deadweight loss measures the inefficiency as the loss of
equilibrium
578556
private company receives the monopoly profit, the government obtains the revenue from a tax. Deadweight loss A deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved. That can be caused by monopoly pricing in the case of artificial scarcity, an externality, a tax or subsidy, or a binding price ceiling or price floor such as a minimum wage. An example is a market for nails where the cost of each nail is $0.10 and the demand decreases linearly, from
Deadweight loss
578556
private company receives the monopoly profit, the government obtains the revenue from a tax. Deadweight loss A deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved. That can be caused by monopoly pricing in the case of artificial scarcity, an externality, a tax or subsidy, or a binding price ceiling or price floor such as a minimum wage. An example is a market for nails where the cost of each nail is $0.10 and the demand decreases linearly, from
Deadweight loss
578539
Deadweight loss A deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved. That can be caused by monopoly pricing in the case of artificial scarcity, an externality, a tax or subsidy, or a binding price ceiling or price floor such as a minimum wage. An example is a market for nails where the cost of each nail is $0.10 and the demand decreases linearly, from a high demand for free nails to zero demand for nails at $1.10. If
Deadweight loss
1300168
increases supply, shifting the supply curve to the right. Assuming the market is in a perfectly competitive equilibrium, a subsidy increases the supply of the good beyond the equilibrium competitive quantity. The imbalance creates deadweight loss. Deadweight loss from a subsidy is the amount by which the cost of the subsidy exceeds the gains of the subsidy. The magnitude of the deadweight loss is dependent on the size of the subsidy. This is considered a market failure, or inefficiency. Subsidies targeted at goods in one country, by lowering the price of those goods, make them more competitive against foreign goods,
Subsidy
4784917
the Law of Supply and Demand, as the price to consumers increases, and the price received by suppliers decreases, the quantity that each wishes to trade will decrease. After a tax is introduced, a new equilibrium is reached, where consumers pay more formula_5, suppliers receive less formula_6, and the quantity exchanged falls formula_7. The difference between formula_3 and formula_4 will be equivalent to the size of the per-unit tax. The filled-in "wedge" created by a tax actually represents the amount of deadweight loss created by the tax. Deadweight loss is the reduction in social efficiency (producer and consumer surplus) from
Tax wedge
4784918
preventing trades for which benefits exceed costs. Deadweight loss occurs with a tax because a higher price for consumers, and a lower price received by suppliers, reduces the quantity of the good sold. Thus, the equilibrium quantity of a taxed good is lower than the equilibrium quantity when the same good is not taxed. The deadweight loss created by the tax is equal to formula_10, represented by the shaded triangle in the figure. There are two types of tax incidence or tax burden created by a tax: the statutory incidence of a tax and the economic incidence of a tax.
Tax wedge
3314195
equilibrium and smaller steps near equilibrium. This improves the speed of convergence and the stability. Delay-based algorithms can, in principle, maintain a constant window size, avoiding the oscillations inherent in loss-based algorithms. However, they also detect congestion earlier than loss-based algorithms, since delay corresponds to partially filled buffers, while loss results from totally filled buffers. This can be either a strength or a weakness. If the only protocol used in a network is delay-based, then the inefficiency of loss can be avoided; however, if loss-based and delay-based protocols share the network, then delay-based algorithms tend to be less aggressive. This
FAST TCP
4491380
together, these effects mean there is now an excess supply (known as a "surplus") of the product in the market to maintain the price floor over the long term. The equilibrium price is determined when the quantity demanded is equal to the quantity supplied. Further, the effect of mandating a higher price transfers some of the consumer surplus to producer surplus, while creating a deadweight loss as the price moves upward from the equilibrium price. An example of a price floor is minimum wage laws; in this case, employees are the "suppliers" of labor and the company is the "consumer".
Price floor
617554
with much to gain are heard over those of indifferent majorities with little to individually lose. However the notion that groups with concentrated interests will dominate politics is incomplete because it is only one half of political equilibrium. Something must incite those preyed upon to resist even the best organized concentrated interests. In his article on interest groups Gary Becker identified this countervailing force as being the deadweight loss from predation. His views capped what has come to be known as the Chicago school of political economy and it has come in sharp conflict with the so-called Virginia faction of
Public choice
578551
(Amie and Will) give up the deal between them and they leave the market. Thus, the quantity sold reduces from Qe to Qt. Mainly, the deadweight loss occurs because the tax deters these kinds of beneficial trades in the market. Price elasticities of supply and demand determines whether the deadweight loss from tax is a large or small. This basically measures how much quantity supplied and quantity demanded respond to changes in the price. For instance, when the supply curve is relatively inelastic, quantity supplied responds slightly to changes in the price. However, when the supply curve is more elastic,
Deadweight loss
7731388
Excess burden of taxation In economics, the excess burden of taxation, also known as the deadweight cost or deadweight loss of taxation, is one of the economic losses that society suffers as the result of taxes or subsidies. Economic theory posits that distortions change the amount and type of economic behavior from that which would occur in a free market without the tax. Excess burdens can be measured using the average cost of funds or the marginal cost of funds (MCF). Excess burdens were first discussed by Adam Smith. An equivalent kind of inefficiency can also be caused by subsidies
Excess burden of taxation
578554
Because an area of the triangle of deadweight loss based on the square of its dimension. When the size of tax is doubled, the bottom and height of the triangle double. Thus, deadweight loss increases by the number of 4. While deadweight loss occur as taxes vary, at the same time, this affects the government’s tax revenue. Tax revenue is shown as the area of the rectangle between supply and demand curve. When small tax is levied, tax revenue is relatively small. As the size of tax increases, tax revenue expands. But when the much larger tax is levied, tax
Deadweight loss
578553
the size of market decreases below the optimum. The elasticities of supply and demand designate to what extent the tax distorts the market outcome. Thereby, as the elasticities of supply and demand increase, it causes more the deadweight loss of a tax. Taxes have a potential to be changed over time by the government or policymakers at the different level of the state. For instance, when the small tax is levied, the deadweight loss is substantially small if we compare to medium or large tax. The deadweight loss of a tax increases more quickly than the size of the tax.
Deadweight loss
4334428
Artificial scarcity Artificial scarcity describes the scarcity of items even though either the technology and production, or sharing capacity exists to create a theoretically limitless abundance, as well as the use of laws to create scarcity where otherwise there wouldn't be. The most common causes are monopoly pricing structures, such as those enabled by laws that restrict competition or by high fixed costs in a particular marketplace. The inefficiency associated with artificial scarcity is formally known as a deadweight loss. In a capitalist system, an enterprise is judged to be successful and efficient if it is profitable. To obtain maximum
Artificial scarcity
578545
the Marshallian demand curve is perfectly inelastic, the policy or economic situation that caused a distortion in relative prices has a substitution effect, i.e. is a deadweight loss. In modern economic literature, the most common measure of a taxpayer’s loss from a distortionary tax, such as a tax on bicycles, is the equivalent variation, the maximum amount that a taxpayer would be willing to forgo in a lump sum to avoid the distortionary tax. The deadweight loss can then be interpreted as the difference between the equivalent variation and the revenue raised by the tax. The difference is attributable to
Deadweight loss
578542
$3.00, a consumer might prefer to drink wine. If the government decides to levy a wine tax of $3.00 per glass, the consumer might prefer to drink beer. The excess burden of taxation is the loss of utility to the consumer for drinking beer instead of wine since everything else remains unchanged. Harberger's triangle, generally attributed to Arnold Harberger, refers to the deadweight loss (as measured on a supply and demand graph) associated with government intervention in a perfect market. That can happen through price floors, caps, taxes, tariffs, or quotas. It also refers to the deadweight loss created by
Deadweight loss
578543
a government's failure to intervene in a market with externalities. In the case of a government tax, the amount of the tax drives a wedge between what consumers pay and what producers receive, and the filled-in wedge shape is equivalent to the deadweight loss from the tax. The area represented by the triangle comes from the fact that the intersection of the supply and the demand curves are cut short so the consumer surplus and the producer surplus are also cut short. The loss of such surplus that is not recouped, is the deadweight loss. Some economists like James Tobin
Deadweight loss
77695
analysis calculates that, despite increased overall spending, Christmas is a deadweight loss under orthodox microeconomic theory, because of the effect of gift-giving. This loss is calculated as the difference between what the gift giver spent on the item and what the gift receiver would have paid for the item. It is estimated that in 2001, Christmas resulted in a $4 billion deadweight loss in the U.S. alone. Because of complicating factors, this analysis is sometimes used to discuss possible flaws in current microeconomic theory. Other deadweight losses include the effects of Christmas on the environment and the fact that material
Christmas
578555
revenue decreases because the larger tax lowers the size of the market. The main reason is that people would most likely stop buying and selling good in the market. The deadweight loss occurs in monopolies in the same way that the tax causes deadweight loss. When a monopoly, as a tax collector, charges a price in order to consolidate its power above marginal cost it situates a wedge. Imposing a tax distorts market outcome, this wedge then leads to the quantity sold to go down below the social optimum. However, there is only a difference between two cases; while a
Deadweight loss
578540
the market has perfect competition, producers would have to charge a price of $0.10, and every customer whose marginal benefit exceeds $0.10 would have a nail. However, if there is one producer with a monopoly on the product, it will charge whatever price will yield the greatest profit. The producer would then charge $0.60 and thus exclude every customer who had less than $0.60 of marginal benefit. The deadweight loss would then be the economic benefit foregone by such customers because of monopoly pricing. Conversely, deadweight loss can come from consumers if they buy a product even if it costs
Deadweight loss
578544
have argued that the triangles do not have a huge impact on the economy, but others like Martin Feldstein maintain that they can seriously affect long-term economic trends by pivoting the trend downwards and cause a magnification of losses in the long run. An important distinction should be made between Hicksian (per John Hicks) and Marshallian (per Alfred Marshall) deadweight loss. After the consumer surplus is considered, it can be shown that the Marshallian deadweight loss is zero if demand is perfectly elastic or supply is perfectly inelastic. However, Hicks analyzed the situation through indifference curves and noted that when
Deadweight loss
578552
quantity supplied responds significantly to changes in the price. In other words, when the supply curve is more elastic, the area between the supply and demand curves is larger. Similarly, when the demand curve is relatively inelastic, deadweight loss from the tax is smaller, comparing to more elastic demand curve. The reason is that tax has a deadweight loss, because it causes buyers and sellers to change their behaviour. Buyers tend to consume less, when the tax raises the price paid by buyers. Also, when the tax lowers the price received by sellers, they produce less. Due to these reasons,
Deadweight loss
578550
sellers in a market and government revenues. "Taxes cause deadweight losses because they prevent buyers and sellers from realizing some of the gains from trade." In the graph, the deadweight loss can be seen at the area between the supply and demand curves. While the demand curve shows the value of goods to the consumers, the cost of the producers is reflected by supply curve. As the example above explains it, when the government imposes a tax upon taxpayers, the tax increases the price paid by buyers to "Pc" and decreases price received by sellers to "Pp", buyers and sellers
Deadweight loss
17970810
Day. Film studios release many high-budget movies during the holiday season, including Christmas films, fantasy movies or high-tone dramas with high production values to hopes of maximizing the chance of nominations for the Academy Awards. One economist's analysis calculates that, despite increased overall spending, Christmas is a deadweight loss under orthodox microeconomic theory, because of the effect of gift-giving. This loss is calculated as the difference between what the gift giver spent on the item and what the gift receiver would have paid for the item. It is estimated that in 2001, Christmas resulted in a $4 billion deadweight loss
Economics of Christmas
6448578
published an article claiming that the cost of monopoly in the US economy was unlikely to exceed 0.1% of its GDP. Harberger devised a rough estimate of the deadweight loss from monopoly, namely the producer's surplus and consumer's surplus that fails to materialize in a monopoly. In the standard diagram, used to teach the theory of monopoly, the loss corresponds to the area of a triangle. Such triangles are now named in his honor, especially since Harberger wrote 1971 classic article on applied welfare economics that clearly highlighted the role of deadweight loss. Harberger's estimate assumed that the elasticity of
Arnold Harberger
9281477
article "Effects of Taxes on Economic Behavior," Martin Feldstein discusses how economic behavior determined by taxes is important for estimating revenue, calculating efficiency and understanding the negative externalities in the short run. In his article, like much of his research on this topic, he chooses to focus primarily on how households are affected. Feldstein recognizes that high taxes deter people from actively engaging in the market, causing a lower production rate as well as a deadweight loss. Yet, because it is difficult to see tangible results of deadweight loss, policy makers largely ignore it. Feldstein expresses his frustration that policy
Optimal tax
2304436
reduce economic productivity. Milton Friedman described Henry George's tax on unimproved value of land as the "least bad tax", since unlike other taxes, it would not impose an excess burden on economic activity (leading to zero or even negative "deadweight loss"); hence, a replacement of other more distortionary taxes with a land value tax would improve economic welfare. As land value tax can improve the use of land and redirect investment toward productive, non-rentseeking activities, it could even have a negative deadweight loss that boosts productivity. Because land value tax would apply to foreign land speculators, the Australian Treasury estimated
Georgism
17609706
welfare function is inequality averse, then the optimal capital tax may be arbitrarily close to 100%, as increases to the capital tax rate lowers inequality but imposes no deadweight loss; this is in contrast to the standard assumption in optimal labor tax research in which inequality can be reduced by increased progression of the tax system, but at the cost of imposing a deadweight loss via a distorting reduction in labor supply - thus for any given level of post tax and transfer income inequality, reducing the progression of the labor tax system and increasing the capital tax rate in
Optimal capital income taxation
9281515
or natural aspects of the land, primarily location; it disregards the improvements such as buildings and irrigation. Land value taxation has no deadweight loss because the input of production being taxed (land) is fixed in supply; it cannot hide, shrink in value, or flee to other jurisdictions when taxed. Economic theory suggests that a pure land value tax which succeeds in avoiding taxation of improvements could actually have a negative deadweight loss (positive externality), due to productivity gains arising from efficient land use. The taxation of locational values encourages socially optimal development on land in highly valued areas, like cities,
Optimal tax
578546
the behavioural changes induced by a distortionary tax that are measured by a substitution effect. However, that is not the only interpretation, and Lind and Granqvist (2010) point out that Pigou did not use a lump sum tax as the point of reference to discuss deadweight loss (excess burden). When a tax is levied on buyers, the demand curve shifts downward by the size of the tax. Similarly, when tax is levied on sellers, the supply curve shifts upward by the size of tax. When the tax is imposed, the price paid by buyers increases, and the price received by
Deadweight loss
7298458
place. That is because almost all taxes impose what economists call an excess burden or a deadweight loss. Deadweight loss is the difference between the amount of economic productivity that would occur without the tax and that which occurs with the tax. For example, if savings are taxed, people save less than they otherwise would. If non-essential goods are taxed, people buy less. If wages are taxed, people work less. Finally, if activities like entertainment and travel are taxed, consumption is reduced. Sometimes, the goal is to reduce such market activity, as in the case of taxing cigarettes. However, reducing
Tax incentive
16041104
is likely that the actual current deadweight loss caused by the income tax is more than $1.4 trillion. As a national sales would create comparable deadweight loss, tax reform plans like OneTax aim to reduce or eliminate income tax compliance costs without instituting a national sales tax. The OneTax and plans like it were first created in the 1990s by policy wonks outside the Beltway, seeking to put forward a tax simplification plan that wasn't regressive. At the time, the major tax reform proposals were the FairTax and flat tax, both of which are regressive with regards to income. The
OneTax
1277177
right. Landlords benefit from price competition among tenants; the only direct effect of LVT in this case is to reduce the amount of social benefit that is privately captured as land price by titleholders. LVT is said to be justified for economic reasons because it does not deter production, distort markets, or otherwise create deadweight loss. Land value tax can even have negative deadweight loss (social benefits), particularly when land use improves. Nobel Prize-winner William Vickrey believed that A positive relationship of LVT and market efficiency is predicted by economic theory and has been observed in practice. Fred Foldvary stated
Land value tax
14660172
Welfare cost of inflation In macroeconomics, the welfare cost of inflation comprises the changes in social welfare caused by inflation. The traditional approach, developed by Bailey (1956) and Friedman (1969), treats real money balances as a consumption good and inflation as a tax on real balances. This approach measures the welfare cost by computing the appropriate area under the money demand curve. Fischer (1981) and Lucas (1981), find the cost of inflation to be low. Fischer computes the deadweight loss generated by an increase in inflation from zero to 10 percent as just 0.3 percent of GDP using the monetary
Welfare cost of inflation
578541
more than it benefits them. To describe this, if the same nail market had the government been giving a $0.03 subsidy to every nail produced, the subsidy would push the market price of each nail down to $0.07. Some consumers would then buy nails even though the benefit to them is less than the real cost of $0.10. That unneeded expense would then create a deadweight loss, with resources not being used efficiently. In an example of taxes instead of subsidies, if the price of a glass of wine is $3.00 and the price of a glass of beer is
Deadweight loss
578549
deal. Because of these reasons, not only Amie and Will give up the deal, but also Amie has to live dirtier house, and Will does not get his income. Thereby, they have lost amount of surplus that they have gotten from their deal, and at the same time, this made each of them worse off up to $40. When it comes to government revenue from this tax, since Amie and Will have given up the deal, the government also can not get any revenue from them. So this $40 is referred deadweight loss; it causes losses both for buyers and
Deadweight loss
2318077
They begin by defining terms. The gross wage reflects the pre-tax wage a laborer receives. The simplest form of the net wage is the pre-tax wage minus the income tax. In reality, however, the net wage is the gross wage times one minus the tax rate, all divided by the price of consumption goods. With the status quo income tax, deadweight loss exists. Any addition to the price of consumption goods or an increase in the income tax extends the deadweight loss further. Either of these scenarios lowers the net wage, reducing the supply of labor offered. Supply of labor
Pigovian tax
1560437
as defined above. The power that an antenna will deliver to a receiver (with a proper impedance match) is reduced by the same amount. In some receiving applications, the very inefficient antennas may have little impact on performance. At low frequencies, for example, atmospheric or man-made noise can mask antenna inefficiency. For example, CCIR Rep. 258-3 indicates man-made noise in a residential setting at 40 MHz is about 28 dB above the thermal noise floor. Consequently, an antenna with a 20 dB loss (due to inefficiency) would have little impact on system noise performance. The loss within the antenna will
Antenna (radio)
1348902
a positive effect on economic growth. Protectionism is frequently criticized by economists as harming the people it is meant to help. Mainstream economists instead support free trade. The principle of comparative advantage shows that the gains from free trade outweigh any losses as free trade creates more jobs than it destroys because it allows countries to specialize in the production of goods and services in which they have a comparative advantage. Protectionism results in deadweight loss; this loss to overall welfare gives no-one any benefit, unlike in a free market, where there is no such total loss. According to economist
Protectionism
1558024
is an economic loss—like competitive military spending (an arms race), wherein each country must match the military expenditures of other countries in the arms race, or suffer a loss of relative military power. In the case of conspicuous consumption, taxes upon luxury goods diminish societal expenditures on high-status goods, by rendering them more expensive than non-positional goods. In this sense, luxury taxes can be seen as a market failure correcting Pigovian tax—with an apparent negative deadweight loss, these taxes are a more efficient mechanism for increasing revenue than 'distorting' labour or capital taxes. A luxury tax applied to goods and
Conspicuous consumption
247978
loss referring to potential gains that went neither to the monopolist nor to consumers. Given the presence of this deadweight loss, the combined surplus (or wealth) for the monopolist and consumers is necessarily less than the total surplus obtained by consumers by perfect competition. Where efficiency is defined by the total gains from trade, the monopoly setting is less efficient than perfect competition. It is often argued that monopolies tend to become less efficient and less innovative over time, becoming "complacent", because they do not have to be efficient or innovative to compete in the marketplace. Sometimes this very loss
Monopoly
606691
half cut is the same as in their first extortion. Yet for peasants to lose the last half of their crops means possible starvation and the certain loss of seed corn. They can be expected to resist violently, as they did in the Hollywood movie The Magnificent Seven and in the Japanese movie on which it was based, The Seven Samurai. Becker's insight was to recognize that deadweight losses put a brake on predation. He took the well-known insight that deadweight losses are proportional to the square of the tax, and used it to argue that a linear increase in
Gary Becker
12450111
"both" parties, as a result of the monopsonistic restriction of employment. This is a net social loss and is called "deadweight loss". It is a measure of the market failure caused by monopsony power, through a wasteful misallocation of resources. As the diagram suggests, the size of both effects increases with the difference between the marginal revenue product "MRP" and the market wage determined on the supply curve "S". This difference corresponds to the vertical side of the yellow triangle, and can be expressed as a proportion of the market wage, according to the formula: The ratio formula_19 has been
Monopsony
19819327
than the government is made "better" off by tax income. That is, more is lost due to supply and demand shifts than is gained in tax. This is known as a deadweight loss. If the income lost by the economy is greater than the government's income; the tax is inefficient. It must be noted that a VAT and a Non-VAT have the same implications on the microeconomic model. The entire amount of the government's income (the tax revenue) may not be a deadweight drag, if the tax revenue is used for productive spending or has positive externalitiesin other words, governments
Value-added tax
4868043
foreign suppliers gain at the expense of a loss to consumers, and to the domestic economy, in addition to which there is a "deadweight loss" to the world economy. When quotas were banned under the rules of the General Agreement on Tariffs and Trade (GATT), the United States, Britain and the European Union made use of equivalent arrangements known as "voluntary restraint agreements" (VRAs) or voluntary export restraints (VERs) which were negotiated with the governments of exporting countries (mainly Japan)—until they too were banned. Tariffs have been considered to be less harmful than quotas, although it can be shown that
International economics
578547
seller decreases. Therefore, buyers and sellers share the burden of the tax, regardless of how it is imposed. Since tax situates a wedge between the price buyers pay and the price sellers get, the quantity sold goes down below the level that it would be without tax. To put it another way, a tax on good leads the size of market for the good to decrease. The reason is why tax creates deadweight losses can be explained with one example. Suppose that Will is a cleaner who is working in the cleaning service company and Amie hired Will to clean
Deadweight loss
9549224
Proportional reduction in loss Proportional reduction in loss (PRL) is a general framework for developing and evaluating measures of the reliability of particular ways of making observations which are possibly subject to errors of all types. Such measures quantify how much having the observations available has reduced the loss (cost) of the uncertainty about the intended quantity compared with not having those observations. Proportional reduction in error is a more restrictive framework widely used in statistics, in which the general loss function is replaced by a more direct measure of error such as the mean square error. Examples are the
Proportional reduction in loss
20710716
its theoretical deadweight tonnage upon leaving Newcastle, the finding on the cause of the loss of the "Myola" was: "the Myola having had an amount of loose water in her [ballast] tanks on leaving Newcastle which reduced the righting levers considerably and rendered her unstable and eventually caused the loss. This theory meets the facts more consistently than any others which has been advanced." The reason for there being free water in the ballast tanks was not known - the crew believed that the tanks were empty - but the Royal Commission was, in its own words, "forced to consider
SS Myola
613775
Lawmakers then attempt to close the loopholes with additional legislation. That leads to a vicious cycle of ever more complex avoidance strategies and legislation. The vicious cycle tends to benefit large corporations and wealthy individuals that can afford the professional fees that come with ever more sophisticated tax planning, thus challenging the notion that even a marginal income tax system can be properly called progressive. The higher costs to labour and capital imposed by income tax causes deadweight loss in an economy, being the loss of economic activity from people deciding not to invest capital or use time productively because
Income tax
9549226
number of items into mutually exclusive qualitative categories (Cooil and Rust, 1995). Measures of this latter type have been proposed by several researchers, including Perrault and Leigh (1989). Proportional reduction in loss Proportional reduction in loss (PRL) is a general framework for developing and evaluating measures of the reliability of particular ways of making observations which are possibly subject to errors of all types. Such measures quantify how much having the observations available has reduced the loss (cost) of the uncertainty about the intended quantity compared with not having those observations. Proportional reduction in error is a more restrictive framework
Proportional reduction in loss
10369609
the respondent experiences behaviour characteristic of OCD. Section 6 measures, by direct questions, whether the respondent is depressed, by items relating to "feeling low", uncontrolled crying, anhedonia, loss of feeling, suicidal tendencies, social withdrawal, insomnia or hypersomnia, dysthymia, etc. Section 7 measures cognitive functioning through direct questions about concentration, loss of interests or drive, and being overwhelmed by everyday tasks. Section 8 asks direct questions about weight and weight gain or loss, appetite, sleep patterns, and libido. Section 9 aims to diagnose eating disorders such as bulimia and anorexia nervosa. Section 10 measures whether the respondent experiences euphoria or abnormally
SCAN
18190049
parameters generally found empirically from the material's "B-H" hysteresis curve by curve fitting. In typical magnetic materials, the Steinmetz coefficients all vary with temperature. The energy loss, called core loss, is due mainly to two effects: magnetic hysteresis and, in conductive materials eddy currents, which consume energy from the source of the magnetic field, dissipating it as waste heat in the magnetic material. The equation is used mainly to calculate core losses in ferromagnetic magnetic cores used in electric motors, generators, transformers and inductors excited by sinusoidal current. Core losses are an economically important source of inefficiency in alternating current
Steinmetz's equation
16871764
applied at primary. If the applied voltage is normal voltage then normal flux will be set up. Since iron loss is a function of applied voltage, normal iron loss will occur. Hence the iron loss is maximum at rated voltage. This maximum iron loss is measured using the wattmeter. Since the impedance of the series winding of the transformer is very small compared to that of the excitation branch, all of the input voltage is dropped across the excitation branch. Thus the wattmeter measures only the iron loss. This test only measures the combined iron losses consisting of the hysteresis
Open-circuit test
19719376
"mudarabah" system, saying there are no instances where the "mudharib" passed funds onto another "mudharib". Critics have in turn criticized PLS advocates for remaining "oblivious to the fact" that the reason PLS has not been widely adopted "lies in its inefficiency" (Muhammad Akram Khan), and their "consequence-insensitive" way of thinking, assuming that "ample supply" of PLS "instruments will create their own demand" (Nawab Haider Naqvi), consumer disinterest notwithstanding. Faleel Jamaldeen describes the decline in the use of PLS as a natural growing process, where profit and loss sharing was replaced by other contracts because PLS modes "were no longer sufficient
Profit and loss sharing
18567445
Transmission loss Transmission loss (TL) in general describes the accumulated decrease in intensity of a waveform energy as a wave propagates outwards from a source, or as it propagates through a certain area or through a certain type of structure. It is a terminology frequently used in optics and acoustics. Measures of TL are very important in the industry of acoustic devices such as mufflers and sonars. Measurement of transmission loss can be in terms of decibels. Mathematically, transmission loss is measured in dB scale and in general it can be defined using the following formula: where: Transmission loss may
Transmission loss
2565411
utility. Other measures of cost are possible, for example mortality or morbidity in the field of public health or safety engineering. For most optimization algorithms, it is desirable to have a loss function that is globally continuous and differentiable. Two very commonly used loss functions are the squared loss, formula_14, and the absolute loss, formula_15. However the absolute loss has the disadvantage that it is not differentiable at formula_16. The squared loss has the disadvantage that it has the tendency to be dominated by outliers—when summing over a set of formula_17's (as in formula_18 ), the final sum tends to
Loss function
6063883
(2002). The two regression lines appear to be very similar (and this is not unusual in a data set of this size). However, the advantage of the robust approach comes to light when the estimates of residual scale are considered. For ordinary least squares, the estimate of scale is 0.420, compared to 0.373 for the robust method. Thus, the relative efficiency of ordinary least squares to MM-estimation in this example is 1.266. This inefficiency leads to loss of power in hypothesis tests and to unnecessarily wide confidence intervals on estimated parameters. Another consequence of the inefficiency of the ordinary least
Robust regression
5444028
resistance of a small loop is generally much smaller than the loss resistance due to the conductors composing the loop, leading to a poor antenna efficiency. Consequently, most of the power delivered to a small loop antenna will heat in the loss resistance rather than do useful work. So much wasted power is not acceptable in a transmitting antenna, however in a receiving antenna the inefficiency is not important at frequencies below about 15 MHz. At these lower frequencies, atmospheric noise (static) and man-made noise (radio frequency interference) even in the weak signal from an inefficient antenna are far above
Loop antenna
4894168
is mainly found within the retail sector but also can be found within other business environments. Since retail loss prevention is geared towards the elimination of preventable loss and the bulk of preventable loss in retail is caused by deliberate human activity, traditional approaches to retail loss prevention have been through visible security measures matched with technology such as CCTV and electronic sensor barriers. Most companies take this traditional approach by either having their own in-house loss prevention team or using external security agencies. Charles A. Sennewald and John H. Christman state, "Four elements are necessary for a successful loss
Retail loss prevention
9549225
coefficient of determination and Goodman and Kruskal's lambda. The concept of proportional reduction in loss was proposed by Bruce Cooil and Roland T. Rust in their 1994 paper. Many commonly used reliability measures for quantitative data (such as continuous data in an experimental design) are PRL measures, including Cronbach's alpha and measures proposed by Ben J. Winer (1971). It also provides a general way of developing measures for the reliability of qualitative data. For example, this framework provides several possible measures that are applicable when a researcher wants to assess the consensus between judges who are asked to code a
Proportional reduction in loss
1891621
Now for the purely viscous case, where stress is proportional to strain "rate".<br> formula_7 The storage modulus measures the stored energy, representing the elastic portion, and the loss modulus measures the energy dissipated as heat, representing the viscous portion. The tensile storage and loss moduli are defined as follows: Similarly we also define shear storage and loss moduli, formula_11 and formula_12. Complex variables can be used to express the moduli formula_13 and formula_14 as follows: where Shear stress formula_18 of a finite element in one direction can be expressed with relaxation modulus formula_19 and strain rate, integrated over all past
Dynamic mechanical analysis
11177624
stating "In the past the man has been first; in the future the system must be first", and the first goal of all good systems should be developing first-class men. He listed three goals for the work: "First." To point out, through a series of simple illustrations, the great loss which the whole country is suffering through inefficiency in almost all of our daily acts. "Second." To try to convince the reader that the remedy for this inefficiency lies in systematic management, rather than in searching for some unusual or extraordinary man. "Third." To prove that the best management is
The Principles of Scientific Management
18567446
refer to a more specific concept in one of the field below. Transmission loss Transmission loss (TL) in general describes the accumulated decrease in intensity of a waveform energy as a wave propagates outwards from a source, or as it propagates through a certain area or through a certain type of structure. It is a terminology frequently used in optics and acoustics. Measures of TL are very important in the industry of acoustic devices such as mufflers and sonars. Measurement of transmission loss can be in terms of decibels. Mathematically, transmission loss is measured in dB scale and in general
Transmission loss
13003545
up to a point, however beyond this there is a loss of contractile ability due to loss of connection between myofibrils; see figure. Various pathologies, listed below, can lead to volume overload. Different mechanisms are involved depending on the cause, however the common theme is that of a high cardiac output with a low or normal afterload. The output may be high due to the inefficiency in valve disease, or it may be high due to shunting of blood in left-to-right shunts and arteriovenous malformations. Left ventricular volume overload may produce inverted u waves on the electrocardiogram. Causes may be
Volume overload
13589981
to prevent and offset the destruction or degradation of wetlands. Under this bi-partisan policy, wetlands currently in existence are to be conserved if possible. No net loss is achieved through a coordinated effort of: No net loss was first adopted as a national goal under George H. W. Bush’s administration in 1988, after he campaigned on the policy. It emphasized three elements on its policy: strengthening the wetland conservation and acquisition measures, revising the delineation manual, improving and streamlining the wetlands regulatory program. All of these measures are aimed at maintaining wetlands quantity and quality of national wetland resources. During
No net loss wetlands policy
14020685
report measures a damaged vehicle’s inherent loss in value. The diminished value can be measured as the difference in the value of the vehicle before the loss to that after the loss, prior to or after repair. In most cases even if the repair was done expertly, the value of the automobile will still be considerably less after a loss. When consumers find that a vehicle has been in an accident, most consumers will never pay the same price for a repaired vehicle as compared to one with no loss history. Some reports include an assessment of the damage done
Diminished value
519104
creation of NIOSH's Noise and Hearing Loss Prevention program. Noise has also proven to be an occupational hazard, as it is the most common work-related pollutant. Noise-induced hearing loss, when associated with noise exposure at the workplace is also called occupational hearing loss. While noise-induced hearing loss is permanent, it is also very preventable. Particularly in the workplace, regulations may exist depicting maximum allowed levels of noise. This can be especially important for professionals working in settings with consistent exposure to loud sounds, such as musicians, music teachers and sound engineers. Examples of measures taken to prevent noise-induced hearing loss
Noise
518655
the filter installed (|"V"|) to the signal level with the filter installed (|"V"|). This ratio is described in dB by the following equation: For passive filters, |"V"| will be smaller than |"V"|. In this case, the insertion loss is positive and measures how much smaller the signal is after adding the filter. In case the two measurement ports use the same reference impedance, the insertion loss (formula_3) is defined as: Here formula_5 is one of the scattering parameters. Insertion loss is the extra loss produced by the introduction of the DUT between the 2 reference planes of the measurement. The
Insertion loss
203028
to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take a more active role in loss mitigation,
Insurance
4118007
512 Hz, and contrast measures of air and bone conducted sound transmission. "Table 1". A table comparing sensorineural to conductive hearing loss Other, more complex, tests of auditory function are required to distinguish the different types of hearing loss. Bone conduction thresholds can differentiate sensorineural hearing loss from conductive hearing loss. Other tests, such as oto-acoustic emissions, acoustic stapedial reflexes, speech audiometry and evoked response audiometry are needed to distinguish sensory, neural and auditory processing hearing impairments. A tympanogram is the result of a test with a tympanometer. It tests the function of the middle ear and mobility of the
Sensorineural hearing loss
15099518
weight loss of between 14% and 25% (depending on the type of procedure performed) at 10 years, and a 29% reduction in all cause mortality when compared to standard weight loss measures. A 2007 review concluded that certain subgroups such as those with type 2 diabetes and women show long term benefits in all cause mortality, while outcomes for men do not seem to be improved with weight loss. A subsequent study found benefits in mortality from intentional weight loss in those who have severe obesity. Diets to promote weight loss are generally divided into four categories: low-fat, low-carbohydrate, low-calorie,
Management of obesity
13893803
loss as more devastating. If the subject feels good when taking the questionnaire, the subject will report that the loss was less difficult to endure. This subjectivity can change rapidly. Recognizing that any single simple measure cannot be accurate, one hallmark of Bonanno's research methodology has relied on several independent measures simultaneously. This ensures convergent validity of any findings. For example, his research studies often simultaneously use, among other measures, skin temperature, heart rate, the Facial Action Coding System or "FACS" pioneered by Paul Ekman, empty chair studies, longitudinal measures over months or years, cortisol, physician and friend reports, and
George Bonanno
601258
are three main types of hearing loss: conductive hearing loss, sensorineural hearing loss, and mixed hearing loss. About half of hearing loss globally is preventable through public health measures. Such practices include immunization, proper care around pregnancy, avoiding loud noise, and avoiding certain medications. The World Health Organization recommends that young people limit the use of personal audio players to an hour a day in an effort to limit exposure to noise. Early identification and support are particularly important in children. For many hearing aids, sign language, cochlear implants and subtitles are useful. Lip reading is another useful skill some
Hearing loss
15191028
in the Paris negotiations rose from the fact that many of the worst effects of climate change will be too severe or come too quickly to be avoided by adaptation measures. The Paris Agreement specifically acknowledges the need to address loss and damage of this kind, and aims to find appropriate responses. It specifies that loss and damage can take various forms—both as immediate impacts from extreme weather events, and slow onset impacts, such as the loss of land to sea-level rise for low-lying islands. The push to address loss and damage as a distinct issue in the Paris Agreement
Paris Agreement
149729
artificial scarcities. This implies that economic rents, i.e. profits generated from a lack of perfect competition, must be reduced or eliminated as much as possible through free competition. Economic theory suggests the returns to land and other natural resources are economic rents that cannot be reduced in such a way because of their perfect inelastic supply. Some economic thinkers emphasize the need to share those rents as an essential requirement for a well functioning market. It is suggested this would both eliminate the need for regular taxes that have a negative effect on trade (see deadweight loss) as well as
Free market
8166699
artificial scarcity on copyright works: everyone can download as many songs, ebooks and films as they want (in economic terns, ACS eliminate the deadweight loss of copyright monopolies). They also avoid the very high technological and social costs of digital copyright enforcement. The two greatest drawbacks of ACSes are the excess burden of the taxation that is collected, and the need to decide what tax/levy rates to use for the system (although methods such as contingent valuation may help a little with that question). Canada's private copying levy had the unforeseen result of temporarily creating an ACS for some kinds
Copyright alternatives
603254
be given in the hope that the receiver reciprocates in a particular way. It may take the form of positive reinforcement as a reward for compliance, possibly for an underhand manipulative and abusive purpose. A significant fraction of gifts are unwanted, or the giver pays more for the item than the recipient values it, resulting in a misallocation of economic resources known as a deadweight loss. Unwanted gifts are often regifted, donated to charity, or thrown away. A gift that actually imposes a burden on the recipient, either due to maintenance or storage or disposal costs, is known as a
Gift
6386262
of modern capitalism violate the ability of individuals to trade in the absence of coercion. Mutualists support markets and private property in the product of labor, but only when these markets guarantee that workers will realize for themselves the value of their labor. In recent times, most economies have extended private property rights to include such things as patents and copyrights. Critics see this as coercive against those with few prior resources. They argue that such regulations discourage the sharing of ideas and encourage nonproductive rent seeking behavior, both of which enact a deadweight loss on the economy, erecting a
Criticism of capitalism
12456693
worked with various novel approaches to helping unemployment such as tax breaks on value-added tax. Swales is a coauthor of an alternative approach to the minimum wage submitted to the European Commission. This provides incentives for a minimum wage without mandating it, by using tax breaks per employee to reduce the value added tax paid by employers. The report of the team's modelling states that this would not only increase employment levels but also increase GDP, i.e. it would reverse any unemployment and deadweight loss effects of a mandated minimum wage, acting as a Pigovian subsidy. Kim Swales Kim Swales
Kim Swales
16041103
OneTax The OneTax is a tax reform plan and proposed amendment to the United States Constitution that eliminates the federal income tax for all individuals earning less than $215,870. The OneTax is described as revenue-neutral, which means that it compensates for lost revenue from the income tax by closing loopholes and eliminating tax expenditures in the current income tax system. The current United States income tax system imposes higher costs of tax compliance than any other country, with direct costs exceeding $460 billion, and indirect deadweight loss costs of over $1.2 trillion. As this figure was calculated in 2004, it
OneTax
2145223
less efficient local products over more efficient nonlocal products is an economic deadweight loss. Moreover, the community as a whole does not actually save money because consumers have to spend so much more on the more expensive local products. Similarly the moral purchasing argument has been questioned as more and more consumers consider the welfare of people in countries other than their own. Most "buy local" campaigns rely on the implicit assumption that providing jobs for people in the consumers' own country is more moral than in "foreign" countries. They also imply that money going to foreign countries is worse
Local purchasing
410218
as the FairTax or OneTax, and some flat tax proposals). In the absence of negative externalities, the introduction of taxes into a market reduces economic efficiency by causing deadweight loss. In a competitive market the price of a particular economic good adjusts to ensure that all trades which benefit both the buyer and the seller of a good occur. The introduction of a tax causes the price received by the seller to be less than the cost to the buyer by the amount of the tax. This causes fewer transactions to occur, which reduces economic welfare; the individuals or businesses
Tax
916881
also results in a deadweight loss. International price fixing by private entities can be prosecuted under the antitrust laws of many countries. Examples of prosecuted international cartels are those that controlled the prices and output of lysine, citric acid, graphite electrodes, and bulk vitamins. In the United States, price fixing can be prosecuted as a criminal federal offense under Section 1 of the Sherman Antitrust Act. Criminal prosecutions must be handled by the U.S. Department of Justice, but the Federal Trade Commission also has jurisdiction for civil antitrust violations. Many state attorneys general also bring antitrust cases and have antitrust
Price fixing
18030414
Eastcliffe Hall Eastcliffe Hall was a Great Lakes bulk carrier which sank in the Saint Lawrence Seaway on the morning of 14 July 1970 with the loss of nine crewmen and family members. "Eastcliffe Hall" was built by Canadian Vickers Limited of Montreal, Quebec, Canada, and used as a cargo ship on the North American Great Lakes. Originally in length with gross register tonnage (GRT) of 2,140, she was subsequently lengthened to and her tonnage increased to 3,335 GRT, with 5,750 tons deadweight capacity. She was operated by the Hall Corporation and carried a variety of cargoes through the Great
Eastcliffe Hall
18030420
the surface currents are quick, the ship has since become a popular destination for recreational divers. Eastcliffe Hall Eastcliffe Hall was a Great Lakes bulk carrier which sank in the Saint Lawrence Seaway on the morning of 14 July 1970 with the loss of nine crewmen and family members. "Eastcliffe Hall" was built by Canadian Vickers Limited of Montreal, Quebec, Canada, and used as a cargo ship on the North American Great Lakes. Originally in length with gross register tonnage (GRT) of 2,140, she was subsequently lengthened to and her tonnage increased to 3,335 GRT, with 5,750 tons deadweight capacity.
Eastcliffe Hall
20009297
sink, and the Coast Guard eventually had to sink the bow section with gunfire. MV Spartan Lady She was built by Wilton-Fijenoord, and was launched on October 16, 1954 and delivered in January 1955 as "Sologne". She measured with a beam of and a deadweight tonnage of 19,788 DWT. She was powered by a single diesel engine that gave her a service speed of . In 1972, she was renamed "Spartan Lady", and at the time of her loss was flagged in Liberia, owned by Compania Marittma Laconia, and operated by Sea Spartan Steamship Agency. On April 4, 1975, "Spartan
MV Spartan Lady
20009295
MV Spartan Lady She was built by Wilton-Fijenoord, and was launched on October 16, 1954 and delivered in January 1955 as "Sologne". She measured with a beam of and a deadweight tonnage of 19,788 DWT. She was powered by a single diesel engine that gave her a service speed of . In 1972, she was renamed "Spartan Lady", and at the time of her loss was flagged in Liberia, owned by Compania Marittma Laconia, and operated by Sea Spartan Steamship Agency. On April 4, 1975, "Spartan Lady" was sailing through heavy seas about south of Martha's Vineyard when she sent
MV Spartan Lady
3907142
A firm with market power has the ability to individually affect either the total quantity or the prevailing price in the market. Price makers face a downward-sloping demand curve, such that price increases lead to a lower quantity demanded. The decrease in supply as a result of the exercise of market power creates an economic deadweight loss which is often viewed as socially undesirable. As a result, many countries have anti-trust or other legislation intended to limit the ability of firms to accrue market power. Such legislation often regulates mergers and sometimes introduces a judicial power to compel divestiture. A
Market power
410217
the tax revenue isn't redistributed. Most taxes (see below) have side effects that reduce economic welfare, either by mandating unproductive labor (compliance costs) or by creating distortions to economic incentives (deadweight loss and perverse incentives). Although governments must spend money on tax collection activities, some of the costs, particularly for keeping records and filling out forms, are borne by businesses and by private individuals. These are collectively called costs of compliance. More complex tax systems tend to have higher compliance costs. This fact can be used as the basis for practical or moral arguments in favor of tax simplification (such
Tax
4548005
more players, aid has become less predictable, less transparent and more volatile. Information, at the donors' as well at the recipients' level, is often poor, incomplete and difficult to compare with other data, and beneficiaries' feedback and formal project evaluations are rare. Aid is predictable when partner countries can be confident about the amount and the timing of aid disbursement. Not being predictable has a cost: The deadweight loss associated with volatility has ranged on average from 10% to 20% of a developing country's programmable aid from the European Union in recent years. In the past decade, the aid environment
Aid effectiveness
606689
preference against the disadvantaged groups. He goes on to say that discrimination increases the cost of the firm because in discriminating against certain workers, the employer would have to pay more so that work can proceed without them. If the employer employs the minority, low wages can be provided, but more people can be employed, and productivity can be increased. Becker is also famous for his economic analysis of democracy. He asked what determines the extent to which one interest group can exploit another. He considered this exploitation to be deadweight loss, meaning a failure to reach efficiency. As Palda
Gary Becker
1703781
or both are inelastic, the deadweight loss is lower than a comparable scenario with higher elasticity. Among the most common applications of price elasticity is to determine prices that maximize revenue or profit. If one point elasticity is used to model demand changes over a finite range of prices, elasticity is implicitly assumed constant with respect to price over the finite price range. The equation defining price elasticity for one product can be rewritten (omitting secondary variables) as a linear equation. where Similarly, the equations for cross elasticity for formula_22 products can be written as a set of formula_22 simultaneous
Price elasticity of demand
3156403
as well as limit competitiveness. The question rests on whether it is legal to acquire monopoly through accumulation of intellectual property rights. In which case, the judgment needs to decide between giving preference to intellectual property rights or to competitiveness: Concerns also arise over anti-competitive effects and consequences due to: Some scholars suggest that a prize instead of patent would solve the problem of deadweight loss, when innovators got their reward from the prize, provided by the government or non-profit organization, rather than directly selling to the market, see Millennium Prize Problems. However innovators may accept the prize only when
Competition law
6857539
In that April 1,250,000 deadweight tons were sunk, with 122 ocean-going ships sunk in the first two weeks after that declaration of war. British losses in that period equaled an average round-trip voyage loss of 25%. Allied losses before U.S. entry had already been that heavy that construction in yards outside the U.S. was unable to sustain current losses. Congress had rejected previous attempts to create a shipping board to manage U.S. maritime affairs, beginning with bills introduced as early in the war as 4 September 1914. President Wilson repeatedly requested enactment of a shipping act until Representative Joshua W.
United States Shipping Board Merchant Fleet Corporation
16414124
Because projects requiring an Incidental Take Permit are so diverse, applicable mitigation measures should be equally diverse; therefore, limits and rules are not established for this process. Common mitigation measures often include the following: The general goals of a mitigation program are to offset the immediate incidental take by either positively contributing to the species as a whole or to the objectives of the recovery plan designed for that species by USFWS. Mitigating for habitat loss Most projects requiring an Incidental Take Permit involve impacts to, or losses of, habitat. Mitigating for habitat loss requires either the replacement or protection
Habitat Conservation Plan
5875678
cables include Every pipe or vessel is subject to heat loss when its temperature is greater than ambient temperature. Thermal insulation reduces the rate of heat loss but does not eliminate it. Trace heating maintains the temperature above freezing by balancing heat lost with heat supplied. Normally, a thermostat is used to energise when it measures temperature falling below a set temperature value - usually between 3 °C and 5 °C and often referred to as the 'setpoint'. The thermostat will de-energise the trace heating when it measures temperature rising past another set temperature value - usually 2 °C higher
Trace heating
790203
entrenchment of a tributary channel. Studies of various rivers have revealed that the process of river entrenchment has been associated with adjustment of river positions through bank erosion, as well as widening. River entrenchment causes negative impacts, such as accelerated stream bank erosion, land loss, loss of aquatic habitat, loss of land productivity, lowering of water table and sedimentation of the river downstream. However, in order to offset these problems, channel restoration measures focusing on restoration of the river in its original or to its previous characteristics are available. Though to achieve good results, a good understanding of the river
Entrenched river
1319325
for future performance, loss is often defined (as a substitute) as change in fundamental value. For example, if an institution holds a loan that declines in market price because interest rates go up, but has no change in cash flows or credit quality, some systems do not recognize a loss. Also some try to incorporate the economic cost of harm not measured in daily financial statements, such as loss of market confidence or employee morale, impairment of brand names or lawsuits. Rather than assuming a static portfolio over a fixed time horizon, some risk measures incorporate the dynamic effect of
Value at risk
7731390
of funds is the total cost of distortions divided by the total revenue collected by a government. In contrast, the "marginal" cost of funds (MCF) is the size of the distortion that accompanied the last unit of revenue raised (i.e. the rate of change of distortion with respect to revenue). In most cases, the MCF increases as the amount of tax collected increases. The standard position in economics is that the costs in a cost-benefit analysis for any tax-funded project should be increased according to the marginal cost of funds, because that is close to the deadweight loss that will
Excess burden of taxation
4761296
with the current high cost of oil, the financial savings are significant, both for the Charterer and the Shipowner. If the cargo ROB is deemed as 'liquid and pumpable' then the charterers can claim from the owner for any cargo loss for normally between 0.3% up to 0.5%. It replaced the "load on top" and "seawater washing" systems, both of which involved discharging oil-contaminated water into the sea. MARPOL 73/78 made this mandatory equipment for oil tankers of 20,000 tons or greater deadweight. Although COWing is most notable for actual tankers, the current chairman for Hashimoto Technical Service, Hashimoto Akiyoshi,
Crude oil washing
1352284
lower lump-sum fee, the firm has generated area E more profit than if it had charged a lower per-unit price and a higher lump-sum fee. Note that the firm is no longer producing the allocatively efficient output, and there is a deadweight loss experienced by society equal to area F - this is a result of the exercise of monopoly power. Consumer X is left with no consumer surplus, while Consumer Y is left with area B. The following items could be identified as two part tariffs; but it is possible some of them could be debated on the basis
Two-part tariff