Price Elascity of Demand Essay Example for Free

Price Elascity of Demand EssayPrice Elascity of Demand BY vtc901ee The price snatch of demand (PED) is a measure of how much the sum demanded of a good responds to a vary in price of the good (Mankiw 2007, p. 90). It is a form of measure to determine how pass oning consumers ar to move away from the good as the price of the good rises. Most of the time, there are factors that determines the PED, such as availability of close substitutes, necessities versus luxuries, definition of the market and time horizon. In order to purport the PED, a formula is calculated using the percentage change in the criterion demanded divided y the percentage change in the price.Elastic demand that has the coefficient of greater than 1 suggests that there would be a significant change in quantity demanded when there is a little change in price while inflexible demand has a coefficient of less than one, which has a little change in quantity demanded even when there is a significant change in price. Unitary demand occurs when there is a coefficient of exactly one and there is an exact change in quantity demanded in proportion to the change in price (Bolotta et al. 2002). There are two ways to calculate the PED.Firstly, it is called the point method or also nown as geometric method (DEISU 2008). Under this method, we measure the elasticity of demand at whatsoever point of a demand curve using the formula, Elasticity at each point on the straight line can be calculated using the point method provided that the demand line is linear. The better way to calculate the PED is by using the shopping centre method, which is to calculate the PED between two points on a demand curve by averaging the 2 initial and final points chosen.The midpoint approach averages the prices and quantities demanded, thus arriving at an average elasticity estimate for the range of values covered on the demand curve. The formula is, The product that is chosen to inform the theory of PED is rice. R ice is one of the perfect examples of inelastic demand applied in todays world, especially in Malaysia. There was an interesting finding made by Nik Mustapha and other researchers, where they find that rice tends to be inelastic, showing that rice has already occupied a special position in Malaysian diet as it is a staple food among the population (FEMI-JPM 2008).Other countries in Asia are also affected by the demand for rice. In Thailand, the export price elasticity of demand for rice is ranged -1. 2 and -1. 9, which shows that it is an inelastic demand (FEMI-JPM 2008). The graph would be similar to Figure 3, whereby it has a steeper slope. This indicates that the consumer would pay at almost any price set in the market for the good as it is a necessity in food for them. The PED of the rice is important in terms of their price decisions as the total revenue can change along the demand curve, and this in return depends on the PED.In this case, rice is considered to be inelastic, an d for all inelastic demands, an increase in price will have an increase in total revenue (Mankiw 2007, p. 95). However, this is also crucial in determining the maximum boodle that can be made using the PED. If all the farmers have good harvest, a large drop in price is necessary to encourage consumers to enjoyment the additional grain (Ingrimayne. com) this will cause the farmers income to decrease, thus it is important to know the PED of the rice. For instance, if the quantity of rice increases by 20%, it means that there could be a decrease of price by 40%.In explaining on how the tax being imposed by the political science can affects the production of rice, a amply labelled market diagram for rice (inelastic demand) is illustrated. Consumer surplus is the extra amount consumers are willing to pay from the ctual price whereas producer surplus is the amount sellers are paid for a good minus the sellers cost of providing it (Mankiw 2007, pp. 139-144). Before the disposal impose tax on rice, consumer surplus and producer surplus are persistent by equilibrium of price in the market.By imposing the tax on rice, the quantity of rice sold falls and there is a paladin between the price that buyers pay and the price that sellers receive. Both surpluses are reduced because there is tax revenue imposed by the government, resulting in a deadweight loss, a condition where a fall in surplus exceeds tax revenue, a form of market distortion (Mankiw 007, p. 162). These tax revenues are classified as government revenue. Government revenue may differ depending on the size of the tax, as different tax size generates different tax revenue.Since an inelastic demand decreases the quantity produced by a little, it can be assumed that the deadweight loss is also smaller, causing the tax revenue to increase slightly, as shown in Figure 10. Next, we will discuss the tax burden of the production of rice. Tax incidence is the distribution of tax burden among the participants in th e market. In the rice market, taxes imposed on the buyers and the sellers are the same no matter whether the tax s charged on buyers or sellers, but the only difference is that who will send the money to the government (Mankiw 2007, pp. 24-127). To prove that, the following are the examples when a tax is charged on either buyers or sellers The overall social welfare will be clearly shown once the effects of tax have on the quantity and price of the product, as the change in the total welfare decreases the consumer surplus and producer surplus, and ordinarily exceeds the tax revenue raised maximised as there is deadweight loss incurred in the process of taxation, causing the quantity of goods decrease

Investment Appraisal Report Example

Investment Appraisal Report ExampleRe Investment in Kingfisher PlcFollowing our conversation earlier, I give birth prep ard a report into Kingfisher Plc to foster you with your investment decision. I devour split this report into two sections, to help you analyse the comp some(prenominal)s fiscal management practices and as well to determine what represents a sightly legal injury for the attach tos shargons.As we discussed earlier, when making any investment it is vital to consider the financial management policies and practices of the high society. These include what the keep go with invests in how these investments perform how the company raises funds to invest and how the company treats its moolah. As such(prenominal), the first part of this section leave extend these four sections in turn, and how these preserve the exercise of the company.The second section impart address the fair pass judgment of the theatrical roles of the company. This is because, whilst th e company may perform well, if the contends are purchased for much than a fair economic determine, base on the companys ability to earn, they may non provide a good return to an investor.I desire this report will be of interest to you, please let me know if you redeem any questions ab go forth any aspects.Part A)Financial ManagementInvestmentsKingfishers primary investment all everyplace the ancient five years has been in tangible additions, such as property, plant and equipment, which ad try on do up over fifty percent of entireness assets over the past five years. The majority of the remain assets are composed of thanksgiving, with small amounts devoted to pension plans, financial derivatives and separate intangible assets. This commode be seen in the t qualified belowTable of non current asset set for Kingfisher Group Plc (all in one thousand thousands)Assets200320042005200620072008Property, Plant and Equipment304127813032326532113698Goodwill2652245524632559255 22532 different Assets309146289354380532(Source Kingfisher, 2008)The main trend in the assets of Kingfisher has been a steady rise in the evaluate of property, plant and equipment as well as new(prenominal) assets. The main revision in the other assets is a rise in the aim of post employment benefits deferred tax assets and derivative financial instruments, which were not on the balance canvas in 2003 but arrive at a total value of over 200 gazillion in 2008. In addition, the drop in all values from 2003 to 2004 is a result of the disposal of the Chartwell Land property portfolio, which resulted in a reduction in the value of all asset classes due to the transfer of goodwill associated with the property sold. From 2004 onwards, the company has engaged in a significant expansion program based on organic growth and the opening of new stores. This has by nature additiond the value of the total property, plant and equipment with a small drop in 2007 where the company disposed o f some of its less profitable stores.This balance in assets is largely expected because Kingfisher is a retail group, operating stores such as BQ, Screwfix, Castorama, and Brico Depot. As such, the groups main source of income comes from sales from these stores hence these stores are the most valuable asset the group owns. In addition, the company maintains a diverse portfolio of businesses crossways the UK, France and other countries including the Republic of Ireland, Poland, Italy, Spain, Turkey and China. In order to ascertain in these countries, the group needs to own assets such as stores, offices, and distribution networks. This further increases the percentage of total assets which will be taken up by property, plant and equipment.With regards to the level of goodwill, this became quite high prior to 2003, but has stayed quite constant over the period of the study. This indicates that a significant proportion of the business assets have been purchased for more than their m ass value. This is possibly how the group has managed to obtain such a large portfolio of businesses, and particularly how it has managed to ensure that all of its businesses are in the top trey of the domestic markets. However, over the period of the study, the group has not experienced a significant increase or decrease in the level of goodwill, which implies that it has not significantly stretch outed its portfolio through acquisitions, and the majority of the increase in the value of the total assets has come through organic growth or purchases at close to book value. This is slightly complicated by the groups goodwill policy, which makes an assessment of the ability of acquired businesses to generate cash each year, and amortises the level of goodwill to compensate. As such, it is practicable that the group has invested a significant amount in buying new businesses, and the value of the goodwill from these businesses has since fallen. However, the annual reports mention th at new stores are being opened, not bought, which implies that the groups expansion policy is to open new stores, rather than acquire existing ones from competitors.Investment appraisalInvestment appraisal is generally make on a per project basis, with a company projecting the cashflows, both positive and negative, associated with a project and then calculating whether the net cashflow will be positive or negative, and by how much. This value can be calculated based on either the absolute value of the cashflows, or on the discounted value of the cashflows which takes into account the fact that cashflows occurring in later years will be less valuable due to inflation and other factors (Knott, 2004). However, when considering an investment in Kingfisher, this ruleological analysis is not appropriate, as the company is a continuous operation with no definite start or end point. Indeed, all the new stores the company opens are intended to remain operational for the foreseeable future, hence making it very difficult to calculate their rates of return and net present values. Whilst the company will undoubtedly have an internal method for doing this, perhaps taking the cashflows for the first five years of operations, this method is not detailed in the annual reports. Nor does Kingfisher distinguish details of the exact hails of the investment into stores or their cashflows in the annual reports, thus making it impossible to attempt such an analysis with the available data.As such, it is necessary to analyse the performance of Kingfishers overall business, from the point of view of an investor looking to buy shares. As such, the initial purchase of the shares represents the initial investment, and the return made on these shares can be taken to be the future cashflows for the purposes of the analysis. On this basis, it is necessary to look at the annual returns provided by Kingfisher, as well as the change in the value of the shares (Lumby, 1994).Kingfisher annua l share expense from May 2003 to May 2008DateClosing Price27/05/2003257.2527/05/2004285.527/05/200525926/05/2006235.7525/05/2007252.7527/05/2008138.1(Source Yahoo Finance, 2008)Kingfisher stipend per share from 2003 to 2008 category meshing per share200316.4200417.4200520.8200612.2200711.8200811.7(Source Kingfisher, 2008)As can be seen from these graphs above, Kingfishers share price and net profit per share have both fallen over the period of the study. As such, one share purchased for 257 pence in 2003 would be worth but 138 pence in 2008, and the total dividend earnings per share would be beneficial 90 pence. As such, the total return from an investment of 257 pence would be only 228 pence. This implies that an investment in Kingfisher over the past three years would have performed very poorly, with a return of -12.7% over five years, even without considering discount factors and net present values. Indeed, given that the positive cashflows have occurred after the negative c ashflows, any investment in Kingfisher would have a negative net positive value for any positive discount factor.In addition, the earnings per share have fallen from 2003 to 2008. Within the period of the study, earnings per share rose from 2003 to 2005, before falling sharply between 2005 and 2006 and then rest relatively constant. This fall is specifically mentioned in Kingfishers 2006 annual report as being due to a significant fall in profits from the UK market, which was driven by rising energy costs, higher taxes and pension contributions and consumer confidence has been affected by a weaker ho exploitation market (Kingfisher, 2008). This implies that Kingfishers investments in the UK have performed poorly over the past three years, and indeed the 2008 annual report shows that the UK investments have further weakened against the background of the global opinion crunch. Whilst the credit crunch has affected all markets around the world, Kingfisher specifically points out that the high level of debt in the UK has created even more problems for consumers, who have less money to put down as their debt payments have risen. As such, Kingfishers investments in the UK, which account for around 47% of the groups total revenue, are unlikely to improve their performance in the near future.Sources of fundingKingfisher main sources of fundingAll in millions200320042005200620072008Total long term debt1528744.9828.31255.514321620Total equity446344074387.34320.444214724(Source Kingfisher, 2008)Kingfisher is strongly dependent on equity as a source of funding, with total shareholders equity making up at least three times as much of the funding as long term debt. Short term debt has been excluded from these calculations, partly because short term debt appears to be apply only to settle any cashflow issues, and partly because prior to the 2006 accounts short term debt was not declared separately from trade payables. As such, it would be impossible to compare short te rm debt across the entire period. It is worth point out that the decrease in debt from 2003 to 2004 is largely due to the sale of the Chartwell Land property portfolio mentioned above. The proceeds of this sale were largely used to reduce the level of long term borrowings, thus resulting in a significant drop between 2003 and 2004.However, following this sale, when the debt to equity ratio fell to just 0.17, the amount of debt has risen steadily, to the point where it reached 0.34 in 2008, the same level as in 2003. This rise has been accompanied by a small rise in the level of shareholder equity, but not to the extent that the total asset value has risen as seen in the investments section above. This implies that the store expansion and return programs mentioned throughout the Kingfisher annual reports during the period of the study have been funded largely by debt. This has caused the companys debt to equity ratio to rise quite significantly over the period of the study, which ha s more than doubled the debt to equity ratio.This significant increase in the debt to equity ratio could be a cause for concern, as it potentially places a higher debt burden on the company which must be serviced from profits. As such, if the companys fortunes continue to suffer due to the effects of the credit crunch, the company may have difficulty paying its debts and may suffer liquidity problems. However, in the 2008 financial statements the net finance costs on the debt are just 62 million, whilst the operating profit is 453 million. As such, the company can cover its interest more than seven times from profits, which means that this rise in the level of debt is not currently a significant concern. Of course, running counter to this is the fact that the global credit crunch is expected to increase the effective rates of borrowing, which could increase the interest payments as well as reducing the long term levels of consumer spending. As such, it is possible that the credit cr unch will continue to reduce Kingfishers profits whilst increasing the interest cost, thus potentially creating financial troubles in the next few years. This potential issue is compounded by the fact that the company capitalised 1 million of borrowing costs in 2007, and a further 3 million in 2008, which may indicate issues in paying these loans out of profit.The major sources of debt finance for the business at the current time are medium term notes and other fixed term debt, which make up 1,436 million of the debt. These have been placed on markets in the UK, Eurozone and United States and have raised capital at a net cost of between 4.1% and 6.9%. As such, the company has relied on non convertible loans raised on public markets. The majority of the remainder is made up of non secured bank loans. This indicates that, even if the company should encounter financial difficulties, it will not necessarily lose any of its property or have its equity diluted by convertible loans.Treatme nt of profits and dividend policyYear200320042005200620072008Dividend per share (pence)9.59.6510.6510.6510.657.25Earnings per share (pence)16.417.420.812.211.811.7(Source Kingfisher, 2008)From 2003 to 2005, Kingfishers dividend grew by a reasonable amount, although this was not proportional to the increase in earnings per share over the period. This indicates that Kingfisher was using partly using the increase in earnings to boost the dividend, but mainly using it to build up the volume of fill-ins, pay back debt, and expand the company. As a result of this, the company allowed its earnings per share to rise by more than the level of the dividend. Following the decline in the UK market from 2005 to 2006, and the incidental fall in the earnings per share for the company, Kingfisher attempted to maintain its dividend at 10.65 pence per share in spite of the fact that this left very little hold earnings. However, in 2008, following a significant fall in the share price, the dividend yield has also fallen to 7.25 pence in spite of the earnings per share remaining at the same level as in previous years. This implies that the company is now encountering difficulties maintaining its dividend yield at this level, and thus is having to drop its dividend in order to roll further reserves.Unfortunately, there is no detail in the Kingfisher accounts around exactly why this reserve is being built up. However, it is interesting to note that the reserves have now been built up to the 2.2 billion mark, after being maintained at around the 1.9 billion mark for the period from 2005 to 2007. This may indicate that the company feels that the tough business conditions will continue for some time, and hence there may be a need to retain more earnings to help cover interest payments in the future. Another potential explanation is that, as a retail company owning a significant amount of property, plant and equipment Kingfisher has a significant level exposure to the property mark et in both the UK and France. As such, the company may feel that, with the property markets in the UK and France showing signs of helplessness due to the credit crunch, there may soon be a need to revalue the property portfolio in each of these countries. Therefore, the reduced dividend and increase reserve may be an attempt to boost the equity and net asset value of the company in order to protect the value of the company against such a fall.However, the balance sheet tends to reveal a different potential explanation. The rise of 300 million in the value of the reserves of the company has occurred at the same time as a 300 million rise in the value of the inventory held by the company. This could be due to the fact that cost price inflation is significantly boosting the cost of inventory and the price of sales, and hence has increased the value of the inventory held by the company. However, the annual report indicates that cost price inflation for the company was just 4% over the previous year. As such, this cost price inflation is unlikely to have created a 300 million rise in the value of inventory, which is a 20% rise in the total value of inventory. This implies that the rise in the value of the inventory is for another reason, potentially due to a lack of sales or by overbuying of replacement inventory. As such, this does not indicate that the company is making the best use of its profits, nor that it is efficiently pursuing a goal of maximising value for its shareholders.Part B) Fair ValueWhen attempting to assess whether the current share price of Kingfisher Plc represents a fair value for the company, it is necessary to look both as the share price and the market capitalisation which is the total market value of all the shares. This price is determined by the shares traded on a stock market where brokers buy and sell shares on behalf of their clients. For Kingfisher, the stock market is the London Stock Exchange, and Yahoo Finance (2008) quotes the current share price of the company as 128.2 pence. In addition, the 2008 annual report states there are 2,361 million shares outstanding. This gives the company a total market capitalisation of 3.027 million as of the 18th sumptuous.One potential method of calculating the fair value of the company is through the net asset value of the company. This is because, provided the company can sell all its assets and pay off all its liabilities at their book value, it will realise its net asset value in cash. In addition, in theory the shareholders own a share of the net assets of the company equal to their share of the market capitalisation. Therefore, if the market capitalisation of the company was equal to the net asset value of the company, the share price would be at a fair value. For Kingfisher, the net asset value in the 2008 financial statements is 4,724 million. This implies that a fair value for the market capitalisation would also be 4,724 million, which is around 56% higher than the current value of the shares. This would further imply that a fair share price for the company would be 200 pence. However, this method is somewhat flawed because it assumes that all assets can be sold for fair value and all liabilities can be settled at fair value. In reality, the only time when all assets and liabilities will be sold is if the business is wound up under loser or liquidity problems. As such, assets are most likely to be auctioned off by the creditors and shareholders are unlikely to receive a fair value for them. Indeed, assets such as inventory are often sold at less than ten per cent of their market value. As such, this method is likely to be unreliable, particularly for a business with such a large volume of inventory (Lumby, 1994).Another method of calculating the potential fair value of a company is to use the value of net earnings and compare this value to the historical price / earnings ratio to work out what the current fair price should be for the sha res. Based on this method, the average price / earnings ratio of Kingfisher has been 16.18 over the past five year period.Year200320042005200620072008AverageEarnings per share (pence)16.417.420.812.211.811.715.05Share price (pence)257.25285.5259235.75252.75138.1238.0583Price / Earnings Ratio15.6859816.40804612.4519219.3237721.4194911.8034216.1821Applying this to the earnings per share over the past year of 11.7 gives an estimate of the fair value of the share price of 189.33 pence this is 47% higher than the market value of the shares. As such, this also implies that the current market value of the shares is too low. However, valuing the company on this basis is also flawed, in that it assumes that the company will maintain its past performance, and that the past performance of the shares has been efficient. Indeed, for Kingfisher this is arguably even less of a relevant method by which to judge the shares, as Kingfisher is currently suffering significant problems in its main UK mar ket. Therefore, attempting to value the company based on its past valuations assumes that the company is still performing as it did in the past, something which is arguably not the case. In addition, with many predicting that the Kingfishers UK market will continue to shrink, it is possible that the companys ability to generate earnings will be further impaired, and its earnings per share ratio will fall below its average (Lumby, 1994).As such, and given that there is significant irresolution over the future value of Kingfishers assets and liabilities as well as the ability of the company to generate earnings, it is difficult to come up with an analytical method for calculating the fair value of the company. Therefore it is necessary to use the efficient market meditation when attempting to value the company. This hypothesis is based on the view that the market produces the fair value of the shares of the company using all available information. As such, the market should already have priced in the potential for Kingfishers properties to decrease in value and the potential for the company to be unable to make as much money in the future. This is based on the argument that the market as a whole has access to all the information available, and also has experience in reading and judging signals regarding the value of a company. As such, if Kingfisher were currently trading at too high a price, people would sell the shares until the value moved to a fair value. In contrast, were the company currently trading at too cheap a price, participants in the market would buy the shares until the value was driven up to a fair price.As such, the efficient market hypothesis implies that the current fair price for the Kingfisher shares is the price at which they are currently traded on the open market. Therefore, the fair price of the shares is 128.2 pence. However, the efficient market hypothesis is based on markets only being able to act on available information. As such, it is possible that there is a fundamental problem with Kingfisher which will affect the share price but which is not included in the publicly available information. In addition, the market price for the shares can be driven by factors such as investment banks buying up shares, or takeover rumours. Therefore, in the short term the market value of shares may not forge their fair value, as the market may not have all the information or may be being driven by other factors. However, in the long term, the professional analysts who are employed by many of the banks and investment funds which buy and sell shares will be best able to value the shares, and hence the best estimate of the fair value of the shares is their current market value 128.2 pence.ReferencesKingfisher (2008) Kingfisher Plc. http//www.kingfisher.co.uk/ Accessed 16th August 2008.Knott, G. (2004) Financial Management. Palgrave MacMillan.Lumby, S. (1994) Investment Appraisal and financing Decisions. Thomson Learning.Turne r, G. (2008) The Credit Crunch Housing Bubbles, Globalisation and the Worldwide Economic Crisis. Pluto Press.Yahoo Finance (2008) Kingfisher Share Price Chart. http//uk.finance.yahoo.com/q/bc?s=KGF.Lt=5y Accessed 18th August 2008.

Children Learn To Be Strong Children And Young People Essay

Children Learn To Be Strong Children And Young People EssayThe main principle of building positive relationships is identified in the proto(prenominal) Years -Development Matters document is that children learn to be strong and independent through positive relationships. E very child is a unique man-to-man, a competent student from birth who can be strong, cap able-bodied, confident and self-assure. Children learn to be strong and independent from a base of loving and secure relationships with p arnts and /or key achievementers. Pargonnts ar childrens source and most enduring educators. When p arents and practitioners work together in Early Years settings, the results eat a positive impact on childrens becomement and schooling. Early geezerhood practitioners need to consider childrens climb on and stage of ascendment as a factor when ensuring that the surroundings is safe and suitable for children. If you are able to build technical relationships with parents, this i s also a really positive thing, as parents give share culture easier and take an interest in what their child is learning. The EYFS has as a statutory component the requirement for all children to be allocated a key person. A key person is someone who develops a close and genuine link with a child, takes additional responsibility for the childs welfare and works closely with parents. A key worker acts as a surrogate attachment figure when the child is illogical from parents and carers.This essay will agnise how positive relationships conjure childrens well-being. And analyse the importance of a key worker musical arrangement. It will explain the benefits of building partnership with parents for children learning and festering. Describe how to develop positive relationships within the archean(a) years setting, making reference to principles of legal colloquy.The main principle of building positive relationships is identified in the Early Years -Development Matters documen t is that children learn to be strong and independent through positive relationships. Effective communication pranks a vital role in the early years settings. When effective communication is established, positive relationships can begin to develop between practitioners and preteen children. Good health and well-being is central to effective learning. Children are to a greater extent likely to develop self-confidence, resilience and positive views about themselves when they are involved in a respected, safe and secure environment where their achievements and contributions are values and celebrated. Childrens relationships influence their well-being through development, and learning. Consistent, secure, responsive, and respectful relationships with caring adults are vital to childrens wellbeing. Through religioning relationships with adults, young children learn about their world and their outer space in it. They learn the world is safe and responsive to their inevitably.Babies a nd young children learn to be strong and independent through loving and secure relationships with parents and carers. When children are looked after outside the legal residence they can develop security and independence through having a key person to care for them. A keyworker such as a practitoner provides a reassuring link with home so that the children can cope with being scattered from the special lot in their lives.Positive relationships with children and young people are important beca lend oneself- When children feel comfortable with us they can separate more easily from their parents- Children are more likely to participate in the play and learning activities if they are secure emotionally- When children have strong relationships, they are less likely to show unwanted behaviour as we can recognise and meet their needs- Childrens language develops more quickly beca part they feel condent talking to us- Practitioners can plan more accurately as they understand childrens dev elopmental needs and know their interests- Practitioners are able to respond to children more eectively because they can recognise their expressions and emotions.Children deserve to feel, and to be respected by all adults and opposite children. Children want and need positive, loving relationships with the people close to them.The Early Years Foundation stage has a key worker scheme in operation. Each child will be given a responsible member of staff which we refer to as a key worker. A key worker is a practitioner who is designated to meeting the various(prenominal) needs of a child, and to build a positive relationship with their parents. The key worker trunk is essential for children to develop a close relationship and strong bond with a key worker who will be looking after them. A key worker is responsible for the settling in period.The key worker needs to form a bond with the children, especially babies in their care. Babies need to be with the same people each day to deve lop social relationships. This is why the Early Years standards have put a key worker system into action. A key worker will be nominated as the first point of contact for the child and family. In disposition for practitioners to understand the childs requirements and modify the child to become secure in their environment practitioners will have to build a relationship with parents in order to discover the childs routine an grumpy interests and needs the child may have. The keyworker system is especially important for young babies as they are totally dependent upon their careers, they can become anxious when separated from their parents.Erik Erikson devised a theory of psychology development. Erik Erikson believed that the quality of care of children in this age group receive depends on how well they develop trust in their careers. Erikson claimed that in the stage (birth-1year) the child will develop a sense of basic in the world and in his ability to sham events around him. The development of this depends on the consistency of the childs major caregiver. If the care the child receives is consistent, predictable and reliable then the child will develop a sense of trust, and will be able to feel secure even when threatened. However, if the care has been harsh, or inconsistent, unpredictable and unreliable then the child will develop a sense of mistrust and will non build confidence in the world around them. This child will constantly carry mistrust with him to other relationships. McLeod, S. A. (2008).Successful development of trust will enable the child to feel safe and secure within their environment. Being consistent with childs routine and ensuring their individual needs are met will develop trust. Key workers should allow time for a one to one communication with individual children throughout the day to strengthener their emotional well-being.All Early years settings will meet their own requirements of roles and responsibilities. The role of a key w orker is to keep up to date with the childs development within the setting through observation, and sharing this information with the parents and carers.Responsibilities of the key worker includeAssessing the childs individual needs.Sharing information with parents on all aspects of their childs care.Meeting the entire childs need throughout the day in nursery.Physical needs-Nappy changing, skin care and bottle feeding.Emotional needs-Settling the child on arrival each session and comforting when distressed.Developmental needs- Planning learning with the individual childSpend time with individual children promoting their learning and development through play.The Ecological systems theory states that human development is influenced by the different types of environmental systems, speculate by famous psychologist Urie Bronfenbrenner. The micro systems setting is the direct environment we have in our lives. Your family, friends, classmates, teachers, neighbours and other people who h ave a direct contact with you are included in your micro system. The micro system is the setting in which we have direct social interactions with these social agents. Sarah Mae Sincero (March14, 2012). In early years setting, a childs microsystem would include their relationship with their key workers, friends, other staff members and the environment.Effective key worker should be committed to their role, by demonstrating to be a good communicator, needs to remain calm and confident throughout the day, able to make time to communicate with the parent and carers. Effective communication with children can develop positive relationships and develop a strong bond, it is therefore important for practitioners to communicate in an trance manner.Childrens learning and wellbeing are enhanced when families and childcare professionals work together in partnership to bring up the best outcomes for children quality care occurs when childcare professions understand each childs family, culture, community and when they use this knowledge to provide experiences in agencys that are meaningful to the child.When parents and practitioners work together in early years settings, the results have a positive impact on childrens development and learning. Early Years settings work to build parent confidence in what they do already at home and they offer idea to support and enhance this. Most significantly, they exchange information about children weakly or on a weekly bias with parents. They listen to what parents have to say about their own childs capabilities and interests, ad make use of these observations for future planning, encouraging parents to be active in the planning process. Parents and practitioners have a lot to learn from each other this can help them to support and extend childrens learning and development. Parents should review their childrens progress regular and contribute to their childs learning and development record. Parents can be helped to understand more ab out learning and development record. Young children flourish when the adults caring for them work together. Families know their childs strengths, personality, moods and behaviours very well. When families and staff work together they can exchange information, and can focus on meeting each childs needs and supporting their development. When children see positive communication between their parents and staff, they begin to learn that it is important to build health relationships, for example children who see their parents communication well and being friendly with staff, children will feel valued and important when in the care of their practitioners. Parents and carers who are positively involved with their children can help shrivel up mental health difficulties. In partnership, families and staff can share their experiences with each other and their understanding of how their bond is important to a child. For example (x) likes to cuddle on to a special teddy at sleep time at home, this experience should be offered in the care setting.Strong partnerships between early years practitioners, staff and parents are essential in early years settings and are one of the important relationships to develop. But too often, parents and program staff do not effectively communicate with each other, thereby limiting opportunities for developing open, respectful, and trusting relationships. Miscommunication, or limited communication between adults, can lead to situations that adversely affect all of the parties involved.Parents play an important role in the admission of their child to the early years setting. Working in partnerships will help meet the childs individual needs, through identifying information about a childs background to health and wellbeing such as illnesses, disabilities, allergies, likes and dislikes and emergency contact information. There are many way to involve parents within the setting such as arranging open days, an open day is a social opportunity for parents to communicate with other parents and early years staff this will help build parents confidence and self-esteem. Key workers should share their observations and assessments of the child with their parents and encourage parents to try out similar activities at home with their child. Outgoings in an early years settings is a good opportunity for parents to be involved in their childs learning and development, when the early years setting has organised an forthcoming this will give parents the opportunity to take part and come along and meet other children and staff. Parent evenings play a vital. Role in early years they will allow parents and keyworkers to discuss their childrens development progress. Parents should be invited to come to the setting to carry out workshops or activities on particular subjects, all parents are unique and come from different backgrounds, they can get the opportunity to be involved in promoting diversity by carrying out activities such as prepar ation food or demonstrating different clothing from different backgrounds. There are many barriers to parent involvement which must be recognised and flog to promote involvement and partnership working. Parents with different languages may find it uncomfortable to communicate so staff members should aim to learn a few works and phrased in home languages to help them feel welcome. If a parent has low self-esteem and confidence they will not feel comfortable in joining in. practitioners should overcome this barrier by welcoming and supporting parents in becoming involved in the setting. Parents have busy life and will not always have time to communicate with the staff at the setting when they are dropping or picking up their child, so practitioners should arrange times or regular parents evenings for parents to communicate in their available time.Positive relationships with children are important practitioners act as role models and are effectively teaching children how to have posit ive relationships with other people as well. A positive relationship for a young child is very important as this increases their confidence and trust in other people. Positive relationships are made by first of all actively listening to the child and finding out their likes, and dislikes.Children at different stages have very different needs and interests and learn in different ways. Communication for children needs to consider different abilities and needs at different ages and this must be child-centred and age appropriate. Communication is a fundamental skill within a learning environment and is the main source of interaction amongst children, practitioners and staff in a learning environment. It is a mean of setting foundations to build positive relationships making children feel safe and to develop their self-esteem (feel good about themselves). In order for communication methods to be effective we need to have knowledge of relationships which is the main concept that drives po sitive behaviour. Actively listening to children, what they have to say is an example which can promote relationship in a learning environment. The importance of this form of communication is that it tends to help children to build their self-esteem, makes them feel valued and welcomed because their views are being listened to by others. verbal communication requires verbally encouraging children to respond to open question discussions which can promote positive relationships. Written communication in the form of comments, praise (certificates) bring out achievements in good work can contribute towards positive relationships. The importance of this form of communication is that it keeps the children interested to take part, increase their concentration. Creates an effective learning environment and stimulates them to strive for success which contributes towards positive relationships in a learning environment.Regardless of the type of setting, the ability to communicate effectively is crucial for developing positive relationships with children, young people and their families. Communicating well involves the followingGiving your full attention- by maintain eye contact.Being aware of your body language use appropriate gestures and facial expressions.Listening- by showing response of nodding and smiles.Taking account of individual needs.Being sensitive to cultural differences in communication.If the child speaks different language- use of photographs or other visual aids ma help.Hearing impediment- use sign language or visual aids to facilitate communication more effectively.Being confident build confidence in your communication skills by practicing how and what you want to communicate, and role modelling good communication skills.ConclusionPositive relationships are important because it helps a child to develop independence and build their self-esteem, positive relationships will help children feel confident, secure and be able to trust their relationships w ith adults. A strong connection between families and childcare providers is essential for building positive relationships. A Parents role is to talk with the people who care for your child on a daily basis about eating habits, behaviour, activities, learning of new skills, friends, or other happenings in your childs day. . As a parent you need to strengthen the bond between your child and her keyworker by helping to establish an attitude of trust. Mention the keyworkers name in conversation at home, and show interest in your childs interactions with her/him. As a practitioner, you should know the importance of working with parents and how these relationships can support childrens learning. Practitioners and parents need to develop a good two way communication in order to gain good effective positive relationship between the child and a practitioner.

A power amplifier

A antecedent amplifierIntroductionA government agency amplifier is an electronic device that changes the align of a channelize. It is usually used to transfer high power to a little output preventive such as speakers where there load is virtually 8 ohms 1. The relationship between the output and input is called the transfer function. An important aspect of the amplifier is the gain. The gain is the ratio between input and output whether this input is occurrent, potential difference or power. Therefore, the gain does not select a unit. The quality of the amplifier is determined by many aspects, which are gain, bandwidth, skill, linearity, noise and opposites. As one of these characteristics increase the others may decrease. Therefore, the amplifier will be designed to meet the required specifications determined by the application for which it will be used for.The various designs of the amplifiers are secernateified into many types which include A,B,C,D and some other t ypes derived by combining the basic ones such as class AB which is obtained from class A and class B pertaining to their efficiency and linearity 1. Ideally, power amplifiers are supposed to deliver 100% of the power to the load. However, as some of the power dissipates in the components of the amplifier, hence we do not have ideal power amplifiers. It is found that the linearity has an inverse relationship to the efficiency of the amplifier. The classes A, B and C power amplifiers are considered inefficient but linear whereas the other types are considered efficient but more complex than the basic types. Class A power amplifiers are least efficient than the others. The efficiency of class B is much higher than class A, however, class C has the highest efficiency level compared to class A and B 2. The scope of this paper is to discuss class B power amplifier in details.Class B power amplifierThis class of amplifier was developed in order to improve class A power amplifiers, which ha ve low efficiency rating. 1-3 shows and explains the internal design, the efficiency, the advantages and disadvantages, and the applications of class B power amplifiers.Internal circuit and operationTo get a sufficiently good amplification of the input wave form in the output, a push-pull class B power amplifier configuration must be used. This configuration is based on cardinal transistors. The term push-pull comes from the fact that two transistors in a class B amplifier conduct in alternating half(a)(a)-cycles of the input 1. Moreover, there are two types of push-pull configurations, one with transformers and one without transformers 2.A balance centre tapped input transformer is used to split the incoming waveform signal into two equal cycles that are 180 degrees out of phase with each other. another(prenominal) center-tapped output transformer is used to recombine the signals. If the transformer is ideal we can get two collector currents that flow in opposite directions, he nce no magnetization of the transformer shopping mall takes place which in turn minimizes the deviance in between the two signals. Both transistors used are of NPN transistor type where their emitter terminals are connected in concert 2.discusses the mechanism in which the circuit works. Primarily, when no input signal is present, both transistors are biased at cutoff. When a signal is present during the positive half cycle, the transistors base inputs are in anti-phase to each other which causes transistor TR1to become biased supra cutoff due to the positive base input that drives a large collector current, while TR2 is still biased at cutoff as the base current will go negative, making the collector current decrease by an equal amount of the increase in the collector current in TR1. This will result in an amplified positive-output half cycle. When the input signal is in the negative half cycle, the same procedure is done but in opposite, resulting in TR1 returning to the cutoff state while TR2 start construct until it becomes biased above cutoff. This will result in an amplified negative-output half cycle. The half cycles combine to produce an output amplified 360 degrees signal with overrefinement. This effect is the push-pull effect. Advantages and Disadvantages of Class B power amplifierClass B amplifiers have an advantage over class A amplifiers which is that the collector current is zero when the input signal to amplifier is zero that cause no power dissipation in the quiescent condition which leads to higher efficiency 1. The main goal of using power amplifiers is to generate maximum AC power to the load, while consuming the minimum DC power possible from the supply.The efficiency of class B amplifiers in all types may reach up to 75% which is much higher than class A amplifiers 2. The equation shown above is used to calculate the percentage efficiency of all power amplifiers. Pout is the power delivered to the load and PDC is the power taken from the supply.Class B amplifiers has one main disadvantage which is the high distortion that occurs in the output signal. This type of distortion is called the crossover distortion 2. This distortion occurs when the transistors are switching over from one to another. Each transistor requires minimum voltage VBE which is about 0.7V to conduct. When one transistor is turning off by having VBE less than 0.7V and the other transistor is turning on but still the input voltage is not greater than VBE, the resulting is a zero voltage unconditioned spot on the output wave shape as it crosses over from one half of the waveform to the other 2, 3.According to 2, the crossover distortion cause a reduction in the overall peak to peak value of the output waveform causing the maximum power output to be reduced. Hence, class B power amplifiers today are not used in many applications it is only used as an audio amplifier. There are many ways to get rid of crossover distortion effect, but the most com mon one is to bias both the transistors at a point fairly above their cut-off point 1, 2. This will lead us to class AB Amplifier circuit which is out of this paper scope.ApplicationThe cost of class B amplifier is not high therefore it is used in low budget designs. Furthermore, it is used in designs where the quality of the sound is not important because of the distortion it provides 3. However, class B amplifier is preferred in designing audio power amplifiers 3. 3 reveals that most of the time the music will be low so the signal will act as if it is in class A region. This means that the distortion will not be that bad. Moreover, the distortion can be minimized by using a negative feedback loop 3. 3 also emphasizes that the sound power produced by this amplifier is huge and it can be run without heat sinks.ConclusionThis research was conducted in order to investigate the properties of class B power amplifier. First an overview about power amplifiers was considered in order to develop a better understanding about the reasons bunghole classifying them to many types. It was found that each class has its own application which it suits for. This is determined according to many aspects such as linearity and efficiency which are reciprocally proportional. Class B was found to be higher in efficiency compared to class A but less in linearity.Looking into the configuration of class B, it was found that class B amplifier has two possible configurations, one with a transformer and the other without the transformer. Both configurations works with two transistors where each one conducts for a half cycle (180 degrees), which gives the opportunity to the other transistor to cool. However, the configuration where the amplifier does not have a transformer is more efficient because less energy is lost in elements as a result of eliminating the transformer core.Class B amplifier was found to be used in low cost designs and designs where the clarity of the voice is not imp ortant. The crossover distortion can be removed by using a negative feedback loop or bias both transistors at a point slightly above their cut-off point, which is the idea of class AB power amplifier.

Psychological Effects Of Long :: essays research papers

The Psychological Effects of an Injury With every reproach it is important to remember that the athlete result be modify mentally. Not all athletes will act identically to the same injury. Although research shows there are factors that are commonly seen among athletes going through adjustment to injury and rehabilitation. There are three reactive phases of the injury and rehab process. They are reaction to injury, reaction to rehabilitation, and reaction to return to competition or career callination. The reactions fall into quartette time frames short term, long term, chronic, and termination.In the scenario the athlete was diagnosed with a second degree ankle sprain. This would fall under the category of a long term injury. A long term injury is one where the rehabilitation time is longer than four weeks and may take up to a year. Some opposite examples of injuries in this category would be fractures, orthopedic and general surgeries, second and third degree sprain and stra ins, and debilitating injuries. In the reaction to the injury itself, there is a primary reaction followed by a secondary reaction. With this ankle sprain, a common primary reaction is that of fear. This athlete seat be afraid of many another(prenominal) things ranging from them never getting better to never getting to play again to being afraid of the unknown. In order to conquer this fear the athletic trainer needs to help reassure the athlete about their injury. This can be done by presenting the truth about the injury and rehab process in a manner they can understand and gaining the athlete&8217s trust in the athletic trainer.A common secondary reaction is anger. During this time the athlete may have an angry or hostile attitude and the person around the athlete at the time often takes the force of the anger. It is usually just a release for the athlete not a personal attack on the trainer.This athlete will also have reactions to their rehabilitation. Loss of vigor and irrati onal thoughts are the primary reactions to long term rehab. The thing the trainer needs to be aware of at this point in time is that the loss of vigor can be masked as depression. The athlete experiencing loss of vigor will not have the same spirit as they usually do, but they will not have the common signs and symptoms of true depression. The athlete needs to understand that these feelings are normal as long as there are no signs of clinical depression.

Colonial Society and Economy :: American America History

Colonial Society and EconomyThere were numerous do of the cut and Indian War the Peace of Paris of 1763 ended the French and Indian War, closing completely French power in North America. With the decease of King George II, the new English king, King George the III, wanted to put an end to the French and Indian War, pursuing peace and agreement. With this agreement, the Peace of Paris of 1763, came many stipulations. The French lost all of their land in North America. Many of the area settlers were forced to leave their homes, and many stayed behind to fight for their country. However, British rule was already set to dominate North America. Due to new government rule, King George III, peace was now the mindset of the English. After the Peace of Paris of 1763, land and possessions were shared among Britain and Spain. Britain got all of the French lands and possessions east of the Mississippi River and all of Florida which was owned by Spain. To make up for Spain losing Florida, the y trustworthy Louisiana, which at that time was New Orleans and all the French land that was to the west of the Mississippi River. After allocating this land, the French had none left in North America. Also, in the West Indies, the French forfeited Tobago, Dominica, Grenada, and St. Vincent, which was most of what they had in the area. Basically, the Peace of Paris of 1763 left the French with nothing, and that was the goal. The people of the Americas were also effected by the ending of the French and Indian War. After the English received Spanish Florida, they invited all of the Spanish settlers to stay and continue practicing their religion, Spanish Catholicism, but most did not stay. The Spanish king had ordered the Spanish settlers to leave the small town and gave them all free transportation to Spanish owned lands in the Caribbean. Most of the Spanish settlers sold their property within a year at very(prenominal) low prices and moved to Mexico and Cuba. The French settlers, however, mainly stayed in the area. French authority roused them not to leave, but instead to stay in the now Spanish ground and work to create a movement against further English expansion. There were a great number of French settlers in the area because the French territory, Louisiana, was very large.

Letter to Soldier :: War Writing Papers

Letter to Soldier When faced with obstacles in life, people rely on their family and friends to give them conduct and encouragework forcet. Sometimes, family members can seem harsh and unkind, but their intentions are sincerely good. Mothers volition always disapprove of their boys choice in girlfriends, but she will shed tears of joy at the wedding. Fathers will never like their sons-in-law, but they still tell their daughters that they will find the perfect man. Thirty-year old men will always be treated as if they were ten by their mothers. It has been this way for centuries in our society. A letter from a worried mother to her son, a soldier in the Confederate Army, proved this point. While this young man was, by that times standard, an adult, his mother still felt the need to take her child safe. Aside from the content and ideas relayed in the letter, the document itself is a powerful item from American in history. Reading about a person or event in history is a good experience a powerful experience, however, is to hold history in your hand and listen to people in their own words. Discovering the story and history behind this letter proved to be even more rewarding than holding and reading the letter itself. Expecting to find a few, uninteresting facts about this Civil War Era, I found that this letter brought to life five southern boys that were thrown off the farm and into battle. The letter to a fault helps to illuminate the way a society lived while it told a story of a mother, her sons, and several friends On January 6, 1863, a mother sat down and wrote her son a letter. The author of the letter was a forty-five year old woman named Kerney A. Stocks. She was writing to her son, John, who was a soldier in the Civil War. From what she mentioned in the letter, she was a very passionate woman. She made some very blatant remarks concerning her feelings toward her sons behavior. For example, Mrs. Stocks says, I feel sort of mad this mor ning because I did not absorb no letter from you yesterday, expressing her displeasure to her son. Kerney Stocks was more than likely a middle class woman, since she could read and write.