Monetary units

Economic summaries of the cosmetic industry, commonly documented by sales volume, are sometimes based on unit sales, sometimes on manufacturers sales in monetary units, and sometimes on consumer spending. Figures normally include contributions by private labeling operations but do not necessarily reflect the value of the industry service sector, which includes suppHers of raw materials, beauticians, testing laboratories, and other speciaHsts. Moreover, product categories caimot be rigidly defined. For example, the differentiation between a deodorant (a cosmetic) and an antiperspirant (an OTC dmg) is often obscured by its trade name. 

Reichs-gesrmdheitsamt, n. Government Board of Health, -kraftstoff, m. a motor fuel containing benzol, alcohol and tetralin. -mark, /. reichsmark (the German monetary unit), -patent, n. German patent. 

Rentenmark, /. a monetary unit based on securities and normally equivalent in value to the reichsmark. 

External costs, damage costs, also often called just externalities, are a monetization of negative external effects being the consequences of, for example, some sort of environmental degradation. These effects and damages are external because the affected does not receive any compensation and the polluter does not need to pay for the damage. In order for physical measures of impacts to be commonly measurable, they must be valued in monetary units. The monetary valuation of different effects is not a straightforward procedure since many of the effects have no market value. The total value is often composed of both use values and non-use values. 

We will suppose that the sunk costs that the company is seeking to recover amount to 500 monetary units and that the marginal cost of the product is 5 monetary units. The demand functions are q = 50 - /q for market 1, and q2 = 50 - 2p2 for market 2. It is plain to see that when the price is zero, the same quantity is consumed on both markets. However, demand is more price-sensitive (that is, elastic) in market 2 than in market 1. 

Comparing the two situations, we find that the social surplus is greater when the producers practise price discrimination than when they establish a uniform price for both markets. The same happens with the level of production and the total consumer surplus. Note that the overall profit is the same in both systems, so the producer should have no preference for one or another type of pricing (they recover the sunk cost of 500 monetary units in both... 

If the co-payment rate is raised from c to c + Xc and the price (P) remains constant, the quantity consumed will decrease by i.Q units and therefore the total expenditure will fall by P IQ monetary units. Figure 7.3 depicts this... 

Income (monetary units) Marginal utility of income Total utility... 

Let us suppose that there is one type of patient (A) with a disease that reduces their health status by 2 QALYs, and another type of patient (B) with a disease that reduces theirs by 10 QALYs. They are assumed to have several drugs available to them, and the more expensive the drug, the more effective it is and the more QALYs it enables them to gain Finally, we assume that the price of a drug is related to its effectiveness, and that the price of a drag rises by 1 monetary unit for each additional QALY it enables us to gain. Therefore, type A patients need a drug that costs 2 monetary units, and type B patients need one that costs 10 monetary units. 

Part Cb) The operating cost during reaction is 20 monetary units (MU) per... 

F — Manual tariff factor—converts to a monetary unit Activity, i.e. staff involvement Aj— 1 when staff are completely involved... 

Cost-benefit analysis of medical care compares the cost of an intervention to its benefit. Both costs and benefits are measured in the same (usually monetary) units (e.g., dollars). These measurements are used to determine either the ratio of dollars spent to dollars saved or the net saving (if benefits are greater than costs) or net cost. All else equal, an investment should be undertaken when its benefits exceed its costs. 

As with the translation of clinical outcomes into monetary measures, there also are difficulties associated with combining different outcomes into a common measure in cost-effectiveness analysis. However, it generally is considered more difficult to translate all health benefits into monetary units for the purposes of cost-benefit analysis than to combine clinical outcome measures. Thus, cost-effectiveness analysis is used more frequently than cost-benefit analysis in the medical care literature. 

This chapter deals with computing totals of money and figuring out the number of coins from the totals. You even get a short primer on monetary units from several different countries and see how the basic properties are the same for just about any monetary system. 

The coins used in the United States have several things in common with the coins used in other countries. The biggest commonality is having 1004 in 1. Most countries have monetary systems with 100 of some coin being equal to the main monetary unit. 

In India, the monetary unit is the rupee. You find banknotes of 5, 10, 20,50, and 100 rupees. There are also 1-rupee, 2-rupee, and 5-rupee coins. The smaller coins in India are paise. One rupee is equal to 100 paise. The coins that are multiples of the paise are 10-paise coins, 20-paise coins, 25-paise coins, and 50-paise coins. 

The Problem In China, the monetary unit is yuan. One yuan is equal to 10 jiao, and 1 jiao is equal to 10 fen. The multiples and powers of ten are at work here, making the computation much easier. What is the fewest number of coins (or paper bills) you need if you have 6,348 fen ... 

A common challenge for people traveling in foreign countries is converting their money to the currency of that country and back again. If you re unfamiliar with a particular monetary unit, you need to get acquainted with the relative... 

In appearance, thermodynamics seems to be nothing more or less than a nice collection of abstract mathematical relations between the properties of matter valid for the various states in which this matter may prevail. It becomes more substantial when thermodynamics is applied, as in process technology. The extent to which one form of energy (e.g., heat) can be converted into another (e.g., work) or to which one form of matter (e.g., methane) can be converted into another form of matter (e.g., methanol or hydrogen) is traditionally governed by thermodynamics. But even if such conversions appear to be "technologically" feasible, their practical realization may still depend on the economic viability. Monetary units such as the dollar and concepts such as the cost of production factors (e.g., labor and capital) enter the analysis and often dominate the outcome. Interestingly... 

When determining which method of economic analysis she should use, she eliminated cost-minimization analysis because the treatment alternatives (service versus no service) will not result in equivalent outcomes. A cost-effectiveness analysis would not be appropriate because she is only interested in one particular program. A cost-utility analysis is also not appropriate because quality of life, while included in the project, is not the focus of her project. A cost-benefit analysis could be appropriate. A cost-benefit analysis requires that both the interventions and outcomes be valued in monetary units. She can determine the direct medical and/or nonmedical costs for each patient from data captured by her HMO. The HMO is very interested in costs, both those to implement the service and those it may save as a result. Cynthia decides that the most understandable analysis to present to the HMO is a cost-benefit analysis. 

Cost-benefit analysis A quantitative evaluation and decision-making technique where comparisons are made between the costs of a proposed regulatory action on the use of a substance or chemical with the overall benefits to society of the proposed action often converting both the estimated costs and benefits into health and monetary units. 

A chemical or biochemical process system has been designed conventionally by considering only one objective function of economic efficiency (profit or cost). However, many of the objectives are often difficult or even impossible to express in a common monetary unit. It is, thus, natural that the concept of multiobjective optimization be introduced in synthesizing a chemical or biochemical process system. 

A descriptive analysis of bank notes is needed. The unlimited satirical force of such a book would be equalled only by its objectivity. For nowhere more naively than in these documents does capitalism display itself in solemn earnest. The innocent cupids frolicking about numbers, the goddesses holding tablets of the law, the stalwart heroes sheathing their swords before monetary units, are in a world of their own ornamenting the facade of hell.76... 

The total externality costs (i.e., those not reflected in direct consumer costs) are summarised in Table 6.10. This involves translating the impacts from physical units to common monetary units, with the problems inherent in such an approach, notably valuing the loss of a human life to society. The caveats are associated with the fact that impacts such as accidental deaths are not always occurring in the same society that harvests the benefits of car driving. These issues have been discussed, e.g., in Sorensen (2004a). 

This is a procedure for determining whether the expected benefits from a proposed action outweight the expected costs. It is assumed that all costs and benefits can be expressed in monetary units. For some benefits market prices may be obtained. In other cases it may be possible to find a surrogate market . Alternatively people s willingness to pay may be obtained from interviews. 

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