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The word "insect" comes from the Latin word insectum, meaning "with a notched or divided body", or literally "cut into", from the neuter singular past participle of insectare, "to cut into, to cut up", from in- "into" and secare "to cut";^[9] because insects appear "cut into" three sections. Pliny the Elder introduced the Latin designation as a loan-translation of the Greek word ἔντομος (éntomos) or "insect" (as in entomology), which was Aristotle's term for this class of life, also in reference to their "notched" bodies. "Insect" first appears documented in English in 1601 in Holland's translation of Pliny. Translations of Aristotle's term also form the usual word for "insect" in Welsh (trychfil, from trychu "to cut" and mil, "animal"), Serbo-Croatian (zareznik, from rezati, "to cut"), Russian (насекомое nasekomoje, from seč'/-sekat', "to cut"), etc.^[9]

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Insect - Wikipedia, the free encyclopedia
ation9.2 Pollination9.3 Parasitism9.4 Other biological interactions 10 Relationship to humans 10.1 As pests10.2 In beneficial roles10.3 In research10.4 As food10.5 In culture 11 See also12 Notes13 References14 External links Etymology[edit] The word "insect" comes from the Latin word insectum, meaning "with a notched or divided body", or literally "cut into", from the neuter singular past participle of insectare, "to cut into, to cut up", from in- "into" and secare "to cut";[9] because insects appear "cut into" three sections. Pliny the Elder introduced the Latin designation as a loan-translation of the Greek word ἔντομος (éntomos) or "insect" (as in entomology), which was Aristotle's term for this class of life, also in reference to their "notched" bodies. "Insect" first appears documented in English in 1601 in Holland's translation of Pliny. Translations of Aristotle's term also form the usual word for "insect" in Welsh (trychfil, from trychu "to cut" and mil, "animal"), Serbo-Croatian (zareznik, from rezati, "to cut"), Russian (насекомое nasekomoje, from seč'/-sekat', "to cut"), etc.[9] Phylogeny and evolution[edit] Evolution has produced astonishing variety in insects. Pictured are some of the possible shapes of antennae. Main article: Evolution of insects The ev

Flashcard 1425533177100

Tags

#cfa-level-1 #economics #economics-in-a-global-context #los #reading-20-international-trade-and-capital-flows

Question

If the value of exports is greater (less) than the value of imports, then there is a [...] .

Answer

trade surplus (deficit)

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’s exports and the value of its imports (i.e., value of exports minus imports). If the value of exports equals the value of imports, then trade is balanced. If the value of exports is greater (less) than the value of imports, then there is a trade surplus (deficit) .<body><html>

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2.1. Basic Terminology
e while those in Europe and the Middle East (which benefited from rising prices of their petroleum exports) experienced a substantial increase. Africa also experienced a small improvement in its terms of trade during this period. Net exports is the difference between the value of a country’s exports and the value of its imports (i.e., value of exports minus imports). If the value of exports equals the value of imports, then trade is balanced. If the value of exports is greater (less) than the value of imports, then there is a trade surplus (deficit) . When a country has a trade surplus, it lends to foreigners or buys assets from foreigners reflecting the financing needed by foreigners running trade deficits with that country. Similarly, when a country has a trade deficit, it has to borrow from foreigners or sell some of its assets to foreigners. Section 4 on the balance of payments explains these relationships more fully. Autarky is a state in which a country does not trade with other countries. This means that all goods and services are produced and consumed domestically. The price of a go

Flashcard 1425592421644

Tags

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

Question

Macroeconomics deals with aggregate economic quantities, such as [...] and [...]

Answer

national output

national income.

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Macroeconomics deals with aggregate economic quantities, such as national output and national income.

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1. INTRODUCTION
In a general sense, economics is the study of production, distribution, and consumption and can be divided into two broad areas of study: macroeconomics and microeconomics. Macroeconomics deals with aggregate economic quantities, such as national output and national income. Macroeconomics has its roots in microeconomics , which deals with markets and decision making of individual economic units, including consumers and businesses. Microeconomics is a logi

Flashcard 1425669754124

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#cfa-level-1 #economics #economics-in-a-global-context #los #reading-20-international-trade-and-capital-flows

Question

An autarkic economy is also known as a [...]

Answer

closed economy

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An autarkic economy is also known as a closed economy because it does not trade with other countries.

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2.1. Basic Terminology
e deficits with that country. Similarly, when a country has a trade deficit, it has to borrow from foreigners or sell some of its assets to foreigners. Section 4 on the balance of payments explains these relationships more fully. Autarky is a state in which a country does not trade with other countries. This means that all goods and services are produced and consumed domestically. The price of a good or service in such an economy is called its autarkic price . An autarkic economy is also known as a closed economy because it does not trade with other countries. An open economy , in contrast, is an economy that trades with other countries. If there are no restrictions on trade, then members of an open economy can buy and sell goods and service

Flashcard 1426049600780

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#derecho #introduccion-al-derecho

Question

Las normas se clasifican en: [...], religiosas, sociales y jurídicas

Answer

morales

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Las normas se clasifican en: morales, religiosas, sociales y jurídicas

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Normas y asi
1.3.2 Tipos de normas Las normas se clasifican en: morales, religiosas, sociales y jurídicas, como se explica en las siguientes secciones. 1.3.2.1 Normas morales Son reglas de conducta que provienen de nuestro interior, ya

Flashcard 1428239551756

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

Question

[...] auctions sell items that (generally) have a unique subjective value for each bidder.

Answer

Private value

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lue to all bidders, but bidders can only estimate that value before the auction is completed. Overly optimistic bidders overestimate the true value and end up paying a price greater than that value. This result is known as the winner’s curse. Private value auctions sell items that (generally) have a unique subjective value for each bidder. Ascending price auctions use an auctioneer to call out ever increasing prices until the last, highes

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SUMMARY
ven price, the quantity demanded exceeds the quantity supplied, there is excess demand and price will rise. If, at a given price, the quantity supplied exceeds the quantity demanded, there is excess supply and price will fall. Sometimes auctions are used to seek equilibrium prices. Common value auctions sell items that have the same value to all bidders, but bidders can only estimate that value before the auction is completed. Overly optimistic bidders overestimate the true value and end up paying a price greater than that value. This result is known as the winner’s curse. Private value auctions sell items that (generally) have a unique subjective value for each bidder. Ascending price auctions use an auctioneer to call out ever increasing prices until the last, highest bidder ultimately pays his/her bid price and buys the item. Descending price, or Dutch, auctions begin at a very high price and then reduce that price until one bidder is willing to buy at that price. Second price sealed bid auctions are sometimes used to induce bidders to reveal their true reservation prices in private value auctions. Treasury notes and some other financial instruments are sold using a form of Dutch auction (called a single price auction) in which competitive 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. 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

Flashcard 1428268125452

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#algebra-baldor

Question

Los signos de agrupación son: el paréntesis ordinario ( ) el parénte sis angular o corchete [ ], [...] y la barra o vínculo.

Estos signos indican que la operación colocada entre ellos debe efectuarse primero.

Answer

las llaves { }

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Los signos de agrupación son: el paréntesis ordinario ( ) el parénte sis angular o corchete [ ], las llaves { } y la barra o vínculo. Estos signos indican que la operación colocada entre ellos debe efectuarse primero. Así, (a + b)c indica que el resultado de la suma de a y b debe multi

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Flashcard 1430336965900

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

Question

The supply curve shows simultaneously the [...] at each price and the [...] for each quantity.

Answer

highest quantity willingly supplied

lowest price willingly accepted

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The graph of the inverse supply function is called the supply curve , and it shows simultaneously the highest quantity willingly supplied at each price and the lowest price willingly accepted for each quantity.

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3.3. The Supply Function and the Supply Curve
nly the two variables Qsx and P x appear. Once again, we can solve this equation for P x in terms of Qsx , which yields the inverse supply function in Equation 10: Equation (10) P x = 1 + 0.004Q x The graph of the inverse supply function is called the supply curve , and it shows simultaneously the highest quantity willingly supplied at each price and the lowest price willingly accepted for each quantity. For example, if the price of gasoline were $3 per gallon, Equation 9 implies that this seller would be willing to sell 500 gallons per week. Alternatively, the lowest price she would ac

Flashcard 1430465416460

Tags

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

Question

Although controversy remains, most economists continue to believe that a minimum wage can [...].

Answer

reduce employment

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Although controversy remains among some economists on the empirical effects of the minimum wage, most economists continue to believe that a minimum wage can reduce employment. Although some workers will benefit, because they continue to work at the higher wage, others will be harmed because they will no longer be working at the increased wage rate.</s

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3.13. Market Interference: The Negative Impact on Total Surplus
lus triangle d. As a result of the floor, the buyer’s surplus is reduced to triangle a. A good example of a price floor is the imposition of a legal minimum wage in the United States, the United Kingdom, and many other countries. Although controversy remains among some economists on the empirical effects of the minimum wage, most economists continue to believe that a minimum wage can reduce employment. Although some workers will benefit, because they continue to work at the higher wage, others will be harmed because they will no longer be working at the increased wage rate. EXAMPLE 11 Calculating the Amount of Deadweight Loss from a Price Floor A market has demand function given by the equation Q d = 180 –

Flashcard 1430537506060

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

Question

consumers and producers both receive “a [...]” when they are allowed to engage in a mutually beneficial, voluntary exchange with one another

Answer

bargain

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consumers and producers both receive “a bargain” when they are allowed to engage in a mutually beneficial, voluntary exchange with one another

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3.11. Total Surplus—Total Value minus Total Variable Cost
In the previous sections, we have seen that consumers and producers both receive “a bargain” when they are allowed to engage in a mutually beneficial, voluntary exchange with one another. For every unit up to the equilibrium unit traded, buyers would have been willing to pay more than they actually had to pay. Additionally, for every one of those units, sellers would ha

Flashcard 1431903014156

Tags

#discrete-quantity #quadrivium

Question

The average height of the students in a classroom can take on any real value and is a [...] since its possible range of values is continuous.

Answer

continuous variable

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Flashcard 1432282074380

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#13-dic-2016 #el-financiero

Question

El Banxico decidió desde hace algunos años publicar los estados financieros completos cada [...].

Answer

tres meses

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El Banxico decidió desde hace algunos años publicar los estados financieros completos cada tres meses. Una tercera avenida dentro de esta mayor apertura es el hecho de que ahora los miembros de la Junta —en particular yo— valoramos mucho la posibilidad de comunicar las decisiones de pol

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Carstens fue muy importante, pero el Banxico va a seguir
a. La discusión que acompaña la decisión que se muestra en la minuta enriquece la comprensión del público respecto a las razones por la que se toma una u otra decisión. Otro aspecto es la rendición de cuentas en materia financiera. El Banxico decidió desde hace algunos años publicar los estados financieros completos cada tres meses. Una tercera avenida dentro de esta mayor apertura es el hecho de que ahora los miembros de la Junta —en particular yo— valoramos mucho la posibilidad de comunicar las decisiones de política monetaria y nuestra visión de la economía en diferentes foros. ___¿Qué tan relevantes son los individuos dentro de la Junta de Gobierno del Banxico? ___Me he hecho esta reflexión en las últimas semanas. Yo escuchaba esta frase

Flashcard 1432533470476

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#blue-apron #citychef

Question

For its suppliers, Blue Apron works with [...] to source the highest quality ingredients.

Answer

family-run farmers and artisans

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For its suppliers, Blue Apron works with family-run farmers and artisans to source the highest quality ingredients.

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Blue Apron: Fixing the Food Delivery Supply Chain – Technology and Operations Management
whenever best fits the customer’s schedule. The step-by-step recipes are appropriate for beginner and experienced cooks alike. The menus, which change weekly based on seasonal needs, are created by the culinary team and renowned guest chefs. For its suppliers, Blue Apron works with family-run farmers and artisans to source the highest quality 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 f

Flashcard 1433010572556

Tags

#cfa-level-1 #economics #economics-in-a-global-context #los #reading-20-international-trade-and-capital-flows

Question

An open economy can provide domestic households with [...], give domestic companies access to global markets and customers, and offer goods and services that are more competitively priced.

Answer

a larger variety of goods and services

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untries. If there are no restrictions on trade, then members of an open economy can buy and sell goods and services at the price prevailing in the world market, the world price . An open economy can provide domestic households with a larger variety of goods and services, give domestic companies access to global markets and customers, and offer goods and services that are more competitively priced. In addition, it can offer domestic investors

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2.1. Basic Terminology
ods and services are produced and consumed domestically. The price of a good or service in such an economy is called its autarkic price . An autarkic economy is also known as a closed economy because it does not trade with other countries. An open economy , in contrast, is an economy that trades with other countries. If there are no restrictions on trade, then members of an open economy can buy and sell goods and services at the price prevailing in the world market, the world price . An open economy can provide domestic households with a larger variety of goods and services, give domestic companies access to global markets and customers, and offer goods and services that are more competitively priced. In addition, it can offer domestic investors access to foreign capital markets, foreign assets, and greater investment opportunities. For capital intensive industries, such as automobiles and aircraft, manufacturers can take advantage of economies of scale because they have access to a much larger market. Free trade occurs when there are no government restrictions on a country’s ability to trade. Under free trade, global aggregate demand and supply determine the equilibrium quantity an

Flashcard 1433123556620

Tags

#italian #italian-grammar

Question

Masculine nouns ending in -co or -go in the singular normally form the plural as -ci and -gi if the stress falls on [...]

Answer

the third last syllable (Esdrújulas)

mèdico mèdici doctor
aspàrago aspàragi asparagus
mònaco mònaci monk

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Masculine nouns ending in -co or -go in the singular normally form the plural as -chi and -ghi, with the hard c, g sound, if the stress falls on the penulti- mate syllable: fuoco fuochi fire ago aghi needle buco buchi hole albèrgo albèrghi hotel

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Flashcard 1433130896652

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#italian #italian-grammar

Question

Nouns ending in -ca, -ga, which refer to either men or women, normally form their plural in [...] for male and [...] for female

Answer

-chi, -ghi

-che, -ghe

collega colleague colleghi (m.) colleghe

(f.) But: belga Belgian belgi (m.) belghe (f.)

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Nouns ending in -ca, -ga, which refer to either men or women, normally form their plural in -chi, -ghi for male and -che, -ghe for female (and see 1.2.4 below): collega colleague colleghi (m.) colleghe (f.) But note: belga Belgian belgi (m.) belghe (f.)

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Flashcard 1433907367180

Tags

#italian #italian-grammar #noun-patterns

Question

Feminine nouns ending in -cia, -gia form their plural as follows:

in [...] when the ending is preceded by a consonant:

Answer

-ce, -ge

arància arànce orange

spiàggia spiàgge beach

provìncia provìnce province

pioggia piogge rain

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Feminine nouns ending in -cia, -gia form their plural as follows: in -ce, -ge when the ending is preceded by a consonant: arància arànce orange spiàggia spiàgge beach provìncia

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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.

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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. 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 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

Flashcard 1434996575500

Tags

#rules-of-formulating-knowledge

Question

rule no 2 [...] before you [...]

Answer

Learn

memorize

Only when individual pieces fit to build a single coherent structure you can memorize

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2. Learn before you memorize
Before you proceed with memorizing individual facts and rules, you need to build an overall picture of the learned knowledge . Only when individual pieces fit to build a single coherent structure, will you be able to dramatically reduce the learning time. This is closely related to the problem comprehension mentioned in Rule 1: Do not learn if you do not understand. A single sep

Flashcard 1434998934796

Question

simple material is easy to [...]

Answer

remember.

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4. minimum information principle
The material you learn must be formulated in as simple way as it is Simple is easy By definition, simple material is easy to remember. This comes from the fact that its simplicity makes is easy for the brain to process it always in the same way. Imagine a labyrinth. When making a repetition of a piece of material, your

Flashcard 1435008371980

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#algebra-baldor

Question

Cantidades aritméticas son las que expresan [...] representado por los números, pero no nos dicen el sentido o valor relativo de las cantidades.

Answer

solamente el valor abso luto de las cantidades

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Cantidades aritméticas son las que expresan solamente el valor abso luto de las cantidades representado por los números, pero no nos dicen el sentido o valor relativo de las cantidades.

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Flashcard 1435009944844

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#algebra-baldor

Question

El Signo de la Elevación a Potencia es [...].

Answer

el exponente

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El Signo de la Elevación a Potencia es el exponente, que es un núm ero pequeño colocado arriba y a la derecha de una cantidad, el cual indica las veces que dicha , cantidad, llamada base, se toma como factor.

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Flashcard 1435020168460

Tags

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

Question

An individual seller’s monthly supply of downloadable e-books is given by the equation

Qseb=−64.5+37.5Peb−7.5W

where Qseb is number of e-books supplied, P_eb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market.

Determine the market aggregate supply function.

Answer

Aggregating supply functions means summing up the quantity supplied by all sellers. In this case, there are eight identical sellers, so multiply the individual seller’s supply function by eight:

Qseb=8(−64.5+37.5Peb−7.5W)=−516+300Peb−60W

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Aggregating Supply Functions An individual seller’s monthly supply of downloadable e-books is given by the equation Qseb=−64.5+37.5Peb−7.5W where Qseb is number of e-books supplied, P eb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market. Determine the market aggregate supply function. Determine the inverse market supply function. Determine the slope of the aggregate market supply curve. Solution to 1:

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3.5. Aggregating the Demand and Supply Functions
5Q eb Solution to 3: The slope of the market demand curve is the coefficient on Q eb in the inverse demand function, which is −0.0025. EXAMPLE 5 Aggregating Supply Functions An individual seller’s monthly supply of downloadable e-books is given by the equation Qseb=−64.5+37.5Peb−7.5W where Qseb is number of e-books supplied, P eb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market. Determine the market aggregate supply function. Determine the inverse market supply function. Determine the slope of the aggregate market supply curve. Solution to 1: Aggregating supply functions means summing up the quantity supplied by all sellers. In this case, there are eight identical sellers, so multiply the individual seller’s supply function by eight: Qseb=8(−64.5+37.5Peb−7.5W)=−516+300Peb−60W Solution to 2: Holding W constant at a value of €10, insert that value into the aggregate supply function and then solve for P eb to find the inverse supply function: Q eb = –1,116 + 300P eb Inverting, P eb = 3.72 + 0.0033Q eb Solution to 3: The slope of the supply curve is the coefficient on Q eb in the inverse supply function, which is 0.0033. <body><html>

Flashcard 1435022527756

Tags

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

Question

An individual seller’s monthly supply of downloadable e-books is given by the equation

Qseb=−64.5+37.5Peb−7.5W

Answer

Holding W constant at a value of €10, insert that value into the aggregate supply function and then solve for P_eb to find the inverse supply function:

Q_eb = –1,116 + 300P_eb

Inverting, P_eb = 3.72 + 0.0033Q_eb

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Flashcard 1435050839308

Tags

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

Question

If demand is elastic, a fall in price will result in [...] revenue as a whole, and if demand is inelastic, a fall in price will result in a [...] revenue.

Answer

an increase in total

decrease in total

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Exhibit 22. Elasticity and Total Expenditure
onsumer, the demand curve of the market, or the demand curve facing any given seller. The total expenditure by buyers becomes the total revenue to sellers in a market. If demand is elastic, a fall in price will result in an increase in total revenue as a whole, and if demand is inelastic, a fall in price will result in a decrease in total revenue. Clearly, if the demand faced by any given seller were inelastic at

Flashcard 1435071810828

Tags

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

Question

economics is the study of [...] , [...] , and [...]

Answer

production

distribution

consumption

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economics is the study of production, distribution, and consumption

Original toplevel document

Flashcard 1435524533516

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#cfa #cfa-level-1 #economics #introduction #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #study-session-4

Question

The theory of the firm is the study of the [...] by [...]

Answer

supply of goods and services by profit-maximizing firms.

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The theory of the firm , the subject of this reading, is the study of the supply of goods and services by profit-maximizing firms.

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1. INTRODUCTION
icroeconomics gives rise to the theory of the consumer and theory of the firm as two branches of study. The theory of the consumer is the study of consumption—the demand for goods and services—by utility-maximizing individuals. The theory of the firm , the subject of this reading, is the study of the supply of goods and services by profit-maximizing firms. Conceptually, profit is the difference between revenue and costs. Revenue is a function of selling price and quantity sold, which are determined by the demand and supply behavior in the

Flashcard 1435526892812

Tags

#cfa #cfa-level-1 #economics #introduction #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #study-session-4

Question

selling price and quantity sold are determined by the [...] in the [...] .

Answer

demand and supply behavior

markets where the firm sells

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Revenue is a function of selling price and quantity sold, which are determined by the demand and supply behavior in the markets into which the firm sells/provides its goods or services.

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1. INTRODUCTION
services—by utility-maximizing individuals. The theory of the firm , the subject of this reading, is the study of the supply of goods and services by profit-maximizing firms. Conceptually, profit is the difference between revenue and costs. Revenue is a function of selling price and quantity sold, which are determined by the demand and supply behavior in the markets into which the firm sells/provides its goods or services. Costs are a function of the demand and supply interactions in resource markets, such as markets for labor and for physical inputs. The main focus of this reading is the cost side of the

Flashcard 1435529252108

Tags

#cfa #cfa-level-1 #economics #introduction #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #study-session-4

Question

Costs are a function of the [...] in [...]

Answer

demand and supply interactions in resource markets

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Costs are a function of the demand and supply interactions in resource markets, such as markets for labor and for physical inputs.

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1. INTRODUCTION
lly, profit is the difference between revenue and costs. Revenue is a function of selling price and quantity sold, which are determined by the demand and supply behavior in the markets into which the firm sells/provides its goods or services. Costs are a function of the demand and supply interactions in resource markets, such as markets for labor and for physical inputs. The main focus of this reading is the cost side of the profit equation for companies competing in market economies under perfect competition. A subsequent reading will examine the diffe

Flashcard 1435564641548

Tags

#cfa #cfa-level-1 #economics #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4

Question

Finance experts frequently reconcile profitability and risk objectives by stating that the objective of the firm is, or should be, [...]

Answer

shareholder wealth maximization (i.e., to maximize the market value of shareholders’ equity)

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Finance experts frequently reconcile profitability and risk objectives by stating that the objective of the firm is, or should be, shareholder wealth maximization (i.e., to maximize the market value of shareholders’ equity)

Original toplevel document

2. OBJECTIVES OF THE FIRM
en be classified as focused on profitability (e.g., maximizing profits, increasing market share) or on controlling risk (e.g., survival, stable earnings growth); and c) managers in different countries may have different emphases. Finance experts frequently reconcile profitability and risk objectives by stating that the objective of the firm is, or should be, shareholder wealth maximization (i.e., to maximize the market value of shareholders’ equity). This theory states that firms try, or should try, to increase the wealth of their owners (shareholders) and that market prices balance returns against risk. However, complex corporate

Flashcard 1435694664972

Tags

#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4

Question

Tom Warren currently has 50 blueberries and 20 peanuts. His marginal rate of substitution of peanuts for blueberries, MRS_pb equals 4, and his indifference curves are strictly convex.

Suppose that Warren is indifferent between his current bundle and one containing 40 blueberries and 25 peanuts. Describe Warren’s MRS_pb evaluated at the new bundle.

Solution

[...]

Answer

The new bundle has more peanuts and fewer blueberries than the original one, and Warren is indifferent between the two, meaning that both bundles lie on the same indifference curve, where blueberries are plotted on the vertical axis and peanuts on the horizontal axis. Because his indifference curves are strictly convex and the new bundle lies below and to the right of his old bundle, his MRS_pb must be less than 4. That is to say, his indifference curve at the new point must be less steep than at the original bundle.

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re strictly convex. Suppose that Warren is indifferent between his current bundle and one containing 40 blueberries and 25 peanuts. Describe Warren’s MRS pb evaluated at the new bundle. Solution The new bundle has more peanuts and fewer blueberries than the original one, and Warren is indifferent between the two, meaning that both bundles lie on the same indifference curve, where blueberries are plotted on the vertical axis and peanuts on the horizontal axis. Because his indifference curves are strictly convex and the new bundle lies below and to the right of his old bundle, his MRS pb must be less than 4. That is to say, his indifference curve at the new point must be less steep than at the original bundle. <body><html>

Original toplevel document

3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
t MRS BW must diminish as he moves toward more bread and less wine—the MRS BW is continuously changing as he moves along his indifference curve. EXAMPLE 2 Understanding the Marginal Rate of Substitution Tom Warren currently has 50 blueberries and 20 peanuts. His marginal rate of substitution of peanuts for blueberries, MRS pb equals 4, and his indifference curves are strictly convex. Determine whether Warren would be willing to trade at the rate of 3 of his blueberries in exchange for 1 more peanut. Suppose that Warren is indifferent between his current bundle and one containing 40 blueberries and 25 peanuts. Describe Warren’s MRS pb evaluated at the new bundle. Solution to 1: MRS pb = 4 means that Warren would be willing to give up 4 blueberries for 1 peanut, at that point. He clearly would be willing to give up blueberries at a rate less than that, namely, 3-to-1. Solution to 2: The new bundle has more peanuts and fewer blueberries than the original one, and Warren is indifferent between the two, meaning that both bundles lie on the same indifference curve, where blueberries are plotted on the vertical axis and peanuts on the horizontal axis. Because his indifference curves are strictly convex and the new bundle lies below and to the right of his old bundle, his MRS pb must be less than 4. That is to say, his indifference curve at the new point must be less steep than at the original bundle. 3.4. Indifference Curve Maps There was nothing special about our initial choice of bundle a as a starting point for the indifferenc

Flashcard 1435752074508

Tags

#2-1-3-economic-rent #2-1-types-of-profit-measures #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4

Question

Economic Rent and Investment Decision Making

The following market data show the global demand, global supply, and price on an annual basis for gold over the period 2006–2008. Based on the data, what observation can be made about market demand, supply, and economic rent?

Year	2006	2007	2008	Percent Change 2006–2008
Supply (in metric tons)	3,569	3,475	3,508	–1.7
Demand (in metric tons)	3,423	3,552	3,805	+11.2
Average spot price (in US$)	603.92	695.39	871.65	+44.3

Answer

The amount of total gold supplied to the world market over this period has actually declined slightly by 1.7 percent during a period when there was a double-digit increase of 11.2 percent in demand. As a consequence, the spot price has dramatically increased by 44.3 percent. Economic rent has resulted from this market relationship of a relatively fixed supply of gold and a rising demand for it.

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007 2008 Percent Change 2006–2008 Supply (in metric tons) 3,569 3,475 3,508 –1.7 Demand (in metric tons) 3,423 3,552 3,805 +11.2 Average spot price (in US$) 603.92 695.39 871.65 +44.3 Source: GFMS and World Gold Council. Solution: The amount of total gold supplied to the world market over this period has actually declined slightly by 1.7 percent during a period when there was a double-digit increase of 11.2 percent in demand. As a consequence, the spot price has dramatically increased by 44.3 percent. Economic rent has resulted from this market relationship of a relatively fixed supply of gold and a rising demand for it.<body><html>

Original toplevel document

2. OBJECTIVES OF THE FIRM
er competing firms to compete away any economic profit over the long run. Economic profit that exists over the long run is usually found where competitive conditions persistently are less than perfect in the market. 2.1.3. Economic Rent The surplus value known as economic rent results when a particular resource or good is fixed in supply (with a vertical supply curve) and market price is higher than what is required to bring the resource or good onto the market and sustain its use. Essentially, demand determines the price level and the magnitude of economic rent that is forthcoming from the market. Exhibit 1 illustrates this concept, where P 1 is the price level that yields a normal profit return to the business that supplies the item. When demand increases from Demand 1 to Demand 2 , price rises to P 2 , where at this higher price level economic rent is created. The amount of this economic rent is calculated as (P 2 – P 1 ) × Q 1 . The firm has not done anything internally to merit this special reward: It benefits from an increase in demand in conjunction with a supply curve that does not fully adjust with an increase in quantity when price rises. Exhibit 1. Economic Rent Because of their limited availability in nature, certain resources—such as land and specialty commodities—possess highly inelastic supply curves in both the short run and long run (shown in Exhibit 1 as a vertical supply curve). When supply is relatively inelastic, a high degree of market demand can result in pricing that creates economic rent. This economic rent results from the fact that when price increases, the quantity supplied does not change or, at the most, increases only slightly. This is because of the fixation of supply by nature or by such artificial constraints as government policy. How is the concept of economic rent useful in financial analysis? Commodities or resources that command economic rent have the potential to reward equity investors more than what is required to attract their capital to that activity, resulting in greater shareholders’ wealth. Evidence of economic rent attracts additional capital funds to the economic endeavor. This new investment capital increases shareholders’ value as investors bid up share prices of existing firms. Any commodity, resource, or good that is fixed or nearly fixed in supply has the potential to yield economic rent. From an analytical perspective, one can obtain industry supply data to calculate the elasticity of supply , which measures the sensitivity of quantity supplied to a change in price. If quantity supplied is relatively unresponsive ( inelastic ) to price changes, then a potential condition exists in the market for economic rent. A reliable forecast of changes in demand can indicate the degree of any economic rent that is forthcoming from the market in the future. When one is analyzing fixed or nearly fixed supply markets (e.g., gold), a fundamental comprehension of demand determinants is necessary to make rational financial decisions based on potential economic rent. EXAMPLE 1 Economic Rent and Investment Decision Making The following market data show the global demand, global supply, and price on an annual basis for gold over the period 2006–2008. Based on the data, what observation can be made about market demand, supply, and economic rent? Year 2006 2007 2008 Percent Change 2006–2008 Supply (in metric tons) 3,569 3,475 3,508 –1.7 Demand (in metric tons) 3,423 3,552 3,805 +11.2 Average spot price (in US$) 603.92 695.39 871.65 +44.3 Source: GFMS and World Gold Council. Solution: The amount of total gold supplied to the world market over this period has actually declined slightly by 1.7 percent during a period when there was a double-digit increase of 11.2 percent in demand. As a consequence, the spot price has dramatically increased by 44.3 percent. Economic rent has resulted from this market relationship of a relatively fixed supply of gold and a rising demand for it. 2.2. Comparison of Profit Measures All three types of profit are interconnected because, according to Equation 4, acco

Annotation 1436001897740

•

A transient finite element computational model for thermoelectric materials is developed.

•

The model can consider temperature dependence of material properties with strong nonlinear thermoelectric coupling.

•

A computation code is developed in commercial programming software Matlab.

•

Thermal stress analysis can be carried out with the finite element solution of temperature field.

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ScienceDirect
access this article: Check if you have access through your login credentials or your institution Check access Purchase $37.95 [imagelink] [imagelink] http://dx.doi.org/10.1016/j.applthermaleng.2016.08.115 Get rights and content Highlights • A transient finite element computational model for thermoelectric materials is developed. • The model can consider temperature dependence of material properties with strong nonlinear thermoelectric coupling. • A computation code is developed in commercial programming software Matlab. • Thermal stress analysis can be carried out with the finite element solution of temperature field. Abstract This paper proposes a finite element model for the determination of time dependent thermoelectric coupling fields. The model takes into account all thermoelectric effects, incl

Article 1436028636428

Predicciones mundiales para 2017
#30-dic-2016 #el-financiero #financial-times #noticias

Financial Times sacó la bola de cristal y analiza 12 interesantes sucesos geopolíticos, tecnológicos, sociales y económicos que estarán en auge durante el 2017. El Financial Times hizo más predicciones correctas que incorrectas en 2016, al menos en la superficie. Algunas previsiones fueron muy acertadas, pero nos equivocamos en las grandes. El Reino Unido no votó para permanecer en la Unión Europea, Hillary Clinton no ganó, y eso fue lo que más importó. Cualquiera que crea que lo que cuenta en la historia no son las tendencias estables sino los repentinos choques sísmicos, recibió una poderosa confirmación de su punto de vista en 2016. Así es que los lectores pudieran mirar estos pronósticos para 2017 con cierto desdén. 1. ¿Marine Le Pen ganará la presidencia francesa? ___No. Aunque la probabilidad no es cero, por supuesto. Una victoria de Le Pen sigue siendo improbable por una razón: ella está defendiendo un retorno al franco y, para un país de los ahorradores, eso es demasiado arriesgado.

Annotation 1436029947148

#30-dic-2016 #el-financiero #financial-times #noticias

¿Marine Le Pen ganará la presidencia francesa?

___No. Aunque la probabilidad no es cero, por supuesto. Una victoria de Le Pen sigue siendo improbable por una razón: ella está defendiendo un retorno al franco y, para un país de los ahorradores, eso es demasiado arriesgado. (Anne-Sylvaine Chassany)

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Predicciones mundiales para 2017
historia no son las tendencias estables sino los repentinos choques sísmicos, recibió una poderosa confirmación de su punto de vista en 2016. Así es que los lectores pudieran mirar estos pronósticos para 2017 con cierto desdén. 1. ¿Marine Le Pen ganará la presidencia francesa? ___No. Aunque la probabilidad no es cero, por supuesto. Una victoria de Le Pen sigue siendo improbable por una razón: ella está defendiendo un retorno al franco y, para un país de los ahorradores, eso es demasiado arriesgado. (Anne-Sylvaine Chassany) 2. ¿Ganará Angela Merkel la reelección en Alemania? ___Sí. La Sra. Merkel ganará las elecciones parlamentarias de otoño en Alemania, pero con menos asientos para

Annotation 1436031520012

#30-dic-2016 #el-financiero #financial-times #noticias

Ganará Angela Merkel la reelección en Alemania?

___Sí. La Sra. Merkel ganará las elecciones parlamentarias de otoño en Alemania, pero con menos asientos para su bloque demócrata-cristiano. Con la probabilidad de que el partido derechista Alternativa para Alemania entre en el “Bundestag” y con un anticipado regreso de los liberales del Partido Democrático Libre, construir una coalición será más difícil. (Stefan Wagstyl)

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Predicciones mundiales para 2017
ilidad no es cero, por supuesto. Una victoria de Le Pen sigue siendo improbable por una razón: ella está defendiendo un retorno al franco y, para un país de los ahorradores, eso es demasiado arriesgado. (Anne-Sylvaine Chassany) 2. ¿Ganará Angela Merkel la reelección en Alemania? ___Sí. La Sra. Merkel ganará las elecciones parlamentarias de otoño en Alemania, pero con menos asientos para su bloque demócrata-cristiano. Con la probabilidad de que el partido derechista Alternativa para Alemania entre en el “Bundestag” y con un anticipado regreso de los liberales del Partido Democrático Libre, construir una coalición será más difícil. (Stefan Wagstyl) 3. ¿Colapsará el acuerdo nuclear de Irán? ___No. Donald Trump ha amenazado con retirar a EU del acuerdo, pero es más fácil decirlo que hacerlo. Incluso si EU se r

Annotation 1436033092876

#30-dic-2016 #el-financiero #financial-times #noticias

¿Colapsará el acuerdo nuclear de Irán?

___No. Donald Trump ha amenazado con retirar a EU del acuerdo, pero es más fácil decirlo que hacerlo. Incluso si EU se retirara, el acuerdo nuclear se mantendrá. Es posible que el acuerdo comience a desintegrarse en 2017, pero se anticipa que los otros signatarios — es decir, Rusia, China, Francia, Reino Unido y Alemania — trabajen arduamente para contener los daños. (Roula Khalaf)

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Predicciones mundiales para 2017
probabilidad de que el partido derechista Alternativa para Alemania entre en el “Bundestag” y con un anticipado regreso de los liberales del Partido Democrático Libre, construir una coalición será más difícil. (Stefan Wagstyl) 3. ¿Colapsará el acuerdo nuclear de Irán? ___No. Donald Trump ha amenazado con retirar a EU del acuerdo, pero es más fácil decirlo que hacerlo. Incluso si EU se retirara, el acuerdo nuclear se mantendrá. Es posible que el acuerdo comience a desintegrarse en 2017, pero se anticipa que los otros signatarios — es decir, Rusia, China, Francia, Reino Unido y Alemania — trabajen arduamente para contener los daños. (Roula Khalaf) 4. ¿Trump y Vladimir Putin harán un trato con respecto a Siria? ___ Sí. Pero no tendrá valor alguno. El objetivo de Trump es atacar al Estado Islámico y él, y Put

Annotation 1436035190028

#30-dic-2016 #el-financiero #financial-times #noticias

¿Trump y Vladimir Putin harán un trato con respecto a Siria?

___ Sí. Pero no tendrá valor alguno. El objetivo de Trump es atacar al Estado Islámico y él, y Putin, firmarán un acuerdo dentro de los primeros 100 días del presidente estadounidense para lanzar una ofensiva conjunta contra el grupo terrorista. Trump obtendrá sus titulares de Twitter; Siria seguirá en llamas. (Edward Luce)

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Predicciones mundiales para 2017
drá. Es posible que el acuerdo comience a desintegrarse en 2017, pero se anticipa que los otros signatarios — es decir, Rusia, China, Francia, Reino Unido y Alemania — trabajen arduamente para contener los daños. (Roula Khalaf) 4. ¿Trump y Vladimir Putin harán un trato con respecto a Siria? ___ Sí. Pero no tendrá valor alguno. El objetivo de Trump es atacar al Estado Islámico y él, y Putin, firmarán un acuerdo dentro de los primeros 100 días del presidente estadounidense para lanzar una ofensiva conjunta contra el grupo terrorista. Trump obtendrá sus titulares de Twitter; Siria seguirá en llamas. (Edward Luce) 5. ¿Construirá Trump el muro fronterizo mexicano? ___Sí, pero no una gran parte. El presidente electo ha hecho tanto alboroto acerca de bloquear el acceso en la fr

Annotation 1436036762892

#30-dic-2016 #el-financiero #financial-times #noticias

¿Construirá Trump el muro fronterizo mexicano?

___Sí, pero no una gran parte. El presidente electo ha hecho tanto alboroto acerca de bloquear el acceso en la frontera de 2,000 millas que necesitará hacer algo. Así que esperen algunas adiciones simbólicas (unas vallas, quizás) a lo largo de la frontera, un tercio de la cual ya tiene algún tipo de barrera. (Jude Webber)

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Predicciones mundiales para 2017
tin, firmarán un acuerdo dentro de los primeros 100 días del presidente estadounidense para lanzar una ofensiva conjunta contra el grupo terrorista. Trump obtendrá sus titulares de Twitter; Siria seguirá en llamas. (Edward Luce) 5. ¿Construirá Trump el muro fronterizo mexicano? ___Sí, pero no una gran parte. El presidente electo ha hecho tanto alboroto acerca de bloquear el acceso en la frontera de 2,000 millas que necesitará hacer algo. Así que esperen algunas adiciones simbólicas (unas vallas, quizás) a lo largo de la frontera, un tercio de la cual ya tiene algún tipo de barrera. (Jude Webber) 6. ¿Se destruirá al Estado Islámico como una gran fuerza global? ___ No. El autodeclarado califato del Estado Islámico en Irak y Siria se derrumbará en 2017. Pero

Annotation 1436038335756

#30-dic-2016 #el-financiero #financial-times #noticias

¿Se destruirá al Estado Islámico como una gran fuerza global?

___ No. El autodeclarado califato del Estado Islámico en Irak y Siria se derrumbará en 2017. Pero una vez que sea expulsado de sus fortalezas urbanas en Mosul y, finalmente, en Al Raqa, mezclará la insurgencia local con asaltos terroristas internacionales. El Estado Islámico puede contar con los poderes externos para actuar como reclutadores: los regímenes respaldados por los chiitas en Damasco, Bagdad y Beirut mantendrán a los sunitas alienados. (David Gardner)

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Predicciones mundiales para 2017
el acceso en la frontera de 2,000 millas que necesitará hacer algo. Así que esperen algunas adiciones simbólicas (unas vallas, quizás) a lo largo de la frontera, un tercio de la cual ya tiene algún tipo de barrera. (Jude Webber) 6. ¿Se destruirá al Estado Islámico como una gran fuerza global? ___ No. El autodeclarado califato del Estado Islámico en Irak y Siria se derrumbará en 2017. Pero una vez que sea expulsado de sus fortalezas urbanas en Mosul y, finalmente, en Al Raqa, mezclará la insurgencia local con asaltos terroristas internacionales. El Estado Islámico puede contar con los poderes externos para actuar como reclutadores: los regímenes respaldados por los chiitas en Damasco, Bagdad y Beirut mantendrán a los sunitas alienados. (David Gardner) 7. ¿Permitirá China que su moneda se devalúe más del 10 por ciento? ___No. Las presiones están aumentando para que el renminbi se deprecie frente al dólar estadou

Annotation 1436039908620

#30-dic-2016 #el-financiero #financial-times #noticias

¿Permitirá China que su moneda se devalúe más del 10 por ciento?

___No. Las presiones están aumentando para que el renminbi se deprecie frente al dólar estadounidense después de deslizarse en más del 6 por ciento durante 2016. El capital está saliendo de China, el mercado inmobiliario se está enfriando rápidamente y las tasas de interés de los dólares estadounidenses pueden subir de nuevo. Y, sin embargo, el renminbi apenas se depreciará en lo absoluto. (James Kynge)

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Predicciones mundiales para 2017
internacionales. El Estado Islámico puede contar con los poderes externos para actuar como reclutadores: los regímenes respaldados por los chiitas en Damasco, Bagdad y Beirut mantendrán a los sunitas alienados. (David Gardner) 7. ¿Permitirá China que su moneda se devalúe más del 10 por ciento? ___No. Las presiones están aumentando para que el renminbi se deprecie frente al dólar estadounidense después de deslizarse en más del 6 por ciento durante 2016. El capital está saliendo de China, el mercado inmobiliario se está enfriando rápidamente y las tasas de interés de los dólares estadounidenses pueden subir de nuevo. Y, sin embargo, el renminbi apenas se depreciará en lo absoluto. (James Kynge) 8. ¿Incumplirá Venezuela su deuda? ___No. Un incumplimiento resultaría en que los acreedores se apoderaran de los cargamentos de petróleo, poniendo así fin a la a

Annotation 1436041481484

#30-dic-2016 #el-financiero #financial-times #noticias

¿Incumplirá Venezuela su deuda?

___No. Un incumplimiento resultaría en que los acreedores se apoderaran de los cargamentos de petróleo, poniendo así fin a la afluencia de petrodólares y, por lo tanto, al ‘mecenazgo’ que le compra al gobierno corrupto su apoyo. Por lo tanto, la voluntad de Caracas de pagar sus deudas nunca está en duda. (John Paul Rathbone)

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Predicciones mundiales para 2017
aliendo de China, el mercado inmobiliario se está enfriando rápidamente y las tasas de interés de los dólares estadounidenses pueden subir de nuevo. Y, sin embargo, el renminbi apenas se depreciará en lo absoluto. (James Kynge) 8. ¿Incumplirá Venezuela su deuda? ___No. Un incumplimiento resultaría en que los acreedores se apoderaran de los cargamentos de petróleo, poniendo así fin a la afluencia de petrodólares y, por lo tanto, al ‘mecenazgo’ que le compra al gobierno corrupto su apoyo. Por lo tanto, la voluntad de Caracas de pagar sus deudas nunca está en duda. (John Paul Rathbone) 9. ¿La tasa de interés de los fondos federales será superior al 1.5 por ciento a finales de 2017? No. La respuesta depende de si el plan fiscal de Donald Trump p

Annotation 1436043054348

#30-dic-2016 #el-financiero #financial-times #noticias

¿La tasa de interés de los fondos federales será superior al 1.5 por ciento a finales de 2017?

No. La respuesta depende de si el plan fiscal de Donald Trump puede lograr el crecimiento prometido del 3-4 por ciento. La Reserva Federal de EU proporcionará los tres incrementos que ha pronosticado, elevando la tasa al 1.5 por ciento, pero no necesitará elevarla más. (Michael MacKenzie)

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Predicciones mundiales para 2017
leo, poniendo así fin a la afluencia de petrodólares y, por lo tanto, al ‘mecenazgo’ que le compra al gobierno corrupto su apoyo. Por lo tanto, la voluntad de Caracas de pagar sus deudas nunca está en duda. (John Paul Rathbone) 9. ¿La tasa de interés de los fondos federales será superior al 1.5 por ciento a finales de 2017? No. La respuesta depende de si el plan fiscal de Donald Trump puede lograr el crecimiento prometido del 3-4 por ciento. La Reserva Federal de EU proporcionará los tres incrementos que ha pronosticado, elevando la tasa al 1.5 por ciento, pero no necesitará elevarla más. (Michael MacKenzie) 10. ¿Finalizará el índice S&P 500 el año por encima de 2300 (aproximadamente su nivel actual)? ___No. Los inversionistas orientados hacia la valoración han sid

Annotation 1436044627212

#30-dic-2016 #el-financiero #financial-times #noticias

¿Finalizará el índice S&P 500 el año por encima de 2300 (aproximadamente su nivel actual)?

___No. Los inversionistas orientados hacia la valoración han sido bajistas durante años, costándoles mucho. La elección de Donald Trump ha cambiado tres cosas: ha impulsado un ya costoso mercado 5 por ciento más, anticipando un estímulo fiscal que puede resultar decepcionante; el dólar está subiendo más, lo cual perjudicará las ganancias de los exportadores estadounidenses; y los rendimientos de los bonos han aumentado. Si las acciones deben ser caras cuando los rendimientos son bajos — como dicen los alcistas — debe funcionar al contrario. (Robert Armstrong)

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Predicciones mundiales para 2017
puede lograr el crecimiento prometido del 3-4 por ciento. La Reserva Federal de EU proporcionará los tres incrementos que ha pronosticado, elevando la tasa al 1.5 por ciento, pero no necesitará elevarla más. (Michael MacKenzie) 10. ¿Finalizará el índice S&P 500 el año por encima de 2300 (aproximadamente su nivel actual)? ___No. Los inversionistas orientados hacia la valoración han sido bajistas durante años, costándoles mucho. La elección de Donald Trump ha cambiado tres cosas: ha impulsado un ya costoso mercado 5 por ciento más, anticipando un estímulo fiscal que puede resultar decepcionante; el dólar está subiendo más, lo cual perjudicará las ganancias de los exportadores estadounidenses; y los rendimientos de los bonos han aumentado. Si las acciones deben ser caras cuando los rendimientos son bajos — como dicen los alcistas — debe funcionar al contrario. (Robert Armstrong) 11. ¿Terminará el petróleo en más de 50 dólares? ___ Sí. Los niveles récord de producción de la Organización de Países Exportadores de Petróleo (OPEP) y los resil

Annotation 1436046200076

#30-dic-2016 #el-financiero #financial-times #noticias

¿Terminará el petróleo en más de 50 dólares?

___ Sí. Los niveles récord de producción de la Organización de Países Exportadores de Petróleo (OPEP) y los resilientes suministros de fuera del cartel mantuvieron la presión sobre los precios en 2016. Un acuerdo de recorte de producción entre los grandes productores le proporcionó al petróleo un impulso de fin de año. Se espera que la industria mantenga su resolución, y que los precios se eleven. (Anjli Raval)

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Predicciones mundiales para 2017
s de los exportadores estadounidenses; y los rendimientos de los bonos han aumentado. Si las acciones deben ser caras cuando los rendimientos son bajos — como dicen los alcistas — debe funcionar al contrario. (Robert Armstrong) 11. ¿Terminará el petróleo en más de 50 dólares? ___ Sí. Los niveles récord de producción de la Organización de Países Exportadores de Petróleo (OPEP) y los resilientes suministros de fuera del cartel mantuvieron la presión sobre los precios en 2016. Un acuerdo de recorte de producción entre los grandes productores le proporcionó al petróleo un impulso de fin de año. Se espera que la industria mantenga su resolución, y que los precios se eleven. (Anjli Raval) 12. ¿Continuará Apple siendo la empresa más valiosa del mundo? ___ Sí. La forma más fácil para que Apple pierda su corona es una emisión de acciones por parte de

Annotation 1436047772940

#30-dic-2016 #el-financiero #financial-times #noticias

¿Continuará Apple siendo la empresa más valiosa del mundo?

___ Sí. La forma más fácil para que Apple pierda su corona es una emisión de acciones por parte de Saudi Aramco. La compañía petrolera tiene un valor estimado de más de 2 billones de dólares; la capitalización de mercado de Apple es un poco más de 600 mil millones de dólares. No se esperan nuevos dispositivos de Apple en 2017, pero un recorte de impuestos sobre el efectivo repatriado pudiera revitalizar las acciones. Si Saudi Aramco se mantiene fuera de la situación, Apple debiera continuar siendo la empresa número uno. (Tom Braithwaite)

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Predicciones mundiales para 2017
cios en 2016. Un acuerdo de recorte de producción entre los grandes productores le proporcionó al petróleo un impulso de fin de año. Se espera que la industria mantenga su resolución, y que los precios se eleven. (Anjli Raval) 12. ¿Continuará Apple siendo la empresa más valiosa del mundo? ___ Sí. La forma más fácil para que Apple pierda su corona es una emisión de acciones por parte de Saudi Aramco. La compañía petrolera tiene un valor estimado de más de 2 billones de dólares; la capitalización de mercado de Apple es un poco más de 600 mil millones de dólares. No se esperan nuevos dispositivos de Apple en 2017, pero un recorte de impuestos sobre el efectivo repatriado pudiera revitalizar las acciones. Si Saudi Aramco se mantiene fuera de la situación, Apple debiera continuar siendo la empresa número uno. (Tom Braithwaite)<body><html>

Annotation 1436051180812

A particular variable can be removed from the workspace (e.g., clear rate). More than one variable can also be cleared (e.g., clear rate balance). Separate the vari- able names with spaces, not commas.

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Flashcard 1436052753676

Tags

#matlab

Question

How do you display a vector?

Answer

disp(x)

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Flashcard 1436055112972

Tags

#matlab

Question

How would you generate an array with 10 numbers, spaced logarithmically from 1 to 100?

Answer

y = logspace(0, 2, 10)

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Flashcard 1436057472268

Tags

#matlab

Question

How do you remove elements from a vector?

Answer

Use an empty vector to remove elements from a vector:

r([1 2]) = [ ]

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Annotation 1436059831564

#matlab

The command diary filename copies everything that subsequently appears in the Command Window to the text file filename.

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Annotation 1436061666572

Stop recording the session with diary off Note that diary appends material to an existing file—that is, it adds new infor- mation to the end of it

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Annotation 1436063763724

The essence of any structure plan and, hence, any computer program can be summarized as follows:
1. Input: Declare and assign input variables.
2. Operations: Solve expressions that use the input variables.
3. Output: D isplay in graphs or tables the desired results

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Article 1436066385164

1. INTRODUCTION
#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

Capital budgeting is the process that companies use for decision making on capital projects—those projects with a life of a year or more. This is a fundamental area of knowledge for financial analysts for many reasons. First, capital budgeting is very important for corporations. Capital projects, which make up the long-term asset portion of the balance sheet, can be so large that sound capital budgeting decisions ultimately decide the future of many corporations. Capital decisions cannot be reversed at a low cost, so mistakes are very costly. Indeed, the real capital investments of a company describe a company better than its working capital or capital structures, which are intangible and tend to be similar for many corporations. Second, the principles of capital budgeting have been adapted for many other corporate decisions, such as investments in working capital, leasing, mergers and acquisitions, and bond refunding. Third, the valuation principles used in capital budgeting a

Annotation 1436067695884

#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

Capital budgeting is the process that companies use for decision making on capital projects—those projects with a life of a year or more

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1. INTRODUCTION
Capital budgeting is the process that companies use for decision making on capital projects—those projects with a life of a year or more. This is a fundamental area of knowledge for financial analysts for many reasons. First, capital budgeting is very important for corporations. Capital projects, whi

Annotation 1436068744460

#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

This reading is organized as follows: Section 2 presents the steps in a typical capital budgeting process. After introducing the basic principles of capital budgeting in Section 3, in Section 4 we discuss the criteria by which a decision to invest in a project may be made.

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1. INTRODUCTION
ies that are not too complex. Further, analysts may be able to appraise the quality of the company’s capital budgeting process—for example, on the basis of whether the company has an accounting focus or an economic focus. This reading is organized as follows: Section 2 presents the steps in a typical capital budgeting process. After introducing the basic principles of capital budgeting in Section 3, in Section 4 we discuss the criteria by which a decision to invest in a project may be made. <body><html>

Flashcard 1436069793036

Tags

#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

Question

This reading is organized as follows:

Section 2 presents [...].

Section 3 introduces the basic principles of capital budgeting.

Section 4 we discuss the criteria by which a decision to invest in a project may be made.

Answer

the steps in a typical capital budgeting process

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This reading is organized as follows: Section 2 presents the steps in a typical capital budgeting process. After introducing the basic principles of capital budgeting in Section 3, in Section 4 we discuss the criteria by which a decision to invest in a project may be made.</bo

Original toplevel document

Annotation 1436073725196

#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

Capital decisions cannot be reversed at a low cost, so mistakes are very costly.

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1. INTRODUCTION
capital budgeting is very important for corporations. Capital projects, which make up the long-term asset portion of the balance sheet, can be so large that sound capital budgeting decisions ultimately decide the future of many corporations. Capital decisions cannot be reversed at a low cost, so mistakes are very costly. Indeed, the real capital investments of a company describe a company better than its working capital or capital structures, which are intangible and tend to be similar for many corporat

Annotation 1436076346636

#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

capital investments of a company describe a company better than its working capital or capital structures, which are intangible and tend to be similar for many corporations.

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1. INTRODUCTION
rm asset portion of the balance sheet, can be so large that sound capital budgeting decisions ultimately decide the future of many corporations. Capital decisions cannot be reversed at a low cost, so mistakes are very costly. Indeed, the real capital investments of a company describe a company better than its working capital or capital structures, which are intangible and tend to be similar for many corporations. Second, the principles of capital budgeting have been adapted for many other corporate decisions, such as investments in working capital, leasing, mergers and acquisitio

Flashcard 1436077395212

Tags

#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

Question

capital investments describe a company better than its [...] or [...] , which are intangible and tend to be similar for many corporations.

Answer

working capital

capital structures

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capital investments of a company describe a company better than its working capital or capital structures, which are intangible and tend to be similar for many corporations.

Original toplevel document

Annotation 1436079754508

#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

Many of the methods used by security analysts and portfolio managers are based on capital budgeting methods.

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1. INTRODUCTION
s in working capital, leasing, mergers and acquisitions, and bond refunding. Third, the valuation principles used in capital budgeting are similar to the valuation principles used in security analysis and portfolio management. Many of the methods used by security analysts and portfolio managers are based on capital budgeting methods. Conversely, there have been innovations in security analysis and portfolio management that have also been adapted to capital budgeting. Finally, although analysts have a

Flashcard 1436080803084

Tags

#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

Question

Many of the methods used by [...] and [...] are based on capital budgeting methods.

Answer

security analysts

portfolio managers

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Many of the methods used by security analysts and portfolio managers are based on capital budgeting methods.

Original toplevel document

Annotation 1436083162380

#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

analysts may appraise the quality of the company’s capital budgeting process on the basis of whether the company has an accounting focus or an economic focus.

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1. INTRODUCTION
of maximizing shareholder value. Because capital budgeting information is not ordinarily available outside the company, the analyst may attempt to estimate the process, within reason, at least for companies that are not too complex. Further, analysts may be able to appraise the quality of the company’s capital budgeting process—for example, on the basis of whether the company has an accounting focus or an economic focus. This reading is organized as follows: Section 2 presents the steps in a typical capital budgeting process. After introducing the basic principles of capital budgeti

Flashcard 1436084997388

Tags

#cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting #study-session-10

Question

analysts may appraise the quality of the company’s capital budgeting process on the basis of whether the company has an [...] or an [...]

Answer

accounting focus

economic focus.

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analysts may appraise the quality of the company’s capital budgeting process on the basis of whether the company has an accounting focus or an economic focus.

Original toplevel document

Flashcard 1436113046796

Tags

#algebra-baldor

Question

El exponente indica las veces que la base se toma como [...].

Answer

factor

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Flashcard 1436125891852

Tags

#cfa #cfa-level-1 #economics #introduction #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #study-session-4

Question

Revenue is a function of [...]

Answer

selling price and quantity sold

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Revenue is a function of selling price and quantity sold, which are determined by the demand and supply behavior in the markets into which the firm sells/provides its goods or services.

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Annotation 1436135591180

#costs #finance #investopedia

What is an 'Explicit Cost'

An explicit cost represents clear, obvious cash outflows from a business that reduce its bottom-line profitability. This contrasts with less-tangible expenses, such as goodwill amortization, which are not as clear cut regarding their effects on a business's bottom-line value. Good examples of explicit costs would be items such as wage expense, rent or lease costs as it is easy to see the source of the cash outflow and the business activities to which the expense is attributed.

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Explicit Cost Definition | Investopedia
Loading the player... What is an 'Explicit Cost' An explicit cost represents clear, obvious cash outflows from a business that reduce its bottom-line profitability. This contrasts with less-tangible expenses, such as goodwill amortization, which are not as clear cut regarding their effects on a business's bottom-line value. Good examples of explicit costs would be items such as wage expense, rent or lease costs as it is easy to see the source of the cash outflow and the business activities to which the expense is attributed. BREAKING DOWN 'Explicit Cost' An explicit cost is an expense that has occurred and has a clearly defined dollar amount. These expenses are incurred

Annotation 1436137164044

#costs #finance #investopedia

BREAKING DOWN 'Explicit Cost'

An explicit cost is an expense that has occurred and has a clearly defined dollar amount. These expenses are incurred during business operations and are actual out-of-pocket cash outlays. The objective dollar amounts are subject to reporting.

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Explicit Cost Definition | Investopedia
value. Good examples of explicit costs would be items such as wage expense, rent or lease costs as it is easy to see the source of the cash outflow and the business activities to which the expense is attributed. BREAKING DOWN 'Explicit Cost' An explicit cost is an expense that has occurred and has a clearly defined dollar amount. These expenses are incurred during business operations and are actual out-of-pocket cash outlays. The objective dollar amounts are subject to reporting. Examples of Explicit Costs Net income of a business reflects residual income remaining after all explicit costs have been paid. Explicit costs are the only costs necessary to calculate

Annotation 1436138736908

#costs #finance #investopedia

Examples of Explicit Costs

Net income of a business reflects residual income remaining after all explicit costs have been paid. Explicit costs are the only costs necessary to calculate accounting profit. Expenses relating to advertising, supplies, utilities, inventory and equipment actually purchased are examples of explicit costs. Although the depreciation of an asset is not an activity that can be tangibly traced, depreciation expense is an explicit cost because it relates to the cost of the underlying asset that the company owns.

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Explicit Cost Definition | Investopedia
An explicit cost is an expense that has occurred and has a clearly defined dollar amount. These expenses are incurred during business operations and are actual out-of-pocket cash outlays. The objective dollar amounts are subject to reporting. Examples of Explicit Costs Net income of a business reflects residual income remaining after all explicit costs have been paid. Explicit costs are the only costs necessary to calculate accounting profit. Expenses relating to advertising, supplies, utilities, inventory and equipment actually purchased are examples of explicit costs. Although the depreciation of an asset is not an activity that can be tangibly traced, depreciation expense is an explicit cost because it relates to the cost of the underlying asset that the company owns. Explicit Costs vs. Implicit Costs Explicit costs arise based on what has actually been purchased as opposed to implicit costs that arise based on what has actually been given up other t

Annotation 1436140309772

#costs #finance #investopedia

Explicit Costs vs. Implicit Costs

Explicit costs arise based on what has actually been purchased as opposed to implicit costs that arise based on what has actually been given up other than money. Explicit costs have a paper trail and provide audit documentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing business operations, implicit costs are only utilized in decision-making or choosing between multiple alternatives.

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Explicit Cost Definition | Investopedia
hased are examples of explicit costs. Although the depreciation of an asset is not an activity that can be tangibly traced, depreciation expense is an explicit cost because it relates to the cost of the underlying asset that the company owns. Explicit Costs vs. Implicit Costs Explicit costs arise based on what has actually been purchased as opposed to implicit costs that arise based on what has actually been given up other than money. Explicit costs have a paper trail and provide audit documentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing business operations, implicit costs are only utilized in decision-making or choosing between multiple alternatives. Opportunity Costs Explicit costs are used in the computation of opportunity costs. An opportunity cost is the total value of an item forgone. It is calculated by adding the explicit and

Annotation 1436142931212

#costs #finance #investopedia

Opportunity Costs

Explicit costs are used in the computation of opportunity costs. An opportunity cost is the total value of an item forgone. It is calculated by adding the explicit and implicit costs of not performing an activity. For example, the purchase of a vehicle by a business represents an explicit cost as the equipment is actually purchased. An implicit cost is the greatest benefit that could have resulted from the use of the funds. This cost could reflect a different vehicle that could have been purchased or the benefit gained from using the funds elsewhere.

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Explicit Cost Definition | Investopedia
cumentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing business operations, implicit costs are only utilized in decision-making or choosing between multiple alternatives. Opportunity Costs Explicit costs are used in the computation of opportunity costs. An opportunity cost is the total value of an item forgone. It is calculated by adding the explicit and implicit costs of not performing an activity. For example, the purchase of a vehicle by a business represents an explicit cost as the equipment is actually purchased. An implicit cost is the greatest benefit that could have resulted from the use of the funds. This cost could reflect a different vehicle that could have been purchased or the benefit gained from using the funds elsewhere. Economic Profit Explicit costs are also utilized in the calculation of economic profit. Economic profit is the total return a company receives based on all costs incurred to attain that

Annotation 1436145290508

#costs #finance #investopedia

Economic Profit

Explicit costs are also utilized in the calculation of economic profit. Economic profit is the total return a company receives based on all costs incurred to attain that revenue. These costs include all explicit and implicit costs. Economic profit is utilized for long-term decision-making. Economic profit is used extensively to determine whether a business should enter or exit a market or industry.

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Explicit Cost Definition | Investopedia
actually purchased. An implicit cost is the greatest benefit that could have resulted from the use of the funds. This cost could reflect a different vehicle that could have been purchased or the benefit gained from using the funds elsewhere. Economic Profit Explicit costs are also utilized in the calculation of economic profit. Economic profit is the total return a company receives based on all costs incurred to attain that revenue. These costs include all explicit and implicit costs. Economic profit is utilized for long-term decision-making. Economic profit is used extensively to determine whether a business should enter or exit a market or industry.

Flashcard 1436150009100

Tags

#costs #explicit-vs-implicit-costs #finance #investopedia

Question

Implicit costs arise based on what has [...].

Answer

actually been given up (other than money)

status	not learned	measured difficulty	37% [default]	last interval [days]
repetition number in this series	0	memorised on		scheduled repetition
scheduled repetition interval		last repetition or drill

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Explicit Costs vs. Implicit Costs Explicit costs arise based on what has actually been purchased as opposed to implicit costs that arise based on what has actually been given up other than money. Explicit costs have a paper trail and provide audit documentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing bus

Original toplevel document

Flashcard 1436152368396

Tags

#costs #explicit-vs-implicit-costs #finance #investopedia

Question

Explicit costs arise based on [...]

Answer

what has actually been purchased

status	not learned	measured difficulty	37% [default]	last interval [days]
repetition number in this series	0	memorised on		scheduled repetition
scheduled repetition interval		last repetition or drill

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Original toplevel document

Flashcard 1436154989836

Tags

#costs #finance #investopedia

Question

Explicit costs have a paper trail and provide [...].

Answer

audit documentation

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scheduled repetition interval		last repetition or drill

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cit Costs vs. Implicit Costs Explicit costs arise based on what has actually been purchased as opposed to implicit costs that arise based on what has actually been given up other than money. Explicit costs have a paper trail and provide audit documentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing business operations, implicit costs are only utilized in decision-maki

Original toplevel document

Flashcard 1436157349132

Tags

#costs #finance #investopedia

Question

Implicit costs are not [...]in a financial system.

Answer

traceable

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costs arise based on what has actually been purchased as opposed to implicit costs that arise based on what has actually been given up other than money. Explicit costs have a paper trail and provide audit documentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing business operations, implicit costs are only utilized in decision-making or choosing between multiple alternatives. </sp

Original toplevel document

Flashcard 1436159708428

Tags

#costs #finance #investopedia

Question

Implicit costs are only utilized in [...] or [...]

Answer

decision-making

choosing between multiple alternatives.

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ney. Explicit costs have a paper trail and provide audit documentation. Implicit costs are not traceable in a financial system. While management will utilize explicit costs when viewing business operations, implicit costs are only utilized in decision-making or choosing between multiple alternatives. <body><html>

Original toplevel document

Flashcard 1436162067724

Tags

#costs #finance #investopedia

Question

Net income of a business reflects residual income remaining after all [...] costs have been paid.

Answer

explicit

status	not learned	measured difficulty	37% [default]	last interval [days]
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Examples of Explicit Costs Net income of a business reflects residual income remaining after all explicit costs have been paid. Explicit costs are the only costs necessary to calculate accounting profit. Expenses relating to advertising, supplies, utilities, inventory and equipment actually

Original toplevel document

Flashcard 1436164427020

Tags

#costs #finance #investopedia

Question

Explicit costs are the only costs necessary to calculate [...] profit.

Answer

accounting

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Original toplevel document

Flashcard 1436166786316

Tags

#costs #finance #investopedia

Question

Expenses relating to advertising, supplies, utilities, inventory and equipment actually purchased are examples of [...].

Answer

explicit costs

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e remaining after all explicit costs have been paid. Explicit costs are the only costs necessary to calculate accounting profit. Expenses relating to advertising, supplies, utilities, inventory and equipment actually purchased are examples of explicit costs. Although the depreciation of an asset is not an activity that can be tangibly traced, depreciation expense is an explicit cost because it relates to the cost of the underlying asset th

Original toplevel document

Flashcard 1436169145612

Tags

#costs #finance #investopedia

Question

Although the depreciation of an asset is not an activity that can be tangibly traced, depreciation expense is an [...] because it relates to the cost of the underlying asset that the company owns.

Answer

explicit cost

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Expenses relating to advertising, supplies, utilities, inventory and equipment actually purchased are examples of explicit costs. Although the depreciation of an asset is not an activity that can be tangibly traced, depreciation expense is an explicit cost because it relates to the cost of the underlying asset that the company owns. <body><html>

Original toplevel document

Flashcard 1436171767052

Tags

#costs #finance #investopedia

Question

An explicit cost is an expense that has [...] and has a clearly defined [...] .

Answer

occurred

dollar amount

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BREAKING DOWN 'Explicit Cost' An explicit cost is an expense that has occurred and has a clearly defined dollar amount. These expenses are incurred during business operations and are actual out-of-pocket cash outlays. The objective dollar amounts are subject to re

Original toplevel document

Flashcard 1436174912780

Tags

#costs #finance #investopedia

Question

Explicit costs are incurred during business operations and are actual [...].

Answer

cash outlays

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l>BREAKING DOWN 'Explicit Cost' An explicit cost is an expense that has occurred and has a clearly defined dollar amount. These expenses are incurred during business operations and are actual out-of-pocket cash outlays. The objective dollar amounts are subject to reporting. <html>

Edited, memorised or added to reading queue

on 30-Dec-2016 (Fri)

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