Mitosis Cell Lab Essays - Cell Cycle, Cellular Processes

Mitosis Cell Lab I Mitosis Cell Lab II. Presentation Life exists pretty much wherever on this planet and on the off chance that we are to endeavor to appreciate what life is in the entirety of its brilliance we should take a gander at its least difficult structures. Indeed, even a cell, the littlest type of life known is very intricate. All life starts as a solitary cell. I can not start to comprehend the profundity of the stuff for one cell to increase and change until we become aware of ourselves. There are two sorts of cell division, Meiosis and Mitosis. Meiosis is the place a cell parts and becomes four distinct cells. Mitosis is the procedure that permits a cell to part into two indistinguishable cells. This occurs by having the entirety of the DNA duplicate before the cell parts so each has the entirety of the first DNA. My lab shows mitosis in cell generation, since I don't have a magnifying lens sufficiently amazing to see the real procedure inside the core I can not watch the chromosomes really copy and independent. It is sufficiently amazing to permit me to see cells parting and I can watch the populace development without the guide of devices or instruments. First I started by beginning the yeast culture in a bowl. I at that point expelled an example to watch it utilizing a magnifying lens. All through I estimated the thickness of the yeast populace. These perceptions consolidated show that through mitosis cells repeat. III. Issue The test that faces me is how might I exhibit mitosis or cell multiplication. The explanation I need to do this is with the goal that I can really watch the procedure as it happens and not simply peruse or accomplish work sheets about it. Not at all like our previous labs now we are not in outright control of the lab. Thickness is a consistent and properties of light are realities that can be expressed in words. Life even on the littlest scale, cells, can be unusual and wild. IV. Speculation In the event that I put yeast in warm water with sugar and flour, at that point the way of life will develop in light of the fact that the cells will imitate through mitosis. V. Exploratory Procedure A. Materials 1. Yeast 2. Warm water 3. Bowl 4. Sugar 5. Glass slide 6. Spread slip 7. Iodine 8. Magnifying instrument 9. Cling wrap B. Method 1. Empty 2.5 cups warm water into bowl. 2. Include 3 table spoons of sugar into the water and mix. 3. Add simply enough yeast to cover the outside of the water. 4. Mix gradually for a couple of moments. 5. Spread with cling wrap. 6. At regular intervals measure the thickness of the layer of yeast as long as 60 minutes. 7. Following 15 minutes include .5 tablespoon sugar and mix once more. 8. After an additional 15 minutes mix and take a little example of the yeast populace. 9. Spot the example on a slide include iodine and spot spread slip over example. 10. See under a magnifying instrument on every one of the three forces. VI. Information/Results A. Quantitative Diagram #1 The thickness of the layer of yeast after time. 4mm 3.5mm 3mm 2.5mm 2mm 1.5mm 1mm .5mm 0 5 10 15 20 25 30 35 40 45 50 55 60 Time in minutes The informational collection that I considered ought to look like an exponential model but since of time imperatives I just watched the absolute starting point of its development. On the off chance that I gave the populace additional time and I kept on including food it would most likely have continued replicating until imperatives like space or potentially its waste (liquor and that's only the tip of the iceberg) started to slow its development. B. Subjective At the point when I saw the yeast under the magnifying lens, the cells seemed normal in size comparative with the cells we searched for the other cell lab. I don't think I utilized enough iodine or I ought to have utilized an alternate pass on the grounds that I made some hard memories seeing the core. I saw the cells partition yet it wasn't in incredible detail. I was unable to see the chromosomes yet I saw the cell partition and hazy questions that was most likely the core and maybe different organelles. At the point when I took a gander at the example on the most reduced force I could undoubtedly observe the populace develop, despite the fact that singular cells couldn't be seen the example seen moved constantly. VII. End The primary explanation I led this lab was to show that mitosis is a procedure that where cells imitate. By and by I imagine this is the most supportive lab we have done as

Tax on Producers and Consumers

Question 1 Figure 1. 1-An assessment on Producers an) I) Equilibrium Price and Quantity before charge: 100-10Q = 20 +10Q ? 20Q = 80 ? Q = 4 When Q = 4, P = 60 ? Balance value rises to $60 and balance amount is 4 million ii) Consumer Surplus = ? x 4 x 40 = 80 Producer Surplus = ? x 4 x 40 = 80 iii) A proficient market happens when all out excess is augmented. This balance of P = 60 and Q = 4 has amplified purchaser and maker surplus similarly. It is now where the minimal expense of creation rises to negligible benefit.Question 1 cont. b) I) After monumental a duty of $20, being required on the makers, the cost paid by purchasers is $70 and the cost got by venders is $50 per unit of cell phones sold at the decreased amount provided of 3 million. This is delineated in figure 1. 1 with the move in the flexibly bend from S1 to S2. ii) Consumer Surplus = ? x 3 x 30 = 45 Producer Surplus = ? x 3 x 30 = 45 iii) There is a reduction in the absolute overflow after the execution of an expense o n versatile phones.A significant segment of the all out excess has been redistributed to government charge income, be that as it may, there is a deadweight misfortune. Minor social advantages surpass minimal social expenses, bringing about wasteful aspects inside the market for cell phones. c) Expected Total Revenue = 3 x 20 = $60 million Expected Deadweight Loss = 2 ( ? x 1 x 10 ) = $10 million d) The conveyance of genuine rate is the measure of weight of a duty shared between the purchaser and vender. This proposed charge shares the weight of the $20 similarly among purchasers and sellers.The circulation of genuine frequency on purchasers is a $10 ascend in the cost paid on merchants is the $10 decline in cost got for every cell phone. e) Elasticity of Demand = Ave. P x ? Q Ave. Q ? P = 65 x (- 1) 3. 5 10 = - 1. 857142857 ? Versatility of Demand approaches 1. 857 The Elasticity of interest is more noteworthy than one which implies the interest for cell phones is flexible. The rate decline in the amount requested surpasses the rate increment in cost. This duty would mean as there is a 1% expansion in value there is a 1. 57% diminishing in amount. There is additionally a diminishing in the all out income as the cost increments. Question 2 |â |Printer |Kilogram of Rice | |Thailand |100 |5 | |India |90 |3 | Figure 2. †Thailand’s Production Possibility Frontier Figure 2. 2-India’s Production Possibility Frontier Question 2 cont. |â |Printer |Kilogram of Rice | |Thailand |36 |1080 | |India |40 |1800 | c) Points found in Figure 2. also, Figure 2. 2 d) †Thailand’s opportunity cost of delivering 1 printer is 20kgs of Rice †Thailand’s opportunity cost of creating 1 Kg of rice is 1/twentieth of a printer †India’s opportunity cost of creating 1 printer is 30kgs of rice †India’s opportunity cost of delivering 1kg of rice is 1/30th of a printer Thailand ought to spend significant time in the creation o f printers as it has a higher near bit of leeway. This has been accomplished as there is a lower opportunity cost in the creation of printers in Thailand contrasted with India.  |Printer |Kilogram of Rice | |Thailand |90 |0 | |India |0 |3000 | Specialization has lead to an expansion in the joined yield for the two nations. Thailand has expanded its printer yield by 54 and India has expanded rice yield by 1200kgs. ) Consumption group after exchange |â |Printer |Kilogram of Rice | |Thailand |42 |1200 | |India |48 |1800 | Consumption focuses after exchange for nations Thailand and India are marked â€Å"H† and â€Å"N† in Figure 2. 1 and Figure 2. 2 individually. Exchange has profited to both countries.Thailand has expanded their utilization pack with an expansion in kilograms of rice from 1080 to 1200 and expanded its PCs from 36 to 42. India has expanded their utilization group with their expansion in printers from 40 to 48. Question 3 Figure 3. 1-Nuclear Electrici ty Market a) The balance point e1 is affected by wasteful results of a sponsorship. The appropriation realizes overproduction, spoke to by the amount Q1. This overproduction brings down the cost, or private expenses of the tidy up for the organization. Negligible expenses are expanded as the higher creation powers wasteful asset distribution. ) If the sponsorship is evacuated there will be a general increment in the effectiveness inside this market. The flexibly will diminish, showed in Figure 3. 1 with the leftward move in the gracefully bend from S1 to S2. The private expense of atomic vitality creation would mirror the genuine expense of creation, including debacle clean-ups. The expansion in cost can likewise be found in Figure 3. 1 with the cost from P1 to P2. There would be a subsequent lessening in the amount of atomic vitality and stop the wasteful overproduction and utilization of restricted assets. ) If the legislature forces a protection demand charge on the force organiz ation the expense of an atomic tidy up will be higher than the expense with a tidy up appropriation however will be lower than costs brought about if the force organization needed to assimilate the whole monetary weight. The protection toll would make another gracefully bend, outlined in Figure 3. 1 with S3, as the scaled down expense of a tidy up takes into account more noteworthy atomic vitality creation at a lower cost. The amount increment is seen with the development from Q2 to Q3 and the reduction in cost of creation is seen with the development from P2 to P3. Question 3 cont. ) The three balances accomplished fluctuate in the weight sharing and proficiency of an endowment, a duty and no intercession in the atomic vitality advertise. Government intercession with the tidy up sponsorship (spoke to with e1) decreases private expenses of creation and tidy up. This realizes wasteful aspects as the genuine expense of creation, including clean-ups after catastrophes, isn't reflected in cost of P1. The decreased expense in this situation likewise prompts overproduction and a wasteful amount of Q1 provided. The most proficient market where peripheral social advantages equivalent minor social expenses is appeared at the harmony point e2.The genuine expense of creation including negative externalities is meant and there is an ensuing increment in cost, as the organization gives expenses to purchasers, with the expulsion of a tidy up appropriation (seen with the expansion from P1 to P2). The expansion in value prompts a diminishing in the amount of atomic vitality requested and a leftward move in the gracefully bend from S1 to S2. The inconvenience of a protection demand has diminished the cost of an atomic calamity tidy up as the force organization is presently soothed of part of the whole money related weights. This abatement in the cost of a tidy up is found in Figure 3. with the abatement in cost from P2 to P3. There is an expansion in amount requested, seen wit h the increment from Q2 to Q3 and there is an expansion in the gracefully of atomic vitality creation. This new balance e3 isn't the most proficient point in the atomic creation advertise yet takes into consideration an expansion sought after of the most practical vitality age The point e3 would be generally valuable to society as there is an increment in efficiencies with the expulsion of an administration tidy up endowment yet the force organization doesn’t wear the whole money related weights of further atomic fiasco clean-ups.There is an increment in the cost of atomic creation, be that as it may, this point P3 Q3 speaks to a more pleasant and more financially savvy method of decreasing the expenses of future atomic fiascos as less duty has fallen on the makers of this vitality. Question 4 a) Figure 4. 1 iii) A populace reduction will diminish the interest of this mediocre great. This is outlined in Figure 4. 1 with the interest bend moving to one side from D1 to D2. An e xpansion in the profitability builds the yield amount utilizing a similar measure of input.This increment in flexibly is seen with the gracefully bend move to one side from S1 to S2. The consolidated diminishing sought after and increment in flexibly has scaled down the cost of this great from P1 to P2. Another harmony, e2, has been shaped at the focuses P2 Q2. Question 4 cont. b) Figure 4. 2 iii) As livelihoods increment the utilization of second rate merchandise decline. This abatement sought after is appeared in Figure 4. 2 with the interest bend moving to one side from D1 to D2 to shape the amount requested Q2. The expanded cost of data sources and along these lines creation costs has decreased the creation productivity.This loss of efficiency is represented through the leftward move of the gracefully bend from S1 to S2. Another balance has been framed at the focuses P2 Q2. Question 4 cont. c) Figure 4. 3 iii) The interest for substandard merchandise increments as earnings decli ne. This expansion sought after is outlined in Figure 4. 3 with the rightward move of the interest bend from D1 to D2 and the amount requested increment from Q1 to Q2. As the quantity of firms in the market decline the value seriousness impact debilitates. Less rivalry takes into account an expansion in the cost, found in the move from P1 to P2.The joined impact of an expansion in amount requested (Q1 to Q2) and increment in value (P1 to P2) has shaped another harmony point, e2 (P2, Q2), with the move in the interest bend to one side. Question 4 cont. d) Figure 4. 4 iii) There is a lessening sought after of the second rate great as the purchaser inclination for this great decline. The item is utilized along with a supplement item. An expansion in the cost of a supplement item will likewise diminish the interest of the substandard great. This abatement sought after is outlined in Figure 4. with the change from Q1 to Q2 and the move of the interest bend to one side from D1 to D2. This makes another balance point e2 at the focuses P2 Q2. Question 4 cont. e) Figure 4. 5 iii) The expanded cost of a substitute in utilization builds the interest of the second rate great, delineated in Figure 4. 5 with the interest bend move to one side from D1 to D2. The flexibly amount of the second rate item will decr

Project Schedule And Budgeting

Task Schedule And Budgeting Undertaking the executives gives an incorporated system to extend association, arranging and control which is intended to guarantee the convenient and financially savvy creations all things considered and benefits and keep up top notch standard of items and administrations to fulfill all partners intrigue. A procedure way to deal with venture the executives characterize bit by bit methods that a task director need to take to viably deal with the extend and fulfill all partners intrigue. For example, the Risk Management Process will advise how to recognize, dissect and screen venture hazards all the more adequately. It additionally depicts the jobs and duties of each colleague, when participating in venture chance administration. A procedure approach begins with commencements and afterward experiences arranging, usage, observing and control and afterward finish of the undertaking. So an undertaking has a real existence where it starts and afterward after a limited timeframe it closes. A few ventures are little that lone issue from certain hours though some keep going for quite a long time. Since requirement for specialization, the majority of the tasks needs multidisciplinary groups. These groups individuals are more often than not have a place with the parent association however a portion of the work are being finished by subcontractors, experts or accomplices. Associations that are engaged with the undertakings are at some point think that its extremely hard to arrange with every others and this is the large test for the venture chief to adapt to this issue. Time pressure , constrained spending plans , tight incomes and vulnerability consistently require venture supervisor to make exchange offs between thes e components with the understood objectives of adjusting dangers and advantages. High rise (Burj khalifa) World Tallest structure in Dubai Burj khalifa is the world tallest structure in Dubai with 164 stories. This is a notable structure with the apocalypse engineering plan and marvel of steel building. With 900 rooms and home of numerous indoor excitements, this venture was a major test. Following 6 years, this fantasy works out as expected with the silver pinnacle molded stick remaining in the core of U.A.E. A Process Approach A procedure is a gathering of exercises that are intended to change a contribution to a yield. This change comprises of the information and data, dynamic and execution and control. Right off the bat, structure of a procedure must address about the information. What can be the information assets, how the information ought to be gathered, put away, recovered and introduced to chiefs. Besides, the introduction required to leaders ought to be clear and straightforward. At the point when a genuine issue is too convoluted to even consider solving or some data is missing, improving supposition that are made and model is created. In conclusion, information and model incorporation ought to be utilized. Information from the database ought to be coordinated with the assistance of model and afterward data produced from the model by utilizing information of information based ought to be introduced to the leaders. A Project procedure have various stages include in it.Those are (1) Initiation (2) a rranging and control (3) conclusion (2) 3.1 Initiation Each undertaking has a beginning point. Prior to beginning of the undertaking, enthusiasm of specific partners is talked about and requirement for venture is concluded. There will be an assortment of thoughts and assessments about the reason and extent of the venture, what the last result of the undertaking will be, and how the task will be completed. The Project Initiation Stage is worried about taking these thoughts and aims and forming them into a formal, arranged, resourced and supported task. Burj khalifa was chosen by the leader of Dubai Sheik Muhammad. It was only a topic in the psyche of His Highness Mr.Muhammad.Later that topic was talked about and chosen to assemble that building(project).Project isn't begun at this point. In any case, these are the enthusiasm of specific partners (3) 3.2 Planning This stage begins with the giving once again of venture to the association or person who will oversee it. Stage 1: Project Kick Off The venture was commenced with the handover of task to EMAAR (Abu Dahbis greatest development Company) Stage 2: Project Objective Scope So as to characterize a venture along these lines, it is first important to unmistakably and unequivocally characterize what the undertaking is expected to accomplish and what its extent of intrigue will be. By characterizing this initial, a benchmark is made for evaluating the nature of what is really delivered toward the finish of the undertaking. So this task was examined with the individuals from the legislature to Dubai to the piece of acknowledgment of Dubai as a universal business city. The Scope of the venture was high as this was $1.5 billion and it should be a symbol for Dubai. The goal of the undertaking was to introduce Dubai as a worldwide city before world. It is likewise important to build up a procedure by which the undertaking destinations can be accomplished. Work Breakdown Structure is a method to draw the structure of the procedure that should be done in the undertaking. A WBS chart communicates the task scope in straightforward realistic terms. The chart begins w ith a solitary box or other realistic at the top to speak to the whole task. The venture is then partitioned into segments, with related exercises recorded under them. For the most part, the upper segments are the expectations and the lower level components are the exercises that make the expectations. (4) (2) http://www.projectsmart.co.uk/pmbok.html (3) http://burj-khalifa.eu/included/difficult task (4) htttp://www.brighthub.com/office/venture the executives/articles/2645.aspx Stage 3: Project Schedule and Budgeting Task was planned to finish in 4 years however it completed in 6 years. Beginning time was January 2004 and it was intended to completed in 2008.Its spending plan was $1.5 billion. There are various apparatuses and method that can be utilized to oversee plan and planning. One is Gantt graph that is around for a long time. These are great models for planning and for planning, and for announcing and introducing and imparting venture plans and progress effectively and rapidly, however when in doubt Gantt Charts are not in the same class as a Critical Path Analysis Flow Diagram for recognizing and indicating associated factors, or for mapping an arrangement from or potentially into the entirety of its point by point causal or contributing components. Basic Path Analysis is another strategy that is being utilized for the booking of the task. This technique figures the base fulfillment time for an undertaking alongside the conceivable beginning and finish times for the task exercises. Witho ut a doubt, numerous writings and directors see basic way planning as the main usable and pragmatic booking method. PC projects and calculations for basic way planning are broadly accessible and can productively deal with ventures with a large number of exercises. (5) Stage 4: Project Organization A South Korean organization South Korean organization, Samsung Engineering Construction, which additionally accomplished work on the PETRONAS twin towers and Taipei 101. Stage 5: Project Control Procedures Control of each phase of the procedure is significant as this will influence the following stage. This procedure will normally include doing various undertakings and creating various items over the span of the task. The assignments produce the items. For clearness of direction and for control reasons it is helpful to organize these undertakings in a top down structure, which continuously determine the necessary work in more detail. Burj khalifa tower venture was isolated into a few little pieces and afterward each stage was control with an alternate methodology. Stage 6: Project Initiation Stage Assessment Starting stage additionally characterizes what assets and related time responsibility are required to do the task. The work breakdown structure gives a premise from which this estimation can be completed. The asset and time duty can be utilized to figure an end date for the undertaking and a gauge of its expense. Assets required for Burj khalifa was essential to deal with the progression of work. Steel was utilized in an extremely large sum which was imported from India. As the place where there is Dubai is for the most part sand and for the wellbeing reason, the storm cellar was loaded up with the dirt from other piece of the world. The general undertaking plan isn't in detail to empower the portion of genuine assets to errands, or to control progress. It is essential to create an increasingly nitty gritty arrangement for these reasons. This point by point plan is just created for the following phase of the venture, for the most part covering a passed time of two to four months. (5)http://pmbook.ce.cmu.edu/10_Fundamental_Scheduling_Procedures.html The manner in which the undertaking is overseen and executed is the way in to its prosperity. The inclusion of the ideal individuals for information catch and dynamic is likewise significant. It is important to enlist these individuals toward the beginning of the undertaking and to characterize the venture association structure. It is additionally important to build up the systems that will be utilized by the individuals in the Project Organization Structure to do and control the task work. Stage 7: Business Case At long last, so as to build up a resourced and subsidized venture, it is important to set up an unmistakable and persuading business case for the undertaking. This business case ought to be evaluated, and ideally acknowledged by the executives. The business case will recognize the anticipated advantages of meeting the targets of the undertaking, and equalization these against the expenses and dangers related with understanding these advantages. The business case can likewise be utilized as a benchmark to look at against genuine outcomes, expenses and advantages so as to evaluate a definitive achievement of the task. The Project Initiation stage is depicted here as an arrangement of steps. Truly, when the goal and degree have been characterized, a significant number of these means happen in equal, and the progression items are grown iteratively, since there are numerous conditions between the means. It is important to design the Project Initiation stag

Things Fall Apart 6 Essay Research Paper free essay sample

Thingss Fall Apart 6 Essay, Research Paper Thingss Fall Apart Essay The book Things Fall Apart by Chinua Achebe strongly has a fitting rubric. It clarifies how two civic establishments with various contemplations and convictions can impact and be bigoted towards each other. The greater part of the subject is created through the mystery plan of the account and through a grown-up male and his fight against dismay and choler ( the main character, Okonkwo ) . All through the book he attempts to choose the employments that build up surrounding him and inside himself. As the story advances, battle overpowers him and prompts his ruin and the destruction of the Ibo human progress. One segment of the book that shows how the rubric is created is when Okonkwo s character is acquainted and clarified with the peruser. The author tells how he is dark of his male parent and that he is forceful and relentless. Demonstrating out these deformities in Okonkwo s character appears to bode his ruin. We will compose a custom article test on Things Fall Apart 6 Essay Research Paper or then again any comparable point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Since Okonkwo likely speaks to the prejudiced human progress, that development s ruin is other than foreshadowed. Along these lines progressively evident cases happen. Okonkwo slaughters Ikemefuna, who resembles a kid to him. His assurance of executing the male youngster is positively outlandish, and he only follows up on what he was told was correct. Just like the rest of the family he follows these cust oms that appear to be improper and out of line to different human advancements. In another segment of the story, Okonkwo is ousted from his country. This episode is where he is rebuffed significantly for his activities. It denotes a defining moment in Okonkwo s ruin, and thus the destruction of the customary human progress that he represents. His expectations and yearnings are about overlooked while he is off from Umuofia, and he desperately attempts to recuperate his position when he returns. During this time of clasp, Okonkwo other than finds that his kid has changed over to his foe s ways and convictions. He surrenders his kid, and doesn t need to be his male parent any more. This shows his associations with family unit and others are get bringing down to self-destruct. The most evident improvement of the subject and rubric takes topographic point at the terminal of the book, when the finishing up crash of civic establishments happens. Conceivably it is to a greater degree a clank among Okonkwo and the new human advancement, since the rest of the family appears to hold abandoned him. At the point when the Christians inevitably assume control over the family, Okonkwo is dead and the customary Ibo human advancement has self-destructed. This episode is the closing battle between the two developments, and it s the best outline of what can go on to a general public if its kin are ignorant about others convictions and false to their ain.

Reading My Way Through the Movies 6 Great Books About Film

Reading My Way Through the Movies 6 Great Books About Film I love reading about movies. Doing so is a confluence of two of my very favorite things in the world, so this makes sense, but the loss of another highly visible (and reliably excellent) movie critic (TIMEs Richard Corliss died recently  of complications from a stroke) has me looking to dive into some of my favorite books about the silver screen. Theres something comforting about retreating into a beloved subject in times of loss. Speaking of which, here is a pile of my favorite books about movies (or the talkies as I like to call em). Pick one (or a few) up and relish the awesomeness. The Great Movies by Roger Ebert I picked up a nice hardback copy of  The Great Movies  this weekend, and I cant recommend it (and the two subsequent volumes) highly enough for movie fans. Theres nothing snooty (ok, almost nothing) about Eberts appreciations of the 100 movies he stumps for in the book, even when the movies themselves are especially obscure or challenging. The essays include looks at more familiar classics like Vertigo and  2001: A Space Odyssey  and Casablanca, as well as a huge number of less well known pictures.  I cant remember reading a writer whose depthless dedication to a single pursuit shone through more clearly on the page than Roger Ebert. He even loved slamming terrible movies nearly as much as celebrating excellent ones, and he has so much fun with it, the takedowns are sometimes more enjoyable to read than the celebrations. So if hatchet jobs are your cup of tea, pick up  I Hated, Hated, Hated This Movie,  Your Movie Sucks, or  A Horrible Experience of Unbearable Length. Me, I try to ke ep things on the sunny side, so Im going to go hunting for a copy of Mr. Eberts collected four-star reviews 1967-2007, which should keep me busy watching (and reading) for a good long while. Hitchcock/Truffaut  by François Truffaut This book-length interview is a fascinating peak behind the Master of Suspenses curtain. François Truffaut, an iconic filmmaker in his own right, takes us on a walk through Hitchcocks entire filmography, centering each of the books chapters on one of Hitchs films, in chronological order. Im a Hitchcock nut, and Ive read just about everything about him there is to read, but theres no better book about the man (or maybe filmmaking in general) that I can imagine than  Hitchcock/Truffaut. The Measure of a Man  by Sidney Poitier Sidney Poitier is one of the greatest, most groundbreaking  actors in film history, and this spiritual autobiography explores the life behind his incredible career, from his youth in the Bahamas to his starring roles in some of the most essential films in American history, Poitier examines the values that shaped his choices and his response to the immense challenge of being the most visible black actor working during the civil rights era. Poitier is an impressive dude, whether in front of the camera or not, and if the cross-section of film history, black experience, and personal insight into the two seems like a place you want to read about,  The Measure of a Man  is a no-brainer. Do the Movies Have a Future? by David Denby I am not generally a fan of hand-wringing concerns over the future of art forms. Many of them have survived quite a long time without my worry helping or hurting them very much, after all. But David Denby (whose work is most commonly found in  The New Yorker) takes care to ground his concerns in far more reality than hyperbole. He wonders about the effect CGI has had on the visceral quality of action films and about the increasing infrequency of serious, mid-budget, studio pictures made for adult audiences. His views may still veer occasionally toward paranoia, but that doesnt mean he isnt right. 5001 Nights at the Movies  by Pauline Kael Kael is without question one of the most influential film critics ever, and though the work displayed in  5001 Nights  isnt her most in-depth (the book features nearly 3,000 shorter reviews of the kind she long wrote for  The New Yorker), it covers such a tremendous amount of ground and points to so many different kinds of films that the brevity of its contents actually work in its favor. This is the sort of book you thumb through when youve got a few minutes, when you want suggestions for your Netflix queue, or when you just feel like learning something you didnt know about the movies. Its endlessly practical in that way, and since it serves as such a great introduction to Kaels work, its also a door-opener to a much wider world, both in terms of film  and Kaels immense amount of deeper criticism. From Reverence to Rape: The Treatment of Women in the Movies  by Molly Haskell If youve ever heard the complaint that it was a weak year for women in movies or the Best Supporting Actress race this year is a little thin and wondered how its possible for commentary like that to be possible year after year, this book might clear a few things up. The way women are presented onscreen trickles down to the availability of good roles for women, the value (or lack thereof) of womens stories in Hollywood, and the bizarre gap in expectations we have regarded gender in the world of film. The title should be a giveaway that the book isnt a breezy read, but the subject demands a serious examination, which is what it deserves, and is exactly what Haskell gives it. ____________________ Book Riot Live is coming! Join us for a two-day event full of books, authors, and an all around good time. Its the convention for book lovers that weve always wanted to attend. So we are doing it ourselves.

Strategic Analysis and Valuation of De La Rue - Free Essay Example

De  La  Rue Plc dates its origination way back to 1821 when its founder Thomas de la Rue started it as a stationer and printer on a small scale in the UK. Since then the company has diversified geographically and has spread its footprints across 24 countries today employing approximately 4000 people all over the world. De La Rue is rated as the worlds largest commercial security printer and papermaker, which is involved in producing over one hundred and fifty national currencies along with a wide gamut of security documents like fiscal stamps, passports, authentication labels to name a few. Besides this, it is also the leading provider of equipment to sort cash and is also a reputed software solution provider to central banks worldwide that helps to minimize the total cost of handling cash. It has also ventured into new innovations and technologies in passport issuing schemes, drivers license and national identification schemes. De  La  Rue is a member of the FTSE 250 and its ordinary shares have been listed with the UK Listing Authority and are trading  on the market on the London Stock Exchange under the symbol DLAR. Its current market capitalization stands at $811.57 million. 2. Strategic Implications of the Takeover Deal Recently De La Rue has been witnessing a series of production problems along with the resignation of its chief executive James Hussey which has taken a toll on its profits to the tune of GBP 35 million. This crisis-hit company has been the subject of takeover in recent times because of its leading position in several growth markets that have high barriers to entry. Its lucrative business potential coupled with its well established business globally makes it a good take-over candidate. Oberthur, a French company, has expressed interest to take over the company in an all cash offer which it has valued at GBP 896 million by offering 905 pence per share. 3. Analysis of the Recent Financial Performance of De La Rue Plc 3.1 Summarizing Ratios Takeover deals can be broadly categorized under two heads (Jostarndt, 2007): Financial, and Strategic. While the intent of financial deals is to turn around the loss-making businesses in a profitable manner and command premiums on the time of exit, strategic buyers aim to integrate the businesses with its existing operations to reap the benefits of economies of scale and scope. In the absence of the relevant details, it has been assumed that the buyers have a strategic outlook for the deal and accordingly the analysis has been carried out. Strategic buyers are more concerned about the operating strengths of the business rather than focusing on financial measures of profitability like return on equity, dividend payout ratio which are of primary concern to the retail investor. Thus, while analyzing the performance of De La Rue, emphasis has been laid on the sales figures and turnover ratios along with the asset utilization practices prevailing at the target company. Its l everage has also been analyzed to gain an understanding of the financial risks of the company. The ratios available at Reuters (2011) have been used for the purposes of the above analyses and have been comprehensively summarized underneath: Table 1: Key Financial Measures from the perspective of a Strategic buyer Ratio De La Rue Plc Industry Sector Asset Efficiency Ratios: Receivable Turnover ratio (times) 5.72 4.27 5.91 Inventory Turnover Ratio (times) NA 12 15 Asset Turnover Ratio (times) 1.13 0.97 0.57 Average Return on Assets (%) 23.02 1.80 2.89 Operating Margin (%) 24.69 3.12 8.15 Capital Structure Ratios: Quick Ratio 0.44 1.43 1.27 Current Ratio 0.68 1.70 1.58 Long Term Debt to Equity Ratio 4.85 19.32 54.94 Total Debt to Equity Ratio 197.58 26.59 73.12 The inputs of ratio analysis are the financial statements of the company and it is essential that the input should be reliable to get consistent output. Thus it is a general practice to use audited financial statements to avoid confusions about its integrity. Hence, for the purposes of analysis, the year ended March, 2010 has been considered for computing the asset efficiency ratios. The capital structure at the latest date of takeover should be considered and hence the un-audited interim results have been considered to compute the leverage and solvency ratios. 3.2 Analysis of the Assets Efficiency Earning Power Asset efficiency ratios throw light on the turnover that can be generated by deploying the assets in an efficient and effective manner. Since the takeover deal in this case aims to acquire control of the target company, it should be primarily interested in how good the assets of the target are because the major purchase consideration paid would be for acquiring these assets. Asset turnover ratios describe the number of times of it; the particular asset(s) can generate sales. Thus while the asset turnover ratio describes the number of times of the total assets that the sales have been generated, debtors turnover ratio reveal the quality of the current asset debtors that the target has on its balance sheet. A large debtor base with a large proportion of bad and doubtful debts is of less relevance than a small debtor base of high and recoverable quality. A high debtor turnover ratio indicates that the debt collection procedure is sound and hence the incidence of bad debts should be low. Ratios, on a stand-alone basis, are of little relevance as the absolute figures do not convey much information. It is essential to compare them with industry and sector benchmarks to gain a complete insight in its relative positioning in the industry and peer group. Hence accordingly, the benchmark ratios have been also considered. A look at the total asset turnover ratio and debtor turnover ratio show that both these ratios were better for De La Rue than the industry or the sector. The asset turnover ratio for the company De La Rue Plc was almost double than the sector which indicates that the productive power of assets or the revenue generating capacity of the assets of De La Rue is quite good and hence they can be considered to be worth taking over. Even if we look at the earning power of the assets as indicated by operating margin and the return on assets, De La Rue scores well above its industry and sector benchmarks. The return on assets of the company is almost 12 times the industry standard and nearly 8 times the sector benchmark. The operating margin for De La Rue is also nearly 8 times and 3 times greater than the industry and sector benchmark respectively. The following graph indicates the earning potential and the revenue-generating capacity of the assets of De La Rue Plc vis-à  -vis the benchmarks. It is clear that De La Rue Plc scores above average on all the parameters on a consolidated basis when compared with its peers or the industry and hence it can be deduced that it has a productive asset base which can be effectively managed to reap the benefits of the takeover deal. Figure 1: Comparing the revenue-generating and earning potential of the assets of De La Rue Plc with the industry and sector benchmarks 3.3 Capital Structure Analysis Another arena worth considering in a takeover deal is the financial risk of the company. Takeover deals can be undertaken to achieve financial synergy benefits in the form of reduced cost of capital. It is essential to consider the debt burden of the target company which would be taken over by the acquirer. De La Rue Plcs short term liquidity position as indicated by its current ratio and quick ratio are well below the benchmark standards. Its quick ratio is almost a third of the industry standard and current ratio is also a meager 40% of the industry standard. The situation seems to be a bit less bad when compared with the sector benchmark but still it falls very short of what the prevailing benchmarks have been. A look at the solvency ratios narrates a different story however. Its leverage as implied by the long term debt to equity ratio is way below the standards. It is about 25% and 9% of the industry and sector benchmarks respectively which indicate that the threat of in solvency is low when compared with the peers. Thus it appears to be a safe bet. However, the total debt to equity ratio is quite high for De La Rue, almost 8 times and 2.5 times the industry and sector benchmark respectively. This mismatch indicates that it has substantial liabilities which need to be retired in the short term period and hence the acquirer should determine the consideration payable accordingly. Overall, though the long term financial prospects do not appear bleak, the short term financial stability might command a great amount of resources. 4. Valuation of De La Rue Plc 4.1 The Valuation Process The above cross sectional analysis of De La Rue Plc clearly indicates that its asset base is of good quality and hence attracts significant interest from strategic buyers. However the success of any takeover deal lies in the valuation. Paying a low value may cause the deal to be shelved, while offering a higher price can lead to the syndrome popularly known as Winners curse, wherein the acquirer fails to reap the benefits of the takeover deal due to excessive premium paid. It is essential to determine a fair value of the target. The valuation process is a highly subjective process and calls for careful planning. The fair value is not computed using a single method but by computing the weighted average of the values obtained from a range of methods. The weights are placed according to the relevance of the method for the purpose with which the valuation is done. The valuation methods have been broadly categorized under two heads: Fundamental Valuation, Relative Valuation. Both the methods have been used here to compute the fair value of the purchase consideration that should be paid to the shareholders of De La Rue Plc. 4.2 Fundamental Valuation Fundamental Valuation or Intrinsic Valuation, as it is commonly known, is based on the premise that the fair value of any company can be deduced by discounting the future stream of returns accruing from the company (Pinto et al, 2010). Returns can be either in the form of dividends or cash flows. Since the takeover deal is carried out with the intent to gain control over the operations of the company, the free cash flow approach is being implemented to value the firms equity. Computing the Free Cash Flow of the Enterprise Free Cash Flow to the firm refers to the cash flows that accrue to the stockholders and bondholders after all the capital expenditure requirements and working capital needs have been met. Cash flows are lesser subject to manipulation than the earnings and are hence of primary interest to the acquirer. FCFF can be computed as the net cash flow from operations adjusted for after tax interest payments and capital spending. The FCFF of De La Rue Plc as on March 27, 2010 has been computed under: Amount (GBP million) Net CFO 95.1 Interest 5.4 Tax Rate 13.46% Add: After-tax Interest 4.67 Less: Capital Spending 33.1 FCFF 66.67 Determining the Short Term Sustainable Growth Rates The consensus estimate for the long term growth rate of both the capital spending and the revenue of the business has been estimated at around 10.5% (Reuters, 2011) and accordingly, this assumption has been used for valuation purposes. But the sustainability of a growth rate greater than the growth of the industry is questionable in the long run. De La Rue Plc is a matured firm and hence it would grow indefinitely in the long run at a rate no more than the growth of the industry. Hence the sustainable long term growth rate has been assumed to be 5%. However, the time value of money needs to be factored in and accordingly, the indefinite cash flows need to be discounted at the cost of capital. Computing The Weighted Average Cost of Capital Cost of Capital refers to the minimum return the business must provide to its financers. It is calculated as the weighted average of the cost of equity and after tax cost of debt. The cost of equity here has been computed using the Capital Asset Pricing Model, as shown below: Risk-free return (%) 3.70 Beta 0.11 Market Return (FTSE 250)(%) 20.14 Cost of Equity (%) 5.51 The yield on 10 year bond issued by the UK government has been used as a proxy for the risk free rate (Bloomberg, 2011) while the market return is assumed to be the return earned on investment in FTSE 250. To compute the cost of equity, there are several other approaches available. Hence, to determine the intrinsic cost of equity, the Gordons Growth Model has been applied and accordingly the required rate or return has been computed as shown: Expected Dividend per share 46.74 p Current Market Price 819.5 p Long-term growth 10.50% Cost of Equity 16.20% Both the m ethods have yielded significantly different values and hence the weighted average is used with 80% weight being assigned to the latter. Thus the cost of equity is 14.06%. The cost of debt has been computed by dividing the post-tax interest with the amount of long term debt and is equal to 10.27%. The long term debt equity ratio of 4.85 implies that the capital structure is made up of 82.91% debt and 17.09% equity. Thus the weighted average cost of capital has been computed as shown: % of debt 82.91 % of equity 17.09 Cost of debt in % 10.27 Cost of equity in % 14.06 Weighted Average Cost of Capital (%) 10.91 Valuing the firm using the Free Cash Flow Net Present Value Approach Applying the Free Cash Flow to Firm Valuation approach, we estimate the value of the firm which can be computed by applying the formula: Firm Value = FCFF (1+ Growth rate)/(Cost of capital-Sustainable growth rate) Inputting the above calculated parameters in the equation, the value of the firm is GBP 1245.45 million. In the absence of information regarding the market value of debt, the book value of debt has been deducted to determine the value of equity which stands at GBP 841.95 million and thus the amount to be paid on a per share basis stands at 856 pence. Valuing the firm using the Rappaports approach Alfred Rappaport introduced a new concept of deriving shareholder value. As per Rappaport, shareholder value is driven primarily by the understated seven factors: Sales Revenue Operating Margin Tax Rate Incremental Capital Expenditure Investment in Working Capital Weighted Average Cost of Capital Planning Horizon or the Competitive Advantage Period Rappaport states that the total economic value of any business can be computed as the  sum of the values of its debt and equity.   Thus, shareholder value  can be deduced as  the corporations value minus the value of the debt, wherein the corporate value is equal to the sum of its future cash flows that are discounted at the weighted-average cost of capital (WACC). The free cash flows equal the present value of all of the operating  cash flows (the net of cash inflows outflows) during the  planning horizon and the  terminal value. The terminal value is computed as the present value of the businesses estimated value beyond the forecast period. It can be expressed as: Enterprise Value = Present Value of Net Operating Cash Flows during the planning horizon + Terminal Value + Value of marketable securities. The FCFF has been computed above as GBP 66.67 million. While the long term growth rate as per analysts consensus is 10.5%, the sustainable growth rate is 5%, the growth rate of the entire industry. The competitive advantage period in the current scenario seems to be no greater than 4 years as per analysts consensus and accordingly, that estimate has been used here. The weighted average cost of capital has been computed above to be 10.91%. These estimates have been used to value the firm as shown below:  Rappaports Approach Year 1 Year 2 Year 3 Year 4 FCFF 73.67 81.41 89.96 99.40 Present Value of FCFF 66.43 66.18 65.92 65.67 Sum of Operating Cash Flows during Planning Horizon 264.20 Terminal Value 1763.06 Present Value of Terminal Value 1164.74 Value of Marketable Securities 44.5 Firm Value 1473.43 Equity Value 1069.93 Per Share Value (GBP) 10.87 Under this approach, the per share vale comes close to 1087 pence which is quite higher than the one obtained through the other NPV approach. Thus it is advisable to consider other methods also. Limitations of Fundamental Valuation Approach The estimates obtained above are subject to several limitations, the primary being the reliability and consistency of the input parameters. Several assumptions have been made regarding the long term growth rate of the company, its cost of equity, etc. Past performance can provide some insight, but cannot be deemed to be sufficiently reliable to predict the future. But this model relies on past performance to estimate future performance, which is a major drawback. Moreover, the achievability and sustainability of the estimates is also questionable. This model also ignores the synergy benefits that accrue form the deal and is overly simplistic. It also assumes that the growth rate would be constant in perpetuity which is rarely the case. Hence, other models need to be applied to determine the fair value of consideration payable. 4.3 Relative Valuation This method is based on the law of one price. The principle that similar securities should be equally priced is the foundation of this approach. Under this approach, the price multiples of the industry and peer group are deemed to be the best indicator of the worth of the stock and they are correspondingly multiplied with the measure to determine the fair value of the security. It assumes that markets are efficient and prices all securities efficiently. Hence the valuation should be arrived at using the market consensus. There are several price multiples that are applied in this approach but here the focus is limited to the following four multiples (DePamphilis, 2009): Price to Earning Multiple, Price to Sales Multiple, Price to Free Cash Flow Multiple, and Price to Book Value Multiple. The weighted average of the price obtained through the above approaches is calculated to arrive at the fair price. All the multiples are not weighted equally, but a larger weight is a pplied to P/S multiple and P/FCF multiple because in the process of acquiring control, the acquirer stands to gain by turning sales and free cash flows in an efficient manner. Moreover these two measures are less subject to manipulation than earnings which is normally believed to be window-dressed. The Price-Earning Multiple Approach The PE approach is the most commonly used approach in stock valuation because of its simplicity and easily accessible information. The mean ratio for the trailing twelve months in the industry has been 26.12 (Reuters), while the reported earnings per share were 71 pence. Accordingly, the value of share has been computed as 1854.52 pence. But for valuing takeover targets, this method is given less weightage as the earnings can be manipulated and the acquirer is always more interested in the turnover of the target which it can effectively convert into profits. Thus we need to use a combination of methods. The Net Asset Valuation Approach Herein, the book value per share is used to value the equity of De La Rue plc as shown in the adjoining table. The price per share under the different methods of relative valuation have been computed and shown under: Table 2: Relative Valuation Price Multiple of Sector (Source: Reuters) Per Share Measure of De La Rue Plc (p) Per Share Value (p) Weight Assigned Per Share Value-Weighted (p) Sales 1.71 570.22 975.08 0.4 390.03 Free Cash Flow 17.86 67.75 1210.09 0.4 484.04 Book Value 1.37 9.65 13.23 0.05 0.66 Earnings 26.12 71.00 1854.52 0.15 278.18 Total 1152.91 Thus the relative valuation approach provides a per share value of 1152.91 pence valuing the company at a price of GBP 1134.46 million. Limitations of Relative Valuation Approach This approach is also widely subject to criticisms. It is based on the premise that markets are efficient which does not hold good in reality. It is not necessary that the benchmarks are always aptly priced. They may be over priced in boom periods and under priced in the depression periods which affects the valuation of the company as their over/under valuation is reflected in the fair value of the target too. Moreover, it also ignores synergy benefits and is based on the past performance (the trailing multiples) which provides an insight on the future performance but do not serve as a good proxy for it. Besides this, it is essential to cover the entire cycle of a business rather than just a year. Despite of all these shortcomings, both the methods provide a starting point for deal valuation. 4.4 Final Valuation While the fundamental valuation assigns a value of 856 pence per share, relative valuation assigns a value of 1152.91 pence. If we average the two, the per share value comes close to 1002 pence. Hence the bid can be made accordingly. Since the bid of 905 pence per share has already been rejected, it can bid more than that to the limit of 1002 pence. If the group can estimate the synergy benefits accruing from the deal, the present value can also be computed and a portion added to the bid offer to share the gains of the takeover with the shareholders of De La Rue Plc. 5. Analysis of the Stock Market Reactions The stock price of De La Rue Plc rose from 647.5 pence to 861 pence, implying a gain of around 33% the very same day. This spurt in prices can be explained by several theories, but two have been discussed here: 5.1 Stock Market Efficiency Theory Financial market is a broad market that provides for the exchange of both capital and credit. It can be broadly segregated into  money markets  and the  capital markets. Money market refers to the market of short-term debt securities. Such securities are typically safe and highly liquid in nature. On the other hand, capital market refers to the market which provides for the transaction of long-term debt and securities. Every transaction involves the exchange of some consideration, and to determine the amount of this consideration, it is essential to correctly value the securities to conduct a fair transaction. Hence it is essential that the markets are efficient. By Market efficiency, we mean that the current price of the security should include all the values of publicly available information about the particular security. The basic idea that underlies market efficiency is that the existence of competition drives all information about a security into its pr ice quickly. The maximum price that a prudent investor would be willing to pay for the financial security is determined by the current value of all the future cash flows that are discounted at a slightly higher rate so as to compensate for the riskiness and uncertainty in the future cash flow projections. Thus, investors are actually trading information in the form of commodity in the financial markets for the expected stream of future cash flows along with information about the level of uncertainty. Efficient market  refers to the state of the market when new information is speedily incorporated in the price to make the price become information. Put simply, the current market price of a stock reflects all the available information about it. Thus the current market price in the financial market can be regarded as the best-unbiased estimate that can be assigned to the value of the particular investment. Here in our case, De La Rue Plc shareholders would stand to ben efit if the takeover attempt is successful, as they would stand to gain a higher margin on their investment than they could get by simply trading on the market exchange. Thus, as per this theory, the stock price of De La Rue Plc should provide an indication of this possibility and it should not be possible for traders to beat the market by arbitraging on the shares of De La Rue Plc. The  Efficient Market Hypothesis (EMH), as the theory is popularly known, has been ranked as an important cornerstone of modern financial economics. Fama (1970) laid the foundation of the theory and defined the term efficient market as a market in which the security prices completely reflect all the available information about it. The market is said to be efficient if the reaction of the market prices to the newly obtained information is instantaneous and more importantly unbiased.  Thus it undermines the fact that no old information can be used to predict the future price movements, a m ajor blow to the technical analysts. Consequently, there are three versions of EMH which have been distinguished depending on the level of information available. The  weak form of the Efficient Market Hypothesis states that the current asset prices have already incorporated historical price and volume information. In other words, the information that is contained in the historical sequence of values of a particular security is completely reflected in its current market price. This form is labeled as the weak form because it is based on security prices that are the most easily accessible and publicly available piece of information. The theory asserts that no one would be in a capacity to outperform the market just by using something which everybody else in the market knows. However there are several financial researchers who have been studying the sequence of historical stock prices along with the data on trading volume so as to generate profit. This methodology, popul arly called technical analysis, is asserted by this form of EMH as insignificant for the prediction of the future price changes. The  second form of EMH the semi strong form, stipulates that the entire gamut of publicly available information about a security is already incorporated in the asset prices in a similar fashion. In another words, all of the publicly available information about a security is comprehensively reflected in its prevailing market price. Here, the public information stated covers both the past prices and the data that is reported in the companys announcements, its financial statements, prevailing economic factors to name a few. It also implies, like the weak form, that no one can outperform the market simply by using something that is a known fact of everyone else. This also indicates that a particular companys financial results are of no use in the process of forecasting the future price movements of the stock so as to secure higher investment return s. The  strong form of EMH, the final form,  states that all the insider information or the private information is also quickly incorporated by the market in the prices of the security and hence cannot be exploited to gain abnormal trading profits. Put simply, it implies that all information, public and private, is fully consolidated in the securitys prevailing market price. Thus, the companys management or the insiders too cannot make supernormal gains from the inside information which they hold as per this thesis. The insiders cannot take the undue advantage to profit from the private information such as a take over or an acquisition decision that has been taken minutes ago. The underlying rationale behind this is to support the fact that the market predicts future developments and accordingly incorporates that information in the stock price in an objective and more informative manner than the insiders. There have been several extensions to this work, the popul ar one being the random walk model, which also asserts the notion that the stock market cannot be beaten on a consistent basis, and it also rules out the possibility of arbitrage. Thus, in a nutshell, the efficiency theory states that the price of a particular asset on the exchange includes the value of all publicly available information about that particular underlying asset (Fama, 1970). De La Rue Plc had been grappling under serious production issues which had taken a toll on its share price. But the news of a possible takeover has generated interest in the stock. Yet the deal is not confirmed and there also exists the probability of the deal fading off. Thus accordingly, the price did not rise to match to the bid offer but was a bit low factoring the possibility of failure. This reaction shows that the efficiency theory holds good to some extent in practice. 5.2 Merger Acquisition Theory of Target Share Price Movements In takeover deals, the shareholders of the target can be compensated by two means cash or stock or a combination of both. Since the group is interested in an all cash offer, it implies that the shareholders of the target wont benefit from the long run synergistic benefits of the deal since after the takeover they would cease to exist as shareholders of the combined entity. Hence the consideration payable on the spot would be higher than the actual value of the target to proportionately share the gains from the deal with the target shareholders. Moreover, all cash offer also implies the confidence of the acquiring firms management in the target company and accordingly the targets shareholders would command a premium price for the same. Thus the stocks value increased by 33% on a single day, in anticipation of the deal, after factoring the probability of a possible failure.

In Dickenss Novel - Free Essay Example

Sample details Pages: 2 Words: 453 Downloads: 4 Date added: 2019/07/29 Category Literature Essay Level High school Topics: Great Expectations Essay Did you like this example? One of the most important and common tools that authors use to demonstrate the themes of their stories is a character that undergoes several major changes throughout the story. In Great Expectations, Charles Dickens introduces the reader to many compelling and distinguished characters, including the peculiar recluse, Miss Havisham, the shrewd and careful lawyer, Mr. Jaggers, and the altruistic convict, Abel Magwitch. Don’t waste time! Our writers will create an original "In Dickenss Novel" essay for you Create order However, Great Expectations is the story of Pip and his initial dreams. The significant changes that Pips character goes through are very important to the novels many themes. Dickens uses Pips deterioration from an innocent boy into an arrogant gentleman and his redemption as a good-natured person to illustrate the idea that unrealistic hopes and expectations can lead to undesirable traits. In Dickenss novel, Jaggers has his office in a dismal area near Newgate Prison in London. For, much like a prison cell, the room is dark, lit only by a patched skylight. The walls are greasy from the many prisoner/clients who have stood against it as they are faced by Mr. Jaggers. When they are sent out abruptly, they must sidle along the wall to reach the doorway, as the office is so narrow. Mr. Jaggers holds the same relations to many people, but having worked so long with the low, criminal element of London, Jaggers himself is much like an emotionally disconnected jailer who has the ability to abruptly dispose of people. His office definitely reflects his personality, in that there’s no warmth, or attachment to humanity or the outside world. (write more about what his office is like) Lawyers are often thought to be aggressive and rude. In Great Expectations, by Charles Dickens, Mr. Jaggers is no different. From the first time we meet him, Jaggers comes across as self-important, wealthy and too busy for sensitivity. Jaggers arrange for a carriage to take Pip from his hometown to London. Pip is supposed to meet Jaggers at his law office. When he arrives at Jaggers office there are many people waiting outside to speak with Jaggers about their cases or about the cases of their relatives. Mr. Jaggers is of hand to all of them. At one point, a man starts a sentence by telling Mr. Jaggers We thought Jaggers immediately responded by saying You thought! I think for you; thats enough for you. He is similarly rude to two women in the crowd, and completely ignores a man who is hopping up and down in desperation to get Jaggers attention. This scene gives us a good idea of Jaggers self-importance. The desperation of the people around him and the way that they almost worship him reveals why Mr. Jaggers thinks so highly of himself.