Search Documents

By Chester B. White

ARGENTINA is a country that has never been properly prospected. This is my settled conclusion after reporting on mines in this country ever since 1914, crossing all the mining provinces from Chubut, in the South, to the territory of Los Andes, in the North, chiefly on muleback. It is difficult and costly to get from one district to another. Apart from petroleum, some mineral discoveries have been made but they have been the result of casual rather than systematic work. In Neuquen, Mendoza, San Juan, Cordoba, La Rioja, Catamarca, and Los Andes attempts at mine development have resulted in failures, involving in each instance several million pesos.

Jan 1, 1937

Since its organization, in July, 1917, the War Minerals Committee of the Institute, of which William Y. Westervelt is chairman, has been studying important phases of the mineral industry and its relation to winning the war. From this has come a realization of the imperative need for more definite coordination than is possible without direction by some governmental agency. No privately controlled industry can have the detailed knowledge of war needs or the control of all its supplies and markets necessary to effect the adjustment of its activities for war purposes. Inevitable shortages of certain essential minerals confront us unless immediate steps are taken to stimulate and develop. the mining

Jan 2, 1918

By F. N. Koepel, L. A. Callaway

The property of the Andes Copper Mining Co. is in the central part of the Republic of Chile, Province of Atacama, about 75 miles to the eastward from the port of Chafñaral. At this point the Andean system is made up of two principal ranges, and the mine and metallurgical plant are both on the westerly slope of the outer or western range. Mean elevation of the mine is 10,500 ft., while at the plant the elevation ranges from 9445 to 9700 ft. A meter gage railroad extends from the company's port at Barquito, near Chañaral, to the reduction plant at Potrerillos. This road has a total length of 94 miles, of which 57.79 miles are owned by the Andes Copper Mining Co. and the remainder of the road is controlled by the State. Development of the Potrerillos mine and installation of the metallurgical equipment presented unusual difficulties due to the arid nature of the country, high altitude and remoteness of the location from any considerable center of population. As a primary step it was necessary that railroad transportation be provided in order that mine development and plant construction could go forward on an economical basis. Provision of an adequate supply of water for domestic and metallurgical uses involved the construction of approximately 178 miles of pipe lines, all of which have their sources at altitudes ranging from 12,000 to 14,000 ft. above sea level and traverse rough and difficult terrane. Water for metallurgical use is brought to Potrerillos from the Ola River, a stream originating in the high cordillera to the eastward from the property. It is delivered by means of a steel pipe line, 32 miles long, having diameters ranging from 22 to 36 in. Domestic water is supplied to the various camps through a system of pipe lines aggregating 146 miles in length, the Ola water being unfit for this purpose. These conductors gather water from numerous springs in the high mountains to the eastward from Potrerillos and deliver it to the mine, the reduction works and the port at Barquito. Extensive permanent housing facilities had to be provided as it was necessary to care for more than 3000 workmen and employees at the

Jan 1, 1934

By R. K. Hopkins

Fox a great many years fusion welding has been used in and around petroleum refineries, but it is only within six or seven years that the more important pressure vessels have been constructed by this process, because before that time the properties of fusion welds would not withstand such rigorous service. Since the adoption of fusion welding for the construction of this equipment, the refiner has required pressure vessels suitable for operation over a very wide range of conditions. On the one hand, vessels must operate at extremely high temperatures, in the range of 950° to 1000° F., and on the other vessels must be suitable for operation at sub-zero temperatures down as low as -75° F. Also, vessels are required suitable for operation at pressures upwards of 1000 lb. per sq. in., and as low as a 29-in. vacuum. In addition, vessels are required to withstand the attack of very corrosive mediums. It has been a rather difficult task for the fabricator to meet all of these requirements, but as a result of the extensive research carried on by steel manufacturers and several fabricators of class I vessels, practically all of these demands have been met. In order to meet the refiners' requirements for this wide range of conditions, the fabricator has worked closely with the metallurgist. This has enabled him to choose the proper base metal for each service condition, but it has been the fabricator's problem to develop a welding rod and welding technique, as well as a heat-treatment, that would produce in the welded vessel characteristics in and around the weld comparable to those in the base metal. Where corrosion is not a serious problem, and where the operating temperatures are not too high, ordinary carbon steel has served very well. But when corrosion is serious, and/or when the temperatures are either very high or very low, it is necessary to use some form of alloy steel to give satisfactory service.

Jan 1, 1935

By Thomas Crowe

Much has been written upon the precipitation of metals from cya-nide solution by zinc. We often read of the many factors that influence precipitation, such as zinc surface, purity of zinc, percentage of lead, temperature of solutions, strength of solutions in cyanide or alkali, etc. Little do we hear, however, of the part that oxygen plays in precipitation. Caldecott1 says: "As the dissolving of gold is essentially an oxidation process, so its precipitation is one of reduction." All who have studied or worked with cyanide solutions will agree that Caldecott's statement is true. In the cyanide work in the mills of the Portland Gold Mining. Co., we have always found oxygen to be the greatest enemy to precipitation. OXYGEN ANTAGONISTIC TO GOOD PRECIPITATION A few years ago, while making some experiments on the effect of pressure upon the dissolving rate of gold front our ores, to prove a point, I made some bottle tests under vacuum. The results were surprising, and showed that under vacuum practically no gold dissolved, which confirmed my belief that Elsner's equation was true and also led me to investigate the amount of dissolved air carried by solutions at atmos-pheric pressure. The experiment consisted in partly filling an acid-bottle with mill-solution and connecting it by a rubber hose to a vacuum pump. When the vacuum was suddenly applied, a cloud composed of. thousands of small air bubbles rose out of the solution, showing qualitatveily the . amount of dissolved air that was contained in the solution, and also proving that the relief of atmospheric pressure on the solution permitted this dissolved air to escape.

Jan 8, 1918

By Louis V. Bender

THIS paper gives a short review of the installation for and the use of gas, as a. fuel, at the Anaconda Reduction Works of the Anaconda Copper Mining Co. Before putting in gas tile fuels used were pulverized coal, lump coal, coke distillate and oil. These fuels are now almost entirely eliminated. For nearly fifty years bituminous coals from Wyoming and Montana fields had been used. These coals were of a good grade, analyzing 11,300 B.t.u. and having an ash content of 12 per cent. When hydro-electric power replaced steam-driven equipment, the coal requirements were reduced; and, on account of improvements in metallurgy and/ or in furnace design, the quantity was lessened. Later, oil and distillate were introduced and used in some of the operations. All of these things tended toward the lessening of the amount of coal used, and had it not been for the increase in the size of the plant, the tonnage used would have been small when the change was made to gas.

Jan 1, 1932

By R. W. Raymond

CLARENCE King born January 6,1842, at Newport, R. I. His ancestors on both sides mere New Englanders, of English blood, and among them not a few distinguished themselves in art, science, politics or commerce. His grandfather, Samuel Vernon King (partner in 1803 in the house of Talbot, O1yphant & King, later known as King $ Co.), was a pioneer in the China trade, and four of his sons succeeded him in the business. Three of the four died in the far East; and one of

Jan 1, 1903

By E. T. Turkdogan

This paper deals with an analysis of the conditions leading to the formation of blowholes and surface and subsurface defects in cast low-carbon steels. The theoretical analysis of the problem is based on the concept of the occurrence of deoxidation reactions during cooling of liquid steel and during its solidification. The reaction equilibrium data are given on deoxidation of steel by carbon, silicon, and manganese. The details of the calculations are given on the simultaneous deoxidation of steel by silico-manganese additions to produce a desired level of deoxidation at certain residual concentrations. Based on an idealized model, an attempt is made to calculate the enrichment of solutes in the solidifying liquid entrapped within the interdendritic cells which are known to be less than 200 µ thick. Formulae are derived for the calculation of the change in the residual oxygen content of the enriched liquid steel, controlled by Si/Mn deoxidation. It is shown that for every particular initial silicon, manganese, and oxygen concentration in steel (as residuals in liquid solution at the beginning of solidification) there is a particular carbon concentration below which carbon monoxide, leading to blowholes or pinholes, is not expected to form. There are a number of independent variables which have a decisive influence on the formation of blowholes. For example, it is shown that the position of the curve depicting the critical relation between initial silicon and carbon content for suppression of the evolution of carbon monoxide) can be shifted to lower silicon or higher carbon levels by: increasing manganese content; decreasing oxygen, hydrogen, or nitrogen content; or increasing external pressure on the solidifying mass. FOR the production of sound castings it is essential to prevent the formation of interdendritic worm-holes or pinholes brought about by gas evolution during solidification. Another major problem encountered in solidification of ingots is the formation of surface defects. These problems are thought to be closely associated with the deoxidation reaction occurring in liquid steel during cooling and subsequent solidification. As the liquid becomes richer in impurities during dendritic solidification of steel, a series of reactions may occur in the liquid phase trapped within the branches of growing dendrite platelets. Because of the strong interaction between dissolved oxygen and impurities in liquid steel, the reactions most likely to occur are of the deoxidation type. However, inherent to the extreme complexity of the problem in question, numerous simplifying assump-

Jan 1, 1965

By I. M. Roberts

THE war emergency has affected every phase of industry. The gas and coke-oven companies have sought faithfully to discharge their responsibility in this critical period and have willingly modified their operations where possible to meet the ever increasing demands made upon them. Our company made commitments for blast-furnace coke for war purposes which necessitated a reduction in coking time in order to produce the amount required to. meet the new demands. At the same time there were certain customers of long standing, who had been supplied with foundry and egg-sized coke produced on fairly long coking periods, who also were engaged in war work and whose patronage we desired to retain. Coke produced on short coking rates from the coal mixture we were then using would not have been satisfactory for these customers. The average width of our ovens is 19 ¾ in., which is a little wider than the more modern ovens of the present day. They were originally designed to give somewhat cool tops in order to produce a rich gas. This necessitates carrying the heats a little on the warm side so that the tops will be fully carbonized. A reduction in coking time, as is generally known, is accompanied by a reduction in the average size of the coke produced. This is due to the greater shrinkage that takes place at the higher temperatures required to carbonize the charges in a shorter time. The net result is that the coke is more cross fractured and longitudinally fractured and breaks up into small sizes on handling. The cokes produced from the better coking coals seem to be more susceptible to fracture at high temperatures than those from poorer coking coals. A coal mixture that produces a beautiful foundry-sized coke at 30 to 36 hr. may yield a product at 18 hr. that would be so badly fractured as to be unsatisfactory for foundry practice. COKING CHARACTERISTICS OF COALS Our problem was to find some economical innovation and develop a method that would enable us to reduce the coking time and still produce a coke satisfactory to our foundry trade. However, before discussing the results of our present operations, it might be well to present a few observations on the coking characteristics of coals in general. Most coke-oven operators carbonize a blended mixture of coals. It may consist of a single high-volatile coal with a single low-volatile coal, or of a combination of several high-volatile and low-volatile coals. Medium-volatile coals of the Eagle seam are used for the production of high-grade foundry coke. Medium and high-volatile coals are often blended with one or more low-volatile coals. The possibilities are almost infinite, but the combinations are limited by such factors as cost and facilities for handling multicoal mixtures, and by other practical considerations. Every coal has characteristics that make it blend better with a particular coal or coals in preference to others. This property has

Jan 1, 1944

By B., Hoyaux

A first requirement for assessing the safety of a rock slope, either artificial or natural, particularly if the rock behaves in an elastic-brittle manner, is a proper knowledge of the distribution of stresses within the slope and their development with time and advancement of workings.

Jan 1, 1972

By H. H. Rachford, J. Douglas, D. W. Peaceman

A numerical solution of equations describing two-phase flow in porous media shows promise in providing a technique for predicting the displacermet from satlds of oil by water or gas. The description includes the influence of relative permeability, fluid viscosities and densities, graviry, and capillary pressure, and, tholrgh tested ortly for two-dimensional cases, should be eqlmlly applicable in three-dimensional geometry. Two memorical methods ore presented: the first method is quite general in its applicability; the second method can be used only with certain types of boundary conditions but requires less computing. Comparisons of computed results with data from Inhoratory models are presented. These data were taken on a water flood of a strarified model and on water floods of a five-spot model for favorable and unfavorable mobility ratios. On the stratified model, excellent agreement with recovery at breakthrough was obtained; agreement with recovery after breakthrough was poor. In the five-spot model, good agreement was obtainecl with recovery at and after breakthrough. The purpose of this paper is twofold: first, to present a reservoir engineering method requiring knowledge only of rock geometry and the normally measured rock and fluid properties for calculating the multi-dimensional flow of water displacing oil from porous, water-wet rock containing connate water; and, second, to investigate the validity of the method by comparing results of calculations with previously observed displacements in laboratory models. The availability of such a verified technique of reservoir analysis would afford major advantages. First, it would demonstrate that the fundamental macroscopic concepts of two-phase fluid mechanics, i.e., relative permeability and capillary pressure, yield an adequate description of the physical process. Also, since most reservoir rocks appear to be water-wet and contain connate water along with oil, it would provide a method of technical and economic value for calculating the course of oil displacement by water directly from measured reservoir and fluid properties. It is important to emphasize that the calculation is subject only to the limitations of detail and precision of reservoir information, but not to limitations introduced by simplifying assumptions. Further, it would providc almost the only means of examining the influence of factors such as the size and extent of reservoir inhomogeneities and uncertainties in the basic reservoir data. Knowledge of this influence is essential in stating quantitatively the detail required to define a reservoir and in establishing the relation between the uncertainty in the definition of reservoir properties and the reliability of predicted performance. Moreover, in the process of solving a particular problem much detailed information would become available about the displacement process. For example, at each point in the reservoir for all stages of the displace ment. the calculations would yield not only the water and oil saturations but also the direction and magnitude of fluid velocities and the local fluid mobilities. Such dctail is potentially of great value in giving insight into the mechanics of particular displacements. The development of such a method has long been the goal of research in the application of numerical an-alysis to petroleum reservoir enginecrinz. The most complete treatment of the displacement process published to date is that of Douglas. Blair, and Wagner,' which, however, was limited to flow in a single dimension. The method presented in the present work is hascd on the numerical solution of a finite difference analogue of the multi-dimensional differential system describing the displacement process. Although current work has considered only displacement of oil by water from water-wet sands, the differential system for other immiscible displacements, such as gas displacing oil with which it is in phase equilibrium, is quite similar. It should therefore be expected that the technique described will be applicable to displacement by gas as well. The description of the simultaneous flow of fluids through porous media in terms of relative perrncability and capillary pressure has been adequately discussed in the literature and standard textbooks. Sec, for exampje, Muskat. Chapter VII.'

By J. J. Luchessa

HAULAGE was one of the many problems to be solved in the successful handling of the Miami Copper Company's low-grade orebody. The ore extracted had to be increased from 1000 to 18,000 tons per 24 hours over the existing track-age and haulage way. This called for increased speed, longer trains, in¬creased car capacity, and a block signal system so as to maintain a fixed schedule and headway. The motive power in service at the time of this transition consisted of Baldwin-Westinghouse 6-ton trolley locomotives. (See Fig. 3.) These locomotives were purchased to handle twenty inverted-V-bottom side-dump cars of 60 cu. ft. capacity. Dimensions were limited as to height on account of ore chutes, width on account of short radius curves, and length of 12 ft. from bumper to bumper- so that the locomotives could be handled on the man and material hoist which has a cage length of 121/ ft. The limited length made it possible to bring the locomotives to the surface for periodic overhauling and major repairs such as changing wheel tires, gears, and

Jan 1, 1934

By T. B. Counselman

WHEN one thinks of Minnesota iron ore, one thinks of big open pits, where high- grade ore is simply scooped up with a power shovel, loaded into cars, and hauled away for shipment to the blast furnace. On the western end of the Mesabi range, however, are large tonnages of iron ore which contain too much silica to be used directly in the blast furnace, and these ores must first be concentrated to a purer form. The Mesabi range is about 100 miles long and a maximum of 3 miles wide. The iron formation, which in its unaltered form is called taconite: consists of a banded iron- bearing chert. Where the high-grade ore bodies occur, these have resulted from folding and cracking with sub- sequent leaching out of the silica, leaving the iron oxide behind. The big open pits and the underground mines are situated in these concentrations.

Jan 1, 1941

By Henry M. Howe

THE death of Sir Lowthian Bell removes almost the last of the group of heroic leaders who made their age and ours the Age of Steel-a group which his luster and the luster of his peers, Bessemer, Siemens and Tunner, made one of the most brilliant, perhaps even the most brilliant, in the annals of industry. Born on February 15th, 1816, in Newcastle-on-Tyne, he was the eldest son of Thomas Bell, an alderman of Newcastle, and of his wife Catherine Lowthian of Newbiggin, near Carlisle, in Cumberland, and was christened Isaac Lowthian, the name of his maternal grandfather. His father was born about 1788, and came in 1808 from Newbiggin to Newcastle, where he entered the office of the Cumbrian firm of Losh and Company, manufacturers of alkali and wrought-iron, at the Walker Iron and Alkali Works, at Walker, Dear Newcastle. Young Isaac Lowthian Bell was educated at Dr. Bruce's school in Newcastle, whence he went to Germany and Denmark, learning there German and Danish. On his return he studied at Edinburgh University, and then at the Sorboune in Paris. As a student he already showed the remarkable character and application which later gained him such distinction. After studying the manufacture of alkali near Marseilles, he returned, and when about twenty years old (A.D. 1836) was employed in his father's firm, then called Losh, Wilson, and Bell. After spending a year in their Newcastle offices, and after visiting the important iron-making districts of France, Germany, Poland, and Austria, he took charge of their rolling-mills at Walker, and profited so well by his opportunities, and especially by the teachings of his father and of Mr. John Vaughan (later one of the founders of the great firm of Bolckow, Vaughan & Co.), that he was made manager of the Walker works in or about

Sep 1, 1905

OF THE many categories into which scientific knowledge has been arbitrarily divided, the one which has proved most applicable in our attempts to gain an insight into the details of steelmaking processes is physical chemistry. To the young metallurgist who has only recently survived a college course in this subject, the application of its principles to reactions in liquid steel should not be difficult. To one who has had no such course or whose auld acquaintance with the subject has all but been forgot, such application is all too often thwarted by the abstruse presentations of the subject found in many of the available textbooks. AS a tool for the control of a complex process involving many chemical reactions, physical chemistry can become very valuable. The specialist who is using this tool for many purposes and perhaps contributing to its development will want to know a great deal more about it than can be included in this book. He will be interested in its history, its accomplishments and limitations, and its applications to many and varied problems. To the steelmaker or metallurgist, however, it is only one of a number of tools that he must use. He is willing to forego the detailed study of its inner workings in order to concentrate upon the development of skill in its application. It is the purpose of this chapter to present a simplified view of physical chemistry as a tool of great potential usefulness. This purpose and the desire for brevity have required the elimination of many of the gadgets with which the tool is usually adorned. It is hoped that this simplification will be conducive to clear understanding. The beginner is urged not to overlook the more extended treatments of the standard textbooks.* He is assured at the same time that the basic tool is sound and serviceable and is guaranteed to give satisfaction if regularly lubricated with common sense. Certain parts of physical chemistry require rather formidable mathematics for their complete development, but in the main those applications in which we are here interested can be expressed in fairly

Jan 1, 1944

By Stephen R. Holsinger

During 1972, Asarco's Silver Bell Unit embarked upon a project to test a digital computer-controlled grinding circuit against the performance of its other five grinding lines. The planning, implementation, and subsequent outcome of that project has been previously reported in a paper by Pitts 1, et al. This paper will describe the solutions to major problems incurred during the implementation of this control strategy on the remaining five primary grinding lines. Changes made in operating philosophy and methods during the expansion will also be discussed.

Jan 12, 1978

By W. P. Yant

THIS paper presents evidence of the general occurrence of methane in a large number of the coal fields of the United States and substantiates the apparent unnecessary differences in the ventilation requirements and codes in the various states, as was brought to the attention of the Committee on Mine Ventilation of the American Institute of Mining and Metallurgical Engineers at its Pittsburgh meeting in October, 1925, by J. A. Garcia.1 The data in his report have been compiled from the files of the Gas Laboratory of the Pittsburgh Experiment Station of the Bureau of Mines and represent samples collected throughout the various states and submitted for analysis by its engineers, also by mine operators and State mining departments, since 1911. Several thousand analyses were available but most of them were rejected because they represented abnormal conditions, undefined place of sampling, special investigations, or duplications in the same mine. Only those samples were included which, without reasonable doubt, were ascertained to fall within three major classes, namely, main return, air splits, and face and rooms of live workings. In the case of air splits, and face and room samples, only the one which contained the highest percentage of methane found in a given mine was taken.

Jan 1, 1927

By L. D. Jaffe, J. H. Hollomon

The effect of tempering temperature and time upon the properties of quenched steel is clearly a subject of great practical importance, as well as of considerable theoretical interest. It would be very desirable to be able to predict the properties of a quenched steel when given any selected tempering cycle, with a minimum of experimental work upon that heat or even type of steel. Two problems are involved: one consists of relating the structure obtained to the physical properties, and will not be discussed here; the other, with which this paper deals, involves the relations of time, temperature and composition with the structure obtained 011 tempering. Indentation hardness is perhaps the most convenient quantitative measure of the tempered structure, or of what might be called the "degree of tempering." Undoubtedly, it is not an exact measure, and in some cases (as when temper-brittleness occurs) pieces of the same quenched and tempered steel may have widely differing properties at the same hardness. However, hardness has the advantage of being simple to determine and is certainly the most widely used indication of the degree of tempering. Moreover, for fully quenched steels that are not temper-brittle and do not contain retained austenite when quenched, it appears that, in general, if the hardness of the steel is the same, the tensile and impact properties will also be identical, whether a high or a low tempering temperature is used. The tempering charts available in the metallurgical literature usually give the hardness as a function of tempering temperature for only one tempering time. However, in practice, tempering times frequently vary, and a method of converting tempering curves for one time to tempering curves for some other time would be very valuable. It is also advantageous, in determining the tempering treatment necessary for a given part, not to have to temper samples at several temperatures for the time used for the commercial tempering operation. A more satisfactory procedure would be to employ times of the order of 10 to 30 min., rather than 5 or 10 hr., and if possible to use only one temperature. Furthermore, it is frequently desirable, for reasons such as temper-brittleness,* to obtain a given hardness with short times at relatively high temperatures, and it would be convenient to be able to compute without tests the time required to produce this hardness. Remarkably few quantitative studies of the hardness of quenched steel tempered over wide ranges of temperature and time

Jan 1, 1945

By Percy A. Robbins

The central power-station of the De Beers Consolidated Mines, Ltd., was designed and built under my supervision about five years ago. Since no detailed description of this plant has ever appeared, it may possess sufficient interest to arrant its publication, even at this late date. Although some additions may have been made to the plant, the following account, prepared from my notes, and accurate up to May, 1905 (at which time I severed my connection with the De Beers Company), will, I think, be found substantially correct. Certain local conditions governing the design of this plant should be stated first. IT. General Considerations. The climate is hot and dry. The region around Kimberley is arid and water is very scarce. The supply obtained from the mines contains so much material in solution that it is unfit for use in boilers or condensers (although tests recently made with a water-softening plant, built by Hans Reisert, of Germany, would indicate that water thus treated is suitable for boilers). And the amount of water required for concentrating about 30,000 tons of ore per day is so large that the question of adequate water-supply for this power-station had to be carefully considered. The rainy season extends from December to April, and the rainfall averages about 15 in. per year. Droughts are frequent; and in some years there is scarcely any rain at all.

Jan 1, 1909

By Richard Thomas Newcomb

Chapters 5a, 5b, and 6 discuss the long- run supply of minerals and the characteristics of reserve search and production peculiar to extractive industries. It is now necessary to complete the picture by examining supply and demand in commodity markets to show how mineral prices are determined and how both price and production trends might be predicted over long periods of time. These practical interests can be served best by reviewing first some of the characteristics of the short-run static market models familiar to all readers of elementary economic texts, and then extending the theory to models of a more dynamic nature. It is important at the outset to note that economic theory provides a wide variety of economic models based on varying assumptions concerning the behavior of economic agents, the properties of the goods, the time period considered, and so on. Each variety of model offers certain analytical advantages and suffers certain shortcomings. The art of the applied economist or practioner lies in knowing enough both about the technology and practice of his problem and about theory to select the appropriate models for his analysis. In our approach it will be useful first to consider the role of markets for minerals and mineral products in relation to the efficient determination of what and how goods are produced in the whole economy, i.e., a general system of markets, before getting down to the task of analyzing supply and demand conditions in specific markets. The former study is called general equilibrium analysis, while the latter is called partial. By equilibrium is meant a state of the sys- tem under study in which supply equals demand in each market, and the prices which equilibrate the quantities offered and asked are called equilibrium prices. The tendency of prices to return toward equilibrium values if temporarily displaced, or to converge to new equilibrium values if important new conditions for supply or for demand are placed, defines "stable" equilibrium systems. The short-run describes a period in which adjustments to fixed capital are not made, although variable factors such as labor or materials can be adjusted. The long-run envisions a period in which fixed capital and other such constraints can be adjusted. Thus, it may take a sharp increase in price to bring out additional supply of a factor in the short-run with existing plant, while new capacity might permit additional quantities in the long-run without an increase in supply price.

Jan 1, 1976