Isoquant Curve

    By Aarti ECE  

An isoquant (derived from quantity and the Greek word iso, meaning equal) is a contour line drawn through the set of points at which the same quantity of output is produced while changing the quantities of two or more inputs. While an indifference curve mapping helps to solve the utility-maximizing problem of consumers, the isoquant mapping deals with the cost-minimization problem of producers. Isoquants are typically drawn on capital-labor graphs, showing the technological tradeoff between capital and labor in the production function, and the decreasing marginal returns of both inputs. Adding one input while holding the other constant eventually leads to decreasing marginal output, and this is reflected in the shape of the isoquant. A family of isoquants can be represented by an isoquant map, a graph combining a number of isoquants, each representing a different quantity of output. Isoquants are also called equal product curves.

                      Production Isoquant/Isocost Curve

An isoquant shows the extent to which the firm in question has the ability to substitute between the two different inputs at will in order to produce the same level of output. An isoquant map can also indicate decreasing or increasing returns to scale based on increasing or decreasing distances between the isoquant pairs of fixed output increment, as output increases. If the distance between those isoquants increases as output increases, the firm's production function is exhibiting decreasing returns to scale; doubling both inputs will result in placement on an isoquant with less than double the output of the previous isoquant. Conversely, if the distance is decreasing as output increases, the firm is experiencing increasing returns to scale; doubling both inputs results in placement on an isoquant with more than twice the output of the original isoquant.

As with indifference curves, two isoquants can never cross. Also, every possible combination of inputs is on an isoquant. Finally, any combination of inputs above or to the right of an isoquant results in more output than any point on the isoquant. Although the marginal product of an input decreases as you increase the quantity of the input while holding all other inputs constant, the marginal product is never negative in the empirically observed range since a rational firm would never increase an input to decrease output.

                          SHAPE OF ISOQUANT                                                                                                                                                                                                                                                                                                     

If the two inputs are perfect substitutes, the resulting isoquant map generated is represented in fig. A; with a given level of production Q3, input X can be replaced by input Y at an unchanging rate. The perfect substitute inputs do not experience decreasing marginal rates of return when they are substituted for each other in the production function.

If the two inputs are perfect complements, the isoquant map takes the form of fig. B; with a level of production Q3, input X and input Y can only be combined efficiently in the certain ratio occurring at the kink in the isoquant. The firm will combine the two inputs in the required ratio to maximize profit.

Isoquants are typically combined with isocost lines in order to solve a cost-minimization problem for given level of output. In the typical case shown in the top figure, with smoothly curved isoquants, a firm with fixed unit costs of the inputs will have isocost curves that are linear and downward sloped; any point of tangency between an isoquant and an isocost curve represents the cost-minimizing input combination for producing the output level associated with that isoquant. A line joining tangency points of isoquants and isocosts (with input prices held constant) is called the expansion path.^[

The only relevant portion of the isoquant is the one that is convex to the origin, part of the curve which is not convex to the origin implies negative marginal product for factors of production. Higher isoQuant higher the production.

                                                            An isoquant map where Q3 > Q2 > Q1. A typical choice of inputs would be labor for input X and capital for input Y. More of input X, input Y, or both is required to move from isoquant Q1 to Q2, or from Q2 to Q3                                                                              

                              

  A) Example of an isoquant map with two inputs that are perfect substitutes  M                                                                                       

   B) Example of an isoquant map with two inputs that are perfect complements

                                                                                                 

                                                                  Note                                                                                                         

 (1)         Thus we can say,isoquant curve is an extension of indifference curve analysis from the theory of consumption to the theory of production.these curve is a technical relation showing how inputs are converted in to output

(2)           A point on the isoquant curve is technically efficient.

 (3) MARGINAL RATE OF SUBSTITUTION-  (a)  The rate at which one factor must be added to compensate for the loss of another factor, to keep output constant  

(b) It is the slope of isoquant curve

(4) Isoquant curve is bowed inward because of the law of diminishing marginal productivity.                                                                       

Laws of Returns The Isoquant Isocost Approach

Isoquants

            An Isoquant is a curve on which the diverse mixtures of labour and capital prove the same productivity. As per Cohne and Cyret “An isoproduct curve is a curve along which the maximum achievable rate of production is constant.” It is also identified as a production indifference curve or a constant product curve. Just as an indifference curve representing the various mixtures of any two products that offer the consumer the same amount of satisfaction – iso utility, likewise an Isoquant designates the an assortment of mixtures of two aspects of production which offer the manufacturer the equal intensity of productivity per unit of time.

Isoquants Vs. Indifference Curve

            An Isoquant is equivalent to an indifference curve in a quantity of ways. In it, two factors (labour and capital) reinstate two articles of consumption. An Isoquant presents same amount of goods while in indifference curve gives same amount of contentment at all points. The properties of Isoquants as we are going to discuss are unerringly to those of indifference curves. Nevertheless there are definite differences amidst the two.

1. An indifference curve embodies contentment which cannot be calculated in physical units.

2. On an indifference sketch, one can only say that a higher indifference curve gives many contentment than a lower one, however it cannot be said how much more or less contentment is being derived from one indifference curve corresponding to the other whilst one can easily judge by how much productivity is greater on a higher Isoquant relating to a lower Isoquant.

Properties of Isoquant

1. Isoquants are negatively inclined – If they do not posses such a slope definite logical irrationality occurs. If the Isoquants inclines rising to the right, it entails that both capital and labour augment except they produce the same productivity.

2. An Isoquant lying above and to the right of one more stands for a advanced productivity level.

3. No Isoquants can intersect each other. In the illogical sense if they tend to intersect each other, those combinations cannot be both less and more productive at the same time. Therefore, two Isoquants cannot intersect each other at any point.

4. Isoquants need not be corresponding since the rate of substitution amidst two factors is not essentially the same in all Isoquant programmes.

5. Amidst two Isoquants there can be a number of Isoquants presenting diverse levels of productivity which the mixture of the two aspects can capitulate.

6. Units of productivity presented on Isoquants are random or any other variables can be presented.

7. No Isoquants can touch either axis – If it touches X axis, it would indicate that the product is being produced with the help of labour only devoid usage of capital. Hence this fact is logically incorrect and the actuality is they can touch the axis.

8. Each Isoquant is convex to the origin – As further units of labour are engaged, lesser and lesser units of capital are used. Thus the Isoquants are convex to the origin due to diminishing marginal rate of substitution.

9. Ridge Lines are the locus of the points of Isoquants where the marginal products of factors are nil. The top ridge line entails nil MP of capital while the lower, nought MP of labour. Manufacture methods are merely competent within the ridge lines. The marginal products of factors are negative and techniques of production are incompetent external the ridge lines. Thus ridge lines show the fiscal area of manufacture.

Isocost curves and Expansion Path

            After learning the nature of Isoquants that represents the possible productivity of a firm from a given combination of two contributions, we surpass the next aspect, prices of contributions that are represented on the Isoquant sketch by the Isocost curves. These curves are also acknowledged as cost lines, price lines, input price lines, factor cost lines, constant outlay lines etc. Each Isoquant curve corresponds to the diverse combinations of two inputs that a firm can purchase for a given sum of money at the given price of each input.

The principle of Marginal Rate of Technical Substitution

            The principle of marginal rate of technical substitution is based on the production function where two factors can be substituted in diverse magnitude in such a way as to manufacture a stable intensity of productivity. Salvatore defines as “The marginal rate of technical substitution is the amount of an output that a firm can give up by increasing the amount of the other input by one unit and still remain on the same Isoquant.”

The Law of Variable Proportions

            The performance of the law of variable proportions are of short run production function when one factor is invariable and the other variable, can also be explained in the terms of Isoquant analysis. For instance, capital is a fixed factor and labour is a variable factor. The portion of the Isoquant that lies outside the ridge lines, the marginal product of that factor is negative.

The Laws of Returns to Scale: Production Function with two variable inputs

The laws of returns to scale can also be elucidated in stipulations of the Isoquant approach. “The laws of returns to scale refer to the effects of a change in the scale of factors upon output in the long run when the combinations of factors are changed in some proportion.” If by increasing two factors say labour and capital in the same proportion, productivity augments in exactly the same proportion there are invariable returns to the scale.

Increasing Returns to Scale

1. There may be indivisibilities in machines, management, labour, finance etc. A little item of equipment or some activities have a minimum size and cannot be divided into smaller units.

2. Increasing returns to scale also result from specialisation and division of labour, when the scale of firm enlarges, there is a broader exposure for specialisation and division of labour.

3. As the firm enlarges, it enjoys internal economies of production. It may be able to install better machines, sell its products more easily, borrow money cheaply, procure the services of more efficient manager and workers etc.

Decreasing Returns to Scale

1. Indivisible factors may become incompetent and less productive.

2. The firm experiences internal diseconomies. Business may become unwieldy and produce problems of supervision and coordination. Large management creates complexities of control and rigidities.

3. To these internal diseconomies are additional external diseconomies of scale. These occur from higher factor price or from diminishing productivity of the factors.

Constant Returns to Scale

1. The returns to scale are invariable when internal economies enjoyed by a firm are neutralised by internal diseconomies so that productivity amplifies in the same ration.

2. One more reason is the balancing of external economies and external diseconomies.

3. Invariable returns to scale also result when factors of production are perfectly divisible, substitutable, standardised and their supplies are perfectly elastic at given prices.

That’s why in the case of invariable returns to scale, the production function is ‘homogeneous of degree one’.

Social Networking

 By Harsh Garg CSE

A social networking service is an online service, platform, or site that focuses on facilitating the building of social networks or social relations among people who, for example, share interests, activities, backgrounds, or real-life connections. A social network service consists of a representation of each user (often a profile), his/her social links, and a variety of additional services. Most social network services are web-based and provide means for users to interact over the Internet, such as email and instant messaging. Online community services are sometimes considered as a social network service, though in a broader sense, social network service usually means an individual-centered service whereas online community services are group-centered. Social networking sites allow users to share ideas, activities, events, and interests within their individual networks.

The main types of social networking services are those that contain category places (such as former school year or classmates), means to connect with friends (usually with self-description pages), and a recommendation system linked to trust. Popular methods now combine many of these, with Facebook, Google+ and Twitter widely             used worldwide, The Sphere (luxury network), Nexopia (mostly in Canada), VKontakte, Hi5, Hyves (mostly in The Netherlands), Ask-a-peer(career-oriented),StudiVZ (mostly in Germany), Tagged, XING, Badoo and Skyrock in parts          of Europe,       Orkut and Hi5 in South          America and Central   America and Facebook, Google+, Twitter are very popular in India.

There have been attempts to standardize these services to avoid the need to duplicate entries of friends and interests. A 2011 survey found that 47% of American adults use a social network.

History….

The potential for computer networking to facilitate newly improved forms of computer-mediated social interaction was suggested early on. Efforts to support social networks via computer-mediated communication were made in many early online services, including Usenet, ARPANET, LISTSERV, and bulletin board services (BBS). Early social networking on the World Wide Web began in the form of      generalized      online communities    such as Theglobe.com (1995), Geocities (1994) and Tripod.com (1995).       Many   of these early communities focused on bringing people together to interact with each other through chat rooms, and encouraged users to share personal information and ideas via personal web pages by providing easy-to-use publishing tools and free or inexpensive web space. Some communities - such as Classmates.com - took a different approach by simply having people link to each other via email addresses. In the late 1990s, user profiles became a central feature of social networking sites, allowing users to compile lists of "friends" and search for other users with similar interests. New social networking methods were developed by the end of the 1990s and many sites began to develop more advanced features for users to find and manage friends. This newer generation of social networking sites began to flourish with the emergence of SixDegrees.com in 1997, followed            by Makeoutclub in 2000, Hub Culture and Friendster in 2002, and soon became part of the Internet mainstream. Friendster was followed by MySpace and LinkedIn a year later, and eventually Bebo. Attesting to the rapid increase in social networking sites' popularity, by 2005, it was reported that MySpace was getting more page views than Google. Facebook launched in 2004, became the largest social networking site in the world in early 2009.

Social Impact….

Web-based social networking services make it possible to connect people who share interests and activities across political, economic, and geographic borders. Through e-mail and instant messaging, online communities are created where a gift economy and reciprocal altruism are encouraged through cooperation. Information is particularly suited to gift economy, as information is a non rival good and can be gifted at practically no cost.

Facebook and other social networking tools are increasingly becoming the object of scholarly research. Scholars in many fields have begun to investigate the impact of social-networking sites, investigating how such sites may play into issues of identity, privacy, social capital, youth culture, and education.

Several websites are beginning to tap into the power of the social networking model for philanthropy. Such models provide a means for connecting otherwise fragmented industries and small organizations without the resources to reach a broader audience with interested users. Social networks are providing a different way for individuals to communicate digitally. These communities of hypertexts allow for the sharing of information and ideas, an old concept placed in a digital environment.

In 2011, HCL Technologies conducted research that showed that 50% of British employers had banned the use of social networking sites/services during office hours.

Features….

Social networking sites (SNSs) share a variety of technical features that allows individuals to:

Construct a public/semi-public profile, articulate list of other users that they share a connection with, and view their list of connections within the system. The most basic of these are visible profiles with a list of "friends" who are also users of the site. In Social Networking Sites we always use profiles which are described as unique pages where one can "type oneself into being." A profile is generated from answers to questions, such as age, location, interests, etc. Some sites allow users to upload pictures, add multimedia content or modify the look and feel of the profile. e.g., Facebook, allow users to enhance their profile by adding modules or "Applications." Many sites allow users to post blog entries, search for others with similar interests and compile and share lists of contacts. User profiles often have a section dedicated to comments from friends and other users. To protect user privacy, social networks typically have controls that allow users to choose who can view their profile, contact them, add them to their list of contacts, and so on.

Some social networks have additional features, such as the ability to create groups that share common interests or affiliations, upload or stream live videos, and hold discussions in forums. Geo-social networking co-opts Internet mapping services to organize user participation around geographic features and their attributes.

In most mobile communities, mobile phone users can now create their own profiles, make friends, participate in chat rooms, create chat rooms, hold private conversations, share photos and videos, and share blogs by using their mobile phone. Some companies provide wireless services that allow their customers to build their own mobile community and brand it; one of the most popular wireless services for social networking in North America is Facebook Mobile.

Emerging Trends….

As the increase in popularity of social networking is on a constant rise, new uses for the technology are constantly being observed.

At the forefront of emerging trends in social networking sites is the concept of "real-time web" and "location-based." Real-time allows users to contribute content, which is then broadcast as it is being uploaded - the concept is analogous to live radio and television broadcasts. Twitter set the trend for "real-time" services, wherein users can broadcast to the world what they are doing, or what is on their minds within a 140-character limit. Facebook followed suit with their "Live Feed" where users' activities are streamed as soon as it happens. While Twitter focuses on words, “Clixtr”, another real-time service, focuses on group photo sharing wherein users can update their photo streams with photos while at an event. Facebook, however, remains easily the largest photo sharing site - Facebook application and photo aggregator Pixable estimates that Facebook will have 100 billion photos by Summer 2011.

Companies have begun to merge business technologies and solutions, such as cloud computing, with social networking concepts. Instead of connecting individuals based on social interest, companies are developing interactive communities that connect individuals based on shared business needs or experiences. Many provide specialized networking tools and applications that can be accessed via their websites, such as LinkedIn. Others companies, such as Monster.com, have been steadily developing a more "socialized" feel to their career center sites to harness some of the power of social networking sites.

“Foursquare” gained popularity as it allowed users to "check-in" to places that they are frequenting at that moment. Gowalla is another such service that functions in much the same way that Foursquare does, leveraging the GPS in phones to create a location-based user experience. Clixtr, though in the real-time space, is also a location-based social networking site, since events created by users are automatically geo-tagged, and users can view events occurring nearby through the Clixtr iPhone app.

One popular use for this new technology is social networking between businesses. Companies have found that social networking sites such as Facebook and Twitter are great ways to build their brand image. According to Jody Nimetz, author of Marketing Jive, there are five major uses for businesses and social media:

1) To create brand awareness, 

2) For recruiting,

3) As an online reputation management tool,

4) To learn about new technologies and competitors, and

5) As a lead generation tool to intercept potential prospects.

These companies are able to drive traffic to their own online sites while encouraging their consumers and clients to have discussions on how to improve or change products or services.

Social Networking Sites….Time Wastage Or Really Helpful????

1)  Use of social networks in the science communities…

Recently a study has been published on how new biotechnology firms are using social networking sites to share exchanges in scientific knowledge. They state in their study that by sharing information and knowledge with one another, they are able to "increase both their learning and their flexibility in ways that would not be possible within a self-contained hierarchical organization." Social networking is allowing scientific groups to expand their knowledge base and share ideas, and without these new means of communicating their theories might become "isolated and irrelevant".

2)  Use of social networks in education…

Social networks are also being used by teachers and students as a communication tool. Because many students are already using a wide range of social networking sites, teachers have begun to familiarize themselves with this trend and are now using it to their advantage. Teachers and professors are doing everything from creating chat-room forums and groups to extend classroom discussion to posting assignments, tests and quizzes, to assisting with homework outside of the classroom setting. Social networks are also being used to foster teacher-parent communication. These sites make it possible and more convenient for parents to ask questions and voice concerns without having to meet face-to-face. The advent of social networking platforms may also be impacting the way(s) in which learners engage with technology in general.

The use of online social networks by libraries is also an increasingly prevalent and growing tool that is being used to communicate with more potential library users, as well as extending the services provided by individual libraries

3)  Use of Social networks in grassroots organizing…

Social networks are being used by activists as a means of low-cost grassroots organizing.   Extensive use of an array of social networking sites enabled organizers of the 2009 National Equality March to mobilize an estimated 200,000 participants to march on Washington with a cost savings of up to 85% per participant over previous methods. The August 2011 England riots were similarly considered to have escalated and been fuelled by this type of grassroots organization.

4)  Social networks and employment…

A final rise in social network use is being driven by college students using the services to network with professionals for internship and job opportunities. Many studies have been done on the effectiveness of networking online in a college setting.

Many schools have implemented online alumni directories which serve as makeshift social networks that current and former students can turn to for career advice. However, these alumni directories tend to suffer from an oversupply of advice-seekers and an undersupply of advice providers. One new social networking service, Ask-a-peer, aims to solve this problem by enabling advice seekers to offer modest compensation to advisers for their time.

5)  Use of social networks in Business model…

Few social networks currently charge money for membership. In part, this may be because social networking is a relatively new service, and the value of using them has not been firmly established in customers' minds. Companies such as MySpace and Facebook sell online advertising on their site. Their business model is based upon large membership count, and charging for membership would be counterproductive. Some believe that the deeper information that the sites have on each user will allow much better targeted advertising than any other site can currently provide.

Social networks operate under an autonomous business model, in which a social network's members serve dual roles as both the suppliers and the consumers of content. This is in contrast to a traditional business model, where the suppliers and consumers are distinct agents. Revenue is typically gained in the autonomous business model via advertisements, but subscription-based revenue is possible when membership and content levels are sufficiently high.

6)  Use of social networks in Social Interaction…

Simply, social networking is a way for one person to meet up with other people on the net. People use social networking sites for meeting new friends, finding old friends, or locating people who have the same problems or interests they have, called niche networking.

More and more relationships and friendships are being formed online and then carried to an offline setting. Psychologist and University of Hamburg professor Erich H. Witte says that relationships which start online are much more likely to succeed. Witte has said that in less than 10 years, online dating will be the predominant way for people to start a relationship. One online dating site claims that 2% of all marriages begin at its site, the equivalent of 236 marriages a day. Other sites claim 1 in 5 relationships begin online.

Social networking sites play a vital role in this area as well. Being able to meet someone as a "friend" and see what common interests you share and how you have built up your friend base and "likes" you can truly see a fuller picture of the person you are talking with. Most sites are free instead of being paid based which allows younger people with stricter budgets to enjoy some of the same features as those of adults who are more likely to be able to afford pay based sites. While not the intended or original use for these social sites, a large area of their current function has stemmed from people wanting to meet other people in person and with the extremely busy schedules of most people, it is a fast, reliable and easy way in which to do so that costs you little time and money (if any).

7)  Social networking services and Privacy…

Privacy concerns with social networking services have been raised growing concerns amongst users on the dangers of giving out too much personal information and the threat of sexual predators. Users of these services also need to be aware of data theft or viruses. However, large services, such as MySpace and Netlog, often work with law enforcement to try to prevent such incidents.

In addition, there is a perceived privacy threat in relation to placing too much personal information in the hands of large corporations or governmental bodies, allowing a profile to be produced on an individual's behavior on which decisions, detrimental to an individual, may be taken.

Furthermore, there is an issue over the control of data—information that was altered or removed by the user may in fact be retained and/or passed to third parties. This danger was highlighted when the controversial social networking site Quechup harvested e-mail addresses from users' e-mail accounts for use in a spamming operation.

In medical and scientific research, asking subjects for information about their behaviors is normally strictly scrutinized by institutional review boards, for example, to ensure that adolescents and their parents have informed consent. It is not clear whether the same rules apply to researchers who collect data from social networking sites. These sites often contain a great deal of data that is hard to obtain via traditional means. Even though the data are public, republishing it in a research paper might be considered invasion of privacy.

Privacy on social networking sites can be undermined by many factors. For example, users may disclose personal information, sites may not take adequate steps to protect user privacy, and third parties frequently use information posted on social networks for a variety of purposes. "For the Next generation, social networking sites have become the preferred forum for social interactions, from posturing and role playing to simply sounding off. However, because such forums are relatively easy to access, posted content can be reviewed by anyone with an interest in the users' personal information".

Following plans by the UK government to monitor traffic on social networks schemes similar to E-mail jamming have been proposed for networks such as Twitter and Facebook. These would involve "friending" and "following" large numbers of random people to thwart attempts at network analysis.

8)  Social Networks and Data Mining…

Through data mining, companies are able to improve their sales and profitability. With this data, companies create customer profiles that contain customer demographics and online behavior. A recent strategy has been the purchase and production of “network analysis software”. This software is able to sort out through the influx of social networking data for any specific company. Facebook has been especially important to marketing strategists. Facebook’s controversial and new “Social Ads” program gives companies access to the millions of profiles in order to tailor their ads to a Facebook user’s own interests and hobbies. However, rather than sell actual user information, Facebook sells tracked “social actions”. That is, they track the websites a user uses outside of Facebook through a program called Facebook Beacon.

9)  Notifications on websites…

There has been a trend for social networking sites to send out only 'positive' notifications to users. For example sites such as Bebo, Facebook, and Myspace will not send notifications to users when they are removed from a person's friends list. Likewise, Bebo will send out a notification if a user is moved to the top of another user's friends list but no notification is sent if they are moved down the list.

This allows users to purge undesirables from their list extremely easily and often without confrontation since a user will rarely notice if one person disappears from their friends list. It also enforces the general positive atmosphere of the website without drawing attention to unpleasant happenings such as friends falling out, rejection and failed relationships.

10)  Access to information on Social Networking Sites…

Many social networking services, such as Facebook, provide the user with a choice of who can view their profile. This prevents unauthorized user(s) from accessing their information. Parents who want to access their child's MySpace or Facebook account have become a big problem for teenagers who do not want their profile seen by their parents. By making their profile private, teens can select who may see their page, allowing only people added as "friends" to view their profile and preventing unwanted viewing of the profile by parents. Most teens are constantly trying to create a structural barrier between their private life and their parents.

To edit information on a certain social networking service account, the social networking sites require you to login or provide a password. This prevents unauthorized user(s) from adding, changing, or removing personal information, pictures, and/or other data.

11)  Potential for misuse of SNSs…

The relative freedom afforded by social networking services has caused concern regarding the potential of its misuse by individual patrons. In October 2006, a fake Myspace profile created in the name of Josh Evans by Lori Janine Drew led to the suicide of Megan Meier. The event incited global concern regarding the use of social networking services for bullying purposes.

In July 2008, a Briton, Grant Raphael, was ordered to pay a total of GBP £22,000 (about USD $44,000) for libel and breach of privacy. Raphael had posted a fake page on Facebook purporting to be that of a former school friend Matthew Firsht, with whom Raphael had fallen out in 2000. The page falsely claimed that Firsht was homosexual and that he was dishonest.

At the same time, genuine use of social networking services has been treated with suspicion on the ground of the services' misuse. In September 2008, the profile of Australian Facebook user Elmo Keep was banned by the site's administrators on the grounds that it violated the site's terms of use. Keep is one of several users of Facebook who were banned from the site on the presumption that their names aren't real, as they bear resemblance to the names of characters like Sesame Street's Elmo.

12)  Risk for child safety from SNSs…

Citizens and governments have been concerned with misuse by child and teenagers of social networking services, in particular in relation to online sexual predators. A certain number of actions have been engaged by governments to better understand the problem and find some solutions. A 2008 panel concluded that technological fixes such as age verification and scans are relatively ineffective means of apprehending online predators. In May 2010, a child pornography social networking site with hundreds of members was dismantled by law enforcement. It was deemed “the largest crimes against children case brought anywhere by anyone.” Social Networking can also be a risk to child safety in another way; parents can get addicted to games hosted by websites such as Facebook and neglect their children, sometimes causing a child to die from starvation.

13)  Trolling on SNSs…

A common misuse of social networking sites such as Facebook is that it is occasionally used to emotionally abuse individuals. Such actions are often referred to as trolling. It is not rare for confrontations in the real world to be translated online. Trolling can occur in many different forms, such as  defacement of deceased person(s) tribute pages, name calling, playing online pranks on volatile individuals and controversial comments with the intention to cause anger and cause arguments. Trolling is not to be confused with cyber-bullying.

14)  Interpersonal communication on SNSs…

Interpersonal communication has been a growing issue as more and more people have turned to social networking as a means of communication. Further, social networking sites have become popular sites for youth culture to explore them, relationships, and share cultural artifacts".[ Many teens and social networking users may be harming their interpersonal communication by using sites such as Facebook and MySpace. Stated by Baroness Greenfield, an Oxford University Neuroscientist, "My fear is that these technologies are infantilizing the brain into the state of small children who are attracted by buzzing noises and bright lights, who have a small attention span and who live for the moment." The convenience that social network sites give users to communicate with one another can also damage their interpersonal communication. Sherry Turkle, the founder and director of the MIT Initiative on Technology and Self, stated, “Networked, we are together, but so lessened are our expectations of each other that we feel utterly alone. And there is the risk that we come to see others as objects to be accessed--and only for the parts we find useful, comforting, or amusing.” Furthermore, social network sites can create insincere friendships.  A variety of websites question the value of social networking, such as Facebook Detox.

15)  Psychological effects of social networking…

As social networking sites have raised in popularity over the past years, people have been spending an excessive amount of time on the Internet in general and social networking sites in specific. This has led researchers to debate the establishment of Internet addiction as an actual clinical disorder. Social networking can also affect the extent to which a person feels lonely. In a Newsweek article, Johannah Cornblatt explains “Social-networking sites like Facebook and MySpace may provide people with a false sense of connection that ultimately increases loneliness in people who feel alone.” John T. Cacioppo, a neuroscientist at the University of Chicago, claims that social networking can foster feelings of sensitivity to disconnection, which can lead to loneliness. However some scholars have expressed that concerns about social networking are often exaggerated and poorly researched.

16)  Use of SNSs in Investigations…

Social networking services are increasingly being used in legal and criminal investigations. Information posted on sites such as MySpace and Facebook has been used by police (forensic profiling), probation, and university officials to prosecute users of said sites. In some situations, content posted on MySpace has been used in court.

Facebook is increasingly being used by school administrations and law enforcement agencies as a source of evidence against student users. This site being the number one online destination for college students, allows users to create profile pages with personal details. These pages can be viewed by other registered users from the same school, which often include resident assistants and campus police who have signed up for the service. One UK police force has sifted pictures from Facebook and arrested some people who had been photographed in a public place holding a weapon such as a knife (having a weapon in a public place is illegal).

17)  Use of SNSs in Government applications…

Social networking is more recently being used by various government agencies. Social networking tools serve as a quick and easy way for the government to get the opinion of the public and to keep the public updated on their activity. The Centers for Disease        Control demonstrated             the       importance of vaccinations on the popular children's site Whyville and the National Oceanic and Atmospheric Administration has a virtual island on Second Life where people can explore underground caves or explore the effects of global warming. Likewise, NASA has taken advantage of a few social networking tools, including Twitter and Flickr. They are using these tools to aid the Review of U.S. Human Space Flight Plans Committee, whose goal it is to ensure that the nation is on a vigorous and sustainable path to achieving its boldest aspirations in space.

18) Use of SNSs in Dating Applications…

Many social networks provide an online environment for people to communicate and exchange personal information for dating purposes. Intentions can vary from looking for a one time date, short-term relationships, and long-term relationships.

Most of these social networks, just like online dating services, require users to give out certain pieces of information. This usually includes a user's age, gender, location, interests, and perhaps a picture. Releasing very personal information is usually discouraged for safety reasons. This allows other users to search or be searched by some sort of criteria, but at the same time people can maintain a degree of anonymity similar to most online dating services. Online dating sites are similar to social networks in the sense that users create profiles to meet and communicate with others, but their activities on such sites are for the sole purpose of finding a person of interest to date. Social networks do not necessarily have to be for dating; many users simply use it for keeping in touch with friends, and colleagues.

However, an important difference between social networks and online dating services is the fact that online dating sites usually require a fee, where social networks are free. This difference is one of the reasons the online dating industry is seeing a massive decrease in revenue due to many users opting to use social networking services instead. Many popular online dating services such as Match.com, Yahoo Personals, and eHarmony.com are seeing a decrease in users, where social networks like MySpace and Facebook are experiencing an increase in users daily.

The number of Internet users in the U.S. that visit online dating sites has fallen from a peak of 21% in 2003 to 10% in 2006. Whether it’s cost of services, variety of users with different intentions, or any other reason, it is undeniable that social networking sites are quickly becoming the new way to find dates online.

19)  Use of SNSs in Medical and Health Applications…

Social networks are beginning to be adopted by healthcare professionals as a means to manage institutional knowledge, disseminate peer to peer knowledge and to highlight individual physicians and institutions. The advantage of using a dedicated medical social networking site is that all the members are screened against the state licensing board list of practitioners.

A new trend is emerging with social networks created to help its members with various physical and mental ailments. For people suffering from life altering diseases, PatientsLikeMe offers its members the chance to connect with others dealing with similar issues and research patient data related to their condition. For alcoholics and addicts, SoberCircle gives people in recovery the ability to communicate with one another and strengthen their recovery through the encouragement of others who can relate to their situation. DailyStrength is also a website that offers support groups for a wide array of topics and conditions, including the support topics offered by PatientsLikeMe and SoberCircle.

Some social networks aim to encourage healthy lifestyles in their users. SparkPeople offers community and social networking tools for peer support during weight loss. Fitocracy is focused on exercise, enabling users to share their own workouts and comment on those of other users.

20)  Use of SNSs in Social and Political Applications…

Social networking sites have recently showed a value in social and political movements. In the Egyptian revolution, Facebook and Twitter both played a pivotal role in keeping people connected to the revolt. Egyptian activists have credited social networking sites with providing a platform for planning protest and sharing news from Tahrir Square in real time. By presenting a platform for thousands of people to instantaneously share videos of mainly events featuring brutality, social networking proves to be a vital tool in revolutions.

Conclusion…..

Social networking sites are revolutionary idea with a very bright future with further scope for advancements. The opportunities provided from this medium are immense and many organizations are making use of this medium to better their practices. Organizations are no longer at the mercy of the media to advertise or convey their message. With the help of social networking they can advertise or communicate in a more efficient way. For example, Starbucks have started a very successful program in which a person from any part of the world can login to a website to write comments and discuss issues. Similarly people don’t have to rely on newspapers or TV to get their daily dose of news it can all be obtained from a social networking site. People can follow or get information from any part of the world. For example Twitter allows a user to follow anything from airline timing to the next breaking news from China. It is even used by politicians to get their message across.

Online communities and Blogs are becoming very popular and moreover since the advancement of embedded systems people can use them “on the go” with the help of handheld devices like cell phones or palmtops. They can get information which is more interactive in nature with the help of embedded photo and video. I-phone is an example of a handheld device through which people can share information. People can also take part in the social network by using many tools available to them. Users can tag particular pages of interest in an interactive manner or can just bookmark them for further interaction. The kind of interaction a user wants from these social networks depends on the type of information the user is interested in. Wikis can be used for academic purposes, it can greatly enhance the way people learn. People can watch videos to understand a topic better or look at photos which might help them to visualize a concept, after all “a picture speaks a thousand words”.

The world is getting closer everyday and everyone wants to be connected. Static blogs and websites are losing popularity. World is moving more towards "information streams". The information comes to users rather than users have to make effort to get the information. The social networks can be extended to other media, for example Television now integrates Twitter feeds. In terms of personal relationships too the social networking is connecting people. Dating sites have become very popular to find partners and to be connected with each other. Social networking can also be very crucial in medical help. Illness support communities can be created from which people can get information about common diseases and also first aid tips.

After all the advantages, the problem that arises is of information overload and security. Social networks, unlike the common media, do not have a pattern as to how much information has to be conveyed and where to draw the line. Too much of information may confuse users. Security might be another area of concern where people can get illegal access to a user’s information. The future of social networking looks very promising but still it has to deal with the problems associated with it.

Relation of AC & MC

By Deepak Kumar

RELATIONSHIP BETWEEN AC AND MC

Average cost

In economics, average cost or unit cost is equal to total cost divided by the number of goods produced (the output quantity, Q). It is also equal to the sum of average variable costs (total variable costs divided by Q) plus average fixed costs (total fixed costs divided by Q). Average costs may be dependent on the time period considered (increasing production may be expensive or impossible in the short term, for example). Average costs affect the supply curve and are a fundamental component of supply and demand.

Short-run average cost

Short-run average cost will vary in relation to the quantity produced unless fixed costs are zero and variable costs constant. A cost curve can be plotted, with cost on the y-axis and quantity on the x-axis. Marginal costs are often shown on these graphs, with marginal cost representing the cost of the last unit produced at each point; marginal costs are the first derivative of total or variable costs.

A typical average cost curve will have a U-shape, because fixed costs are all incurred before any production takes place and marginal costs are typically increasing, because of diminishing marginal productivity. In this "typical" case, for low levels of production marginal costs are below average costs, so average costs are decreasing as quantity increases. An increasing marginal cost curve will intersect a U-shaped average cost curve at its minimum, after which point the average cost curve begins to slope upward. For further increases in production beyond this minimum, marginal cost is above average costs, so average costs are increasing as quantity increases. An example of this typical case would be a factory designed to produce a specific quantity of widgets per period: below a certain production level, average cost is higher due to under-utilised equipment, while above that level, production bottlenecks increase the average cost.

Long-run average cost

The long run is a time frame in which the firm can vary the quantities used of all inputs, even physical capital. A long-run average cost curve can be upward sloping, downward sloping, or downward sloping at relatively low levels of output and upward sloping at relatively high levels of output, with an in-between level of output at which the slope of long-run average cost is zero. The typical long-run average cost curve is U-shaped, by definition reflecting increasing returns to scale where negatively-sloped and decreasing returns to scale where positively sloped

Marginal cost

In economics and finance, marginal cost is the change in total cost that arises when the quantity produced changes by one unit. That is, it is the cost of producing one more unit of a good. If the good being produced is infinitely divisible, so the size of a marginal cost will change with volume, as a non-linear and non-proportional cost function includes the following:

• variable terms dependent to volume,
• constant terms independent to volume and occurring with the respective lot size,
• jump fix cost increase or decrease dependent to steps of volume increase.

If the cost function is differentiable joining, the marginal cost is the cost of the next unit produced referring to the basic volume.

If the cost function is not differentiable, the marginal cost can be expressed as follows.

 

A typical marginal cost curve with marginal revenue overlaid

Relationship to marginal cost

When average cost is declining as output increases, marginal cost is less than average cost. When average cost is rising, marginal cost is greater than average cost. When average cost is neither rising nor falling (at a minimum or maximum), marginal cost equals average cost.

               Other special cases for average cost and marginal cost appear frequently:

• Constant marginal cost/high fixed costs: each additional unit of production is produced at constant additional expense per unit. The average cost curve slopes down continuously, approaching marginal cost. An example may be hydroelectric generation, which has no fuel expense, limited maintenance expenses and a high up-front fixed cost (ignoring irregular maintenance costs or useful lifespan). Industries where fixed marginal costs obtain, such as electrical transmission networks, may meet the conditions for a natural monopoly, because once capacity is built, the marginal cost to the incumbent of serving an additional customer is always lower than the average cost for a potential competitor. The high fixed capital costs are a barrier to entry.
• Minimum efficient scale / maximum efficient scale: marginal or average costs may be non-linear, or have discontinuities. Average cost curves may therefore only be shown over a limited scale of production for a given technology. For example, a nuclear plant would be extremely inefficient (very high average cost) for production in small quantities; similarly, its maximum output for any given time period may essentially be fixed, and production above that level may be technically impossible, dangerous or extremely costly. The long run elasticity of supply will be higher, as new plants could be built and brought on-line.
• Zero fixed costs (long-run analysis) / constant marginal cost: since there are no economies of scale, average cost will be equal to the constant marginal cost.

Negative externalities of production

Negative Externalities of Production

Much of the time, private and social costs do not diverge from one another, but at times social costs may be either greater or less than private costs. When marginal social costs of production are greater than that of the private cost function, we see the occurrence of a negative externality of production. Productive processes that result in pollution are a textbook example of production that creates negative externalities.

Such externalities are a result of firms externalising their costs onto a third party in order to reduce their own total cost. As a result of externalising such costs we see that members of society will be negatively affected by such behavior of the firm. In this case, we see that an increased cost of production on society creates a social cost curve that depicts a greater cost than the private cost curve.

Positive externalities of production

Positive Externalities of Production

When marginal social costs of production are less than that of the private cost function, we see the occurrence of a positive externality of production. Production of public goods are a textbook example of production that create positive externalities. An example of such a public good, which creates a divergence in social and private costs, includes the production of education. It is often seen that education is a positive for any whole society, as well as a positive for those directly involved in the market.

Examining the relevant diagram we see that such production creates a social cost curve that is less than that of the private curve. In an equilibrium state we see that markets creating positive externalities of production will under produce that good. As a result, the socially optimal production level would be greater than that observed.

Economies of scale

Economies of scale is a concept that applies to the long run, a span of time in which all inputs can be varied by the firm so that there are no fixed inputs or fixed costs. Production may be subject to economies of scale (or diseconomies of scale). Economies of scale are said to exist if an additional unit of output can be produced for less than the average of all previous units— that is, if long-run marginal cost is below long-run average cost, so the latter is falling. Conversely, there may be levels of production where marginal cost is higher than average cost, and average cost is an increasing function of output. For this generic case, minimum average cost occurs at the point where average cost and marginal cost are equal (when plotted, the marginal cost curve intersects the average cost curve from below); this point will not be at the minimum for marginal cost if fixed costs are greater than zero.

Management

By Shivam Sharma CSE

MANAGMENT

Management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources and natural resources.

Since organizations can be viewed as systems, management can also be defined as human action, including design, to facilitate the production of useful outcomes from a system. This view opens the opportunity to 'manage' oneself, a pre-requisite to attempting to manage others.

HISTORY

•           Organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of clearly defined objectives. Management is often included as a factor of production along with machines, materials and money. According to the management guru Peter Drucker (1909–2005), the basic task of a management is twofold: marketing and innovation.

•           Directors and managers have the power and responsibility to make decisions in order to manage an enterprise when given the authority by the shareholders. As a discipline, management comprises the interlocking functions of formulating corporate policy and organizing, planning, controlling, and directing the firm's resources to achieve the policy's objectives. The size of management can range from one person in a small firm to hundreds or thousands of managers in multinational companies. In large firms the board of directors formulates the policy which is implemented by the chief executive officer.

Nature of managerial work

In for-profit work, management has as its primary function the satisfaction of a range of stakeholders. This typically involves making a profit (for the shareholders), creating valued products at a reasonable cost (for customers) and providing rewarding employment opportunities (for employees). In nonprofit management, add the importance of keeping the faith of donors. In most models of management/governance, shareholders vote for the board of directors, and the board then hires senior management. Some organizations have experimented with other methods (such as employee-voting models) of selecting or reviewing managers; but this occurs only very rarely.

In the public sector of countries constituted as representative democracies, voters elect politicians to public office. Such politicians hire many managers and administrators, and in some countries like the United States political appointees lose their jobs on the election of a new president/governor/mayor.

Theoretical scope

At first, one views management functionally, such as measuring quantity, adjusting plans, setting and meeting goals,foresighting/forecasting. This applies even in situations when planning does not take place. From this perspective, Henri Fayol (1841–1925)[2] considers management to consist of six functions: forecasting, planning, organizing, commanding, coordinating and controlling. He was one of the most influential contributors to modern concepts of management.

Another way of thinking, Mary Parker Follett (1868–1933), defined management as "the art of getting things done through people". She described management as philosophy.[3]

Some people, however, find this definition useful but far too narrow. The phrase "management is what managers do" occurs widely, suggesting the difficulty of defining management, the shifting nature of definitions and the connection of managerial practices with the existence of a managerial cadre or class.

One habit of thought regards management as equivalent to "business administration" and thus excludes management in places outside commerce, as for example in charities and in the public sector. More realistically, however, every organization must manage its work through leading employees,people, planning, controlling and organizing processes, technology, etc. to maximize effectiveness. Nonetheless, many people refer to university departments which teach management as "business schools." Some institutions (such as the Harvard Business School) use that name while others (such as the Yale School of Management) employ the more inclusive term "management."

Historical development

Difficulties arise in tracing the history of management. Some see it (by definition) as a late modern (in the sense of late modernity) conceptualization. On those terms it cannot have a pre-modern history, only harbingers (such as stewards). Others, however, detect management-like-thought back to Sumerian traders and to the builders of the pyramids of ancient Egypt. Slave-owners through the centuries faced the problems of exploiting/motivating a dependent but sometimes unenthusiastic or recalcitrant workforce, but many pre-industrial enterprises, given their small scale, did not feel compelled to face the issues of management systematically. However, innovations such as the spread of Arabic numerals (5th to 15th centuries) and the codification of double-entry book-keeping (1494) provided tools for management assessment, planning and control.

Given the scale of most commercial operations and the lack of mechanized record-keeping and recording before the industrial revolution, it made sense for most owners of enterprises in those times to carry out management functions by and for themselves. But with growing size and complexity of organizations, the split between owners (individuals, industrial dynasties or groups of shareholders) and day-to-day managers (independent specialists in planning and control) gradually became more common.

Planning

By Jagtaar CSE

Planning

Planning in organizations and public policy is both the organizational process of creating and maintaining a plan; and the psychological process of thinking about the activities required to create a desired goal on some scale. As such, it is a fundamental property of intelligent behavior. This thought process is essential to the creation and refinement of a plan, or integration of it with other plans, that is, it combines forecasting of developments with the preparation of scenarios of how to react to them. An important, albeit often ignored aspect of planning, is the relationship it holds with forecasting. Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like.

The term is also used for describing the formal procedures used in such an endeavor, such as the creation of documents, diagrams, or meetings to discuss the important issues to be addressed, the objectives to be met, and the strategy to be followed. Beyond this, planning has a different meaning depending on the political or economic context in which it is used.

Two attitudes to planning need to be held in tension: on the one hand we need to be prepared for what may lie ahead, which may mean contingencies and flexible processes. On the other hand, our future is shaped by consequences of our own planning and actions.

•          

  What should a plan be?

A plan should be a realistic view of the expectations. Depending upon the activities, a plan can be long range, intermediate range or short range. It is the framework within which it must operate. For management seeking external support, the plan is the most important document and key to growth. Preparation of a comprehensive plan will not guarantee success, but lack of a sound plan will almost certainly ensure failure.

Planning - a result-oriented process - can be summarized in 3 easy steps:

1. choosing a destination, 2. evaluating alternative routes, and 3. deciding the specific course of your plan.[2]

 Purpose of a plan

Just as no two organizations are alike, neither are their plans. It is therefore important to prepare a plan keeping in view the necessities of the enterprise. A plan is an important aspect of business. It serves the following three critical functions:

•           Helps management to clarify, focus, and research their business's or project's development and prospects.

•           Provides a considered and logical framework within which a business can develop and pursue business strategies over the next three to five years.

•           Offers a benchmark against which actual performance can be measured and reviewed.

 Importance of the planning process

A plan can play a vital role in helping to avoid mistakes or recognize hidden opportunities. Preparing a satisfactory plan of the organization is essential. The planning know the business and that they have thought through its development in terms of products, management, finances, and most importantly, markets and competition.

Planning helps in forecasting the future, makes the future visible to some extent. It bridges between where we are and where we want to go. Planning is looking ahead.

 Types of plans or planning

•           Architectural planning

•           Business plan

•           Comprehensive planning

•           Contingency planning

•           Economic planning

•           Enterprise architecture planning

•           Environmental planning

•           Event planning and production

•           Family planning

•           Financial planning

•           Land use planning

•           Life planning

•           Marketing plan

•           Network resource planning

•           Operational planning

•           Strategic planning

•           Succession planning

•           Urban planning

Objectives and policies

 The objectives

The objectives are general parts of the planning process. They are the end-results towards which all business activities are directed. They are needed in every aspect where performance and result directly and vitally affect the survival and success of the firm. In other words, the objective of the firm justifies its existence.

Newman and Summer stated that "For managerial purposes, it is useful to think of objectives as the results we want to achieve. Objective covers firm's long-range plans specific departmental goals and short-term individual assignment also".

The policies

Policies are specific guidelines and constraints for managerial thinking on decision-making and action. Policies provide the framework within which decision-makers are expected to operate while making organizational decisions. They are the basic guides to be consistent in decision-making.

Planning basics

Essentials of planning

Planning is not done off hand. It is prepared after careful and extensive research. For a comprehensive business plan, management has to: Clearly define the target/goal in writing. It should be set by a person having authority. The goal should be realistic, specific, acceptable to the organization, and easily measurable. Identify all the main issues which need to be addressed. Review past performance. Decide budgetary requirement. Focus on matters of strategic importance. What are requirements and how will they be met? What will be the likely length of the plan and its structure? Identify shortcomings in the concept and gaps. Strategies for implementation. Review periodically. Define strategies and activities.

 Applications

 In organizations

Planning is also a management process, concerned with defining goals for future organizational performance and deciding on the tasks and resources to be used in order to attain those goals. To meet the goals, managers may develop plans such as a business plan or a marketing plan. Planning always has a purpose. The purpose may be achievement of certain goals or targets. The planning helps to achieve these goals or target by using the available time and resources. To minimize the timing and resources also require proper planning. The concept of planning is to identify what the organization wants to do by using the four questions which are "where are we today in terms of our business or strategy planning? Where are we going? Where do we want to go? How are we going to get there

In public policy

Planning refers to the practice and the profession associated with the idea of planning an idea yourself (land use planning, urban planning or spatial planning). In many countries, the operation of a town and country planning system is often referred to as "planning" and the professionals which operate the system are known as "planners".

It is a conscious as well as sub-conscious activity. It is "an anticipatory decision making process" that helps in coping with complexities. It is deciding future course of action from amongst alternatives. It is a process that involves making and evaluating each set of interrelated decisions. It is selection of missions, objectives and "translation of knowledge into action." A planned performance brings better results compared to an unplanned one. A manager's job is planning, monitoring and controlling. Planning and goal setting are important traits of an organization. It is done at all levels of the organization. Planning includes the plan, the thought process, action, and implementation.Planning gives more power over the future. Planning is deciding in advance what to do, how to do it, when to do it, and who should do it. This bridges the gap from where the organization is to where it wants to be. The planning function involves establishing goals and arranging them in logical order.

The dark side of planning

The "dark side of planning" is a term used by planning scholars to distinguish actual planning from ideal planning. The term was coined by Oxford professor Bent Flyvbjerg (1996: 383) based on research of how political power influences rationality in planning (Flyvbjerg 1991, 1998). Flyvbjerg defined the dark side of planning as the real rationalities that planners employ in planning practice, as opposed to the ideal rationalities of the benevolent planners that often inhabit planning textbooks. Yiftachel (1995) similarly talked about a "dark side of modernism" in his studies of how planning is used for control and oppression of minorities. Taken together, and independently of each other, these works introduced the "dark side" as a concept and an empirical phenomenon in planning theory and planning research. Later works have further developed the concept in efforts to better understand what actual planners do when they plan (Allmendinger and Gunder 2005; Flyvbjerg and Richardson 2002; Gunder 2003; Pløger 2001; Roy 2008; Tang 2000; Yiftachel 1998, 2006).

Flyvbjerg's definition of the dark side of planning draws and expands upon Ludwig von Rochau's distinction between politics and Realpolitik (real, practical politics), made famous by Otto von Bismarck and signaling the advent of modern political science. Flyvbjerg (1996) argues that distinguishing between rationality and real rationality is as important for the understanding of planning as distinguishing between politics and Realpolitik is for the understanding of politics. The real rationalities of planners are called "dark" because it turns out that what planners do in actual practice often does not stand the light of day, i.e., actual planning practice often violates generally accepted norms of democracy, efficiency, and equity and thus of planning ethics.