The Difference Between Commercial and Hobby Bitcoin Miners and the CRA - Free Essay Example

Sample details Pages: 9 Words: 2642 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Compare and contrast essay Level High school Did you like this example? Due to the high market value of Bitcoin, users who are capable of consistently verifying transactions, called commercial miners, can make a considerable profit. These profit-oriented miners are the primary targets of the CRAà ¢Ã¢â€š ¬Ã¢â€ž ¢s rules which require mining profits to be reported as income. Hobby miners, on the other hand, are quite different in terms of the effort and skill they put into the mining process. Don’t waste time! Our writers will create an original "The Difference Between Commercial and Hobby Bitcoin Miners and the CRA" essay for you Create order The typical hobby miner can be described as an individual who uses his or her personal computer to slowly mine Bitcoins in their spare time, often as a part of a larger mining pool. The CRA has failed to adequately explain how it differentiates between commercial and hobby miners, a topic that will be subsequently explored in this analysis. VI. Other Types of Digital Currency Although Bitcoin is the dominant digital currency in the world of online transactions, there are in fact thousands of other types of digital currency which operate much in the same way, albeit with variations in terms of levels of encryption and market value. A. Litecoin: The second most popular type of digital currency is called à ¢Ã¢â€š ¬Ã…“Litecoinà ¢Ã¢â€š ¬Ã‚ . The current market value of an individual Litecoin is $1.69 CAD.[1] Similar to Bitcoin, Litecoin is a peer-to-peer virtual currency that enables users to make instant, low-cost payments to anyone in the world.[2] It is also worthy of mention that the Litecoin block chain is capable of handling a higher transaction volume than Bitcoin.[3] B. Darkcoin: Darkcoin is one of the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s fastest growing cryptocurrencies. The current market value for an individual Darkcoin is $3.74 CAD.[4] The most impressive feature of Darkcoin is the fact that it offers a higher degree of anonymity than Bitcoin due to its system of mixing up usersà ¢Ã¢â€š ¬Ã¢â€ž ¢ transactions and thereby increasing the difficulty required to trace payments.[5] While Bitcoin users who desire a greater degree of privacy and anonymity must often use a à ¢Ã¢â€š ¬Ã…“laundryà ¢Ã¢â€š ¬Ã‚  service that mixes up transactions,[6] Darkcoin achieves this automatically by combining every transaction with those of two other users (a feature called Darksend).[7] C. Dogecoin: Dogecoin emerged in late 2013, born from an internet meme involving Shiba Inu dogs which has since exploded into one of the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s most valuable digital currencies. Dogecoin helped fund the Jamaican bobsled team for the 2014 Winter Olympics.[8] VII. Legal Status in Canada Digital currencies have not been recognized as legal tender in Canada. According to s. 8 of the Canadian Currency Act, a tender of payment of money is a legal tender if it is made: (a) In the coins that are current under section 7 (e.g. coins issued under the authority of the Royal Canadian Mint Act); and (b) In notes issued by the Bank of Canada pursuant to the Bank of Canada Act intended for circulation in Canada.[9] Digital currency does not fall within this definition of à ¢Ã¢â€š ¬Ã…“Legal Tenderà ¢Ã¢â€š ¬Ã‚  and is therefore not legally recognized as such in Canada. Rather, it is generally treated as a commodity for the purposes of the Income Tax Act.[10] This was confirmed in January 2014 when an official from Canadaà ¢Ã¢â€š ¬Ã¢â€ž ¢s Department of Finance was quoted saying that: à ¢Ã¢â€š ¬Ã…“only Canadian banknotes and coins are recognized as legal tender in Canada. Bitcoin digital à ¢Ã¢â€š ¬Ã‹Å"currencyà ¢Ã¢â€š ¬Ã¢â€ž ¢ is not legal tender in Canada.à ¢Ã¢â€š ¬Ã‚ [11] This individual also indicated that Canada would continue to monitor developments involving à ¢Ã¢â€š ¬Ã…“virtual currenciesà ¢Ã¢â€š ¬Ã‚ .[12] Nevertheless, a report from the Wall Street Journal also quoted a spokesman for the Bank of Canada who stated that this may change if a digital currency such as Bitcoin becomes large enough to pose a threat to the stability of the established Canadian financial system.[13] VIII. Tax Implications A. Are Transactions Involving Digital Currency Taxable? The Canadian Revenue Agency (CRA) is the federal tax authority in Canada and is governed by federal legislation called the Income Tax Act (ITA). The CRA has confirmed that taxes on Bitcoin can apply to certain transactions pursuant to the ITA, but no branch of the Canadian government has issued any official written guidance as to the state of the law in regards to digital currencies like Bitcoin.[14] Regardless, transactions involving digital currency are indeed taxable in Canada, which became the first country do so on June 19, 2014.[15] In paragraphs nine through 32 of the CRAà ¢Ã¢â€š ¬Ã¢â€ž ¢s IT-479R, Transactions in Securities, for example, Bitcoins sold for fiat currency are counted as either income or as capital gains. The CRA has explicitly stated that there are two general means by which digital currency can be taxed in Canada: When used in a barter transaction, and When bought and sold as a commodity. B. Digital Currency in the Context of Barter Transactions: The CRA has indicated that where digital currency is used to pay for goods and services, it is governed by the rules surrounding barter transactions.[16] Barter transactions occur when two persons agree to exchange goods and services without using legal tender, including Canadian dollars.[17] Barter transactions in Canada are governed by Interpretation Bulletin IT-490, Barter Transactions. IT-490 indicates that barter transactions occur when there is an exchange of one commodity for another, and it à ¢Ã¢â€š ¬Ã…“is effected when any two persons agree to a reciprocal exchange of goods and services and carry out that exchange usually without using money.à ¢Ã¢â€š ¬Ã‚ [18] This document also clearly indicates that barter transactions are within the purview of the Income Tax Act, and that they can therefore result in income or expense, or in the acquisition/disposition of à ¢Ã¢â€š ¬Ã…“capital property, eligible capital property, personal-use property, or inventory depending upon the circumstances of the persons who are bartering and the nature of that which is bartered, on the same basis as if cash was the consideration.à ¢Ã¢â€š ¬Ã‚ [19] In the context of barter transactions, the exchange of digital currencies for goods and services and the resulting tax implications are calculated as follows. Consider that Alice sells widgets to Bob for a price of 1 Bitcoin per widget. The current fair market value for Bitcoin is approximately $300 CAD, but is highly volatile and prone to wild fluctuation. In this scenario, assume that $300 is the actual market price of 1 Bitcoin at the time of the transaction and no market fluctuation occurs. Each of these widgets costs $60 to produce. Upon selling the widget to Bob for the aforementioned price, Alice has earned a net business income of $240 ($300 from the purchase price of the widget minus the $60 production cost). As such, Alice has earned a net business income of $240 and will pay taxes on 100% of that to the Cana dian government. Of course, wild fluctuation of Bitcoinà ¢Ã¢â€š ¬Ã¢â€ž ¢s market value will add substantial uncertainty to this situation in reality. Another interesting example of how digital currency is taxed in the context of barter transactions is how it is taxed when used by employers to pay employees. As Canada moves forward in the digital age, it is nearly inevitable that some businesses will choose to compensate employees in the form of a digital currency such as Bitcoin. Although the CRA has provided little guidance on the tax implications of doing so, they have issued an information bulletin that sheds some light on the matter. To begin, the exchange of an individualà ¢Ã¢â€š ¬Ã¢â€ž ¢s services at work for a salary paid in Bitcoin will be viewed as a barter transaction. Under s. 5(1) of the Income Tax Act, an individualà ¢Ã¢â€š ¬Ã¢â€ž ¢s income from employment includes à ¢Ã¢â€š ¬Ã…“the salary, wages, and other remuneration, including gratuities, received by the tax payer in the year.à ¢Ã¢â€š ¬Ã‚  As such, salaries paid and received in Bitcoins are appropriately taxable under this provision.[20] Tax on salaries paid in Bitcoin is calculated as follows. To begin, it is the value being provided in exchange for the Bitcoin that will be calculated as part of that individualà ¢Ã¢â€š ¬Ã¢â€ž ¢s income. For example, consider that Alice is an articling student whose services for the year are valued at $50,000 but paid in Bitcoin. In such a case, it is the $50,000 in value, not the current market value of the Bitcoin, that will be considered as income for tax purposes. However, due to the fact that digital currency also fluctuates widely in value, employees earning their salary from employers in Bitcoin but also be cognizant of capital gains and losses. Tax compliance software such as US-based LibraTax would be a valuable asset in this case, as it automatically imports transactions of these kind from digital currency exchanges like Coinbase and cal culates the resulting capital gains and losses in USD. At this point, a Canadian employee in this situation can then convert these capital gains/losses to Canadian dollars for tax purposes. C. Digital Currency in the Context of Capital Gains Losses: Capital gains in digital currency are primarily taxable when they are converted into fiat through a disposition. This raises an interesting question: What happens when an individual exchanges one type of digital currency for another? It is possible that the CRA will treat this kind of transaction as a barter transaction, but is still unclear on this particular point.[21] Generally speaking, if digital currency like Bitcoin is purchased and then sold as a commodity, any resulting gains or losses can be taxed as income or capital gains.[22] Digital currency is an asset that can be taxed as capital gains, analogous to capital gains derived from stocks, bonds, or dividends. The CRA has stated that usually, a capital gain or loss occurs when an individual is considered to have sold capital property, such as by exchanging one property for another.[23] Due to the fact that digital currencies are essentially a form of capital property, they cannot generally be exchanged for property withou t incurring a capital gain or loss. In order for users of digital currency to determine whether or not they have incurred a capital gain or loss, they must know: (1) the proceeds of the disposition, (2) the Adjusted Cost Base (ACB); and (3) the outlays and expenses incurred to sell [the] property.[24] The capital gain or loss is then calculated by à ¢Ã¢â€š ¬Ã…“subtracting the total of your propertys [ACB], and any outlays and expenses incurred to sell your property, from the proceeds of disposition.à ¢Ã¢â€š ¬Ã‚ [25] For example, consider that Alice wants to sell 1 Bitcoin in exchange for Canadian dollars. The value of the digital currency sold will act as the Adjusted Cost Base. At current market value, 1 Bitcoin is worth approximately $300, so the ACB of 1 Bitcoin is $300. Alice then sells 1 Bitcoin to Bob for $350, so $350 is the à ¢Ã¢â€š ¬Ã…“proceeds of dispositionà ¢Ã¢â€š ¬Ã‚  in this case. Assuming that Alice has not incurred any outlays or expenses to sell thei r Bitcoin, Alice must subtract the ACB of $300 from the overall proceeds of sale, $350, to arrive at a capital gain of $50. Considering that capital gains in Canada are 50% taxable, Alice must pay taxes on $25.00 of her capital gains (assuming that Alice has made no other similar transactions throughout the year and has used all other cumulative life time capital gains exemptions à ¢Ã¢â€š ¬Ã¢â‚¬Å" if she qualifies for those exemptions).[26] If, however, Alice incurred a loss of $50 (say, to a market fluctuation in the price of Bitcoin), it can be used to offset any capital gains that were had during the year.[27] Regardless of whether Alice incurred a capital gain or loss, she is obligated to report the disposition of this property in the calendar year that she sold, or is considered to have sold, the property.[28] Accordingly, she must also file an income tax return to report the transaction.[29] If Bitcoins are held as inventory, however, capital gains are not possible. As suc h, upon their sale the Bitcoins will be taxed on their fair market value at the applicable tax rate. D. Digital Currency as a Gift: Digital currency given as gifts generally cannot be taxed by the CRA. According to Interpretation Bulletin IT334R2, Miscellaneous Receipts, voluntary transfers of real and personal property without consideration are not subject to tax in the hands of the recipient.[30] Nevertheless, if a voluntary payment or other valuable transfer is received from an employee by an employer, the amount given as voluntary payment will generally be included as income pursuant to subsection 5(1) or paragraph 6(1)(a) of the ITA.[31] Furthermore, IT334R2 states that voluntary payments received by virtue of a profession or carrying on a business is also taxable. As such, Bitcoins received as voluntary payment for a good or service are indeed taxable as income according to the CRA.[32] E. Losses from Theft, Defalcation or Embezzlement: According to CRA Interpretation Bulletin IT-185R (Consolidated), Losses from Theft, Defalcation, or Embezzlement, à ¢Ã¢â€š ¬Ã…“a loss of trading assets such as inventory or cash, through theft, defalcation, or embezzlement is normally deductible in computing income from a business if such losses are an inherent risk of carrying on the business, and the loss is reasonably incidental to the normal income-earning activities of the business.à ¢Ã¢â€š ¬Ã‚ [33] Accordingly, it appears that digital currency miners would be able to deduct losses from theft, defalcation or embezzlement so long as their mining activities meet the requirements set out in IT-185. [1] Litecoin Exchange Rate (2014), Online: Litecoin Exchange Rate https://litecoinexchangerate.org/c/CAD/1 [2] Litecoin.org, à ¢Ã¢â€š ¬Ã…“What is Litecoin?à ¢Ã¢â€š ¬Ã‚  (2014), Online: Litecoin.org https://litecoin.org/ [3] Ibid. [4] CoinGecko, à ¢Ã¢â€š ¬Ã…“Dash (Darkcoin)/Canadian Dollar (DASH/CAD) Price Chartà ¢Ã¢â€š ¬Ã‚  (2014), Online: CoinGeckohttps://www.coingecko.com/en/price_charts/darkcoin/cad [5] Andy Greenberg, à ¢Ã¢â€š ¬Ã…“Bitcoinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Nefarious Cousin Darkcoin is Boomingà ¢Ã¢â€š ¬Ã‚ , Wired (22 May 2014), Online: Wired https://www.wired.co.uk/news/archive/2014-05/22/darkcoin-is-booming [6] Andy Greenberg, Supra note 45. [7] Ibid. [8] CoinDesk, à ¢Ã¢â€š ¬Ã…“Dogecoin News and Analysisà ¢Ã¢â€š ¬Ã‚  (2015), Online: CoinDesk https://www.coindesk.com/technology/altcoins/dogecoin-news/ [9] Currency Act, RSC 1985, c. C-52 [10] Timothy Fitzsimmons, à ¢Ã¢â€š ¬Ã…“Bitcoins: More Guidance from the CRAà ¢Ã¢â€š ¬Ã‚  Canadiantaxlitigation.com (22 January 2014), Online: Canadiantaxlitigation.com https://www.canadiantaxlitigation.com/wp-content/uploads/2014/01/2013-0514701I7.txt [11] David George-Cosh, à ¢Ã¢â€š ¬Ã…“Canada Says Bitcoin Isnà ¢Ã¢â€š ¬Ã¢â€ž ¢t Legal Tenderà ¢Ã¢â€š ¬Ã‚  The Wall Street Journal (16 January 2014), Online: The Wall Street Journal https://blogs.wsj.com/canadarealtime/2014/01/16/canada-says-bitcoin-isnt-legal-tender/ [12] Ibid. [13] Ibid. [14] Matt Burgoyne, à ¢Ã¢â€š ¬Ã…“All you need to know about federal bitcoin law in Canadaà ¢Ã¢â€š ¬Ã‚  Coin Desk (23 October 2013), Online: CoinDesk https://www.coindesk.com/federal-bitcoin-law-canada/ [15] MNP LLP, à ¢Ã¢â€š ¬Ã…“Canada Implements First Bitcoin Legislationà ¢Ã¢â€š ¬Ã‚  MNP (23 June 2014), Online: MNP https://www.mnp.ca/en/media-centre/news/2014/6/24/canada-implements-first-bitcoin-legislation [16] Canada Revenue Agency, à ¢Ã¢â€š ¬Ã…“What you Should Know about Digital Currencyà ¢Ã¢â€š ¬Ã ‚  Canada Revenue Agency (3 December 2014), Online: Canada Revenue Agency https://www.cra-arc.gc.ca/nwsrm/fctshts/2013/m11/fs131105-eng.html [17] Ibid. [18] Canada Revenue Agency, à ¢Ã¢â€š ¬Ã…“ARCHIVED Barter Transactionsà ¢Ã¢â€š ¬Ã‚  Canada Revenue Agency (5 July 1982), Online: Canada Revenue Agency https://www.cra-arc.gc.ca/E/pub/tp/it490/README.html [19] Ibid. [20] Gaming Counsel, à ¢Ã¢â€š ¬Ã…“Canada will tax your Bitcoinsà ¢Ã¢â€š ¬Ã‚  Pokerati (7 November 2013), Online: Pokerati https://pokerati.com/2013/11/canada-will-tax-your-bitcoins/#sthash.ovOJu5EJ.dpuf [21] Gaming Counsel, Supra note 60. [22] Canada Revenue Agency, Supra note 56. [23]Canada Revenue Agency, à ¢Ã¢â€š ¬Ã…“Do you have a gain or loss?à ¢Ã¢â€š ¬Ã‚  Canada Revenue Agency (2 December 2014), Online: Canada Revenue Agency https://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/gns/whn/menu-eng.html [24]Canada Revenue Agency, à ¢Ã¢â€š ¬Ã…“How do you calculate your capital gain or loss?à ¢Ã¢â€š ¬Ã‚  Canada Revenue Agency (5 January 2015), Online: Canada Revenue Agency https://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/gns/clclt/menu-eng.html [25]Ibid. [26] Canada Revenue Agency, à ¢Ã¢â€š ¬Ã…“What is the Deduction Limit?à ¢Ã¢â€š ¬Ã‚  Canada Revenue Agency (20 January 2014) https://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns248-260/254/lmt-eng.html [27]Canada Revenue Agency, Supra note 64. [28] Ibid. [29] Ibid. [30] Canada Revenue Agency, à ¢Ã¢â€š ¬Ã…“ARCHIVED à ¢Ã¢â€š ¬Ã¢â‚¬Å" Miscellaneous Receiptsà ¢Ã¢â€š ¬Ã‚  Canada Revenue Agency (6 September 2002), Online: Canada Revenue Agency https://www.cra-arc.gc.ca/E/pub/tp/it334r2/it334r2-e.html [31] Income Tax Act, RS C 1985, c 1 (5th Supp.) [32] Kenda Shaheen, à ¢Ã¢â€š ¬Ã…“Regulation of Bitcoin Around the Worldà ¢Ã¢â€š ¬Ã‚  Taxlitigation.com (22 May 2014), Online: Taxlitigation.co m https://www.canadiantaxlitigation.com/category/bitcoin-2 [33] Canada Revenue Agency, à ¢Ã¢â€š ¬Ã…“ARCHIVED à ¢Ã¢â€š ¬Ã¢â‚¬Å" Losses from Theft, Defalcation or Embezzlementà ¢Ã¢â€š ¬Ã‚  Canada Revenue Agency (4 September 2002), Online: Canada Revenue Agency https://www.cra-arc.gc.ca/E/pub/tp/it185r-consolid/it185r-consolid-e.html

Producing the First Atomic Bomb - 551 Words

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Essay Of Intent Personal Statement Medical Cshool Example For Students

Essay Of Intent Personal Statement Medical Cshool The work that the assignment will be based on Blood Wedding by Frederic Garcia Lorca. The nature of this work is going to be reflected by the idea that this is an important read for all juniors, reflecting the importance of marriage as a strategy to gain money and wealth, rather than marriage to be in love. It is important to recognize foreign writers and their style of writing, as the style of writing is going to be my focus. I am also going to mention how his style of writing creates his characters and what his characters presence can add to the plays. In exploring these aspects, I plan on including short pieces from the work and show how the subject of marriage is easily compromising in the book and in the line itself. The idea of censorship comes in the fact that the idea of a marriage based on money was a western century idea, in which most marriages were arranged and were based on inheritance. However, over time, views like such has changed based on the new-day idea that marriage is based on love. In commenting on the censorship, I am going to discuss using texts from the book, how exactly how the book is compromising. In those ways, the book is never going to be on a high school syllabus because it goes against the universal views that marriage is all about love, and in that society, it was seen as a backwards way of life. Actual Piece Blood Wedding by Fredrico Garcia Lorca is a tragic play about a triangular of loves, created by two people who are in love, but an arranged marriage that is solely based on only money and inheritance. The idea of censorship is an idea that is heavily disputed by authors and English teachers all over the United States because of the fact that censorship takes away from the true meaning of the book, and prevents the outside knowledge and influence of ideas not really agreed upon in society. In this book, the Bride is separated from her love Leonardo because she is due for marriage to the Bridegroom. The mother of the Bridegroom is persistent of this because of the simple fact that the marriage will preserve the family name and the money. The Bride is still in love with Leonardo, but she cant marry him. This is not a good feeling, and the bride seems to avoid the idea that she is really in love Leonardo rather than her actual groom. She fights throughout the book to find her way to her real love, ending up betraying her arranged love in the process. The Mother of the Bridegroom is a key component in the push of marriage for money. In creating the Mother, Lorca created a strong and willful person, bent on preserving the family name at any mean necessary. On several occasions, the Mother of the Bridegroom makes sure her son will get the best of what is being offered as endowery in the will. What this shows is the fact that it love and marriage is not the same thing, rather, love within class is an idea that was created to marry for the love of money and endowery. Therefore, Lorca explores the ideas that one does not have to be in love in order to feel it; rather, love should be experienced and not forced onto two people that clearly dont love each other. In doing this, Lorca has multiple characters awaken the Bride, forcing her out of the dark and into the light, exposing her to the feelings being harbored inside. On the day of the wedding, the Maid cries The bride is awakening/On the morning of the wedding!(49) Here, the maid is one to notice how the bride is reacting to her very wedding day. Awakening has denotation of rousing and quickening. The connotation provided by Lorcas writing style, however, shows that the bride is just acknowledging her feelings toward Leonardo. Leonardo, on the other hand, has not repressed his feelings and on that very day, it became increasingly harder to repress such feelings. .u705169bee67f5dd3f8e26809b15edac1 , .u705169bee67f5dd3f8e26809b15edac1 .postImageUrl , .u705169bee67f5dd3f8e26809b15edac1 .centered-text-area { min-height: 80px; position: relative; } .u705169bee67f5dd3f8e26809b15edac1 , .u705169bee67f5dd3f8e26809b15edac1:hover , .u705169bee67f5dd3f8e26809b15edac1:visited , .u705169bee67f5dd3f8e26809b15edac1:active { border:0!important; } .u705169bee67f5dd3f8e26809b15edac1 .clearfix:after { content: ""; display: table; clear: both; } .u705169bee67f5dd3f8e26809b15edac1 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u705169bee67f5dd3f8e26809b15edac1:active , .u705169bee67f5dd3f8e26809b15edac1:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u705169bee67f5dd3f8e26809b15edac1 .centered-text-area { width: 100%; position: relative ; } .u705169bee67f5dd3f8e26809b15edac1 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u705169bee67f5dd3f8e26809b15edac1 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u705169bee67f5dd3f8e26809b15edac1 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u705169bee67f5dd3f8e26809b15edac1:hover .ctaButton { background-color: #34495E!important; } .u705169bee67f5dd3f8e26809b15edac1 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u705169bee67f5dd3f8e26809b15edac1 .u705169bee67f5dd3f8e26809b15edac1-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u705169bee67f5dd3f8e26809b15edac1:after { content: ""; display: block; clear: both; } READ: Gender inequality EssayOn the mornings of weddings, many brides are overjoyed and overwhelmed with happiness, while the bride shows venerability. This is an example in which marriages based on money is hardly enough to ensure and begin love. On the day of her wedding, the Bride heavily avoids the truth, fearing that one second left alone with her true love will cause a monstrous disaster. Ironically, it does, causing Leonardo and the Bridegroom to fight over the Bride, and the brutal slaying of both. Censorship plays an important part in this actual piece because it has many different elements that explore what is love. One can ask whether it is beneficial to marry for love or money. In the light of society today, for many, money is the farthest thing from the mind of two people in love, purely based on that. In which money may preside over love in the earlier centuries, it became easy to marry for wealth, ensuring generations to be enveloped with money. The inclusion of several different characters persuading the bride that it is better to be in love with someone that loves you rather than getting married for the money shows the importance of money. In cultural systems and school systems all over the world, marriage was based on the idea of money. The soon-to-be-brides family would give the groom money based on how rich they were. Most importantly, it became a statement to show that love can be found throughout marriage. Many ancestors of the families that arranged marriages commonly state that it is easy to learn to love, rather than be in love before the wedding. Marriage and money is an important theme Blood Wedding by Lorca because of values and beliefs in the United States. Love, now is comparable like the Bride and Leonardo, inescapable after many years and full of happiness, but secrecy. Love built on purely money is bound to fail. The American culture is a simple example that love now has no space for money, because love has proved to be more than enough. Lorca shows that Leonardo is defiant and persistent in perusing his love. In that, the bride begins to realize where her real love resides, rather than money. But wherever you go, I am goingThe moon nails us together. My loins are fused to you thighs.(92) Clearly, censorship of a book as extraordinary as Blood Wedding by Fredrico Garcia Lorca is not a very wise decision amongst schools in the United States. Lorcas piece becomes a fundamental literature piece, in teaching old-world views on marriage and ideas behind such absurd ideas of love versus money. It teaches the fact that love can come in many different forms, and it is inescapable. Money is not enough. Therefore, Lorca demonstrates family interference cant sway ideas behind love and love cant be learnt if one is in such a powerful love already.

Micro Economics Short Run Versus Long Run free essay sample

This paper will discuss the short run competitive equilibrium versus the long run competitive equilibrium and the differences between the short run and long run shut down decision of a firm. 2. Short run versus long run competitive equilibrium in an economy with production Theory Market equilibrium exists when the total amount the firms wish to supply is equal to the total amount the consumers wish to demand. In a diagram, the equilibrium price is the price at which the demand and supply curves cross. The long and the short run do not refer to a specific period of time such as three months or five years. The difference between the two is the flexibility decision makers have. Economics of Parkin and Bades gives an excellent distinction between them: The short run is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied. We will write a custom essay sample on Micro Economics Short Run Versus Long Run or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The long run is a period of time in which the quantities of all inputs can be varied. 2. 2Short run supply curve A perfectly competitive firms supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes its profits by choosing to supply the level of output where its marginal revenue equals its marginal cost. When marginal revenue exceeds marginal cost, the firm can earn greater profits by increasing its output. When marginal revenue is below marginal cost, the firm is losing money, and consequently, it must reduce its output. Profits are therefore maximized when the firm chooses the level of output where its marginal revenue equals its marginal cost. 2. 3Long run supply curve The long-run supply curve is determined by the long-run competitive equilibrium. The optimal level of output is the point where price equals the minimum of average costs of production and where price equals marginal cost. At the point known as the long-run competitive equilibrium, each firm’s profits are exactly enough to cover the average costs of production and economic profits are zero. Below is a graphic representation of this relationship. As is shown in above graph, the long-run competitive equilibrium (Pe) is where price equals the minimum average costs (AC) and where price equals marginal cost (MC). 3. Short run shut down decision versus long run shut down decision When the firms average total cost curve lies above its marginal revenue curve at the profit maximizing level of output, the firm is experiencing losses and will have to consider whether to shut down its operations. The firm must pay its fixed costs, considered sunk costs, regardless of whether it produces any output. If the firms average variable costs are less than its marginal revenue at the profit maximizing level of output, the firm will not shut down in the short-run. The firm is better off continuing its operations because it can cover its variable costs and use any remaining revenues to pay off some of its fixed costs. In the long-run, a firm that is incurring losses will have to either shut down or reduce its fixed costs by changing its fixed factors of production in a manner that makes the firms operations profitable. The firms short run shut down decision 4. Real life application American Italian Pasta Company is a Delaware corporation and commenced its operations in 1988.. Richard C. Thompson, the founder from the start, decided to focus on producing premium-grade pasta and avoid competing against low-priced, mass-produced brands manufactured by such industry giants as Hershey Foods and Borden. Thompsons strategy hinged on something that would make his company a rarity among U. S. pasta producers. Most manufacturers purchased their pasta flour from commercial mills, rather than producing it on their own, but from the start Thompson preached vertical integration, striving to realize the financial benefits of owning his own flour-making facility and the greater control over quality such ownership would give him. He decided to build his production plant in Excelsior Springs, Missouri, selecting the location because of the presence of pure spring water and, more important, because of Excelsior Springs proximity to rail lines accessing North Dakota durum. The $50 million, state-of-the-art facility began production in 1988, officially making Thompsons AIPC a participant in the growing pasta industry. By 2004 the company was the largest producer of dry pasta in North America, with revenues of $417. 4 million. With more than 220 dry pasta shapes vertically-integrated facilities, continued technological improvements and development of a highly-skilled workforce they produce high-quality pasta at costs below those of many of the competitors. The demand for pasta, prompted AIPC to increase its production, order more raw materials a variable input. The same applies to labor, but the plants and the equipment on the other hand, would be the fixed input. The short run is the period in which production is increased by adding more raw materials and more labor. In the short run we cannot add another factory, but in the long run all of our inputs are variable, including our factory space. The increase in demand for pasta will have different implications in the short run and the long run at the industry level. In the short run each of the firms will increase their labor supply and raw materials to meet the added demand for pasta. At first only existing firms will be likely to capitalize on the increased demand as they will be the only ones who will have access to the four inputs needed to make the pasta. However in the long run the factor input is variable as well.