Domstic dmandrs bid up its pric and th riss to, which as bfor this rprsnts a wakning or dprciation of th dollar. Th major qustion to b addrssd is what ar ths markt forcs which lad to changs in th dmand and supply of forign. Ths will b discussd in ordr of th tim frams in which thy occur. Figur 3 rprsnts th movmnt of s ovr tim. It shows th day-to-day fluctuations (th jaggd movmnts), as wll as th longr-trm trnd (th smooth upward sloping curv). W nd to b abl to xplain both of ths charactristics. Th day-to-day volatility is xplaind in trms of th short run. Th trnd is bst xplaind in th long and mdium runs. Long-Run Effcts - Law of On Pric Th basic notion is that s ar snsitiv to diffrntial inflation s across countris. Should th domstic inflation ris at a gratr than our trading partnrs, thn at a givn, th pric of domstic goods will b rising rlativ to forign goods. This will, in turn, incras th dmand for forign goods (imports ar now chapr in domstic currncy trms) and dcras th dmand for domstic xports (domstic xports ar now mor xpnsiv in forign currncy trms). This rsults in an incras in th dmand for forign, as wll as a dcras in th supply of forign. It is lft to th studnt to us th diagrams to show that this would lad to a dprciation of th domstic currncy. (Shift Dfx to th right and Sfx to th lft. Dos th () go up or down?) 3

4 This is a long-run ffct bcaus of th Law of On Pric. This concpt stats that in th long run th pric of tradabl goods must b th sam across countris. If this was not th cas, thn th opportunity for arbitrag profits, buying low in on country and slling high in anothr, would rsult in a movmnt in th bringing about th qualization. For xampl, suppos Argntin what, at th prvailing, is chap in US dollars. As North Amricans buy mor and mor Argntin what, thy incras th dmand for th Argntin currncy, driving up its valu, thus making what mor xpnsiv in dollar trms. Th s which would prvail undr th Law of On Pric ar calld purchasing powr parity s (PPP). Whil ths do not xist in rality (thr ar many othr factors affcting s) thr is an undrlying prssur moving s in this fashion. PPP s ar usd in comparing th conomic prformanc btwn countris. Th World Bank compars countris in thir World Dvlopmnt Rport using a PPP. Mdium Trm - Diffrntial Growth Rats As an conomy grows, its dmand for imports will also grow. As incom incrass, som portion of that incras will b spnt on importd goods. In th jargon of macroconomics, th proportion of th additional dollar of incom spnt on imports is calld th marginal propnsity to import. Assum that th marginal propnsity to import is th sam across countris. Should a country s conomy grow fastr than its trading partnrs, thn its dmand for imports will also b growing fastr. In th contxt of Figur 4, this is rprsntd by incrass in both th dmand and supply of forign, but th dmand would incras by mor. This would rsult in a slight dprciation of th domstic currncy. Short-Run - Diffrntial Intrst Rats $/ This factor has bcom xtrmly important as countris hav libralizd thir conomis, allowing th flow of financial capital into and out of thir countris. It has playd an important rol in th East Asian and Mxican Pso financial criss. Figur 4 S fx or D $ 4

5 Libralization bnfits a country by forign financial capital ntring into that country. Ths rsourcs financ th building of factoris and roads and incras mploymnt opportunitis. But it is a doubl-dgd sword. financial capital can flow back out. Whn it dos, it wraks havoc on a country s conomy. On aspct of th financial criss in Asia and Mxico was that intrnational invstors lost thir confidnc in th scurity of thir assts in ths countris. This loss of confidnc jopardizd ths $/ Figur 5 S fx or D $ countris currncy valus and th valu of financial assts dnominatd in thir currncis. Faring that currncis would dprciat (or dvalu in th cas of fixd rgims), invstors startd a panic slling-off of thir financial assts dnominatd in psos, ringgit or won and purchasd dollars or othr stabl currncis. Ths invstors, in ssnc, cratd a slffulfilling prophcy. Th rturn to financial assts across countris has an important ffct on s. If a country s rturn to financial assts riss rlativ to othr countris, forign invstors hav an incntiv to purchas ths assts. First, th invstors will hav to chang thir currncis into that country s currncy in ordr to purchas ths assts. Simultanously, th country s own invstors will b lss inclind to purchas forign assts, kping thir mony at hom. This is picturd in Figur 5 as an incras in th supply of forign (Sfx to S fx) and a dcras in th dmand for forign (Dfx to D fx). Th nd rsult is a dcras in th pric of forign ( to ), of cours bing an apprciation of th country s currncy. On xampl of this occurrd in th 1980s. Th US govrnmnt ran up unprcdntd budgt dficits which ld to an incras in th of rturn on financial assts in th US. Th govrnmnt acts as a borrowr in financial markts to obtain th rsourcs rquird to bridg th dficit. This incras in th dmand for crdit incrass th intrst paid on financial assts or borrowing. invstors bgan to buy dollars in ordr to purchas Trasury Bills - govrnmnt bonds. This ld to an incras in th supply of forign, and th valu of th dollar wnt way up. As th valu of th dollar ros, th US trading sctor bcam lss and lss comptitiv. Th dollar pric of imports fll, 5

6 lading to incrasing dmand for forign products and at th sam tim incrasing th forign cost of US xports. Th US trad dficit grw trmndously as a rsult. Th US budgt and trad dficits ar somtims calld th twin dficits bcaus of bing intrrlatd. Th financial crisis in Southast Asia can also b partially xplaind in ths trms. Suppos you, as an invstor, wish to purchas stock on th Hong Kong stock markt. You first nd to US dollars for HK$ in ordr to mak th purchas. Now you buy a financial asst dnominatd in HK$. But suppos a rumor has it that thr will b a wakning in th valu of th HK$. If this happns, you will los mony whn you sll your HK asst and chang HK$ back into US $. You and a hoard of othr invstors would sll now in ordr to avoid ths losss. But this, in and of itslf, would caus th HK$ to dprciat. You and th othr invstors just mad th rumor tru. Whatvr gains you mad in th valu of th stock may b wipd out by th chang in th valu of th currncis. If many invstors try to gt back into US dollar assts, thr would b a larg sll off of Hong Kong financial assts and, as invstors switchd from HK$ to US$, th HK$ would dprciat. Fixd Rats Th prvious story, whil it maks sns in conomic trms, has not bn compltly honst. Th systm in Hong Kong is not a fr float. Th cntral bank in Hong Kong maintains a fixd. This mans thy stablish th for th HK$. Th mannr in which this is don is that th cntral bank stands rady, willing and, hopfully abl, to buy or sll HK$ at th stablishd or fixd. Buyrs and sllrs would thn transact this pric. $/ * *=f Figur 6 qs qd fall in intrnational rsrvs For a fixd systm to work, th cntral bank nds to hav forign rsrvs, should popl wish to buy it. This is calld th bank s intrnational rsrvs. Whn th bank buys forign, its rsrvs incras; and whn thy sll forign, thir rsrvs fall. Figur 6 paints a pictur of a situation that a cntral bank may fac in maintaining a fixd systm. Suppos th fixd is qual to th prvailing quilibrium that would hav obtaind by markt forcs (* = f). If this situation continus, thn th amount of forign that th bank is rquird to sll 6

7 is xactly qual to th amount it is rquird to buy. In ths circumstancs, its intrnational rsrvs do not chang. Now suppos for whatvr rason (svral wr givn abov in discussing floating s) that th dmand for forign incrass. Now at th fixd, f, thr is an xcss dmand for forign. Th cntral bank, in ordr to maintain th fixd, has to sll mor forign, qd, than it is buying, qs. Intrnational rsrvs dcras by th amount of th diffrnc. Th big qustion facing th cntral bank at this point is whthr this incras in dmand is a tmporary phnomnon or a prmannt chang. If it is tmporary, thn th bank suffrs only a short-trm fall in its intrnational rsrvs which it may b abl to rcoup latr. If it is a prmannt chang, thn th bank will s its intrnational rsrvs dplt. It will nd to chang its policis to bring th markt back in lin with th fixd. Usually whn it can, it will chang intrst s, making its country s financial assts mor attractiv and thus attract forign. Somtims this dos not work. No mattr what th intrst, invstors ar too concrnd about th risk. Now things gt nasty! Should th cntral bank s intrnational rsrvs bgin to dplt, thn holdrs of th currncy or financial assts dnominatd in that currncy will bgin to far a dvaluation. Th smart invstor will want to dump th currncy so as not to gt caught with it onc th dvaluation occurs. For xampl, suppos it cost 4 HK$ for a US$ and you hav 1000 HK$ or a HK financial asst worth 1000 HK$. You hav th quivalnt of US $250. If th Hong Kong cntral bank dvalus th HK$ so that it costs 5HK$ pr US$ - you just lost US $50. If thr is concrn about th Hong Kong banks' ability to support its fixd, thn a panic can occur whr invstors dump HK $. This causs th dmand for forign to incras and thr is a sll off of HK$, dpning th cntral bank s crisis as intrnational rsrvs plummt. 7

Foreign Exchange Markets and Exchange Rates

Foreign Exchange Markets and Exchange Rates Microconomics Topic 1: Explain why xchang rats indicat th pric of intrnational currncis and how xchang rats ar dtrmind by supply and dmand for currncis in intrnational markts. Rfrnc: Grgory Mankiw s Principls

More information

Long run: Law of one price Purchasing Power Parity. Short run: Market for foreign exchange Factors affecting the market for foreign exchange

Long run: Law of one price Purchasing Power Parity. Short run: Market for foreign exchange Factors affecting the market for foreign exchange Lctur 6: Th Forign xchang Markt xchang Rats in th long run CON 34 Mony and Banking Profssor Yamin Ahmad xchang Rats in th Short Run Intrst Parity Big Concpts Long run: Law of on pric Purchasing Powr Parity

More information

Econ 371: Answer Key for Problem Set 1 (Chapter 12-13)

Econ 371: Answer Key for Problem Set 1 (Chapter 12-13) con 37: Answr Ky for Problm St (Chaptr 2-3) Instructor: Kanda Naknoi Sptmbr 4, 2005. (2 points) Is it possibl for a country to hav a currnt account dficit at th sam tim and has a surplus in its balanc

More information

14.3 Area Between Curves

14.3 Area Between Curves 14. Ara Btwn Curvs Qustion 1: How is th ara btwn two functions calculatd? Qustion : What ar consumrs and producrs surplus? Earlir in this chaptr, w usd dfinit intgrals to find th ara undr a function and

More information

14.02 Principles of Macroeconomics Problem Set 4 Solutions Fall 2004

14.02 Principles of Macroeconomics Problem Set 4 Solutions Fall 2004 art I. Tru/Fals/Uncrtain Justify your answr with a short argumnt. 4.02 rincipls of Macroconomics roblm St 4 Solutions Fall 2004. High unmploymnt implis that th labor markt is sclrotic. Uncrtain. Th unmploymnt

More information

Intermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Final Exam (Answers)

Intermediate Macroeconomic Theory / Macroeconomic Analysis (ECON 3560/5040) Final Exam (Answers) Intrmdiat Macroconomic Thory / Macroconomic Analysis (ECON 3560/5040) Final Exam (Answrs) Part A (5 points) Stat whthr you think ach of th following qustions is tru (T), fals (F), or uncrtain (U) and brifly

More information

Basis risk. When speaking about forward or futures contracts, basis risk is the market

Basis risk. When speaking about forward or futures contracts, basis risk is the market Basis risk Whn spaking about forward or futurs contracts, basis risk is th markt risk mismatch btwn a position in th spot asst and th corrsponding futurs contract. Mor broadly spaking, basis risk (also

More information

by John Donald, Lecturer, School of Accounting, Economics and Finance, Deakin University, Australia

by John Donald, Lecturer, School of Accounting, Economics and Finance, Deakin University, Australia Studnt Nots Cost Volum Profit Analysis by John Donald, Lcturr, School of Accounting, Economics and Financ, Dakin Univrsity, Australia As mntiond in th last st of Studnt Nots, th ability to catgoris costs

More information

Non-Homogeneous Systems, Euler s Method, and Exponential Matrix

Non-Homogeneous Systems, Euler s Method, and Exponential Matrix Non-Homognous Systms, Eulr s Mthod, and Exponntial Matrix W carry on nonhomognous first-ordr linar systm of diffrntial quations. W will show how Eulr s mthod gnralizs to systms, giving us a numrical approach

More information

Lecture notes: 160B revised 9/28/06 Lecture 1: Exchange Rates and the Foreign Exchange Market FT chapter 13

Lecture notes: 160B revised 9/28/06 Lecture 1: Exchange Rates and the Foreign Exchange Market FT chapter 13 Lctur nots: 160B rvisd 9/28/06 Lctur 1: xchang Rats and th Forign xchang Markt FT chaptr 13 Topics: xchang Rats Forign xchang markt Asst approach to xchang rats Intrst Rat Parity Conditions 1) Dfinitions

More information

http://www.wwnorton.com/chemistry/tutorials/ch14.htm Repulsive Force

http://www.wwnorton.com/chemistry/tutorials/ch14.htm Repulsive Force ctivation nrgis http://www.wwnorton.com/chmistry/tutorials/ch14.htm (back to collision thory...) Potntial and Kintic nrgy during a collision + + ngativly chargd lctron cloud Rpulsiv Forc ngativly chargd

More information

Exponential Growth and Decay; Modeling Data

Exponential Growth and Decay; Modeling Data Exponntial Growth and Dcay; Modling Data In this sction, w will study som of th applications of xponntial and logarithmic functions. Logarithms wr invntd by John Napir. Originally, thy wr usd to liminat

More information

Adverse Selection and Moral Hazard in a Model With 2 States of the World

Adverse Selection and Moral Hazard in a Model With 2 States of the World Advrs Slction and Moral Hazard in a Modl With 2 Stats of th World A modl of a risky situation with two discrt stats of th world has th advantag that it can b natly rprsntd using indiffrnc curv diagrams,

More information

In the first years of the millennium, Americans flocked to Paris to enjoy French

In the first years of the millennium, Americans flocked to Paris to enjoy French 14 chaptr Exchang Rats and th Forign Exchang Markt: An Asst Approach 320 In th first yars of th millnnium, Amricans flockd to Paris to njoy Frnch cuisin whil shopping for dsignr clothing and othr spcialtis.

More information

Question 3: How do you find the relative extrema of a function?

Question 3: How do you find the relative extrema of a function? ustion 3: How do you find th rlativ trma of a function? Th stratgy for tracking th sign of th drivativ is usful for mor than dtrmining whr a function is incrasing or dcrasing. It is also usful for locating

More information

Lecture 3: Diffusion: Fick s first law

Lecture 3: Diffusion: Fick s first law Lctur 3: Diffusion: Fick s first law Today s topics What is diffusion? What drivs diffusion to occur? Undrstand why diffusion can surprisingly occur against th concntration gradint? Larn how to dduc th

More information

Genetic Drift and Gene Flow Illustration

Genetic Drift and Gene Flow Illustration Gntic Drift and Gn Flow Illustration This is a mor dtaild dscription of Activity Ida 4, Chaptr 3, If Not Rac, How do W Explain Biological Diffrncs? in: How Ral is Rac? A Sourcbook on Rac, Cultur, and Biology.

More information

Principles of Humidity Dalton s law

Principles of Humidity Dalton s law Principls of Humidity Dalton s law Air is a mixtur of diffrnt gass. Th main gas componnts ar: Gas componnt volum [%] wight [%] Nitrogn N 2 78,03 75,47 Oxygn O 2 20,99 23,20 Argon Ar 0,93 1,28 Carbon dioxid

More information

QUANTITATIVE METHODS CLASSES WEEK SEVEN

QUANTITATIVE METHODS CLASSES WEEK SEVEN QUANTITATIVE METHODS CLASSES WEEK SEVEN Th rgrssion modls studid in prvious classs assum that th rspons variabl is quantitativ. Oftn, howvr, w wish to study social procsss that lad to two diffrnt outcoms.

More information

High Interest Rates In Ghana,

High Interest Rates In Ghana, NO. 27 IEA MONOGRAPH High Intrst Rats In Ghana, A Critical Analysis IEA Ghana THE INSTITUTE OF ECONOMIC AFFAIRS A Public Policy Institut High Intrst Rats In Ghana, A Critical Analysis 1 by DR. J. K. KWAKYE

More information

CPS 220 Theory of Computation REGULAR LANGUAGES. Regular expressions

CPS 220 Theory of Computation REGULAR LANGUAGES. Regular expressions CPS 22 Thory of Computation REGULAR LANGUAGES Rgular xprssions Lik mathmatical xprssion (5+3) * 4. Rgular xprssion ar built using rgular oprations. (By th way, rgular xprssions show up in various languags:

More information

Deer: Predation or Starvation

Deer: Predation or Starvation : Prdation or Starvation National Scinc Contnt Standards: Lif Scinc: s and cosystms Rgulation and Bhavior Scinc in Prsonal and Social Prspctiv s, rsourcs and nvironmnts Unifying Concpts and Procsss Systms,

More information

HSBC Bank International Expat Explorer Survey 08

HSBC Bank International Expat Explorer Survey 08 HSBC Bank Intrnational Expat Explorr Survy 08 Rport On: Expat Existnc Th Survy Th Expat Explorr survy qustiond 2,155 xpatriats across four continnts about th opportunitis and challngs thy fac. Th survy

More information

The Matrix Exponential

The Matrix Exponential Th Matrix Exponntial (with xrciss) 92.222 - Linar Algbra II - Spring 2006 by D. Klain prliminary vrsion Corrctions and commnts ar wlcom! Th Matrix Exponntial For ach n n complx matrix A, dfin th xponntial

More information

Gold versus stock investment: An econometric analysis

Gold versus stock investment: An econometric analysis Intrnational Journal of Dvlopmnt and Sustainability Onlin ISSN: 268-8662 www.isdsnt.com/ijds Volum Numbr, Jun 202, Pag -7 ISDS Articl ID: IJDS20300 Gold vrsus stock invstmnt: An conomtric analysis Martin

More information

Remember you can apply online. It s quick and easy. Go to www.gov.uk/advancedlearningloans. Title. Forename(s) Surname. Sex. Male Date of birth D

Remember you can apply online. It s quick and easy. Go to www.gov.uk/advancedlearningloans. Title. Forename(s) Surname. Sex. Male Date of birth D 24+ Advancd Larning Loan Application form Rmmbr you can apply onlin. It s quick and asy. Go to www.gov.uk/advancdlarningloans About this form Complt this form if: you r studying an ligibl cours at an approvd

More information

Asset set Liability Management for

Asset set Liability Management for KSD -larning and rfrnc products for th global financ profssional Highlights Library of 29 Courss Availabl Products Upcoming Products Rply Form Asst st Liability Managmnt for Insuranc Companis A comprhnsiv

More information

The example is taken from Sect. 1.2 of Vol. 1 of the CPN book.

The example is taken from Sect. 1.2 of Vol. 1 of the CPN book. Rsourc Allocation Abstract This is a small toy xampl which is wll-suitd as a first introduction to Cnts. Th CN modl is dscribd in grat dtail, xplaining th basic concpts of C-nts. Hnc, it can b rad by popl

More information

intro Imagine that someone asked you to describe church using only the bible. What would you say to them?

intro Imagine that someone asked you to describe church using only the bible. What would you say to them? intro Imagin that somon askd you to dscrib church using only th bibl. What would you say to thm? So many of th things w'v mad church to b arn't ssntial in scriptur. W'r on a journy of r-imagining what

More information

AP Calculus AB 2008 Scoring Guidelines

AP Calculus AB 2008 Scoring Guidelines AP Calculus AB 8 Scoring Guidlins Th Collg Board: Conncting Studnts to Collg Succss Th Collg Board is a not-for-profit mmbrship association whos mission is to connct studnts to collg succss and opportunity.

More information

1 Walrasian Equilibria and Market E ciency

1 Walrasian Equilibria and Market E ciency 1 Walrasian Equilibria and Markt E cincy Rading in Txtbook: Chaptr 3 in Stiglitz. 1.1 Motivation Whn thinking about th rol of govrnmnt w hav to considr a numbr of rathr fundamntal qustions, such as: What

More information

A Derivation of Bill James Pythagorean Won-Loss Formula

A Derivation of Bill James Pythagorean Won-Loss Formula A Drivation of Bill Jams Pythagoran Won-Loss Formula Ths nots wr compild by John Paul Cook from a papr by Dr. Stphn J. Millr, an Assistant Profssor of Mathmatics at Williams Collg, for a talk givn to th

More information

FACULTY SALARIES FALL 2004. NKU CUPA Data Compared To Published National Data

FACULTY SALARIES FALL 2004. NKU CUPA Data Compared To Published National Data FACULTY SALARIES FALL 2004 NKU CUPA Data Compard To Publishd National Data May 2005 Fall 2004 NKU Faculty Salaris Compard To Fall 2004 Publishd CUPA Data In th fall 2004 Northrn Kntucky Univrsity was among

More information

Simulated Radioactive Decay Using Dice Nuclei

Simulated Radioactive Decay Using Dice Nuclei Purpos: In a radioactiv sourc containing a vry larg numbr of radioactiv nucli, it is not possibl to prdict whn any on of th nucli will dcay. Although th dcay tim for any on particular nuclus cannot b prdictd,

More information

Noble gas configuration. Atoms of other elements seek to attain a noble gas electron configuration. Electron configuration of ions

Noble gas configuration. Atoms of other elements seek to attain a noble gas electron configuration. Electron configuration of ions Valnc lctron configuration dtrmins th charactristics of lmnts in a group Nobl gas configuration Th nobl gass (last column in th priodic tabl) ar charactrizd by compltly filld s and p orbitals this is a

More information

Applications of the compound interest formula

Applications of the compound interest formula Applications of th compound intrst formula Quit oftn, thr of th variabls usd in th compound intrst formula ar known and th fourth nds to b found. Finding P workd xampl 6 Aunt Frda lavs Thlma a lgacy som

More information

B-285141. April 21, 2000. The Honorable Charles B. Rangel Ranking Minority Member Committee on Ways and Means House of Representatives

B-285141. April 21, 2000. The Honorable Charles B. Rangel Ranking Minority Member Committee on Ways and Means House of Representatives Unit Stats Gnral Accounting Offic Washington, DC 20548 Halth, Eucation, an Human Srvics Division B-285141 April 21, 2000 Th Honorabl Charls B. Rangl Ranking Minority Mmbr Committ on Ways an Mans Hous of

More information

IMES DISCUSSION PAPER SERIES

IMES DISCUSSION PAPER SERIES IMES DISCUSSIN PAPER SERIES Th Choic of Invoic Currncy in Intrnational Trad: Implications for th Intrnationalization of th Yn Hiroyuki I, Akira TANI, and Toyoichirou SHIRTA Discussion Papr No. 003-E-13

More information

7 Timetable test 1 The Combing Chart

7 Timetable test 1 The Combing Chart 7 Timtabl tst 1 Th Combing Chart 7.1 Introduction 7.2 Tachr tams two workd xampls 7.3 Th Principl of Compatibility 7.4 Choosing tachr tams workd xampl 7.5 Ruls for drawing a Combing Chart 7.6 Th Combing

More information

Theoretical aspects of investment demand for gold

Theoretical aspects of investment demand for gold Victor Sazonov (Russia), Dmitry Nikolav (Russia) Thortical aspcts of invstmnt dmand for gold Abstract Th main objctiv of this articl is construction of a thortical modl of invstmnt in gold. Our modl is

More information

CHAPTER 5 INTERNATIONAL PARITY CONDITIONS: INTEREST RATE PARITY AND THE FISHER PARITIES

CHAPTER 5 INTERNATIONAL PARITY CONDITIONS: INTEREST RATE PARITY AND THE FISHER PARITIES CHAPTER 5 INTERNATIONAL PARITY CONDITIONS: INTEREST RATE PARITY AND THE FISHER PARITIES Chaptr Ovrviw Chaptr 5 focuss on th parity conditions that link th spot and forward xchang markts with th intrnational

More information

5.4 Exponential Functions: Differentiation and Integration TOOTLIFTST:

5.4 Exponential Functions: Differentiation and Integration TOOTLIFTST: .4 Eponntial Functions: Diffrntiation an Intgration TOOTLIFTST: Eponntial functions ar of th form f ( ) Ab. W will, in this sction, look at a spcific typ of ponntial function whr th bas, b, is.78.... This

More information

Financial Mathematics

Financial Mathematics Financial Mathatics A ractical Guid for Actuaris and othr Businss rofssionals B Chris Ruckan, FSA & Jo Francis, FSA, CFA ublishd b B rofssional Education Solutions to practic qustions Chaptr 7 Solution

More information

EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS

EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS 25 Vol. 3 () January-March, pp.37-5/tripathi EFFECT OF GEOMETRICAL PARAMETERS ON HEAT TRANSFER PERFORMACE OF RECTANGULAR CIRCUMFERENTIAL FINS *Shilpa Tripathi Dpartmnt of Chmical Enginring, Indor Institut

More information

Improving Managerial Accounting and Calculation of Labor Costs in the Context of Using Standard Cost

Improving Managerial Accounting and Calculation of Labor Costs in the Context of Using Standard Cost Economy Transdisciplinarity Cognition www.ugb.ro/tc Vol. 16, Issu 1/2013 50-54 Improving Managrial Accounting and Calculation of Labor Costs in th Contxt of Using Standard Cost Lucian OCNEANU, Constantin

More information

Factorials! Stirling s formula

Factorials! Stirling s formula Author s not: This articl may us idas you havn t larnd yt, and might sm ovrly complicatd. It is not. Undrstanding Stirling s formula is not for th faint of hart, and rquirs concntrating on a sustaind mathmatical

More information

e = C / electron Q = Ne

e = C / electron Q = Ne Physics 0 Modul 01 Homwork 1. A glass rod that has bn chargd to +15.0 nc touchs a mtal sphr. Aftrword, th rod's charg is +8.00 nc. What kind of chargd particl was transfrrd btwn th rod and th sphr, and

More information

Modern Portfolio Theory (MPT) Statistics

Modern Portfolio Theory (MPT) Statistics Modrn Portfolio Thory (MPT) Statistics Morningstar Mthodology Papr May 9, 009 009 Morningstar, Inc. All rights rsrvd. Th information in this documnt is th proprty of Morningstar, Inc. Rproduction or transcription

More information

Optical Modulation Amplitude (OMA) and Extinction Ratio

Optical Modulation Amplitude (OMA) and Extinction Ratio Application Not: HFAN-.. Rv; 4/8 Optical Modulation Amplitud (OMA) and Extinction Ratio AVAILABLE Optical Modulation Amplitud (OMA) and Extinction Ratio Introduction Th optical modulation amplitud (OMA)

More information

OPTIONS AND FUTURES: A TECHNICAL APPRAISAL

OPTIONS AND FUTURES: A TECHNICAL APPRAISAL Pag 15 OPTIONS AND FUTURES: A TECHNICAL APPRAISAL by David J.S. Rutldg Papr prsntd to Sminar on Trading in Options: Opportunitis in th Intrnational Markt sponsord by Th Sydny Stock Exchang and Th Scuritis

More information

Statistical Machine Translation

Statistical Machine Translation Statistical Machin Translation Sophi Arnoult, Gidon Mailltt d Buy Wnnigr and Andra Schuch Dcmbr 7, 2010 1 Introduction All th IBM modls, and Statistical Machin Translation (SMT) in gnral, modl th problm

More information

Performance Evaluation

Performance Evaluation Prformanc Evaluation ( ) Contnts lists availabl at ScincDirct Prformanc Evaluation journal hompag: www.lsvir.com/locat/pva Modling Bay-lik rputation systms: Analysis, charactrization and insuranc mchanism

More information

YouthWorks Youth Works (yüth- w rkz), n.

YouthWorks Youth Works (yüth- w rkz), n. YouthWorks Youth Works(yüth- w rkz),n. 1. Baltimor City s summr jobs program. 2. Crats carr pathways for Baltimor City youth. 3. Givs Baltimor mployrs opportunitis to train thir futur workforc. Opportunity

More information

3. Yes. You can put 20 of the 6-V lights in series, or you can put several of the 6-V lights in series with a large resistance.

3. Yes. You can put 20 of the 6-V lights in series, or you can put several of the 6-V lights in series with a large resistance. CHAPTE 6: DC Circuits sponss to Qustions. Evn though th bird s ft ar at high potntial with rspct to th ground, thr is vry littl potntial diffrnc btwn thm, bcaus thy ar clos togthr on th wir. Th rsistanc

More information

Analyzing the Economic Efficiency of ebaylike Online Reputation Reporting Mechanisms

Analyzing the Economic Efficiency of ebaylike Online Reputation Reporting Mechanisms A rsarch and ducation initiativ at th MIT Sloan School of Managmnt Analyzing th Economic Efficincy of Baylik Onlin Rputation Rporting Mchanisms Papr Chrysanthos Dllarocas July For mor information, plas

More information

Northern Ireland Petrol and Diesel prices data analysis

Northern Ireland Petrol and Diesel prices data analysis Rsarch and Information Srvic Papr 163/12 04 Octobr 2012 NIAR 720-12 Aidan Stnntt and Barbara Lov Northrn Irland Ptrol and Disl prics data analysis 1 Background On th 5 Sptmbr 2012, th Offic of Fair Trading

More information

Rural and Remote Broadband Access: Issues and Solutions in Australia

Rural and Remote Broadband Access: Issues and Solutions in Australia Rural and Rmot Broadband Accss: Issus and Solutions in Australia Dr Tony Warrn Group Managr Rgulatory Stratgy Tlstra Corp Pag 1 Tlstra in confidnc Ovrviw Australia s gographical siz and population dnsity

More information

Traffic Flow Analysis (2)

Traffic Flow Analysis (2) Traffic Flow Analysis () Statistical Proprtis. Flow rat distributions. Hadway distributions. Spd distributions by Dr. Gang-Ln Chang, Profssor Dirctor of Traffic safty and Oprations Lab. Univrsity of Maryland,

More information

A Note on Approximating. the Normal Distribution Function

A Note on Approximating. the Normal Distribution Function Applid Mathmatical Scincs, Vol, 00, no 9, 45-49 A Not on Approimating th Normal Distribution Function K M Aludaat and M T Alodat Dpartmnt of Statistics Yarmouk Univrsity, Jordan Aludaatkm@hotmailcom and

More information

union scholars program APPLICATION DEADLINE: FEBRUARY 28 YOU CAN CHANGE THE WORLD... AND EARN MONEY FOR COLLEGE AT THE SAME TIME!

union scholars program APPLICATION DEADLINE: FEBRUARY 28 YOU CAN CHANGE THE WORLD... AND EARN MONEY FOR COLLEGE AT THE SAME TIME! union scholars YOU CAN CHANGE THE WORLD... program AND EARN MONEY FOR COLLEGE AT THE SAME TIME! AFSCME Unitd Ngro Collg Fund Harvard Univrsity Labor and Worklif Program APPLICATION DEADLINE: FEBRUARY 28

More information

Economic Insecurity, Individual Behavior and Social Policy

Economic Insecurity, Individual Behavior and Social Policy Economic Inscurity, Individual Bhavior and Social Policy By Indrmit S. Gill igill@worldbank.org and Nadm Ilahi nilahi@worldbank.org Th World Bank Washington, DC 20433 First Draft: March 27, 2000 Papr writtn

More information

GOAL SETTING AND PERSONAL MISSION STATEMENT

GOAL SETTING AND PERSONAL MISSION STATEMENT Prsonal Dvlopmnt Track Sction 4 GOAL SETTING AND PERSONAL MISSION STATEMENT Ky Points 1 Dfining a Vision 2 Writing a Prsonal Mission Statmnt 3 Writing SMART Goals to Support a Vision and Mission If you

More information

An Analysis of Synergy Degree of Primary-Tertiary Industry System in Dujiangyan City

An Analysis of Synergy Degree of Primary-Tertiary Industry System in Dujiangyan City www.ccsnt.org/ijbm Intrnational Journal of Businss and Managmnt Vol. 6, No. 8; August An Analysis of Synrgy Dgr of Primary-Trtiary Industry Systm in Dujiangyan City Qizhi Yang School of Tourism, Sichuan

More information

SPECIAL VOWEL SOUNDS

SPECIAL VOWEL SOUNDS SPECIAL VOWEL SOUNDS Plas consult th appropriat supplmnt for th corrsponding computr softwar lsson. Rfr to th 42 Sounds Postr for ach of th Spcial Vowl Sounds. TEACHER INFORMATION: Spcial Vowl Sounds (SVS)

More information

Lecture 20: Emitter Follower and Differential Amplifiers

Lecture 20: Emitter Follower and Differential Amplifiers Whits, EE 3 Lctur 0 Pag of 8 Lctur 0: Emittr Followr and Diffrntial Amplifirs Th nxt two amplifir circuits w will discuss ar ry important to lctrical nginring in gnral, and to th NorCal 40A spcifically.

More information

5 2 index. e e. Prime numbers. Prime factors and factor trees. Powers. worked example 10. base. power

5 2 index. e e. Prime numbers. Prime factors and factor trees. Powers. worked example 10. base. power Prim numbrs W giv spcial nams to numbrs dpnding on how many factors thy hav. A prim numbr has xactly two factors: itslf and 1. A composit numbr has mor than two factors. 1 is a spcial numbr nithr prim

More information

Logo Design/Development 1-on-1

Logo Design/Development 1-on-1 Logo Dsign/Dvlopmnt 1-on-1 If your company is looking to mak an imprssion and grow in th marktplac, you ll nd a logo. Fortunatly, a good graphic dsignr can crat on for you. Whil th pric tags for thos famous

More information

10/06/08 1. Aside: The following is an on-line analytical system that portrays the thermodynamic properties of water vapor and many other gases.

10/06/08 1. Aside: The following is an on-line analytical system that portrays the thermodynamic properties of water vapor and many other gases. 10/06/08 1 5. Th watr-air htrognous systm Asid: Th following is an on-lin analytical systm that portrays th thrmodynamic proprtis of watr vapor and many othr gass. http://wbbook.nist.gov/chmistry/fluid/

More information

Parallel and Distributed Programming. Performance Metrics

Parallel and Distributed Programming. Performance Metrics Paralll and Distributd Programming Prformanc! wo main goals to b achivd with th dsign of aralll alications ar:! Prformanc: th caacity to rduc th tim to solv th roblm whn th comuting rsourcs incras;! Scalability:

More information

Installation Saving Space-efficient Panel Enhanced Physical Durability Enhanced Performance Warranty The IRR Comparison

Installation Saving Space-efficient Panel Enhanced Physical Durability Enhanced Performance Warranty The IRR Comparison Contnts Tchnology Nwly Dvlopd Cllo Tchnology Cllo Tchnology : Improvd Absorption of Light Doubl-sidd Cll Structur Cllo Tchnology : Lss Powr Gnration Loss Extrmly Low LID Clls 3 3 4 4 4 Advantag Installation

More information

Wage Inflation and the Distribution of Output Gaps in Europe: Insiders vs. Outsiders

Wage Inflation and the Distribution of Output Gaps in Europe: Insiders vs. Outsiders Economtric Rsarch and Spcial Studis Dpartmnt Wag Inflation and th Distribution of Output Gaps in Europ: Insidrs vs. Outsidrs M. Dmrtzis and A. Hughs Halltt Rsarch Mmorandum WO&E no. 631 Sptmbr 2000 D Ndrlandsch

More information

content Fresh thinking for decision makers

content Fresh thinking for decision makers Roland Brgr Stratgy Consultants contnt Frsh thinking for dcision makrs Think your bank can maintain its liquidity vn undr xtrm strss? Fin, but thr's mor to stratgic liquidity managmnt than that Th prcis

More information

Fundamentals: NATURE OF HEAT, TEMPERATURE, AND ENERGY

Fundamentals: NATURE OF HEAT, TEMPERATURE, AND ENERGY Fundamntals: NATURE OF HEAT, TEMPERATURE, AND ENERGY DEFINITIONS: Quantum Mchanics study of individual intractions within atoms and molculs of particl associatd with occupid quantum stat of a singl particl

More information

Modelling and Solving Two-Step Equations: ax + b = c

Modelling and Solving Two-Step Equations: ax + b = c Modlling and Solving To-Stp Equations: a + b c Focus on Aftr this lsson, you ill b abl to φ modl problms φ ith to-stp linar quations solv to-stp linar quations and sho ho you ord out th ansr Cali borrod

More information

Conditionality and Ownership in IMF Lending: A Political Economy Approach. Allan Drazen Tel-Aviv University, University of Maryland, NBER, and CEPR

Conditionality and Ownership in IMF Lending: A Political Economy Approach. Allan Drazen Tel-Aviv University, University of Maryland, NBER, and CEPR Conditionality and Ownrship in IMF Lnding: A Political Economy Approach Allan Drazn Tl-Aviv Univrsity, Univrsity of Maryland, NBER, and CEPR Novmbr 2001 Final Draft July 2002 ABSTRACT: Th rlation btwn

More information

Test of a V-Shaped Relationship between the Expected Real Effective Exchange Rate and Real Output: The Case of France

Test of a V-Shaped Relationship between the Expected Real Effective Exchange Rate and Real Output: The Case of France Journal of Economics and Businss Vol. II 2009, No 2 Tst of a V-Shapd lationship btwn th Expctd al Effctiv Exchang at and al Output: Th Cas of Franc u Hsing, SOUTHEASTEN LOUISIANA UNIVESIT Abstract Applying

More information

NAVAL POSTGRADUATE SCHOOL

NAVAL POSTGRADUATE SCHOOL NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA MBA PROFESSIONAL REPORT Th Survivor Bnfit Plan: A Cost-Bnfit Analysis By: Advisors: Scott E. Batty, and Tho Kang Dcmbr 2007 William R. Gats, Raymond E. Franck

More information

CONCEPTS AND FORMULAE

CONCEPTS AND FORMULAE CHAPTER 4 Dividnd Dcisions BASIC CONCEPTS AND FORMULAE 1. Introduction Dividnd rfrs to that portion of profit (aftr tax) which is distributd among th ownrs/sharholdrs of th firm and th profit which is

More information

Analysis of Trade Before and After the WTO: A Case Study of India

Analysis of Trade Before and After the WTO: A Case Study of India Global Journal of Financ and Managmnt. ISSN 0975-6477 Volum 6, Numbr 8 (2014), pp. 801-808 Rsarch India Publications http://www.ripublication.com Analysis of Trad Bfor and Aftr th WTO: A Cas Study of India

More information

Category 7: Employee Commuting

Category 7: Employee Commuting 7 Catgory 7: Employ Commuting Catgory dscription This catgory includs missions from th transportation of mploys 4 btwn thir homs and thir worksits. Emissions from mploy commuting may aris from: Automobil

More information

Chapter 5 Capacitance and Dielectrics

Chapter 5 Capacitance and Dielectrics 5 5 5- Chaptr 5 Capacitanc and Dilctrics 5.1 Introduction... 5-3 5. Calculation of Capacitanc... 5-4 Exampl 5.1: Paralll-Plat Capacitor... 5-4 Exampl 5.: Cylindrical Capacitor... 5-6 Exampl 5.3: Sphrical

More information

Keywords Cloud Computing, Service level agreement, cloud provider, business level policies, performance objectives.

Keywords Cloud Computing, Service level agreement, cloud provider, business level policies, performance objectives. Volum 3, Issu 6, Jun 2013 ISSN: 2277 128X Intrnational Journal of Advancd Rsarch in Computr Scinc and Softwar Enginring Rsarch Papr Availabl onlin at: wwwijarcsscom Dynamic Ranking and Slction of Cloud

More information

Module 7: Discrete State Space Models Lecture Note 3

Module 7: Discrete State Space Models Lecture Note 3 Modul 7: Discrt Stat Spac Modls Lctur Not 3 1 Charactristic Equation, ignvalus and ign vctors For a discrt stat spac modl, th charactristic quation is dfind as zi A 0 Th roots of th charactristic quation

More information

II. Equipment. Magnetic compass, magnetic dip compass, Helmholtz coils, HP 6212 A power supply, Keithley model 169 multimeter

II. Equipment. Magnetic compass, magnetic dip compass, Helmholtz coils, HP 6212 A power supply, Keithley model 169 multimeter Magntic fild of th arth I. Objctiv: Masur th magntic fild of th arth II. Equipmnt. Magntic compass, magntic dip compass, Hlmholtz s, HP 6212 A powr supply, Kithly modl 169 multimtr III Introduction. IIIa.

More information

June 2012. Enprise Rent. Enprise 1.1.6. Author: Document Version: Product: Product Version: SAP Version: 8.81.100 8.8

June 2012. Enprise Rent. Enprise 1.1.6. Author: Document Version: Product: Product Version: SAP Version: 8.81.100 8.8 Jun 22 Enpris Rnt Author: Documnt Vrsion: Product: Product Vrsion: SAP Vrsion: Enpris Enpris Rnt 88 88 Enpris Rnt 22 Enpris Solutions All rights rsrvd No parts of this work may b rproducd in any form or

More information

STATEMENT OF INSOLVENCY PRACTICE 3.2

STATEMENT OF INSOLVENCY PRACTICE 3.2 STATEMENT OF INSOLVENCY PRACTICE 3.2 COMPANY VOLUNTARY ARRANGEMENTS INTRODUCTION 1 A Company Voluntary Arrangmnt (CVA) is a statutory contract twn a company and its crditors undr which an insolvncy practitionr

More information

Inference by Variable Elimination

Inference by Variable Elimination Chaptr 5 Infrnc by Variabl Elimination Our purpos in this chaptr is to prsnt on of th simplst mthods for gnral infrnc in Baysian ntworks, known as th mthod of Variabl Elimination. 5.1 Introduction Considr

More information

Natural Gas & Electricity Prices

Natural Gas & Electricity Prices Click to dit Mastr titl styl Click to dit Mastr txt styls Scond lvl Third lvl Natural Gas & Elctricity Prics Fourth lvl» Fifth lvl Glnn S. Pool Manufacturing Support Mgr. Enrgy April 4, 2013 Click Vrso

More information

(Analytic Formula for the European Normal Black Scholes Formula)

(Analytic Formula for the European Normal Black Scholes Formula) (Analytic Formula for th Europan Normal Black Schols Formula) by Kazuhiro Iwasawa Dcmbr 2, 2001 In this short summary papr, a brif summary of Black Schols typ formula for Normal modl will b givn. Usually

More information

AN ACTUARIAL BALANCE SHEET FOR PAY-AS-YOU- GO FINANCE: SOLVENCY INDICATORS FOR SPAIN *

AN ACTUARIAL BALANCE SHEET FOR PAY-AS-YOU- GO FINANCE: SOLVENCY INDICATORS FOR SPAIN * CTURIL BLCE SHEET FOR PY-S-YOU- GO FICE: SOLVECY IDICTORS FOR SPI * MRÍ DEL CRME BODO-PES SLVDOR VLDÉS-PRIETO CRLOS VIDL-MELIÁ BSTRCT 24/4/7 Th solvncy and sustainability of pnsion systms financd by th

More information

Fraud, Investments and Liability Regimes in Payment. Platforms

Fraud, Investments and Liability Regimes in Payment. Platforms Fraud, Invstmnts and Liability Rgims in Paymnt Platforms Anna Crti and Mariann Vrdir y ptmbr 25, 2011 Abstract In this papr, w discuss how fraud liability rgims impact th pric structur that is chosn by

More information

Gas Radiation. MEL 725 Power-Plant Steam Generators (3-0-0) Dr. Prabal Talukdar Assistant Professor Department of Mechanical Engineering IIT Delhi

Gas Radiation. MEL 725 Power-Plant Steam Generators (3-0-0) Dr. Prabal Talukdar Assistant Professor Department of Mechanical Engineering IIT Delhi Gas Radiation ME 725 Powr-Plant Stam Gnrators (3-0-0) Dr. Prabal Talukdar Assistant Profssor Dpartmnt of Mchanical Enginring T Dlhi Radiation in absorbing-mitting mdia Whn a mdium is transparnt to radiation,

More information

C H A P T E R 1 Writing Reports with SAS

C H A P T E R 1 Writing Reports with SAS C H A P T E R 1 Writing Rports with SAS Prsnting information in a way that s undrstood by th audinc is fundamntally important to anyon s job. Onc you collct your data and undrstand its structur, you nd

More information

New Basis Functions. Section 8. Complex Fourier Series

New Basis Functions. Section 8. Complex Fourier Series Nw Basis Functions Sction 8 Complx Fourir Sris Th complx Fourir sris is prsntd first with priod 2, thn with gnral priod. Th connction with th ral-valud Fourir sris is xplaind and formula ar givn for convrting

More information

81-1-ISD Economic Considerations of Heat Transfer on Sheet Metal Duct

81-1-ISD Economic Considerations of Heat Transfer on Sheet Metal Duct Air Handling Systms Enginring & chnical Bulltin 81-1-ISD Economic Considrations of Hat ransfr on Sht Mtal Duct Othr bulltins hav dmonstratd th nd to add insulation to cooling/hating ducts in ordr to achiv

More information

Section 7.4: Exponential Growth and Decay

Section 7.4: Exponential Growth and Decay 1 Sction 7.4: Exponntial Growth and Dcay Practic HW from Stwart Txtbook (not to hand in) p. 532 # 1-17 odd In th nxt two ction, w xamin how population growth can b modld uing diffrntial quation. W tart

More information

Global Sourcing: lessons from lean companies to improve supply chain performances

Global Sourcing: lessons from lean companies to improve supply chain performances 3 rd Intrnational Confrnc on Industrial Enginring and Industrial Managmnt XIII Congrso d Ingniría d Organización Barclona-Trrassa, Sptmbr 2nd-4th 2009 Global Sourcing: lssons from lan companis to improv

More information

Entity-Relationship Model

Entity-Relationship Model Entity-Rlationship Modl Kuang-hua Chn Dpartmnt of Library and Information Scinc National Taiwan Univrsity A Company Databas Kps track of a company s mploys, dpartmnts and projcts Aftr th rquirmnts collction

More information

the so-called KOBOS system. 1 with the exception of a very small group of the most active stocks which also trade continuously through

the so-called KOBOS system. 1 with the exception of a very small group of the most active stocks which also trade continuously through Liquidity and Information-Basd Trading on th Ordr Drivn Capital Markt: Th Cas of th Pragu tock Exchang Libor 1ÀPH³HN Cntr for Economic Rsarch and Graduat Education, Charls Univrsity and Th Economic Institut

More information

Sci.Int.(Lahore),26(1),131-138,2014 ISSN 1013-5316; CODEN: SINTE 8 131

Sci.Int.(Lahore),26(1),131-138,2014 ISSN 1013-5316; CODEN: SINTE 8 131 Sci.Int.(Lahor),26(1),131-138,214 ISSN 113-5316; CODEN: SINTE 8 131 REQUIREMENT CHANGE MANAGEMENT IN AGILE OFFSHORE DEVELOPMENT (RCMAOD) 1 Suhail Kazi, 2 Muhammad Salman Bashir, 3 Muhammad Munwar Iqbal,

More information