Grogue

A.C. = w₀L_hS_f Labour ✦749 Shadow wage w₀ ✦16 an hour × L_h 20 hours per tonne × skill factor S_f 2.34 S_f for industry: training ✦45,000 against ✦45,000, queue 20 hours against 48 + Σ q_iP_irλ_i Materials ✦914 Sugar: 3 t × $225/t × r 1.5 × border 0.90 × λ 1.00 = ✦912 Timber: 20 kg × $75/t × r 1.5 × border 0.72 × λ 1.00 = ✦1.63 + (D + M_o)α_e Capital ✦522 Depreciation and maintenance ✦360 per tonne × financing 1.45 × waste factor α_e 1.00 Financing is interest at 6% on equipment's average value over a 15-year life. α_e is 1.00 when maintenance hours and defects are on target. + Ep_e Energy ✦90 E 1,800 kWh per tonne × p_e ✦0.05 per kWh = ✦2,275

A.V. = rP*_world Accounted value ✦4,425 per tonne World price $3,000 per tonne less freight and insurance 1.67% = P* $2,950 × r 1.5 crowns per US dollar Export parity: the price at the Commonwealth border for a good it sells abroad. Observed abroad, not calculated: a wasteful producer raises only its own cost. = ✦4,425

Revenue = A.V. × Q Accounted revenue ✦54.7 m p.a. Domestic: 11,240 t × ✦4,425 = ✦49.7 m Exports: 1,124 t × ✦4,425 = ✦4.97 m = ✦54.7 m

Surplus = (A.V. − A.C.) × Q − levies Accounted surplus ✦25.8 m p.a. Revenue ✦54.7 m − cost ✦2,275 × 12,360 t = ✦26.6 m Export charges ✦746,100: 15% of export revenue (federal levy and permit fee) Distributed 40% to reinvestment, 20% to the municipal aggregate and 40% swept to the Treasury. = ✦25.8 m