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Flashcard 1427367922956

Tags

#9-dic-2016 #el-financiero #noticias

Question

Nick Eisinger, estratega de deuda gubernamental para Vanguard Asset Management, con sede en Londres, dijo que los riesgos globales que se darán de aquí hasta el [...], cuando Trump asuma la presidencia, podrían volver a disparar la volatilidad.

Answer

20 de enero

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Nick Eisinger, estratega de deuda gubernamental para Vanguard Asset Management, con sede en Londres, dijo que los riesgos globales que se darán de aquí hasta el 20 de enero, cuando Trump asuma la presidencia, podrían volver a disparar la volatilidad.

Original toplevel document

Sube interés por bonos mexicanos
da podría haber sido “sobrevendida” por el efecto Trump. No obstante, las valuaciones más atractivas no significan que todo mundo esté convencido de que sea el momento más adecuado para salir a comprar activos de países emergentes. Nick Eisinger, estratega de deuda gubernamental para Vanguard Asset Management, con sede en Londres, dijo que los riesgos globales que se darán de aquí hasta el 20 de enero, cuando Trump asuma la presidencia, podrían volver a disparar la volatilidad. “Nos mantenemos cautelosos por el momento”, dijo Eisinger. “Nadie quiere verse sorprendido por fluctuaciones”. EMERGENTES, EN LA MIRA Luego de tocar un mínimo

Flashcard 1428248988940

Tags

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

Question

Treasury notes and some other financial instruments are sold using a form of [...] in which competitive and non-competitive bids are arrayed in descending price (increasing yield) order.

Answer

Dutch auction (called a single price auction)

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illing 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 abl

Original toplevel document

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 1432275520780

Tags

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

Question

Helen Smith and Tom Warren have identical baskets containing books (B) and compact discs (D). Smith’s MRS_BD equals 0.8 (i.e., she is willing to give up 0.8 disc for 1 book), and Warren’s MRS_BD equals 1.25.

State and justify whether Smith or Warren has a relatively stronger preference for books.

Answer

Because Warren is willing to give up 1.25 discs for a book and Smith is willing to give up only 0.8 disc for a book, Warren has a relatively stronger preference for books.

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Helen Smith and Tom Warren have identical baskets containing books (B) and compact discs (D). Smith’s MRS BD equals 0.8 (i.e., she is willing to give up 0.8 disc for 1 book), and Warren’s MRS BD equals 1.25. Determine whether Warren would accept the trade of 1 of Smith’s discs in exchange for 1 of his books.

Original toplevel document

3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
trade one good for the other that made trading beneficial to both. But if they trade to a pair of bundles at which their MRSs are equal, then trading will cease. EXAMPLE 3 Understanding Voluntary Exchange Helen Smith and Tom Warren have identical baskets containing books (B) and compact discs (D). Smith’s MRS BD equals 0.8 (i.e., she is willing to give up 0.8 disc for 1 book), and Warren’s MRS BD equals 1.25. Determine whether Warren would accept the trade of 1 of Smith’s discs in exchange for 1 of his books. State and justify whether Smith or Warren has a relatively stronger preference for books. Determine whether Smith or Warren would end up with more discs

Flashcard 1432346299660

Tags

#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-4-the-opportunity-set #study-session-4

Question

Nigel’s Pub has a total budget of £128 per week to spend on cod and lamb. The price of cod is £16 per kilogram, and the price of lamb is £10 per kilogram.

Calculate Nigel’s budget constraint.

Answer

The budget constraint is simply that the sum of the expenditure on cod plus the expenditure on lamb be equal to his budget: 128 = 16 Q_C + 10 Q_L. Rearranging, it can also be written in intercept slope form: Q_C = 128/P_C – (P_L/P_C) Q_L = 8 – 0.625 Q_L.

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Nigel’s Pub has a total budget of £128 per week to spend on cod and lamb. The price of cod is £16 per kilogram, and the price of lamb is £10 per kilogram. Calculate Nigel’s budget constraint.

Original toplevel document

4. THE OPPORTUNITY SET: CONSUMPTION, PRODUCTION, AND INVESTMENT CHOICE
nt Note: This exhibit shows Smith’s budget constraint if she has an income of $60 and must pay $0.50 per slice of bread and $0.75 per ounce of wine. EXAMPLE 4 The Budget Constraint Nigel’s Pub has a total budget of £128 per week to spend on cod and lamb. The price of cod is £16 per kilogram, and the price of lamb is £10 per kilogram. Calculate Nigel’s budget constraint. Construct a diagram of Nigel’s budget constraint. Determine the slope of Nigel’s budget constraint. Solution to 1: &#13

Flashcard 1432350756108

Tags

#has-images

Question

Nigel’s Pub has a total budget of £128 per week to spend on cod and lamb. The price of cod is £16 per kilogram, and the price of lamb is £10 per kilogram.

Construct a diagram of Nigel’s budget constraint.

Answer

We can choose to measure either commodity on the vertical axis, so we arbitrarily choose cod. Note that if Nigel spends his entire budget on cod, he could buy 8kg. On the other hand, if he chooses to spend the entire budget on lamb, he could buy 12.8kg. Of course, he could spread his £128 between the two goods in any proportions he chooses, so the budget constraint is drawn as follows:

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Flashcard 1432352591116

Tags

#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-4-the-opportunity-set #study-session-4

Question

Nigel’s Pub has a total budget of £128 per week to spend on cod and lamb. The price of cod is £16 per kilogram, and the price of lamb is £10 per kilogram.

Determine the slope of Nigel’s budget constraint.

Answer

With quantity of cod measured on the vertical axis, the slope is equal to –(P_L/P_C) = –10/16 = –0.625. (Note: If we had chosen to measure quantity of lamb on the vertical axis, the slope would be inverted: –(P_C/P_L) = −1.6.)

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Flashcard 1432387456268

Tags

#italian #italian-grammar

Question

I go

Answer

(io) vado

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This refers to the way in which verb forms change according to the person, tense or mood: (io) vado ‘I go’; (noi) andremo ‘we will go’; le ragazze sono andate ‘the girls went’; voleva che io andassi a casa sua ‘he wanted me to go to his house’; etc. The word conjugation is also used to mean

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Flashcard 1432416292108

Tags

#italian #italian-grammar

Question

All nouns in Italian have a gender: they are either [...] or [...], even if they are inanimate objects.

Answer

masculine or feminine

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All nouns in Italian have a gender: they are either masculine or feminine, even if they are inanimate objects. Even where living beings are concerned, grammatical gender is not always the same as natural gender: una tigre ‘a tiger’ (either sex unless specifie

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Flashcard 1432512236812

Tags

#matter-of-language #sister-miriam-joseph #trivium

Question

Voice is the [...].

Answer

sound uttered by an animal

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Voice is the sound uttered by an animal. The voice of irrational animals has meaning from nature, from the tone of the utterance. The human voice alone is symbolic, having a meaning imposed upon it by convention.

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Flashcard 1434966953228

Tags

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

Question

Pure substitution effect must always be in the direction of purchasing more when the price falls and purchasing less when the price rises.

This is because of the [...], or [...]

Answer

diminishing marginal rate of substitution

the convexity of the indifference curve.

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An important thing to notice is that the pure substitution effect must always be in the direction of purchasing more when the price falls and purchasing less when the price rises. This is because of the diminishing marginal rate of substitution, or the convexity of the indifference curve.

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6. REVISITING THE CONSUMER’S DEMAND FUNCTION
income effect. Exhibit 16. Substitution and Income Effects for a Normal Good Note: Substitution effect (Q a to Q b ) and the income effect (Q b to Q c ) of a decrease in the price of a normal good. An important thing to notice is that the pure substitution effect must always be in the direction of purchasing more when the price falls and purchasing less when the price rises. This is because of the diminishing marginal rate of substitution, or the convexity of the indifference curve. Look again at Exhibit 16. Note that the substitution effect is the result of changing from budget constraint 1 to budget constraint 3—or moving the budget constraint along the original

Flashcard 1435001294092

Question

Rule no 4 [...] principle

Answer

Minimum information

Simple is easy baby!

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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 labyr

Flashcard 1435003653388

Tags

#algebra-baldor

Question

El Signo de Raíz es √ y es llamado signo [...],

Answer

radical

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El Signo de Raíz es v 7 llamado signo radical, y bajo este signo se co loca la cantidad a la cual se le extrae la raíz. Así, \T á equivale a raíz cuadrada de a, o sea, la cantidad que elevada al cuadrado reproduce la can tidad a; W

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Flashcard 1435024362764

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 slope of the aggregate market supply curve.

Answer

The slope of the supply curve is the coefficient on Q_eb in the inverse supply function, which is 0.0033.

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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:

Original toplevel document

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 1435083869452

Tags

#rules-of-formulating-knowledge

Question

Rule no 5 [...] is a sentence with its parts missing and replaced by three dots.

Answer

Cloze deletion

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5.Cloze deletion is easy and effective
Cloze deletion is a sentence with its parts missing and replaced by three dots. Cloze deletion exercise is an exercise that uses cloze deletion to ask the student to fill in the gaps marked with the three dots. For example, Bill ...[name] was the second US presiden

Flashcard 1435547864332

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

Under market uncertainty, a range of possible [...] is associated with the firm’s decision to produce a given quantity of goods or services over a specific time period. Such complex theory typically makes simplifying assumptions.

Answer

profit outcomes

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Under market uncertainty, a range of possible profit outcomes is associated with the firm’s decision to produce a given quantity of goods or services over a specific time period. Such complex theory typically makes simplifying assumptions.&#1

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2. OBJECTIVES OF THE FIRM
be known with certainty (i.e., the theory of the firm under conditions of certainty). The main contrast of this type of analysis is to the theory of the firm under conditions of uncertainty, where prices, and therefore profit, are uncertain. Under market uncertainty, a range of possible profit outcomes is associated with the firm’s decision to produce a given quantity of goods or services over a specific time period. Such complex theory typically makes simplifying assumptions. When managers of for-profit companies have been surveyed about the objectives of the companies they direct, researchers have often concluded that a) companies frequently have multiple objectives; b) objectives can often 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.,

Flashcard 1435598458124

Tags

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

Question

Accounting or explicit costs are [...] to [...] parties for [...] supplied to the firm.

Answer

payments to non-owner

services or resources

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Accounting or explicit costs are payments to non-owner parties for services or resources that they supply to the firm.

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2. OBJECTIVES OF THE FIRM
he firm’s efficiency in producing that level of output when utilizing inputs, and resource prices as established by resource markets. TR is a function of output and product price as determined by the firm’s product market. 2.1. Types of Profit Measures The economics discipline has its own concept of profit, which differs substantially from what accountants consider profit. There are thus two basic types of profit—accounting and economic—and analysts need to be able to interpret each correctly and to understand how they are related to each other. In the theory of the firm, however, profit without further qualification refers to economic profit. 2.1.1. Accounting Profit Accounting profit is generally defined as net income reported on the income statement according to standards established by private and public financial oversight bodies that determine the rules for financial reporting. One widely accepted definition of accounting profit—also known as net profit, net income, or net earnings—states that it equals revenue less all accounting (or explicit) costs . Accounting or explicit costs are payments to non-owner parties for services or resources that they supply to the firm. Often referred to as the “bottom line” (the last income figure in the income statement), accounting profit is what is left after paying all accounting costs—whether the expense is a cash outlay or not. When accounting profit is negative, it is called an accounting loss . Equation 2 summarizes the concept of accounting profit: Equation (2) Accounting profit = Total revenue – Total accounting costs When defining profit as accounting profit, the TC term in Equation 1 becomes total accounting costs, which include only the explicit costs of doing business. Let us consider two businesses: a start-up company and a publicly traded corporation. Suppose that for the start-up, total revenue in the business’s first year is €3,500,000 and total accounting costs are €3,200,000. Accounting profit is €3,500,000 – €3,200,000 = €300,000. The corresponding calculation for the publicly traded corporation, let us suppose, is $50,000,000 – $48,000,000 = $2,000,000. Note that total accounting costs in either case include interest expense—which represents the return required by suppliers of debt capital—because interest expense is an explicit cost. 2.1.2. Economic Profit and Normal Profit Economic profit (also known as abnormal profit or supernormal profit ) may be defined broadly as acc

Flashcard 1435624410380

Tags

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

Question

Economic profit is also known as [...] or supernormal profit

Answer

abnormal profit

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Economic profit (also known as abnormal profit or supernormal profit ) may be defined broadly as accounting profit less the implicit opportunity costs not included in total accounting costs.

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2. OBJECTIVES OF THE FIRM
00 – $48,000,000 = $2,000,000. Note that total accounting costs in either case include interest expense—which represents the return required by suppliers of debt capital—because interest expense is an explicit cost. 2.1.2. Economic Profit and Normal Profit Economic profit (also known as abnormal profit or supernormal profit ) may be defined broadly as accounting profit less the implicit opportunity costs not included in total accounting costs. Equation (3a) Economic profit = Accounting profit – Total implicit opportunity costs We can define a term, economic cost , equal to the sum of total accounting costs and implicit opportunity costs. Economic profit is therefore equivalently defined as: Equation (3b) Economic profit = Total revenue – Total economic costs For publicly traded corporations, the focus of investment analysts’ work, the cost of equity capital is the largest and most readily identified implicit opportunity cost omitted in calculating total accounting cost. Consequently, economic profit can be defined for publicly traded corporations as accounting profit less the required return on equity capital. Examples will make these concepts clearer. Consider the start-up company for which we calculated an accounting profit of €300,000 and suppose that the entrepreneurial executive who launched the start-up took a salary reduction of €100,000 per year relative to the job he left. That €100,000 is an opportunity cost of involving him in running the start-up. Besides labor, financial capital is a resource. Suppose that the executive, as sole owner, makes an investment of €1,500,000 to launch the enterprise and that he might otherwise expect to earn €200,000 per year on that amount in a similar risk investment. Total implicit opportunity costs are €100,000 + €200,000 = €300,000 per year and economic profit is zero: €300,000 – €300,000 = €0. For the publicly traded corporation, we consider the cost of equity capital as the only implicit opportunity cost identifiable. Suppose that equity investment is $18,750,000 and shareholders’ required rate of return is 8 percent so that the dollar cost of equity capital is $1,500,000. Economic profit for the publicly traded corporation is therefore $2,000,000 (accounting profit) less $1,500,000 (cost of equity capital) or $500,000. For the start-up company, economic profit was zero. Total economic costs were just covered by revenues and the company was not earning a euro more nor less than the amount that meets the opportunity costs of the resources used in the business. Economists would say the company was earning a normal profit (economic profit of zero). In simple terms, normal profit is the level of accounting profit needed to just cover the implicit opportunity costs ignored in accounting costs. For the publicly traded corporation, normal profit was $1,500,000: normal profit can be taken to be the cost of equity capital (in money terms) for such a company or the dollar return required on an equal investment by equity holders in an equivalently risky alternative investment opportunity. The publicly traded corporation actually earned $500,000 in excess of normal profit, which should be reflected in the common shares’ market price. Thus, the following expression links accounting profit to economic profit and normal profit: Equation (4) Accounting profit = Economic profit + Normal profit When accounting profit equals normal profit, economic profit is zero. Further, when accounting profit is greater than normal profit, economic profit is positive; and when accounting profit is less than normal profit, economic profit is negative (the firm has an economic loss ). Economic profit for a firm can originate from sources such as: competitive advantage; exceptional managerial efficiency or skill; difficult to copy technology or innovation (e.g., patents, trademarks, and copyrights); exclusive access to less-expensive inputs; fixed supply of an output, commodity, or resource; preferential treatment under governmental policy; large increases in demand where supply is unable to respond fully over time; exertion of monopoly power (price control) in the market; and market barriers to entry that limit competition. Any of the above factors may lead the firm to have positive net present value investment (NPV) opportunities. Access to positive NPV opportunities and therefore profit in excess of normal profits in the short run may or may not exist in the long run, depending on the potential strength of competition. In highly competitive market situations, firms tend to earn the normal profit level over time because ease of market entry allows for other 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 su

Flashcard 1435637517580

Tags

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

Question

For publicly traded corporations [...] is the largest and most readily identified implicit opportunity cost omitted in calculating total accounting cost.

Answer

cost of equity capital

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For publicly traded corporations, the focus of investment analysts’ work, the cost of equity capital is the largest and most readily identified implicit opportunity cost omitted in calculating total accounting cost.

Original toplevel document

Flashcard 1435703315724

Tags

#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-2-consumer-theory-from-preferences-to-demand-function #study-session-4-microeconomics-analysis

Question

In Consumer Choice Theory, Instead of assuming the existence of a demand curve, it derives a demand curve as an implication of assumptions [...]

Answer

about preferences.

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Consumer choice theory still makes assumptions, but does so at a more fundamental level. Instead of assuming the existence of a demand curve, it derives a demand curve as an implication of assumptions about preferences.

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2. CONSUMER THEORY: FROM PREFERENCES TO DEMAND FUNCTIONS
and as a logical extension of consumer choice theory. Although consumer choice theory attempts to model consumers’ preferences or tastes, it does not have much to say about why consumers have the tastes and preferences they have. It still makes assumptions, but does so at a more fundamental level. Instead of assuming the existence of a demand curve, it derives a demand curve as an implication of assumptions about preferences. Note that economists are not attempting to predict the behavior of any single consumer in any given circumstance. Instead, they are attempting to build a consistent model of aggregate m

Flashcard 1435704888588

Tags

Question

economists are not attempting to [...] in any given circumstance.

Answer

predict behavior

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economists are not attempting to predict the behavior of any single consumer in any given circumstance. Instead, they are attempting to build a consistent model of aggregate market behavior in the form of a market demand curve.

Original toplevel document

2. CONSUMER THEORY: FROM PREFERENCES TO DEMAND FUNCTIONS
astes and preferences they have. It still makes assumptions, but does so at a more fundamental level. Instead of assuming the existence of a demand curve, it derives a demand curve as an implication of assumptions about preferences. Note that economists are not attempting to predict the behavior of any single consumer in any given circumstance. Instead, they are attempting to build a consistent model of aggregate market behavior in the form of a market demand curve. Once we model the consumer’s preferences, we then recognize that consumption is governed not only by preferences but also by the consumer’s budget constraint (the ability

Flashcard 1435774881036

Tags

#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4

Question

(Economic) profit = [...] minus [...]

Answer

Total revenue minus total economic cost; (TR – TC)

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(Economic) profitTotal revenue minus total economic cost; (TR – TC)

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
umber of time periods). For example, average revenue is calculated by dividing total revenue by the number of items sold. To calculate a marginal term, take the change in the total and divide by the change in the quantity number. Exhibit 3 shows a summary of the terminology and formulas pertaining to profit maximization, where profit is defined as total revenue minus total economic costs. Note that the definition of profit is the economic version, which recognizes that the implicit opportunity costs of equity capital, in addition to explicit accounting costs, are economic costs. The first main category consists of terms pertaining to the revenue side of the profit equation: total revenue, average revenue, and marginal revenue. Cost terms follow with an overview of the different types of costs—total, average, and marginal. Exhibit 3. Summary of Profit, Revenue, and Cost Terms Term Calculation Profit (Economic) profit Total revenue minus total economic cost; (TR – TC) Revenue Total revenue (TR) Price times quantity (P × Q), or the sum of individual units sold times their respective prices; ∑(P i × Q i ) Average revenue (AR) Total revenue divided by quantity; (TR ÷ Q) Marginal revenue (MR) Change in total revenue divided by change in quantity; (∆TR ÷ ∆Q) Costs Total fixed cost (TFC) Sum of all fixed expenses; here defined to include all opportunity costs Total variable cost (TVC) Sum of all variable expenses, or per unit variable cost times quantity; (per unit VC × Q) Total costs (TC) Total fixed cost plus total variable cost; (TFC + TVC) Average fixed cost (AFC) Total fixed cost divided by quantity; (TFC ÷ Q) Average variable cost (AVC) Total variable cost divided by quantity; (TVC ÷ Q) Average total cost (ATC) Total cost divided by quantity; (TC ÷ Q) or (AFC + AVC) Marginal cost (MC) Change in total cost divided by change in quantity; (∆TC ÷ ∆Q) 3.1. Profit Maximization In free markets—and even in regulated market economies—profit maximization tends to promote economic welfare and a hig

Flashcard 1435786153228

Tags

#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4

Question

Total fixed cost (TFC) are here defined to include [...];

Answer

all opportunity costs

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Total fixed cost (TFC)Sum of all fixed expenses; here defined to include all opportunity costs

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Flashcard 1435818921228

Tags

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

Question

The MRS_BW is the rate at which the consumer is willing to give up wine to obtain a small increment of bread while holding [...]

Answer

holding utility constant (i.e., movement along an indifference curve).

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The MRS BW is the rate at which the consumer is willing to give up wine to obtain a small increment of bread, holding utility constant (i.e., movement along an indifference curve).

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
in Exhibit 2 is characteristically drawn to be convex when viewed from the origin. This indicates that the willingness to give up wine to obtain a little more bread diminishes the more bread and the less wine the bundle contains. We capture this willingness to give up one good to obtain a little more of the other in the phrase marginal rate of substitution of bread for wine, MRS BW . The MRS BW is the rate at which the consumer is willing to give up wine to obtain a small increment of bread, holding utility constant (i.e., movement along an indifference curve). Notice that the convexity implies that at a bundle like a′′, which contains rather a lot of wine and not much bread, the consumer would be willing to give up a considerable amount of wi

Flashcard 1435828882700

Tags

#italian #italian-grammar

Question

Unlike other (finite) verb forms, the participle cannot be [...] but is found [...]

Answer

used on its own

together with other verb forms.

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(present, past) Verbs normally have a present participle and a past participle. Unlike other (finite) verb forms, the participle cannot be used on its own but is found together with other verb forms. The past participle is used with the verb avere or essere to form the passato prossimo tense: non abbiamo mangiato

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Flashcard 1435831241996

Tags

#27-dic-2016 #mural #noticias

Question

En la primera quincena de diciembre, la tasa de inflación anual se ubicó en [...] por ciento.

Answer

3.48

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En la primera quincena de diciembre, la tasa de inflación anual se ubicó en 3.48 por ciento.

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Prevén mayor inflación por gasolinazo
lvide que todos se transportan y también se transportan las mercancías: alimentos, electrodomésticos, consumibles y a eso se suman los pasajeros", explicó Raymundo Tenorio, director de las carreras de Economía de ese centro. En la primera quincena de diciembre, la tasa de inflación anual se ubicó en 3.48 por ciento. Para el consumidor esto tendrá un impacto directo en su gasto, es decir, con el incremento la proporción del ingreso destinado a transporte tendrá un aumento proporcional y

Flashcard 1435881311500

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#28-dic-2016 #el-financiero #noticias

Question

“El incremento responde al aumento en [...] de los combustibles y no implica ninguna modificación o creación de impuestos”

Answer

los precios internacionales

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“El incremento responde al aumento en los precios internacionales de los combustibles y no implica ninguna modificación o creación de impuestos”

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Precios de gasolinas subirán hasta 20% a partir de enero
r ciento respectivamente, con respecto al precio máximo observado en diciembre de 2016”, dijo Hacienda. Sin embargo, contra enero de este año los incrementos se disparan a 21.5, 27.2 y 23.8 por ciento, en el mismo orden. “El incremento responde al aumento en los precios internacionales de los combustibles y no implica ninguna modificación o creación de impuestos”, detalló. DE LOS MÁS BAJOS Aún con el aumento, el promedio a nivel nacional que se pagará por un litro de combustible está por debajo de la media mundial que es de 22.38

Flashcard 1435882884364

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#28-dic-2016 #el-financiero #noticias

Question

Los precios máximos de los combustibles por región marcan incrementos de [...] para la Magna, de 20.1% para la Premium, y de 16.5% del diésel. Pese a esto, autoridades señalan que se mantendrá abajo del promedio mundial.

Answer

14.2%

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Los precios máximos de los combustibles por región marcan incrementos de 14.2% para la Magna, de 20.1% para la Premium, y de 16.5% del diésel. Pese a esto, autoridades señalan que se mantendrá abajo del promedio mundial.

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Precios de gasolinas subirán hasta 20% a partir de enero
Los precios máximos de los combustibles por región marcan incrementos de 14.2% para la Magna, de 20.1% para la Premium, y de 16.5% del diésel. Pese a esto, autoridades señalan que se mantendrá abajo del promedio mundial. La Secretaría de Hacienda anunció un incremento de hasta más de 20 por ciento a los precios máximos regionales para la gasolina, que estarán vigentes del 1 de enero al

Flashcard 1435884457228

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#28-dic-2016 #el-financiero #noticias

Question

Los precios máximos de los combustibles por región marcan incrementos de 14.2% para la Magna, de [...] para la Premium, y de 16.5% del diésel. Pese a esto, autoridades señalan que se mantendrá abajo del promedio mundial.

Answer

20.1%

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Flashcard 1435889962252

Tags

#28-dic-2016 #el-financiero #noticias #victor-piz

Question

Se trata del mayor ajuste de golpe a los precios de los combustibles automotrices en [...]

Answer

dos décadas.

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Se trata del mayor ajuste de golpe a los precios de los combustibles automotrices en dos décadas.

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Para entender el gasolinazo
3; En los primeros 34 días de 2017, el precio máximo de la gasolina Magna se ubicará en 15.99 pesos el litro, frente a los 13.98 actuales. El de la Premium pasará de 14.81 a 17.79 pesos, un incremento de 20.1 por ciento. Se trata del mayor ajuste de golpe a los precios de los combustibles automotrices en dos décadas. El presidente Enrique Peña propuso en septiembre de este año adelantar a partir de enero de 2017 la liberalización del precio de las gasolinas y del diésel. La Com

Flashcard 1435894680844

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#28-dic-2016 #el-financiero #noticias

Question

El anuncio de Hacienda (aumento en gasolina) detonó una mayor demanda por [...] en todos sus plazos, pero principalmente en los menores a 12 años

Answer

notas ligadas a la inflación (Udibonos)

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El anuncio de Hacienda (aumento en gasolina) detonó una mayor demanda por notas ligadas a la inflación en todos sus plazos, pero principalmente en los menores a 12 años

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Alza en gasolina ‘inyecta energía’ a los Udibonos
El anuncio de Hacienda detonó una mayor demanda por notas ligadas a la inflación en todos sus plazos, pero principalmente en los menores a 12 años La expectativa de una mayor inflación, derivada de los incrementos en los precios de la gasolina a partir de enero, disparó la demanda por Udibonos en todos sus pla

Flashcard 1435910147340

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#eximbank #export-dot-gov #octopus #usa

Question

The guarantees for [...] to [...] are of specific interest to U.S. exporters.

Answer

medium-term loans

foreign buyers of capital equipment

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span>The Export-Import Bank of the United States (Ex-Im Bank), an independent agency of the federal government, offers various short-, medium- and long-term export finance and insurance programs. Of specific interest to U.S. exporters are the guarantees for medium-term loans to foreign buyers of capital equipment. Most loans are made by U.S. banks with Ex-Im Bank’s guarantee. More than 85 percent of Ex-Im’s transactions in recent years directly benefited small businesses.<body></h

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Mexico - Project Financing
ums often develop a finance mix between development banks, multilaterals, commercial banks, and national export credit agencies, such as the U.S. Export-Import Bank. U.S. Export-Import Bank (http://www.exim.gov) The Export-Import Bank of the United States (Ex-Im Bank), an independent agency of the federal government, offers various short-, medium- and long-term export finance and insurance programs. Of specific interest to U.S. exporters are the guarantees for medium-term loans to foreign buyers of capital equipment. Most loans are made by U.S. banks with Ex-Im Bank’s guarantee. More than 85 percent of Ex-Im’s transactions in recent years directly benefited small businesses. Much of Ex-Im Bank’s activity is under so-called bundling facilities. A bundling facility is a large medium-term loan made to a Mexican bank by a U.S. bank with the guarante

Flashcard 1435926138124

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#eximbank #export-dot-gov #octopus #usa

Question

The major Mexican commercial banks have [...] to grant lines of credit to Mexican firms that purchase U.S.-made products.

Answer

signed agreements with Ex-Im Bank

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ee of Ex-Im Bank. The Mexican bank then makes loans to Mexican companies for the purchase of American capital goods. There also are a number of U.S.-based banks that extend Ex-Im Bank credits in Mexico. The major Mexican commercial banks have signed agreements with Ex-Im Bank to grant lines of credit to Mexican firms that purchase U.S.-made products. Many major Mexican banks (Santander, BBVA-Bancomer, and others) have Master Guarantee Agreements. Such credit

Original toplevel document

Mexico - Project Financing
rantees for medium-term loans to foreign buyers of capital equipment. Most loans are made by U.S. banks with Ex-Im Bank’s guarantee. More than 85 percent of Ex-Im’s transactions in recent years directly benefited small businesses. Much of Ex-Im Bank’s activity is under so-called bundling facilities. A bundling facility is a large medium-term loan made to a Mexican bank by a U.S. bank with the guarantee of Ex-Im Bank. The Mexican bank then makes loans to Mexican companies for the purchase of American capital goods. There also are a number of U.S.-based banks that extend Ex-Im Bank credits in Mexico. The major Mexican commercial banks have signed agreements with Ex-Im Bank to grant lines of credit to Mexican firms that purchase U.S.-made products. Many major Mexican banks (Santander, BBVA-Bancomer, and others) have Master Guarantee Agreements. Such credits generally are available only to Mexican blue chip companies and to their suppliers with firm contracts. EXIM Bank is a

Flashcard 1435937672460

Tags

#six-tips-for-working-with-the-brain #tip-2-focus-is-the-starting-point-of-learning

Question

Research has proved that when we divide our attention, our focus [...].

Answer

switches back and forth between the two activities

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from the University of Wisconsin, calls this "phase locking" and it's the starting point of all learning. As a result, we must design our learning environments to help people focus and we must bust the myth that you can multitask while learning. Research has proved that when we divide our attention, our focus switches back and forth between the two activities, also known as switch tasking. The hippo

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

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

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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 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)

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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

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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

Flashcard 1436186447116

Tags

#italian #italian-grammar #noun-patterns

Question

inflexions are...

Answer

The patterns of the endings of nouns determined by the gender and number

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The gender and number determine the ending of the noun. These patterns of endings are called inflexions.

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Flashcard 1436244905228

Tags

#maxwell #physics

Question

Can electric field lines cross?

Answer

Electric field lines can never cross

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Electric field lines can never cross

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Flashcard 1436246740236

Question

Electric field lines must originate on [charge] and terminate on [charge]

Answer

positive charge, negative charge

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Electric field lines must originate on positive charge and terminate on negative charge

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Flashcard 1436249099532

Question

~ E is a vector quantity with magnitude directly proportional to [...] and with direction given by the direction of the force on a [...] .

Answer

force, positive test charge

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~ E is a vector quantity with magnitude directly proportional to force and with direction given by the direction of the force on a positive test charge.

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Flashcard 1436251458828

Question

E has units of [...], which are the same as [...]

Answer

newtons per coulomb (N/C), V/m, since volts = N * m/C

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E has units of newtons per coulomb (N/C), which are the same as volts per meter (V/m), since volts = newtons * meters/coulombs

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Flashcard 1436253818124

Tags

#matlab

Question

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

Answer

diary filename

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

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Flashcard 1436255390988

Question

The net electric field at any point is the [...] present at that point

Answer

vector sum of all electric fields

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The net electric field at any point is the vector sum of all electric fields present at that point

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Flashcard 1436257225996

Tags

#matlab #programming

Question

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

Answer

diary off

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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 1436263255308

#electromagnetism #physics

Thus, the dot product ~ A ~ B represents the projection of ~ A onto the direction of ~ B multiplied by the length of ~ B

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Annotation 1436266925324

#electromagnetism #physics

imagine a vector with length of one pointing in the direction per- pendicular to the surface. Such a vector, labeled ^ n, is called a ‘‘unit’’ vector because its length is unity and ‘‘normal’’ because it is perpendicular to the surface.

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Flashcard 1436268498188

Tags

#electromagnetism #physics

Question

What is an open surface?

Answer

an open surface is any surface for which it is possible to get from one side to the other without going through the surface

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Flashcard 1436270857484

Tags

#electromagnetism #physics

Question

What is a closed surface?

Answer

defined as a surface that divides space into an ‘‘inside’’ and an ‘‘outside’’

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Annotation 1436273216780

#electromagnetism #physics

You should be aware that some authors use the notation d ~ a rather than ^ nda. In that notation, the unit normal is incorporated into the vector area element d ~ a, which has magnitude equal to the area da and direction along the surface normal ^ n. Thus d ~ a and ^ nda serve the same purpose.

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Annotation 1436274789644

#electromagnetism #physics

E ^ n should be clear; this expression represents the component of the electric field vector that is perpendicular to the surface under consideration.

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Annotation 1436276362508

#electromagnetism #physics

product between two vectors such as ~ E and ^ n is simply the pro- jection of the first onto the second multiplied by the length of the second.

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Annotation 1436277935372

#electromagnetism #physics

the area integral of a scalar function or vector field over a spe- cified surface (this type of integral is also called the ‘‘surface integral’’)

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Annotation 1436279508236

#electromagnetism #physics

Imagine that the area density (the mass per unit area) of this surface varies with x and y, and you want to determine the total mass of the surface. You can do this by dividing the surface into two-dimensional segments over each of which the area density is approximately constant

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Annotation 1436282653964

#electromagnetism #physics

For individual segments with area density r_i and area dA_i , the mass of each segment is r_i* dA_i, and the mass of the entire surface of N segments is given by the sum from i=1 to N of r_i* dA_i

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Annotation 1436284226828

#electromagnetism #physics

As you can imagine, the smaller you make the area segments, the closer this gets to the true mass, since your approximation of constant sigma is more accurate for smaller segments. If you let the segment area dA approach zero and N approach infinity, the summation becomes integration, and you have Mass = $\int_{S}\sigma(x, y)dA$ : This is the area integral of the scalar function sigma(x, y) over the surface S.

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Annotation 1436285799692

#electromagnetism #physics

In Gauss’s law, the surface integral is applied not to a scalar function (such as the density of a surface) but to a vector field.

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Annotation 1436287372556

#electromagnetism #physics

What’s a vector field? As the name suggests, a vector field is a distribution of quan tities in space – a field – and these quantities ha ve both magnitude and direction, meaning that they are vectors.

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Annotation 1436288945420

#electromagnetism #physics

So whereas the distribution of temperature in a room is an example of a scalar field, the speed and direction of the flow of a fluid at each point in a stream is an example of a vector field.

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Edited, memorised or added to reading queue

on 31-Dec-2016 (Sat)

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