Hw1 Solution Essay - 1317 Words

Econ3101 - Section 006 Intermediate Microeconomics Xavier Vinyals-Mirabent Due: Wednesday, February 1st, 2012. Solutions to Homework 1. 1 1. A consumer has preferences for two goods. Her preferences satisfy Axioms 1 through 4 as discussed in class. A v D v 10 E v 5 C v B v 0 0 5 (a) Plot and label the following bundles: A (2,10) B (6,2) C (0,4) D (8,10) E (4,6) (b) Assume A is indiï ¬â‚¬erent to B (A ∠¼ B). On a single line, list all the bundles in descending order of preference using ( ) to denote strict preference and (∠¼) to denote indiï ¬â‚¬erence between adjacent pairs. In other words, use the form: A B C D E Answer: D E A∠¼B C, or D E B∠¼A C. 10 2 2. Consider an economic agent who has preferences that are represented†¦show more content†¦Figure 1: Jeremy Bentham 100  ¨  ¨Ã‚ ¨  ¨ 75 50 25 0  ¨  ¨Ã‚ ¨ s d  ¨  ¨Ã‚ ¨ d  ¨  ¨Ã‚ ¨ d ¨  ¨  ¨Ã‚ ¨  ¨ d  ¨  ¨Ã‚ ¨  ¨Ã‚ ¨ d  ¨Ã‚ ¨  ¨  ¨  ¨Ã‚ ¨  ¨d  ¨  ¨Ã‚ ¨ d  ¨Ã‚ ¨  ¨Ã‚ ¨  ¨ d ¨  ¨  ¨Ã‚ ¨  ¨Ã‚ ¨  ¨Ã‚ ¨ d  ¨Ã‚ ¨  ¨Ã‚ ¨  ¨ d  ¨  ¨  ¨  ¨Ã‚ ¨ d  ¨  ¨Ã‚ ¨ d  ¨  ¨  ¨  ¨  ¨Ã‚ ¨  ¨  ¨Ã‚ ¨  ¨Ã‚ ¨  ¨Ã‚ ¨  ¨  ¨  ¨Ã‚ ¨ 0 25 50 75 100 Figure 2: John Stuart Mill 100 r r r 75 50 25 0 rr r rr r r rr rr rr r rr rr r r rr r rr r rr r rr rr r rr rr r r rr r r r r rr  © r rr r rr r r rr r rr rr rr rr rr r rr r 0 25 50 75 100 8 6. I’ve been told I have odd tastes. I thought about this and realized that: †¢ If I have more Y than X, then I always trade 5 Y for one X. †¢ If I have more X than Y, then every time I give up one Y, I require 5 X to remain indiï ¬â‚¬erent after the exchange. (a) Plot and label the following bundles and then graph my indiï ¬â‚¬erence curves through each of these points. A = (10,50) B = (50,50) C = (65,5) (b) Please tell me the value of my: Marginal Rate of Substitution at point A =5 Marginal Rate of Substitution at point C =1/5 100 h hh h h h h hh h h hh h hh h hh h hh h hh h hh h hh h hh h hh h h hr A B r hÂâ€"Ââ€" Ââ€"Ââ€"Ââ€" hh Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" hh Ââ€"Ââ€"Ââ€" Ââ€" hh hh hh hh hh hh hh hÂâ€" Ââ€" hÂâ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" C r Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€"Ââ€"Ââ€" Ââ€" Ââ€" Ââ€" 75 50 25 0 0 25 50 75 100 9 7. Britney S. has a divided mind. Her preferences change drastically according to how much X andShow MoreRelatedComp3511 Hw1 Solution1136 Words   |  5 PagesFall 2011 COMP 3511 Homework Assignment #1 Solution Handout Date: Sept. 22, 2011 Due Date: Oct. 6, 2011 Name: ______________ ID: ___________________ E-Mail: _____________ COMP 3511 L __ Please read the following instructions carefully before answering the questions: ï  ¬ You should finish the homework assignment individually. ï  ¬ There are a total of 4 questions. ï  ¬ When you write your answers, please try to be precise and concise. ï  ¬ Fill in your name, student ID, email and Section number at the topRead MoreSP15 SCM 305 Syllabus1256 Words   |  6 Pageshomework is assigned. Copies of homework solutions will be placed in the Help Room (103E SUM) and on Blackboard. No late homework submission will be accepted after the solutions are made available. All homework assignments shall be submitted in class. Do not submit your homework on blackboard! Grading for each homework assignment will be based on 3 points for procedure (as indicated above), 2 points for clarity, and 15 points for the analysis and solutions. If you have questions concerning your homeworkRead MoreQuestions On Advanced Discrete Math And Algorithms1916 Words   |  8 PagesFall 2016 Homework 1 Solutions Author: Aditeya Pandey, Collaborators: Micha Schwab,Supraja Krishnan †¢ Problems 1-3 are meant as a review of undergraduate discrete math and algorithms. They shouldn’t take you too long, but I recommend starting these right away to make sure that you have the appropriate background for this course. †¢ You must type your solutions using L A TEX. Please submit both the source and PDF files using the naming conventions lastname hw1.tex and lastname hw1.pdf. †¢ Strive for clarityRead MoreInvestment Analysis Course4863 Words   |  20 Pagesand Review Exam 1 Risk and Return Risk and Return Efficient diversification Efficient diversification CAPM and APT 1, 2, 3, 4, 9 5 5 6 6 7 HW 4 due Excel case 1 due 4 HW 3 due Chapter Homework and Excel cases (required) 1 2 2 3 3 9 9 9 4 HW2 due HW1 due 11/10/11 11/15/11 11/17/11 11/22/11 11/24/11 11/29/11 12/01/11 12/06/11 12/08/11 12/13/11 12/15/10 CAPM and APT Efficient markets Wrap up and Review Exam 2 Thanksgiving (no class) Equity valuation Equity valuation Macroeconomics and industry

Bob Marley’s Spiritual Rhetoric, the Spread of Jamaican...

Bob Marley’s Spiritual Rhetoric, the Spread of Jamaican Culture and Rastafarianism By Mark Haner Senior Seminar: Hst 499 Professor John L. Rector Western Oregon University June 16, 2007 Readers Professor John L. Rector Professor Kimberly Jensen Copyright  © Mark Haner, 2007 The spread of Jamaican culture and Rastafarianism can be accredited to many events and technical advances in communication. Bob Marley is one of the main influences the spread of Jamaican culture and Rastafarianism due to the lyrical rhetoric used in his popular music. Growing up as an impoverished youth, Marley struggled to create a music career where his voice as well as others could be heard globally. Bob Marley’s lyrics contributed to the†¦show more content†¦Gilroy defines Marley calling him the greatest man in reggae music and the greatest leader and proponent of the spread of the Rasta religion. This article poses Marley â€Å"as an icon for the struggle for justice, peace and human rights† 5 not just another musician or pop icon. Although opposed to many established governmental policies, Marley was not an anti-establishment advocate. He was an individual that believed governments and everyday people, such as those who may not be involved in politics, needed to look out for their fellow humans and treat all people equally regardless of ethnicity and income. Marley used his music to bring many social issues to the forefront that had previously been suppressed. Many of these issues were not suppressed because of their nature, but because of the lack of influence Jamaica had on the world. The country of Jamaica is highly dependant on tourism and agricultural exports such as raw sugar. By-products of the raw sugar production are molasses and rum. Due to these limited industries, most citizens of Jamaica are of the working class and this 4 Gilroy, Paul. â€Å"Could You Be Loved? Bob Marley, Anti-Politics and Universal Sufferation.† Critical Quarterly 47.1/(Spring 2005): 226-245. 5 Gilroy, 232. 5 creates a service and now, product-based economy typical of the developing world. Marley focuses on the situations he experienced both in hisShow MoreRelated Discontent Expressed through Blues, Jazz, Reggae, and Hip-hop5489 Words   |  22 PagesDiscontent Expressed through Blues, Jazz, Reggae, and Hip-hop In cultures all over the world, music can be seen encompassing many aspects of life for many individuals. It is a form of mass communication thatspeaks directly to society as a cultural form, and often reflects a collection and pattern of personal experiences (King 19). Music is so influential because it communicates on three different levels: the physical, emotional, and cognitive. Not only does it operate in a nondiscursive way, byRead MoreRastafarian79520 Words   |  319 PagesRastafari This page intentionally left blank Rastafari From Outcasts to Culture Bearers Ennis Barrington Edmonds 2003 198 Madison Avenue, New York, New York 10016 Oxford University Press is a department of the University of Oxford It furthers the Universitys objective of excellence in research, scholarship, and education by publishing worldwide in Oxford New York Auckland Bangkok Buenos Aires Cape Town Chennai Dar es Salaam Delhi Hong Kong Istanbul Karachi Kolkata Kuala

Discuss the Disruption of Biological Rhythms Free Essays

Discuss the disruption of biological rhythms 24m One example of disruption of biological rhythms is due to shift work and shift lag. This disrupts your sleeping pattern because it means you are required to be alert at night, so need to sleep during the day. This reverses and disrupts your circadian rhythm, becoming desynchronised where it is no longer entrained by EZ’s. We will write a custom essay sample on Discuss the Disruption of Biological Rhythms or any similar topic only for you Order Now There are many consequences of desynchronisation such as sleep deprivation. Shift workers find it hard to sleep during the day because of the EZ’s such as light and sound disturbances that keep you awake. This means shift workers find it even more difficult to stay awake at night time because they have had a poor quality daytime sleep. This then affects their alertness. Night workers often experience a circadian ‘trough’ of decreased alertness during their shifts. For example Boivin found that cortisol levels are at their lowest between 12 and 4am, which is the primetime a night worker, would be working. This means they have low alertness and decreases the efficiency of their job. There are also many effects on health due to shift work. A significant relationship has been found between shift work and organ disease. For example, Knutsson found that people who worked shift work for more than 15 years were likely to develop heart disease than a non-shift worker. This may be due to the direct effect of desynchronisation in the circadian rhythm. Jet lag is another example of how biological rhythms can be adjusted, but their effects are found to temporary, as travelling happens once in a while, whereas shift work may be somebody’s job which they have to be doing constantly every day. However, our biological rhythms are not equipped to cope with sudden and large changes in our rhythms. It has been found that they need approx. 1 day to adjust as each time zone is crossed. This is because the dorsal portion of the SCN needs several cycles to fully resynchronise, as it is less sensitive to light. When the dorsal portion of the SCN is adjusting we experience disruption in the form of jet lag. It has been found that it is easier to fly from east to west, as you need to stay up later, so your biological rhythms can adjust by you getting more sleep in the morning, whereas west to east you must wake up earlier so is harder to adjust. This can be demonstrated in a study where an American baseball team who travelled west to east saw their wins drop 37% due to phase advance where they have to get up earlier in the morning, causing a reduction in their overall performance. There are many real world applications that have derived from the effects of shift work and jet lag, enabling people to live alongside these disruptions in their biological rhythms. These are mainly targeted at shift work. It has been found that lorry drivers are prone to falling asleep at the wheel on night shifts. Legislation has been put in place to prevent this from happening. They now have a monitor in the cars that produce a sound telling the driver when they should have a nap to ensure they are not sleep deprived and avoid accidents from occurring. It has also been found that people should have bright lights at their work on a night shift to act as an EZ overriding the endogenous pacemakers. This could be supported by Gronfier’s study which found circadian rhythms were able to be entrained longer than 24 hours by using bright light pulses known as modulated light exposure. However, Boivin found that artificial lighting is only moderately effective in overriding the rhythm. Dim lighting which is mainly used in places such as hospitals failed to keep participants awake. This may be because the pineal gland is detecting an absence of light meaning melatonin is being produced which induces sleep. Therefore, in response to this research nurses who work in hospitals should have bright lights around the workplace to keep them awake. Melatonin has been found to be a ‘miracle cure’ for shift lag and jet lag. This is the hormone that induces sleep. This means that people experiencing sleep disruption can take melatonin tablets in order to sleep during the day or when they have finished their shift. This is supported by Herxheimer and Petrie who found when melatonin was taken near to bed time it was very effective. However, if melatonin was taken at the wrong time of day it could delay their adaptation to changing sleep patterns. However, these two explanations and examples of sleep disruption may be reductionist as it fails to ignore other factors that may disrupt the person’s sleep patterns. The lack of sleep may be associated with them having to go to bed at unusual times. This may lead to the person experiencing social disruption as they find it difficult to meet with their friends or spend time with their family. This may lead to high cortisol levels as they are stressed with the lack of social interaction. High cortisol levels may be intervening with their sleep quality making them sleep deprived. Therefore, there are other intervening factors other than going to bed in the daytime. This can also be displayed in jet lag, where social customs are involved in entraining the biological rhythms. When you are travelling you are encouraged to eat and sleep at the same time as the country you are in. This could also help reduce symptoms of jet lag such as nausea. Timing of meals can re set the biological clock in the liver. Eating at the same increases enzyme production at the right time for digestion and avoids stomach upset leading the nausea. Therefore, social customs are an important factor to consider in the effects of sleep disruption and how they play a major role. The effects of disruption of circadian rhythms can vary considerably between different individuals. Some people may have circadian rhythms that try to adjust and change in response to shift work or jet lag, or other people’s circadian rhythms which don’t change at all. Reinberg found that people who gave up shift work because they couldn’t cope had constantly changing rhythms, whereas ‘happy shift workers’ had rhythms that didn’t change at all. This suggests that it may not be the shift work itself that is causing the sleep deprivation; it may be due to individual’s circadian rhythm and its ability to adjust or cope in different rhythms. Therefore, people’s who’s rhythms changed constantly may have experienced imbalance in neurotransmitters or raised cortisol levels from stress, meaning they experienced sleep deprivation. It would have to be asked whether shift work and jet lap is a disruption in biological rhythms for every individual, or whether some people are able to cope without the rhythm trying to adapt at all. How to cite Discuss the Disruption of Biological Rhythms, Papers

Capital Budgeting Techniques Outlook Italy â€Myassignmenthelp.Com

Question: Discuss About The Capital Budgeting Techniques Outlook Italy? Answer: Introduction Capital budgeting practice is considered to be one of the important inputs in investment process of making decision getting onto the investment projects management. A precise good analysis, evaluating, scrutiny, monitoring, and implementation of such investments or project could produce the expected outcomes for the shareholders. According to Ghahremani, Aghaie, and Abedzadeh (2012), the capital budgeting practice aspects are used to make the decision for investment in order to increase the value of the shareholders. Capital budgeting is mainly concerned with substantial investment in long-term assets because these particular assets may be tangible like plants, properties, and equipment or can also be intangible like research and development, design, new technology, trademark and patent rights. This assignment attempts to explain how management could use sensitivity, scenario, breakeven and simulation techniques in relation to the aspect of capital budgeting. Capital budgeting basically comprises of diverse techniques utilized by company executives such as; This is a capital budgeting that refers to a length of time that it takes for an investor to recover back the initial amount invested in a project or a property (Ahmed, 2013). Since payback period is considered to be a traditional method of budgeting, managers usually employ this particular method when determining the length of time that an investment will pay back the capital invested. This is the rate of interest at which the NPV of the cash flows that is either negative or positive from a project or venture equals to zero. Internal Rate of Return (IRR) is utilized to assess the project effectiveness because if the IRR of a new investment surpasses a firm needed rate of return, then the project is appropriate (Maroyi, and Poll, 2012). The company should reject any project that its Internal Rate of Return (IRR) falls below the rate of return that is required company. According to Internal Rate of Return (IRR) concept, management usually employs this particular method so as to determine the effectiveness of the project because basically, IRR should be in excess of the return rate that is required for an invested project. The Net Present Value (NPV) is a financial accounting method that involves the discounting of all the cash flows and computing the present cash flows value at a given discounting rate usually called the cost of capital or the required rate of return. The initial cash outlay is then deducted present value so as to obtain the Net Present Value. (NPV = P.V Io). In case the project has a salvage value, the present cost of the salvage value should be added to the cost of the present value of the given cash flow (Daunfeldt, and Hartwig, 2014). This technique is important for managers because it considered the time value of money and is basically consistent with the aims of maximizing revenues for the owners. Profitability index is considered to be the proportion of the present cost of future cash flows of an investment to its initial project that is needed for the investment. This particular technique is usually used by the managers in determining the ratio of the future cash flow of a project at hand (Rossi, 2014). Basically, profitability index measures the present value of returns that is derived from per amount invested that will show the basic relationship between the cost and the benefits of the project. How all of those management decision making can be related to capital budgeting techniques Sensitivity Analysis is basically reffered to as the technique that is utilized to determine how different values of an independent variable might impact a specific dependent variable in a provided set of estimates (Ahmed, 2013). It is usually used in specific limits that will rely on more or one input variables like the impact that varies in rates of interest will contain on a price of a bond. Sensitivity Analysis helps in measuring the sensitivity of a decision to the changes in the variables of one or more parameters. This particular analysis is considered to be a way of examining changes in the projects Net Present Value for a provided variation in one of the variables. Sensitivity Analysis basically shows how profound the projects IRR or NPV are to the changes in a particular variable. The more sensitive is the Net Present Value, the more acute is the variable (Brunzell, Liljeblom, and Vaihekoski, 2013). Steps encompassed in Sensitivity Analysis usage Identify all the variables that have an impact on the investments NPV or IRR Define the fundamental correlation in the variables. Analyze the impact of the changes in each of the resultant variables on the investments Internal Rate of Return or Net Present Value. The maker of the decision while executing the aspect of Sensitivity Analysis considers the investments Internal Rate of Return or Net Present Value for each projection in three assumptions; optimistic, expected or pessimistic (Cooper, Cornick, and Redmon, 2011). Basically, sensitivity analysis allows asking what if questions. For instance, what is the Internal Rate of Return or Net Present Value if the volume decreases or increases? What is the IRR or NPV if the price decreases or increases? The technique has been proved to be static since it only analyzes one factor at a particular time that basically makes the managers rely on their personal judgment. Even though the technique is considered to be good, it may need managers to have more skills on how to carry out break-even analysis and correlation that may make it complex to be used in small and medium companies especially in the developing countries, and this hence makes the technique less applicable in less developed or developing nations (Rossi, 2014). Sensitivity Analysis helps an organization approximate what will occur to the projects if the estimates and assumptions turns out to be unpredictable since it often encompasses changing the estimates or the assumptions in a calculation in case the investments does not produce projected outcomes, so they can better analyze the venture before contemplating for investment. This aspect is useful to managers because they will have a clear perspective of a project before moving on to invest in the project. Scenario Analysis While sensitivity analysis is considered to be the most commonly utilized tool for accessing the risk of the project, the managers are usually interested in knowing how the project will behave if diverse variables change at the same time. Basically, scenario analysis is considered to be a tool that overcomes the limitation of the sensitivity analysis. It often measures the change in Net Present Value of the project under different scenarios, changing diverse variables at a time because of the interrelationship of variables among themselves. Scenario Analysis is the technique of analyzing probable future activities by considering possible different results (Burns, and Walker, 2015). Numerous scenarios are established in a scenario analysis to demonstrate probable future results, and it is basically used to produce a combination of an optimistic, pessimistic, and most probable scenarios. Scenario analysis commonly emphasizes on estimating the value of the portfolio that could decrease to, if an unfavorable activity of the worst case was realized. The first step in utilizing this particular technique is to determine the Internal Rate of Return or Net Present Value then identify all the possible errors of these particular cash flows and the investigate the major effect or impact of diverse assumptions on the Internal Rate of Return or Net Present Value. In reality, scenario analysis cannot be used to determine the project alone; it can also be utilized to supplement other evaluation techniques by identifying the factors that affect the cash flows of the project such that company managers or directors can consider them (Baker, and English, 2011). Scenario Analysis offers a means to evaluate the potential variability in a capital budgeting projects Net Present Value for managers. By carrying out a scenario analysis, an investor can basically produce a risk profile for a forecasted investment and build a basis for comparing prospective projects or investments that can enhance production. Break-Even Analysis Break Even Analysis focuses on the determination of minimum volume per revenue that would result in recovery of all expenses. As long as revenue results, the profit variation is considered an issue by the management because the main aim of the management is not to make any loss. Under Break Even Analysis, managers can make an assessment that regards probability of not attaining the Break Even level of sales. The lower the Break Even or further the expected level of operation from the Break Even point, the safer the projected anticipated. This particular aspect is referred to as the margin of safety (Hasan, 2013). Though a simplistic perspective of risk, it basically serves the objective of risk assessment. Break Even Analysis requires a minimum amount of data as nor other input are needed besides those already prepared for evaluation of information. Each method has its own demerits and merits and the ability of the shareholders in the project. If a particular method is inferior or superior depends on the situation. For instance, it would be purely fruitless and impractical to run a simulation activity for a paltry investment. Similarly, financial institutions while offering financial assistance to a project, they depend heavily on sensitivity analysis because simulation or scenario analyses are too big for them. However several managers who have to take a number of critical decisions are considered to be more concerned with Scenario Analysis that the Sensitivity Analysis during capital budgeting. Break Even Analysis works like sensitivity analysis in capital budgeting because it basically analyses price, cost and sales volume and how they impact of the organization revenues or profits. The techniques are useful to managers during capital budgeting because it shows if the project Break Even in the accounting terms (Chai, 2011). Break Even Analysis is also vital for managers when performing capital budgeting because it often facilitates the managers to have a clear perspective of the project or investment he or she plans to undertake in that projects or investments that break even early is considered to be viable investments that should be invested on. Simulation Analysis Simulation Analysis technique is considered to be a technique that combines both the scenario and sensitivity analysis in analyzing risks in a particular risks project cash flows. It basically identifies the main factors that affect their interrelationship and the profits. These cash flows are embedded to demonstrate the main factors that influence the payment and the cash receipt and their interrelationships (Bierman and Smidt, 2012(. Even though according to the capital budgeting perspective, Simulation Analysis technique theoretically looks good but in practice, it may be complex and expensive to be utilized especially for small and medium business and also in the developing nations since it requires the use of computer software. Simulation Analysis technique is also referred to as a computer-based exercise that generates a large number of situations and computes Net Present Value of each of them so as to find out the distribution of Net Present Value, its projected standard deviation and the value as a measure of risks. Simulation Analysis or Monte Carlo Simulation technique considers the interaction among variables and the probabilities of the change in the variables. It basically computes the probability distribution of the Net Present Value. Basically, the Simulation Analysis encompasses the following steps; Identification of exogenous variables that impact cash outflows and inflows of the project and its Net Present Value such as selling price, demand, size of the market and variable costs (Hise, and Strawser, 2013). Understanding the relationship between the Net Present Value and the variables such as profits depends on sales prices and volume, the volume of sales basically depends on the size of the market and market share. Specification of the probability distribution for each of the exogenous variable. Finally, developing a computer program that randomly selects one value from the probability distribution of each variable and utilizes this value so as to calculate the projects NPV. Simulation Analysis basically overcomes the limitations of scenario and sensitivity analysis by basically analyzing all the effects of all the possible combinations of the variables and their realization (Rossi, 2015). Even though there is no difference with the inputs like in scenario analysis, this technique treats the estimates as a triangular distribution with the possibility of worst case and best case working capital being close to zero and also increases linearly up to the most likely case. Conclusion Because, resources are often limited in its accessibility, capital investments are evaluated exclusively using both qualitative and quantitative data as most capital budgeting examination uses cash outflows and inflows instead of net income evaluated through the accrual basis. Capital budgeting techniques are vital tools that enhances the company management to determine the most viable investments to undertake that have high returns. References Ahmed, I.E., 2013. Factors determining the selection of capital budgeting techniques.Journal of Finance and Investment Analysis,2(2), pp.77-88. Baker, H.K. and English, P., 2011.Capital budgeting valuation: Financial analysis for today's investment projects(Vol. 13). John Wiley Sons. Bierman Jr, H. and Smidt, S., 2012.The capital budgeting decision: economic analysis of investment projects. Routledge. Burns, R. and Walker, J., 2015. Capital budgeting surveys: the future is now. Brunzell, T., Liljeblom, E. and Vaihekoski, M., 2013. Determinants of capital budgeting methods and hurdle rates in Nordic firms.Accounting Finance,53(1), pp.85-110. Cooper, W.D., Cornick, M.F. and Redmon, A., 2011. Capital budgeting: A 1990 study of Fortune 500 company practices.Journal of Applied Business Research,8(3), pp.20-23. Chai, T.J., 2011. The impact of capital budgeting techniques on the financial performance of courier companies in Kenya.Research Project University of Nairobi. Daunfeldt, S.O. and Hartwig, F., 2014. What determines the use of capital budgeting methods? Evidence from Swedish listed companies.Journal of Finance and Economics,2(4), pp.101-112. Ghahremani, M., Aghaie, A. and Abedzadeh, M., 2012. Capital budgeting technique selection through four decades: with a great focus on real option.International Journal of Business and Management,7(17), p.98. Hasan, M., 2013. Capital budgeting techniques used by small manufacturing companies.Journal of Service Science and Management,6(01), p.38. Hise, R.T. and Strawser, R.H., 2013. Application of Capital Budgeting Techniques to Marketing Operations.Readings in Managerial Economics: Pergamon International Library of Science, Technology, Engineering and Social Studies, p.419. Maroyi, V. and van de r Poll, H.M., 2012. A survey of capital budgeting techniques used by listed mining companies in South Africa.African Journal of Business Management,6(32), p.9279. Rossi, M., 2014. Capital budgeting in Europe: confronting theory with practice.International Journal of Managerial and Financial Accounting,6(4), pp.341-356. Rossi, M., 2015. The use of capital budgeting techniques: an outlook from Italy.International Journal of Management Practice,8(1), pp.43-56. Steps encompassed in Sensitivity Analysis usage