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 apothegmata 136 c #confessions #has-images #memory #myconfessions Like Augustine's pear. Abba Paphnutius' fig. Different reasons it seems tho. Partial moments. Little memories as children. Tears from the past.

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 apothegmata 225 #has-images #likeness-image #reading

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 #teacher-student name indicates, cannot speak and above all must not answer back. And when, as is the case here, the dialogue is in danger of being taken— incorrectly—as a challenge, the disciple knows that he alone ﬁnds him- self already challenged by the master’s voice within him that precedes his own. He feels himself indeﬁnitely challenged, or rejected or accused; as a disciple, he is challenged by the master who speaks within him and before him, to reproach him for making this challenge and to reject it in advance, having elaborated it before him; and having inter- iorized the master, he is also challenged by the disciple that he himself is. This interminable unhappiness of the disciple perhaps stems from the fact that he does not yet know—or is still concealing from himself— that the master, like real life, may always be absent. The disciple must break the glass, or better the mirror, the reﬂection, his inﬁnite speculation on the master. And start to speak.

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#### Flashcard 1426250665228

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#cfa-level #economics #microeconomics #study-session-4
Question
[...] covers the theory of the consumer, which addresses the demand for goods and services by individuals who make decisions to maximize the satisfaction they receive from present and future consumption.

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Reading 14 covers the theory of the consumer, which addresses the demand for goods and services by individuals who make decisions to maximize the satisfaction they receive from present and future

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Study Session 4
cribe the marketplace behavior of consumers and firms. Reading 13 explains the concepts and tools of demand and supply analysis—the study of how buyers and sellers interact to determine transaction prices and quantities. <span>Reading 14 covers the theory of the consumer, which addresses the demand for goods and services by individuals who make decisions to maximize the satisfaction they receive from present and future consumption. Reading 15 deals with the theory of the firm, focusing on the supply of goods and services by profit-maximizing firms. That reading provides the basis for understanding the c

#### Flashcard 1429079461132

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#sister-miriam-joseph #trivium
Question
The arts of logic, grammar, and rhetoric are the arts of communication itself in that they govern the means of communication—namely, [...].
reading, writing, speaking, and listening

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head>The trivium is t he organon, or instrument, of all education at all levels because the arts of logic, grammar, and rhetoric are the arts of communicat ion itself in that they govern the means of communication—namely, reading, writing, speaking, and listening. Thinking is inherent in these four activities.<html>

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

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

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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
Question
To represent our consumer’s preferences graphically, not just mathematically, we have the concept of an [...]
indifference curve

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To represent our consumer’s preferences graphically, not just mathematically, we have the concept of an indifference curve , which represents all the combinations of two goods such that the consumer is entirely indifferent among them.

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
weaker measures than cardinal rankings because they do not allow the calculation and ranking of the differences between bundles. 3.3. Indifference Curves: The Graphical Portrayal of the Utility Function <span>It will be convenient for us to represent our consumer’s preferences graphically, not just mathematically. To that end, we introduce the concept of an indifference curve , which represents all the combinations of two goods such that the consumer is entirely indifferent among them. This is how we construct such a curve: Consider bundles that contain only two goods so that we can use a two-dimensional graph to represent them—as in Exhibit 1, where a particular bund

#### Flashcard 1436162067724

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#costs #finance #investopedia
Question

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

explicit

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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

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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. <span>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

#### Flashcard 1438159080716

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#analyst-notes #cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting
Question
In monitoring and post-auditing decision-makers can:​

Improve [...] thus making capital decisions well-implemented.

operations

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he post-audit is a follow-up of capital budgeting decisions. It is a key element of capital budgeting. By comparing actual results with predicted results and then determining why differences occurred, decision-makers can: <span>Improve forecasts (based on which good capital budgeting decisions can be made). Otherwise, you will have the GIGO (garbage in, garbage out) problem. Improve operations, thus making capital decisions well-implemented. <span><body><html>

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Subject 1. Capital Budgeting: Introduction
include in the capital budget. "Capital" refers to long-term assets. The "budget" is a plan which details projected cash inflows and outflows during a future period. <span>The typical steps in the capital budgeting process: Generating good investment ideas to consider. Analyzing individual proposals (forecasting cash flows, evaluating profitability, etc.). Planning the capital budget. How does the project fit within the company's overall strategies? What's the timeline and priority? Monitoring and post-auditing. The post-audit is a follow-up of capital budgeting decisions. It is a key element of capital budgeting. By comparing actual results with predicted results and then determining why differences occurred, decision-makers can: Improve forecasts (based on which good capital budgeting decisions can be made). Otherwise, you will have the GIGO (garbage in, garbage out) problem. Improve operations, thus making capital decisions well-implemented. Project classifications: Replacement projects. There are two types of replacement d

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#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question

• Negative externalities create [...].
costs for other parts of the firm

If the bookstore is considering opening a branch nearby, some customers who buy books at the old store will switch to the new branch. The customers lost by the old store are a negative externality.

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Negative externalities create costs for other parts of the firm. For example, if the bookstore is considering opening a branch two blocks away, some customers who buy books at the old store will switch to the new branch. The customers lost by the ol

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Subject 2. Basic Principles of Capital Budgeting

#### Flashcard 1438499867916

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#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-2-basic-principles-of-capital-budgeting
Question

Consider the following statement: A firm that earns negative net income will quickly find itself in financial distress.

I. This statement is false because it is possible for a firm to have negative profits but still have positive cash flows.

II. This statement is false because accounting profits do not generally equal cash flow and it is a lack of cash, not profits, that causes financial distress.

III. This statement is true because negative profits mean negative cash flows.

Correct Answer: I and II

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ties create costs for other parts of the firm. For example, if the bookstore is considering opening a branch two blocks away, some customers who buy books at the old store will switch to the new branch. The customers lost by the old store are <span>a negative externality. The primary type of negative externality is cannibalization, which occurs when the introduction of a new product causes sales of existing products to decline. &#13

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Subject 2. Basic Principles of Capital Budgeting

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#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-2-basic-principles-of-capital-budgeting
Question

Which of the following best describes a sunk cost?

A. An important consideration in the capital budgeting process

B. A form of financing cost

C. The same thing as an opportunity cost

D. A cost that has already been incurred and cannot be removed

E. The cash flows of a new project that come at the expense of existing projects

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ties create costs for other parts of the firm. For example, if the bookstore is considering opening a branch two blocks away, some customers who buy books at the old store will switch to the new branch. The customers lost by the old store are <span>a negative externality. The primary type of negative externality is cannibalization, which occurs when the introduction of a new product causes sales of existing products to decline. &#13

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Subject 2. Basic Principles of Capital Budgeting

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#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-2-basic-principles-of-capital-budgeting
Question

Which of the following statements is false?

A. Opportunity costs are cash flows that could be generated from assets that the firm owns if they are not used for the project in question.
B. Opportunity costs are incremental cash flows and should be included in the capital budgeting decision.
C. Opportunity costs are not incremental cash flows.
D. Opportunity costs are different from sunk costs.

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ties create costs for other parts of the firm. For example, if the bookstore is considering opening a branch two blocks away, some customers who buy books at the old store will switch to the new branch. The customers lost by the old store are <span>a negative externality. The primary type of negative externality is cannibalization, which occurs when the introduction of a new product causes sales of existing products to decline. &#13

#### Original toplevel document

Subject 2. Basic Principles of Capital Budgeting

#### Flashcard 1438515334412

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#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-2-basic-principles-of-capital-budgeting
Question

Since the acceptance of the project modifies the firm's cash flows, opportunity costs are [...]

incremental cash flows.

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ties create costs for other parts of the firm. For example, if the bookstore is considering opening a branch two blocks away, some customers who buy books at the old store will switch to the new branch. The customers lost by the old store are <span>a negative externality. The primary type of negative externality is cannibalization, which occurs when the introduction of a new product causes sales of existing products to decline. &#13

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Subject 2. Basic Principles of Capital Budgeting

#### Flashcard 1438519004428

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#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10 #subject-2-basic-principles-of-capital-budgeting
Question

Which of the following is not a relevant cash flow for evaluating a new project?

A. An increase in accounts payable from initial orders placed with suppliers

B. An increase in cash balances to cover start-up costs

C. Interest expense on funds borrowed to finance the project

D. Increased wear and tear on previously purchased assembly equipment

Financing costs such as interest payments are not explicitly included since they are implicitly included in the firm's cost of capital.

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ties create costs for other parts of the firm. For example, if the bookstore is considering opening a branch two blocks away, some customers who buy books at the old store will switch to the new branch. The customers lost by the old store are <span>a negative externality. The primary type of negative externality is cannibalization, which occurs when the introduction of a new product causes sales of existing products to decline. &#13

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Subject 2. Basic Principles of Capital Budgeting

#### Annotation 1438530014476

 #python #sicp A function is called recursive if the body of the function calls the function itself, either directly or indirectly

1.7 Recursive Functions
1.7.1 The Anatomy of Recursive Functions 1.7.2 Mutual Recursion 1.7.3 Printing in Recursive Functions 1.7.4 Tree Recursion 1.7.5 Example: Partitions 1.7 Recursive Functions Video: Show Hide <span>A function is called recursive if the body of the function calls the function itself, either directly or indirectly. That is, the process of executing the body of a recursive function may in turn require applying that function again. Recursive functions do not use any special syntax in Python, but t

#### Annotation 1438531063052

 #python #sicp A common pattern can be found in the body of many recursive functions. The body begins with a base case, a conditional statement that defines the behavior of the function for the inputs that are simplest to process. In the case of sum_digits , the base case is any single-digit argument, and we simply return that argument. Some recursive functions will have multiple base cases. The base cases are then followed by one or more recursive calls. Recursive calls always have a certain character: they simplify the original problem. Recursive functions express computation by simplifying problems incrementally.

1.7 Recursive Functions
til eventually a single-digit input is reached. This example also illustrates how functions with simple bodies can evolve complex computational processes by using recursion. 1.7.1 The Anatomy of Recursive Functions Video: Show Hide <span>A common pattern can be found in the body of many recursive functions. The body begins with a base case, a conditional statement that defines the behavior of the function for the inputs that are simplest to process. In the case of sum_digits , the base case is any single-digit argument, and we simply return that argument. Some recursive functions will have multiple base cases. The base cases are then followed by one or more recursive calls. Recursive calls always have a certain character: they simplify the original problem. Recursive functions express computation by simplifying problems incrementally. For example, summing the digits of 7 is simpler than summing the digits of 73, which in turn is simpler than summing the digits of 738. For each subsequent call, there is less work lef

#### Annotation 1438532111628

 #python #sicp it is often clearer to think about recursive calls as functional abstractions.

1.7 Recursive Functions
the standard definition of the mathematical function for factorial: (n−1)!n!n!=(n−1)⋅(n−2)⋅⋯⋅1=n⋅(n−1)⋅(n−2)⋅⋯⋅1=n⋅(n−1)!(n−1)!=(n−1)⋅(n−2)⋅⋯⋅1n!=n⋅(n−1)⋅(n−2)⋅⋯⋅1n!=n⋅(n−1)! While we can unwind the recursion using our model of computation, <span>it is often clearer to think about recursive calls as functional abstractions. That is, we should not care about how fact(n-1) is implemented in the body of fact ; we should simply trust that it computes the factorial of n-1 . Treating a recursive call as a

#### Annotation 1438533160204

 #python #sicp Treating a recursive call as a functional abstraction has been called a recursive leap of faith. We define a function in terms of itself, but simply trust that the simpler cases will work correctly when verifying the correctness of the function.

1.7 Recursive Functions
putation, it is often clearer to think about recursive calls as functional abstractions. That is, we should not care about how fact(n-1) is implemented in the body of fact ; we should simply trust that it computes the factorial of n-1 . <span>Treating a recursive call as a functional abstraction has been called a recursive leap of faith. We define a function in terms of itself, but simply trust that the simpler cases will work correctly when verifying the correctness of the function. In this example, we trust that fact(n-1) will correctly compute (n-1)! ; we must only check that n! is computed correctly if this assumption holds. In this way, verifying the corre

#### Annotation 1438534208780

 #python #sicp Recursive functions leverage the rules of evaluating call expressions to bind names to values, often avoiding the nuisance of correctly assigning local names during iteration. For this reason, recursive functions can be easier to define correctly. However, learning to recognize the computational processes evolved by recursive functions certainly requires practice.

1.7 Recursive Functions
. The state of the computation is entirely contained within the structure of the environment, which has return values that take the role of total , and binds n to different values in different frames rather than explicitly tracking k . <span>Recursive functions leverage the rules of evaluating call expressions to bind names to values, often avoiding the nuisance of correctly assigning local names during iteration. For this reason, recursive functions can be easier to define correctly. However, learning to recognize the computational processes evolved by recursive functions certainly requires practice. 1.7.2 Mutual Recursion Video: Show Hide When a recursive procedure is divided among two functions that call each other, the functions are said to be mutually recursive. As an

#### Annotation 1438535257356

 #python #sicp When a recursive procedure is divided among two functions that call each other, the functions are said to be mutually recursive.

1.7 Recursive Functions
For this reason, recursive functions can be easier to define correctly. However, learning to recognize the computational processes evolved by recursive functions certainly requires practice. 1.7.2 Mutual Recursion Video: Show Hide <span>When a recursive procedure is divided among two functions that call each other, the functions are said to be mutually recursive. As an example, consider the following definition of even and odd for non-negative integers: a number is even if it is one more than an odd number a number is odd if it is one more tha

#### Annotation 1438537092364

 #python #sicp A function with multiple recursive calls is said to be tree recursive because each call branches into multiple smaller calls, each of which branches into yet smaller calls, just as the branches of a tree become smaller but more numerous as they extend from the trunk.

1.7 Recursive Functions
Global This recursive definition is tremendously appealing relative to our previous attempts: it exactly mirrors the familiar definition of Fibonacci numbers. <span>A function with multiple recursive calls is said to be tree recursive because each call branches into multiple smaller calls, each of which branches into yet smaller calls, just as the branches of a tree become smaller but more numerous as they extend from the trunk. We were already able to define a function to compute Fibonacci numbers without tree recursion. In fact, our previous attempts were more efficient, a topic discussed later in the text.

#### Annotation 1438538140940

 #python #sicp We can think of a tree-recursive function as exploring different possibilities.

1.7 Recursive Functions
-m, m) + count_partitions(n, m-1) >>> count_partitions(6, 4) 9 >>> count_partitions(5, 5) 7 >>> count_partitions(10, 10) 42 >>> count_partitions(15, 15) 176 >>> count_partitions(20, 20) 627 <span>We can think of a tree-recursive function as exploring different possibilities. In this case, we explore the possibility that we use a part of size m and the possibility that we do not. The first and second recursive calls correspond to these possibilities. Im

#### Annotation 1438539189516

 #matlab #programming Statements on the same line may be separated by commas (output not sup- pressed) or semicolons (output suppressed)

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 #matlab #programming Note that the commas and semicolons are not technically part of the state- ments; they are separators

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#### Flashcard 1438542597388

Tags
#vocabulary
Question
Threshold
The point that must be exceeded to begin producing a given effect or result or to elicit a response: alow threshold of pain.

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#vocabulary
Question
Threshold en español
Umbral

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#### Flashcard 1438547840268

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#rae #vocabulario
Question
Umbral

### Valor mínimo de una magnitud a partir del cual se produce un efecto determinado.

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#analyst-notes #cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting
Question
In monitoring and post-auditing decision-makers compare [...] with [...] and then determining why differences occurred.

actual results

predicted results

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he post-audit is a follow-up of capital budgeting decisions. It is a key element of capital budgeting. By comparing actual results with predicted results and then determining why differences occurred, decision-makers can: <span>Improve forecasts (based on which good capital budgeting decisions can be made). Otherwise, you will have the GIGO (garbage in, garbage out) problem. Improve operations, thus making capital decisions well-implemented. <span><body><html>

#### Original toplevel document

Subject 1. Capital Budgeting: Introduction
include in the capital budget. "Capital" refers to long-term assets. The "budget" is a plan which details projected cash inflows and outflows during a future period. <span>The typical steps in the capital budgeting process: Generating good investment ideas to consider. Analyzing individual proposals (forecasting cash flows, evaluating profitability, etc.). Planning the capital budget. How does the project fit within the company's overall strategies? What's the timeline and priority? Monitoring and post-auditing. The post-audit is a follow-up of capital budgeting decisions. It is a key element of capital budgeting. By comparing actual results with predicted results and then determining why differences occurred, decision-makers can: Improve forecasts (based on which good capital budgeting decisions can be made). Otherwise, you will have the GIGO (garbage in, garbage out) problem. Improve operations, thus making capital decisions well-implemented. Project classifications: Replacement projects. There are two types of replacement d

#### Flashcard 1438555704588

Tags
#analyst-notes #cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting
Question
In monitoring and post-auditing decision-makers can:​

Improve forecasts (based on which good [...]).

capital budgeting decisions can be made

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he post-audit is a follow-up of capital budgeting decisions. It is a key element of capital budgeting. By comparing actual results with predicted results and then determining why differences occurred, decision-makers can: <span>Improve forecasts (based on which good capital budgeting decisions can be made). Otherwise, you will have the GIGO (garbage in, garbage out) problem. Improve operations, thus making capital decisions well-implemented. <span><body><html>

#### Original toplevel document

Subject 1. Capital Budgeting: Introduction
include in the capital budget. "Capital" refers to long-term assets. The "budget" is a plan which details projected cash inflows and outflows during a future period. <span>The typical steps in the capital budgeting process: Generating good investment ideas to consider. Analyzing individual proposals (forecasting cash flows, evaluating profitability, etc.). Planning the capital budget. How does the project fit within the company's overall strategies? What's the timeline and priority? Monitoring and post-auditing. The post-audit is a follow-up of capital budgeting decisions. It is a key element of capital budgeting. By comparing actual results with predicted results and then determining why differences occurred, decision-makers can: Improve forecasts (based on which good capital budgeting decisions can be made). Otherwise, you will have the GIGO (garbage in, garbage out) problem. Improve operations, thus making capital decisions well-implemented. Project classifications: Replacement projects. There are two types of replacement d

#### Flashcard 1438569336076

Tags
#sister-miriam-joseph #trivium
Question
The norm of ethics is the [...] , and its purpose is to bring human conduct into conformity with [...]
good

goodness.

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

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#### Flashcard 1438573006092

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
Question
An indifference curve represents all the combinations of two goods such that the consumer is [...]
entirely indifferent among

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To represent our consumer’s preferences graphically, not just mathematically, we have the concept of an indifference curve , which represents all the combinations of two goods such that the consumer is entirely indifferent among them.

#### Original toplevel document

3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
weaker measures than cardinal rankings because they do not allow the calculation and ranking of the differences between bundles. 3.3. Indifference Curves: The Graphical Portrayal of the Utility Function <span>It will be convenient for us to represent our consumer’s preferences graphically, not just mathematically. To that end, we introduce the concept of an indifference curve , which represents all the combinations of two goods such that the consumer is entirely indifferent among them. This is how we construct such a curve: Consider bundles that contain only two goods so that we can use a two-dimensional graph to represent them—as in Exhibit 1, where a particular bund

Article 1438579035404

Subject 3. Investment Decision Criteria
#analyst-notes #cfa-level-1 #corporate-finance #has-images #reading-35-capital-budgeting #study-session-10

When a firm is embarking upon a project, it needs tools to assist in making the decision of whether to invest in the project or not. In order to demonstrate the use of these four methods, the cash flows presented below will be used. Net Present Value (NPV) This method discounts all cash flows (including both inflows and outflows) at the project's cost of capital and then sums those cash flows. The project is accepted if the NPV is positive. where CF t is the expected cash flow at period t, k is the project's cost of capital, and n is its life. Cash outflows are treated as negative cash flows since they represent expenditures of the company to fund the project. Cash inflows are treated as positive cash flows since they represent money being brought into the company. The NPV represents the amount of present-value cash flows that a project can generate after repaying the invested capital (project cost) and the required rate of return on that capital. An NPV of z

#### Flashcard 1438590569740

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#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question

Economic income is an investment's [...] plus the [...].

after-tax cash flow

change in the market value

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ccounting income calculations reflect non-cash items and ignore the time value of money. They are important for some purposes, but for capital budgeting, cash flows are what are relevant. Economic income is an investment's <span>after-tax cash flow plus the change in the market value. Financing costs are ignored in computing economic income. <span><body><html>

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Subject 2. Basic Principles of Capital Budgeting
Capital budgeting decisions are based on incremental after-tax cash flows discounted at the opportunity cost of capital. Assumptions of capital budgeting are: Capital budgeting decisions must be based on cash flows, not accounting income. Accounting profits only measure the return on the invested capital. Accounting income calculations reflect non-cash items and ignore the time value of money. They are important for some purposes, but for capital budgeting, cash flows are what are relevant. Economic income is an investment's after-tax cash flow plus the change in the market value. Financing costs are ignored in computing economic income. Cash flow timing is critical because money is worth more the sooner you get it. Also, firms must have adequate cash flow to meet maturing obligations. The opportunity cost should be charged against a project. Remember that just because something is on hand does not mean it's free. See below for the definition of opportunity cost. Expected future cash flows must be measured on an after-tax basis. The firm's wealth depends on its usable after-tax funds. Ignore how the project is financed. Interest payments should not be included in the estimated cash flows since the effects of debt financing are reflected in the cost of capital used to discount the cash flows. The existence of a project depends on business factors, not financing. Important capital budgeting concepts: A sunk cost is a cash outlay that has already been incurred and which