In Chapter 1, we discuss some of the standard introductory concepts in any economics course. After defining scarcity and discussing the importance of incentives, we focus on the presence/absence of property rights (in general and in the workplace) – and introduce the “Prisoner’s Dilemma” with applications to various “tragedies of the commons” and “tragedies of the anticommons” in firms and the economy.

In Chapter 9, we have a conventional treatment of the model of “perfect competition,” with an extension to competition in markets by “price takers.” We detail profit maximization in the short run and long run. We also have lengthy discussions about the vital role of entrepreneurship; the myth of “the first-mover advantage”; and the importance of finding optimal team size and team pay.

In Chapter 11, we describe “monopolistic competition” and the role of advertising in product differentiation. We also describe ways to model mutual interdependency in oligopoly, including cartels and implied cartels. We describe efforts by government – in theory and in practice – to regulate the monopoly prices and to reduce market concentration through its antitrust powers. We describe the “innovator’s dilemma” – the common problem of industry leaders in deciding whether to pursue new opportunities or focus on core competencies. And we describe the “market for corporate control” – the presence of “internal monopolies” (and how managers can regulate them) and the role of takeovers in reducing corporate inefficiency.

Photovoltaic (PV) systems generate electricity directly from the light of the sun, and grid-connected systems are becoming increasingly important in many electricity supply networks. The photovoltaic effect is described and the use of standard test conditions to define the performance of PV equipment explained. The bond and band models are used to explain the behaviour of an illuminated silicon p–n junction and the shape of its V–I characteristic. Operation of a PV cell at varying irradiance and cell temperature is demonstrated and the importance of operating at the maximum power point explained. The equivalent circuit of a PV cell is shown. The connection of multiple cells into a PV module is described together with the metrics that are used to describe the performance of PV arrays. The principle of operation of a grid-connected PV system and its inverter are described. A final section summarizes the main technologies used to manufacture the different generations of PV cells. The chapter is supported by 7 examples, 16 questions with answers and full solutions in the accompanying online material. Further reading and online resources are identified.

We now have all the background information needed to explore the various computational approaches that are available for solving the wide range of multiphase flows we encounter. In fact, you may feel like you are at the cereal aisle in a grocery store wondering which one cereal among the shelf-full to pick. Fortunately, the process of picking the correct computational approach for a particular multiphase flow problem can be simplified through a rational analysis of the strengths and weaknesses of the different approaches and their suitability to the multiphase flow problem at hand.

This chapter considers judicial review of the EU Institutions and bodies. Acts are subject to review if there is no formal competence to adopt them; the use of a power for a purpose other than that for which it was granted; a manifest error of assessment; a breach of rights of process; or infringement of the Treaties or any rule of law relating to their application, such as fundamental rights. Privileged applicants – the Member States, Parliament, the Commission and Council – have unlimited standing to challenge a measure. Semi-privileged applicants – the Court of Auditors, European Central Bank and Committee of the Regions – may bring an action to protect their institutional prerogatives. All other parties may only challenge acts addressed to them; regulatory acts which entail no implementing measures and are of direct concern to them; and all other acts which are of direct and individual concern to them. Parties can also sue EU Institutions for damages where three conditions are met: the EU Institution has infringed a rule of law intended to confer rights on them, that breach is sufficiently serious and there is a direct causal link between the breach and the loss sustained.

What makes diplomatic negotiation different from other negotiations is that it takes place between or among nation-states through their representatives, and the stakes are usually higher than those in a domestic context. In addition, while other types of negotiation tend to be mostly transactional, negotiating in diplomacy cannot be isolated from the overall relationship with the other party. A truly successful diplomatic negotiation is one that not only resolves an immediate problem, but ensures that the state of relations with the other side will serve one’s interests in the long run. That does not mean that ties must necessarily be close or friendly, as long as they are civil and respectful, and the countries can work together in the future. Another feature of negotiation that is essential in diplomacy is its ability to build a basis for empathy. It helps to convey one’s own motivations and interests directly, which can reduce misunderstanding, and it provides insight into the other side’s motivations and perceptions.

The present importance of fossil energy is recognized and the consequences of its exponential growth explained. The mechanism of global warming from increasing greenhouse gases in the atmosphere is summarised and the need for a transition to renewable energy is identified. The units that are usually used to describe energy are listed. The consequences of exponential growth are explained. Approaches to limiting energy use and the difficulties of reducing energy use are discussed. The consequences of applying discounted cash flow analysis in the economic appraisal of energy-efficiency measures are described. The challenges of low-carbon energy electricity generation are discussed and the carbon intensity of generation illustrated. The low-capacity factors of many renewable energy sources and the high-capacity margin of an electrical power system with renewable energy generation are described. Environmental and social impacts of renewable energy schemes are summarized. The chapter is supported by 4 examples, 13 questions with answers and full solutions in the accompanying online material. Further reading and online resources are identified.

From Chapter 4 to Chapter 10 we have studied extensively the interaction of an ambient flow with (i) an isolated particle, (ii) an isolated particle in the presence of a nearby wall, (iii) a pair of particles, and (iv) a large collection of particles. These investigations were at the microscale and we paid great attention to solving for the complete details of the flow around the particles. These studies can be classified as “particle-resolved” or “fully resolved,” as they included all the relevant physics. As a result, these studies have yielded reliable results on the hydrodynamic force, torque, and heat transfer on the particles under varying flow conditions.

In this chapter, we will consider particle–particle interactions. Here we distinguish two kinds of interactions. The first is direct interaction between particles in the form of collisions. When two particles collide, the time history of force exchange between them is controlled by the solid mechanics of elastic and plastic deformation between the colliding particles. In the context of multiphase flow computations, such collisions are simplified and treated using either a hard-sphere or a soft-sphere collision model, which will be discussed in this chapter. As a special case we will also consider the problem of particle–wall collisions.

In Chapter 8, we finish the conventional treatment of short-run and long-run costs, which sets the table for our discussion of profit-maximization within various market structures in Chapters 9–11. We also discuss the crucial “last-period problem” and the underrated role of debt/equity decisions on incentives and profit-maximization.

Most renewable energy sources depend on the sun and so vary with time and ambient conditions. Hence a consistent supply of renewable energy requires energy storage. The main approaches to storing renewable energy are described and quantified. Pumped hydro, compressed air and flywheels are discussed. Storing heat in the fabric of buildings and hot water using sensible heat are described. The increasing importance of phase change materials to store energy through latent heat is recognized. Battery technology is developing very fast; the principles of lithium-ion batteries are explained, together with their advantages and disadvantages. The various materials currently used for the positive electrode are listed. The electrochemistry of various battery technologies is summarized as well as how a large number of cells are connected to form are a useful store of energy. The principle of flow batteries is demonstrated and approaches to the estimation of the lifetime of a lithium-ion battery discussed. The chapter is supported by 10 examples, 16 questions with answers and full solutions in the accompanying online material. Further reading and online resources are identified.

This chapter considers infringement proceedings, normally brought by the Commission against a Member State before the Court of Justice for not complying with EU law. Actions can only be brought against the State. However, the State is responsible for the legal acts and administrative practices of any State agency. There are three stages to the proceedings. The first is an informal stage where the Commission sees if there is a case to answer and, if so, seeks resolution with the State. In the second, the Commission issues a letter of formal notice, setting out the breach and what compliance requires. In the third, the Commission issues a reasoned opinion giving a reasonable period for compliance. The case only goes to the Court if there is no resolution by the end of the third stage. The Commission can also go to the Court to seek damages against the State in two circumstances: the State has failed to transpose a Directive or it has failed to comply with an earlier judgment of the Court. The sanction will usually take the form of a lump sum and penalty payments, which are recurring daily fines that continue as long as the breach.