# on 16-Dec-2016 (Fri)

#### Flashcard 1425580363020

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Reading 16 completes the picture by addressing revenue and explains the types of markets in which firms [...].
sell output

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Reading 16 completes the picture by addressing revenue and explains the types of markets in which firms sell output. Overall, the study session provides the economic tools for understanding how product and resource markets function and the competitive characteristics of different industries.</

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Study Session 4
nsumption. Reading 15 deals with the theory of the firm, focusing on the supply of goods and services by profit-maximizing firms. That reading provides the basis for understanding the cost side of firms’ profit equation. <span>Reading 16 completes the picture by addressing revenue and explains the types of markets in which firms sell output. Overall, the study session provides the economic tools for understanding how product and resource markets function and the competitive characteristics of different industries.<span><body><html>

#### Flashcard 1425614966028

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Reading 13 is organized as follows.

Section 2 explains how economists classify markets.

Section 3 covers the basic principles and concepts of demand and supply analysis of markets.

Section 4 introduces [...] of demand to changes in prices and income.
measures of sensitivity

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This reading is organized as follows. Section 2 explains how economists classify markets. Section 3 covers the basic principles and concepts of demand and supply analysis of markets. Section 4 introduces measures of sensitivity of demand to changes in prices and income. <span><body><html>

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1. INTRODUCTION
s to converge to an equilibrium price? What are the conditions that would make that equilibrium stable or unstable in response to external shocks? How do different types of auctions affect price discovery? <span>This reading is organized as follows. Section 2 explains how economists classify markets. Section 3 covers the basic principles and concepts of demand and supply analysis of markets. Section 4 introduces measures of sensitivity of demand to changes in prices and income. A summary and practice problems conclude the reading. <span><body><html>

#### Flashcard 1425652976908

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if the price of exports decreases relative to the price of imports, the terms of trade have [...]
deteriorated

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if the price of exports decreases relative to the price of imports, the terms of trade have deteriorated because the country will be able to purchase fewer imports with the same amount of exports.

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2.1. Basic Terminology
e to a South African diamond exporter, Britain would classify the cost of the insurance as an export of services to South Africa. Other examples of services exported/imported include engineering, consulting, and medical services. <span>The terms of trade are defined as the ratio of the price of exports to the price of imports, representing those prices by export and import price indices, respectively. The terms of trade capture the relative cost of imports in terms of exports. If the prices of exports increase relative to the prices of imports, the terms of trade have improved because the country will be able to purchase more imports with the same amount of exports.2 For example, when oil prices increased during 2007–2008, major oil exporting countries experienced an improvement in their terms of trade because they had to export less oil in order to purchase the same amount of imported goods. In contrast, if the price of exports decreases relative to the price of imports, the terms of trade have deteriorated because the country will be able to purchase fewer imports with the same amount of exports. Because each country exports and imports a large number of goods and services, the terms of trade of a country are usually measured as an index number (normalized to 100 in some base year) that represents a ratio of the average price of exported goods and services to the average price of imported goods and services. Exhibit 1shows the terms of trade reported in Salvatore (2010). A value over (under) 100 indicates that the country, or group of countries, experienced better (worse) terms of trade rel

#### Flashcard 1425682599180

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In labor markets , households offer to sell their labor services when the payment they expect to receive exceeds the value of the [...] they must forgo.
leisure time

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In one type of factor market, called labor markets , households offer to sell their labor services when the payment they expect to receive exceeds the value of the leisure time they must forgo. In contrast, firms hire workers when they judge that the value of the productivity of workers is greater than the cost of employing them. A major source of household in

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2. TYPES OF MARKETS
fact may seem obvious, but it is fundamental to our understanding of markets. If a buyer values something more than a seller, not only is there an opportunity for an exchange, but that exchange will make both parties better off. <span>In one type of factor market, called labor markets , households offer to sell their labor services when the payment they expect to receive exceeds the value of the leisure time they must forgo. In contrast, firms hire workers when they judge that the value of the productivity of workers is greater than the cost of employing them. A major source of household income and a major cost to firms is compensation paid in exchange for labor services. Additionally, households typically choose to spend less on consumption than they earn from their labor. This behavior is called saving , through which households can accum

#### Flashcard 1425701735692

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Supply is the willingness of sellers to offer a [...] for a given price
given quantity of a good or service

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Supply is the willingness of sellers to offer a given quantity of a good or service for a given price

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3. BASIC PRINCIPLES AND CONCEPTS
#13; In this reading, we will explore a model of household behavior that yields the consumer demand curve. Demand , in economics, is the willingness and ability of consumers to purchase a given amount of a good or service at a given price. <span>Supply is the willingness of sellers to offer a given quantity of a good or service for a given price. Later, study on the theory of the firm will yield the supply curve. The demand and supply model is useful in explaining how price and quantity traded are determined and ho

#### Annotation 1425715629324

 Demand Function #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 Equation (1)  Qdx=f(Px,I,Py,...) Qdx = the quantity demanded of some good X (e.g. per household demand for gasoline in gallons per week), Px = Price of good X I = consumers’ income Py is the price of another good, Y. It may be read, “Quantity demanded of good X depends on (is a function of) the price of good X, consumers’ income, the price of good Y, and so on.”

3.1. The Demand Function and the Demand Curve
demand function . (In general, a function is a relationship that assigns a unique value to a dependent variable for any given set of values of a group of independent variables.) We represent such a demand function in Equation 1: <span>Equation (1)  Qdx=f(Px,I,Py,...) where Qdx represents the quantity demanded of some good X (such as per household demand for gasoline in gallons per week), P x is the price per unit of good X (such as $per gallon), I is consumers’ income (as in$1,000s per household annually), and P y is the price of another good, Y. (There can be many other goods, not just one, and they can be complements or substitutes.) Equation 1 may be read, “Quantity demanded of good X depends on (is a function of) the price of good X, consumers’ income, the price of good Y, and so on.” Often, economists use simple linear equations to approximate real-world demand and supply functions in relevant ranges. A hypothetical example of a specific demand function

#### Annotation 1425732406540

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 A change in a good’s own-price causes a movement along the demand curve, this is referred to as a change in quantity demanded, A change in the value of any other variable will shift the entire demand curve. This is referred to as a change in demand.

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but the intercepts have both increased, resulting in an outward shift in the demand curve, as shown in Exhibit 2. Exhibit 2. Household Demand Curve for Gasoline before and after Change in Income <span>In general, the only thing that can cause a movement along the demand curve is a change in a good’s own-price. A change in the value of any other variable will shift the entire demand curve. The former is referred to as a change in quantity demanded, and the latter is referred to as a change in demand. More importantly, the shift in demand was both a vertical shift upward and a horizontal shift to the right. That is to say, for any given quantity, the household is now wil

#### Flashcard 1426272161036

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question

The following equation represents an individual seller’s supply function:

Qsx=f(Px,W,…)

What does W stand for?

the wage rate of labor

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n, which represents an individual seller’s supply function: Equation (7)  Qsx=f(Px,W,…) where Qsx is the quantity supplied of some good X, such as gasoline, P x is the price per unit of good X, and W is <span>the wage rate of labor in, say, dollars per hour. It would be read, “The quantity supplied of good X depends on (is a function of) the price of X (its “own” price), the wage rate paid to labor, etc.” </

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3.3. The Supply Function and the Supply Curve
that must be purchased in the labor market. The price of an hour of labor is the wage rate, or W. Hence, we can say that (for any given level of technology) the willingness to supply a good depends on the price of that good and the wage rate. <span>This concept is captured in the following equation, which represents an individual seller’s supply function: Equation (7)  Qsx=f(Px,W,…) where Qsx is the quantity supplied of some good X, such as gasoline, P x is the price per unit of good X, and W is the wage rate of labor in, say, dollars per hour. It would be read, “The quantity supplied of good X depends on (is a function of) the price of X (its “own” price), the wage rate paid to labor, etc.” Just as with the demand function, we can consider a simple hypothetical example of a seller’s supply function. As mentioned earlier, economists often will simplify their an

#### Annotation 1427414060300

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 other characteristics to generally predict a good’s elasticity of demand include the portion of the typical budget that is spent on the good, the amount of time that is allowed to respond to the change in price, the extent to which the good is seen as necessary or optional. In general, if consumers tend to spend a very small portion of their budget on a good, their demand tends to be less elastic than if they spend a very large part of their income. Most people spend only a little on, say, toothpaste each month, so it really doesn’t matter whether the price rises 10 percent or not. They would probably still buy about the same amount. If the price of housing were to rise significantly, however, most households would try to find a way to reduce the quantity they buy, at least in the long run.

4.1. Own-Price Elasticity of Demand
found that there was a statistically significant 2.3 percent excess return associated with those shares, a finding consistent with a negatively sloped demand curve for common stock. In addition to the degree of substitutability, <span>other characteristics tend to be generally predictive of a good’s elasticity of demand. These include the portion of the typical budget that is spent on the good, the amount of time that is allowed to respond to the change in price, the extent to which the good is seen as necessary or optional, and so on. In general, if consumers tend to spend a very small portion of their budget on a good, their demand tends to be less elastic than if they spend a very large part of their income. Most people spend only a little on, say, toothpaste each month, so it really doesn’t matter whether the price rises 10 percent or not. They would probably still buy about the same amount. If the price of housing were to rise significantly, however, most households would try to find a way to reduce the quantity they buy, at least in the long run. This example leads to another characteristic regarding price elasticity. For most goods and services, the long-run demand is much more elastic than the short-run demand. Th

#### Flashcard 1427802295564

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#12-dic-2016 #el-financiero #noticias
Question
[...] asumirá como máximo responsable de Coca Cola en mayo próximo.
James Quincey

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James Quincey, que asumirá como máximo responsable de Coca Cola en mayo próximo, está bajo presión para reducir drásticamente las calorías de la línea de productos de Coca-Cola –una medida necesaria

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El mayor reto del nuevo jefe de Coca-Cola eres tú, millennial
als, un sector que se inclina por productos más saludables con menos azúcar. El próximo presidente ejecutivo de Coca-Cola tiene asignada la tarea de traer a la compañía de 130 años a la era dominada por los millennials. <span>James Quincey, que asumirá como máximo responsable en mayo próximo, está bajo presión para reducir drásticamente las calorías de la línea de productos de Coca-Cola –una medida necesaria por los cambios en los gustos del consumidor y las campañas contra la obesidad. Y no puede confiar demasiado en la actual oferta de edulcorantes artificiales para ello, ya que muchos clientes se han alejado del aspartame y otros aditivos. El e

#### Annotation 1427953552652

 #calculating-demand-elasticity-from-demand-function #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 Although the concept of different elasticities of demand is helpful in sorting out the qualitative and directional effects among variables, the analyst will also benefit from having an empirically estimated demand function from which to calculate the magnitudes as well. There is no substitute for actual observation and statistical (regression) analysis to yield insights into the quantitative behavior of a market. (Empirical analysis, however, is outside the scope of this reading.) To see how an analyst would use such an equation, let us return to our hypothetical market demand function for gasoline in Equation 13 duplicated here: Equation (27)  Qdx=8,400−400Px+60I−10Py

4.5. Calculating Demand Elasticities from Demand Functions
Although the concept of different elasticities of demand is helpful in sorting out the qualitative and directional effects among variables, the analyst will also benefit from having an empirically estimated demand function from which to calculate the magnitudes as well. There is no substitute for actual observation and statistical (regression) analysis to yield insights into the quantitative behavior of a market. (Empirical analysis, however, is outside the scope of this reading.) To see how an analyst would use such an equation, let us return to our hypothetical market demand function for gasoline in Equation 13 duplicated here: Equation (27)  Qdx=8,400−400Px+60I−10Py As we found when we calculated own-price elasticity of demand earlier, we need to identify “where to look” by choosing actual values for the independent variables, P x , I,

#### Flashcard 1428084362508

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#derecho #introduccion-al-derecho
Question
Aristóteles destacó al derecho natural como la facultad o sentimiento de [...], reputándolo como una característica esencial y específica del ser humano que lo distinguía de las otras especies naturales
lo justo y lo injusto

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Aristóteles destacó al derecho natural como la facultad o sentimiento de lo justo y lo injusto, reputándolo como una característica esencial y específica del ser humano que lo distinguía de las otras especies naturales

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1.3.1 Leyes naturales
yes naturales son el Derecho natural, teóricamente es el conjunto de las normas que los hombres deducen de la intimidad, de su propia conciencia y que estiman como expresión de la justicia en un momento histórico determinado.5 <span>Aristóteles destacó al derecho natural como la facultad o sentimiento de lo justo y lo injusto, reputándolo como una característica esencial y específica del ser humano que lo distinguía de las otras especies naturales.6 La distinción del Derecho con el Derecho natural es que el primero es creado de acuerdo con el comportamiento del hombre y sancionado por el Estado, y el segundo es el d

#### Flashcard 1428086197516

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#derecho #introduccion-al-derecho
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Las Normas jurídicas Son reglas de conducta expedidas por [...] para regular la pacífica convivencia de los seres humanos integrantes de una sociedad.

el poder público

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Las Normas jurídicas Son reglas de conducta expedidas por el poder público para regular la pacífica convivencia de los seres humanos integrantes de una sociedad y cuya observancia no está sujeta a la aceptación o no por parte del destinatario, ya que si és

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Normas y asi
equisito para ser bien recibido en su entorno y que si no son acatados traería como consecuencia el menosprecio o repudio del grupo social. Ejemplo: vestirse de etiqueta en una reunión de clase alta y comportarse con cortesía. <span>1.3.2.4 Normas jurídicas Son reglas de conducta expedidas por el poder público para regular la pacífica convivencia de los seres humanos integrantes de una sociedad y cuya observancia no está sujeta a la aceptación o no por parte del destinatario, ya que si éste no cumple, puede verse forzado a cumplirlas por medio de la coacción, haciendo uso de la fuerza que tiene el Estado. Ejemplo: la aplicación de una sanción por el Código Penal de determinada entidad si una persona mata a otro ser humano. 1.3.3 Características de las normas Las normas que se describieron en el subtema anterior se clasifican de acuerdo con su ámbito de aplicación en relación

#### Flashcard 1428087770380

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#clasificacion-de-las-normas #derecho #introduccion-al-derecho #normas-unilaterales
Question
Las normas unilaterales no prevén la existencia de [...] para [...] el [...] de las obligaciones contenidas en esa norma al destinatario
un sujeto facultado para exigir el cumplimiento

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l>Unilateralidad: Consiste en que las normas unilaterales no prevén la existencia de un sujeto facultado para exigir el cumplimiento de las obligaciones contenidas en esa norma al destinatario, es decir, o confieren facultades o imponen obligaciones, por ejemplo: un poder notarial, un convenio, un contrato<html>

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1.3.3.1 Clasificación de las normas
Unilateralidad: Consiste en que las normas unilaterales no prevén la existencia de un sujeto facultado para exigir el cumplimiento de las obligaciones contenidas en esa norma al destinatario, es decir, o confieren facultades o imponen obligaciones, por ejemplo: un poder notarial, un convenio, un contrato. Bilateralidad: Estas normas contemplan la existencia de un derecho que es desprendido de una obligación o viceversa y por lo tanto, la de un sujeto autorizado para e

#### Flashcard 1428089605388

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#derecho #introduccion-al-derecho
Question
En el actuar del individuo lleva [...] para [...] es decir, que sin importar el resultado material de la conducta, la persona actúa de acuerdo con su propia conciencia de lo que él considera bueno o malo.
la intención para cumplir una determinada norma,

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Interioridad: En el actuar del individuo lleva toda la intención para cumplir una determinada norma, es decir, que sin importar el resultado material de la conducta, la persona actúa de acuerdo con su propia conciencia de lo que él considera bueno o malo, un ejemplo de esta norma es

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1.3.3.1 Clasificación de las normas
de compra-venta, el vendedor tiene la obligación de entregar el bien y el comprador de pagarlo o desde otro punto de vista, si el vendedor recibe el dinero, el comprador tiene la obligación de exigirle que le entregue el bien. <span>Interioridad: En el actuar del individuo lleva toda la intención para cumplir una determinada norma, es decir, que sin importar el resultado material de la conducta, la persona actúa de acuerdo con su propia conciencia de lo que él considera bueno o malo, un ejemplo de esta norma es el contraer matrimonio dos veces con distintas personas, aquí el actuar del individuo no le importó divorciarse del primer matrimonio, ya que según su criterio es bueno el haberlo hecho pero esto es un impedimento que consigna el Código Civil. Exterioridad: Estas normas no atienden la intención del sujeto, si no que enfocan al resultado material de la conducta, por ejemplo: a este tipo de normas no le inter

#### Flashcard 1428093799692

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#clasificacion-de-las-normas #derecho #introduccion-al-derecho
Question
La aplicación de esta norma no es [...] y no puede [...]
no es exigida por el Estado

ser impuesta por la fuerza o coacción

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Incoercibilidad: La aplicación de esta norma no es exigida por el Estado, no puede ser impuesta por la fuerza o coacción, ya que su cumplimiento queda sujeto a la voluntad del individuo, por ejemplo, si una persona muy allegada a la religión, decide no ir

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1.3.3.1 Clasificación de las normas

#### Flashcard 1428096683276

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#clasificacion-de-las-normas #derecho #introduccion-al-derecho
Question
Estas normas no atienden a la [...] del sujeto si no que enfocan al [...] de la conducta
la intención del sujeto

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Exterioridad: Estas normas no atienden la intención del sujeto, si no que enfocan al resultado material de la conducta, por ejemplo: a este tipo de normas no le interesa si una persona mata a otra que se encuentra en fase de una enfermedad terminal

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1.3.3.1 Clasificación de las normas
onio dos veces con distintas personas, aquí el actuar del individuo no le importó divorciarse del primer matrimonio, ya que según su criterio es bueno el haberlo hecho pero esto es un impedimento que consigna el Código Civil. <span>Exterioridad: Estas normas no atienden la intención del sujeto, si no que enfocan al resultado material de la conducta, por ejemplo: a este tipo de normas no le interesa si una persona mata a otra que se encuentra en fase de una enfermedad terminal y sufría mucho, y por misericordia se consideró necesario matarlo, de cualquier forma existe el homicidio, o bien es un homicidio imprudencial, toda vez que la persona que decidió matarla no 16 tenía la intención, pero de cualquier forma cometió tal acto y es castigado con una sanción que impone el poder del Estado. Incoercibilidad

#### Flashcard 1428104285452

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#clasificacion-de-las-normas #derecho #introduccion-al-derecho
Question
Heteronomía:
Son las reglas que enfrenta una persona, provienen del medio [...] , es decir, son creadas por entidades distintas al [...] ,

externo

destinatario de la norma

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Heteronomía: Son las reglas que enfrenta una persona, provienen del medio externo, es decir, son creadas por entidades distintas al destinatario de la norma, ejemplo: Las reglas que se aplican al tránsito de vehículos en una ciudad fuer

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1.3.3.1 Clasificación de las normas
obligación. Autonomía: Estas normas son creadas por la conciencia misma del individuo que habrá de obedecerlas, con el fin de regular su propia conducta, por ejemplo: bañarse todos los días e ir al trabajo. <span>Heteronomía: Son las reglas que enfrenta una persona, provienen del medio externo, es decir, son creadas por entidades distintas al destinatario de la norma, ejemplo: Las reglas que se aplican al tránsito de vehículos en una ciudad fueron creadas por personas ajenas a quien usualmente conduce su automóvil. <span><body><html>

#### Flashcard 1428160122124

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
At its simplest level, production of a good consists of transforming [...].

inputs, or factors of production (such as land, labor, capital, and materials) into finished goods and services

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At its simplest level, production of a good consists of transforming inputs, or factors of production (such as land, labor, capital, and materials) into finished goods and services. Economists refer to the “rules” that govern this transformation as the technology of production . Because producers have to purchase inputs in factor markets, the cost of production de

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3.3. The Supply Function and the Supply Curve
between those two values, the greater is the willingness of producers to supply the good. In another reading, we will explore the cost of production in greater detail. At this point, we need to understand only the basics of cost. <span>At its simplest level, production of a good consists of transforming inputs, or factors of production (such as land, labor, capital, and materials) into finished goods and services. Economists refer to the “rules” that govern this transformation as the technology of production . Because producers have to purchase inputs in factor markets, the cost of production depends on both the technology and the price of those factors. Clearly, willingness to supply is dependent on not only the price of a producer’s output, but also additionally on the prices (i.e., costs) of the inputs necessary to produce it. For si

#### Flashcard 1428164840716

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Because producers have to purchase [...] the cost of production depends on both the technology and the price of those factors.
inputs in factor markets,

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rming inputs, or factors of production (such as land, labor, capital, and materials) into finished goods and services. Economists refer to the “rules” that govern this transformation as the technology of production . Because producers have to <span>purchase inputs in factor markets, the cost of production depends on both the technology and the price of those factors.<span><body><html>

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3.3. The Supply Function and the Supply Curve
between those two values, the greater is the willingness of producers to supply the good. In another reading, we will explore the cost of production in greater detail. At this point, we need to understand only the basics of cost. <span>At its simplest level, production of a good consists of transforming inputs, or factors of production (such as land, labor, capital, and materials) into finished goods and services. Economists refer to the “rules” that govern this transformation as the technology of production . Because producers have to purchase inputs in factor markets, the cost of production depends on both the technology and the price of those factors. Clearly, willingness to supply is dependent on not only the price of a producer’s output, but also additionally on the prices (i.e., costs) of the inputs necessary to produce it. For si

#### Flashcard 1428184501516

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
A rise in price typically results in a greater quantity supplied, and viceversa. Hence, the supply curve has a positive slope, in contrast to the negative slope of a demand curve. This positive relationship is often referred to as [...]

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ults in a greater quantity supplied, and a lower price results in a lower quantity supplied. Hence, the supply curve has a positive slope, in contrast to the negative slope of a demand curve. This positive relationship is often referred to as <span>the law of supply .<span><body><html>

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3.3. The Supply Function and the Supply Curve
ek. The increase in price has enticed the seller to supply a greater quantity of gasoline per week than at the lower price. 3.4. Changes in Supply vs. Movements along the Supply Curve As we saw earlier, <span>a change in the (own) price of a product causes a change in the quantity of that good willingly supplied. A rise in price typically results in a greater quantity supplied, and a lower price results in a lower quantity supplied. Hence, the supply curve has a positive slope, in contrast to the negative slope of a demand curve. This positive relationship is often referred to as the law of supply . What happens when a variable other than own-price takes on different values? We could answer this question in our example by assuming a different value for wage rate, say,

#### Flashcard 1428253183244

Question
La distinción clara del deber y derecho, es que el primero es una forma de [...] y el Derecho es la exigencia
conducta

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La distinción clara del deber y derecho, es que el primero es una forma de conducta y el Derecho es la exigencia; un ejemplo claro sería el deber que tengo de pagar un impuesto y mi derecho es el que con el pago de mi impuesto el Estado me proporcione de servicios pú

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#### Annotation 1428783238412

 #sister-miriam-joseph #trivium A practical, normative study is one that seeks to regulate, to bring into conformity with a norm or standard—for example, ethics. The norm of ethics is the good, and its purpose is to bring human conduct into conformity with goodness.

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#### Flashcard 1429056130316

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#sister-miriam-joseph #trivium
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studying the liberal arts is an intransitive activity; the effect of studying these arts stays within [...] and perfects the faculties of the mind and spirit.
the individual

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studying the liberal arts is an intransitive activity; the effect of studying these arts stays within the individual and perfects the faculties of the mind and spirit.

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These arts of (3)[...] have formed the traditional basis of liberal education.

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These arts of reading, writing, and reckoning have formed the traditional basis of liberal education, each constituting both a field of knowledge and the technique t o acquire that knowledge.

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This was the training that formed the intellectual habits of Shakespeare and other Renaissance writers...
Exercising in the reading of the Latin classics and in the composition of Latin prose and verse

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It was systematically and intensively exercised in the reading of the Latin classics and in t he composition of Latin prose and verse by boys in the grammar schools of England and the continent during the sixteenth century. This was the training that formed the int ellectual habits of Shakespeare and other Renaissance writers.

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Even if one forgets many of the fact s once learned and related, the mind retains the vigor and perfection gained by its exercise upon them. It can do this, however, only by [...] with facts and ideas
grappling

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Even if one forgets many of the fact s once learned and related, the mind retains the vigor and perfection gained by its exercise upon them. It can do this, however, only by grappling with facts and ideas. Moreover, it is much easier to remember related ideas than unrelated ideas.

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[...] is a characteristic of matter only, whereas number is a characteristic of both matter and spirit.
Extension

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Extension is a characteristic of matter only, whereas number is a characteristic of both matter and spirit.) The function of the trivium is the training of the mind for the study of matter and sp

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[...] is knowledge of ultimate causes—metaphysics in the natural order, theology in the supernatural order
Wisdom

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Wisdom is knowledge of ultimate causes—metaphysics in the nat ural order, theology in the supernatural order

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Aristotle’s categories enable us to translate the linguistic symbol into a [...] ready to take its place in a proposition.
logical entity

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Aristotle’s categories enable us to translate the linguistic symbol into a logical entity ready to take its place in a proposition. From propositions, the reader moves to syllogisms, ent hymemes, sorites, formal fallacies, and material fallacies

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The trivium, in itself a tool or a skill, has become associated with its most appropriate subject matter— [...], [...], [...], history, philosophy.
The languages, oratory, literature

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The trivium, in itself a tool or a skill, has become associated with its most appropriate subject matter—the languages, oratory, literature, history, philosophy.

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Article 1429221281036

El problema son las alzas que vienen
#16-dic-2016 #el-financiero #enrique-quintana #noticias

La celeridad de los cambios que vivimos, con frecuencia nos hace perder la perspectiva del largo plazo. Por ejemplo, hemos puesto el acento en el alza de las tasas de interésque se presentó esta semana, pero se nos olvida que más que un alza puntual, estamos ya claramente en un periodo alcista de las tasas. Las previsiones de los integrantes del Comité de Mercado Abierto de la Fed señalan un alza de 0.8 puntos porcentuales de la tasa de referencia para el próximo año. Suponiendo incrementos de 0.25 puntos cada vez, la consideración es que habrá tres alzas en 2017. Pero se prevén tres alzas más en 2018 y otras 3 en 2019, antes de regresar a la “normalidad” en las tasas de interés. Si combinamos esa previsión de una etapa de tres años de incrementos, con un pronosticado incremento del déficit fiscal en Estados Unidos, que a su vez va a presionar hacia arriba el costo del dinero, se configura un escenario de mediano plazo que seguramente va a influir sobre el dólar y su paridad contra el peso. La

#### Flashcard 1429222853900

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when the elasticity coefficient is equal to negative one, demand is said to be [...]

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when the elasticity coefficient is equal to negative one, demand is said to be unit elastic , or unitary elastic

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4.1. Own-Price Elasticity of Demand
. To be precise, when the magnitude(ignoring algebraic sign) of the own-price elasticity coefficient has a value less than one, demand is defined to be inelastic. When that magnitude is greater than one, demand is defined to be elastic . And <span>when the elasticity coefficient is equal to negative one, demand is said to be unit elastic , or unitary elastic . Note that if the law of demand holds, own-price elasticity of demand will always be negative, because a rise in price will be associated with a fall in quantity demanded, but it can b

#### Flashcard 1429224426764

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
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Perhaps in an individual’s demand for, say, mustard quantity demanded is not at all sensitive to price and we would say that demand is [...] in that range.

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Perhaps an individual’s demand for, say, mustard might obey this description. Obviously, in that price range, quantity demanded is not at all sensitive to price and we would say that demand is perfectly inelastic in that range.

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4.1. Own-Price Elasticity of Demand
Certainly, there could be no demand curve that is perfectly vertical at all possible prices, but over some range of prices it is not unreasonable that the same quantity would be purchased at a slightly higher price or a slightly lower price. <span>Perhaps an individual’s demand for, say, mustard might obey this description. Obviously, in that price range, quantity demanded is not at all sensitive to price and we would say that demand is perfectly inelastic in that range. In the second case, the demand is horizontal at some price. Clearly, for an individual consumer, this situation could not occur because it implies that at even an infinites

#### Flashcard 1429226786060

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In a perfectly competitive market (wheat market), at the current market price of wheat, if a farmer could helds out for a price above market price, he would not be able to sell any at all because all other farmers’ wheat is a perfect substitute for his, so no one would be willing to buy any of his at a higher price.

In this case, we would say that the demand curve facing a perfectly competitive seller is [...]

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e to sell any at all because all other farmers’ wheat is a perfect substitute for hers, so no one would be willing to buy any of hers at a higher price. In this case, we would say that the demand curve facing a perfectly competitive seller is <span>perfectly elastic .<span><body><html>

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4.1. Own-Price Elasticity of Demand
Perhaps an individual’s demand for, say, mustard might obey this description. Obviously, in that price range, quantity demanded is not at all sensitive to price and we would say that demand is perfectly inelastic in that range. <span>In the second case, the demand is horizontal at some price. Clearly, for an individual consumer, this situation could not occur because it implies that at even an infinitesimally higher price the consumer would buy nothing, whereas at that particular price, the consumer would buy an indeterminately large amount. This situation is not at all an unreasonable description of the demand curve facing a single seller in a perfectly competitive market, such as the wheat market. At the current market price of wheat, an individual farmer could sell all she has. If, however, she held out for a price above market price, it is reasonable that she would not be able to sell any at all because all other farmers’ wheat is a perfect substitute for hers, so no one would be willing to buy any of hers at a higher price. In this case, we would say that the demand curve facing a perfectly competitive seller is perfectly elastic . Exhibit 21. The Extremes of Price Elasticity Own-price elasticity of demand is our measure of how sensitive the quantity demanded is to c

#### Annotation 1429232291084

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 In general, if consumers tend to spend a very small portion of their budget on a good, their demand tends to be less elastic than if they spend a very large part of their income. Most people spend only a little on, say, toothpaste each month, so it really doesn’t matter whether the price rises 10 percent or not. They would probably still buy about the same amount. If the price of housing were to rise significantly, however, most households would try to find a way to reduce the quantity they buy, at least in the long run.

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a good’s elasticity of demand include the portion of the typical budget that is spent on the good, the amount of time that is allowed to respond to the change in price, the extent to which the good is seen as necessary or optional. <span>In general, if consumers tend to spend a very small portion of their budget on a good, their demand tends to be less elastic than if they spend a very large part of their income. Most people spend only a little on, say, toothpaste each month, so it really doesn’t matter whether the price rises 10 percent or not. They would probably still buy about the same amount. If the price of housing were to rise significantly, however, most households would try to find a way to reduce the quantity they buy, at least in the long run.<span><body><html>

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4.1. Own-Price Elasticity of Demand
found that there was a statistically significant 2.3 percent excess return associated with those shares, a finding consistent with a negatively sloped demand curve for common stock. In addition to the degree of substitutability, <span>other characteristics tend to be generally predictive of a good’s elasticity of demand. These include the portion of the typical budget that is spent on the good, the amount of time that is allowed to respond to the change in price, the extent to which the good is seen as necessary or optional, and so on. In general, if consumers tend to spend a very small portion of their budget on a good, their demand tends to be less elastic than if they spend a very large part of their income. Most people spend only a little on, say, toothpaste each month, so it really doesn’t matter whether the price rises 10 percent or not. They would probably still buy about the same amount. If the price of housing were to rise significantly, however, most households would try to find a way to reduce the quantity they buy, at least in the long run. This example leads to another characteristic regarding price elasticity. For most goods and services, the long-run demand is much more elastic than the short-run demand. Th

#### Flashcard 1429233863948

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
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In general, if consumers tend to spend a very small portion of their budget on a good, their demand tends to be [...] than if they spend a very large part of their income.
less elastic

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In general, if consumers tend to spend a very small portion of their budget on a good, their demand tends to be less elastic than if they spend a very large part of their income. Most people spend only a little on, say, toothpaste each month, so it really doesn’t matter whether the price rises 10 percent or n

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4.1. Own-Price Elasticity of Demand
found that there was a statistically significant 2.3 percent excess return associated with those shares, a finding consistent with a negatively sloped demand curve for common stock. In addition to the degree of substitutability, <span>other characteristics tend to be generally predictive of a good’s elasticity of demand. These include the portion of the typical budget that is spent on the good, the amount of time that is allowed to respond to the change in price, the extent to which the good is seen as necessary or optional, and so on. In general, if consumers tend to spend a very small portion of their budget on a good, their demand tends to be less elastic than if they spend a very large part of their income. Most people spend only a little on, say, toothpaste each month, so it really doesn’t matter whether the price rises 10 percent or not. They would probably still buy about the same amount. If the price of housing were to rise significantly, however, most households would try to find a way to reduce the quantity they buy, at least in the long run. This example leads to another characteristic regarding price elasticity. For most goods and services, the long-run demand is much more elastic than the short-run demand. Th

#### Flashcard 1429236223244

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
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Although own-price elasticity of demand will almost always be negative because of the law of demand, income elasticity can be [...], [...] or [...]
negative, positive, or zero.

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Although own-price elasticity of demand will almost always be negative because of the law of demand, income elasticity can be negative, positive, or zero.

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4.3. Income Elasticity of Demand: Normal and Inferior Goods
interest. For example, if the income elasticity of demand for some good has a value of 0.8, we would interpret that to mean that whenever income rises by one percent, the quantity demanded at each price would rise by 0.8 percent. <span>Although own-price elasticity of demand will almost always be negative because of the law of demand, income elasticity can be negative, positive, or zero. Positive income elasticity simply means that as income rises, quantity demanded also rises, as is characteristic of most consumption goods. We define a good with positive income elastic

#### Flashcard 1429238582540

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
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Positive income elasticity simply means that as [...] rises, [...] also rises.
income

Demand for the good

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Positive income elasticity simply means that as income rises, quantity demanded also rises, as is characteristic of most consumption goods.

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4.3. Income Elasticity of Demand: Normal and Inferior Goods
ne percent, the quantity demanded at each price would rise by 0.8 percent. Although own-price elasticity of demand will almost always be negative because of the law of demand, income elasticity can be negative, positive, or zero. <span>Positive income elasticity simply means that as income rises, quantity demanded also rises, as is characteristic of most consumption goods. We define a good with positive income elasticity as a normal good . It is perhaps unfortunate that economists often take perfectly good English words and give them different definition

#### Flashcard 1429240941836

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Goods with negative income elasticity are called [...]

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le experience a rise in income, they buy absolutely less of some goods, and they buy more when their income falls. Hence, income elasticity of demand for those goods is negative. By definition, goods with negative income elasticity are called <span>inferior goods .<span><body><html>

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4.3. Income Elasticity of Demand: Normal and Inferior Goods
that the demand for that particular good rises when income increases and falls when income decreases. Hence, if we find that when income rises, people buy more meals at restaurants, then dining out is defined to be a normal good. <span>For some goods, there is an inverse relationship between quantity demanded and consumer income. That is, when people experience a rise in income, they buy absolutely less of some goods, and they buy more when their income falls. Hence, income elasticity of demand for those goods is negative. By definition, goods with negative income elasticity are called inferior goods . Again, the word inferior means nothing other than that the income elasticity of demand for that good is observed to be negative. It does not necessarily indicate anything at all about t

#### Flashcard 1429243825420

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
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For normal goods, a rise in income would shift the entire demand curve [...],
upward and to the right

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For normal goods, a rise in income would shift the entire demand curve upward and to the right, resulting in an increase in demand. If the good were inferior, however, a rise in income would result in a downward and leftward shift in the entire demand curve.<

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4.3. Income Elasticity of Demand: Normal and Inferior Goods
all other things constant” when we plotted the relationship between price and quantity demanded. One of the variables we held constant was consumer income. If income were to change, obviously the whole curve would shift one way or the other. <span>For normal goods, a rise in income would shift the entire demand curve upward and to the right, resulting in an increase in demand. If the good were inferior, however, a rise in income would result in a downward and leftward shift in the entire demand curve. <span><body><html>

#### Annotation 1429246971148

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 If a good is inferior, a rise in income would result in a downward and leftward shift in the entire demand curve.

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For normal goods, a rise in income would shift the entire demand curve upward and to the right, resulting in an increase in demand. If the good were inferior, however, a rise in income would result in a downward and leftward shift in the entire demand curve.

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4.3. Income Elasticity of Demand: Normal and Inferior Goods
all other things constant” when we plotted the relationship between price and quantity demanded. One of the variables we held constant was consumer income. If income were to change, obviously the whole curve would shift one way or the other. <span>For normal goods, a rise in income would shift the entire demand curve upward and to the right, resulting in an increase in demand. If the good were inferior, however, a rise in income would result in a downward and leftward shift in the entire demand curve. <span><body><html>

#### Flashcard 1429249330444

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
For some pairs of goods, X and Y, when the price of Y rises, more of good X is demanded. That is, the cross-price elasticity of demand is positive. Those goods are defined to be [...]

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For some pairs of goods, X and Y, when the price of Y rises, more of good X is demanded. That is, the cross-price elasticity of demand is positive. Those goods are defined to be substitutes .Substitutes are defined empirically. If the cross-price elasticity of two goods is positive, they are substitutes, irrespective of whether someone would consider them “similar.”

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4.4. Cross-price Elasticity of Demand: Substitutes and Complements
, indicating the price of some other good, Y, instead of the own-price, X. This cross-price elasticity of demand measures how sensitive the demand for good X is to changes in the price of some other good, Y, holding all other things constant. <span>For some pairs of goods, X and Y, when the price of Y rises, more of good X is demanded. That is, the cross-price elasticity of demand is positive. Those goods are defined to be substitutes .Substitutes are defined empirically. If the cross-price elasticity of two goods is positive, they are substitutes, irrespective of whether someone would consider them “similar.” This concept is intuitive if you think about two goods that are seen to be close substitutes, perhaps like two brands of beer. When the price of one of your favorite brands

#### Flashcard 1429252214028

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
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For substitute goods, an increase in the price of one good would shift the demand curve for the other good [...]
upward and to the right

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For substitute goods, an increase in the price of one good would shift the demand curve for the other good upward and to the right

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4.4. Cross-price Elasticity of Demand: Substitutes and Complements
say, cabbage could very well empirically turn out to be complements even though we do not normally think of consuming coffee and cabbage together as a pair (i.e., that the price of coffee has a relation to the sales of cabbage). <span>For substitute goods, an increase in the price of one good would shift the demand curve for the other good upward and to the right. For complements, however, the impact is in the other direction: When the price of one good rises, the quantity demanded of the other good shifts downward and to the left.

#### Flashcard 1429255359756

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Typical examples of inferior goods might be [...], [...] or [...]
rice, potatoes, or less expensive cuts of meat.

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Typical examples of inferior goods might be rice, potatoes, or less expensive cuts of meat.

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4.3. Income Elasticity of Demand: Normal and Inferior Goods
ity are called inferior goods . Again, the word inferior means nothing other than that the income elasticity of demand for that good is observed to be negative. It does not necessarily indicate anything at all about the quality of that good. <span>Typical examples of inferior goods might be rice, potatoes, or less expensive cuts of meat. One study found that income elasticity of demand for beer is slightly negative, whereas income elasticity of demand for wine is significantly positive. An economist would therefore say

#### Flashcard 1429257719052

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Perhaps the most familiar auction mechanism is the [...] in which an auctioneer is selling a single item in a face-to-face arena where potential buyers openly reveal their willingness to buy the good at prices that are called out by an auctioneer. The auctioneer begins at a low price and easily elicits nods from buyers.
ascending price auction

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Perhaps the most familiar auction mechanism is the ascending price auction in which an auctioneer is selling a single item in a face-to-face arena where potential buyers openly reveal their willingness to buy the good at prices that are called out by an auctio

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3.8. Auctions as a Way to Find Equilibrium Price
o determine the ultimate buyer. These mechanisms include the ascending price (or English) auction, the first price sealed bid auction, the second price sealed bid (or Vickery) auction, and the descending price (or Dutch) auction. <span>Perhaps the most familiar auction mechanism is the ascending price auction in which an auctioneer is selling a single item in a face-to-face arena where potential buyers openly reveal their willingness to buy the good at prices that are called out by an auctioneer. The auctioneer begins at a low price and easily elicits nods from buyers. He then raises the price incrementally. In a common value auction, buyers can sometimes learn something about the true value of the item being auctioned from observing other bidders. Ul

#### Flashcard 1429259291916

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Question
Consumer Surplus Intuitive Example?
Last thing you purchased.

How much you actually paid for it

Contrast that price with the maximum amount you would have been willing to pay for it.

If you were willing to pay more you received a surplus (bargain)

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To get an intuitive feel for this concept, consider the last thing you purchased. Whatever it was, think of how much you actually paid for it. Now contrast that price with the maximum amount you would have been willing to pay for it instead of going without it altogether. If those two numbers are different, we say you received some consumer surplus from your purchase. You received a “bargain” because you were willing to pay more than you had to pay.

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3.9. Consumer Surplus—Value minus Expenditure
cepts called consumer surplus and producer surplus to address that question. We will begin with consumer surplus, which is a measure of how much net benefit buyers enjoy from the ability to participate in a particular market. <span>To get an intuitive feel for this concept, consider the last thing you purchased. Maybe it was a cup of coffee, a new pair of shoes, or a new car. Whatever it was, think of how much you actually paid for it. Now contrast that price with the maximum amount you would have been willing to pay for it instead of going without it altogether. If those two numbers are different, we say you received some consumer surplus from your purchase. You received a “bargain” because you were willing to pay more than you had to pay. Earlier we referred to the law of demand, which says that as price falls, consumers are willing to buy more of the good. This observation translates into a negatively slope

#### Flashcard 1429261651212

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question

recognize that the demand curve can thus be considered a [...] because it shows the highest price consumers are willing to pay for each additional unit.

marginal value curve

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recognize that the demand curve can thus be considered a marginal value curve because it shows the highest price consumers are willing to pay for each additional unit. In effect, the demand curve is the willingness of consumers to pay for each additional unit. &#

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3.9. Consumer Surplus—Value minus Expenditure
ce to consume it. If demand curves are negatively sloped, it must be because the value of each additional unit of the good falls the more of it they consume. We will explore this concept further later, but for now it is enough to <span>recognize that the demand curve can thus be considered a marginal value curve because it shows the highest price consumers are willing to pay for each additional unit. In effect, the demand curve is the willingness of consumers to pay for each additional unit. This interpretation of the demand curve allows us to measure the total value of consuming any given quantity of a good: It is the sum of all the marginal values of each uni

#### Annotation 1429266631948

 #six-tips-for-working-with-the-brain Tip #1: Work with the brain Different parts of the brain play core roles in how a person first learns information, then stores that information into memory, and finally uses that learning to create real and lasting behavior change. If we don't work with the brain and its natural processes, even the most popular or highly rated programs won't deliver in the long run. It is imperative that talent development professionals keep their finger on the pulse of brain science. As researchers learn more about how the brain and nervous system work, it will only enhance the quality of our learning products. The brain structures that are involved in learning include the hippocampus, the amygdala, and the basal ganglia. To design the best learning experiences, we need to understand and respect the neuroscience of learning.

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what I learned really changed how I approach training design and delivery. Some of the studies confirmed things I had learned through trial and error long ago, and others completely shifted how I approached my craft. Here are six takeaways. <span>Tip #1: Work with the brain Different parts of the brain play core roles in how a person first learns information, then stores that information into memory, and finally uses that learning to create real and lasting behavior change. If we don't work with the brain and its natural processes, even the most popular or highly rated programs won't deliver in the long run. It is imperative that talent development professionals keep their finger on the pulse of brain science. As researchers learn more about how the brain and nervous system work, it will only enhance the quality of our learning products. The brain structures that are involved in learning include the hippocampus, the amygdala, and the basal ganglia. To design the best learning experiences, we need to understand and respect the neuroscience of learning. Tip #2: Focus is the starting point of learning The hippocampus is the part of the brain that takes in information and moves it to our memory. When it's damaged, people lose access

#### Annotation 1429268204812

Unknown title
r learning products. The brain structures that are involved in learning include the hippocampus, the amygdala, and the basal ganglia. To design the best learning experiences, we need to understand and respect the neuroscience of learning. <span>Tip #2: Focus is the starting point of learning The hippocampus is the part of the brain that takes in information and moves it to our memory. When it's damaged, people lose access to past memories and no longer can make new ones. The hippocampus acts like a recorder or data drive; like those devices, it has an "on" button. Physiologically, it's when our eyes and ears attune to something that causes the hippocampus to begin recording. Richard Davidson, from the University of Wisconsin, calls this "phase locking" and it's the starting point of all learning. As a result, we must design our learning environments to help people focus and we must bust the myth that you can multitask while learning. Research has proved that when we divide our attention, our focus switches back and forth between the two activities, also known as switch tasking. The hippocampus loses vital pieces of information for both of the things we were trying to attend to. I call this "Swiss tasking" because we end up with holes in the data the hippocampus was capturing and, therefore, holes in our learning that cannot be recovered. Here is the big shocker about the hippocampus: It can only hold so much information before it must be processed and pushed into short-term memory. Studies show that the maximum amount is about 20 minutes of information. Lecture-style sessions never have demonstrated good results for retention, and now we know why—it works against the brain's natural functioning. The good news is that many other learning activities can help. All the hippocampus needs is a few minutes of processing to push that data into short-term memory and it's ready again for more. I now build all my learning events in chunks of 15 min

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#### Annotation 1429272136972

 Tip #4: Aim for three retrievals #six-tips-for-working-with-the-brain #tip-4-aim-for-three-retrievals One of the biggest insights from brain science has to do with how our memories are made. For conceptual learning, the evidence is clear that it's through the act of retrieval—having to recall something we have learned—that makes learning memorable for the long run. For example, I could teach you about neuroscience today (reading is certainly one of the ways we learn). I can activate your schemas and you might even have an "aha moment." But if you don't have to retrieve that learning again, it eventually will get dumped from your brain. Retrieval can occur through a variety of methods such as sharing what you learned with someone else, reflecting on how it relates to a past experience, doing an activity with hands-on application, quizzing yourself on your understanding, and a host of other learning activities. As instructional designers, we can easily build retrievals into our learning events and empower our learners to do that for themselves. This is what distinguishes great presenters from excellent instructors. Great presenters can create a feel-good experience that activates our schemas and that we thoroughly enjoy. And we will give those presenters or programs high ratings for satisfaction and raving reviews. But if no retrieval occurs, that learning will disappear in the following weeks and months. Sure, people will still say that they loved it, but they won't be able to remember much of what they learned, nor will their behavior change as a result. Research has shown that it is most effective to get to at least three retrievals. Memory studies have shown that three retrievals yield the best accuracy and retention. Although you can go on to more, the benefit seems to be better at three, so I focus on that number of retrievals in my own learning design. You can certainly build three retrievals into one learning event, but retention will be even more powerful if you add sleep to the mix.

Unknown title
ult. This activates not only those specific memories, but also their individual schemas of change. When I pair this with hands-on activities for leading change effectively, the result is powerful and lasting. Advertisement <span>Tip #4: Aim for three retrievals One of the biggest insights from brain science has to do with how our memories are made. For conceptual learning, the evidence is clear that it's through the act of retrieval—having to recall something we have learned—that makes learning memorable for the long run. For example, I could teach you about neuroscience today (reading is certainly one of the ways we learn). I can activate your schemas and you might even have an "aha moment." But if you don't have to retrieve that learning again, it eventually will get dumped from your brain. Retrieval can occur through a variety of methods such as sharing what you learned with someone else, reflecting on how it relates to a past experience, doing an activity with hands-on application, quizzing yourself on your understanding, and a host of other learning activities. As instructional designers, we can easily build retrievals into our learning events and empower our learners to do that for themselves. This is what distinguishes great presenters from excellent instructors. Great presenters can create a feel-good experience that activates our schemas and that we thoroughly enjoy. And we will give those presenters or programs high ratings for satisfaction and raving reviews. But if no retrieval occurs, that learning will disappear in the following weeks and months. Sure, people will still say that they loved it, but they won't be able to remember much of what they learned, nor will their behavior change as a result. Research has shown that it is most effective to get to at least three retrievals. Memory studies have shown that three retrievals yield the best accuracy and retention. Although you can go on to more, the benefit seems to be better at three, so I focus on that number of retrievals in my own learning design. You can certainly build three retrievals into one learning event, but retention will be even more powerful if you add sleep to the mix. Tip #5: Build in sleep between learning It turns out that the sleeping brain plays a large role in how long-term memories are formed. While we sleep, the brain pushes information th

#### Annotation 1429273709836

 Tip #5: Build in sleep between learning #build-in-sleep #six-tips-for-working-with-the-brain It turns out that the sleeping brain plays a large role in how long-term memories are formed. While we sleep, the brain pushes information that we learned that day from our short-term memory into our long-term memory. It's when we sleep that our brain adds the day's learning onto existing schemas, and physically builds and strengthens neural pathways. It also does a little housecleaning. Every day, we take in thousands of bits of information and it is during sleep that our brain chooses which of those bits is worthy of being retained. It even revisits items already in long-term memory and deletes the information that has not been activated in a while. The animated movie Inside Out does a great job of depicting this process. While Riley is sleeping, the minion-like workers in her brain decide to vacuum out most of the names of the U.S. presidents. So how can we use sleep to enhance our learning events? Flip the classroom and use blended learning. I now have learners do some pre-learning a few days prior, then we take a deeper dive in the classroom through hands-on application. I extend their learning with post-event opportunities and resources. For example, when I design leadership training, learners are asked to watch a corresponding online course at lynda.com. They can do this at their own pace and it frees me up from teaching some of that content so that I can use our in-person time for more focused work. When we come together, we do in-depth hands-on practice of the skills I want them to use. And after the event, I provide them with additional learning materials such as links to TED Talks, articles, and assignments to further hone their skills. This blended approach allows me to create three retrievals spaced with sleep, and it also starts to build the habits of the behaviors I am trying to cultivate.

Unknown title
benefit seems to be better at three, so I focus on that number of retrievals in my own learning design. You can certainly build three retrievals into one learning event, but retention will be even more powerful if you add sleep to the mix. <span>Tip #5: Build in sleep between learning It turns out that the sleeping brain plays a large role in how long-term memories are formed. While we sleep, the brain pushes information that we learned that day from our short-term memory into our long-term memory. It's when we sleep that our brain adds the day's learning onto existing schemas, and physically builds and strengthens neural pathways. It also does a little housecleaning. Every day, we take in thousands of bits of information and it is during sleep that our brain chooses which of those bits is worthy of being retained. It even revisits items already in long-term memory and deletes the information that has not been activated in a while. The animated movie Inside Out does a great job of depicting this process. While Riley is sleeping, the minion-like workers in her brain decide to vacuum out most of the names of the U.S. presidents. So how can we use sleep to enhance our learning events? Flip the classroom and use blended learning. I now have learners do some pre-learning a few days prior, then we take a deeper dive in the classroom through hands-on application. I extend their learning with post-event opportunities and resources. For example, when I design leadership training, learners are asked to watch a corresponding online course at lynda.com. They can do this at their own pace and it frees me up from teaching some of that content so that I can use our in-person time for more focused work. When we come together, we do in-depth hands-on practice of the skills I want them to use. And after the event, I provide them with additional learning materials such as links to TED Talks, articles, and assignments to further hone their skills. This blended approach allows me to create three retrievals spaced with sleep, and it also starts to build the habits of the behaviors I am trying to cultivate. Tip #6: Be a habit designer Ultimately, the goal of most learning activities is behavior change. No matter the topic, we are trying to elicit new and better behaviors in the learner

#### Annotation 1429275282700

 #six-tips-for-working-with-the-brain Tip #6: Be a habit designer Ultimately, the goal of most learning activities is behavior change. No matter the topic, we are trying to elicit new and better behaviors in the learner. Charles Duhigg's The Power of Habit changed the way I see my work. He shares the science of how the basal ganglia in the brain builds habit loops that include a cue or trigger, the routine of behavior, and the reward for completing that routine. Over time, habits become well-grooved neural pathways that almost happen on autopilot, for example how you currently log in to your computer or how you get to work. When we are trying to create behavior change, we need to think about the habits that are currently in place and how to design new, better habits that will be more compelling than the comfort of the current ones. I now think of myself as a habit designer. All of my learning design starts with identifying the habit loop I hope to instill, and I work backward from there. Although retrievals are the key to moving conceptual learning into memory, repetition is the key for habit design. The more we fire neurons together, the stronger that neural pathway becomes, to the point that researchers can measure the neurons growing thicker. As talent development professionals, we are in the business of cultivating potential. Your organization as a whole—as well as every person in it—have unrealized ability, and your job is to cultivate that potential through the learning experiences you create. Work with the natural processes of the brain and nervous system to maximize the impact of your great work.

Unknown title
as links to TED Talks, articles, and assignments to further hone their skills. This blended approach allows me to create three retrievals spaced with sleep, and it also starts to build the habits of the behaviors I am trying to cultivate. <span>Tip #6: Be a habit designer Ultimately, the goal of most learning activities is behavior change. No matter the topic, we are trying to elicit new and better behaviors in the learner. Charles Duhigg's The Power of Habit changed the way I see my work. He shares the science of how the basal ganglia in the brain builds habit loops that include a cue or trigger, the routine of behavior, and the reward for completing that routine. Over time, habits become well-grooved neural pathways that almost happen on autopilot, for example how you currently log in to your computer or how you get to work. When we are trying to create behavior change, we need to think about the habits that are currently in place and how to design new, better habits that will be more compelling than the comfort of the current ones. I now think of myself as a habit designer. All of my learning design starts with identifying the habit loop I hope to instill, and I work backward from there. Although retrievals are the key to moving conceptual learning into memory, repetition is the key for habit design. The more we fire neurons together, the stronger that neural pathway becomes, to the point that researchers can measure the neurons growing thicker. As talent development professionals, we are in the business of cultivating potential. Your organization as a whole—as well as every person in it—have unrealized ability, and your job is to cultivate that potential through the learning experiences you create. Work with the natural processes of the brain and nervous system to maximize the impact of your great work. Brain Science Resources Brain science is a burgeoning field and, within it, you will find a wide range of defined specialties from neurology to psychology to biology. This is a lis

Article 1429277117708

http://www.thai-language.com/id/590419 = Reading Exercise: Culture » Coconut Trees (Part I)

คน ไทย รับประทาน มะพร้าว ทั้ง แก่ แล้วก็ อ่อน ค่ะ มะพร้าว แก่ เนี่ย คนไทย ก็ นำมา ทำเป็น มะพร้าว ที่ ขูด ก็ เอามา ทำเป็น กะทิ ค่ะ สำหรับ มะพร้าวอ่อน เนี่ย ก็ นำมา รับประทาน สด ค่ะ เหมือนกับ เป็น ผลไม้ นะ คะ น้ำ มะพร้าวอ่อน ก็ นำมา รับประทาน เป็น เครื่องดื่ม นะ คะ นำไป แช่เย็น แล้วก็ เอามา ดื่ม เป็น เครื่องดื่ม ที่ อร่อย อีก อีกอย่างหนึ่ง ด้วย ค่ะ เพราะฉะนั้น คนไทย เรา นะ คะ ก็ จะ ต้อง สมัยก่อน เนี่ย ก็คือ มัน แล้วแต่ ต้นมะพร้าว บาง ต้น เนี่ย ก็คือ สูง บาง ต้น ก็ จะ มี ขนาด เตี้ย หน่อย

#### Flashcard 1429278428428

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
When the ceiling is imposed, two things happen: Buyers would like to purchase more at the lower price, but [...]
sellers are willing now to sell less.

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When the ceiling is imposed, two things happen: Buyers would like to purchase more at the lower price, but sellers are willing now to sell less.

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3.13. Market Interference: The Negative Impact on Total Surplus
#13; Prior to imposition of the ceiling price, equilibrium occurs at (P*, Q*), and total surplus equals the area given by a + b + c + d + e. It consists of consumer surplus given by a + b, and producer surplus given by c + d + e. <span>When the ceiling is imposed, two things happen: Buyers would like to purchase more at the lower price, but sellers are willing now to sell less. Regardless of how much buyers would like to purchase, though, only Q′ would be offered for sale. Clearly, the total quantity that actually gets traded has fallen, and this has some seri

#### Annotation 1429280263436

 #means-of-communication #sister-miriam-joseph #special-or-common #symbols #the-function-of-language #trivium Special symbols are designed by experts to express with precision ideas in a special field of knowledge, for example: mathematics, chemistry, music

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Special symbols are designed by experts to express with precision ideas in a special field of knowledge, for example: mathematics, chemistry, music. Such special languages are international and do not require translation, for t heir symbols are understood by people of all nationalities in their own language. The multiplication tabl

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#### Annotation 1429281836300

 #means-of-communication #sister-miriam-joseph #special-or-common #symbols #the-function-of-language #trivium Such special languages (special symbols) are international and do not require translation, for their symbols are understood by people of all nationalities in their own language.

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Special symbols are designed by experts to express with precision ideas in a special field of knowledge, for example: mathematics, chemistry, music. Such special languages are international and do not require translation, for t heir symbols are understood by people of all nationalities in their own language. The multiplication table is a set of symbols understood by a French person in French, by a German in German, etc. The same is true of chemical formulas and equations and of musical nota

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#### Annotation 1429284982028

 #means-of-communication #sister-miriam-joseph #special-or-common #special-symbols #symbols #the-function-of-language #trivium The multiplication table is a set of symbols (special symbols) understood by a French person in French, by a German in German, etc. The same is true of chemical formulas and equations and of musical notation.

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deas in a special field of knowledge, for example: mathematics, chemistry, music. Such special languages are international and do not require translation, for t heir symbols are understood by people of all nationalities in their own language. <span>The multiplication table is a set of symbols understood by a French person in French, by a German in German, etc. The same is true of chemical formulas and equations and of musical notation.<span><body><html>

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#### Flashcard 1429287603468

Tags
#means-of-communication #sister-miriam-joseph #special-or-common #symbols #the-function-of-language #trivium
Question
[...] or words, such as French, German, Chinese, or Greek words, constitute the common languages.
Common symbols

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Common symbols or words, such as French, German, Chinese, or Greek words, constitute the common languages. A common language is one invented by the common people to meet all their needs of communicati

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#means-of-communication #sister-miriam-joseph #special-or-common #symbols #the-function-of-language #trivium
Question
Basic English is a careful selection of [...] English words, which through paraphrase are designed to do duty for a wider vocabulary
850

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Two attempts to provide an international language may be mentioned. Esperanto is an artificial amalgam based on words common to the chief European languages. Basic English is a careful selection of 850 English words, which through paraphrase are designed to do duty for a wider vocabulary

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#### Flashcard 1429292584204

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#sister-miriam-joseph #trivium
Question
[...], the art of inventing symbols and combining them to express thought
grammar

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grammar, the art of inventing symbols and combining them to express thought

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#### Flashcard 1429294157068

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#sister-miriam-joseph #trivium
Question
rhetoric, the art of communicating thought from one mind to anot her, the adaptation of [...]
language to circumstance

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rhetoric, the art of communicating thought from one mind to anot her, the adaptation of language to circumstance

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#### Flashcard 1429295729932

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#sister-miriam-joseph #trivium
Question
Logic is concerned with the thing-as-[...]
it-is-known.

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Logic is concerned with the thing-as-it-is-known.

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#### Flashcard 1429297302796

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#sister-miriam-joseph #trivium
Question
the seven fine arts (architecture, [...], sculpture, painting, literature, t he drama, and the dance)
instrumental music

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the seven fine arts (architecture, instrumental music, sculpture, painting, literature, t he drama, and the dance)

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#### Flashcard 1429298875660

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#trivium
Question
language evolves from the very nat ure of being human. Because we are rational, we think; because we are social, we interact with other people; because we are corporeal, we [...]
use a physical medium

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language evolves from the very nat ure of being human. Because we are rational, we think; because we are social, we interact with other people; because we are corporeal, we use a physical medium

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#### Flashcard 1429300448524

Tags
#sister-miriam-joseph #trivium
Question
When a speaker or writ er uses a word, thus assigning it a particular meaning, it becomes a term and enters the realm of [...]
logic.

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When a speaker or writ er uses a word, thus assigning it a particular meaning, it becomes a term and enters the realm of logic.

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#sister-miriam-joseph #trivium
Question
The Trivium explains t hat logic is the art of deduction. As thinking beings, we know something and [...]
from that knowledge can deduce new knowledge.

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The Trivium explains t hat logic is the art of deduction. As thinking beings, we know something and from that knowledge can deduce new knowledge.

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#sister-miriam-joseph #trivium
Question
Arithmetic, the theory of number, and music, an application of the theory of number (the measurement of [...] quantities in motion), are the arts of [...]
discrete

discrete quantity or number.

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Arithmetic, t he theory of number, and music, an application of the theory of number (the measurement of discrete quantities in motion), are the arts of discrete quantity or number.

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#### Flashcard 1429305953548

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#sister-miriam-joseph #trivium
Question
The three classes of goods—valuable, useful, and [...]—illustrate the same type of distinction that exists among the arts.
pleasurable

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The three classes of goods—valuable, useful, and pleasurable—illustrate the same type of distinction that exists among the arts.

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#### Flashcard 1429307526412

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#sister-miriam-joseph #trivium
Question
Useful goods are those which are desired because they enable one to acquire [...]. For instance, food, medicine, money, tools, and books are useful goods.
valuable goods

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Useful goods are those which are desired because they enable one to acquire valuable goods. For instance, food, medicine, money, tools, and books are useful goods.

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#sister-miriam-joseph #trivium
Question
Pleasurable goods are those which are desired for [...] because of [...] they give their possessor. For instance, happiness, an honorable reputation, social prestige, flowers, and savory food are pleasurable goods.
their own sake

the satisfaction

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Pleasurable goods are those which are desired for their own sake because of the satisfaction they give their possessor. For instance, happiness, an honorable reputation, social prestige, flowers, and savory food are pleasurable goods. They do not

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#### Flashcard 1429311982860

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#sister-miriam-joseph #trivium
Question
[...] do not add to the intrinsic worth of their possessor, nor are they desired as means, yet they may be associated with valuable goods or useful goods. For instance, knowledge, which increases worth, may at the same time be pleasurable; ice cream, which is nourishing food, promotes health, and is, at the same time, enjoyable.
Pleasurable goods

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surable goods are those which are desired for their own sake because of the satisfaction they give their possessor. For instance, happiness, an honorable reputation, social prestige, flowers, and savory food are pleasurable goods. <span>They do not add to the intrinsic worth of their possessor, nor are they desired as means, yet they may be associated with valuable goods or useful goods. For instance, knowledg

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#sister-miriam-joseph #trivium
Question
Each of the liberal arts is both a science and an art in the sense that in the province of each there is [...] (science) and [...] (art).
something to know

something to do

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Each of the liberal arts is both a science and an art in the sense that in the province of each there is something t o know (science) and something to do (art).

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#sister-miriam-joseph #trivium
Question
The pupil must cooperate with the teacher; he must be active, not passive. The teacher may be present either directly or indirectly. When one studies a book, the author is a teacher [...] present through the book.
indirectly

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The pupil must cooperate with the teacher; he must be active, not passive. The teacher may be present either directly or indirectly. When one studies a book, the author is a teacher indirectly present through the book.

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#sister-miriam-joseph #trivium
Question
Communication, as the etymology of the word signifies, results in something [...];
possessed in common

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Communication, as the etymology of the word signifies, results in something possessed in common; it is a oneness shared.

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#sister-miriam-joseph #trivium
Question
The quadrivium comprises not only mathematics but many branches of science. The theory of number includes not merely arithmetic but also [...], [...] , the [...] , and other branches of higher mathematics.

algebra

calculus

theory of equations

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The quadrivium comprises not only mathematics but many branches of science. The theory of number includes not merely arithmetic but also algebra, calculus, the theory of equations, and other branches of higher mathematics. The applications of the theory of number include not only music (here understood as musical principles, li

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#sister-miriam-joseph #trivium
Question
The applications of the theory of number include not only music theory but also [...], much of [...] , and other forms of scientific measurement of discrete quantities.
physics

chemistry

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of number include not only music (here understood as musical principles, like those of harmony, which constitute t he liberal art of music and must be distinguished from applied instrumental music, which is a fine art) but also <span>physics, much of chemistry, and other forms of scientific measurement of discrete quantities. The theory of space includes analytic geometry and trigonometry. Applications of the theory of spa

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#sister-miriam-joseph #trivium
Question
The theory of space includes [...] and trigonometry.
analytic geometry

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e liberal art of music and must be distinguished from applied instrumental music, which is a fine art) but also physics, much of chemistry, and other forms of scientific measurement of discrete quantities. The theory of space includes <span>analytic geometry and trigonometry. Applications of the theory of space include principles of architecture, geography, surveying, and engineering.<span><body><html>

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#sister-miriam-joseph #trivium
Question
The theory of space includes analytic geometry and trigonometry. Applications of the theory of space include principles of architecture, geography, surveying, and [...]
engineering.

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f chemistry, and other forms of scientific measurement of discrete quantities. The theory of space includes analytic geometry and trigonometry. Applications of the theory of space include principles of architecture, geography, surveying, and <span>engineering.<span><body><html>

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 #trivium #wikipedia In metaphysics, extension signifies both 'stretching out' (Latin: extensio) as well as later 'taking up space', and most recently, spreading one's internal mental cognition into the external world.

Extension (metaphysics) - Wikipedia
an>Extension (metaphysics) - Wikipedia Extension (metaphysics) From Wikipedia, the free encyclopedia Jump to: navigation, search In metaphysics, extension signifies both 'stretching out' (Latin: extensio) as well as later 'taking up space', and most recently, spreading one's internal mental cognition into the external world. The history of thinking about extension can be traced back at least to Archytas' spear analogy for the infinity of space. How far can one's hand or spear stretch out until it reaches

#### Flashcard 1429335313676

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#sister-miriam-joseph #trivium
Question
The discovery of the planet Pluto illustrates the relationship between metaphysics and the language arts.

Pluto had been a real entity, for eons; its discovery did not create it but by being discovered, however, it became in 1930 for the first time a
[...].

When it was named Pluto, it became a
[...] entity.

When by its name knowledge of it was communicated to others, the planet Pluto became a
[...] entity
logical entity

grammatical

rhetorical

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n metaphysics and the language arts. The planet Pluto had been a real entity, traveling in its orbit about our sun, for centuries; its discovery in 1930 did not creat e it. By being discovered, however, it became in 1930 for the first time a l<span>ogical entity. When it was named Pluto, it became a grammatical entity. When by its name knowledge of it was communicated to others through the spoken word and also through the written word, the plan

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#### Flashcard 1429338983692

Tags
#sister-miriam-joseph #trivium
Question
A practical, [...] study is one that seeks to regulate, to bring into conformity with a norm or standard
normative

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A practical, normative study is one that seeks to regulate, to bring into conformity with a norm or standard—for example, ethics. The norm of ethics is the good, and its purpose is to bring human conduct into

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#### Annotation 1429342129420

 #aristotle #five-intelectual-virtues #trivium Aristotle analyzed virtues into moral and intellectual virtues (or dianoetic virtues, from the Greek aretai dianoetikai). In the Posterior Analytics and Nicomachean Ethics he identified five intellectual virtues as the five ways the soul arrives at truth by affirmation or denial. These are then separated into three classes: Theoretical Sophia – wisdomEpisteme – scientific knowledge, empirical knowledgeNous – reason Practical Phronesis – practical wisdom/prudence Productive Techne – craft knowledge, art, skill Subjacent intellectual virtues in Aristotle: Euboulia – deliberating well, deliberative excellence; thinking properly about the right end.Sunesis – understanding, sagacity, astuteness, consciousness of why something is as it is. For example, the understanding you have of why a situation is as it is, prior to having phronesis.Gnomê – judgement and consideration; allowing us to make equitable or fair decisions.Deinotes – cleverness; the ability to carry out actions so as to achieve a goal.

Intellectual virtue - Wikipedia
ct thinking. They include: a sense of justice, perseverance, empathy, integrity, intellectual courage, confidence in reason, and autonomy. Contents [hide] 1 Aristotle 2 See also 3 References 4 External links Aristotle <span>Aristotle analyzed virtues into moral and intellectual virtues (or dianoetic virtues, from the Greek aretai dianoetikai). In the Posterior Analytics and Nicomachean Ethics he identified five intellectual virtues as the five ways the soul arrives at truth by affirmation or denial. These are then separated into three classes: Theoretical Sophia – wisdom Episteme – scientific knowledge, empirical knowledge Nous – reason Practical Phronesis – practical wisdom/prudence Productive Techne – craft knowledge, art, skill Subjacent intellectual virtues in Aristotle: Euboulia – deliberating well, deliberative excellence; thinking properly about the right end. Sunesis – understanding, sagacity, astuteness, consciousness of why something is as it is. For example, the understanding you have of why a situation is as it is, prior to having phronesis. Gnomê – judgement and consideration; allowing us to make equitable or fair decisions. Deinotes – cleverness; the ability to carry out actions so as to achieve a goal. See also Critical thinking Epistemic virtue Intellectual dishonesty Paideia Virtue ethics References Aristotle Nicomachean Ethics Book VI R. M. Paul Critical thi

#### Flashcard 1429345013004

Tags
#sister-miriam-joseph #trivium
Question
The intellect itself is perfected in its operations by the five intellectual virtues, three [...] and two practical.
speculative

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The intellect itself is perfected in its operations by the five intellectual virtues, three speculative and two practical.

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#### Flashcard 1429346585868

Tags
#sister-miriam-joseph #the-function-of-language #trivium
Question
Man, like other animals, may communicate emotions such as fright, anger, or satisfaction by means of cries or exclamations which in human language are called [...]
interjections

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Man, like other animals, may communicate emotions such as fright, anger, or satisfaction by means of cries or exclamations which in human language are called interjections

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#### Flashcard 1429348158732

Tags
#means-of-communication #sister-miriam-joseph #symbols #the-function-of-language #trivium
Question
All words are symbols with the exception of a very few imitative or [...] words, such as boom, buzz, hiss, plop, ticktock
onomatopoeic

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All words are symbols with the exception of a very few imitative or onomatopoeic words, such as boom, buzz, hiss, plop, ticktock

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#### Flashcard 1429349731596

Tags
#sister-miriam-joseph #trivium
Question
Logic is the art of [...]
thinking

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Logic is the art of thinking

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#### Flashcard 1429351304460

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#sister-miriam-joseph #trivium
Question
The liberal arts, teach one [...]; they train the faculties and bring them to perfection; they enable a person to rise above his material environment to live an intellectual, a rational, and therefore a free life in gaining truth.
how to live

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The liberal arts, in contrast, teach one how to live; they train the faculties and bring them to perfection; they enable a person to rise above his material environment to live an intellectual, a rational, and therefore a free life in gai

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#### Flashcard 1429356285196

Tags
#sister-miriam-joseph #trivium
Question
An art may be used successfully before one has a formal knowledge of its precepts. For example, [...]
a child may use correct grammar even though he knows nothing of formal grammar.

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An art may be used successfully before one has a formal knowledge of its precepts. For example, a child of three may use correct grammar even though the child knows nothing of formal grammar.

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#### Flashcard 1429358644492

Tags
#sister-miriam-joseph #trivium
Question
Metaphysics or ontology, the science of being, is concerned with [...], with the thing- as-it-exists.
reality

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Metaphysics or ontology, the science of being, is concerned with reality, with the thing- as-it-exists.

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#### Flashcard 1429360479500

Tags
#sister-miriam-joseph #trivium
Question
Some symbols are less convenient than others for t he same purpose. For example, [...]
Roman numerals are less convenient for computation than Arabic numerals.

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Some symbols are less convenient than others for t he same purpose. For example, Roman numerals are less convenient for computation than Arabic numerals.

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#### Annotation 1429365460236

 #means-of-communication #sister-miriam-joseph #the-function-of-language #trivium An imitation is an artificial likeness, for example: a painting, photograph, cartoon, statue, pantomime, a gesture such as threatening with a clenched fist or rejecting by pushing away with the hands, and picture writing

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An imitation is an artificial likeness, for example: a painting, photograph, cartoon, statue, pantomime, a gesture such as threatening with a clenched fist or rejecting by pushing away with the hands, and picture writing. There is no mistaking the meaning of a picture; it means what it resembles. The picture of a horse or a tree cannot represent a man or a dog. Even though imitation is a clear means of

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#### Annotation 1429367033100

 #means-of-communication #sister-miriam-joseph #the-function-of-language #trivium Even though imitation is a clear means of communication, it is limited, difficult , slow, and unable to express the essences of things. Imagine picture writing your next letter to a friend. Within limits, however, imitation is a vivid and effective mode of communicat ion.

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s threatening with a clenched fist or rejecting by pushing away with the hands, and picture writing. There is no mistaking the meaning of a picture; it means what it resembles. The picture of a horse or a tree cannot represent a man or a dog. <span>Even though imitation is a clear means of communication, it is limited, difficult , slow, and unable to express the essences of things. Imagine picture writing your next letter to a friend. Within limits, however, imitation is a vivid and effective mode of communicat ion.<span><body><html>

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Article 1429409238284

เคยมีผู้กล่าวไว้อยู่เนือง ๆ ว่า คนที่ชอบเข้าวัดทำบุญเป็นกิจวัตร หรือเข้าไปทำพิธีกรรมในวัดมากกว่าคนอื่น ก็ใช่ว่าจะเข้าใจคำสอนที่เป็นแก่นแท้พุทธศาสนามากกว่าคนที่ไม่ได้เข้าประกอบพิธีกรรมในวัดเสมอไป It has been said many times that those who regularly attend temple services to make merit and perform religious rites do not always understand the true teachings of the Buddha when compared with those who do not engaged in such activity.

Article 1429410811148

Ubereats
#citychef #ubereats

Uber is launching its food ordering service UberEATS in London today (16 June 2016), allowing consumers to order dishes from more than 150 restaurants on their smartphone and have them delivered to their door. Uber tested food delivery in London previously through deals with Wall's to deliver ice cream to users of the app. It has previously launched UberEATS in 16 other cities including Atlanta, Singapore, Paris, San Francisco and Toronto. Starting today, Londoners can download the UberEATS app, sign in using their existing Uber account or create new one, and order local food in a similar manner to ordering an Uber car. Restaurants that have signed up to the service so far include The Good Life Eatery, Hotbox, Chilango, Pho, Comptoir Libanais and Snog. The service will initially be available in Central London from 11am to 11pm, seven days a week. However, UberEATS is planning to expand its delivery area and add more restaurants in the coming weeks. There is currently no above the line mark

#### Annotation 1429412908300

 #citychef #ubereats Uber is launching its food ordering service UberEATS in London today (16 June 2016), allowing consumers to order dishes from more than 150 restaurants on their smartphone and have them delivered to their door.

Ubereats
Uber is launching its food ordering service UberEATS in London today (16 June 2016), allowing consumers to order dishes from more than 150 restaurants on their smartphone and have them delivered to their door. Uber tested food delivery in London previously through deals with Wall's to deliver ice cream to users of the app. It has previously launched UberEATS in 16 other cities in

#### Annotation 1429901020428

 In a theoretical sense, the value of anything is not based on what the seller wants – but what the market is willing to pay.

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#### Annotation 1430296595724

 #calculating-demand-elasticity-from-demand-function #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 Although the concept of different elasticities of demand is helpful in sorting out the qualitative and directional effects among variables, the analyst will also benefit from having an empirically estimated demand function from which to calculate the magnitudes as well.

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Although the concept of different elasticities of demand is helpful in sorting out the qualitative and directional effects among variables, the analyst will also benefit from having an empirically estimated demand function from which to calculate the magnitudes as well. There is no substitute for actual observation and statistical (regression) analysis to yield insights into the quantitative behavior of a market. (Empirical analysis, however, is outsid

#### Original toplevel document

4.5. Calculating Demand Elasticities from Demand Functions
Although the concept of different elasticities of demand is helpful in sorting out the qualitative and directional effects among variables, the analyst will also benefit from having an empirically estimated demand function from which to calculate the magnitudes as well. There is no substitute for actual observation and statistical (regression) analysis to yield insights into the quantitative behavior of a market. (Empirical analysis, however, is outside the scope of this reading.) To see how an analyst would use such an equation, let us return to our hypothetical market demand function for gasoline in Equation 13 duplicated here: Equation (27)  Qdx=8,400−400Px+60I−10Py As we found when we calculated own-price elasticity of demand earlier, we need to identify “where to look” by choosing actual values for the independent variables, P x , I,

#### Annotation 1430298168588

 #calculating-demand-elasticity-from-demand-function #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 There is no substitute for actual observation and statistical (regression) analysis to yield insights into the quantitative behavior of a market. (Empirical analysis, however, is outside the scope of this reading.)

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erent elasticities of demand is helpful in sorting out the qualitative and directional effects among variables, the analyst will also benefit from having an empirically estimated demand function from which to calculate the magnitudes as well. <span>There is no substitute for actual observation and statistical (regression) analysis to yield insights into the quantitative behavior of a market. (Empirical analysis, however, is outside the scope of this reading.) To see how an analyst would use such an equation, let us return to our hypothetical market demand function for gasoline in Equation 13 duplicated here: Equation (27)

#### Original toplevel document

4.5. Calculating Demand Elasticities from Demand Functions
Although the concept of different elasticities of demand is helpful in sorting out the qualitative and directional effects among variables, the analyst will also benefit from having an empirically estimated demand function from which to calculate the magnitudes as well. There is no substitute for actual observation and statistical (regression) analysis to yield insights into the quantitative behavior of a market. (Empirical analysis, however, is outside the scope of this reading.) To see how an analyst would use such an equation, let us return to our hypothetical market demand function for gasoline in Equation 13 duplicated here: Equation (27)  Qdx=8,400−400Px+60I−10Py As we found when we calculated own-price elasticity of demand earlier, we need to identify “where to look” by choosing actual values for the independent variables, P x , I,

#### Flashcard 1430302100748

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Question
If own-price elasticity of demand is less than one in absolute value, demand is called [...];
“inelastic”

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Based on algebraic sign and magnitude of the various elasticities, goods can be classified into groups. If own-price elasticity of demand is less than one in absolute value, demand is called “inelastic”; it is called “elastic” if own-price elasticity of demand is greater than one in absolute value. Goods with positive income elasticity of demand are called normal goods, and those with

#### Original toplevel document

SUMMARY
he dependent variable to the percentage change in the independent variable of interest. Important specific elasticities include own-price elasticity of demand, income elasticity of demand, and cross-price elasticity of demand. <span>Based on algebraic sign and magnitude of the various elasticities, goods can be classified into groups. If own-price elasticity of demand is less than one in absolute value, demand is called “inelastic”; it is called “elastic” if own-price elasticity of demand is greater than one in absolute value. Goods with positive income elasticity of demand are called normal goods, and those with negative income elasticity of demand are called inferior goods. Two goods with negative cross-price elasticity of demand—a drop in the price of one good causes an increase in demand for the other good—are called complements. Goods with positive cross-price elasticity of demand—a drop in the price of one good causes a decrease in demand for the other—are called substitutes. The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows: If demand is elastic, a reduction in price resul

#### Flashcard 1430303673612

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Question
Demand is called [...] if own-price elasticity of demand is greater than one in absolute value.

“elastic”

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><head>Based on algebraic sign and magnitude of the various elasticities, goods can be classified into groups. If own-price elasticity of demand is less than one in absolute value, demand is called “inelastic”; it is called “elastic” if own-price elasticity of demand is greater than one in absolute value. Goods with positive income elasticity of demand are called normal goods, and those with negative income elastici

#### Original toplevel document

SUMMARY
he dependent variable to the percentage change in the independent variable of interest. Important specific elasticities include own-price elasticity of demand, income elasticity of demand, and cross-price elasticity of demand. <span>Based on algebraic sign and magnitude of the various elasticities, goods can be classified into groups. If own-price elasticity of demand is less than one in absolute value, demand is called “inelastic”; it is called “elastic” if own-price elasticity of demand is greater than one in absolute value. Goods with positive income elasticity of demand are called normal goods, and those with negative income elasticity of demand are called inferior goods. Two goods with negative cross-price elasticity of demand—a drop in the price of one good causes an increase in demand for the other good—are called complements. Goods with positive cross-price elasticity of demand—a drop in the price of one good causes a decrease in demand for the other—are called substitutes. The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows: If demand is elastic, a reduction in price resul

#### Annotation 1430306032908

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary Goods with positive income elasticity of demand are called normal goods, and those with negative income elasticity of demand are called inferior goods.

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ticities, goods can be classified into groups. If own-price elasticity of demand is less than one in absolute value, demand is called “inelastic”; it is called “elastic” if own-price elasticity of demand is greater than one in absolute value. <span>Goods with positive income elasticity of demand are called normal goods, and those with negative income elasticity of demand are called inferior goods. Two goods with negative cross-price elasticity of demand—a drop in the price of one good causes an increase in demand for the other good—are called complements. Goods with positive cros

#### Original toplevel document

SUMMARY
he dependent variable to the percentage change in the independent variable of interest. Important specific elasticities include own-price elasticity of demand, income elasticity of demand, and cross-price elasticity of demand. <span>Based on algebraic sign and magnitude of the various elasticities, goods can be classified into groups. If own-price elasticity of demand is less than one in absolute value, demand is called “inelastic”; it is called “elastic” if own-price elasticity of demand is greater than one in absolute value. Goods with positive income elasticity of demand are called normal goods, and those with negative income elasticity of demand are called inferior goods. Two goods with negative cross-price elasticity of demand—a drop in the price of one good causes an increase in demand for the other good—are called complements. Goods with positive cross-price elasticity of demand—a drop in the price of one good causes a decrease in demand for the other—are called substitutes. The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows: If demand is elastic, a reduction in price resul

#### Annotation 1430307605772

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary Two goods with negative cross-price elasticity of demand—a drop in the price of one good causes an increase in demand for the other good—are called complements.

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called “elastic” if own-price elasticity of demand is greater than one in absolute value. Goods with positive income elasticity of demand are called normal goods, and those with negative income elasticity of demand are called inferior goods. <span>Two goods with negative cross-price elasticity of demand—a drop in the price of one good causes an increase in demand for the other good—are called complements. Goods with positive cross-price elasticity of demand—a drop in the price of one good causes a decrease in demand for the other—are called substitutes.<span><body><html>

#### Original toplevel document

SUMMARY
he dependent variable to the percentage change in the independent variable of interest. Important specific elasticities include own-price elasticity of demand, income elasticity of demand, and cross-price elasticity of demand. <span>Based on algebraic sign and magnitude of the various elasticities, goods can be classified into groups. If own-price elasticity of demand is less than one in absolute value, demand is called “inelastic”; it is called “elastic” if own-price elasticity of demand is greater than one in absolute value. Goods with positive income elasticity of demand are called normal goods, and those with negative income elasticity of demand are called inferior goods. Two goods with negative cross-price elasticity of demand—a drop in the price of one good causes an increase in demand for the other good—are called complements. Goods with positive cross-price elasticity of demand—a drop in the price of one good causes a decrease in demand for the other—are called substitutes. The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows: If demand is elastic, a reduction in price resul

#### Annotation 1430309178636

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary Goods with positive cross-price elasticity of demand—a drop in the price of one good causes a decrease in demand for the other—are called substitutes.

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s, and those with negative income elasticity of demand are called inferior goods. Two goods with negative cross-price elasticity of demand—a drop in the price of one good causes an increase in demand for the other good—are called complements. <span>Goods with positive cross-price elasticity of demand—a drop in the price of one good causes a decrease in demand for the other—are called substitutes.<span><body><html>

#### Original toplevel document

SUMMARY
he dependent variable to the percentage change in the independent variable of interest. Important specific elasticities include own-price elasticity of demand, income elasticity of demand, and cross-price elasticity of demand. <span>Based on algebraic sign and magnitude of the various elasticities, goods can be classified into groups. If own-price elasticity of demand is less than one in absolute value, demand is called “inelastic”; it is called “elastic” if own-price elasticity of demand is greater than one in absolute value. Goods with positive income elasticity of demand are called normal goods, and those with negative income elasticity of demand are called inferior goods. Two goods with negative cross-price elasticity of demand—a drop in the price of one good causes an increase in demand for the other good—are called complements. Goods with positive cross-price elasticity of demand—a drop in the price of one good causes a decrease in demand for the other—are called substitutes. The relationship among own-price elasticity of demand, changes in price, and changes in total expenditure is as follows: If demand is elastic, a reduction in price resul

#### Flashcard 1430310751500

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Question
When something other than price changes, the demand curve or the supply curve will shift relative to the other curve. This shift is referred to as a [...], as opposed to quantity demanded or quantity supplied.
change in demand or supply

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When something other than price changes, the demand curve or the supply curve will shift relative to the other curve. This shift is referred to as a change in demand or supply, as opposed to quantity demanded or quantity supplied. A new equilibrium generally will be obtained at a different price and a different quantity than before. </htm

#### Original toplevel document

SUMMARY
s and households as sellers of land, labor, capital, and entrepreneurial risk-taking ability. Capital markets are used by firms to sell debt or equity to raise long-term capital to finance the production of goods and services. <span>Demand and supply curves are drawn on the assumption that everything except the price of the good itself is held constant (an assumption known as ceteris paribus or “holding all other things constant”). When something other than price changes, the demand curve or the supply curve will shift relative to the other curve. This shift is referred to as a change in demand or supply, as opposed to quantity demanded or quantity supplied. A new equilibrium generally will be obtained at a different price and a different quantity than before. The market mechanism is the ability of prices to adjust to eliminate any excess demand or supply resulting from a shift in one or the other curve. If, at a given price, the quantity demanded exceeds the quantity supplied, there is excess demand and price will rise. If, at a given price, the quantity supplied exceed

#### Flashcard 1430313372940

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Buyers’ behavior is captured in the [...] and its graphical equivalent, the [...] .
demand function

demand curve

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Buyers’ behavior is captured in the demand function and its graphical equivalent, the demand curve.

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3. BASIC PRINCIPLES AND CONCEPTS
se a given amount of a good or service at a given price. Supply is the willingness of sellers to offer a given quantity of a good or service for a given price. Later, study on the theory of the firm will yield the supply curve. <span>The demand and supply model is useful in explaining how price and quantity traded are determined and how external influences affect the values of those variables. Buyers’ behavior is captured in the demand function and its graphical equivalent, the demand curve. This curve shows both the highest price buyers are willing to pay for each quantity, and the highest quantity buyers are willing and able to purchase at each price. Sellers’ behavior is captured in the supply function and its graphical equivalent, the supply curve. This curve shows simultaneously the lowest price sellers are willing to accept for each quantity and the highest quantity sellers are willing to offer at each price. If, at a given quantity, the highest price that buyers are willing to pay is equal to the lowest price that sellers are willing to accept, we say the market has reached it

#### Flashcard 1430315994380

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
As the price of a good rises, buyers will choose to buy less of it, and as its price falls, they buy more. This is called the

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d><head>In general, economists believe that as the price of a good rises, buyers will choose to buy less of it, and as its price falls, they buy more. This is such a ubiquitous observation that it has come to be called the law of demand , although we shall see that it need not hold in all circumstances.<html>

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3.1. The Demand Function and the Demand Curve
head> We first analyze demand. The quantity consumers are willing to buy clearly depends on a number of different factors called variables. Perhaps the most important of those variables is the item’s own price. In general, economists believe that as the price of a good rises, buyers will choose to buy less of it, and as its price falls, they buy more. This is such a ubiquitous observation that it has come to be called the law of demand , although we shall see that it need not hold in all circumstances. Although a good’s own price is important in determining consumers’ willingness to purchase it, other variables also have influence on that decision, such as consumers’ inco

#### Flashcard 1430319402252

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question

Equation (1)

Qdx=f(Px,I,Py,...)

Qdx = the quantity demanded of some good X

Px = [...]

I = [...]

Py = [...]

Price of good X

consumers’ income

the price of another good, Y.

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Equation (1)  Qdx=f(Px,I,Py,...) Qdx = the quantity demanded of some good X (e.g. per household demand for gasoline in gallons per week), P x = Price of good X I = consumers’ income P y is the price of another good, Y. It may be read, “Quantity demanded of good X depends on (is a function of) the price of g

#### Original toplevel document

3.1. The Demand Function and the Demand Curve
demand function . (In general, a function is a relationship that assigns a unique value to a dependent variable for any given set of values of a group of independent variables.) We represent such a demand function in Equation 1: <span>Equation (1)  Qdx=f(Px,I,Py,...) where Qdx represents the quantity demanded of some good X (such as per household demand for gasoline in gallons per week), P x is the price per unit of good X (such as $per gallon), I is consumers’ income (as in$1,000s per household annually), and P y is the price of another good, Y. (There can be many other goods, not just one, and they can be complements or substitutes.) Equation 1 may be read, “Quantity demanded of good X depends on (is a function of) the price of good X, consumers’ income, the price of good Y, and so on.” Often, economists use simple linear equations to approximate real-world demand and supply functions in relevant ranges. A hypothetical example of a specific demand function

#### Annotation 1430321761548

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 Often, economists use simple linear equations to approximate real-world demand and supply functions in relevant ranges.

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Often, economists use simple linear equations to approximate real-world demand and supply functions in relevant ranges. A hypothetical example of a specific demand function could be the following linear equation for a small town’s per-household gasoline consumption per week, where P y might be the avera

#### Original toplevel document

3.1. The Demand Function and the Demand Curve

#### Annotation 1430324907276

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 In our example, there are three independent variables in the demand function, and one dependent variable. If any one of the independent variables changes, so does the value of quantity demanded.

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In our example, there are three independent variables in the demand function, and one dependent variable. If any one of the independent variables changes, so does the value of quantity demanded. It is often desirable to concentrate on the relationship between the dependent variable and just one of the independent variables at a time, which allows us to represent the relationshi

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3.1. The Demand Function and the Demand Curve
ld weekly consumption would decrease by 0.4 gallons for every dollar increase in gas price. Own-price is used by economists to underscore that the reference is to the price of a good itself and not the price of some other good. <span>In our example, there are three independent variables in the demand function, and one dependent variable. If any one of the independent variables changes, so does the value of quantity demanded. It is often desirable to concentrate on the relationship between the dependent variable and just one of the independent variables at a time, which allows us to represent the relationship between those two variables in a two-dimensional graph (at specific levels of the variables held constant). To accomplish this goal, we can simply hold the other two independent variables constant at their respective levels and rewrite the equation. In economic writing, this “holding constant” of the values of all variables except those being discussed is traditionally referred to by the Latin phrase ceteris paribus (literally, “all other things being equal” in the sense of “unchanged”). In this reading, we will use the phrase “holding all other things constant” as a readily understood equivalent for ceteris paribus. Suppose, for example, that we want to concentrate on the relationship between the quantity demanded of the good and its own-price, P x . Then we would hold constant the val

#### Annotation 1430326480140

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 It is often desirable to concentrate on the relationship between the dependent variable and just one of the independent variables at a time, which allows us to represent the relationship between those two variables in a two-dimensional graph (at specific levels of the variables held constant).

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Open it
In our example, there are three independent variables in the demand function, and one dependent variable. If any one of the independent variables changes, so does the value of quantity demanded. It is often desirable to concentrate on the relationship between the dependent variable and just one of the independent variables at a time, which allows us to represent the relationship between those two variables in a two-dimensional graph (at specific levels of the variables held constant). To accomplish this goal, we can simply hold the other two independent variables constant at their respective levels and rewrite the equation. In economic writing, this “holding constant

#### Original toplevel document

3.1. The Demand Function and the Demand Curve
ld weekly consumption would decrease by 0.4 gallons for every dollar increase in gas price. Own-price is used by economists to underscore that the reference is to the price of a good itself and not the price of some other good. <span>In our example, there are three independent variables in the demand function, and one dependent variable. If any one of the independent variables changes, so does the value of quantity demanded. It is often desirable to concentrate on the relationship between the dependent variable and just one of the independent variables at a time, which allows us to represent the relationship between those two variables in a two-dimensional graph (at specific levels of the variables held constant). To accomplish this goal, we can simply hold the other two independent variables constant at their respective levels and rewrite the equation. In economic writing, this “holding constant” of the values of all variables except those being discussed is traditionally referred to by the Latin phrase ceteris paribus (literally, “all other things being equal” in the sense of “unchanged”). In this reading, we will use the phrase “holding all other things constant” as a readily understood equivalent for ceteris paribus. Suppose, for example, that we want to concentrate on the relationship between the quantity demanded of the good and its own-price, P x . Then we would hold constant the val

#### Flashcard 1430331723020

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
A change in a good’s own-price causes a movement along the demand curve, this is referred to as a [...]
change in quantity demanded,

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A change in a good’s own-price causes a movement along the demand curve, this is referred to as a change in quantity demanded, A change in the value of any other variable will shift the entire demand curve. This is referred to as a change in demand.

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but the intercepts have both increased, resulting in an outward shift in the demand curve, as shown in Exhibit 2. Exhibit 2. Household Demand Curve for Gasoline before and after Change in Income <span>In general, the only thing that can cause a movement along the demand curve is a change in a good’s own-price. A change in the value of any other variable will shift the entire demand curve. The former is referred to as a change in quantity demanded, and the latter is referred to as a change in demand. More importantly, the shift in demand was both a vertical shift upward and a horizontal shift to the right. That is to say, for any given quantity, the household is now wil

#### Flashcard 1430334082316

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
A change in the value of anyvariable other than own-price will shift the entire demand curve. This is referred to as a [...]
change in demand.

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A change in a good’s own-price causes a movement along the demand curve, this is referred to as a change in quantity demanded, A change in the value of any other variable will shift the entire demand curve. This is referred to as a <span>change in demand.<span><body><html>

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but the intercepts have both increased, resulting in an outward shift in the demand curve, as shown in Exhibit 2. Exhibit 2. Household Demand Curve for Gasoline before and after Change in Income <span>In general, the only thing that can cause a movement along the demand curve is a change in a good’s own-price. A change in the value of any other variable will shift the entire demand curve. The former is referred to as a change in quantity demanded, and the latter is referred to as a change in demand. More importantly, the shift in demand was both a vertical shift upward and a horizontal shift to the right. That is to say, for any given quantity, the household is now wil

#### Flashcard 1430338538764

Tags
#cfa #cfa-level-1 #economics #market-equilibrium #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Price and quantity, are variables determined within the model for a particular market and are called [...]

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ity are determined outside of the demand and supply model of this particular market. Because of that, they are called exogenous variables . Price and quantity, however, are determined within the model for this particular market and are called <span>endogenous variables<span><body><html>

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3.6. Market Equilibrium
al gasoline market, the demand function was given by Qdx=f(Px,I,Py) , and the supply function was given by Qsx=f(Px,W) . Those expressions are called behavioral equations because they model the behavior of, respectively, buyers and sellers. <span>Variables other than own price and quantity are determined outside of the demand and supply model of this particular market. Because of that, they are called exogenous variables . Price and quantity, however, are determined within the model for this particular market and are called endogenous variables . In our simple example, there are three exogenous variables (I, P y , and W) and three endogenous variables: P x , Qdx , and Qsx . Hence, we have a system of two equations and three un

#### Flashcard 1430343257356

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
When we concentrate on one market, taking values of exogenous variables as given, we are engaging in what is called [...]

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When we concentrate on one market, taking values of exogenous variables as given, we are engaging in what is called partial equilibrium analysis

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3.6. Market Equilibrium
uantity. Conceptually, the values of the exogenous variables are being determined in other markets, such as the markets for labor, automobiles, and so on, whereas the price and quantity of gasoline are being determined in the gasoline market. <span>When we concentrate on one market, taking values of exogenous variables as given, we are engaging in what is called partial equilibrium analysis . In many cases, we can gain sufficient insight into a market of interest without addressing feedback effects to and from all the other markets that are tangentially involved with this

#### Flashcard 1430344830220

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
To reach equilibrium, price must adjust until there is neither an excess supply nor an excess demand. That adjustment is called the [...]

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To reach equilibrium, price must adjust until there is neither an excess supply nor an excess demand. That adjustment is called the market mechanism , and it is characterized in the following way: In the case of excess supply, price will fall; in the case of excess demand, price will rise; and in the case of neither excess supply no

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3.7. The Market Mechanism: Iterating toward Equilibrium—or Not
t buyers are willing to purchase 5,400 more units than sellers are willing to offer. This result is shown in Exhibit 9. Exhibit 9. Excess Demand as a Consequence of Price below Equilibrium Price <span>To reach equilibrium, price must adjust until there is neither an excess supply nor an excess demand. That adjustment is called the market mechanism , and it is characterized in the following way: In the case of excess supply, price will fall; in the case of excess demand, price will rise; and in the case of neither excess supply nor excess demand, price will not change. EXAMPLE 7 Identifying Excess Demand or Excess Supply at a Non-equilibrium Price In the local market for e-books, the aggregate demand i

#### Flashcard 1430346665228

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
total surplus is made up of the sum of [...]
consumer surplus and producer surplus.

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total surplus is made up of the sum of consumer surplus and producer surplus.

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3.11. Total Surplus—Total Value minus Total Variable Cost
, for every one of those units, sellers would have been willing to sell it for less than they actually received. The total value to buyers was greater than the total variable cost to sellers. The difference between those two values is called <span>total surplus , and it is made up of the sum of consumer surplus and producer surplus. Note that the way the total surplus is divided between consumers and producers depends on the steepness of the demand and supply curves. If the supply curve is steeper than the demand c

#### Annotation 1430348238092

 #cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 If the supply curve is steeper than the demand curve, more of the surplus is being captured by producers. If the demand curve is steeper, consumers capture more of the surplus.

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Note that the way the total surplus is divided between consumers and producers depends on the steepness of the demand and supply curves. If the supply curve is steeper than the demand curve, more of the surplus is being captured by producers. If the demand curve is steeper, consumers capture more of the surplus.

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3.11. Total Surplus—Total Value minus Total Variable Cost
n they actually received. The total value to buyers was greater than the total variable cost to sellers. The difference between those two values is called total surplus , and it is made up of the sum of consumer surplus and producer surplus. <span>Note that the way the total surplus is divided between consumers and producers depends on the steepness of the demand and supply curves. If the supply curve is steeper than the demand curve, more of the surplus is being captured by producers. If the demand curve is steeper, consumers capture more of the surplus. In a fundamental sense, total surplus is a measure of society’s gain from the voluntary exchange of goods and services. Whenever total surplus increases, society gains. An

#### Flashcard 1430349810956

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
If the supply curve is steeper than the demand curve, more of the surplus is being captured by [...].
producers

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If the supply curve is steeper than the demand curve, more of the surplus is being captured by producers. If the demand curve is steeper, consumers capture more of the surplus.

#### Original toplevel document

3.11. Total Surplus—Total Value minus Total Variable Cost
n they actually received. The total value to buyers was greater than the total variable cost to sellers. The difference between those two values is called total surplus , and it is made up of the sum of consumer surplus and producer surplus. <span>Note that the way the total surplus is divided between consumers and producers depends on the steepness of the demand and supply curves. If the supply curve is steeper than the demand curve, more of the surplus is being captured by producers. If the demand curve is steeper, consumers capture more of the surplus. In a fundamental sense, total surplus is a measure of society’s gain from the voluntary exchange of goods and services. Whenever total surplus increases, society gains. An

#### Flashcard 1430352170252

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
An important result of market equilibrium is that [...]
total surplus is maximized

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An important result of market equilibrium is that total surplus is maximized at the equilibrium price and quantity.

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3.11. Total Surplus—Total Value minus Total Variable Cost
and curve is steeper, consumers capture more of the surplus. In a fundamental sense, total surplus is a measure of society’s gain from the voluntary exchange of goods and services. Whenever total surplus increases, society gains. <span>An important result of market equilibrium is that total surplus is maximized at the equilibrium price and quantity. Exhibit 14 combines the supply curve and the demand curve to show market equilibrium and total surplus, represented as the area of the shaded triangle. The area of that triangle is the

#### Flashcard 1430357937420

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Total Surplus measured in cream, If the market ceased to exist, would be [...]
the monetary value of the loss to society.

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If price measures dollars per unit, and quantity measures units per month, then the measure of total surplus is dollars per month. Total Surplus, If the market ceased to exist, would be the monetary value of the loss to society.

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3.11. Total Surplus—Total Value minus Total Variable Cost
equilibrium and total surplus, represented as the area of the shaded triangle. The area of that triangle is the difference between the trapezoid of total value to society’s buyers and the trapezoid of total resource cost to society’s sellers. <span>If price measures dollars (or euros) per unit, and quantity measures units per month, then the measure of total surplus is dollars (euros) per month. It is the “bargain” that buyers and sellers together experience when they voluntarily trade the good in a market. If the market ceased to exist, that would be the monetary value of the loss to society. Exhibit 14. Total Surplus as the Area beneath the Demand Curve and above the Supply Curve <span><body><html>

#### Flashcard 1430360296716

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
An [...] is a case in which production costs or the consumption benefits of a good or service spill over onto those who are not producing or consuming the good or service

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An externality is a case in which production costs or the consumption benefits of a good or service spill over onto those who are not producing or consuming the good or service; a spillover cost (e.g.

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3.12. Markets Maximize Society’s Total Surplus
of a good. Hence, it is society’s marginal value curve for that good. Additionally, the market supply curve represents the marginal cost to society to produce each additional unit of that good, assuming no positive or negative externalities. (<span>An externality is a case in which production costs or the consumption benefits of a good or service spill over onto those who are not producing or consuming the good or service; a spillover cost (e.g., pollution) is called a negative externality , a spillover benefit (e.g., literacy programs) is called a positive externality .) At equilibrium, where demand and supply curves intersect, the highest price that someone is willing to pay is just equal to the lowest price that a seller is willing to acc

#### Annotation 1430374714636

 There are three essential requirements for successful MATLAB applications: You must learn the exact rules for writing MATLAB statements and using MATLAB utilities. You must know the mathematics associated with the problem you want to solve. You must develop a logical plan of attack—the algorithm—for solving a particular problem

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#### Annotation 1430381792524

 #bioinfo #publication #research #self we discover that FAAH inhibitors may bind to the dimerization interface of NMDA receptor (NMDAR) and several other BAs, and thus disrupt their cellular functions

Molecular mechanisms involved in the side effects of fatty acid amide hydrolase inhibitors: a structural phenomics approach to proteome-wide cellular off-target deconvolution and disease association : npj Systems Biology and Applications
inding profile in the cellular context and on a structural proteome scale, and investigate the roles of these off-targets in impacting human physiology and pathology using text mining-based phenomics analysis. Using this integrative approach, <span>we discover that FAAH inhibitors may bind to the dimerization interface of NMDA receptor (NMDAR) and several other BAs, and thus disrupt their cellular functions. Specifically, the malfunction of the NMDAR is associated with a wide spectrum of brain disorders that are directly related to the observed side effects of FAAH inhibitors. This finding

#### Annotation 1430382841100

 #bioinfo #publication #research #self Fatty acid amide hydrolase (FAAH) is an enzyme involved in the hydrolysis of bioactive lipids such as anandamide, 2-arachidonoylglycerol (2-AG) and oleamide.

Molecular mechanisms involved in the side effects of fatty acid amide hydrolase inhibitors: a structural phenomics approach to proteome-wide cellular off-target deconvolution and disease association : npj Systems Biology and Applications
and link BA–ligand interaction with clinical outcomes, can be valuable in off-target screening. The development and application of such methods will accelerate the development of more safe and effective therapeutics. IntroductionIntroduction <span>Fatty acid amide hydrolase (FAAH) is an enzyme involved in the hydrolysis of bioactive lipids such as anandamide, 2-arachidonoylglycerol (2-AG) and oleamide. 1 It is distributed in several of the major organs of the human body, but is also regionally distributed in the brain where it is believed to correlate with cannibinoid receptors. 2 I

#### Annotation 1430383889676

 #bioinfo #publication #research #self It is distributed in several of the major organs of the human body, but is also regionally distributed in the brain where it is believed to correlate with cannibinoid receptors

Molecular mechanisms involved in the side effects of fatty acid amide hydrolase inhibitors: a structural phenomics approach to proteome-wide cellular off-target deconvolution and disease association : npj Systems Biology and Applications
the development of more safe and effective therapeutics. IntroductionIntroduction Fatty acid amide hydrolase (FAAH) is an enzyme involved in the hydrolysis of bioactive lipids such as anandamide, 2-arachidonoylglycerol (2-AG) and oleamide. 1 <span>It is distributed in several of the major organs of the human body, but is also regionally distributed in the brain where it is believed to correlate with cannibinoid receptors. 2 In particular, it is believed that the overexpression of FAAH reduces the production of known endogenous cannabinoids, specifically, anandamide (AEA) and 2-arachidonoylglycerol (2-A

#### Annotation 1430384938252

 #bioinfo #publication #research #self FAAH reduces the production of known endogenous cannabinoids, specifically, anandamide (AEA) and 2-arachidonoylglycerol (2-AG)

Molecular mechanisms involved in the side effects of fatty acid amide hydrolase inhibitors: a structural phenomics approach to proteome-wide cellular off-target deconvolution and disease association : npj Systems Biology and Applications
. 1 It is distributed in several of the major organs of the human body, but is also regionally distributed in the brain where it is believed to correlate with cannibinoid receptors. 2 In particular, it is believed that the overexpression of <span>FAAH reduces the production of known endogenous cannabinoids, specifically, anandamide (AEA) and 2-arachidonoylglycerol (2-AG). 3 This makes FAAH an attractive drug target, as inhibition of FAAH would, through the upregulation of AEA and 2-AG, elicit the effects of cannabinoid activation. Thus, FAAH inhibitors

#### Annotation 1430385986828

 #bioinfo #publication #research #self FAAH would, through the upregulation of AEA and 2-AG, elicit the effects of cannabinoid activation. Thus, FAAH inhibitors may serve as analgesic, anti-inflammatory, anxiolytic and antidepressant therapeutics.

Molecular mechanisms involved in the side effects of fatty acid amide hydrolase inhibitors: a structural phenomics approach to proteome-wide cellular off-target deconvolution and disease association : npj Systems Biology and Applications
rticular, it is believed that the overexpression of FAAH reduces the production of known endogenous cannabinoids, specifically, anandamide (AEA) and 2-arachidonoylglycerol (2-AG). 3 This makes FAAH an attractive drug target, as inhibition of <span>FAAH would, through the upregulation of AEA and 2-AG, elicit the effects of cannabinoid activation. Thus, FAAH inhibitors may serve as analgesic, anti-inflammatory, anxiolytic and antidepressant therapeutics. 4 However, the development of potent and safe FAAH inhibitors is hindered by their possible serious side effects. 5 In a recent clinical trial, the FAAH inhibitor BIA 10-2474, caused c

#### Annotation 1430387035404

 #bioinfo #publication #research #self First, we screen potential cellular off-targets of FAAH inhibitors on a structural proteome using BAs that represent the functional form of proteins in the cell.

Molecular mechanisms involved in the side effects of fatty acid amide hydrolase inhibitors: a structural phenomics approach to proteome-wide cellular off-target deconvolution and disease association : npj Systems Biology and Applications
t time, we develop a structural phenomics approach, which integrates heterogeneous data from structural genomics, chemical genomics and the biomedical literature, to reveal the cellular and physiological mechanism of drug–target interactions. <span>First, we screen potential cellular off-targets of FAAH inhibitors on a structural proteome using BAs that represent the functional form of proteins in the cell. Few computational methods that can screen a compound against the structural proteome-wide BAs, including uncharacterized binding sites, are available. To our knowledge, the method in th

#### Annotation 1430388608268

 #bioinfo #publication #research #self Given a drug D and its primary target T (in this case, FAAH), all BAs in the Protein Data Bank (PDB;12 both monomer and oligomer), are compared with the ligand-binding site of T using software SMAP.13,​14,​15 If a BA has statistically significantly similar binding site to that of T, it may be the putative off-target of D. In addition, the electrostatic potentials of the binding sites of primary target and off-target are compared to further verify the putative binding promiscuity.Known inhibitors of T and their decoys are extracted from ChEMBL,16 and docked into T, and its putative off-targets, respectively, using protein–ligand docking software Autodock Vina.17 The distributions of docking scores of inhibitors and decoys are analyzed to verify the prediction from step 1. Then, molecular dynamics simulation is performed to characterize the conformational dynamics of the putative off-target–ligand interactions.The concepts of genes/proteins and diseases in from PubMed abstracts (up to July 2014) are mapped to a vector space using a deep learning technique, Word2Vec.18 Semantic relations between the putative off-target and diseases are determined using the cosine similarity between vectors.

Molecular mechanisms involved in the side effects of fatty acid amide hydrolase inhibitors: a structural phenomics approach to proteome-wide cellular off-target deconvolution and disease association : npj Systems Biology and Applications
el, which combines tools derived from bioinformatics, systems biology, protein–ligand docking, MD (molecular dynamics) simulation and text mining, and integrates data from structural genomics, chemical genomics and literature. Full size image <span>Given a drug D and its primary target T (in this case, FAAH), all BAs in the Protein Data Bank (PDB; 12 both monomer and oligomer), are compared with the ligand-binding site of T using software SMAP. 13,​14,​15 If a BA has statistically significantly similar binding site to that of T, it may be the putative off-target of D. In addition, the electrostatic potentials of the binding sites of primary target and off-target are compared to further verify the putative binding promiscuity. Known inhibitors of T and their decoys are extracted from ChEMBL, 16 and docked into T, and its putative off-targets, respectively, using protein–ligand docking software Autodock Vina. 17 The distributions of docking scores of inhibitors and decoys are analyzed to verify the prediction from step 1. Then, molecular dynamics simulation is performed to characterize the conformational dynamics of the putative off-target–ligand interactions. The concepts of genes/proteins and diseases in from PubMed abstracts (up to July 2014) are mapped to a vector space using a deep learning technique, Word2Vec. 18 Semantic relations between the putative off-target and diseases are determined using the cosine similarity between vectors. Structural proteome-wide ligand-binding site similarity of protein BAs An increasing body of evidence supports the concept that protein fold and binding site spaces are continuous. 14,1

#### Annotation 1430389656844

 #bioinfo #publication #research #self It is well known that the docking score is not reliable enough to predict whether a molecule is a true or false binder. The correlation analysis of docking scores of a set of molecules between the primary target and the off-target may provide more reliable information on the binding cross-reactivity

Molecular mechanisms involved in the side effects of fatty acid amide hydrolase inhibitors: a structural phenomics approach to proteome-wide cellular off-target deconvolution and disease association : npj Systems Biology and Applications
experimental data set of the FAAH inhibitors. The binding score represents the strength of the interaction of the ligand to the binding pocket, in kcal/mol. Therefore, a more negative score indicates a more favorable and stronger interaction. <span>It is well known that the docking score is not reliable enough to predict whether a molecule is a true or false binder. The correlation analysis of docking scores of a set of molecules between the primary target and the off-target may provide more reliable information on the binding cross-reactivity. 30 Although the absolute docking scores themselves are not accurate, they will be relatively similar to each other in similar binding sites. Thus, the docking scores will be linearly

#### Annotation 1430395948300

 1 Gauss’s law for electric fields In Maxwell’s Equations, you’ll encounter two kinds of electric field: the electrostatic field produced by electric charge and the induced electric field produced by a changing magnetic field.

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#### Annotation 1430397521164

 There are many ways to express Gauss’s law, and although notation differs among textbooks, the integral form is generally written like this: I S ~ E ^ nda ¼ q enc e 0 Gauss’s law for electric fields (integral form). The left side of this equation is no more than a mathematical description of the electric flux – the number of electric field lines – passing through a closed surface S, whereas the right side is the total amount of charge contained within that surface divided by a constant called the permittivity of free space

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#### Annotation 1430399094028

 Electric charge produces an electric field, and the flux of that field passing through any closed surface is proportional to the total charge contained within that surface.

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#### Annotation 1430400666892

 How is Gauss’s law useful? There are two basic types of problems that you can solve using this equation: (1) Give n information about a distribution of electric charge, you can find the electric flux through a surface enclosing that charge. (2) Give n information about the electric flux through a closed surface, you can find the total electric charge enclosed by that surface

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#### Flashcard 1430402239756

Tags
#electromagnetism #physics
Question
What is an electric field?
an electric field is the electrical force per unit charge exerted on a charged object

status measured difficulty not learned 37% [default] 0

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#### Annotation 1430404599052

 two important characteris tics of the electric field: (1) ~ E is a vector quantity with magnitude directly proportional to force and with direction given by the direction of the force on a positive test charge. (2) ~ E ha s units of newtons per coulomb (N/C), which are the same as volts per meter (V/m), since volts ¼ newtons · meters/coulombs

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#### Annotation 1430406171916

 Electric field lines must originate on positive charge and terminate on negative charge. The net electric field at any point is the vector sum of all electric fields present at that point. Electric field lines can never cross, since that would indicate that the field points in two different directions at the same location