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For example, consider an investment opportunity that has the following characteristics: pay a utility cost of C at date t = 2 to earn a utility benefit of B at time t = 3. At date t = 1 , this investment opportunity is considered favorable; hence, this function is: − δC + δ 2 B > 0 .
The rotation problem, deciding when to cut down the forest, means solving the problem of maximising Faustmann's formula and this was solved by Bertil Ohlin in 1921 to become the Faustmann-Ohlin theorem, although other German foresters were aware of the correct solution in 1860. [1] ƒ(T) is the stock of timber at time T
Discounts and allowances are reductions to a basic price of goods or services.. They can occur anywhere in the distribution channel, modifying either the manufacturer's list price (determined by the manufacturer and often printed on the package), the retail price (set by the retailer and often attached to the product with a sticker), or the list price (which is quoted to a potential buyer ...
The term creosote has a broad range of definitions depending on the origin of the coal tar oil and end-use of the material. With respect to wood preservatives, the United States Environmental Protection Agency (EPA) considers the term creosote to mean a pesticide for use as a wood preservative meeting the American Wood Protection Association (AWPA) Standards P1/P13 and P2. [6]
Conversion and its related terms yield and selectivity are important terms in chemical reaction engineering.They are described as ratios of how much of a reactant has reacted (X — conversion, normally between zero and one), how much of a desired product was formed (Y — yield, normally also between zero and one) and how much desired product was formed in ratio to the undesired product(s) (S ...
The natural deduction is that wood of first-class mechanical value shows from 5 to 20 rings per inch (rings 1.3–5 mm thick) and that slower growth yields poorer stock. Thus the inspector or buyer of hickory should discriminate against timber that has more than 20 rings per inch (rings less than 1.3 mm thick).
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Theoretical chemistry requires quantities from core physics, such as time, volume, temperature, and pressure.But the highly quantitative nature of physical chemistry, in a more specialized way than core physics, uses molar amounts of substance rather than simply counting numbers; this leads to the specialized definitions in this article.