Market scenario: demand and supply Essay

The market circumstance is with the end goal that the creation of PCs and the pace of innovation have outpaced the general development sought after for PCs. All the more critically the expansion in the interest for PCs has been in stages when a move popular has caused a slight increment in PC costs. The decrease in costs is likewise obvious in light of move of innovation among various locales of the globe. Huge numbers of the creating nations have gotten innovation and less expensive PCs from the created world which has additionally expanded the procedure of better mechanical development and consistently declining costs of PCs. There is likewise an instance of understanding that PCs are a kind of machine that must be remodeled or reestablished intermittently hence numerous organizations are happy to sell them at lower costs realizing that costumers will purchase new machines later on and they will put resources into more current innovation. Along these lines PC producers have been seeking after brand holding systems which incorporates offering PCs to purchasers at serious rates. On the off chance that we take a gander at the above graph we become acquainted with that as the interest expanded and moved to demand’ there was likewise an adjustment in the flexibly bend toward the correct which was driven by higher creation on account of more current innovation, and lower costs. Another critical viewpoint is identified with how gracefully bend moved to directly to such an extent that it defeated the expansion sought after and guaranteed that costs really declined throughout the years. We additionally need to see how costs declined throughout the years and supported the amount requested of PCs. From 1963 to 2003 genuine costs of PCs have been reliably falling; this bit of measurement in itself clarifies how costs and in the long run costs of PCs have pushed down throughout the decades. The market mechanics are such in the innovation business that opposition and the acknowledgment of new items and the expansion of new organizations continues existing firms on their tows particularly as far as the expense of creation as it is one of the significant methods of expanding edges without climbing the costs. Accessibility or the danger that later on better items will evenntually remove the market of the current items drives the innovation business. This attention on development and making of new items breeds effectiveness and higher efficiency that prompts better costs for the shopper. End It must be comprehended that the manner in which innovation showcase works is totally not the same as numerous conventional markets that we see around us. This is an aftereffect of the new elements that innovation organizations carry with them for example organizations like HP, IBM, Apple and Dell battle for various costumer target bunches with items that take into account that specific objective markets needs. The primary concern is that inside these classifications costs keep on falling despite the fact that there is a total ascent popular. This expansion popular could be clarified in two different ways. Right off the bat, the expansion in the amount requested kept on expanding because of fall in costs. This occured on the grounds that because of mechanical progressions and better creation strategies cost of creation fell and there was an expanded interest for various variations, PCs and handheld gadgets which kept the opposition strong and costs low. Furthermore the expansion sought after could be clarified as the move in the interest bend yet this move was upheld by a more grounded move in the gracefully bend because of great flexibly factors all through the world. The essential necessities to deliver PCs turned out to be progressively accessible both regarding work and crude material. Thus more up to date mechanical headways made more established advances excess and this required much more noteworthy development and item creation. In which ever way we take a gander at it the progressions in both flexibly and request have brought about lower costs over the long haul. Another significant angle to item drove markets, for example, the PC showcase is that every new item should be sufficiently valued in light of the fact that organizations acquire benefits because of volume and rehash buys not on account of one time buys and significant expenses. This factor additionally pushes starting costs descending as organizations need customers to initially like the item by atleast making the clench hand buy. The PC advertise gets affected by the dispatch of new things, for example, Ipods, handheld gadgets and other figuring gadgets which can substitute crafted by PCs consequently costs have constantly observed a descending pattern. The declining value patterns highlight a sound market and towards an industry which has developed quickly in the previous barely any decade. It must be comprehended that in a perfect world the means of all organizations are towards giving less expensive and progressively effective items however crude material and other factor costs push the last items higher than past level; yet with the innovation business the situation is somewhat turned around, the expense of creation has reliably declined all the more so in light of the fact that numerous organizations had the option to redistribute such a significant number of their creation offices to numerous pieces of the world which offer loosened up guidelines and less expensive work. This has implied a significantly more prominent open door towards diminished expenses of future items. List of sources: Lipsey G. Richard and Chrystal K, 2007. Financial matters, Oxford University Press. Glazer, Hirshleifer, 2005. Value hypothesis and applications: choices, markets, and data, Cambridge University Press Sameulson, Nordhaus, 2005. Microeconomics. McGraw-Hill, 2005 Lipsey and Chrystal, 2007. The market for PC chips, saw February 5, 2010 http://www. oup. com/uk/orc/receptacle/9780199286416/01student/intuitive/lipsey_extra_ch03/page_01. htm Employment Policy Foundation, 2002. Financial Impact and Characteristics of the Computer Business Services Industry Cohen, Robert, 1995, The monetary effect of data innovation saw February, 6 2010 < http://findarticles. com/p/articles/mi_m1094/is_n4_v30/ai_17603698/>.

Approaches To Environmental Ethics And KantS Principle Essays

Ways to deal with Environmental Ethics And Kant'S Principle 1. The entirety of the three ways to deal with natural morals use Kants standard to different degrees. The contrasts between them lie in their individual meanings of good classes. Its like taking a gander at a similar slide under three distinct powers on a magnifying instrument. Each approach depends on Kants guideline to ensure the enthusiasm of that which they esteem commendable. Baxters human-centric methodology obviously expresses that our commitments with respect to the earth are to be resolved exclusively based on human interests. Our government assistance relies upon breathable air, drinkable water and eatable food. Consequently, dirtying nature to the degree that it harms the air, water and land is inadmissible in light of the fact that it harms open government assistance. Creatures and plants are considered non-reasonable creatures and are thusly not considered in a similar good class as people. In any case, Baxter doesn't support of mass pulverization of these items since individuals do rely upon them from various perspectives and they ought to be safeguarded to the extent that people rely upon them. Clean air and water are useful for plants and creatures, as well, so they will profit by humankinds regard for ecological morals, however their safeguarding will not the slightest bit overshadow any human interests. We change the force on the magnifying instrument to take a gander at Rollins contention for a sentientist approach. With this view, the ethical class incorporates every single conscious being, not simply individuals. Rollins accepts that any being having a familiarity with the faculties that doesn't include thought or discernment has natural worth and is an end-in-themselves. He battles that creature intrigues should likewise be viewed as while deciding our ecological commitments. In this manner, we may have an ethical commitment to safeguard some normal living space that is of no incentive to people if its decimation would hurt some non-individuals. Another change in accordance with the magnifying lens, and we can analyze Leopolds biocentric assessment of how natural morals ought to be represented. His methodology develops the ethical classification to incorporate soils, waters, plants and creatures and cases our commitment is to save the trustworthiness, strength and magnificence of the biotic network. Logicians Devall and Sessions further characterize the biocentric see with the idea of profound environment. Devall and Sessions contend that the prosperity and thriving of human and non-human life have an incentive in themselves. These qualities are free of the convenience of the non-human world for human purposes. (503) 2. Self-sufficiency and freedom have nearly similar definitions and I accept that both Nielson and Hospers were attempting to pass on a similar point, and yet have various perspectives on the two appeared by the setting they utilized them in. Nielson states, A self-sufficient individual is an individual who can set her finishes for herself and in ideal conditions can seek after those closures. (359) In Hospers clarification of his second arrangement of human rights, the privilege to freedom, he states there ought to be no laws trading off in any capacity opportunity of speechThere ought to be no censorshipby government. (353) Comparing these two understandings, we see that both are basically expressing that an individual has the option to do anything they if you don't mind and on account of freedom, the privilege not to have impedance by the network or the legislature. The distinction can be seen unmistakably by utilizing the worker model. Nielson claims that laborers reserve the opt ion to do what they need and Hospers announces that they have the benefit to work and the proprietors have the last say about what the laborers do. Thus, according to these two creators, independence is inborn while freedom is earned. Anybody can be self-ruling while in the event that an individual doesnt regard different people groups rights, at that point they won't gain the privilege to freedom and opportunity. The possibility of opportunity and freedom appear to exemplify a similar head. Nielson pronounces Freedom doesn't just mean being self-governing; it likewise implies the nonappearance of unjustified political and social impedance in the quest for ones finishes. (359) Therefore, in the event that one is self-governing they reserve the privileges to live their lives to their understanding. To have freedom and opportunity, in any case, one can carry on with their life to their picking, yet should not contrarily encroach on another people life. 3.

THE GOLD-BUG The Edgar Allan Poe Story Youve Never Heard Of

THE GOLD-BUG The Edgar Allan Poe Story Youve Never Heard Of For modern readers, Edgar Allan Poe is synonymous with Gothic tales of horror and dark poetry, like The Raven or The Tell-Tale Heart. But during his lifetime, that wasnt the case. Instead, by far his most successful and famous story was one little-known today: The Gold-Bug. In The Gold-Bug, our unnamed narrator meets with an old acquaintance, William Legrand, who lives on an island near Charleston, South Carolina. Legrand is in one of his fits…of enthusiasm, having just discovered what he believes is a unknown species of beetle. So imagine how excited he gets when he realizes that, in collecting the bug, his black servant Jupiter accidentally grabbed a scrap of paper with a code revealing the location of Captain Kidds lost treasure. The beetle, which he had suffered to descend, was now visible at the end of the string. Byam Shaw, 1909. The Gold-Bug was the first work of fiction to incorporate cryptography into the plot. In fact, the very word cryptograph was invented by Poe and used for the first time in this story. It inspired future cryptologists for generations to come (including William F. Friedman, an American famous in cryptographic circles for breaking Japans PURPLE code in WWII), and dozens of writers all over the world. Think Robert Louis Stevensons Treasure Island, Junichiro Tanizakis Devils in Daylight, or The Gold Bug Variations by Richard Powers. Its entirely plausible that the science of cryptanalysis as we know it today wouldnt exist without The Gold-Bug. “Finding the Treasure,” woodcut engraving based on the illustration by F. O. C. Darley. Dollar Newspaper, June 21, 1843. Before Poe, cryptography was a complete mystery to most people. Simple substitution ciphers like the one in The Gold-Bug were considered unbreakable unless you possessed the key to decode them. But Poes knowledge of language and obsession with logic, or ratiocination, made him realize that any code could be broken. And he showed people exactly how to do it. In 1839, four years before the publication of The Gold-Bug, Poe published an article in Alexanders Weekly Messenger where he challenged the readers to send him coded messages, stating, It would be by no means a labor lost to show how great a degree of rigid method enters into enigma-guessing. This may sound oddly; but it is not more strange than the well know fact that rules really exist, by means of which it is easy to decipher any species of hieroglyphical writingâ€"that is to say writing where, in place of alphabetical letters, any kind of marks are made use of at random. For example, in place of A put % or any other arbitrary characterâ€"in place of B, a *, etc., etc. Let an entire alphabet be made in this manner, and then let this alphabet be used in any piece of writing. Poe knew that the frequency of letters in the messages would be the key to breaking the codes. This is a pretty basic code breaking technique by modern standards, but at the time was groundbreaking. Poes cipher challenge became a huge hit: he received hundreds of coded messages from all over the country, and indeed solved them all except for one that, we fully proved…a jargon of random characters, having no meaning whatsoever.* Captain Kidd hiding his treasure. From Poes Tales of Mystery and Imagination. Illustrated by Arthur Rackham, 1935. Realizing the publics fascination with code breaking, Poe decided to write a story specifically for his cipher-fanatic audience. Throw in  buried treasure, an exotic very singular island, mystery, madness, andâ€"a must in any good treasure hunting taleâ€"the spectre of death, and you have an intense tale of adventure that captured peoples imagination and made Poe a household name. The story won a $100 grand prizeâ€"the most Poe was ever paid for a single piece of writing during his lifetimeâ€"and publication in the Dollar Newspaper, becoming an instant success. It was The Gold-Bugâ€"not The Raven or The Tell-Tale Heartâ€"that drew standing room-only crowds to Poes lectures and established his international fan base in countries as far flung as France, Russia, and Japan. Illustration from Jules Vernes essay Edgard Poë et ses oeuvres, 1862. By Frederic Lix or Yan Dargent. So if The Gold-Bug is so awesome, why isnt it more widely read today? The answer is two-fold. One, the code used in the story is pretty simple. What was new and exciting in 1843 is something gradeschoolers are taught today, which takes a lot of the wow factor out of the story for adults. Its still a fun story, just probably not something youd get into unless you were a kid. Secondly, theres Poes treatment of Jupiter, which is problematic to say the least. Jupiter is a former slave who refused to abandon Legrand even after he was freed. Poe probably intended Jupiter to serve as comic relief, but in reality his portrayal of the character is ridiculously stereotyped. And thats a shame because Jupiter is the only sympathetic character in the entire story. In particular, Jupiters dialect is head-scratchingly strange and hackneyed. Take this exchange between Jupiter and the narrator, for example: “Well, Jup,” said I, “what is the matter now?â€"how is your master?” “Why, to speak de troof, massa, him not so berry well as mought be.” “Not well! I am truly sorry to hear it. What does he complain of?” “Dar! dat’s it!â€"him neber plain ob notinâ€"but him berry sick for all dat.” “Very sick, Jupiter!â€"why didn’t you say so at once? Is he confined to bed?” “No, dat he aint!â€"he aint find nowharâ€"dat’s just whar de shoe pinchâ€"my mind is got to be berry hebby bout poor Massa Will.” This is obviously nothing like how slaves (or anyone, for that matter) talked. Its just a dialect that Poe made up, which in itself is a mystery. Poe spent plenty of time in the south during his military career, and grew up only a few blocks away from a slave market in Richmond, Virginia. Its hard to believe he would have never spoken to a black person. Why wouldnt he simply draw from what he knew instead of inventing a strange new dialect? Illustration by Herpin for a 1895 edition of Poes The Tales and Poems. Of course, the obvious answer is that he was racist and didnt GAF if Jupiters dialect was accurate or not as long as he sounded black. But perhaps Jupiters odd way of speaking might be a code within a code. Poe was known to hide messages into seemingly ordinary poems and stories, a special type of cryptography called steganography. The problem with steganography is that, once the rules of the secret message are set, you have to write around it, which could explain the odd spelling and format of Jupiters dialog. Some have speculated that Poes more oddly worded and organized worksâ€"like Eureka,  his weird poetical essay on cosmology where he basically came up with the idea of the Big Bangâ€"contain codes that have yet to be uncovered. The idea that Jupiter might be speaking in code doesnt negate Poes treatment of the character, and it might not even be true. But it does show what kind of story The Gold-Bug is, and why it inspired so many people both artistically and scientifically. On the surface its a riddle within a riddle: The riddle of whats wrong with Legrand while he solves the riddle of Captain Kidds treasure. But the riddle never feels fully revealed. Theres always a sense that theres more to the storyâ€"an obsession not fully quenched, or only just begun to foster. In The Gold-Bug, as in so many of Poes stories, ones left feeling it only scratches the surface of what the man himself knew. “The Treasure Revealed,” original ink wash sketch by F. O. C. Darley, 1843. *There are actually two exceptions, but thats too complicated to go into detail here. Sign up to Unusual Suspects to receive news and recommendations for mystery/thriller readers.

The Key Components Of Anxiety Disorders And The Methods Of...

This research paper will explore eight articles that report on results from research conducted online on the key components of anxiety disorders and the methods congetitve behavioral theory. The articles will explore the treatments and outcomes of CBT on patients, who were diagnosed with obsessive compulsive disorder. The research papers examines _________ research in relation to the other articles to suggest that CBT is productive form of treatments of anxierty disorders. The history of Congetive Behavioral Therapy can be traced to the 1960’s when the psychodynamic perspective was questioned. The Behavior therapy gained a prominence. However, back in the 60’s, these therapies were controversial and relegated to the treatment of behavior dysfunction in severely disordered children .(Puleo,Settipani,Brodman,Emunds,Communigs, Kendall, 2011). Yet, in the 1970’s, cognitive behavioral therapy reached higher functioning individuals, integrated the role of cognitive processing, and incorporated a focus on emotion. The transition did not happen over night, but in the end, social cognitive processing, the psychology of self-control, and emotion regulation were melded into behavioral intervention and, eventually, emerging as multifaceted, widely applicable, extensively practiced, and well reached CBT of the present day.( Puleo,Settipani,Brodman,Emunds,Communigs, Kendall, 2011). Cognitive Behavioral Therapy is a method of assisting individuals to indetify andShow MoreRelatedSymptoms And Symptoms Of Generalized Anxiety Disorder Essay1085 Words   |  5 PagesGeneralized Anxiety Disorders Introduction to the paper Anxiety is a component found within many other mental disorders. The most common is depression. There are a number of anxiety disorders in the DSM, we will be looking at generalized anxiety disorder (GAD). 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Diceratops Facts and Figures

You can learn a lot about Greek numbers by studying ceratopsian (horned face) dinosaurs and their distant and not-so-distant relatives. Theres no such animal (yet) as Monoceratops, but Diceratops, Triceratops, Tetraceratops, and Pentaceratops make for a nice progression (alluding to two, three, four and five horns, as indicated by the Greek roots di, tri, tetra and penta). An important note, though: Tetraceratops wasnt a ceratopsian or even a dinosaur, but a therapsid (mammal-like reptile) of the early Permian period. The dinosaur we call Diceratops also rests on shaky ground, but for another reason. This late Cretaceous ceratopsian was diagnosed at the turn of the 20th century by the famous paleontologist Othniel C. Marsh, on the basis on a single, two-horned skull lacking the characteristic nasal horn of Triceratops--and given the name Diceratops, by another scientist, a few years after Marshs death. Some paleontologists believe this skull actually belonged to a deformed Triceratops, and others say Diceratops should properly be assigned to the synonymous genus Nedoceratops (insufficient horned face.) If, in fact, Diceratops winds up reverting to Nedoceratops, then the possibility exists that Nedoceratops was directly ancestral to Triceratops (this last, most famous ceratopsian only awaiting the evolutionary development of a third prominent horn, which should only have taken a few million years). If thats not confusing enough, another option has been touted by the famously iconoclastic paleontologist Jack Horner: perhaps Diceratops, aka Nedoceratops, was actually a juvenile Triceratops, in the same way Torosaurus may have been an unusually elderly Triceratops with a grotesquely overwrought skull. The truth, as always, awaits further fossil discoveries. Diceratops Facts Name: Diceratops (Greek for two-horned face); pronounced die-SEH-rah-tops; also known as NedoceratopsHabitat: Woodlands of North AmericaHistorical Period: Late Cretaceous (70 million years ago)Size and Weight: About 15 feet long and 2-3 tonsDiet: PlantsDistinguishing Characteristics: Two horns; odd holes on sides of the skull

Of Mice and Men Commentary - 958 Words

Of Mice and Men is a novel written by the 1962 Nobel Prize winner, John Steinbeck. It is an emotional tale of the extraordinary friendship between George and Lennie, who are traveling workers in the harsh depression years of the 1930s. George is a caring person whose love to Lennie is just like a father-son relationship, where Lennie, a mentally challenged man whose strength lies in body rather than brain, appears to be very dependent on George. Of Mice and Men teaches a universal theme about the nature of human beings that a person whose power exists over another turns corrupt. Steinbeck exploits the theme of power and control in his novel through the extensive use of sexism, racial discrimination, and the power of the strong over the†¦show more content†¦The stronger, in this case man (Carlson), mercilessly shoots Candys dog, who knew nothing of his grief fate. Candy then sees his reflection upon the killing of his dog, that he will soon get too old and therefore useless, which will then have him left alone. This pushes him into desperately asking George to permit him to join with him and Lennie for the pursuit of their own dream ranch, Thas three hundred an fifty bucks Id put in, I aint much good, but I could cook and tend the chickens and hoe the garden some. On the contrary, Curley is a man who takes advantage of his authority and power to oppress and mock others to make himself seem stronger and even more powerful. He uses his power and gender to boss around with workers of his ranch and his wife, respectively. However, when he chose to do so towards Lennie, Lennie reacts angrily and smashes his hand. Through the intense use of sexism, racial discrimination, and the power of the strong over the weak, Steinbeck successfully exploits the theme of power and control. Whether it is mentally, physically, or money wise, power seems to be moving from one person to another depending on the situation. Perhaps it really is the roots of evil; that occurs as a result of someone realizing his power over others, and then uses it for his own personal desires, while taking advantage of others. In otherShow MoreRelatedSocial Commentary on Sexism in Of Mice and Men by John Steinbek1003 Words   |  5 PagesAdministration states that during the Great Depression era, â€Å"...the federal government did prohibit a married couple from both holding government jobs, and as late as 1939, legislatures in 26 states considered laws limiting married womens work. Both men and women believed that married women should give up their jobs if their husbands wanted them to. 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When the animals stop taking this new form of birth control, their sperm rebound and they are able to produce perfectly healthy offspring once again.This compound produces a rapidRead MoreSummary Of Of Mice And Men Essay2240 Words   |  9 PagesQueenie Lau Mrs. Moskovitz English IH- Period 5 20 May 2016 Of Mice and Men Ap Book Report 1. Title of Work: Of Mice and Men 2. Author and Date Written: The book â€Å"Of Mice and Men† was written in 1937 by John Steinbeck, which was during the Great Depression in the 1930s. The Great Depression caused many to lose their jobs and their homes in a short period of time. Few were rich during this time and those who had no money starved. Approximately 25% of people during the Great Depression had no jobsRead MoreThe Colors Of Racism By John Steinbeck And Of Mice And Men 1330 Words   |  6 Pages The Colors of Racism in Of Mice and Men The struggle of racism in America is one which has been regularized in American society. 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Candy’s dog and Lennie are two characters that do so perhaps the most significantly, although in the case of Candy’s dog it is slightly less obvious as he’s not given much of a personality. Upon digging deeper into these two characters,Read MoreThe Philosophy Of Environmentalism In Ecotopia, By Ernest Callenbach1252 Words   |  6 Pagesissues. Ecotopia draws upon this time-frame in an almost self-aware manner, giving it the ability to translate into the 21st century quite appropriately. This awareness allows it to establish the tone of not only an inspirational novel, but a social commentary as well. The story begins with Times-Post journalist William Weston receiving an assignment to infiltrate Ecotopia, an independent country composed of Washington, Oregon, and Northern California. Seceding from the United States in 1980, the country

Analysis of Model Selection and Model Testing

Question: Discuss about the Analysis of Model Selection and Model Testing. Answer: Introduction: In the present case Mingalabar Inc is considering setting up a manufacturing unit in Myanmar. Capital budgeting is employed to analyze the risk and returns and thereby the financial feasibility of the project. In this respect of this project the biggest risk is that the company may not earn the returns as estimated and the project may fail (Bierman and Smidt, 2014). The risk of not earning the estimated returns may be due to the following factors: Inflation as estimated by the company in analyzing the project may increase in future resulting in reduction in the value of investments. The interest rates may rise in the future making the borrowings more costly and thus, reducing the profits earned by the company. There may be rise in the prices of the materials and labor over and above the anticipations of the company. Further, the company may not achieve the estimated demand or there be sudden hike in the competition resulting in market loss. The political conditions in Myanmar may also change in future resulting affecting the company adversely. The arbitrage pricing model (APM) provides the basis for computation of the theoretical return that is to be used in estimating the theoretical prices of the securities. The model postulates the mechanism to pave the way to determine the percentage return that an investor would expect by investing in a particular security or asset (Bhatti, Shanfari, and Hossain, 2006). In the determination of the expected return, the consideration of the risk attached with the investment is of paramount importance. However, different models provide different ways to incorporate the element of risk in determination of the expected return. As per the arbitrage pricing theory, the risk is not related to a single factor; rather it correlates with multiple factors. Those multiple factors may not necessarily be specific to the security being valued directly, but certainly affect the return on security in some or other way. Thus, apart from beta, consideration of the multiple factors such as gross domestic product, inflation, and interest rates was necessary, which was made possible by the APM (Rasiah and Kim, 2011). As discussed above, the arbitrage pricing model works on multifactor basis, therefore, the theoretical/expected return is computed by applying these multiple factors (Rasiah and Kim, 2011). The theoretical return in respect of a security under APM is determined by applying the equation given below: E(rj) = rf+bj1RP1+bj2RP2+bj3RP3+bj4RP4+..+bjnRPn Where, E(rj) = Theoretical/ expected return on security rf = Risk free rate bj = Sensitivity index RP = Risk premium of multiple factors Thus, it could be observed from the equation given above that the risk free rate is increased by the proportionate risk premium of multiple factors. Generally, the risk factors considered for computation of the return range from three to four involving GDP, inflation, and interest rates (Focardi and Fabozzi, 2004). The capital asset pricing model was in use before the arbitrage pricing model coming into use for computation of the theoretical return and security valuation. The capital asset pricing model was considered to be quite effective in incorporating the risk element in determination of the theoretical return (Wang and Xia, 2012). Though, this model was effective, but it was based on the single factor that is beta. Beta represents the sensitivity of the return on a particular security relative to the market as a whole. However, the risk of a security does not necessarily depend entirely on beta. There are other macroeconomic as well as security specific factors that affect the risk of the security. Therefore, the incorporation of the risk in computation of the theoretical return was considered by the Economists imperfect in the CAPM model. In order to overcome this imperfection in the CAPM model, the arbitrage pricing model was innovated with the consideration of the multiple factors in d etermination of the risk (Stowe, 2007). Apart from application of the multiple factors, the APM model is completely based on the premises set out in the CAPM model. Thus, the arbitrage pricing model is considered to be an extension of the CAPM model (Stowe, 2007). There are various advantages of the APM as claimed by the proponents of the APT theory. The biggest advantage of this model is that the investor is compensated for all the risks because of consideration of the multiple factors. Further, the proponents claim that the analysts are not required to make many more assumptions while applying APM because this model already takes into consideration a wide range of factors. The APM model provides a fair determination of the theoretical return, which results in fair valuation of the security. Thus, the probability that the decisions taken by the investors would be right is increased when APM is applied in decision making (Stowe, 2007). Though, the innovation of the arbitrage pricing model was appreciated by the world, but this model has certain disadvantages. The most crucial among them is the difficulty in applying this model in practical situations. Since, the model considers multiple factors, thus, the analytical exercise is also extended to a greater extent. The determination of the proportion of a particular risk factor in computing the return in APM may be subjective in certain situations (Stowe, 2007). Valuation of a Security Factors which affect the return of the security Sensitivity Index Risk premium (%) Sensitivity * Risk premium GNP 0.80 2.00% 1.60% Inflation 0.80 1.50% 1.20% Interest rate 1.30 2.00% 2.60% Market Index 1.20 5.00% 6.00% Industrial production 1.00 1.00% 1.00% 12.40% Add: Risk free rate 5.00% Return as per APM 17.40% Valuation of portfolio Input data Actual portfolio return 10% Expected return on portfolio 15% Risk free rate 4% Beta 1.15 Sensitivity to GDP 1.20 Proportion of Beta in total systematic risk of portfolio 0.60 Proportion of Sensitivity to GDP in total systematic risk of portfolio 0.40 Output data: Theoretical Return on Portfolio 1 Risk premium 5.00% 2 Beta*proportion in systematic risk 0.69 3 Sensitivity to GDP*proportion in systematic risk 0.48 4 Return (1*2*3) 1.66% 5 Risk free rate 4.00% 6 Theoretical Return on Portfolio (4+5) 5.66% References Bhatti, M.I., Shanfari, H.A., and Hossain, M.Z. 2006. Econometric Analysis of Model Selection and Model Testing. Ashgate Publishing, Ltd. Bierman, H. and Smidt, S. 2014. Advanced Capital Budgeting: Refinements in the Economic Analysis of Investment Projects. Routledge. Focardi, S.M. and Fabozzi, F.J. 2004. The Mathematics of Financial Modeling and Investment Management. John Wiley Sons. Rasiah, D. and Kim, P. 2011. The effectiveness of arbitrage pricing model in modern financial theory. International journal of economics, 2(3), pp. 125-135. Stowe, J.D. 2007. Equity Asset Valuation. John Wiley Sons. Wang, S. and Xia, Y. 2012. Portfolio Selection and Asset Pricing. Springer Science Business Media.