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Subject 4. Auctions
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #subject-4-auctions
Auctions can be used to arrive at equilibrium price.

  • Auctions can have bidders trying to buy an item (e.g., Christie's, eBay).
  • Auctions can have bidders trying to sell an item (e.g., Procurement, priceline.com).

Auctions can be classified as one of two types:

  • Common value auction: the value of the item is the same to everyone but different bidders have different estimates about the underlying value. Examples: oil, timber, items with resale value.
  • Private value auction: bidders know the value of the item to themselves with certainty but there is uncertainty regarding other bidders' values. Examples: collectibles, art items.

There are also many different methods for auctioning items:

  • Open outcry English (ascending price) auction: The auctioneer starts at a reserve price and increases the price until only one bidder is left. That bidder wins the auction at the current price.
  • First-price sealed-bid auction: Everyone writes down a bid in secret. The person with the highest bid wins the object and pays what he bids.
  • Second-price sealed-bid (Vickery) auction: Everyone writes down a bid in secret. The person with the highest bid wins the object and pays the second highest bid (used for stamps and by Goethe).
  • Dutch (descending price) auction: The auctioneer starts at a high price and decreases the price until a bidder accepts the price.

The winner's curse means that the winner of an auction will frequently have bid too much for the auctioned item: you win, you lose money, and you curse.

A Dutch auction share repurchase is when a company agrees to buy back a fixed amount of its outstanding shares within a certain price range. Offers come in from investors who specify the price within the given range at which they'll sell their shares. The company then buys back the shares of those who bid the lowest first and continues on up the line until they have bought back the amount that they said they would.

The U. S. Treasury security auctions are conducted using the single-price auction method. All successful competitive bidders and all noncompetitive bidders are awarded securities at the price equivalent to the highest rate or yield of accepted competitive tenders.
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A Change in the Quantity Supplied Versus a Change in Supply
#cfa #cfa-level-1 #economics #has-images #microeconomics #reading-13-demand-and-supply-analysis-introduction #subject-2-basic-principles-and-concepts

The quantity supplied of a good or service is the amount that producers plan to sell during a given time period at a particular price.

Price is just one of the factors that affect producers' supply decisions. The supply curve isolates the impact of price on the quantity of a product supplied and assumes that all other factors stay the same.

  • A change in quantity supplied is caused by a price change ONLY. It is a movement along the same supply curve.
  • When one of the other factors that influence selling plans changes, there is a change in supply and a shift of the supply curve.

Example 6

A tax will shift the supply curve up by the amount of the tax.

At every price level, less is supplied. For example, at price P0, originally Q0 is supplied. After the tax, Q1 is supplied at price P0.
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Subject 2. Basic Principles and Concepts
in the cost of producing the good causes supply to shift leftward. An increase in the number of firms and a decrease in taxes cause supply to shift rightward. A change in price causes a movement along supply, not a shift. <span>A Change in the Quantity Supplied Versus a Change in Supply The quantity supplied of a good or service is the amount that producers plan to sell during a given time period at a particular price. Price is just one of the factors that affect producers' supply decisions. The supply curve isolates the impact of price on the quantity of a product supplied and assumes that all other factors stay the same. A change in quantity supplied is caused by a price change ONLY. It is a movement along the same supply curve. When one of the other factors that influence selling plans changes, there is a change in supply and a shift of the supply curve. Example 6 A tax will shift the supply curve up by the amount of the tax. At every price level, less is supplied. For example, at price P 0 , originally Q 0 is supplied. After the tax, Q 1 is supplied at price P 0 .<span><body><html>




Change in quantity supplied vs change in supply
#cfa #cfa-level-1 #economics #has-images #microeconomics #reading-13-demand-and-supply-analysis-introduction #subject-2-basic-principles-and-concepts
The quantity supplied is the amount that producers plan to sell during a given time period at a particular price.

Price is just one of the factors that affect producers' supply decisions. The supply curve isolates the impact of price on the quantity of a product supplied and assumes that all other factors stay the same.

  • A change in quantity supplied is caused by a price change ONLY. It is a movement along the same supply curve.
  • When one of the other factors that influence selling plans changes, there is a change in supply and a shift of the supply curve.

Example 6

A tax will shift the supply curve up by the amount of the tax.

At every price level, less is supplied. For example, at price P0, originally Q0 is supplied. After the tax, Q1 is supplied at price P0.
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The quantity supplied of a good or service is the amount that producers plan to sell during a given time period at a particular price. Price is just one of the factors that affect producers' supply decisions. The supply curve isolates the impact of price on the quantity of a product supplied and assumes that all other factors stay the same. A change in quantity supplied is caused by a price change ONLY. It is a movement along the same supply curve. When one of the other factors that influence selling plans changes, there is a change in supply and a shift of the supply curve. Example 6 A tax will shift the supply curve up by the amount of the tax. At every price level, less is supplied. For example, at price P 0 , originally Q 0 is supplied. After the tax, Q 1 is supplied at price P 0 .

Original toplevel document

Subject 2. Basic Principles and Concepts
in the cost of producing the good causes supply to shift leftward. An increase in the number of firms and a decrease in taxes cause supply to shift rightward. A change in price causes a movement along supply, not a shift. <span>A Change in the Quantity Supplied Versus a Change in Supply The quantity supplied of a good or service is the amount that producers plan to sell during a given time period at a particular price. Price is just one of the factors that affect producers' supply decisions. The supply curve isolates the impact of price on the quantity of a product supplied and assumes that all other factors stay the same. A change in quantity supplied is caused by a price change ONLY. It is a movement along the same supply curve. When one of the other factors that influence selling plans changes, there is a change in supply and a shift of the supply curve. Example 6 A tax will shift the supply curve up by the amount of the tax. At every price level, less is supplied. For example, at price P 0 , originally Q 0 is supplied. After the tax, Q 1 is supplied at price P 0 .<span><body><html>




M2-receptors modulate muscarinic potassium channels.
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M2-receptors modulate muscarinic potassium channels. [11] [12] In the heart, this contributes to a decreased heart rate. They do so by the G beta gamma subunit of the G protein coupled to M 2 . This part of the G protein can open K + ch

Original toplevel document

Muscarinic acetylcholine receptor M2 - Wikipedia
is claim instead found no significant association between the CHRM2 gene and intelligence. [8] Olfactory behavior[edit] Mediating olfactory guided behaviors (e.g. odor discrimination, aggression, mating) [9] Mechanism of action[edit] <span>M 2 muscarinic receptors act via a G i type receptor, which causes a decrease in cAMP in the cell, generally leading to inhibitory-type effects. They appear to serve as autoreceptors. [10] In addition, they modulate muscarinic potassium channels. [11] [12] In the heart, this contributes to a decreased heart rate. They do so by the G beta gamma subunit of the G protein coupled to M 2 . This part of the G protein can open K + channels in the parasympathetic notches in the heart, which causes an outward current of potassium, which slows down the heart rate. Ligands[edit] Few highly selective M 2 agonists are available at present, although there are several non-selective muscarinic agonists that stimulate M 2 , and a number of selectiv




M2-receptors modulate muscarinic potassium channels.[11][12] In the heart, this contributes to a decreased heart rate.
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M2-receptors modulate muscarinic potassium channels. [11] [12] In the heart, this contributes to a decreased heart rate. They do so by the G beta gamma subunit of the G protein coupled to M 2 . This part of the G protein can open K + channels in the parasympathetic notches in the heart, which causes an o

Original toplevel document

Muscarinic acetylcholine receptor M2 - Wikipedia
is claim instead found no significant association between the CHRM2 gene and intelligence. [8] Olfactory behavior[edit] Mediating olfactory guided behaviors (e.g. odor discrimination, aggression, mating) [9] Mechanism of action[edit] <span>M 2 muscarinic receptors act via a G i type receptor, which causes a decrease in cAMP in the cell, generally leading to inhibitory-type effects. They appear to serve as autoreceptors. [10] In addition, they modulate muscarinic potassium channels. [11] [12] In the heart, this contributes to a decreased heart rate. They do so by the G beta gamma subunit of the G protein coupled to M 2 . This part of the G protein can open K + channels in the parasympathetic notches in the heart, which causes an outward current of potassium, which slows down the heart rate. Ligands[edit] Few highly selective M 2 agonists are available at present, although there are several non-selective muscarinic agonists that stimulate M 2 , and a number of selectiv




M2-receptorer decreases heartrate by the G beta gamma subunit of the G protein coupled to M2.
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M2-receptors modulate muscarinic potassium channels. [11] [12] In the heart, this contributes to a decreased heart rate. They do so by the G beta gamma subunit of the G protein coupled to M 2 . This part of the G protein can open K + channels in the parasympathetic notches in the heart, which causes an outward current of potassium, which slows down the heart rate.

Original toplevel document

Muscarinic acetylcholine receptor M2 - Wikipedia
is claim instead found no significant association between the CHRM2 gene and intelligence. [8] Olfactory behavior[edit] Mediating olfactory guided behaviors (e.g. odor discrimination, aggression, mating) [9] Mechanism of action[edit] <span>M 2 muscarinic receptors act via a G i type receptor, which causes a decrease in cAMP in the cell, generally leading to inhibitory-type effects. They appear to serve as autoreceptors. [10] In addition, they modulate muscarinic potassium channels. [11] [12] In the heart, this contributes to a decreased heart rate. They do so by the G beta gamma subunit of the G protein coupled to M 2 . This part of the G protein can open K + channels in the parasympathetic notches in the heart, which causes an outward current of potassium, which slows down the heart rate. Ligands[edit] Few highly selective M 2 agonists are available at present, although there are several non-selective muscarinic agonists that stimulate M 2 , and a number of selectiv




Flashcard 1420206935308

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According to [...], animals have two environments: the milieu extérieur that physically surrounds the whole organ- ism; and the milieu intérieur, in which the tissues and cells of the organism live
Answer
Bernard

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According to Bernard, animals have two environments: the milieu extérieur that physically surrounds the whole organ- ism; and the milieu intérieur, in which the tissues and cells of the organism live</spa

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Flashcard 1420208508172

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According to Bernard, animals have two environments: the [...] that physically surrounds the whole organ- ism; an,d the [...], in which the tissues and cells of the organism live
Answer
mileu extereur milieu intérieur

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According to Bernard, animals have two environments: the milieu extérieur that physically surrounds the whole organ- ism; and the milieu intérieur, in which the tissues and cells of the organism live

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Flashcard 1420210867468

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According to Bernard, animals have two environments: the milieu extérieur [...]; and the milieu intérieur, in which the tissues and cells of the organism live
Answer
that physically surrounds the whole organ- ism

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According to Bernard, animals have two environments: the milieu extérieur that physically surrounds the whole organ- ism; and the milieu intérieur, in which the tissues and cells of the organism live

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Flashcard 1420212440332

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According to Bernard, animals have two environments: the milieu extérieur that physically surrounds the whole organ- ism; and the milieu intérieur, in which [...]
Answer
the tissues and cells of the organism live

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According to Bernard, animals have two environments: the milieu extérieur that physically surrounds the whole organ- ism; and the milieu intérieur, in which the tissues and cells of the organism live

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Flashcard 1420214013196

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Vad är milleu interiur?
Answer
the tissues and cells of the organism live

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According to Bernard, animals have two environments: the milieu extérieur that physically surrounds the whole organ- ism; and the milieu intérieur, in which the tissues and cells of the organism live

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Flashcard 1420216372492

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Vad är milleu exteriur?
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Det som fysiskt omger en organism

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According to Bernard, animals have two environments: the milieu extérieur that physically surrounds the whole organ- ism; and the milieu intérieur, in which the tissues and cells of the organism live

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Flashcard 1420218731788

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[...] converts the endometrium to its secretory stage to prepare the uterus for implantation.
Answer
Progesterone

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Progesterone converts the endometrium to its secretory stage to prepare the uterus for implantation.

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Progesterone - Wikipedia
terestingly, progesterone has also been shown to demonstrate effects on octopus spermatozoa. [43] Progesterone is sometimes called the "hormone of pregnancy", [44] and it has many roles relating to the development of the fetus: <span>Progesterone converts the endometrium to its secretory stage to prepare the uterus for implantation. At the same time progesterone affects the vaginal epithelium and cervical mucus, making it thick and impenetrable to sperm. Progesterone is anti-mitogenic in endometrial epithelial cell







Flashcard 1420220304652

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Progesterone converts the [...] to its secretory stage to prepare the uterus for implantation.
Answer

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Progesterone converts the endometrium to its secretory stage to prepare the uterus for implantation.

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Progesterone - Wikipedia
terestingly, progesterone has also been shown to demonstrate effects on octopus spermatozoa. [43] Progesterone is sometimes called the "hormone of pregnancy", [44] and it has many roles relating to the development of the fetus: <span>Progesterone converts the endometrium to its secretory stage to prepare the uterus for implantation. At the same time progesterone affects the vaginal epithelium and cervical mucus, making it thick and impenetrable to sperm. Progesterone is anti-mitogenic in endometrial epithelial cell







Flashcard 1420221877516

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Progesterone converts the endometrium to its [...] stage to prepare the uterus for implantation.
Answer
secretory

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Progesterone converts the endometrium to its secretory stage to prepare the uterus for implantation.

Original toplevel document

Progesterone - Wikipedia
terestingly, progesterone has also been shown to demonstrate effects on octopus spermatozoa. [43] Progesterone is sometimes called the "hormone of pregnancy", [44] and it has many roles relating to the development of the fetus: <span>Progesterone converts the endometrium to its secretory stage to prepare the uterus for implantation. At the same time progesterone affects the vaginal epithelium and cervical mucus, making it thick and impenetrable to sperm. Progesterone is anti-mitogenic in endometrial epithelial cell







Flashcard 1420223450380

Question
Progesterone converts the endometrium to its secretory stage to prepare the [...] for implantation.
Answer
uterus

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Progesterone converts the endometrium to its secretory stage to prepare the uterus for implantation.

Original toplevel document

Progesterone - Wikipedia
terestingly, progesterone has also been shown to demonstrate effects on octopus spermatozoa. [43] Progesterone is sometimes called the "hormone of pregnancy", [44] and it has many roles relating to the development of the fetus: <span>Progesterone converts the endometrium to its secretory stage to prepare the uterus for implantation. At the same time progesterone affects the vaginal epithelium and cervical mucus, making it thick and impenetrable to sperm. Progesterone is anti-mitogenic in endometrial epithelial cell







Flashcard 1420225023244

Question
Progesterone converts the endometrium to its secretory stage to prepare the uterus for [...].
Answer
implantation

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Progesterone converts the endometrium to its secretory stage to prepare the uterus for implantation.

Original toplevel document

Progesterone - Wikipedia
terestingly, progesterone has also been shown to demonstrate effects on octopus spermatozoa. [43] Progesterone is sometimes called the "hormone of pregnancy", [44] and it has many roles relating to the development of the fetus: <span>Progesterone converts the endometrium to its secretory stage to prepare the uterus for implantation. At the same time progesterone affects the vaginal epithelium and cervical mucus, making it thick and impenetrable to sperm. Progesterone is anti-mitogenic in endometrial epithelial cell







V1 receptors (V1Rs) are found in high density on vascular smooth muscle and cause vasoconstriction by an increase in intracellular calcium via the phosphatidyl–inositol-bisphosphonate cascade.
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V 1 receptors (V 1 Rs) are found in high density on vascular smooth muscle and cause vasoconstriction by an increase in intracellular calcium via the phosphatidyl–inositol-bisphosphonate cascade. [1] Cardiac myocytes also possess V 1 R. Additionally V 1 R are located in brain, testis, superior cervical ganglion, liver, blood vessels, and renal medulla. [1] V 1 R is present on

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Vasopressin receptor - Wikipedia
f collecting duct, vascular endothelium and vascular smooth muscle cell insertion of AQP-2 water channels into apical membrane, induction of AQP-2 synthesis, releases von Willebrand factor and factor VIII, vasodilation V 1 receptor[edit] <span>V 1 receptors (V 1 Rs) are found in high density on vascular smooth muscle and cause vasoconstriction by an increase in intracellular calcium via the phosphatidyl–inositol-bisphosphonate cascade. [1] Cardiac myocytes also possess V 1 R. Additionally V 1 R are located in brain, testis, superior cervical ganglion, liver, blood vessels, and renal medulla. [1] V 1 R is present on platelets, which upon stimulation induces an increase in intracellular calcium, facilitating thrombosis. Studies have indicated that due to polymorphism of platelet V 1 R there is significant heterogeneity in the aggregation response of normal human platelets to vasopressin. [1] V 1 Rs are found in kidney, where they occur in high density on medullary interstitial cells, vasa recta, and epithelial cells of the collecting duct. [1] Vasopressin acts on medullary vasculature through V 1 R to reduce blood flow to inner medulla without affecting blood flow to outer medulla. V 1 Rs on the luminal membrane of the collecting duct limit the antidiuretic action of vasopressin. Additionally, vasopressin selectively contracts efferent arterioles probably through the V 1 R, but not the afferent arteriole. [1] V 2 receptor[edit] V 2 receptor (V 2 R) differs from V 1 R primarily in the number of sites susceptible to N-linked glycosylation; the V 1 R has sites at both the amino-terminus a




Flashcard 1420228168972

Question
M2 muscarinic receptors act via a [...] type receptor, which causes a decrease in cAMP in the cell, generally leading to inhibitory-type effects. They appear to serve as autoreceptors
Answer
Gi

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M 2 muscarinic receptors act via a G i type receptor, which causes a decrease in cAMP in the cell, generally leading to inhibitory-type effects. They appear to serve as autoreceptors

Original toplevel document

Muscarinic acetylcholine receptor M2 - Wikipedia
is claim instead found no significant association between the CHRM2 gene and intelligence. [8] Olfactory behavior[edit] Mediating olfactory guided behaviors (e.g. odor discrimination, aggression, mating) [9] Mechanism of action[edit] <span>M 2 muscarinic receptors act via a G i type receptor, which causes a decrease in cAMP in the cell, generally leading to inhibitory-type effects. They appear to serve as autoreceptors. [10] In addition, they modulate muscarinic potassium channels. [11] [12] In the heart, this contributes to a decreased heart rate. They do so by the G beta gamma subunit of the G protein coupled to M 2 . This part of the G protein can open K + channels in the parasympathetic notches in the heart, which causes an outward current of potassium, which slows down the heart rate. Ligands[edit] Few highly selective M 2 agonists are available at present, although there are several non-selective muscarinic agonists that stimulate M 2 , and a number of selectiv







Flashcard 1420229741836

Question
M2 muscarinic receptors act via a Gi type receptor, which causes a decrease in [...] in the cell, generally leading to inhibitory-type effects. They appear to serve as autoreceptors
Answer
cAMP

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M 2 muscarinic receptors act via a G i type receptor, which causes a decrease in cAMP in the cell, generally leading to inhibitory-type effects. They appear to serve as autoreceptors

Original toplevel document

Muscarinic acetylcholine receptor M2 - Wikipedia
is claim instead found no significant association between the CHRM2 gene and intelligence. [8] Olfactory behavior[edit] Mediating olfactory guided behaviors (e.g. odor discrimination, aggression, mating) [9] Mechanism of action[edit] <span>M 2 muscarinic receptors act via a G i type receptor, which causes a decrease in cAMP in the cell, generally leading to inhibitory-type effects. They appear to serve as autoreceptors. [10] In addition, they modulate muscarinic potassium channels. [11] [12] In the heart, this contributes to a decreased heart rate. They do so by the G beta gamma subunit of the G protein coupled to M 2 . This part of the G protein can open K + channels in the parasympathetic notches in the heart, which causes an outward current of potassium, which slows down the heart rate. Ligands[edit] Few highly selective M 2 agonists are available at present, although there are several non-selective muscarinic agonists that stimulate M 2 , and a number of selectiv







Antidiuretic effect of vasopressin occurs via activation of V2R.
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rs from V 1 R primarily in the number of sites susceptible to N-linked glycosylation; the V 1 R has sites at both the amino-terminus and at the extracellular loop, whereas the V 2 R has a single site at the extracellular amino-terminus. [1] <span>The well known antidiuretic effect of vasopressin occurs via activation of V 2 R. [1] Vasopressin regulates water excretion from the kidney by increasing the osmotic water permeability of the renal collecting duct – an effect that is explained by coupling of the V 2

Original toplevel document

Vasopressin receptor - Wikipedia
luminal membrane of the collecting duct limit the antidiuretic action of vasopressin. Additionally, vasopressin selectively contracts efferent arterioles probably through the V 1 R, but not the afferent arteriole. [1] V 2 receptor[edit] <span>V 2 receptor (V 2 R) differs from V 1 R primarily in the number of sites susceptible to N-linked glycosylation; the V 1 R has sites at both the amino-terminus and at the extracellular loop, whereas the V 2 R has a single site at the extracellular amino-terminus. [1] The well known antidiuretic effect of vasopressin occurs via activation of V 2 R. [1] Vasopressin regulates water excretion from the kidney by increasing the osmotic water permeability of the renal collecting duct – an effect that is explained by coupling of the V 2 R with the G s signaling pathway, which activates cAMP. Interestingly, the V 2 R continues to activate G s after being internalized by β-arrestin rather than being desensitized. This internalized G s signaling by V 2 R is explained by the receptors ability to form "mega-complexes" consisting of a single V 2 R, β-arrestin, and heterotrimeric G s . [3] The increased intracellular cAMP in the kidney in turn triggers fusion of aquaporin-2-bearing vesicles with the apical plasma membrane of the collecting duct principal cells, increasing water reabsorption. [1] V 3 receptor[edit] The human V 3 receptor (V 3 R, previously known as V 1B R) is a G-protein-coupled pituitary receptor that, because of its scarcity, was only recently characteri