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Flashcard 1427494538508

Tags
#cfa #cfa-level #economics #economics-in-a-global-context #reading-20-international-trade-and-capital-flows #study-session-6
Question
When a country has a trade deficit, it has to [...] .
Answer
borrow from foreigners or sell some of its assets to foreigners

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Flashcard 1428093799692

Tags
#clasificacion-de-las-normas #derecho #introduccion-al-derecho
Question
Incoercibilidad:
La aplicación de esta norma no es [...] y no puede [...]
Answer
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
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. <span>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 a misa, nadie puede obligarla a ir a la fuerza y a consecuencia de su acto no puede ser castigada por su incumplimiento. Coercibilidad: Consiste en que el cumplimiento va a ser exigido al individuo aún en contra de su voluntad e incluso con el uso de la fuerza, por ejemplo: si el padre







Flashcard 1428861881612

Tags
#derecho #introduccion-al-derecho #orden-juridico-de-las-normas
Question

Así queda el orden de las normas jurídicas:

1) Constitución nacional.

2) Leyes o normas generales.

3) [...]

4) Negocios y actos jurídicos (contratos, testamentos).

5) Sentencias judiciales y resoluciones administrativas.

Answer
3) Reglamentos.

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ón y el resto de normas emanadas de ella son jurídicamente obligatorias. Así queda el orden de las normas jurídicas: 1) Constitución nacional. 2) Leyes o normas generales. <span>3) Reglamentos. 4) Negocios y actos jurídicos (contratos, testamentos). 5) Sentencias judiciales y resoluciones administrativas. <span><body></ht

Original toplevel document

1.3.5 Orden jurídico de las normas
lamentos que leyes y así sucesivamente. 8 Jurista filosófico y político austriaco de origen judío (1881-1973), profesor de filosofía del Derecho en la Universidad de Viena desde 1917. 20 Ahora bien, <span>la pirámide sirve para reflejar la idea de validez, cada escalón es una especie de eslabón de la cadena de importancia de leyes, dentro del sistema, pero lo que otorga validez al sistema en sí es la norma fundamental. De acuerdo con el ordenamiento jurídico, la Constitución y el resto de normas emanadas de ella son jurídicamente obligatorias. Así queda el orden de las normas jurídicas: 1) Constitución nacional. 2) Leyes o normas generales. 3) Reglamentos. 4) Negocios y actos jurídicos (contratos, testamentos). 5) Sentencias judiciales y resoluciones administrativas. <span><body><html>







Flashcard 1428868173068

Tags
#derecho #introduccion-al-derecho #legislacion-y-proceso-legislativo
Question

La legislación es el proceso mediante el cual los órganos del Estado, ([...]), crean las normas jurídicas generales, abstractas y obligatorias que integrarán la ley.

Answer
el Congreso de la Unión, que se conforma por la Cámara de Diputados y Cámara de Senadores

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La legislación es el proceso mediante el cual los órganos del Estado, (el Congreso de la Unión, que se conforma por la Cámara de Diputados y Cámara de Senadores), crean las normas jurídicas generales, abstractas y obligatorias que integrarán la ley.

Original toplevel document

2.1 CLASIFICACIÓN DE LAS FUENTES DEL DERECHO
las siguientes: a) La legislación. b) La costumbre. c) Lajurisprudencia. d) La doctrina. e) Los principios generales del derecho. <span>2.1.3.1 La legislación y el proceso legislativo La legislación es el proceso mediante el cual los órganos del Estado, (el Congreso de la Unión, que se conforma por la Cámara de Diputados y Cámara de Senadores), crean las normas jurídicas generales, abstractas y obligatorias que integrarán la ley. En nuestro sistema mexicano existen seis etapas para la creación de una ley, a saber: iniciativa, discusión, aprobación, sanción, publicación e iniciación de la vigencia. Al hablar del proceso legislativo surge la idea de un procedimiento que ha de seguirse para la creación de las leyes federales o locales, acto que en nuestra Constitución se consigna en los artículos 71 y 72, que a continuación se explican: a) Iniciativa, el derecho de iniciar leyes, conforme al artículo 71 de nuestra Constitución Política de los Estados Unidos Mexicanos, le compete al Presidente de la República, a los Diputados y Senadores, al Congreso de la Unión y a las Legislaturas de los Estados. Las iniciativas presentadas por el Presidente de la República, por las Legislaturas de los Estados o por las Diputaciones de los mismos, pasarán desde luego a comisión. Las que presentaren los diputados o los senadores, se sujetarán a los trámites que designe el Reglamento de Debates. La iniciativa de ley es un proyecto que se presenta al Poder Legislativo para éste lo estudie, analice y, en su caso, siguiendo el proceso que señala la Constitución Política de los Estados Unidos Mexicanos, se convierta en ley; a la Cámara que primero recibe el proyecto de ley se le llama Cámara de Origen. b) Discusión es el acto por el cual las Cámaras deliberan acerca de las iniciativas, a fin de determinar si deben o no ser aprobadas,11 debaten sobre la proposición que se les ha hecho, exponiendo los puntos de vista que existan a favor o en contra de ella y formulando los puntos de vista que consideran pertinentes para el perfeccionamiento del proyecto. Una vez que la iniciativa de ley ha sido estudiada, discutida y revisada por la Cámara de Origen, si se considera que es prudente, se procede al siguiente paso del proceso legislativo: la aprobación. c) Aprobación, aquí los integrantes de la Cámara de Origen dan su autorización a la iniciativa para que ésta se convierta en ley, una vez aprobada la iniciativa, se envía a la otra Cámara, a cual se denomina Cámara Revisora, para que ésta también la discuta. La aprobación pude ser total o parcial, la primera de ellas se da cuando aceptan que la iniciativa, una vez discutida y analizada, fue autoriza por la Cámara de Origen para que se apruebe la ley; la segunda, se da cuando la iniciativa de ley tiene observaciones, por tal motivo elaborarán la propuesta de reformas o adiciones que se consideren pertinentes y sea discutida nuevamente. d) Sanción, una vez que la iniciativa de ley ha sido aprobada por las dos Cámaras, se debe enviar el Ejecutivo para que éste ordene su publicación, y es el acto por el cual el Presidente de la República manifiesta, mediante su firma, la aprobación del proyecto de ley que le envían las Cámaras, a este hecho se le llama sanción Sin embargo, el Presidente de la República puede hacer observaciones, y en este caso, la devolverá a la Cámara de Origen, en donde será discutido de nuevo, y su fuere confirmado por las dos terceras partes del número total de votos de la Cámara de Origen, y pasará otra vez a la Cámara Revisora, en la cual se analizarán las observaciones, y si la iniciativa también fuere confirmada por la misma mayoría, el proyecto se declarará y será enviado al Ejecutivo para su promulgación; así, en caso de que las observaciones sean aceptadas, el procedimiento será el mismo para el caso de la revisión. A la facultad que tiene el Presidente de la República para hacer observaciones o rechazar iniciativas de ley aprobadas por las Cámaras, se le denomina derecho de veto. El Ejecutivo dispone de un término de 10 días hábiles para ejercer el derecho de veto, pues se entiende que si pasado ese término sin que devuelva el proyecto de ley a su Cámara de Origen, éste ha sido aceptado por el Ejecutivo, si se da el caso de que en ese término concluyan o se suspendan las sesiones del Congreso, la devolución deberá hacerse el primer día hábil en que el Congreso reinicie sus sesiones. f) Promulgación, una vez que el proyecto de ley ha sido aceptado por el Poder Ejecutivo, se procede a la promulgación, que es la aprobación expresa del Ejecutivo, donde se manifiesta la orden de publicación y que se ejecute dicha ley. 32 g) Publicación, una vez que la ley fue promulgada, ésta debe ser puesta en conocimiento de la población. Se publica en el Diario Oficial de la Federación, que es el medio de comunicación que utilizan las autoridades federales para dar a conocer a la población las resoluciones administrativas, las leyes y otros avisos de importancia general. Respecto a la publicación de las leyes que emiten los Estados, éstas se realizan por medio de la Gaceta de Gobierno del Estado. h) Iniciación de la vigencia, aquí es donde la ley empieza a tener fuerza obligatoria para toda la población. En México, existen dos sistemas para que inicie la vigencia de una ley, a saber: El sucesivo consiste en que la ley entra en vigor tres días después de la publicación en el Diario Oficial de la Federación, en los lugares en los cuales no se publiquen el diario oficial, se dará un día más por cada 40 kilómetros o fracción que exceda la mitad de distancia entre el lugar de publicación y el sitio donde habrá de iniciarse la vigencia. Este sistema está considerado en el artículo 3 del Código Civil Federal, y es utilizada en el caso de que la ley no establezca la fecha en que entrará en vigor. El sincrónico es cuando la propia ley señala el día que iniciará su vigencia, en este caso, entrará en vigor en todos los lugares de su aplicación en la fecha establecida, esto lo señala el artículo 4 del Código Civil Federal. 2.1.3.2 La costumbre Es la regulación de la conducta surgida espontáneamente de un grupo social y de observancia voluntaria para quienes lo constituy







Flashcard 1428873415948

Tags
#derecho #introduccion-al-derecho
Question
Las iniciativas presentadas por el Presidente de la República, por las Legislaturas de los Estados o por las Diputaciones de los mismos, pasarán desde luego a [...].
Answer
comisión

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Las iniciativas presentadas por el Presidente de la República, por las Legislaturas de los Estados o por las Diputaciones de los mismos, pasarán desde luego a comisión. Las que presentaren los diputados o los senadores, se sujetarán a los trámites que designe el Reglamento de Debates.

Original toplevel document

2.1 CLASIFICACIÓN DE LAS FUENTES DEL DERECHO
so mediante el cual los órganos del Estado, (el Congreso de la Unión, que se conforma por la Cámara de Diputados y Cámara de Senadores), crean las normas jurídicas generales, abstractas y obligatorias que integrarán la ley. <span>En nuestro sistema mexicano existen seis etapas para la creación de una ley, a saber: iniciativa, discusión, aprobación, sanción, publicación e iniciación de la vigencia. Al hablar del proceso legislativo surge la idea de un procedimiento que ha de seguirse para la creación de las leyes federales o locales, acto que en nuestra Constitución se consigna en los artículos 71 y 72, que a continuación se explican: a) Iniciativa, el derecho de iniciar leyes, conforme al artículo 71 de nuestra Constitución Política de los Estados Unidos Mexicanos, le compete al Presidente de la República, a los Diputados y Senadores, al Congreso de la Unión y a las Legislaturas de los Estados. Las iniciativas presentadas por el Presidente de la República, por las Legislaturas de los Estados o por las Diputaciones de los mismos, pasarán desde luego a comisión. Las que presentaren los diputados o los senadores, se sujetarán a los trámites que designe el Reglamento de Debates. La iniciativa de ley es un proyecto que se presenta al Poder Legislativo para éste lo estudie, analice y, en su caso, siguiendo el proceso que señala la Constitución Política de los Estados Unidos Mexicanos, se convierta en ley; a la Cámara que primero recibe el proyecto de ley se le llama Cámara de Origen. b) Discusión es el acto por el cual las Cámaras deliberan acerca de las iniciativas, a fin de determinar si deben o no ser aprobadas,11 debaten sobre la proposición que se les ha hecho, exponiendo los puntos de vista que existan a favor o en contra de ella y formulando los puntos de vista que consideran pertinentes para el perfeccionamiento del proyecto. Una vez que la iniciativa de ley ha sido estudiada, discutida y revisada por la Cámara de Origen, si se considera que es prudente, se procede al siguiente paso del proceso legislativo: la aprobación. c) Aprobación, aquí los integrantes de la Cámara de Origen dan su autorización a la iniciativa para que ésta se convierta en ley, una vez aprobada la iniciativa, se envía a la otra Cámara, a cual se denomina Cámara Revisora, para que ésta también la discuta. La aprobación pude ser total o parcial, la primera de ellas se da cuando aceptan que la iniciativa, una vez discutida y analizada, fue autoriza por la Cámara de Origen para que se apruebe la ley; la segunda, se da cuando la iniciativa de ley tiene observaciones, por tal motivo elaborarán la propuesta de reformas o adiciones que se consideren pertinentes y sea discutida nuevamente. d) Sanción, una vez que la iniciativa de ley ha sido aprobada por las dos Cámaras, se debe enviar el Ejecutivo para que éste ordene su publicación, y es el acto por el cual el Presidente de la República manifiesta, mediante su firma, la aprobación del proyecto de ley que le envían las Cámaras, a este hecho se le llama sanción Sin embargo, el Presidente de la República puede hacer observaciones, y en este caso, la devolverá a la Cámara de Origen, en donde será discutido de nuevo, y su fuere confirmado por las dos terceras partes del número total de votos de la Cámara de Origen, y pasará otra vez a la Cámara Revisora, en la cual se analizarán las observaciones, y si la iniciativa también fuere confirmada por la misma mayoría, el proyecto se declarará y será enviado al Ejecutivo para su promulgación; así, en caso de que las observaciones sean aceptadas, el procedimiento será el mismo para el caso de la revisión. A la facultad que tiene el Presidente de la República para hacer observaciones o rechazar iniciativas de ley aprobadas por las Cámaras, se le denomina derecho de veto. El Ejecutivo dispone de un término de 10 días hábiles para ejercer el derecho de veto, pues se entiende que si pasado ese término sin que devuelva el proyecto de ley a su Cámara de Origen, éste ha sido aceptado por el Ejecutivo, si se da el caso de que en ese término concluyan o se suspendan las sesiones del Congreso, la devolución deberá hacerse el primer día hábil en que el Congreso reinicie sus sesiones. f) Promulgación, una vez que el proyecto de ley ha sido aceptado por el Poder Ejecutivo, se procede a la promulgación, que es la aprobación expresa del Ejecutivo, donde se manifiesta la orden de publicación y que se ejecute dicha ley. 32 g) Publicación, una vez que la ley fue promulgada, ésta debe ser puesta en conocimiento de la población. Se publica en el Diario Oficial de la Federación, que es el medio de comunicación que utilizan las autoridades federales para dar a conocer a la población las resoluciones administrativas, las leyes y otros avisos de importancia general. Respecto a la publicación de las leyes que emiten los Estados, éstas se realizan por medio de la Gaceta de Gobierno del Estado. h) Iniciación de la vigencia, aquí es donde la ley empieza a tener fuerza obligatoria para toda la población. En México, existen dos sistemas para que inicie la vigencia de una ley, a saber: El sucesivo consiste en que la ley entra en vigor tres días después de la publicación en el Diario Oficial de la Federación, en los lugares en los cuales no se publiquen el diario oficial, se dará un día más por cada 40 kilómetros o fracción que exceda la mitad de distancia entre el lugar de publicación y el sitio donde habrá de iniciarse la vigencia. Este sistema está considerado en el artículo 3 del Código Civil Federal, y es utilizada en el caso de que la ley no establezca la fecha en que entrará en vigor. El sincrónico es cuando la propia ley señala el día que iniciará su vigencia, en este caso, entrará en vigor en todos los lugares de su aplicación en la fecha establecida, esto lo señala el artículo 4 del Código Civil Federal. 2.1.3.2 La costumbre Es la regulación de la conducta surgida espontáneamente de un grupo social y de observancia voluntaria para quienes lo constituy







Flashcard 1429068975372

Tags
#sister-miriam-joseph #trivium
Question
The utilitarian artist produces utilities that serve the wants of humanity; the fine artist, if he is of the highest order, produces a work that is “a thing of beauty and a joy forever” and that has the power to [...].
Answer
elevate the human spirit

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head><head>The utilitarian artist produces utilities that serve the wants of humanity; the fine artist, if he is of the highest order, produces a work that is “a thing of beauty and a joy forever” and that has the power to elevate the human spirit.<html>

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Flashcard 1432552869132

Tags
#blue-apron #citychef #operational-model #supply-chain
Question
Blue Apron’s model centers on delivering [...]
Answer
fresh ingredients.

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Blue Apron’s model centers on delivering fresh ingredients. To maintain control of quality, the company manages its own distribution channel. The company sources farms differently for each of their three regional fulfilment centers, so the food

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Blue Apron: Fixing the Food Delivery Supply Chain – Technology and Operations Management
lity ingredients. On the recipe cards, they provide an information sheet that highlights the farms which provided the produce alongside information about how to cut and cook. Click here to view a video featuring Blue Apron’s Ghee Supplier. <span>Blue Apron aligns its operating model with its business model through: Control of the supply chain . Blue Apron’s model centers on delivering fresh ingredients. To maintain control of quality, the company manages its own distribution channel. The company sources farms differently for each of their three regional fulfilment centers, so the food is local and fresh and the delivery costs are low. The boxes are delivered in refrigerated boxes to maintain freshness, however, so delivery is outsourced to the cheapest partner for a given shipment. Bulk purchasing, portioned delivery . Blue Apron built its model on the idea of reducing food waste. At each fulfilment center, workers on assembly lines pack boxes with poultry, meat, vegetables and condiments to be delivered anywhere from 1-7 days later. Purchasing in bulk allows the company to negotiate prices with farmers, who are happy to receive a slightly lower price for a guaranteed volume. By only offering 6 recipes per week, Blue Apron can allocate the ingredients in a way that reduces food waste. Everything subscribers receive is pre-measured to the precise proportions the recipe requires, meaning less spending on unnecessary produce and less food waste. Data analytics . As a subscription business, Blue Apron collects data on its customers that allows for predictive modeling of demand. They built an internal suite of tools that manage the workflow of purchasing, fulfilment operations, ecommerce and order processing, shipping software, customer service software 6 . The software can estimate how many customers will cancel an order in any given week, for example, which allows the company to plan meals based on the expected availability and price of certain crops. Using this data helps create processes that improve operational efficiency and lower costs, supporting the $10 per meal price. Supporting Suppliers. There is a team at Blue Apron responsible for negotiating with farms to source ingredients, but they also work closely with farmers on crop rotation and management. This allows the company to work with farmers to plan production in a way that is more seasonal, more efficient and utilizes their resources better, all of which results in higher quality crops at lower prices for consumers. Additionally, by helping farmers to plan to rotate “heavy feeder” plants with less hungry plants like legumes, the farms use less pesticide and fertilize, resulting in healthier farms. Blue Apron focuses on bringing their customers an easy way to cook through a high quality food delivery service that has never bene available at scale before. Key operational decision







Flashcard 1432885529868

Tags
#19-dic-2016 #el-financiero #noticias
Question
Datos de la CNBV muestran que entre octubre de 2015 y el mismo mes de este año las tasas de interés para las empresas grandes se elevaron de 5.64 a [...] por ciento.
Answer
7.14

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Datos de la Comisión Nacional Bancaria y de Valores (CNBV) muestran que entre octubre de 2015 y el mismo mes de este año las tasas de interés para las empresas grandes se elevaron de 5.64 a 7.14 por ciento en promedio, 1.5 puntos más.

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Impacta a Pymes alza en las tasas
, limitar su competitividad y en algunos casos son las que presentan un mayor riesgo de insolvencia, señalaron líderes empresariales, quienes indicaron que ante la actual coyuntura es necesario un plan de apoyo al financiamiento. <span>Datos de la Comisión Nacional Bancaria y de Valores (CNBV) muestran que entre octubre de 2015 y el mismo mes de este año las tasas de interés para las empresas grandes se elevaron de 5.64 a 7.14 por ciento en promedio, 1.5 puntos más. En las pequeñas empresas el aumento fue mayor, de 1.65 puntos, al pasar de 8.6 a 10.25 y en las medianas pasó de 6.93 a 8.66 por ciento, 1.73 puntos más. “Hablamos







Flashcard 1433127226636

Tags
#italian #italian-grammar #the-noun-group
Question
Feminine nouns ending in -ca, -ga form their plural in [...]

Amica

Answer
-che, -ghe

amica amiche friend

lega leghe league

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Feminine nouns ending in -ca, -ga form their plural in -che, -ghe, with the hard c, g sound: amica amiche friend lega leghe league

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Flashcard 1434853182732

Tags
#4-3-the-investment-opportunity-set #cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-5-consumer-equilibrium #study-session-4
Question

Currently, a consumer is buying both sorbet and gelato each week. His MRSGS [marginal rate of substitution of gelato (G) for sorbet (S)] equals 0.75. The price of gelato is €1 per scoop, and the price of sorbet is €1.25 per scoop.

  • ​Explain whether the consumer should buy more sorbet or more gelato, given that he is not currently optimizing his budget.
Answer
The MRSGS is the rate at which the consumer is willing to give up sorbet to gain a small additional amount of gelato, which is 0.75 scoops of sorbet to gain one scoop of gelato. The price ratio, PG/PS (0.8), is the rate at which he must give up sorbet to gain an additional small amount of gelato. In this case, the consumer would be better off spending a little less on gelato and a little more on sorbet.

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Consumer Equilibrium Currently, a consumer is buying both sorbet and gelato each week. His MRS GS [marginal rate of substitution of gelato (G) for sorbet (S)] equals 0.75. The price of gelato is €1 per scoop, and the price of sorbet is €1.25 per scoop. Determine whether the consumer is currently optimizing his budget over these two desserts. Justify your answer. ​Explain whether the consumer should buy more sorbet or more gelato, given that he is not currently optimizing his budget. Solution to 1: In this example, the condition for consumer equilibrium is MRS GS = P G /P S . Because P G /P S = 0.8 and MRS GS = 0.75, the consumer is clearly not

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5. CONSUMER EQUILIBRIUM: MAXIMIZING UTILITY SUBJECT TO THE BUDGET CONSTRAINT
on is less than the price ratio—meaning that the price for that additional unit is above her willingness to pay. Even though she could afford bundle c, it would not be the best use of her income. EXAMPLE 5 <span>Consumer Equilibrium Currently, a consumer is buying both sorbet and gelato each week. His MRS GS [marginal rate of substitution of gelato (G) for sorbet (S)] equals 0.75. The price of gelato is €1 per scoop, and the price of sorbet is €1.25 per scoop. Determine whether the consumer is currently optimizing his budget over these two desserts. Justify your answer. Explain whether the consumer should buy more sorbet or more gelato, given that he is not currently optimizing his budget. Solution to 1: In this example, the condition for consumer equilibrium is MRS GS = P G /P S . Because P G /P S = 0.8 and MRS GS = 0.75, the consumer is clearly not allocating his budget in a way that maximizes his utility, subject to his budget constraint. Solution to 2: The MRS GS is the rate at which the consumer is willing to give up sorbet to gain a small additional amount of gelato, which is 0.75 scoops of sorbet to gain one scoop of gelato. The price ratio, P G /P S (0.8), is the rate at which he must give up sorbet to gain an additional small amount of gelato. In this case, the consumer would be better off spending a little less on gelato and a little more on sorbet. 5.2. Consumer Response to Changes in Income: Normal and Inferior Goods The consumer’s behavior is constrained by his income a







Flashcard 1434859736332

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Question
The Effect of an Increase in Income on a [...]
Answer
Normal Good, you buy more of both

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The effect of an increase in income when both goods are normal is to increase the consumption of both.
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5. CONSUMER EQUILIBRIUM: MAXIMIZING UTILITY SUBJECT TO THE BUDGET CONSTRAINT
it 12 indicates such a shift and shows how the consumer would respond, in this case, by buying more of both bread and wine. Exhibit 12. The Effect of an Increase in Income on a Normal Good Note: <span>The effect of an increase in income when both goods are normal is to increase the consumption of both. As we discovered, there is no restriction that the purchase of every good must respond to an increase in income with an increase in quantity. There, we defined




Flashcard 1434862619916

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#4-3-the-investment-opportunity-set #cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-5-consumer-equilibrium #study-session-4
Question
The effect of an increase in income when both goods are normal is to [...]
Answer
increase the consumption of both.

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The effect of an increase in income when both goods are normal is to increase the consumption of both.

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5. CONSUMER EQUILIBRIUM: MAXIMIZING UTILITY SUBJECT TO THE BUDGET CONSTRAINT
it 12 indicates such a shift and shows how the consumer would respond, in this case, by buying more of both bread and wine. Exhibit 12. The Effect of an Increase in Income on a Normal Good Note: <span>The effect of an increase in income when both goods are normal is to increase the consumption of both. As we discovered, there is no restriction that the purchase of every good must respond to an increase in income with an increase in quantity. There, we defined







Flashcard 1434867076364

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Question

Suppose that bread is an inferior good for a particular consumer, whereas wine is a normal good. Exhibit 13 shows this consumer’s purchase behavior when income increases. As income rises, the consumer purchases less [...] but [...]

Answer
bread

more wine.

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Flashcard 1434868911372

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Question
The effect of an increase in income on the purchase of bread, an [...] in this example, [...] the consumption of that good.
Answer
inferior good

reduces

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5.3. How the Consumer Responds to Changes in Price
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We now hold income and the price of one good (wine) constant but decrease the price of the other good (bread). Recall that a decrease in the price of bread pivots the budget constraint outward along the horizontal axis but leaves the vertical intercept unchanged—as in Exhibit 14 , where we examine two responses to the decrease in the price of bread.

In both cases, when the price of bread falls, the consumer buys more bread. But in the first case, he is quite responsive to the price change, responding with an elastic demand for bread. In the second case, the consumer is still responsive but much less so than the first consumer; this consumer’s response to the price change is inelastic.
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Flashcard 1434877824268

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#italian #italian-grammar
Question
The [...] is the verb mood used to express orders, commands or instructions.
Answer
imperative mood

state fermi ‘keep still’; si accomodi ‘sit down’; andiamo ‘let’s go’. (See also Subjunctive.)

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The imperative mood is the verb mood used to express orders, commands or instructions: state fermi ‘keep still’; si accomodi ‘sit down’; andiamo ‘let’s go’. (See also Subjunctive.)</ht

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Flashcard 1434880183564

Tags
#italian #italian-grammar
Question
An adjective or pronoun used to refer to a person or thing in a general way, rather than a definite person or thing is an [...]
Answer
Indefinite

Examples are: alcuni ‘some’; certi ‘certain, some’; qualche ‘some’.

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An adjective or pronoun used to refer to a person or thing in a general way, rather than a definite person or thing. Examples are: alcuni ‘some’; certi ‘certain, some’; qualche ‘some’.

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Flashcard 1434882542860

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
If, when the price of one good rises the demand for the other good also rises, they are [...].
Answer
substitutes

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If, when the price of one good rises the demand for the other good also rises, they are substitutes. If the demand for that other good falls, they are complements.

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4.4. Cross-price Elasticity of Demand: Substitutes and Complements
autos demanded to rise, and thus we might expect to see a rise in the demand for gasoline. Ultimately, though, whether two goods are substitutes or complements is an empirical question answered solely by observation and statistical analysis. <span>If, when the price of one good rises the demand for the other good also rises, they are substitutes. If the demand for that other good falls, they are complements. And the result might not immediately resonate with our intuition. For example, grocery stores often put something like coffee on sale in the hope that customers will come in for coffee







Flashcard 1434884902156

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
If, when the price of one good rises the demand for the other good falls, they are [...].
Answer
complements

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If, when the price of one good rises the demand for the other good also rises, they are substitutes. If the demand for that other good falls, they are complements.

Original toplevel document

4.4. Cross-price Elasticity of Demand: Substitutes and Complements
autos demanded to rise, and thus we might expect to see a rise in the demand for gasoline. Ultimately, though, whether two goods are substitutes or complements is an empirical question answered solely by observation and statistical analysis. <span>If, when the price of one good rises the demand for the other good also rises, they are substitutes. If the demand for that other good falls, they are complements. And the result might not immediately resonate with our intuition. For example, grocery stores often put something like coffee on sale in the hope that customers will come in for coffee







#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Producer surplus is the difference between the total revenue received by sellers from selling a given amount and the total variable cost of production of that amount. When equilibrium price is reached, total surplus is maximized.
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arkets that work freely can optimize society’s welfare, as measured by consumer surplus and producer surplus. Consumer surplus is the difference between the total value to buyers and the total expenditure necessary to purchase a given amount. <span>Producer surplus is the difference between the total revenue received by sellers from selling a given amount and the total variable cost of production of that amount. When equilibrium price is reached, total surplus is maximized.<span><body><html>

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SUMMARY
ive and non-competitive bids are arrayed in descending price (increasing yield) order. The winning bidders all pay the same price, but marginal bidders might not be able to fill their entire order at the market clearing price. <span>Markets that work freely can optimize society’s welfare, as measured by consumer surplus and producer surplus. Consumer surplus is the difference between the total value to buyers and the total expenditure necessary to purchase a given amount. Producer surplus is the difference between the total revenue received by sellers from selling a given amount and the total variable cost of production of that amount. When equilibrium price is reached, total surplus is maximized. Sometimes, government policies interfere with the free working of markets. Examples include price ceilings, price floors, and specific taxes. Whenever the imposition of




Flashcard 1434887785740

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Question
Producer surplus is the difference between the total [...] received by sellers and total [...] of production.
Answer
the total revenue received by sellers and the total variable cost of production

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Producer surplus is the difference between the total revenue received by sellers from selling a given amount and the total variable cost of production of that amount. When equilibrium price is reached, total surplus is maximized.

Original toplevel document

SUMMARY
ive and non-competitive bids are arrayed in descending price (increasing yield) order. The winning bidders all pay the same price, but marginal bidders might not be able to fill their entire order at the market clearing price. <span>Markets that work freely can optimize society’s welfare, as measured by consumer surplus and producer surplus. Consumer surplus is the difference between the total value to buyers and the total expenditure necessary to purchase a given amount. Producer surplus is the difference between the total revenue received by sellers from selling a given amount and the total variable cost of production of that amount. When equilibrium price is reached, total surplus is maximized. Sometimes, government policies interfere with the free working of markets. Examples include price ceilings, price floors, and specific taxes. Whenever the imposition of







Flashcard 1434890145036

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
There are two special cases in which linear demand curves have the same elasticity at all points: [...]
Answer
vertical demand curves and horizontal demand curves.

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There are two special cases in which linear demand curves have the same elasticity at all points: vertical demand curves and horizontal demand curves.

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4.1. Own-Price Elasticity of Demand
reason for this is that we typically use the original value as the base, or denominator, for calculating percentages.) In our example, then, the arc elasticity of demand would be: E=ΔQQavgΔPPavg=−4009,00015.5=−0.244 <span>There are two special cases in which linear demand curves have the same elasticity at all points: vertical demand curves and horizontal demand curves. Consider a vertical demand curve, as in Exhibit 21 Panel A, and a horizontal demand curve, as in Panel B. In the first case, the quantity demanded is the same, regardless of price. Cert







Article 1434904300812

6. REVISITING THE CONSUMER’S DEMAND FUNCTION
#6-revisiting-demand-function #cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4

We have now come to the reason why we wanted to explore consumer theory in the first place: We want to have a sound theoretical foundation for our use of consumer demand curves. Although we could merely assume that a consumer has a demand curve, we derive a richer understanding of that curve if we start with a more fundamental recognition of the consumer’s preferences and her response to changes in the parameters that constrain her behavior in the marketplace. 6.1. Consumer’s Demand Curve from Preferences and Budget Constraints Recall that to draw a consumer’s demand curve, we appealed to the assumption of “holding all other things constant” and held preferences, income, and the prices of all but one good constant. Graphically, we show such an exercise by representing a given utility function with a set of indifference curves, and then we superimpose a set of budget constraints, each one representing a different price of one of the goods. Exhibit 15 shows the result of this exercise. Notic




6.1. Consumer’s Demand Curve from Preferences and Budget Constraints
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Recall that to draw a consumer’s demand curve, we appealed to the assumption of “holding all other things constant” and held preferences, income, and the prices of all but one good constant. Graphically, we show such an exercise by representing a given utility function with a set of indifference curves, and then we superimpose a set of budget constraints, each one representing a different price of one of the goods. Exhibit 15 shows the result of this exercise. Notice that we are “stacking” two exhibits vertically to show both the indifference curves and budget constraints and the demand curve below them. In the upper exhibit, we have rotated the budget constraint rightward, indicating successively lower prices of bread, P1B , P2B , P3B , P4B , while holding income constant at I.
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#6-revisiting-demand-function #cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4
A demand curve for bread is derived from the indifference curve map and a set of budget constraints representing different prices of bread.
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6. REVISITING THE CONSUMER’S DEMAND FUNCTION
upper exhibit, we have rotated the budget constraint rightward, indicating successively lower prices of bread, P1B , P2B , P3B , P4B , while holding income constant at I. Exhibit 15. Deriving a Demand Curve Note: <span>A demand curve for bread is derived from the indifference curve map and a set of budget constraints representing different prices of bread. This pair of diagrams deserves careful inspection. Notice first that the vertical axes are not the same. In the upper diagram, we represent the quantity of the other good,




Flashcard 1434914000140

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#6-revisiting-demand-function #cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4
Question
A demand curve for bread is derived from the [...] and a [...] representing different prices of bread.
Answer
indifference curve map

set of budget constraints

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A demand curve for bread is derived from the indifference curve map and a set of budget constraints representing different prices of bread.

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6. REVISITING THE CONSUMER’S DEMAND FUNCTION
upper exhibit, we have rotated the budget constraint rightward, indicating successively lower prices of bread, P1B , P2B , P3B , P4B , while holding income constant at I. Exhibit 15. Deriving a Demand Curve Note: <span>A demand curve for bread is derived from the indifference curve map and a set of budget constraints representing different prices of bread. This pair of diagrams deserves careful inspection. Notice first that the vertical axes are not the same. In the upper diagram, we represent the quantity of the other good,







Flashcard 1434916359436

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Question
Notice first that the [...] are not the same. In the upper diagram, we represent the quantity of the other good, wine, whose price is being held constant, along with income. Hence, the budget constraints all have the same vertical intercept.
Answer
vertical axes

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The price of bread is falling as we observe ever less steep budget constraints with horizontal intercepts moving rightward. Confronted with each respective budget constraint, the consumer finds the tangent point as indicated. This point corresponds to the respective quantities of bread, Q1, Q2, Q3, and Q4.
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Flashcard 1434920029452

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Question

For each tangent point in the upper diagram, there is a [...] , tracing out the demand curve for bread.

Answer
corresponding point in the lower diagram

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When the price of a good that a consumer has been buying falls, two things happen:
  1. The good becomes relatively cheaper as compared to other goods (more Consumer Surplus) thus, more of this good gets substituted for other goods in the consumer’s market basket.
  2. With the decline in that price, the consumer’s real income rises. Not the paycheck but the amount of goods that can be purchased.

    So the consumer tends to buy more when price falls for both reasons: the substitution effect and the income effect of a change in the price of a good.

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6. REVISITING THE CONSUMER’S DEMAND FUNCTION
bstitution and Income Effects for a Normal Good The law of demand says that when price falls, quantity demanded rises; however, it doesn’t say why. We can answer that question by delving a little more deeply into consumer theory. <span>When there is a decline in the price of a good that the consumer has been buying, two things happen. The good now becomes relatively less costly as compared to other goods. That is, it becomes more of a bargain than other things the consumer could purchase; thus, more of this good gets substituted for other goods in the consumer’s market basket. Additionally, though, with the decline in that price, the consumer’s real income rises. We’re not saying that the size of the consumer’s paycheck changes; we’re saying that the amount of goods that can be purchased with the same amount of money has increased. If this good is a normal good, then increases in income lead to increased purchases of this good. So the consumer tends to buy more when price falls for both reasons: the substitution e





Substitution effect and income effect
#6-revisiting-demand-function #cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4
When the price of bread falls, as indicated by the pivoting in budget constraints from BC1 to BC2, Warren buys more bread, increasing his quantity from Qa to Qc. That is the net effect of both the substitution effect and the income effect.

Mental exercise: Part of his response is because of the increase in real income. We remove that effect subtracting some income, while leaving the new lower price in place. That budget constraint shows the reduction in income that moves him back to his original indifference curve.

Notice that we are moving BC2 inward, parallel to itself until it becomes just tangent to his original indifference curve at point b. The price decrease was a good thing for him. An offsetting bad thing would be an income reduction. If the income reduction is just sufficient to leave him no better or morse than before the price change, we have removed the real income effect of the decrease in price.

What’s left of his response must be due to the substitution effect. So, we say that the substitution effect is shown by the move from point a to point b.

If his income reduction were then restored, the resulting movement from point b to point c must be the income effect.
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Flashcard 1434939952396

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#6-revisiting-demand-function #cfa #cfa-level-1 #economics #has-images #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4


Question
What’s left of his response must be due to the [...] effect. So, we say that the [...] effect is shown by the move from point a to point b.

If his [...] were then restored, the resulting movement from point b to point c must be the [...]
Answer
substitution

substitution

income reduction

income effect.

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Substitution effect and income effect
reduction. If the income reduction is just sufficient to leave him no better or morse than before the price change, we have removed the real income effect of the decrease in price. What’s left of his response must be due to the <span>substitution effect . So, we say that the substitution effect is shown by the move from point a to point b. If his income reduction were then restored, the resulting movement from point b to point