a use‐value (or utility) • an exchange value • a price (it could be an actual selling price or an imputed ideal price) VALUE In simple words‚ value refers to the importance of a thing or utility of a commodity. But in economics the term “value” has a quite different meaning. According to the famous economist‚ Adam Smith‚ the word “Value” can be used in two meanings: i. Value in Use and ii. Value in Exchange. 1) Value in use: Value in use is also called Utility or a want satisfying power of a commodity
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headquarter in USA which is dedicated to advancing technological innovation and excellence for the benefit of humanity). Reliability of Power Supply and Consumer Satisfaction Reliability of Service needs to be always given primary importance by electric utility system. Consumer is least interested about the availability of power sources‚ grid conditions but he must be ensured a power supply‚ which is most
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I. Introduction Meralco is a natural monopoly. Natural monopoly exists when a firm is able to supply the total market demand more efficiently because of economies of scale that allow the firm to lower its cost as it expands capacity. However‚ like any firm in a market situation where there is imperfect competition or in a less-than-competitive market‚ a natural-monopoly firm‚ when left to its own‚ tends to limit its output to a point where its marginal cost equals its marginal revenue but charge
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regulatory commissions that govern social regulation‚ and identify three main regulatory commissions of industrial regulation. Industrial Regulation is a type of regulation where the government concerns itself with public services such as public utilities and how much the consumers are charged by companies for the services provided. Industrial regulation is very important and was created to serve in the public’s interest. Industrial regulation exists to moderate public services and govern control
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Regulation 2 Industrial regulation is government imposed regulation of an entire industry in order to monitor prices and products provided to the public. Industrial regulation exists to avoid overpricing‚ lack of competition and the overall taking advantage of consumers. The intended impact on the markets is to promote competition and economic efficiency. Industrial regulation
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Petersburg Cooling Tower Auxiliary Power Usage with VFD’s/ Control Strategy Michael J Smith – IPL Engineering & Project Management Abstract--The temperature control strategy for the cooling tower fans involves two automatic modes of operation as well as provisions for manual operation. Both modes will provide sequencing for starting/stopping each of the 14-250hp‚ 480vac fans that have been made available for automatic control. Auxiliary power savings on the 3MVA‚ 4160vac tower load can be
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FPL An Overview FPL Group‚ Inc. is Florida’s largest electric utility company. In 1925‚ through the consolidation of numerous electric and gas companies‚ they formed Florida Power & Light Company (FP&L). FP&L grew steadily over the next 50 years until rising fuel costs‚ operating issues‚ and construction costs began to decrease profitability. In the mid-1980s‚ FPL diversified with four major acquisitions - Colonial Penn Life Insurance Company‚ Telesat Cablevision‚ Inc.‚ CBR Information Group
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Content 1. Introduction…… …………………………………………………………………….….3 2. Traditional economics theories ………………………………………...……………….4 3. Cases where traditional economics doesn’t work……………………………………….6 4. Conclusions…………………….………………………………………………...….….10 5. Bibliography………………………………….………………………...………………11 1. Introduction. Economic theory is described as the result of the accumulation of knowledge. It is assumed that the opinions dominant today represent the highest stage of knowledge about the economy as
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Hume argues that ‘it is only from the selfishness and confin’d generosity of men‚ along with the scanty provision nature has made for his wants‚ that justice derives its origin’. Is he right? Name: Tanieka Kargwal Words: 1524 In this essay I will contend and try to persuade you that the origins of justice do not require both ‘selfishness’ and ‘scanty provisions’ but rather one of the two conditions is enough in order to derive justice. This is because we are able to create property rights by
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The Bear Minimum Big Bear Power is a public utility company that has posted strong financial results for several years. Big Bear has positive cash flow‚ and it is in compliance with all its debt covenants. Big Bear leases a combustion turbine from Goliath Co for a 10-year non-cancelable term. The lease agreement is signed on December 15‚ 2004 and Big Bear’s right to use the turbine begins on January 1‚ 2005. Various provisions and other facts from the lease are listed below. Provision 1 Big Bear
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