Profit maximizationIn economics, profit maximization is the short run or long run process by which a firm may determine the price, input and output levels that will lead to the highest possible total profit (or just profit in short). In neoclassical economics, which is currently the mainstream approach to microeconomics, the firm is assumed to be a "rational agent" (whether operating in a perfectly competitive market or otherwise) which wants to maximize its total profit, which is the difference between its total revenue and its total cost.
AC powerIn an electric circuit, instantaneous power is the time rate of flow of energy past a given point of the circuit. In alternating current circuits, energy storage elements such as inductors and capacitors may result in periodic reversals of the direction of energy flow. Its SI unit is the watt. The portion of instantaneous power that, averaged over a complete cycle of the AC waveform, results in net transfer of energy in one direction is known as instantaneous active power, and its time average is known as active power or real power.
Wind tunnelWind tunnels are machines where an object is held stationary inside a tube, and air is blown around it to study the interaction between the object and the moving air. They are used to test the aerodynamic effects of aircraft, rockets, cars, and buildings. Different wind tunnels range in size from less than a foot across, to over , and can have air that moves at speeds from a light breeze to hypersonic velocities. Usually, large fans move air through the wind tunnel, while the object being tested is held stationary.
Flight dynamicsFlight dynamics in aviation and spacecraft, is the study of the performance, stability, and control of vehicles flying through the air or in outer space. It is concerned with how forces acting on the vehicle determine its velocity and attitude with respect to time. For a fixed-wing aircraft, its changing orientation with respect to the local air flow is represented by two critical angles, the angle of attack of the wing ("alpha") and the angle of attack of the vertical tail, known as the sideslip angle ("beta").
Gas turbineA gas turbine, also called a combustion turbine, is a type of continuous flow internal combustion engine. The main parts common to all gas turbine engines form the power-producing part (known as the gas generator or core) and are, in the direction of flow: a rotating gas compressor a combustor a compressor-driving turbine. Additional components have to be added to the gas generator to suit its application. Common to all is an air inlet but with different configurations to suit the requirements of marine use, land use or flight at speeds varying from stationary to supersonic.
Offshore wind powerOffshore wind power or offshore wind energy is the generation of electricity through wind farms in bodies of water, usually at sea. There are higher wind speeds offshore than on land, so offshore farms generate more electricity per amount of capacity installed. Offshore wind farms are also less controversial than those on land, as they have less impact on people and the landscape. Unlike the typical use of the term "offshore" in the marine industry, offshore wind power includes inshore water areas such as lakes, fjords and sheltered coastal areas as well as deeper-water areas.
Wind farmA wind farm or wind park, also called a wind power station or wind power plant, is a group of wind turbines in the same location used to produce electricity. Wind farms vary in size from a small number of turbines to several hundred wind turbines covering an extensive area. Wind farms can be either onshore or offshore. Many of the largest operational onshore wind farms are located in China, India, and the United States. For example, the largest wind farm in the world, Gansu Wind Farm in China had a capacity of over 6,000 MW by 2012, with a goal of 20,000 MW by 2020.
Airborne wind turbineAn airborne wind turbine is a design concept for a wind turbine with a rotor supported in the air without a tower, thus benefiting from the higher velocity and persistence of wind at high altitudes, while avoiding the expense of tower construction, or the need for slip rings or yaw mechanism. An electrical generator may be on the ground or airborne. Challenges include safely suspending and maintaining turbines hundreds of meters off the ground in high winds and storms, transferring the harvested and/or generated power back to earth, and interference with aviation.
Welfare economicsWelfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. This evaluation is typically done at the economy-wide level, and attempts to assess the distribution of resources and opportunities among members of society. The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare.
Power stationA power station, also referred to as a power plant and sometimes generating station or generating plant, is an industrial facility for the generation of electric power. Power stations are generally connected to an electrical grid. Many power stations contain one or more generators, rotating machine that converts mechanical power into three-phase electric power. The relative motion between a magnetic field and a conductor creates an electric current. The energy source harnessed to turn the generator varies widely.
