...CHAPTER 4 SI UNIT PROBLEMS SOLUTION MANUAL SONNTAG • BORGNAKKE • VAN WYLEN FUNDAMENTALS of Thermodynamics Sixth Edition Sonntag, Borgnakke and van Wylen CONTENT SUBSECTION Correspondence table Concept problems Force displacement work Boundary work: simple one-step process Polytropic process Boundary work: multistep process Other types of work and general concepts Rates of work Heat transfer rates Review problems English unit concept problems English unit problems PROB NO. 1-19 20-30 31-46 47-58 59-70 71-81 82-94 95-105 106-116 117-122 123-143 Sonntag, Borgnakke and van Wylen CHAPTER 4 6 ed. CORRESPONDANCE TABLE The new problem set relative to the problems in the fifth edition. New 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 5th 1 2mod new New New 3 4 new New new New New 18 27 new new 5 new New 13 new new New New New 22 45 mod 8 12 14 New New New New 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 5th new 19 20 33 mod 37 36 15 30 6 New 32 7 9 34 10 New New 26 39 New 40 New New New New 58 59 60 61 New New New New New 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 5th new new new 43 new New new new New 47 HT 48 HT 49 HT 50 HT mod 51 HT mod 52 HT 53 HT 54 HT 55 HT 56 HT 57 HT 31 mod 11 16 17 23 21 mod 28 29 24 44 35 th Sonntag, Borgnakke and van Wylen The English unit problem set is...
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...HYDRAULICS LAB #1 The objective of this lab is to test the fluid flow provided by the power unit at various discharge pressures, and create a power unit characteristic curve. 1. Build on the trainer the hydraulic circuit shown in the figure below, using the components listed here. hydraulic power unit (2) pressure gauges flow control valve (FCV) – simulated load flow-meter Page 1 of 2 2. Initial setup: a. Fully close (CW) the FCV, and fully open (CCW) the pressure relief valve on the power unit. b. Start the power unit, and slowly adjust the pressure relief valve until pressure gauge P1 reaches 50 bar. Let the unit run for a few minutes then check and adjust P1 if necessary. c. Do not touch the pressure relief valve for the remainder of the lab. d. Fully open the FCV. 3. Test: a. Record the pressures P1, P2 and the flow rate under the “Min.” column in the table below. b. Slowly turn the FCV CW, adding a simulated load to the system. When the pressure at P1 increases to 15 bar, stop and record pressure P2 and the flow rate. c. Repeat for all columns listed in the table. The final column, listed as “Max Pres.” should be run with the FCV fully closed. Note the sound of the power unit during this test. You should detect changes in tone as the load (pressure) is increased. P1 Pressure (bar) P2 (bar) Flow Rate (lpm) Min * 15 20 25 30 35 40 45 46 47 48 49 Max. Pres. * minimum pressure attained, with flow control fully open HYDRAULICS LAB #1 Page 2 of 2 Lab Report: ...
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...File C5-207 July 2007 www.extension.iastate.edu/agdm Elasticity of Demand E lasticity of demand is an important variation on the concept of demand. Demand can be classified as elastic, inelastic or unitary. An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small. The formula for computing elasticity of demand is: (Q1 – Q2) / (Q1 + Q2) (P1 – P2) / (P1 + P2) If the formula creates a number greater than 1, the demand is elastic. In other words, quantity changes faster than price. If the number is less than 1, demand is inelastic. In other words, quantity changes slower than price. If the number is equal to 1, elasticity of demand is unitary. In other words, quantity changes at the same rate as price. Close substitutes for a product affect the elasticity of demand. It another product can easily be substituted for your product, consumers will quickly switch to the other product if the price of your product rises or the price of the other product declines. For example, beef, pork and poultry are all meat products. The declining price of poultry in recent years has caused the consumption of poultry to increase, at the expense of beef and pork. So products with close substitutes tend to have elastic demand. Figure 1. Elastic demand Elastic Demand Elasticity of demand is illustrated in Figure 1. Note that a change in price...
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...File C5-207 July 2007 www.extension.iastate.edu/agdm Elasticity of Demand E lasticity of demand is an important variation on the concept of demand. Demand can be classified as elastic, inelastic or unitary. An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small. The formula for computing elasticity of demand is: (Q1 – Q2) / (Q1 + Q2) (P1 – P2) / (P1 + P2) If the formula creates a number greater than 1, the demand is elastic. In other words, quantity changes faster than price. If the number is less than 1, demand is inelastic. In other words, quantity changes slower than price. If the number is equal to 1, elasticity of demand is unitary. In other words, quantity changes at the same rate as price. Close substitutes for a product affect the elasticity of demand. It another product can easily be substituted for your product, consumers will quickly switch to the other product if the price of your product rises or the price of the other product declines. For example, beef, pork and poultry are all meat products. The declining price of poultry in recent years has caused the consumption of poultry to increase, at the expense of beef and pork. So products with close substitutes tend to have elastic demand. Figure 1. Elastic demand Elastic Demand Elasticity of demand is illustrated in Figure 1. Note that a change in price...
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...and (d) that consumers are better o than before the tax if the rebate is based on the original consumption of gasoline. QUESTION 2: Consider an individual who consumes only two goods, x1 and x2 , and assume that the utility this individual receives from these goods (u) is given by: u = xa xb , where a > 0 and 1 2 b > 0. The individual's income is m = 100, and the prices of the two goods are p1 and p2 . (a) Derive the ordinary demand functions for both x1 and x2 . (b) Assume that a = b = 0:5 and p2 = 1 and consider an increase in p1 from 1 to 2. (i) Compute the compensating variation. (ii) Compute the equivalent variation. (c) Assume that a = b = 0:25 and p2 = 1 and consider a decrease in p1 from 2 to 1. (i) Compute the compensating variation. (ii) Compute the equivalent variation. QUESTION 3: Consider an individual who consumes only two goods, x1 and x2 , and assume that the utility this individual receives from these goods (u) is given by: u = ax1 + ln xb , where 2 a > 0 and b > 0. The individual's income is m = 100, and the prices of the two goods are p1 and p2 . (a) Derive the ordinary demand functions for both x1 and x2 . 1 (b) De ne three ways of measuring the welfare change...
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...the mineral deposits and pledged that his company will add to the quality of life within the surrounding community. The company remains private. Rousseau says “Going public would mean bowing to the almighty earnings per share and having to answer to the analysts instead of the citizens.” He did, however, recognize that there may be short run trade offs between economic benefits and social fabric of the community and a zero environmental footprint In 2002, the company discovered a promising seam just outside the town of Carlsbad. Preliminary sampling indicated high concentrations of several valuable minerals including G2, S2 and P1. In 2003, the mine shaft was constructed along with a processing plant and administrative offices. The development of the mine lead to the economic revival of the town of Carlsbad. During 2003, twenty new homes, a sixty-unit trailer park and several new businesses were established. Mining and processing operations began in January 2004 and have continued without interruption since that date. KMM currently operates at 80% capacity due to transportation restrictions (see below). During 2011, the company removed 310,000 tonnes of ore from the mine. The future life of the mine is expected to be twenty-five years. Industry analysts suggest that companies of this nature should earn a 12% real pre-tax profit on sales (after negating the effects of inflation). Rousseau figures the analysts are in a dream world. KMM has never met the 12% pre-tax target. The company...
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...Case Studies 1. SOLUTION TO STARTING RIGHT CASE, CH. 3, PAGE 110 This is a decision-making-under-uncertainty case. There are two events: a favorable market (event 1) and an unfavorable market (event 2). There are four alternatives, which include do nothing (alternative 1), invest in corporate bonds (alternative 2), invest in preferred stock (alternative 3), and invest in common stock (alternative 4). The decision table is presented. Note that for alternative 2, the return in a good market is $30,000 (1 + 0.13)5 = $55,273. The return in a good market is $120,000, (4 x $30,000) for alternative 3, and $240,000, (8 x $30,000) for alternative 4. Payoff table Laplace Hurwicz Event 1 Event 2 Average Value Minimu m Maximu m Value Alternativ e1 0 0 0.0 0 0 0.00 Alternativ e2 55,273 – 10,00 0 22,636.5 – 10,000 55,273 – 2,819.9 7 Alternativ e3 120,00 0 – 15,00 0 52,500.0 – 15,000 120,000 –150.00 Alternativ e4 240,00 0 – 30,00 0 105,000. 0 – 30,000 240,000 –300.00 Regret table Maximum Alternative Event 1 Event 2 Regret Alternative 1 240,000 0 240,000 Alternative 2 184,727 10,000 184,727 Alternative 3 120,000 15,000 120,000 Alternative 4 0 30,000 30,000 a. Sue Pansky is a risk avoider and should use the maximin decision approach. She should do nothing and not make an investment in Starting...
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...Case Studies 1. SOLUTION TO STARTING RIGHT CASE, CH. 3, PAGE 110 This is a decision-making-under-uncertainty case. There are two events: a favorable market (event 1) and an unfavorable market (event 2). There are four alternatives, which include do nothing (alternative 1), invest in corporate bonds (alternative 2), invest in preferred stock (alternative 3), and invest in common stock (alternative 4). The decision table is presented. Note that for alternative 2, the return in a good market is $30,000 (1 + 0.13)5 = $55,273. The return in a good market is $120,000, (4 x $30,000) for alternative 3, and $240,000, (8 x $30,000) for alternative 4. Payoff table Laplace Event 1 Alternativ e1 Alternativ e2 Alternativ e3 Alternativ e4 0 55,273 Event 2 0 – 10,00 0 – 15,00 0 – 30,00 0 Average Value 0.0 22,636.5 Minimu m 0 – 10,000 – 15,000 – 30,000 Maximu m 0 55,273 Hurwicz Value 0.00 – 2,819.9 7 –150.00 120,00 0 240,00 0 52,500.0 120,000 105,000. 0 240,000 –300.00 Regret table Maximum Alternative Alternative 1 Alternative 2 Alternative 3 Alternative 4 Event 1 240,000 184,727 120,000 0 Event 2 0 10,000 15,000 30,000 Regret 240,000 184,727 120,000 30,000 a. Sue Pansky is a risk avoider and should use the maximin decision approach. She should do nothing and not make an investment in Starting Right. b. Ray Cahn should use a coefficient of realism of 0.11. The best decision is to do nothing. c. Lila Battle should eliminate alternative 1 of doing nothing and apply the maximin...
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...Supply, Demand and Equilibrium in Linear Equation The quantity demanded is the amount of a good that consumers want to buy at a given price, holding constant all other factors that influence purchases. The demand function shows the mathematical relationship between the quantity demanded , the price of the product, and other factors that influence purchases. A demand curve plots the demand function, again holding constant other factors. The quantity supplied is the amount of a good that firms want to sell at a given price, holding constant all other factors that influence firms’ supply decisions. The supply function shows the relationship between the quantity supplied, the price of the product, and other factors that influence the number of units supplied. An equilibrium exists if no market participant wants to change its behavior. In a market, equilibrium occurs at the price and quantity where the demand curve and the supply curve intersect. Example Problem: :SUPPLY AND DEMAND .AT $1.40 PER BUSHEL,THE DAILY SUPPLY FOR OATS IS 850 BUSHELS AND the daily demand is 850 bushels.when the price falls to $1.20 per bushel,the daily supply decreases to 350 bushels,and the daily demand increases to 980 bushels.assume that supply and demand equation are linear A-find the supply equation. B-find the demand equation. C-find the equilibrium price and quantity. Let x1 = 120 cents Let x2 = 140 cents For the supply equation: Let y1 = 350 Let y2 = 850 For the Demand equation:...
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...Managing financial resources and decisions Part 1 Assignment 1 Task 1 Sources of finance for different businesses Different sources of finance are given for, old, large small etc organizations. Type | Cost | Payback Terms | Sizes | Advantages | Disadvantages | Personal Savings | No cost | None | | Easy, cheap | Risk of Loss | Friends & Family | Usually good rate or none | Very flexible | | Flexible, best value | Can create friction | Home Mortgages - Traditional or Seconds | 7-9%8-14% on equity loans | Very long and flexible | 80-100% + of home equity value | Cheapest, longest term | Your house is at risk in the event of non-payment | Suppliers | Free | 30 days +/- | | Inexpensive, unsecured | Short term | Venture capital | 25-40% | 5-7 years | $500,000+ | Can get large amounts | Very hard to get; share ownership | Leasing companies | 12-18% | 5-7 years | Varies | Same as above; also 100% financing | | Banks | 6-9% | 1-5 years | $50,000+ | Generally least expensive | Generally hardest to qualify for | Task 2: a) Importance of financial planning for Barlett Company Some important factors are given below for the company: - * It helps in managing income more effectively through planning. * Increasing cash flows by carefully monitoring company’s spending patterns and expenditures. * Allowing the company to consider investments to improve its overall financial matters. b) Information needs of the different decision makers In the below table briefly...
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...current production levels is $200. Determine your optimal per unit price if: a. You are a monopolist. b. You compete against one other firm in a Cournot oligopoly. c. You compete against 19 other firms in a Cournot oligopoly. a. P=(EF/1+EF)*MC => (-1.50/-.50) * 75 => 225 b. P = (NEm/1+NEm)*MC => (-1.50/-.50) * 75 => 225 c. P = (NEm/1+NEm)*MC => (19* -1.50/1+ 19*-.50) * 75 => (-28.5 / -8.5) * 75 => 251 4. P1= (E1/1+ E1)MC = (-2/1-2)10 = $20 and the optimal markup is 2. P2= (E2/1+ E2)MC = (-6/1-6)10 = $60 and the optimal markup is 6. b. Profit maximization should follow the next condition: MR1= MR2 => P1(1+ E1/ E1) = P2(1+ E2/ E2). Groups of consumers are already identified as well as their elasticity of demands. Therefore, in order to enhance profits, there must be differences in the elasticity of demand of the different consumers. Since Group 2 has a more elastic demand for the product than do Group 1, they should be charged a lower price to maximize profits. In addition, the manager should prevent resell the product as consumers buying at lower price can resell their purchases to the group paying higher price. 6. a. The inverse function is P = 200 – 4Q and the Marginal cost is $120. The optimal number of units in a package is that output where price equals marginal cost. Therefor we set 200 – 4Q = 120 and we get, Q = 20 units. b. The total value to a consumer of the 20 units, which is $3,200 (.5)(20)($200 - $120) + ($120)(20) = $3...
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...33 10 Intertemporal Choice 37 12 Uncertainty 39 14 Consumer Surplus 43 15 Market Demand 46 18 Technology 48 19 Profit Maximization 52 20 Cost Minimization 54 21 Cost Curves 57 22 Firm Supply 59 23 Industry Supply 62 24 Monopoly 64 2 25 Monopoly Behavior 67 26 Factor Market 72 27 Oligopoly 76 28 Game Theory 80 30 Exchange 85 3 Ch. 1. The Market I. Economic model: A simplified representation of reality A. An example – Rental apartment market in Shinchon: Object of our analysis – Price of apt. in Shinchon: Endogenous variable – Price of apt. in other areas: Exogenous variable – Simplification: All (nearby) Apts are identical B. We ask – How the quantity and price are determined in a given allocation mechanism – How to compare the allocations resulting from different allocation mechanisms II. Two principles of economics – Optimization principle: Each economic agent maximizes its objective (e.g. utility, profit, etc.) – Equilibrium principle: Economic agents’ actions must be consistent with each other III. Competitive market A. Demand – Tow consumers with a single-unit demand whose WTP’s are equal to r1 and r2 (r1 < r2 ) p r2 r1 1 2 – Many people 4 Q p p Q Q ∞ consumers 4 consumers B. Supply – Many competitive suppliers ¯ – Fixed at Q in the short-run C. Equilibrium – Demand must equal supply p p∗ p ¯ Q Q Q ...
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...business’s costs. |a. |Tyler says his costs are $25,900, and Greg says his costs are $66,500. | |b. |Tyler says his costs are $25,000, and Greg says his costs are $65,000. | |c. |Tyler says his costs are $66,500, and Greg says his costs are $66,500. | |d. |Tyler says his costs are $75,000, and Greg says his costs are $41,500. | 2.) Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers it produces 90 units of output. Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information, what is the total cost of production when the firm hires 7 workers? |a. |$66 | |b. |$76...
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...equal to average total cost minus average fixed cost, AVC = $8 - $2 = $6. d. Since average total cost is less than marginal cost, average total cost must be rising. Therefore, the efficient scale must occur at an output level less than 100. Q5. a. Figure 5 shows the typical firm in the industry, with average total cost ATC1, marginal cost MC1, and price P1. b. The new process reduces Hi-Tech’s marginal cost to MC2 and its average total cost to ATC2, but the price remains at P1 because other firms cannot use the new process. Thus Hi-Tech earns positive profits. c. When the patent expires and other firms are free to use the technology, all firms’ average-total-cost curves decline to ATC2, so the market price falls to P3 and firms earn zero profit. Figure 5 Q8. a. The rise in the price of crude oil increases production costs for individual firms and thus shifts the industry supply curve up, as shown in Figure 3. The typical firm's initial marginal-cost curve is MC1 and its average-total-cost curve is ATC1. In the initial equilibrium, the industry supply curve, S1, intersects the demand curve at price P1, which is equal to the minimum average total cost of the typical firm. Thus, the typical firm earns no economic profit. Figure 3 b. The increase in the price of oil shifts the...
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...Demand and Supply: The Basics 21 FUNDAMENTALS OF ECONOMICS FOR BUSINESS - (Second Edition) © World Scientific Publishing Co. Pte. Ltd. http://www.worldscibooks.com/economics/6794.html Chapter 2 Introduction The most basic, and in many ways the most lasting, lesson to be learnt from “Economics 101” relates to the fundamental concepts of demand and supply and their interaction. These are usually presented in a simple graphical format involving demand and supply “curves”. The word is in quotes because in this chapter, for simplicity, we will actually assume only straightline relationships between price and quantities demanded and supplied. The main issue that is important in reality is the direction of the relationship between prices and quantities. Will a reduction in price lead to an increase in the quantity demanded of any particular product or service? Will an increase in price lead to an increase in supply? And so on. The principal technical tools for analyzing demand and supply conditions in particular markets, then, are the demand and supply schedules or curves. The demand curve shows an estimate or conjecture about the relationship between the price of any particular product or service and the quantity of that product that will be demanded by consumers. It is usually assumed to slope downward, in the general case, for most products and services. In other words, the lower the price of the item, the greater the quantity of it that will be demanded. Technically, this...
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