Sunk Cost free essay sample

In economics and business decision-making, sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered. Sunk costs are sometimes contrasted with prospective costs, which are future costs that may be incurred or changed if an action is taken. Both retrospective and prospective costs may be either fixed (continuous for as long as the business is in operation and unaffected by output volume) or variable (dependent on volume) costs. Note, however, that many economists consider it a mistake to classify sunk costs as fixed or variable. For example, if a firm sinks $1 million on an enterprise software installation, that cost is sunk because it was a one-time thing and cannot be recovered once expended. A fixed cost would be monthly payments made as part of a service contract or licensing deal with the company that set up the software. The upfront irretrievable payment for the installation should not be deemed a fixed cost, with its cost spread out over time. We will write a custom essay sample on Sunk Cost or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Sunk costs should be kept separate. The variable costs for this project might include data centre power usage, etc. In traditional microeconomic theory, only prospective (future) costs are relevant to an investment decision. Traditional economics proposes that economic actors should not let sunk costs influence their decisions. Doing so would not be rationally assessing a decision exclusively on its own merits. Alternatively, a decision-maker might make rational decisions according to their own incentives, outside of efficiency or profitability. This is considered to be an incentive problem and is distinct from a sunk cost problem. Evidence from behavioral economics suggests this theory fails to predict real-world behavior. Sunk costs do, in fact, influence actors decisions because humans are prone to loss aversion and framing effects. In light of such cognitive quirks, it is unsurprising that people frequently fail to behave in ways that economists deem rational. Sunk costs should not affect the rational decision-makers best choice. However, until a decision-maker irreversibly commits resources, the prospective cost is an avoidable future cost and is properly included in any decision-making processes. For example, if one is considering preordering movie tickets, but has not actually purchased them yet, the cost remains avoidable.

Free Essays on Juvenile Crime

Juvenile crime is a rapidly growing problem in the United States. We are seeing more and more "kids" committing horrible crimes. There may be some underlying reasons why these kids of thirteen, fourteen, fifteen year olds are committing "adult crimes" such as armed robbery, rape and murder, but there are no excuses for this behavior. In the eyes of the court, a person is tried as an adult when he is sixteen. That was fine until recent years when we have witnessed children as young as seven years old murdering people. It doesn't even come as a shock to many people when we hear of shootings at schools. Young people are committing serious crimes now more than ever. Juvenile homicides have quadrupled over the last ten years (Reilly 616). That is an alarming rate of juvenile homicides during the nineties, and something must be done to combat that. Maybe adult sentencing is the solution? For obvious reasons some people feel that a fourteen year old convicted on two counts of second ! degree murder should not be in the same prison with a forty four year old murderer, which is understandable because they probably would not survive in that environment. On the other hand, would you be satisfied with the same fourteen year old murderer getting out of a juvenile detention center when he is eighteen? Because that is what would happen, even if he committed a double homicide he will only spend four years in a detention center! That is a shame, imagine that you were the parent of one of the victims, would you be satisfied with that sentence? I should hope not. That is why it is so important for lawmakers to put some laws on the books allowing prosecutors to impose adult sentences on juveniles, so when they do turn eighteen they will not be walking free, instead they will be walking through the gates of an adult maximum security prison. According to the Council on Crime in America, a bipartisan commission chaired by former Attorney General Griffin Bell... Free Essays on Juvenile Crime Free Essays on Juvenile Crime Juvenile crime is a rapidly growing problem in the United States. We are seeing more and more "kids" committing horrible crimes. There may be some underlying reasons why these kids of thirteen, fourteen, fifteen year olds are committing "adult crimes" such as armed robbery, rape and murder, but there are no excuses for this behavior. In the eyes of the court, a person is tried as an adult when he is sixteen. That was fine until recent years when we have witnessed children as young as seven years old murdering people. It doesn't even come as a shock to many people when we hear of shootings at schools. Young people are committing serious crimes now more than ever. Juvenile homicides have quadrupled over the last ten years (Reilly 616). That is an alarming rate of juvenile homicides during the nineties, and something must be done to combat that. Maybe adult sentencing is the solution? For obvious reasons some people feel that a fourteen year old convicted on two counts of second degree murder should not be in the same prison with a forty four year old murderer, which is understandable because they probably would not survive in that environment. On the other hand, would you be satisfied with the same fourteen year old murderer getting out of a juvenile detention center when he is eighteen? Because that is what would happen, even if he committed a double homicide he will only spend four years in a detention center! That is a shame, imagine that you were the parent of one of the victims, would you be satisfied with that sentence? I should hope not. That is why it is so important for lawmakers to put some laws on the books allowing prosecutors to impose adult sentences on juveniles, so when they do turn eighteen they will not be walking free, instead they will be walking through the gates of an adult maximum security prison. According to the Council on Crime in America, a bipartisan commission chaired by former Attorney General Griffin Bell an... Free Essays on Juvenile Crime Juvenile crime is a rapidly growing problem in the United States. We are seeing more and more "kids" committing horrible crimes. There may be some underlying reasons why these kids of thirteen, fourteen, fifteen year olds are committing "adult crimes" such as armed robbery, rape and murder, but there are no excuses for this behavior. In the eyes of the court, a person is tried as an adult when he is sixteen. That was fine until recent years when we have witnessed children as young as seven years old murdering people. It doesn't even come as a shock to many people when we hear of shootings at schools. Young people are committing serious crimes now more than ever. Juvenile homicides have quadrupled over the last ten years (Reilly 616). That is an alarming rate of juvenile homicides during the nineties, and something must be done to combat that. Maybe adult sentencing is the solution? For obvious reasons some people feel that a fourteen year old convicted on two counts of second ! degree murder should not be in the same prison with a forty four year old murderer, which is understandable because they probably would not survive in that environment. On the other hand, would you be satisfied with the same fourteen year old murderer getting out of a juvenile detention center when he is eighteen? Because that is what would happen, even if he committed a double homicide he will only spend four years in a detention center! That is a shame, imagine that you were the parent of one of the victims, would you be satisfied with that sentence? I should hope not. That is why it is so important for lawmakers to put some laws on the books allowing prosecutors to impose adult sentences on juveniles, so when they do turn eighteen they will not be walking free, instead they will be walking through the gates of an adult maximum security prison. According to the Council on Crime in America, a bipartisan commission chaired by former Attorney General Griffin Bell...

Sexual and Urologic problems in patients with Type 1 Diabetes Essay

Sexual and Urologic problems in patients with Type 1 Diabetes - Essay Example It occurs due to a combination of peripheral resistance to insulin action and an inadequate secretory response by the beta cells. Both types of diabetes are associated with similar complications. However, since the onset of hyperglycemia earlier in type- 1 diabetes, complications are more severe and occur at a much early age than those with diabetes type-2. Diabetes results in several complications, the most important of which are neuropathy, nephropathy and retinopathy. There are several other complications which impact the quality of life like sexual and urologic complications. Sexual and urologic problems are common in diabetes population because of the damage to blood vessels and nerves. In this essay, sexual and urologic complications in diabetes, especially diabetes type-1 will be discussed. Insulin is an essential anabolic hormone secreted by the beta cells of the islets of Langerhans. It is essential for the metabolism of carbohydrates, proteins and fats (Lamb, 2009). The hormone helps entry of the glucose into muscles by stimulating the conversion of glucose to glycogen and by inhibiting liver gluconeogenesis. It also slows the breakdown of fat and protein. In type-1 diabetes, there is either absence, destruction or loss of beta cells leading to inadequate insulin production. This causes uninhibited gluconeogenesis and at the same time decreases the use and storage of glucose, resulting in hyperglycemia. Beyond a certain limit, kidneys fail to absorb glucose resulting in glycosuria, osmotic diuresis, dehydration and thirst. The protein and fat breakdown also increase causing increased ketone production and weight loss. Without appropriate insulin supplementation and management, individuals with diabetic ketoacidosis lose weight continuously and eventually succumb to diabetic ketoacidosis (Lamb, 2009). Diabetes type-1 is associated with