Molar Volume of Hydrogen Lab free essay sample

Molar volume is the volume that one mole of gas occupies when temperature and pressure are kept constant. The molar volume of a gas can be determined through evaluating how much gas is given off when the number of moles of the substance is known. To find the volume of gas that will be used to calculate the molar volume, the process of water displacement can be used. Reference Citation Cesa, J. (2002). ChemTopic labs: Experiments and demonstrations in chemistry (vol. 9). Batavia, Il: Flinn Scientific. Calculations (Weight of Mg ribbon used for conversion) (____ ¬.50 g ¬Ã‚ ¬Ã‚ ¬Ã‚ ¬____) = .038 g/cm2 (Width of ribbon)(length of conversion Mg ribbon) (.3 cm x 44.15 cm) (Conversion factor)(Length of Mg ribbon)(width of Mg ribbon) = mass of Mg ribbon .038 g/cm2 (.9 cm x .3cm) = .0103 g Volume of H2 gas 11.5 mL Amount to be subtracted or removed to correct the meniscus- .2 mL Corrected volume of H2 gas 11.3 mL Corrected volume of H2 gas converted to liters 11. We will write a custom essay sample on Molar Volume of Hydrogen Lab or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 3 mL (1 x 10-3 L) =.0113 L (1 mL) Temperature of water bath in K 22.1 °C + 273.15K = 295.3K Barometric Pressure minus water vapor pressure equals pressure of H2 gas 744.72 mmHg – 19.8 mmHg = 724.9 mmHg P1V1T2 = V2 (724.9 mmHg)(.0113 L)(273.15 K) = 9.97 x 10-3 L P2T1 (760 mmHg)(295.3 K) Volume of H2 (g) at STP Volume of H2 gas (9.97 x 10-3 L) = 23.5 L/mol Theoretical amount of moles (4.24 x 10 -4 mol) Molar Volume Mass of Mg ribbon times molar mass equals moles of Mg .0103 g Mg ( 1 mol ) = 4.24 x 10-4 mol Mg (24.3050 g) Percent Yield (23.5 L/mol) x 100 = 105% (22.42 L/mol) Percent Yield Data Tables Data Table 1 Length of Mg Ribbon.9 cm Mass of Mg.0103 g Evidence of Chemical ReactionGas bubbles came up off of the iron cage containing the Mg ribbon Volume of H2 Gas 11.5 mL Corrected Volume of H2 Gas11.3 mL Temperature of Water Bath Before Reaction22.1 ° C Temperature of Water Bath After Reaction22.0 ° C Barometric Pressure744.72 mmHg Discussion Water displacement can be used to determine the amount of a gas that a reaction exudes. That volume can then be used to calculate the molar volume of the gas after the measured volume is corrected for differences in temperature and pressure. When a metal, acid, and water are placed into a graduated cylinder, that graduated cylinder can then be inverted into a water bath. As a reaction occurs, the gas that is produced will rise to the new â€Å"top† of the graduated cylinder. This will push some of the water out of the graduated cylinder and into the water bath. The volume of gas can be determined after the reaction has run to completion by reading the amount of space the gas has taken up and subtracting .2 mL due to the inverted meniscus. Using a copper wire, a â€Å"cage† was made around a .9 cm long piece of magnesium ribbon, which was then placed into a rubber stopper. After placing 5.0 mL of 2 M hydrochloric acid into a 25 mL graduated cylinder, distilled water was layered overtop of the acid until the water was almost brimming of the edge. The rubber stopper was put into the graduated cylinder firmly, and then quickly inversed into the water bath. The formation of gas signified that a reaction was occurring. The gas was able to be collected at the top of the graduated cylinder when it was inversed due to the pressure pushing the water out of the graduated cylinder. The results were recorded before the reaction was finished due to a time constraint. The volume of hydrogen gas was 11.5 mL, and the corrected volume was 11.3 mL because of the inversed meniscus, and the temperature of the water bath after the reaction was 22.1  °C. Using this information, the theoretical amount of moles of H2 gas that was to be produced was found to be 4.24 x 10 -4 moles, which was calculated by converting our mass of Mg ribbon into moles of H2. Using the combined gas law we calculated the volume of H2 gas at STP. This then allowed us to find the molar volume of our lab by dividing the volume of H2 gas produced at STP by the theoretical amount of moles. Our molar volume was 23.5 L/ mole. We found our percent yield to be 105%, and this was calculated by dividing our lab’s molar volume by the theoretical molar volume. Since our percent yield cannot actually be 105%, one or more errors could have occurred to cause this issue. One error that could have occurred was wrapping the copper wire too tightly around the magnesium. This would cause the reaction to take much longer than if we had wrapped it more loosely. Due to time, we weren’t able to let the reaction completely finish. Although, we determined that the amount of gas that was left to be given off was much too small of an amount to make much of a difference. Another error was how our total barometric pressure was an average between the pressure reading in the hallway and the pressure reading in the room. Using an average would have caused a difference in our calculations because since the barometric pressure was not exact, any calculations involving this average would not be completely correct. Another error could have been if we missed a spot of oxidation on our magnesium ribbon, which then could have caused a new substance to be introduced to the reaction. This error could have caused the molar volume of hydrogen to be lower than what was to be expected because part of the Mg would have already reacted. Even if we did clean off all of the visible oxidation, this metal would have started oxidizing again immediately. One last error was if we had allowed air to get into the graduated cylinder. This could have caused a bubble to form, which would have made our measured volume too high. Pre-Lab Questions: 1. Vapor pressure of water at 22.0 °C = 19.8 mmHg Mg (s) + HCl (aq) → H2 (g) 22.0 °C + 273.2 K = 295.2 K Ptotal = P(g) + P(H2) 746 mmHg = P(g) + 19.8 mmHg 726 mmHg = P(g) 2. P1V1T2= P2V2T1 22.0 °C + 273.2 K = 295.2 K 31.0 mL (1x 10 -3 L) = .0310 L ( 1 mL ) (726 mmHg)(.031 L)(273.15 K) = .0274 L (760 mmHg )(295.2 K) 3. Mg (s) + 2HCl (aq) → MgCl2 (aq) + H2 (g) Mg = 24.3050 g/mol 0.028 g Mg ( 1 mol ) = .0012 mol Mg (24.3050 g) 4. Corrected volume of H2 = .0274 L = 22.8 L/mol Theoretical # of moles of H2 .0012 mol Post-Lab Questions 1..0103 g Mg (1 mol Mg) (1 mol H2) = 4.24 x 10 -4 mol H2 (24.3050 g) (1 mol Mg) The theoretical number of moles of hydrogen gas produced in Trial 1 was 4.24 x 10 -4 moles. 2. 744.72 mmHg ( 1 atm ) = .97989 atm (760 mmHg) 19.8 mmHg ( 1 atm ) = .0261 atm (760 mmHg) Ptotal = P(H20) + P(H2) .97989 atm = (.0261 atm) + P(H2) P(H2) = .9538 atm The partial pressure of hydrogen gas that was produced was .9538 atm. 3. P1V1T2 = V2 (724.9 mmHg)(.0113 L)(273.15 K) = 9.97 x 10-3 L P2T1 (760 mmHg)(295.3 K) 9.97 x 10-3 L ( 1 mL ) = 9.97 mL (1 x 10-3 L) The hydrogen gas would occupy 9.97 x 10-3 L or 9.97 mL 4. 9.97 mL H2 gas ( 1 x 10 -3) = 9.97 x 10-3 L ( 1 mL ) Molar Volume = (Volume of H2) (9.97 x 10-3 L H2 ) = 23.5 L / mol (Theoretical # of moles H2) (4.24 x 10-4 mol H2) The molar volume is 23.5 L/ mol. 5. Percent error = |Experimental value – Literature value| x 100 Literature value Percent error = |23.5 L – 22.42 L| x 100 = 4.82% 22.42 L The percent error was 4.82% 6. 1 mol of H2 (g) (2.02 g ) (1 mol) = .0860 g/L Molar volume (1 mol ) (23.5 L ) The experimental value for the hydrogen gas was 0.860 g/L while the literature value was .0899 g/L. 7. A bubble of air in the graduated cylinder would have caused the measured volume of hydrogen gas to be too high. This would have happened because of the appearance of more hydrogen gas when the volume was read initially. 8. The error of oxidation would have caused the measured volume to be lower than it should have been due to the introduction of an extra substance (the oxidation) being added to the reaction because part of the Mg would have already reacted with the oxidation. 9. Buret mL converted to L 50. mL (1 x 10 -3L ) = .050 L ( 1 mL ) Temperature of water bath from  °C to K 22.1 °C + 273.2K = 295.3K n= PV RT n= (744.72 mmHg) (.050L) = 2.0 x 10 -3 mol (62.4 L mmHg/mol K)( 295.3K) Converting mol of Mg to mass 2.0 x 10 -3 mol Mg ( 24.3050g) = .049 g Mg ( 1 mol ) Converting mass of Mg to length .049 g Mg (44.15 cm) = 4.3 cm ( .50 g ) The maximum length of Mg ribbon that should be used is 4.3 cm.

Research Paper Sample on Enzymes Effects of Different Concentrations

Research Paper Sample on Enzymes Effects of Different Concentrations Abstract The enzyme that is responsible for the darkening of cut surfaces of fruits, vegetables and plants are called polyphenoloxidase. These enzymes, like all all other biological catalysts that cause us to exist, are often taken for granted. Without this enzyme, fruits, plants, and vegetables would-be left unprotected from different infections and diseases. There would be no response to the injuries, tissues in plants, fruits and vegetables might incur. Also, an absence polyphenoloxidase would leave humans without a skin pigment to tan. Thus, to understand this enzyme more in depth this paper will show the results of the research done on the effects of different concentrations of the enzyme, and the effects temperature will have on the rate of the reaction. In theory, the reaction rate should be proportional to enzyme concentration (â€Å"Factors Affecting Enzymes†); thus, the outcome of the experiment was successful. The results for the effects on temperature also appeared to be co nsistent with the hypothesis that reactions take place best in 35 ° C; temperatures close to normal body temperature. Introduction Have you ever wondered what causes the darkening of cut surfaces of fruits, vegetables and plants? First, to understand the process of this phenomena, we must understand how enzymes, the biological catalysts work. The process of an enzyme can be very complex. â€Å"The enzyme will catalyze the reaction by binding to a substrate molecule and altering its molecular structure so that the substrate is more readily converted to a different molecule or product† (Campbell 96, 97) Astoundingly, the enzyme that is responsible for the darkening of cut surfaces of fruits, vegetables and plants are called polyphenoloxidase. â€Å"Polyphenoloxidase catalyzes the oxidation of a catechol to ortho-quinone and then undergoes a series of changes to form a red product† (Koning). The reaction is: cathecol+ Ð… O2 Polyphenoloxidase ortho-quinone + H2O red product Thus, the result of the reaction is a response to injury, the catechol is released and the enzyme is converted to ortho-quinone, which is an antiseptic to the injured tissue. So the brownish effect of the cut surface protects the plant from infection or disease (Koning). Moreover, the enzyme polyphenoloxidase can also be found in humans by a different name of tyrosinase, which produces skin pigment melanin, which causes tanning. Thus, the objective of the trials that will be done on the enzyme polyphenoloxidase is to witness the effects of different concentrations of the enzyme, and effects the temperature will have on the rate of the reaction. The theory is rate of the enzyme reaction should be proportional to the enzyme concentration (â€Å"Factors Affecting Enzymes†). Also, the reactions of the temperature should react best in 35 ° C due to the closeness to normal body temperature. Materials and Methods Effect on Enzyme Concentration The procedure to find out the effect of the polyphenoloxidase enzyme concentration and effects on temperature on polyphenoloxidase began, October 4, 2002 and continued on October 11, 2002. The first step of the experiment was to prepare the enzyme, polyphenoloxidase, by washing and peeling a potato. It was then important to chop it into pieces and blend it with 40 ml of phosphate buffer for 1 to 3 minutes. The blending caused the tissues of the potato to homogenize. After the potato and the phosphate buffer were blended, the solution was then strained into a test-tube through two layers of cheesecloth in a funnel. Amazingly, the initial color of the filtered enzyme immediately changed from a cream color to a light brown as soon as it was poured into the test tube. The final steps of the preparation of the potato enzyme involved the filtration in the centrifuge for five minutes for the removal of cell wall, cell fragments and starch grains. The solution was then poured into a test-tub e and then placed in a beaker of ice to keep the enzyme cold. During the preparation of the polyphenoloxidase enzyme, the materials that were going to be used in the experiment were prepared, such as one clean empty test-tube, one Spec. tube, and one Spec. tube half filled with the phosphate buffer. A very interesting instrument was used and it was called the Spec.20 Spectrophotometer; it is used for measuring the transmission of light by comparing various wavelengths. It was vital that the Spec.20 Spectrophotometer was set to 520 nm and set to zero, before the experiment began. The Spec. tube that was half filled with the phosphate buffer was used to set the Spec.20 Spectrophotometer to zero. The final step that was done before the trial test took place was the preparation of the substrate. The preparation of the substrate involved the mixing of 10 ml of 0.006 cathecol solution with 40 ml of the phosphate buffer in a beaker. Finally, all necessary steps were taken to begin the trial test of the experiment. Using a pipette, 10.0 ml of the substrate was mixed with 0.4 ml of the enzyme extract, and .6 ml of the phosphate buffer in a test-tube. The test-tube was immediately transferred to the Spec.20 Spectrophotometer and the stop watch was started. There was a Spec. reading every minute for 10 minutes. After 10 minutes, the test-tube was taken out, shook briefly and put back in the Spec.20 Spectrophotometer for several more minutes. The trial was completed and the Spec. readings were taken. Next, the real trial was preformed, known as trial one. This time there was a control group. In the control .5 ml of the enzyme and 5.5 ml of buffer were mixed together. In another test-tube the solutions that were mixed included: .5 ml of enzyme, .5 ml of buffer, and 5 ml of buffer-substrate. The control test-tube was first put in the Spec.20 Spectrophotometer and only one control reading was taken. The control was immediately taken out and the trial test-tube was quickly put in. Spec. readings were taken every minute for 10 minutes. After the Spec. readings of the test-tube trial, the control reading was again put in the Spec.20 Spectrophotometer for one final control reading. Following the first trial, the second trial began. The second trial involved the combination of: .8 ml of enzyme, .2 ml of buffer, 5 ml of buffer-substrate. The control trial involved .8 ml of enzyme and 5.2 ml of buffer. The control test-tube was first put in the Spec.20 Spectrophotometer and only one control reading was taken. The control was immediately taken out and the trial test-tube was quickly put in. The Spec. readings were taken every minute for 10 minutes. After the Spec. readings of the test-tube trial, the control reading was again put in the Spec.20 Spectrophotometer for one final control reading. Lastly, for the third trial for the effect of enzyme concentration, 1 ml of enzyme, 5 ml of buffer-substrate were combined. For the control group 1 ml of enzyme and 5 ml of buffer were mixed. The control test tube was first put in the Spec.20 Spectrophotometer and only one control reading was taken. The control was immediately taken out and the trial test-tube was quickly put in. The Spec. readings were taken every minute for 10 minutes. After the Spec. readings of the test-tube trial, the control reading was again put in the Spec.20 Spectrophotometer for one final control reading. After all of the trials were completed, the results were plotted on a same piece of graph paper. To find the initial rate of the enzyme concentration, a straight line was drawn through as many points that could form a straight line. Thus, the initial rate was found in the slope of the straight line. Temperature Effect Following the experiment of the effect of enzyme concentration, another procedure was done, to see the temperature effects on the polyphenoloxidase enzyme. The procedure involved the preparation of the enzyme as described before. Then Spec.20 Spectrophotometer was set up the same way as in the previous experiment. As in the past experiment, the buffer-substrate was also prepared. However, in each of the four test- tubes that would be tested, 3 ml of buffer, and a required amount of enzyme would be added. So a trial test was done by adding 5 ml of buffer-substrate, and .5 ml of the enzyme. It was then placed in the Spec.20 Spectrophotometer and readings were made every minute for five minutes and thus the required amount of enzyme was established. Finally, by establishing required amount of enzyme, .5 ml of enzyme and 3 ml of buffer were poured into four different test-tubes. The test-tube that was the control was kept at room temperature, the second test-tube was placed boiling water for four minutes and then cooled under the water at room temperature. The third test-tube was boiled at 35 0C, and then cooled as well. The fourth test- tube was placed in a beaker of ice. The experiment began with the placing of each test tube one after the other in the Spec.20 Spectrophotometer in sequential order for 10 minutes while also noting the readings. Results Enzyme Concentration Reaction The preparation of the phosphate buffer, cathecol and phenolxidase yielded a promising outcome. After much preparation, quick moving and contemplation on the experiment which involved four trials the outcome was graphed, as seen in the graph of The Effect of Enzyme Concentration. Then the initial rate was figured out and graphed as seen in the graph of Initial Rate of Enzyme Concentration. A certain pattern was noticed in the effect the substrate had on the enzyme concentration. In the test trial, 10.0 ml of the substrate was mixed with 0.4 ml of the enzyme extract, and .6 ml of the phosphate buffer in a test-tube. The initial rate of this enzyme concentration turned out to be .10608 Spec. per min. During the very first trial, in the control .5 ml of the enzyme and 5.5 ml of buffer were mixed together. In another test-tube the solutions that were mixed included: .5 ml of enzyme, .5 ml of buffer, and 5 ml of buffer-substrate. The initial rate of this enzyme concentration turned out to be .11325 Spec. per min. The second trial involved the combination of: .8 ml of enzyme, .2 ml of buffer, 5 ml of buffer-substrate. The control trial involved .8 ml of enzyme and 5.2 ml of buffer. The initial rate of this enzyme concentration turned out to be .11825 Spec. per min. Finally, in the third trial for the effect of enzyme concentration, 1 ml of enzyme, 5 ml of buffer-substrate were combined. For the control group 1ml of enzyme and 5 ml of buffer were mixed. The initial rate of this enzyme concentration happened to be .2997 Spec. per min. Effect of Temperature Rate of Reaction In the second part of the experiment, how the phenolxidase would be affected in different temperatures was the primary focus. The outcome of each treated tubes as compared with the control was varied and can seen in the graph of Temperature Effects. Compared to the control, the test tube that was placed in boiling water denatured the enzyme and caused its relative rate of reaction to stay the same. The test-tube that was 35 C compared to the control had the best relative rate of reaction since it is pretty close to the normal body temperature. The test-tube that stayed in the ice-bath, had very little activity in the ice bath due to the enzymes and substrate moving at a very slow speed so there was not much interaction. Finally, the control itself that was at room temperature moved at a moderate speed. Thus, it was shown that significance of each temperature effect was very important; because it increased the reaction of polyphenoloxidase, decreased the reaction, or denatured the enz yme. Discussion The objective of this experiment was to find the effects of different concentrations, and temperatures on enzyme reactions. In theory, the reaction rate should be proportional to enzyme concentration (Factors Affecting Enzymes ). Thus, during each concentration trial the absorbance should have increased with time like it had in the entire trial test and the other three trials. First of all, errors and problems could have occurred early in the experiment during the preparation of the enzyme when there might have been an accidental dropping of some mixture while decanting the potato. Other problems included the fast pace of the experiment, the solution for the trials had to be made very quickly especially when it concerned the transfer of the enzyme. Last but not least, the major error in the experiment had occurred within the Spectrophotometer, when it broke down in the middle of trial 3. The test tube had to be immediately transferred to another Spectrophotometer, and continued from there. The second part of the experiment was based on the different temperature effects of enzyme reactions. As based on the hypotheses, the test-tube that was 35 0C had the best relative rate of reaction since the reaction took place close to normal body temperature. The test-tube that stayed in the ice-bath, had very little activity in the ice bath due to the enzymes and substrate moving at a very slow speed so there was not much interaction as expected. The test tube that was placed in boiling water at 100 ° C denatured the enzyme and caused its relative rate of reaction to stay the same. Thus, it was shown that significance of each temperature effect was very important; because it increased the reaction of polyphenoloxidase, decreased the reaction, or denatured the enzyme. Thus, the enzymes’ optimal temperature is around body temperature, when most reactions occur. Errors that could have occurred with this experiment seem to be very minimal, since part of the experiment was a repeat of the previous trials that were done on the effect of different enzyme concentrations. An error could have been made with finding the required amount of enzyme to use. Errors could have taken place during the Spec. readings, when each of the four tubes were sequentially being put in the Spec. and taken out after the reading. This was especially frustrating when everything was going on at such a fast pace that there could have definitely been a mix-up of the tubes with different temperatures.

Top French Romance Films

Top French Romance Films Well, they say French is the language of love, so what better language to watch romantic movies in? Cyrano de Bergerac   A beautiful, touching, and humorous love story. Cyrano loves Roxanne but fears rejection due to his overly-large nose. Roxanne loves Christian, and he, in turn, loves her but does not have the ability to express his love. Cyrano helps Christian by expressing his love to Roxanne via Christian. This is the original film, made in 1950 in black and white. It has been remade a few times, including in the US as  Roxanne, with Steve Martin. Le Retour de Martin Guerre (The Return of Martin Guerre) Gerard Depardieu plays a soldier who returns to his wife after many years and has changed so much (in more than just personality) that his wife and neighbors are not sure its the same person. A beautiful love story as well as an interesting look at medieval France. Remade in the US as  Sommersby, with Jodie Foster and Richard Gere. Les Enfants du Paradis (Children of Paradise) A classic French romantic movie, by Marcel Carne. A mime falls in love with a theater troupe actress but faces a lot of competition for her affections. Shot in black and white in 1946 (while Paris was under German occupation), but set in the 19th century. Its a must see! La Belle et la bà ªte (Beauty and the Beast) Youve probably seen some version of this classic French romance, but the original- in black and white- is by far the best. This beautiful, sensual film by Jean Cocteau is about love, inner beauty, and obsession, and is nothing short of a magical fairy tale. Baisers volà ©s (Stolen Kisses) This sequel to 400 Blows (Les Quatre Cent Coups) couldnt be more different to its predecessor. Antoine loves Christine, who is indifferent until her admirer falls for another women. Christine then realizes (decides?) that she does want him after all, and tries to woo him back. A very sweet movie by Franà §ois Truffaut and Jean-Pierre Là ©aud. Les Roseaux savages (Wild Reeds) Andrà © Tà ©chinà ©s 1994 film, set in 1964, is a beautiful coming-of-age story about four teenagers and their experiences with relationships and the effects of Frances war in Algeria. Beautiful cinematography and a great soundtrack, to boot. This film won 4 Cà ©sar awards. Les Nuits de la pleine lune (Full Moon in Paris) A wonderful romantic comedy and the fourth installment in director Eric Rohmers Comedies and Proverbs series. Louise (played by the talented Pascale Ogier, who tragically died the year the film was released) grows bored with her lover and decides to spice up her (love) life. Humor and tragedy ensue. LAmi de mon amie (Boyfriends and Girlfriends) Another from the Comedies and Proverbs series, this film looks at love and friendship. Which is more important: passion or companionship? Is boyfriend-swapping really such a good idea after all? Find out with this movie. Une Liaison pornographique (An Affair of Love) Dont let the ironic French title put you off; this is a beautiful, erotic love story about two people who meet looking for anonymous sex but end up finding much more. A beautiful and mysterious tale of love. LHistoire dAdà ¨le H (The Story of Adele H) The true story of Victor Hugos daughter and her obsession with a French lieutenant. Not a happy story, but certainly a beautiful and intriguing movie.

Quantitative Analysis Assignment Example | Topics and Well Written Essays - 1000 words

Quantitative Analysis - Assignment Example He also discovered that this relationship depended on the level of school, subgroup status, and the location of the school. He further conducted a repeat of this study using the White’s (1982) meta-analysis to assess whether the socioeconomic achievement relationship improved since the first publication of White’s (1982) meta-analysis. The findings of this analysis indicated a small decrease in the mean correlation. He further discussed the future implication of this research and future areas of research (Sirin, 2005). Literature review Literature review can be defined as an account of what other researchers have published on the topic under investigation (Keyton, 2011). It is a critical assessment of what other researchers have done in relation to the topic under investigation. It also discusses a topic in a given area of research (Keyton, 2011). At the beginning of this research, the research presented a background of what other researchers conducted in relation to me ta-analysis. Keyton (2011) mentions researchers such as Bornstein & Bradley, 2003; Brooks-Gunn & Duncan, 1997; Coleman, 1988; McLoyd, 1998, who stated that the socioeconomic factor is a common variable in education research. Information presented in the review indicated that since the inception of White (1982), most of education researches have focused the relation between socioeconomic factors and students achievement. Other factors revealed from the review are different types of socioeconomic factors and students’ academic achievement. The literature review was well conducted in that the researcher was in a position to present relevant information in relation to knowledge gap describing what he intended to do differently from what others conducted (Sirin, 2005). The literature review presented covered enough scope in this area of investigation because the researcher presented what was conducted before, and what he intended to do with his study. Methodology In the research m ethodology, the researcher conducted the following procedures; he applied a measure of socioeconomic status and students’ academic achievement and made a report on quantitative information in satisfactory statistical information for computation of relationships between socioeconomic status and student academic achievement. The sample selected in the research study included students from kindergarten grades through students from grade 12. The sample also included other students’ participants from the United States (Sirin, 2005). The researcher used several computer explores and manual research to obtain the best conceivable reports to represent the big number of current research studies on socioeconomic status and student academic achievement. The Education Resources Information Center, Sociological Abstracts, and PsycINFO were used in this study as computerized search engines (Sirin, 2005). Search terms like socioeconomic status, social economic class, social status, i ncome disadvantages, and the level of poverty were used to search the socioeconomic status of the students. The researcher used terms such as success achievement, and students’ performance to search for students’ academic achievement (Sirin, 2005). The two Boolean operators were developed to describe the relationship between academic achievements. All information from the database was searched from

Thomas Jefferson Essay Example | Topics and Well Written Essays - 500 words

Thomas Jefferson - Essay Example The contention that it is inconsistent to proclaim equality of all yet to maintain ownership of slaves is perhaps the apex of the criticism against Jefferson. In my opinion, this criticism might be valid, but it is not fully. Indeed, Jefferson owned slaves, but he sympathized with them. In the letter to Edward Coles, he blamed the British who brought the practice of slavery in the colonies. It can be inferred from the letter that he treated slaves with dignity. (Jefferson, 1894) The criticism being valid up to a certain extent hinges on the assumption that Jefferson should have not owned slaves in the first place. But this is just a matter of opinion. Circumstances during that period, where slavery is not illegal, gave Jefferson no obligation to set his slaves free. Nevertheless, his Liberty of owning slaves should be respected as this did not conflict with his conscience, which sought for better conditions for slaves. During the early 1800s, Spain decided to cede the Louisiana Territory to France. When Jefferson learned of this incident, he instructed his cabinet for the negotiation to purchase this deal from France.

Is Profit Maximization Consistent With Wealth Maximization Finance Essay

Is Profit Maximization Consistent With Wealth Maximization Finance Essay The objective of the firm is to make profits by meeting the needs of stakeholders. Generally, ceteris paribus, the objective of the firm is to maximize its ultimate value through profit maximization, while incurring the lowest costs. Basically, the ultimate objective of the firm is to acquire maximum profits and wealth for its shareholders. It is important to note that, the value of the firm is signified by the existing market prices of the corporations common stock market. In this respect, the maximization of the shareholders wealth is enhanced by the acquiring of maximum profits at the lowest level of expenditure. As it has been revealed, there exists a very strong co-relation between profit maximization and wealth maximization, where each of them forms part of the objective of the firm. In this case, the total earnings do not represent the ultimate value of the corporation but the profits accrued from the employed resources. Generally, any firm would be run towards acquirement of high profits which represent its actual wealth for its shareholders (Westerfield 23-75). Firms exist to meet the needs of stakeholders and to provide an efficient way of producing in a non-price environment. Firms exist to meet the needs of the populace in an efficient and a sustainable manner. 2. Is profit maximization consistent with wealth maximization? Why or why not? Profit maximization is not consistent with wealth maximization. It has some drawbacks and cannot be used for effective evaluation on the performance of the firm. On the other hand, wealth maximization, which is also known as the net present worth of a firm can be used to evaluate the performance of the firm. Wealth maximization is seen as more comprehensive and superior than profit maximization. Profit maximization deals with minimizing short term profits and is not forward-looking. Again, the profit maximization objective does not factor in time value of money considerations. Therefore wealth maximization is superior because it is a long term objective and considers the time value of money by discounting cash flows to the present time. Additionally, wealth maximization considers uncertainty by discounting at the required rate of return and considering the other stakeholders of the firm. Profit Maximization Wealth Maximization It is not clear on when the profit is counted as profit whether this should be before or after tax. Another uncertainty involves the long-term or short-term profit. Short term profit can be foregone by avoiding some expenditure but in the long run, these expenditures have to be paid for. Therefore long term profit has to be considered, and not short term profit. Wealth maximization shows the present value of benefits minus the cost of the investment. Profit maximization does not factor in risk. Different projects have different degrees of risk of future earnings. A project with fluctuating earnings is not the same as one with certainty earnings. By not looking at the risk factor of projects, profit maximization cannot be used for the operational objective of the firm. Risk is considered in wealth maximization as the discounted rate used to determine the present value of future cash flows factors in the risk. Lastly, profit maximization does not factor in the time value of money. A dollar spent today is not equivalent to the same dollar spent tomorrow. Cash drawn from a project in different years is considered the same, which is not realistic. Wealth maximization considers the time value of money as the cash drawn from a project in different years are not the same. The discounted rate that determines the present value of future cash flows shows both risk and time. 3. Describe the three main decisions in Corporate Finance The three main decisions in Corporate Finance are: (a) Investment Decision (Allocation) There are two key questions that are looked into when a firm wants to make an investment. What is a good investment? The firm looks at the various investment options in the market, for instance real estate investments or stocks investments. The risk involved and the returns to be gained. Where will the firms resources be invested? Here, it is important that the firm does not put all their resources into one basket. For instance, the firm may decide to invest a certain percentage of their resources in either stocks or real estate. Further, the pattern and the level of investment would be determined in which each investment plan is evaluated on the risks involved together with its ultimate returns expected. It is important to note that, the pattern of investment would still be an important factor to consider since each individual plan of investment would be accompanied with its benefits and risks. (b) Financing Decision Primarily, the financial decision considers where the firm would raise the funds for these investments. Will the firm use the shareholders/owners funds or borrow from the bank? The mix of equity and debt is what is considered in the financing decision. When, where and how to acquire the money to meet the firms needs. In this case, the finance managers ought to decide on the financing strategy of the firm, in which the evaluation of various sources of finance to cater for the running of firms activities would be made. Basically, each source of capital would be evaluated with the level of interests to be paid for the amount of money acquired. Capital Structure Modigliani y Miller (1958) how much should a firm borrow? (c) Dividend Decision The dividend decision is concerned with how much of the firm profits should be given to the shareholders, and how much of it should be reinvested. A dividend policy should be determined. the dividends decision would be made in order to determine the amount of the profits to be ploughed back into the firm depending on the amount of profits made (Westerfield 23-75). Dividend policy Modigliani y Miller (1961) another irrelevance proposition Another finance decision worth mentioning is the liquidity decision, whereby a firm looks at how to manage working capital and its components. 4. What is a hurdle rate? Why is it important? Also known as the cut off rate, the hurdle rate is the minimum expected return a firm will consider in accepting investment decisions. If a firms proposal own internal rate of return, r, is greater than the minimum rate of return, k, then it is acceptable. The r is internal to the project while the k (hurdle rate) is external to the project. The hurdle rate is used to make a decision based on the Internal Rate of Return (IRR) method which takes into account the cash flows occurring at different times and adjusts them according to the time value of money. The hurdle rate is very important as it enhances the planning of the investment patterns and levels since the firm establishes investment patterns which would the highest possible minimum returns. Basically, hurdle rate determines on how to acquire investment capitals as those capital sources with very high interest rates would not be economical to choose. The hurdle rate represents the internal rate of return of any investment since the finance manager would be in a position to decide on various allocation within the firm, on the basis of the hurdle rate set in the firm. 5. What are the main components of a discount rate? The discount rate is the rate at which money values are discounted at various times, within an investment period. Discount rates are comprised of three main components which include the interest rate of money, level of inflation and risk premiums involved. More specifically, the interests rates at which money capital is allocated comprises of the discount rates in any projected investment project. Specifically, the interest rate of money is the return got from delaying consumption. More so, the level of inflation in the country determines the value of money. This is because the level of inflation determines the purchasing power of money, which represents the ultimate value of money. Lastly, risks involved in the investment venture are another important component of the discount rate. Generally, highly risky business ventures would always have high discount rates. In this respect therefore, it would be very important for the finance manager to determine the discount rates to be used i n the calculation of the cash-flows in the business venture (Westerfield 23-75). 6. Define the Efficient Market Hypothesis Efficient market hypothesis is an investment assumption that postulates that, financial markets are efficient in providing information about the market returns from any form of investment. More specifically, in efficient market hypothesis, investors are controlled by the existing market conditions in terms of the financial stability or conditions of the money market. It is important to note that, inflation level and economic conditions of the country determines a lot on the efficiency of the financial information given by the market in terms of money interests and capital returns. In this regard, investors need to evaluate their investment ventures on the basis of the existing conditions or the information got from the financial markets which are considered to be the accurate in providing financial information (Higgins 12-43). 7. Describe the three forms of efficiency The 3 forms of efficiency are the strong-form efficiency, semi-strong efficiency and weak-form efficiency. In the form weak-form efficiency, all the information in the past stock-price fluctuations is totally shown in the present prices. This means that, the information provided is to compare the current price levels with the past prices. The semi-strong form involves the reflection of all publicly available data about the current prices in the market. In this form, there is some information that is withheld among the investors but most of the information is availed to the general public. On the other hand, the strong-form of efficiency in the market reflects all relevant information in the money market, whether withheld or publicly available. Here, the investors have the opportunity to explore in-depth all the trends of the money market in order to make reliable information about their investment (Westerfield 23-75). 8. What is the difference between Technical Analysis and Fundamental Analysis? Technical Analysis Fundamental Analysis Technical analysis is an appraisal strategy in the money market that looks at the price movements in the market in order to establish their security levels for investors to decide on how to choose their investment plans. Fundamental analysis on the other hand refers to the economic factors facing the money market in which each of the statement is presented in financial statements as opposed to technical analysis which uses using charts. Technical analysts usually use information found in charts and graphs to determine the financial worth of the company. Generally, fundamental analysis determines the ultimate value of the company by examining its financial statements like balance sheets and income statements among others. technical analysts use shorter periods of time in their determination of the worth of the company Fundamental analysis involves a log period of time in which the financial worth of the business ought to be devised using subsequent fiscal periods but not one period Information derived from (Higgins 12-43) 9. Do you believe markets are efficient? I believe that markets are not as efficient as economists reveal that they are. The major reason is because various market conditions are controlled by external factors which they have no control over them. In this respect, it would be difficult to determine the efficiency of the market or to predict the conditions of the market on considerations that, these external factors are also controlled by other forces. For instance, markets are often controlled by inflation rates and interest rates which are factors beyond the control of the market itself. On this consideration, it would be very important for any investor to note the unpredictability of the markets in order to make appropriate investments. There is no perfect information in the market. It is on this basis therefore that I believe that markets are not efficient at all (Westerfield 23-75). 10. Efficient Market Hypothesis Which of the following statements are true if the efficient market hypothesis holds? a. It implies that future events can be forecast with perfect accuracy. b. It implies that prices reflect all available information. c. It implies that security prices change for no discernible reason. d. It implies that prices do not fluctuate. If efficient market hypothesis holds, the future events can be forecasted with ease. This is because, all the information concerning stocks in the stock market would be well presented in a more accurate way, to reflect on the subsequent trends expected in the future in the market. In this respect therefore, if the efficient market hypothesis holds, it would enhance easiness in predicting any future trends of investment as the information in the market would be quite reliable. More so, if this hypothesis holds, the information provided would be reflecting all the prices that would be available in the market. This is because; every price presented in the market information would greatly imply a predictive nature of the prices in the future markets. Generally, if the efficient market hypothesis holds, then the above two statements would be true (Higgins 12-43).

Tiffany Case

The case In July l993 . Tiffany& Company concluded an agreement with its Japanese distributor, Mitsukoshi Ltd. that would fundamentally change its business in Japan. Under the new agreement, Tiffany’s wholly owned subsidiary, Tiffany& Company Japan Inc. (Tiffany-Japan), assumed management responsibilities in the operation of 29 Tiffany &Company boutiques previously operated by Mitsukoshi in its stores and other locations in Japan.Tiffany looked forward to the new arrangement, as it was now responsible for millions of dollars in inventory that it previously sold wholesale to Mitsukoshi, resulting in enhanced revenues in Japan derived from higher retail prices. It was also apparent, however, that fluctuations in the yen/dollar exchange rate would now affect the dollar value of its Japanese sales, which would be realized in yen. Since Japanese sales were large and still growing, it seemed evident such fluctuations substantial impact on Tiffany's future financial performance. Comp any BackgroundFounded in New York in 1837,Tiffany ;Company was an internationally renowned-retailer, designer, manufacturer ,and distributor of luxury goods . The famous blue-box company found its initial success in fine jewelry, most notably diamonds, but had since expanded its product line to include timepieces, china, crystal, silverware, and other luxury accessories. In the fiscal year ending January 31, l993 (FY1992), Tiffany earned $15. 7million on revenues of $486. 4million and had total assets of$419. 4 million. Recent financial statements are provided in Exhibits 1and 2.An historical summary of operations is provided in Exhibit 3. After more than a century of independence, Tiffany was acquired by Avon Products, Inc. in 1979. For the next several years, Avon, a nationwide door-to-door cosmetics marketer, worked to expand Tiffany's product line to reach beyond its traditional affluent customer base to the larger middle market. While this diversification strategy resulted in e nhanced sales for Tiffany from $84million in l979to $124million in l983, operating expenses as a percentage of sales grew inordinately from 34%to 43% in 1978and l983, respectively.Avon soon realized that Tiffany's traditional market niche was substantially different than its own and, in l984, decided to put the company up for sale. The most attractive offer came from Tiffany's own management, who agreed to buy back Tiffany's equity and the Fifth Avenue store building for a total of $135. 5 million. In what ultimately took the form of a leveraged buyout (L B O), the terms of the deal distributed virtually all of the equity shares to three key investor groups. Management ended up with 20% of total equity shares.Investcorp, the Bahrain-and London-based merchant bank that backed management in the deal, received 49. 8%of total equity shares. The third player, General Electric Credit Corporation(GECC), ended up with 25. 7%of total equity shares. 1t was through an $85 million credit arrang ement with GECC that management was able to refinance a substantial portionof the purchase price. The aftermath of the LBO was marked by very tight free cash flow coupled with significant growth potential on the horizon.After the company had once again become profitable and realizing that the company's growth prospects demanded more cash than could be generated internally, in 1987,management offered Tiffany stock to the public at approximately $15 a share(adjusted for a subsequent stock split). In l989,Mitsukoshi purchased l. 5 million shares of Tiffany's common stock from GECC. As of January31, 1993, Mitsukoshi owned approximately 14% of Tiffany stock, the largest percentage of any single institutional investor.Three other institutional investors collectively owned approximately 26% of the stock, followed by all Tiffany executive officers and directors as a group at 4. 9%. In l993, Tiffany was organized into three distribution channels: U. S. retail, direct marketing, and internati onal retail. U. S. retail included retail sales in Tiffany-operated stores in the United States and wholesale sales to independent retailers in North America. The l6 stores in this channel accounted for 50% of total sales in FY 1992 Direct marketing, representing the smallest channel of distribution, consisted of corporate and catalog sales .In FY 1992, its sales represented 18% of Tiffany’s total sales. International retail, which included retail sales through Tiffany-operated stores and boutiques, corporate sales, and wholesale sales to independent retailers and distributors, primarily in the Far East and Europe, accounted for 32% of total sales in FY1992. Jewelry sales from all three channels accounted for 65% of 1993 sales, making jewelry the most significant product line. Exhibit 4 provides financial results of Tiffany’s domestic and foreign operations.The past several years for Tiffany were marked by a trend of international expansion, beginning in1986 when it op ened a flagship retail store in London. Additional flagship stores were then opened in Munich and Zurich in 1987 and 1988, respectively. In 1990, the Zurich store was expanded. Stores were opened in Hong Kong at the Peninsula Hotel and at the LandmarkCenter in August 1988 and March 1989, respectively. Taipei saw the opening of a store in1990, as did Singapore (at the Raffles Hotel), Frankfurt, and Toronto in 199l. Also in l991, the London store was expanded.In l992, Tiffany opened five new boutiques in Japan, and two new boutiques were opened by an independent retailer in Korea. Early 1993 saw continued international growth, with the opening of two more boutiques in Japan, a second store in Singapore's NgeeAnnCity, two boutiques by independent retailers in Saipan and the Philippines, and the expansion of the Peninsula Hotel store in Hong Kong. Exhibit 5 shows the growth in the number of Tiffany stores and boutiques around the world from 31 to 79, implying a 250% increase from 1987 t o 1993.These 79 retail locations included l6stores in the United States,56 stores in the Far East,6stores in Europe, and l store in Canada, all of which ranged in size from700 to 13,OOO gross square feet, with a total of approximately 127,OOO gross square feet devoted to retail purposes. Tiffany's worldwide capital expenditures were $22. 8 million in FY l992. compared with $41. 4 million in FY 1991. These expenditures were primarily for the opening of new stores and boutiques and the expansion of existing stores.Management anticipated capital expenditures to drop further to $18. O million in FY l993 before rebounding to approximately $25. O million in FY 1994. Management also expected to open four or five new stores per year in the foreseeable future. To support future expansion plans, and fluctuations in seasonal working capital needs, management planned to rely upon internally generated funds and a $100 million noncollateralized revolving credit facility available at interest rate s based upon Eurodollar rates, a prime rate, certificate of deposit rates, or money market rates.As in the past, cash dividends were expected to be maintained at a relatively moderate level, which would permit the company to retain a majority of its earnings. Impetus for Change in the Japanese Operations While Tiffany found new market potential across the globe, nowhere was let as promising as in Japan, where Tiffany’s sales accounted for only 1% of the $20 billion Japanese jewelry market. The thriving Japanese economy of the late l980s and very early 1990s stimulated a booming demands for certain types of expensive and glamorous Western goods.Among these were Tiffany products, principally those of the fine jewelry line marketed toward older women. However, as the Japanese economy finally slowed and Japanese consumers became more cautious in their spending, the demand for Tiffany's luxury items also slumped. In response to soft consumer demand in Japan, Mitsukoshi cut back on Tiffany inventory levels. Mitsukoshi’s wholesale purchases from Tiffany-Japan declined from 23%of Tiffany's total sales in FY 199l to 15%in FY1992. Declining wholesale shipments were also accompanied by a small decline in gross margin from 49. %in FY1991 t0 48. 7%in FY 1992. Despite lackluster consumer demand in the first half of FY 1993, however, Tiffany continued to believe that Japanese sales had attractive long-run growth potential. It was for this reason that Tiffany sought greater control over its future in Japan and ultimately decided to restructure its Japanese operations. From 1972 through July1993, Mitsukoshi acted as the principal retailer of Tiffany products in Japan, purchasing selected goods from Tiffany-Japan on a wholesale basis.Mitsukoshi sold the products on a retail basis to the Japanese consumer, realizing profits in the form of relatively higher retail prices. Since the wholesale transactions were denominated entirely in dollars, fluctuations in the yen/ dollar exchange rate did not represent a source of volatility for Tiffany's expected cash flows. Instead, Mitsukoshi bore the risk of any exchange rate fluctuations that took place between the time it purchased the inventory from Tiffany and when it finally made cash settlement.Typically, Tiffany merchandise sold by Mitsukoshi was priced at a substantial premium (l00% in some cases) over the domestic U. S. retail price for such merchandise. The new agreement between the two companies, however, fundamentally changed both companies' financial situations. In repurchasing the merchandise previously sold by Tiffany to Mitsukoshi, Tiffany-Japan assumed new responsibility for establishing yen retail prices, holding inventory in Japan for sale, managing and funding local advertising and publicity programs, and controlling local Japanese management.Mitsukoshi on the other hand, would no longer be an independent retailer of Tiffany products but would still receive fees equaling 27% of net ret ail sales in compensation for providing boutique facilities, sales staff, collection of receivables, and security for store inventory. With greater control over retail sales in its Japanese operations, Tiffany looked forward to long-run improvement in its performance in Japan despite continuing weak local economic conditions. However, increased sales and profits were not the only changes that Tiffany could anticipate as a result of the new agreement.Tiffany now faced the risk of foreign currency fluctuations previously borne by Mitsukoshi. Past history warned Tiffany that the yen/dollar exchange rate could be quite volatile on a year-to-year and even month-10-month, basis. Exhibit 6 illustrates the significant strengthening of the yen against the dollar during the l O years ending in 1993. While a continuation of this strengthening would enhance the dollar value of Tiffany's yen denominated cash inflows, there was the distinct possibility that the yen might eventually become overval ued and crash suddenly, just as the U.S dollar in 1985. Indeed,there was some evidence that the yen was overvalue against the dollar in 1993 (see Exhibit 7) Hedging to Manage Foreign Exchange Risk The possibility of sharp, unexpected movements in the yen/dollar exchange rate had prompted Tiffany’s management to study the desirability of engaging in a program to manage exchange rate risk. To reduce exchange rate risk on its yen cash flows, Tiffany had two basic alternatives available to it. One was to enter into forward agreements to sell yen for dollars at a predetermined price in the future.The other was to purchase yen put options. The terms at which Tiffany could purchase forward contracts and put options, along with other financial market data, are shown in Exhibit 8. Before committing Tiffany to a hedging program, management wanted to be sure it understood what the potential risks and rewards were for each of these so-called â€Å"derivative† instruments. Perhaps more importantly, it was essential to determine whether or not a risk management program was appropriate for Tiffany, what it objectives should be, and how much, if any, exposure should be covered. pic] This included a $ 75 million secured revolving credit facility; a $10 million, 16% subordinated note due in 1992; and common stock warrants to purchase approximately 25% of the company’s equity on a fully diluted basis. Prior to Mitsukoshi’s purchase of Tiffany’s common stock from GECC, Tiffany and Mitsukoshi entered into an agreement by which Mitsukoshi agreed not purchase in excess of 19. 9% of Tiffany’s issued and outstanding common shares. This agreement would expire on September 31, 1994.Due to the significant number of Tiffany boutiques already operating in Japan, future openings there were expected to occur only at very modest rate, if at all, in the near-term future. Tiffany’s business was seasonal in nature, with the fourth quarter typicall y representing a proportionally greater percentage of annual sales, income from operations, and net income. In FY 1992, net sales totaled & 107,238,000, $120,830,000, $105,897,000, and $152,431,000 for the first, second, third, and fourth quarters, respectively. Management expected this pattern to continue in the future.Tiffany management believed that a retail price reduction in Japan of 20% to 25% would likely result in a substantial increase in unit volume of jewelry sales. The repurchase of inventory by Tiffany necessitated the reversal of $115 million in sales and related gross profit previously recognized on merchandise sold to Mitsukoshi. Accordingly, Tiffany recorded a gross profit previously recognized $57. 5 million reserve to provide for product returns. , which reduced the second fiscal quarter’s (ended July 31, 1993) net income by approximately $32. 7 million, or $2. 7 per share. Of the $115 million of sales being reversed, only $52. 5 million of inventory held i n Mitsukoshi boutiques was actually repurchased during the month of July 1993 (Mitsukoshi agreed to accept a deferred payment on $25 million of this repurchased boutique inventory, which was to be repaid in yen on a quarterly basis with interest of 6% per annum over the next 4 1/2 years). Approximately $62. 5 million of Tiffany & Company inventory maintained in Mitsukoshi warehouses would be repurchased throughout the period ending February 28, 1998.Payment for this warehouse inventory was to be made in yen 40 days following actual receipt of the inventory. Fees were reduced to 5% on certain high-value jewelry items repurchased from Mitsukoshi. Tiffany Japan would also pay Mitsukoshi incentive fees equal to 5% of the amount by which boutique sales increase year-to-year. Calculated on a per – boutique basis. In Tokyo, Tiffany boutiques could be established only in Mitsukoshi’s stores, and Tiffany-brand jewelry could be sold only in such boutiques (though Tiffany-Japan r eserved the right to open a single flagship store inTokyo). ===============================================================================[ ] The suggested questions †¢ In what way(s) is Tiffany exposed to exchange-rate risk subsequent to its new distribution agreement with Mitsukoshi? How serious are these risks? †¢ Should Tiffany actively manage its yen-dollar exchange-rate risk? Why or why not? †¢ If Tiffany were to manage exchange-rate risk activity, what should be the objectives of such a program? Specifically, what exposures should be actively managed? How much of these exposures should be covered, and for how long? As instruments for risk management, what are the chief differences of foreign-exchange options and forward or futures contracts? What are the advantages and disadvantages of each? Which, if either, of these types of instruments would be most appropriate for Tiffany to use if it chose to manage exchange-rate risk? †¢ How should Tiffany organize itself to manage its exchange-rate risk? Who should be responsible for executing its hedges? Who should have oversight responsibility for this activity? What controls should be put in place?