The economic inefficiencies of monopoly can also be regarded as demerits or disadvantages of monopoly. Monopoly is definitely a harmful element of an economy as a single firm rules over the economy and sets the prices of commodity, which has no substitute in the market, according to his wishes. And do not let any other firm to enter in industry to carry on its business and earn profit. These all factors show that a single person or firm enjoys extra ordinary profits at the expense of others.
The most common economic inefficiencies which are caused by monopoly in an economy are as follows;
High Price
Since a monopolist is the only producer of the commodity and there is no competitor who can beat him in the market, therefore, he has total control over the price and production of such commodity. Taking the advantage of this fact, a monopolist becomes the price setter. He sets the price of the commodity which helps him in obtaining maximum profit level which covers him production cost too. This practice by a monopolist exploits the rights of consumers.
Excess Capacity
A monopolist always works on a large scale. It always has a large capacity for production. Due to this, a monopolist does not produce at optimum level, which implies that the level at which average cost is minimum. A monopolist ha excess capacity that is why he can afford production even at high price. This concept will be more cleared with the help of following graph;
In the above graph, it is visible that the monopoly firm can produce OQ1 quantity but it produces OQ quantity. The excess capacity is equal to the difference between OQ1 and OQ.
Productive Inefficiency
In case of monopoly, the monopoly firm is always productively inefficient. This happens because a monopolist does not produce at minimum average cost. In monopoly, the production is made at a level which is less than minimum average cost due to which less quantity is produced and higher price is charged. This phenomenon can be better explained by comparing monopoly with perfect competition. The following graph will help you to understand the productive inefficiency in monopoly.
Where for normal profit AR=AC. The average revenue curve for a monopoly is AR1 and for the perfect competition the average revenue curve is AR2. The AR1 of monopoly firm is equal to AC, its equilibrium is at E1 at which it is producing OQ1 quantity and is charging OP1 price. Whereas AR2 of the perfectly competitive firm is equal to AC, the equilibrium point for it is at E2. It is producing OQ2 quantity and is charging the OP2 price, which is lower than as charged by a monopoly firm.
Stifle Competition
The monopoly firm creates entrance barriers for other firms to enter in industry and do business. This is very harmful for the economy and for the consumer too. As it forms the situation in an economy where no substitutes are available for the consumer at competitive prices.
Supernormal Profits and Price Discrimination
It the usual practice of monopoly firm to earn supernormal profit in long run, which is again a disadvantage to the economy. Price discrimination implies that different prices are being charged for the same product. In monopoly, the price discrimination is kept by the monopolist, which is totally against the interest of the consumer.
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horizontal balancing machines
Horizontal Balancing Machines
Welcome to our comprehensive guide on horizontal balancing machines! These essential devices play a crucial role in the manufacturing and maintenance of rotating equipment by helping eliminate imbalances in various rotors. Whether you are a seasoned professional in the field or a DIY enthusiast, understanding how these machines work and their different types can significantly enhance your projects and applications.
What Are Horizontal Balancing Machines?
Horizontal balancing machines are specialized devices designed to rectify static and dynamic imbalances in rotating components. By accurately measuring and analyzing vibrations, they help ensure that machinery operates smoothly and efficiently. This is crucial in industries where rotating equipment, such as turbines, centrifuges, and motors, are prevalent. A well-balanced rotor minimizes wear and tear, noise, and vibrations, leading to increased longevity and performance.
Types of Horizontal Balancing Machines
There are two primary designs of horizontal balancing machines: soft bearing and hard bearing machines. Understanding the difference between these two types will help you decide which is best for your specific application.
Soft Bearing Machines
Soft bearing machines utilize flexible support mechanisms. These supports are designed using springs or other yielding materials. The natural frequency of soft bearing machines is significantly lower than the rotation frequency of the rotors being balanced, allowing them to detect imbalances easily. This design is highly favored for its simplicity and cost-effectiveness, making it particularly attractive to independent manufacturers and DIY builders.
Hard Bearing Machines
In contrast, hard bearing machines use rigid supports with intricate designs that enhance stability during balancing operations. These machines are built for versatility, allowing them to balance a wider range of rotor types, sizes, and masses. Hard bearing machines can maintain high precision even at lower rotational speeds, making them valuable in complex industrial applications.
Key Components of Horizontal Balancing Machines
The essential components of a horizontal balancing machine include:
Frame: Provides the necessary structure to support the balancing apparatus.
Spindle Supports: Holds the rotor during the balancing process while allowing for rotational movement.
Measuring Systems: Includes vibration sensors and force sensors to detect imbalances and measure vibrations during rotor operation.
Drive Units: Facilitates the rotation of the rotor at specified speeds for accurate balancing.
How Do They Work?
The balancing process involves mounting the rotor on the machine and accelerating it to its operational speed. The measuring system captures vibration data, which reveals where corrective weights need to be added to eliminate imbalance.
Once the data is collected, the user can calculate the masses and positions of these corrective weights, allowing for precise adjustments. This iterative process continues until the rotor is balanced to acceptable tolerances, ensuring optimal performance.
Applications of Horizontal Balancing Machines
Horizontal balancing machines are employed in diverse applications across various industries, including:
Aerospace: Ensures that turbine rotors function effectively without excess vibrations.
Automotive: Balances components such as crankshafts and drive shafts to improve vehicle performance.
Manufacturing: Used in the production of fans, pumps, and other rotating equipment where precision is vital.
DIY Balancing Machines
For those interested in constructing their own horizontal balancing machines, there are plenty of resources available. The process involves selecting the right materials, designing suitable support systems, and integrating measuring devices tailored to your specific needs. DIY designs often incorporate soft bearing configurations for their relative ease of assembly and lower cost.
Choosing the Right Machine
When selecting a horizontal balancing machine, consider the following factors:
Rotor Size and Weight: Make sure the machine can handle the dimensions and mass of the components you’ll be balancing.
Precision Requirements: Different applications have varying balance standards, so choose a machine that meets your specific tolerances.
Budget: Balancing machines can vary greatly in cost, so determine your budget before making a purchase or committing to a DIY project.
Conclusion
Horizontal balancing machines are an indispensable tool in many industries, ensuring the efficient operation of rotating equipment. Whether you are looking to purchase a machine or create your own, knowing the different types of machines, their components, and how they work will enhance your understanding and enable better results in your projects. Investing in a quality horizontal balancing machine or building your own can lead to significant improvements in performance, longevity, and overall mechanical efficiency.
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