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Flashcard 1432385096972

Tags
#italian #italian-grammar
Question
This refers to the way in which verb forms change according to the person, tense or mood
Answer
Conjugation


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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

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Flashcard 1432412097804

Tags
#italian #italian-grammar
Question
An [...] noun is one which is not normally found in the plural
Answer
uncountable

(e.g. zucchero ‘sugar’) or an abstract noun (such as tristezza ‘sadness’).


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A noun is countable if it can normally be used in both singular and plural, and take the indefinite article un, una (etc.): un bicchiere ‘a glass’; una pizza ‘a pizza’. Whereas an uncountable noun is one which is not normally found in the plural (e.g. zucchero ‘sugar’) or an abstract noun (such as tristezza ‘sadness’).

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Flashcard 1435137346828

Tags
#citychef #munchery
Question
[...] in the U.S., [...] in Europe, and [...] in China, to name just a few, all connect Internet users with restaurants and their takeout menus.
Answer
GrubHub

Just Eat

Ele.me


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Munchery is one of dozens of technology startups around the world trying to solve the challenge of mealtime planning with the tap of an app. GrubHub in the U.S., Just Eat in Europe, and Ele.me in China, to name just a few, all connect Internet users with restaurants and their takeout menus.

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How an immigrant motherfucker made munchery
d chief executive officer now. Four years ago he started Munchery, which delivers fully cooked meals to people’s homes, each day presenting an abundance of foods that stands in stark contrast to the deprivation of his early life. <span>Munchery is one of dozens of technology startups around the world trying to solve the challenge of mealtime planning with the tap of an app. GrubHub in the U.S., Just Eat in Europe, and Ele.me in China, to name just a few, all connect Internet users with restaurants and their takeout menus. Critics derisively call the proliferation of these businesses the “lazy food economy,” but Munchery is different. It cooks and delivers its own rela-tively healthy fare. Th







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. <span>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 1438298803468

Tags
#analyst-notes #cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question
  • Incremental cash flow important things (first 2)

  • Forget sunk costs.
  • ​Substract [...]
Answer
Subtract opportunity costs.


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spent. Incremental cash flow is the net cash flow attributable to an investment project. It represents the change in the firm's total cash flow that occurs as a direct result of accepting the project. <span>Forget sunk costs. Subtract opportunity costs. Consider side effects on other parts of the firm: externalities and cannibalization. Recognize the investment and recovery of net working capital. O

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Subject 2. Basic Principles of Capital Budgeting
d 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. <span>Important capital budgeting concepts: A sunk cost is a cash outlay that has already been incurred and which cannot be recovered regardless of whether a project is accepted or rejected. Since sunk costs are not increment costs, they should not be included in the capital budgeting analysis. For example, a small bookstore is considering opening a coffee shop within its store, which will generate an annual net cash outflow of $10,000 from selling coffee. That is, the coffee shop will always be losing money. In the previous year, the bookstore spent $5,000 to hire a consultant to perform an analysis. This $5,000 consulting fee is a sunk cost; whether the coffee shop is opened or not, the $5,000 is spent. Incremental cash flow is the net cash flow attributable to an investment project. It represents the change in the firm's total cash flow that occurs as a direct result of accepting the project. Forget sunk costs. Subtract opportunity costs. Consider side effects on other parts of the firm: externalities and cannibalization. Recognize the investment and recovery of net working capital. Opportunity cost is the return on the best alternative use of an asset or the highest return that will not be earned if funds are invested in a particular project. For example, to continue with the bookstore example, the space to be occupied by the coffee shop is an opportunity cost - it could be used to sell books and generate a $5,000 annual net cash inflow. Externalities are the effects of a project on cash flows in other parts of a firm. Although they are difficult to quantify, they should be considered. Externalities can be either positive or negative: Positive externalities create benefits for other parts of the firm. For example, the coffee shop may generate some additional customers for the bookstore (who otherwise may not buy books there). Future cash flows generated by positive externalities occur with the project and do not occur without the project, so they are incremental. 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 old store are 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. Future cash flows represented by negative externalities occur regardless of the project, so they are non-incremental. Such cash flows represent a transfer from existing projects to new projects, and thus should be subtracted from the new projects' cash flows. Conventional versus non-conventional cash flows. A conventional cash flow pattern is one with an initial outflow followed by a series of inflows. In a non-conventional cash flow pattern, the initial outflow can be followed by inflows and/or outflows. Some project interactions: Indepe







Flashcard 1438301162764

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

Incremental cash flow important things (last 2):

  • Consider [...] on other [...]
  • ​Recognize the investment and recovery of net working capital.
Answer
side effects on other parts of the firm: externalities and cannibalization.


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spent. Incremental cash flow is the net cash flow attributable to an investment project. It represents the change in the firm's total cash flow that occurs as a direct result of accepting the project. <span>Forget sunk costs. Subtract opportunity costs. Consider side effects on other parts of the firm: externalities and cannibalization. Recognize the investment and recovery of net working capital. O

Original toplevel document

Subject 2. Basic Principles of Capital Budgeting
d 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. <span>Important capital budgeting concepts: A sunk cost is a cash outlay that has already been incurred and which cannot be recovered regardless of whether a project is accepted or rejected. Since sunk costs are not increment costs, they should not be included in the capital budgeting analysis. For example, a small bookstore is considering opening a coffee shop within its store, which will generate an annual net cash outflow of $10,000 from selling coffee. That is, the coffee shop will always be losing money. In the previous year, the bookstore spent $5,000 to hire a consultant to perform an analysis. This $5,000 consulting fee is a sunk cost; whether the coffee shop is opened or not, the $5,000 is spent. Incremental cash flow is the net cash flow attributable to an investment project. It represents the change in the firm's total cash flow that occurs as a direct result of accepting the project. Forget sunk costs. Subtract opportunity costs. Consider side effects on other parts of the firm: externalities and cannibalization. Recognize the investment and recovery of net working capital. Opportunity cost is the return on the best alternative use of an asset or the highest return that will not be earned if funds are invested in a particular project. For example, to continue with the bookstore example, the space to be occupied by the coffee shop is an opportunity cost - it could be used to sell books and generate a $5,000 annual net cash inflow. Externalities are the effects of a project on cash flows in other parts of a firm. Although they are difficult to quantify, they should be considered. Externalities can be either positive or negative: Positive externalities create benefits for other parts of the firm. For example, the coffee shop may generate some additional customers for the bookstore (who otherwise may not buy books there). Future cash flows generated by positive externalities occur with the project and do not occur without the project, so they are incremental. 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 old store are 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. Future cash flows represented by negative externalities occur regardless of the project, so they are non-incremental. Such cash flows represent a transfer from existing projects to new projects, and thus should be subtracted from the new projects' cash flows. Conventional versus non-conventional cash flows. A conventional cash flow pattern is one with an initial outflow followed by a series of inflows. In a non-conventional cash flow pattern, the initial outflow can be followed by inflows and/or outflows. Some project interactions: Indepe







Flashcard 1438397631756

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

Learning Outcome Statements

b. [...]

c. explain how the evaluation and selection of capital projects is affected by mutually exclusive projects, project sequencing, and capital rationing;

Answer
describe the basic principles of capital budgeting;


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Subject 2. Basic Principles of Capital Budgeting
t allocate the firm's capital. On the other hand, a firm can raise the funds it wants for all profitable projects simply by paying the required rate of return. Learning Outcome Statements b. <span>describe the basic principles of capital budgeting; c. explain how the evaluation and selection of capital projects is affected by mutually exclusive projects, project sequencing, and capital rationing; &#13







Flashcard 1438511664396

Tags
#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.

Answer
Correct Answer: C


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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
d 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. <span>Important capital budgeting concepts: A sunk cost is a cash outlay that has already been incurred and which cannot be recovered regardless of whether a project is accepted or rejected. Since sunk costs are not increment costs, they should not be included in the capital budgeting analysis. For example, a small bookstore is considering opening a coffee shop within its store, which will generate an annual net cash outflow of $10,000 from selling coffee. That is, the coffee shop will always be losing money. In the previous year, the bookstore spent $5,000 to hire a consultant to perform an analysis. This $5,000 consulting fee is a sunk cost; whether the coffee shop is opened or not, the $5,000 is spent. Incremental cash flow is the net cash flow attributable to an investment project. It represents the change in the firm's total cash flow that occurs as a direct result of accepting the project. Forget sunk costs. Subtract opportunity costs. Consider side effects on other parts of the firm: externalities and cannibalization. Recognize the investment and recovery of net working capital. Opportunity cost is the return on the best alternative use of an asset or the highest return that will not be earned if funds are invested in a particular project. For example, to continue with the bookstore example, the space to be occupied by the coffee shop is an opportunity cost - it could be used to sell books and generate a $5,000 annual net cash inflow. Externalities are the effects of a project on cash flows in other parts of a firm. Although they are difficult to quantify, they should be considered. Externalities can be either positive or negative: Positive externalities create benefits for other parts of the firm. For example, the coffee shop may generate some additional customers for the bookstore (who otherwise may not buy books there). Future cash flows generated by positive externalities occur with the project and do not occur without the project, so they are incremental. 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 old store are 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. Future cash flows represented by negative externalities occur regardless of the project, so they are non-incremental. Such cash flows represent a transfer from existing projects to new projects, and thus should be subtracted from the new projects' cash flows. Conventional versus non-conventional cash flows. A conventional cash flow pattern is one with an initial outflow followed by a series of inflows. In a non-conventional cash flow pattern, the initial outflow can be followed by inflows and/or outflows. Some project interactions: Indepe







Flashcard 1439597464844

Tags
#aspectos-generales #immex #mexico #modalidades #octopus
Question

4. Programa IMMEX [...], cuando una o varias empresas extranjeras le faciliten la tecnología y el material productivo, sin que estas últimas operen directamente el Programa.

Answer
Albergue


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realicen servicios a mercancías de exportación o se presten servicios de exportación, únicamente para el desarrollo de las actividades que la Secretaría determine, previa opinión de la Secretaría de Hacienda y Crédito Público; Programa IMMEX <span>Albergue, cuando una o varias empresas extranjeras le faciliten la tecnología y el material productivo, sin que estas últimas operen directamente el Programa, y Programa IMMEX Terciarización, cu

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Decreto IMMEX
iladora de Exportación (Maquila) y el que Establece Programas de Importación Temporal para Producir Artículos de Exportación (PITEX), cuyas empresas representan en su conjunto el 85% de las exportaciones manufactureras de México. <span>ASPECTOS GENERALES Definición: El Programa IMMEX es un instrumento mediante el cual se permite importar temporalmente los bienes necesarios para ser utilizados en un proceso industrial o de servicio destinado a la elaboración, transformación o reparación de mercancías de procedencia extranjera importadas temporalmente para su exportación o a la prestación de servicios de exportación, sin cubrir el pago del impuesto general de importación, del impuesto al valor agregado y, en su caso, de las cuotas compensatorias Beneficiarios: La Secretaría de Economía (SE) podrá autorizar a las personas morales residentes en territorio nacional a que se refiere la fracción II del artículo 9 del Código Fiscal de la Federación, que tributen de conformidad con el Título II de la Ley del Impuesto sobre la Renta, un solo Programa IMMEX, que puede incluir las modalidades de controladora de empresas, industrial, servicios, albergue y terciarización, siempre que cumplan con los requisitos previstos en el Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación (Decreto IMMEX), publicado en el Diario Oficial e la Federación el 1 de noviembre de 2006. Beneficios: El Programa IMMEX brinda a sus titulares la posibilidad de importar temporalmente libre de impuestos a la importación y del IVA, los bienes necesarios para ser utilizados en un proceso industrial o de servicio destinado a la elaboración, transformación o reparación de mercancías de procedencia extranjera importadas temporalmente para su exportación o a la prestación de servicios de exportación. Estos bienes están agrupados bajo las siguientes categorías: Materias primas, partes y componentes que se vayan a destinar totalmente a integrar mercancías de exportación; combustibles, lubricantes y otros materiales que se vayan a consumir durante el proceso productivo de la mercancía de exportación; envases y empaques; etiquetas y folletos. Contenedores y cajas de trailers. Maquinaria, equipo, herramientas, instrumentos, moldes y refacciones destinadas al proceso productivo; equipos y aparatos para el control de la contaminación; para la investigación o capacitación, de seguridad industrial, de telecomunicación y cómputo, de laboratorio, de medición, de prueba de productos y control de calidad; así como aquéllos que intervengan en el manejo de materiales relacionados directamente con los bienes de exportación y otros vinculados con el proceso productivo; equipo para el desarrollo administrativo. Modalidades: Programa IMMEX Controladora de empresas, cuando en un mismo programa se integren las operaciones de manufactura de una empresa certificada denominada controladora y una o más sociedades controladas; Programa IMMEX Industrial, cuando se realice un proceso industrial de elaboración o transformación de mercancías destinadas a la exportación; Programa IMMEX Servicios, cuando se realicen servicios a mercancías de exportación o se presten servicios de exportación, únicamente para el desarrollo de las actividades que la Secretaría determine, previa opinión de la Secretaría de Hacienda y Crédito Público; Programa IMMEX Albergue, cuando una o varias empresas extranjeras le faciliten la tecnología y el material productivo, sin que estas últimas operen directamente el Programa, y Programa IMMEX Terciarización, cuando una empresa certificada que no cuente con instalaciones para realizar procesos productivos, realice las operaciones de manufactura a través de terceros que registre en su Programa. La SE podrá aprobar de manera simultánea un Programa de Promoción Sectorial, de acuerdo con el tipo de productos que fabrica o a los servicios de exportación que realice, debiendo cumplir con la normatividad aplicable a los mismos. Tratándose de una empresa bajo la modalidad de servicios, únicamente podrá importar al amparo del Programa de Promoción Sectorial las mercancías a que se refiere el artículo 4, fracción III del presente Decreto, siempre que corresponda al sector en que sea registrada. Vigencia: La vigencia de los Programas IMMEX estará sujeta mientras el titular de los mismos continúe cumpliendo con los requisitos previstos para su otorgamiento y con las obligaciones establecidas en el Decreto. Plazos de permanencia: Los bienes importados temporalmente al amparo de un Programa IMMEX, podrán permanecer en territorio nacional por los plazos establecidos en el artículo 108 de la Ley Aduanera. Para las mercancías comprendidas en los Anexos II y III del Decreto IMMEX, cuando se importen como materia prima, el plazo de permanencia será hasta por doce meses. Tratándose de las mercancías que se encuentran comprendidas en el Anexo III del Decreto IMMEX, cuando se importen como materia prima, únicamente cuando se destinen a actividades bajo la modalidad de servicios, el plazo de permanencia será de hasta seis meses. No podrán ser importadas al amparo del Programa las mercancías señaladas en el Anexo I del Decreto IMMEX. Compromisos: Para gozar de los beneficios de un Programa IMMEX se deberá dar cumplimiento a los términos establecidos en el Decreto en la materia. La autorización del Programa se otorgará bajo el compromiso de realizar anualmente ventas al exterior por un valor superior a 500,000 dólares de los Estados Unidos de América, o su equivalente en moneda nacional, o bien, facturar exportaciones, cuando menos por el 10% de su facturación total. Reportes: El titular de un Programa IMMEX deberá presentar un reporte anual de forma electrónica, respecto del total de las ventas y de las exportaciones, correspondientes al ejercicio fiscal inmediato anterior, a más tardar el último día hábil del mes de mayo, conforme al formato que mediante Reglas y Criterios de Carácter General en Materia de Comercio Exterior dé a conocer la Secretaría de Economía. Adicionalmente, la empresa con Programa IMMEX deberá presentar la información que, para efectos estadísticos, se determine, en los términos que establezca la SE mediante Reglas y Criterios de Carácter General en Materia de Comercio Exterior. Para mayor información sobre este programa comunicarse al 01 800 410 2000 disponible para todo el país ó al buzón de la Secretaría de Economía en www.economia.gob.mx; o al teléfono 52-29-61-00, ext. 34347, Lic. Sergio Manríquez Fernández, Subdirector de Devolución de Impuestos. TRÁMITES Operación: Los trámites relativos al Programa IMMEX son gratuitos y pueden ser realizados en las ventanillas de atención al público de las Repre







Flashcard 1439599824140

Tags
#aspectos-generales #immex #mexico #modalidades #octopus
Question

5. Programa IMMEX [...], cuando una empresa certificada que no cuente con instalaciones para realizar procesos productivos, realice las operaciones de manufactura a través de terceros que registre en su Programa.

Answer
Terciarización


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ión de la Secretaría de Hacienda y Crédito Público; Programa IMMEX Albergue, cuando una o varias empresas extranjeras le faciliten la tecnología y el material productivo, sin que estas últimas operen directamente el Programa, y Programa IMMEX <span>Terciarización, cuando una empresa certificada que no cuente con instalaciones para realizar procesos productivos, realice las operaciones de manufactura a través de terceros que registre en su Progra

Original toplevel document

Decreto IMMEX
iladora de Exportación (Maquila) y el que Establece Programas de Importación Temporal para Producir Artículos de Exportación (PITEX), cuyas empresas representan en su conjunto el 85% de las exportaciones manufactureras de México. <span>ASPECTOS GENERALES Definición: El Programa IMMEX es un instrumento mediante el cual se permite importar temporalmente los bienes necesarios para ser utilizados en un proceso industrial o de servicio destinado a la elaboración, transformación o reparación de mercancías de procedencia extranjera importadas temporalmente para su exportación o a la prestación de servicios de exportación, sin cubrir el pago del impuesto general de importación, del impuesto al valor agregado y, en su caso, de las cuotas compensatorias Beneficiarios: La Secretaría de Economía (SE) podrá autorizar a las personas morales residentes en territorio nacional a que se refiere la fracción II del artículo 9 del Código Fiscal de la Federación, que tributen de conformidad con el Título II de la Ley del Impuesto sobre la Renta, un solo Programa IMMEX, que puede incluir las modalidades de controladora de empresas, industrial, servicios, albergue y terciarización, siempre que cumplan con los requisitos previstos en el Decreto para el Fomento de la Industria Manufacturera, Maquiladora y de Servicios de Exportación (Decreto IMMEX), publicado en el Diario Oficial e la Federación el 1 de noviembre de 2006. Beneficios: El Programa IMMEX brinda a sus titulares la posibilidad de importar temporalmente libre de impuestos a la importación y del IVA, los bienes necesarios para ser utilizados en un proceso industrial o de servicio destinado a la elaboración, transformación o reparación de mercancías de procedencia extranjera importadas temporalmente para su exportación o a la prestación de servicios de exportación. Estos bienes están agrupados bajo las siguientes categorías: Materias primas, partes y componentes que se vayan a destinar totalmente a integrar mercancías de exportación; combustibles, lubricantes y otros materiales que se vayan a consumir durante el proceso productivo de la mercancía de exportación; envases y empaques; etiquetas y folletos. Contenedores y cajas de trailers. Maquinaria, equipo, herramientas, instrumentos, moldes y refacciones destinadas al proceso productivo; equipos y aparatos para el control de la contaminación; para la investigación o capacitación, de seguridad industrial, de telecomunicación y cómputo, de laboratorio, de medición, de prueba de productos y control de calidad; así como aquéllos que intervengan en el manejo de materiales relacionados directamente con los bienes de exportación y otros vinculados con el proceso productivo; equipo para el desarrollo administrativo. Modalidades: Programa IMMEX Controladora de empresas, cuando en un mismo programa se integren las operaciones de manufactura de una empresa certificada denominada controladora y una o más sociedades controladas; Programa IMMEX Industrial, cuando se realice un proceso industrial de elaboración o transformación de mercancías destinadas a la exportación; Programa IMMEX Servicios, cuando se realicen servicios a mercancías de exportación o se presten servicios de exportación, únicamente para el desarrollo de las actividades que la Secretaría determine, previa opinión de la Secretaría de Hacienda y Crédito Público; Programa IMMEX Albergue, cuando una o varias empresas extranjeras le faciliten la tecnología y el material productivo, sin que estas últimas operen directamente el Programa, y Programa IMMEX Terciarización, cuando una empresa certificada que no cuente con instalaciones para realizar procesos productivos, realice las operaciones de manufactura a través de terceros que registre en su Programa. La SE podrá aprobar de manera simultánea un Programa de Promoción Sectorial, de acuerdo con el tipo de productos que fabrica o a los servicios de exportación que realice, debiendo cumplir con la normatividad aplicable a los mismos. Tratándose de una empresa bajo la modalidad de servicios, únicamente podrá importar al amparo del Programa de Promoción Sectorial las mercancías a que se refiere el artículo 4, fracción III del presente Decreto, siempre que corresponda al sector en que sea registrada. Vigencia: La vigencia de los Programas IMMEX estará sujeta mientras el titular de los mismos continúe cumpliendo con los requisitos previstos para su otorgamiento y con las obligaciones establecidas en el Decreto. Plazos de permanencia: Los bienes importados temporalmente al amparo de un Programa IMMEX, podrán permanecer en territorio nacional por los plazos establecidos en el artículo 108 de la Ley Aduanera. Para las mercancías comprendidas en los Anexos II y III del Decreto IMMEX, cuando se importen como materia prima, el plazo de permanencia será hasta por doce meses. Tratándose de las mercancías que se encuentran comprendidas en el Anexo III del Decreto IMMEX, cuando se importen como materia prima, únicamente cuando se destinen a actividades bajo la modalidad de servicios, el plazo de permanencia será de hasta seis meses. No podrán ser importadas al amparo del Programa las mercancías señaladas en el Anexo I del Decreto IMMEX. Compromisos: Para gozar de los beneficios de un Programa IMMEX se deberá dar cumplimiento a los términos establecidos en el Decreto en la materia. La autorización del Programa se otorgará bajo el compromiso de realizar anualmente ventas al exterior por un valor superior a 500,000 dólares de los Estados Unidos de América, o su equivalente en moneda nacional, o bien, facturar exportaciones, cuando menos por el 10% de su facturación total. Reportes: El titular de un Programa IMMEX deberá presentar un reporte anual de forma electrónica, respecto del total de las ventas y de las exportaciones, correspondientes al ejercicio fiscal inmediato anterior, a más tardar el último día hábil del mes de mayo, conforme al formato que mediante Reglas y Criterios de Carácter General en Materia de Comercio Exterior dé a conocer la Secretaría de Economía. Adicionalmente, la empresa con Programa IMMEX deberá presentar la información que, para efectos estadísticos, se determine, en los términos que establezca la SE mediante Reglas y Criterios de Carácter General en Materia de Comercio Exterior. Para mayor información sobre este programa comunicarse al 01 800 410 2000 disponible para todo el país ó al buzón de la Secretaría de Economía en www.economia.gob.mx; o al teléfono 52-29-61-00, ext. 34347, Lic. Sergio Manríquez Fernández, Subdirector de Devolución de Impuestos. TRÁMITES Operación: Los trámites relativos al Programa IMMEX son gratuitos y pueden ser realizados en las ventanillas de atención al público de las Repre







Flashcard 1439734304012

Tags
#cfa-level-1 #microeconomics #reading-16-the-firm-and-market-structures #section-2 #study-session-4
Question
Section 2 addresses questions such as: What determines the degree of [...] with each market structure?
Answer
competition associated


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Section 2 introduces the analysis of market structures. The section addresses questions such as: What determines the degree of competition associated with each market structure? Given the degree of competition associated with each market structure, what decisions are left to the management team developing corporate strategy? How does

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1. INTRODUCTION
ts are possible even in the long run; in the short run, any outcome is possible. Therefore, understanding the forces behind the market structure will aid the financial analyst in determining firms’ short- and long-term prospects. <span>Section 2 introduces the analysis of market structures. The section addresses questions such as: What determines the degree of competition associated with each market structure? Given the degree of competition associated with each market structure, what decisions are left to the management team developing corporate strategy? How does a chosen pricing and output strategy evolve into specific decisions that affect the profitability of the firm? The answers to these questions are related to the forces of the market structure within which the firm operates. Sections 3, 4, 5, and 6 analyze demand, supply, optimal price and output, and factors affecting long-run equilibrium for perfect competition, monopolistic competition, olig







Flashcard 1439736663308

Tags
#cfa-level-1 #microeconomics #reading-16-the-firm-and-market-structures #section-2 #study-session-4
Question
Section 2 addresses questions such as: Given the degree of competition associated with each market structure, what decisions are left to [...]?
Answer
the management team developing corporate strategy


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of market structures. The section addresses questions such as: What determines the degree of competition associated with each market structure? Given the degree of competition associated with each market structure, what decisions are left to <span>the management team developing corporate strategy? How does a chosen pricing and output strategy evolve into specific decisions that affect the profitability of the firm? The answers to these questions are related to the forces of the

Original toplevel document

1. INTRODUCTION
ts are possible even in the long run; in the short run, any outcome is possible. Therefore, understanding the forces behind the market structure will aid the financial analyst in determining firms’ short- and long-term prospects. <span>Section 2 introduces the analysis of market structures. The section addresses questions such as: What determines the degree of competition associated with each market structure? Given the degree of competition associated with each market structure, what decisions are left to the management team developing corporate strategy? How does a chosen pricing and output strategy evolve into specific decisions that affect the profitability of the firm? The answers to these questions are related to the forces of the market structure within which the firm operates. Sections 3, 4, 5, and 6 analyze demand, supply, optimal price and output, and factors affecting long-run equilibrium for perfect competition, monopolistic competition, olig







Flashcard 1442904673548

Tags
#gramatica-española #tulio
Question
La morfología se ocupa de [...]
Answer
la estructura interna de las palabras.


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La morfología se ocupa de la estructura interna de las palabras. Su unidad de análisis es el morfema, la unidad significativa mínima. Una palabra como libro no es segmentable en partes que preserven la dualidad entre sonido y significado: es una pa

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En un sentido estrecho, la gramática sólo estudia las unidades significativas y su combinatoria. Comprende dos partes: la morfología y la sintaxis. La [16] primera se ocupa de la estructura interna de las palabras. Su unidad de análisis es el morfema, la unidad significativa mínima. Una palabra como libro no es segmentable en partes que preserven la dualidad entre sonido y significado: es una palabra simple. En cambio, libro-s, libr-ero, libr-ito contienen cada una dos formantes. La morfología detiene su análisis al llegar a la palabra. La sintaxis, a su vez, estudia la combinatoria de las palabras en el marco de la oración, su unidad máxima. Entre el morfema y la oración, unidades mínima y máxima, respectivamente







Flashcard 1447234243852

Tags
#sister-miriam-joseph #trivium
Question
These are truly symbols because they express something [...]: a mermaid, a purple cow, an inhabitant of another planet, a regular polygon with one hundred sides, an elephant, a rose.
Answer
conceivable

So also are the symbols given above as examples of the essence, or class nature, of either a species or a genus.


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These are truly symbols because they express something conceivable: a mermaid, a purple cow, an inhabitant of another planet, a regular polygon with one hundred sides, an elephant, a rose. So also are the symbols given above as examples of the essence,

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Flashcard 1447291129100

Tags
#sister-miriam-joseph #trivium
Question
an aggregate is a particular group of individuals that may or may not [...].
Answer
have the same essence or class nature.

but in either case, the aggregate does not include all the members that have that nature.


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an aggregate is a particular group of individuals that may or may not have the same essence or class nature; but in either case, the aggregate does not include all the members that have that nat ure

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Flashcard 1447427443980

Tags
#categories-of-being #sister-miriam-joseph #trivium
Question
10 [...] consists of clothing, ornaments, or weapons with which human beings by their art complement their nature in order to conserve their own being or that of the community (the other self).
Answer
Habiliment


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easure and determine its place, for example: on a bench, beside the lake. 9 Posture is the relative position which the parts of a substance have toward each other, for example: sitting, leaning forward. 10 <span>Habiliment consists of clothing, ornaments, or weapons with which human beings by their art complement their nature in order to conserve t heir own being or that of the community (the other self)

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Flashcard 1447699811596

Tags
#vocabulary
Question
Habiliment
Answer
  1. clothes or clothing.


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easure and determine its place, for example: on a bench, beside the lake. 9 Posture is the relative position which the parts of a substance have toward each other, for example: sitting, leaning forward. 10 <span>Habiliment consists of clothing, ornaments, or weapons with which human beings by their art complement their nature in order to conserve t heir own being or that of the community (the other self)

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Flashcard 1447737822476

Tags
#logic-and-psychologic-dimensions-of-language #sister-miriam-joseph #trivium
Question
Objectively, the definition ([...] dimension) of house and home are similar and may be represented by the lines ab; but subjectively, home is a much richer word, for to its logical content is added an emotional content ( [...] dimension) associated with the word and represented by the line bx.
Answer
the logical

the psychological


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Objectively, the definition (the logical dimension) of house and home are similar and may be represented by the lines ab; but subjectively, home is a much richer word, for to its logical content is added an emotional content (

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Flashcard 1448304053516

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Profit (or loss) includes other income such as [...] income or income from [...]
Answer
investing

the sale of items other than goods and services


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Profit (or loss) includes other income (such as investing income or income from the sale of items other than goods and services) minus the expenses incurred to earn that income.

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
of cash disbursements). Profit and cash flow are not equivalent. Profit (or loss) represents the difference between the prices at which goods or services are provided to customers and the expenses incurred to provide those goods and services. <span>In addition, profit (or loss) includes other income (such as investing income or income from the sale of items other than goods and services) minus the expenses incurred to earn that income. Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid. Example 1 illustrates the distinction between profi







Flashcard 1450236841228

Tags
#cfa-level-1 #microeconomics #reading-15-demand-and-supply-analysis-the-firm
Question
The rate of change in total costs mirrors [...]
Answer
the rate of change in total variable cost.


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ead><head> The rate of increase in total costs declines up to a certain output level and, thereafter, accelerates as the firm gets closer to full utilization of capacity. The rate of change in total costs mirrors the rate of change in total variable cost. In Exhibit 13, TC at 5 units is 400—of which 300 is variable cost and 100 is fixed cost. At 10 units, total costs are 1,650, which is the sum of 1,550 in variable cost and 10

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Costs
Total costs (TC) are the summation of all costs, where costs are classified according to fixed or variable. Total costs increase as the firm expands output and decrease when production is cut. The rate of increase in total costs declines up to a certain output level and, thereafter, accelerates as the firm gets closer to full utilization of capacity. The rate of change in total costs mirrors the rate of change in total variable cost. In Exhibit 13, TC at 5 units is 400—of which 300 is variable cost and 100 is fixed cost. At 10 units, total costs are 1,650, which is the sum of 1,550 in variable cost and 100 in fixed cost. Total fixed cost (TFC) is the summation of all expenses that do not change when production varies. It can be a sunk or unavoidable cost that a firm has to cover whether it







Flashcard 1450632154380

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
Under any form of imperfect competition, the individual seller confronts a [...] demand curve.
Answer
negatively sloped

where price and the quantity demanded by consumers are inversely related.


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Under any form of imperfect competition, the individual seller confronts a negatively sloped demand curve, where price and the quantity demanded by consumers are inversely related.

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
zation requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. <span>3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pure monopolist (i.e., the only seller in its market), there is a difference between market demand and the demand facing an individual firm. A later reading will devote much more time to understanding the various competitive environments (perfect competition, monopolistic competition, oligopoly, and monopoly), known as market structure . To keep the analysis simple at this point, we will note that competition could be either perfect or imperfect. In perfect competition , the individual firm has virtually no impact on market price, because it is assumed to be a very small seller among a very large number of firms selling essentially identical products. Such a firm is called a price taker . In the second case, the firm does have at least some control over the price at which it sells its product because it must lower its price to sell more units. Exhibit 4 presents total, average, and marginal revenue data for a firm under the assumption that the firm is price taker at each relevant level of quantity of goods sold. Consequently, the individual seller faces a horizontal demand curve over relevant output ranges at the price level established by the market (see Exhibit 5). The seller can offer any quantity at this set market price without affecting price. In contrast, imperfect competition is where an individual firm has enough share of the market (or can control a certain segment of the market) and is therefore able to exert some influence over price. Instead of a large number of competing firms, imperfect competition involves a smaller number of firms in the market relative to perfect competition and in the extreme case only one firm (i.e., monopoly). Under any form of imperfect competition, the individual seller confronts a negatively sloped demand curve, where price and the quantity demanded by consumers are inversely related. In this case, price to the firm declines when a greater quantity is offered to the market; price to the firm increases when a lower quantity is offered to the market. This is shown in Exhibits 6 and 7. Exhibit 4. Total, Average, and Marginal Revenue under Perfect Competition Quantity Sold (Q) Price (P) Total Revenue (TR) Average Re







Flashcard 1450634513676

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
What is the use of economic rent in financial analysis
Answer
Commodities or resources that have it can reward equity investors more than what is required to attract their capital to the fucking company

Greater shareholders’ wealth, player


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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.

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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. <span>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







Flashcard 1450636872972

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
Any commodity, resource, or good that is fixed or nearly fixed in supply has the potential to yield [...].
Answer
economic rent


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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

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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. <span>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







#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
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.

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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 dema

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. <span>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




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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.

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onsive ( 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. <span>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.<span><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. <span>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




Flashcard 1450642377996

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#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
Under any form of imperfect competition, price to the firm declines when a [...] is offered to the market.
Answer
greater quantity

That`s how it rolls, son


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Under any form of imperfect competition, price to the firm declines when a greater quantity is offered to the market; price to the firm increases when a lower quantity is offered to the market.

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
zation requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. <span>3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pure monopolist (i.e., the only seller in its market), there is a difference between market demand and the demand facing an individual firm. A later reading will devote much more time to understanding the various competitive environments (perfect competition, monopolistic competition, oligopoly, and monopoly), known as market structure . To keep the analysis simple at this point, we will note that competition could be either perfect or imperfect. In perfect competition , the individual firm has virtually no impact on market price, because it is assumed to be a very small seller among a very large number of firms selling essentially identical products. Such a firm is called a price taker . In the second case, the firm does have at least some control over the price at which it sells its product because it must lower its price to sell more units. Exhibit 4 presents total, average, and marginal revenue data for a firm under the assumption that the firm is price taker at each relevant level of quantity of goods sold. Consequently, the individual seller faces a horizontal demand curve over relevant output ranges at the price level established by the market (see Exhibit 5). The seller can offer any quantity at this set market price without affecting price. In contrast, imperfect competition is where an individual firm has enough share of the market (or can control a certain segment of the market) and is therefore able to exert some influence over price. Instead of a large number of competing firms, imperfect competition involves a smaller number of firms in the market relative to perfect competition and in the extreme case only one firm (i.e., monopoly). Under any form of imperfect competition, the individual seller confronts a negatively sloped demand curve, where price and the quantity demanded by consumers are inversely related. In this case, price to the firm declines when a greater quantity is offered to the market; price to the firm increases when a lower quantity is offered to the market. This is shown in Exhibits 6 and 7. Exhibit 4. Total, Average, and Marginal Revenue under Perfect Competition Quantity Sold (Q) Price (P) Total Revenue (TR) Average Re







Flashcard 1450644999436



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Question
Because price is fixed to the individual seller, the firm’s demand curve is a horizontal line at the point where [...]
Answer
the market sets the price.


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Because price is fixed to the individual seller, the firm’s demand curve is a horizontal line at the point where the market sets the price.

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Exhibit 5. Total Revenue, Average Revenue, and Marginal Revenue under Perfect Competition
Exhibit 5 graphically displays the revenue data from perfect competition. For an individual firm operating in a market setting of perfect competition, MR equals AR and both are equal to a price that stays the same across all levels of output. <span>Because price is fixed to the individual seller, the firm’s demand curve is a horizontal line at the point where the market sets the price. In Exhibit 5, at a price of 100, P 1 = MR 1 = AR 1 = Demand 1 . Marginal revenue, average revenue, and the firm’s price remain constant until market demand and supply factors cause a







Flashcard 1450646572300

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#cfa-level-1 #microeconomics #reading-15-demand-and-supply-analysis-the-firm
Question
When a firm downsizes, the last expense to be cut is usually [...]
Answer
fixed cost.


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When a firm downsizes, the last expense to be cut is usually fixed cost.

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Costs
rate of change in total variable cost. In Exhibit 13, TC at 5 units is 400—of which 300 is variable cost and 100 is fixed cost. At 10 units, total costs are 1,650, which is the sum of 1,550 in variable cost and 100 in fixed cost. <span>Total fixed cost (TFC) is the summation of all expenses that do not change when production varies. It can be a sunk or unavoidable cost that a firm has to cover whether it produces anything or not, or it can be a cost that stays the same over a range of production but can change to another constant level when production moves outside of that range. The latter is referred to as a quasi-fixed cost , although it remains categorized as part of TFC. Examples of fixed costs are debt service, real estate lease agreements, and rental contracts. Quasi-fixed cost examples would be certain utilities and administrative salaries that could be avoided or be lower when output is zero but would assume higher constant values over different production ranges. Normal profit is considered to be a fixed cost because it is a return required by investors on their equity capital regardless of output level. At zero output, total costs are always equal to the amount of total fixed cost that is incurred at this production point. In Exhibit 13, total fixed cost remains at 100 throughout the entire production range. Other fixed costs evolve primarily from investments in such fixed assets as real estate, production facilities, and equipment. As a firm grows in size, fixed asset expansion occurs along with a related increase in fixed cost. However, fixed cost cannot be arbitrarily cut when production declines. Regardless of the volume of output, an investment in a given level of fixed assets locks the firm into a certain amount of fixed cost that is used to finance the physical capital base, technology, and other capital assets. When a firm downsizes, the last expense to be cut is usually fixed cost. Total variable cost (TVC), which is the summation of all variable expenses, has a direct relationship with quantity. When quantity increases, total variable cost increases








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Dividing total fixed cost by quantity yields average fixed cost (AFC), which decreases throughout the production span. A declining average fixed cost reflects spreading a constant cost over more and more production units. At high production volumes, AFC may be so low that it is a small proportion of average total cost. In Exhibit 13, AFC declines from 100 at 1 unit, to 20 at 5 units, and then to 10 at an output level of 10 units.

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Flashcard 1450654698764



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#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
A declining average fixed cost reflects [...] over more and more production units.
Answer
spreading a constant cost


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Dividing total fixed cost by quantity yields average fixed cost (AFC), which decreases throughout the production span. A declining average fixed cost reflects spreading a constant cost over more and more production units. At high production volumes, AFC may be so low that it is a small proportion of average total cost. In Exhibit 13, AFC declines from 100 at 1 unit, t








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At high production volumes, AFC may be so low that it is a small proportion of average total cost.

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>Dividing total fixed cost by quantity yields average fixed cost (AFC), which decreases throughout the production span. A declining average fixed cost reflects spreading a constant cost over more and more production units. At high production volumes, AFC may be so low that it is a small proportion of average total cost. In Exhibit 13, AFC declines from 100 at 1 unit, to 20 at 5 units, and then to 10 at an output level of 10 units. <html>




Article 1450658893068


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Average variable cost (AVC) is derived by dividing total variable cost by quantity. For example, average variable cost at 5 units is (300 ÷ 5) or 60. Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 units ATC is 125 [calculated as (1,000 ÷ 8) or (AFC + AVC = 12.5 + 112.5)]. Average total cost is



Average variable cost
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units.

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Average variable cost (AVC) is derived by dividing total variable cost by quantity. For example, average variable cost at 5 units is (300 ÷ 5) or 60. Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 un




Flashcard 1450662300940

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#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Over an initial range of production, average variable cost declines and then reaches [...].
Answer
a minimum point


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Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher vo

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Average variable cost (AVC) is derived by dividing total variable cost by quantity. For example, average variable cost at 5 units is (300 ÷ 5) or 60. Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 un







Flashcard 1450665708812

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#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Over an initial range of production, average variable costs, after reaching a minimum point, increases as the firm utilizes more of its [...].
Answer
production capacity


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Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average varia

Original toplevel document

Open it
Average variable cost (AVC) is derived by dividing total variable cost by quantity. For example, average variable cost at 5 units is (300 ÷ 5) or 60. Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 un







#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
the minimum point on the AVC does not correspond to the least-cost quantity for average total cost.

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ilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, <span>the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units.<span><body><html>

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Open it
Average variable cost (AVC) is derived by dividing total variable cost by quantity. For example, average variable cost at 5 units is (300 ÷ 5) or 60. Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 un




Flashcard 1450669116684

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#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
the minimum point on the AVC does not correspond to the [...] for [...]
Answer
least-cost quantity

average total cost.


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the minimum point on the AVC does not correspond to the least-cost quantity for average total cost.

Original toplevel document

Open it
Average variable cost (AVC) is derived by dividing total variable cost by quantity. For example, average variable cost at 5 units is (300 ÷ 5) or 60. Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 un







#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
The turn to higher cost in AVC results primarily from production constraints imposed by the fixed assets at higher volume levels.

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Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost

Original toplevel document

Open it
Average variable cost (AVC) is derived by dividing total variable cost by quantity. For example, average variable cost at 5 units is (300 ÷ 5) or 60. Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 un




Flashcard 1450673310988

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#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
The turn to higher cost in AVC results primarily from [...] imposed by [...] at higher volume levels.
Answer
production constraints

the fixed assets


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The turn to higher cost in AVC results primarily from production constraints imposed by the fixed assets at higher volume levels.

Original toplevel document

Open it
Average variable cost (AVC) is derived by dividing total variable cost by quantity. For example, average variable cost at 5 units is (300 ÷ 5) or 60. Over an initial range of production, average variable cost declines and then reaches a minimum point. Thereafter, cost increases as the firm utilizes more of its production capacity. This higher cost results primarily from production constraints imposed by the fixed assets at higher volume levels. The minimum point on the AVC coincides with the lowest average variable cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 un







Average total cost
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q3 in Exhibit 17) may not correspond to the ATC-minimum point. The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit. Any other production level results in a higher ATC.

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cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. <span>Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 units ATC is 125 [calculated as (1,000 ÷ 8) or (AFC + AVC = 12.5 + 112.5)]. Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not correspond to the ATC-minimum point. The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit. In Exhibit 13, the least-cost point of production is 3 units; ATC is 75, derived as [(225 ÷ 3) or (33.3 + 41.7)]. Any other production level results in a higher ATC. Marginal cost (MC) is the change in total cost divided by the change in quantity. Marginal cost also can be calculated by taking the change in total variable cost and divi




Flashcard 1450677767436

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Average total cost is often referenced as [...] and is frequently called [...].
Answer
per-unit cost

average cost


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Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would

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cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. <span>Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 units ATC is 125 [calculated as (1,000 ÷ 8) or (AFC + AVC = 12.5 + 112.5)]. Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not correspond to the ATC-minimum point. The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit. In Exhibit 13, the least-cost point of production is 3 units; ATC is 75, derived as [(225 ÷ 3) or (33.3 + 41.7)]. Any other production level results in a higher ATC. Marginal cost (MC) is the change in total cost divided by the change in quantity. Marginal cost also can be calculated by taking the change in total variable cost and divi







#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
The minimum point on the average total cost curve defines the output level that has the least cost. However, the quantity that maximizes profit may not correspond to the ATC-minimum point.

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Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not

Original toplevel document

Open it
cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. <span>Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 units ATC is 125 [calculated as (1,000 ÷ 8) or (AFC + AVC = 12.5 + 112.5)]. Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not correspond to the ATC-minimum point. The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit. In Exhibit 13, the least-cost point of production is 3 units; ATC is 75, derived as [(225 ÷ 3) or (33.3 + 41.7)]. Any other production level results in a higher ATC. Marginal cost (MC) is the change in total cost divided by the change in quantity. Marginal cost also can be calculated by taking the change in total variable cost and divi




Flashcard 1450681175308

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#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
The minimum point on the average total cost curve defines the output level that has [...]
Answer
the least cost.


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The minimum point on the average total cost curve defines the output level that has the least cost.

Original toplevel document

Open it
cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. <span>Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 units ATC is 125 [calculated as (1,000 ÷ 8) or (AFC + AVC = 12.5 + 112.5)]. Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not correspond to the ATC-minimum point. The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit. In Exhibit 13, the least-cost point of production is 3 units; ATC is 75, derived as [(225 ÷ 3) or (33.3 + 41.7)]. Any other production level results in a higher ATC. Marginal cost (MC) is the change in total cost divided by the change in quantity. Marginal cost also can be calculated by taking the change in total variable cost and divi







#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve.

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Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not correspond to the ATC-minimum point. The minimum point on the ATC curve is consistent with maximizing pr

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cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. <span>Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 units ATC is 125 [calculated as (1,000 ÷ 8) or (AFC + AVC = 12.5 + 112.5)]. Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not correspond to the ATC-minimum point. The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit. In Exhibit 13, the least-cost point of production is 3 units; ATC is 75, derived as [(225 ÷ 3) or (33.3 + 41.7)]. Any other production level results in a higher ATC. Marginal cost (MC) is the change in total cost divided by the change in quantity. Marginal cost also can be calculated by taking the change in total variable cost and divi




Flashcard 1450686418188

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
The minimum point on the average total cost curve defines the output level that has the least cost. However, the [...] may not correspond to the ATC-minimum point.
Answer
quantity that maximizes profit


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The minimum point on the average total cost curve defines the output level that has the least cost. However, the quantity that maximizes profit may not correspond to the ATC-minimum point.

Original toplevel document

Open it
cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. <span>Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 units ATC is 125 [calculated as (1,000 ÷ 8) or (AFC + AVC = 12.5 + 112.5)]. Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not correspond to the ATC-minimum point. The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit. In Exhibit 13, the least-cost point of production is 3 units; ATC is 75, derived as [(225 ÷ 3) or (33.3 + 41.7)]. Any other production level results in a higher ATC. Marginal cost (MC) is the change in total cost divided by the change in quantity. Marginal cost also can be calculated by taking the change in total variable cost and divi







#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit.

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has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not correspond to the ATC-minimum point. <span>The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit. Any other production level results in a higher ATC.<span><body><html>

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cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. <span>Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 units ATC is 125 [calculated as (1,000 ÷ 8) or (AFC + AVC = 12.5 + 112.5)]. Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not correspond to the ATC-minimum point. The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit. In Exhibit 13, the least-cost point of production is 3 units; ATC is 75, derived as [(225 ÷ 3) or (33.3 + 41.7)]. Any other production level results in a higher ATC. Marginal cost (MC) is the change in total cost divided by the change in quantity. Marginal cost also can be calculated by taking the change in total variable cost and divi




Flashcard 1450689301772

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
The minimum point on the ATC curve is consistent with [...] but it is not necessarily consistent with maximizing total profit.
Answer
maximizing profit per-unit,


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The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit.

Original toplevel document

Open it
cost. However, the minimum point on the AVC does not correspond to the least-cost quantity for average total cost. In Exhibit 13, average variable cost is minimized at 2 units, whereas average total cost is the lowest at 3 units. <span>Average total cost (ATC) is calculated by dividing total costs by quantity or by summing average fixed cost and average variable cost. For instance, in Exhibit 13, at 8 units ATC is 125 [calculated as (1,000 ÷ 8) or (AFC + AVC = 12.5 + 112.5)]. Average total cost is often referenced as per-unit cost and is frequently called average cost. The minimum point on the average total cost curve defines the output level that has the least cost. The cost-minimizing behavior of the firm would dictate operating at the minimum point on its ATC curve. However, the quantity that maximizes profit (such as Q 3 in Exhibit 17) may not correspond to the ATC-minimum point. The minimum point on the ATC curve is consistent with maximizing profit per-unit, but it is not necessarily consistent with maximizing total profit. In Exhibit 13, the least-cost point of production is 3 units; ATC is 75, derived as [(225 ÷ 3) or (33.3 + 41.7)]. Any other production level results in a higher ATC. Marginal cost (MC) is the change in total cost divided by the change in quantity. Marginal cost also can be calculated by taking the change in total variable cost and divi







Marginal cost (MC)
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Marginal cost follows a J-shaped pattern whereby cost initially declines but turns higher at some point in reflection of rising costs at higher production volumes.

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it is not necessarily consistent with maximizing total profit. In Exhibit 13, the least-cost point of production is 3 units; ATC is 75, derived as [(225 ÷ 3) or (33.3 + 41.7)]. Any other production level results in a higher ATC. <span>Marginal cost (MC) is the change in total cost divided by the change in quantity. Marginal cost also can be calculated by taking the change in total variable cost and dividing by the change in quantity. It represents the cost of producing an additional unit. For example, at 9 units marginal cost is 300, calculated as [(1,300 – 1,000) ÷ (9 – 8)]. Marginal cost follows a J-shaped pattern whereby cost initially declines but turns higher at some point in reflection of rising costs at higher production volumes. In Exhibit 13, MC is the lowest at 2 units of output with a value of 25, derived as [(175 – 150) ÷ (2 – 1)]. <span><body><html>




Flashcard 1450693496076

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#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Marginal cost follows a [...] pattern.
Answer
J-shaped


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Marginal cost follows a J-shaped pattern whereby cost initially declines but turns higher at some point in reflection of rising costs at higher production volumes.

Original toplevel document

Open it
it is not necessarily consistent with maximizing total profit. In Exhibit 13, the least-cost point of production is 3 units; ATC is 75, derived as [(225 ÷ 3) or (33.3 + 41.7)]. Any other production level results in a higher ATC. <span>Marginal cost (MC) is the change in total cost divided by the change in quantity. Marginal cost also can be calculated by taking the change in total variable cost and dividing by the change in quantity. It represents the cost of producing an additional unit. For example, at 9 units marginal cost is 300, calculated as [(1,300 – 1,000) ÷ (9 – 8)]. Marginal cost follows a J-shaped pattern whereby cost initially declines but turns higher at some point in reflection of rising costs at higher production volumes. In Exhibit 13, MC is the lowest at 2 units of output with a value of 25, derived as [(175 – 150) ÷ (2 – 1)]. <span><body><html>








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Exhibit 17 displays the firm’s supply curve, shutdown point, and breakeven level of operation under perfect competition in the short run. The firm’s short-run supply curve is the bold section of the marginal cost curve that lies above the minimum point (point A) on the average variable cost curve. If the firm operates below this point (for example between C and A), it shuts down because of its inability to cover variable costs in full. Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs. In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, generates an economic profit.

A firm’s shutdown point occurs when average revenue is less than average variable cost (any output below Qshutdown), which corresponds to point A in Exhibit 17. Shutdown is defined as a situation in which the firm stops production but still confronts the payment of fixed costs in the short run as a business entity. In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost obligations. If variable costs cannot be covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q1, which corresponds to point C where price is less than average variable cost. However, in the long run, to remain in business, the price must cover all costs. Therefore, in the long run, at any price below the breakeven point, the firm will exit the market, i.e., the firm will no longer participate in the market. Point D, which corresponds to output Q3, is a position where economic profit occurs because price is greater than ATC.

In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost. It is also defined as the quantity where total revenue equals total costs. Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period of time. When businesses are first established, there is an initial period where losses occur at low quantity levels. In Exhibit 17, the breakeven quantity occurs at output QBE, which corresponds to point B where price is tangent to the minimum point on the ATC. (Keep in mind that normal profit as an implicit cost is included in ATC as a fixed cost.)

Exhibit 18 shows the breakeven point under perfect competition using the total revenue–total cost app

...

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#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
The firm’s short-run supply curve is the bold section of the marginal cost curve that lies above the minimum point (point A) on the average variable cost curve. If the firm operates below this point (for example between C and A), it shuts down because of its inability to cover variable costs in full.

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Exhibit 17 displays the firm’s supply curve, shutdown point, and breakeven level of operation under perfect competition in the short run. The firm’s short-run supply curve is the bold section of the marginal cost curve that lies above the minimum point (point A) on the average variable cost curve. If the firm operates below this point (for example between C and A), it shuts down because of its inability to cover variable costs in full. Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs. In the long run, how




Flashcard 1450701360396



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
The firm’s [...] is the bold section of the marginal cost curve that lies above the minimum point (point A) on the average variable cost curve.
Answer
short-run supply curve


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The firm’s short-run supply curve is the bold section of the marginal cost curve that lies above the minimum point (point A) on the average variable cost curve. If the firm operates below this point (for example between

Original toplevel document

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Exhibit 17 displays the firm’s supply curve, shutdown point, and breakeven level of operation under perfect competition in the short run. The firm’s short-run supply curve is the bold section of the marginal cost curve that lies above the minimum point (point A) on the average variable cost curve. If the firm operates below this point (for example between C and A), it shuts down because of its inability to cover variable costs in full. Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs. In the long run, how







Flashcard 1450703719692



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
If the firm operates below the short-run supply curve point (for example between C and A), it [...] because of its [...].
Answer
shuts down

inability to cover variable costs in full.


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pan>The firm’s short-run supply curve is the bold section of the marginal cost curve that lies above the minimum point (point A) on the average variable cost curve. If the firm operates below this point (for example between C and A), it shuts down because of its inability to cover variable costs in full.<span><body><html>

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Exhibit 17 displays the firm’s supply curve, shutdown point, and breakeven level of operation under perfect competition in the short run. The firm’s short-run supply curve is the bold section of the marginal cost curve that lies above the minimum point (point A) on the average variable cost curve. If the firm operates below this point (for example between C and A), it shuts down because of its inability to cover variable costs in full. Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs. In the long run, how








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs.

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e marginal cost curve that lies above the minimum point (point A) on the average variable cost curve. If the firm operates below this point (for example between C and A), it shuts down because of its inability to cover variable costs in full. <span>Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs. In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, gener




Flashcard 1450707127564



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Between points A and B, the firm can operate in the short run because it is [...] even though it is [...] .
Answer
meeting variable cost payments

unable to cover all of its fixed costs


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Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs.

Original toplevel document

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e marginal cost curve that lies above the minimum point (point A) on the average variable cost curve. If the firm operates below this point (for example between C and A), it shuts down because of its inability to cover variable costs in full. <span>Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs. In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, gener








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, generates an economic profit.

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d A), it shuts down because of its inability to cover variable costs in full. Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs. <span>In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, generates an economic profit. A firm’s shutdown point occurs when average revenue is less than average variable cost (any output below Q shutdown ), which corresponds to point A in Exhibit 17. Shutdow




Flashcard 1450710535436



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
In the long run, however, the firm is not able to survive if [...] are not completely covered.
Answer
fixed costs


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In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, generates an economic profit.

Original toplevel document

Open it
d A), it shuts down because of its inability to cover variable costs in full. Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs. <span>In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, generates an economic profit. A firm’s shutdown point occurs when average revenue is less than average variable cost (any output below Q shutdown ), which corresponds to point A in Exhibit 17. Shutdow







Flashcard 1450712894732



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Any operating point above point B (the minimum point on ATC), such as point D, generates [...]
Answer
an economic profit.


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In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, generates an economic profit.

Original toplevel document

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d A), it shuts down because of its inability to cover variable costs in full. Between points A and B, the firm can operate in the short run because it is meeting variable cost payments even though it is unable to cover all of its fixed costs. <span>In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, generates an economic profit. A firm’s shutdown point occurs when average revenue is less than average variable cost (any output below Q shutdown ), which corresponds to point A in Exhibit 17. Shutdow








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
A firm’s shutdown point occurs when average revenue is less than average variable cost (any output below Qshutdown), which corresponds to point A.

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of its fixed costs. In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, generates an economic profit. <span>A firm’s shutdown point occurs when average revenue is less than average variable cost (any output below Q shutdown ), which corresponds to point A in Exhibit 17. Shutdown is defined as a situation in which the firm stops production but still confronts the payment of fixed costs in the short run as a business entity. In the short run, a business




Flashcard 1450717351180



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
A firm’s shutdown point occurs when [...] is less than [...] which corresponds to point [...]
Answer
average revenue

average variable cost (any output below Qshutdown)

A.


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A firm’s shutdown point occurs when average revenue is less than average variable cost (any output below Q shutdown ), which corresponds to point A.

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of its fixed costs. In the long run, however, the firm is not able to survive if fixed costs are not completely covered. Any operating point above point B (the minimum point on ATC), such as point D, generates an economic profit. <span>A firm’s shutdown point occurs when average revenue is less than average variable cost (any output below Q shutdown ), which corresponds to point A in Exhibit 17. Shutdown is defined as a situation in which the firm stops production but still confronts the payment of fixed costs in the short run as a business entity. In the short run, a business








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Shutdown is defined as a situation in which the firm stops production but still confronts the payment of fixed costs in the short run as a business entity.

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um point on ATC), such as point D, generates an economic profit. A firm’s shutdown point occurs when average revenue is less than average variable cost (any output below Q shutdown ), which corresponds to point A in Exhibit 17. <span>Shutdown is defined as a situation in which the firm stops production but still confronts the payment of fixed costs in the short run as a business entity. In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost




Flashcard 1450720759052



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
[...] is defined as a situation in which the firm stops production but still confronts the payment of fixed costs in the short run as a business entity.
Answer
Shutdown


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Shutdown is defined as a situation in which the firm stops production but still confronts the payment of fixed costs in the short run as a business entity.

Original toplevel document

Open it
um point on ATC), such as point D, generates an economic profit. A firm’s shutdown point occurs when average revenue is less than average variable cost (any output below Q shutdown ), which corresponds to point A in Exhibit 17. <span>Shutdown is defined as a situation in which the firm stops production but still confronts the payment of fixed costs in the short run as a business entity. In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost obligations.

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iable cost (any output below Q shutdown ), which corresponds to point A in Exhibit 17. Shutdown is defined as a situation in which the firm stops production but still confronts the payment of fixed costs in the short run as a business entity. <span>In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost obligations. If variable costs cannot be covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q 1 ,




Flashcard 1450723380492



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
In the short run, a business is capable of operating in a loss situation as long as it covers its [...] even though it is not earning sufficient revenue to cover all [...] .
Answer
variable costs

fixed cost obligations


statusnot learnedmeasured difficulty37% [default]last interval [days]               
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In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost obligations.

Original toplevel document

Open it
iable cost (any output below Q shutdown ), which corresponds to point A in Exhibit 17. Shutdown is defined as a situation in which the firm stops production but still confronts the payment of fixed costs in the short run as a business entity. <span>In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost obligations. If variable costs cannot be covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q 1 ,








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
If variable costs cannot be covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs.

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osts in the short run as a business entity. In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost obligations. <span>If variable costs cannot be covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q 1 , which corresponds to point C where price is less than average variable cost. However, in the long run, to remain in business, the price must cover al




Flashcard 1450726788364



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
If variable costs cannot be covered in the short run [...], the firm will shut down operations and simply absorb the unavoidable fixed costs.
Answer
(P < AVC)


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If variable costs cannot be covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs.

Original toplevel document

Open it
osts in the short run as a business entity. In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost obligations. <span>If variable costs cannot be covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q 1 , which corresponds to point C where price is less than average variable cost. However, in the long run, to remain in business, the price must cover al








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
If P < AVC, the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q1, which corresponds to point C where price is less than average variable cost.

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osts in the short run as a business entity. In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost obligations. <span>If variable costs cannot be covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q 1 , which corresponds to point C where price is less than average variable cost. However, in the long run, to remain in business, the price must cover all costs. Therefore, in the long run, at any price below the breakeven point, the firm will exit the market, i.e.,




Flashcard 1450730196236



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
If P < AVC, the firm will [...]
Answer
shut down operations


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If P < AVC, the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q 1 , which corresponds to point C where price is less than average variable cost.

Original toplevel document

Open it
osts in the short run as a business entity. In the short run, a business is capable of operating in a loss situation as long as it covers its variable costs even though it is not earning sufficient revenue to cover all fixed cost obligations. <span>If variable costs cannot be covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q 1 , which corresponds to point C where price is less than average variable cost. However, in the long run, to remain in business, the price must cover all costs. Therefore, in the long run, at any price below the breakeven point, the firm will exit the market, i.e.,








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
in the long run, to remain in business, the price must cover all costs.

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covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q 1 , which corresponds to point C where price is less than average variable cost. However, <span>in the long run, to remain in business, the price must cover all costs. Therefore, in the long run, at any price below the breakeven point, the firm will exit the market, i.e., the firm will no longer participate in the market. Point D, which corresponds to





#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
in the long run, at any price below the breakeven point, the firm will exit the market, i.e., the firm will no longer participate in the market.

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y absorb the unavoidable fixed costs. This problem occurs at output Q 1 , which corresponds to point C where price is less than average variable cost. However, in the long run, to remain in business, the price must cover all costs. Therefore, <span>in the long run, at any price below the breakeven point, the firm will exit the market, i.e., the firm will no longer participate in the market. Point D, which corresponds to output Q 3 , is a position where economic profit occurs because price is greater than ATC. In the case of perfect competition, th





#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Point D, which corresponds to output Q3, is a position where economic profit occurs because price is greater than ATC.

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cost. However, in the long run, to remain in business, the price must cover all costs. Therefore, in the long run, at any price below the breakeven point, the firm will exit the market, i.e., the firm will no longer participate in the market. <span>Point D, which corresponds to output Q 3 , is a position where economic profit occurs because price is greater than ATC. In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost. It is al




Flashcard 1450737274124



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#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Economic profit occurs when [...]
Answer
price is greater than ATC.

Remember RRR is taken as a fixed cost.


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Point D, which corresponds to output Q 3 , is a position where economic profit occurs because price is greater than ATC.

Original toplevel document

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cost. However, in the long run, to remain in business, the price must cover all costs. Therefore, in the long run, at any price below the breakeven point, the firm will exit the market, i.e., the firm will no longer participate in the market. <span>Point D, which corresponds to output Q 3 , is a position where economic profit occurs because price is greater than ATC. In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost. It is al







Flashcard 1450739633420



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
in the long run, at any price below the breakeven point, the firm will [...].
Answer
exit the market

i.e., the firm will no longer participate in the market.


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in the long run, at any price below the breakeven point, the firm will exit the market, i.e., the firm will no longer participate in the market.

Original toplevel document

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y absorb the unavoidable fixed costs. This problem occurs at output Q 1 , which corresponds to point C where price is less than average variable cost. However, in the long run, to remain in business, the price must cover all costs. Therefore, <span>in the long run, at any price below the breakeven point, the firm will exit the market, i.e., the firm will no longer participate in the market. Point D, which corresponds to output Q 3 , is a position where economic profit occurs because price is greater than ATC. In the case of perfect competition, th







Flashcard 1450741992716



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
in the long run, to remain in business, the price must [...].
Answer
cover all costs


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in the long run, to remain in business, the price must cover all costs.

Original toplevel document

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covered in the short run (P < AVC), the firm will shut down operations and simply absorb the unavoidable fixed costs. This problem occurs at output Q 1 , which corresponds to point C where price is less than average variable cost. However, <span>in the long run, to remain in business, the price must cover all costs. Therefore, in the long run, at any price below the breakeven point, the firm will exit the market, i.e., the firm will no longer participate in the market. Point D, which corresponds to








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost.

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point, the firm will exit the market, i.e., the firm will no longer participate in the market. Point D, which corresponds to output Q 3 , is a position where economic profit occurs because price is greater than ATC. <span>In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost. It is also defined as the quantity where total revenue equals total costs. Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period o




Flashcard 1450744614156



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
In the case of perfect competition, the [...] is the quantity where price, average revenue, and marginal revenue equal average total cost.


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In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost.

Original toplevel document

Open it
point, the firm will exit the market, i.e., the firm will no longer participate in the market. Point D, which corresponds to output Q 3 , is a position where economic profit occurs because price is greater than ATC. <span>In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost. It is also defined as the quantity where total revenue equals total costs. Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period o








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
In thecase of perfect competition, breakeven point is also defined as the quantity where total revenue equals total costs. Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period of time.

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n where economic profit occurs because price is greater than ATC. In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost. <span>It is also defined as the quantity where total revenue equals total costs. Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period of time. When businesses are first established, there is an initial period where losses occur at low quantity levels. In Exhibit 17, the breakeven quantity occurs at output Q BE , which correspo




Flashcard 1450748022028



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Breakeven point is also defined as the quantity where [...] equals [...].
Answer
total revenue

total costs


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In thecase of perfect competition, breakeven point is also defined as the quantity where total revenue equals total costs. Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period of time.

Original toplevel document

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n where economic profit occurs because price is greater than ATC. In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost. <span>It is also defined as the quantity where total revenue equals total costs. Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period of time. When businesses are first established, there is an initial period where losses occur at low quantity levels. In Exhibit 17, the breakeven quantity occurs at output Q BE , which correspo







Flashcard 1450750381324



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Firms strive to reach initial [...] as soon as possible to avoid start-up losses for any extended period of time.
Answer
breakeven


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In thecase of perfect competition, breakeven point is also defined as the quantity where total revenue equals total costs. Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period of time.

Original toplevel document

Open it
n where economic profit occurs because price is greater than ATC. In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost. <span>It is also defined as the quantity where total revenue equals total costs. Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period of time. When businesses are first established, there is an initial period where losses occur at low quantity levels. In Exhibit 17, the breakeven quantity occurs at output Q BE , which correspo








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
In this example the breakeven quantity occurs at output QBE, which corresponds to point B where price is tangent to the minimum point on the ATC.

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Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period of time. When businesses are first established, there is an initial period where losses occur at low quantity levels. In Exhibit 17, <span>the breakeven quantity occurs at output Q BE , which corresponds to point B where price is tangent to the minimum point on the ATC. (Keep in mind that normal profit as an implicit cost is included in ATC as a fixed cost.) Exhibit 18 shows the breakeven point under perfect competition using the total rev




Flashcard 1450754575628



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
In this example the breakeven quantity occurs at point [...]
Answer
B

where price is tangent to the minimum point on the ATC.


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In this example the breakeven quantity occurs at output Q BE , which corresponds to point B where price is tangent to the minimum point on the ATC.

Original toplevel document

Open it
Firms strive to reach initial breakeven as soon as possible to avoid start-up losses for any extended period of time. When businesses are first established, there is an initial period where losses occur at low quantity levels. In Exhibit 17, <span>the breakeven quantity occurs at output Q BE , which corresponds to point B where price is tangent to the minimum point on the ATC. (Keep in mind that normal profit as an implicit cost is included in ATC as a fixed cost.) Exhibit 18 shows the breakeven point under perfect competition using the total rev








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
(Keep in mind that normal profit as an implicit cost is included in ATC as a fixed cost.)

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es are first established, there is an initial period where losses occur at low quantity levels. In Exhibit 17, the breakeven quantity occurs at output Q BE , which corresponds to point B where price is tangent to the minimum point on the ATC. <span>(Keep in mind that normal profit as an implicit cost is included in ATC as a fixed cost.) Exhibit 18 shows the breakeven point under perfect competition using the total revenue–total cost approach. Actually, there are two breakeven points—lower (point E) and upp




Flashcard 1450757983500



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
(Keep in mind that [...] as an implicit cost is included in ATC as a fixed cost.)
Answer
normal profit


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(Keep in mind that normal profit as an implicit cost is included in ATC as a fixed cost.)

Original toplevel document

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es are first established, there is an initial period where losses occur at low quantity levels. In Exhibit 17, the breakeven quantity occurs at output Q BE , which corresponds to point B where price is tangent to the minimum point on the ATC. <span>(Keep in mind that normal profit as an implicit cost is included in ATC as a fixed cost.) Exhibit 18 shows the breakeven point under perfect competition using the total revenue–total cost approach. Actually, there are two breakeven points—lower (point E) and upp








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Exhibit 18 shows the breakeven point under perfect competition using the total revenue–total cost approach. Actually, there are two breakeven points—lower (point E) and upper (point F). Below point E, the firm is losing money (economic losses), and beyond that point is the region of profitability (shaded area) that extends to the upper breakeven point. Within this profit area, a specific quantity (Qmax) maximizes profit as the largest difference between TR and TC. Point F is where the firm leaves the profit region and incurs economic losses again. This second region of economic losses develops when the firm’s production begins to reach the limits of physical capacity, resulting in diminished productivity and an acceleration of costs. Obviously, the firm would not produce beyond Qmax because it is the optimal production point that maximizes profit.

Breakeven points, profit regions, and economic loss ranges are influenced by demand and supply conditions, which change frequently according to the market behavior of consumers and firms. A high initial breakeven point is riskier than a low point because it takes a larger volume and, usually, a longer time to reach. However, at higher output levels it yields more return in compensation for this greater risk.

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#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
This shows the breakeven point under perfect competition using the total revenue–total cost approach.

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Exhibit 18 shows the breakeven point under perfect competition using the total revenue–total cost approach. Actually, there are two breakeven points—lower (point E) and upper (point F). Below point E, the firm is losing money (economic losses), and beyond that point is the region of profitabi




Flashcard 1450765585676



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
This shows the breakeven point under perfect competition using the [...] approach.
Answer
total revenue–total cost


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This shows the breakeven point under perfect competition using the total revenue–total cost approach.

Original toplevel document

Open it
Exhibit 18 shows the breakeven point under perfect competition using the total revenue–total cost approach. Actually, there are two breakeven points—lower (point E) and upper (point F). Below point E, the firm is losing money (economic losses), and beyond that point is the region of profitabi








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
there are two breakeven points—lower (point E) and upper (point F).

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Exhibit 18 shows the breakeven point under perfect competition using the total revenue–total cost approach. Actually, there are two breakeven points—lower (point E) and upper (point F). Below point E, the firm is losing money (economic losses), and beyond that point is the region of profitability (shaded area) that extends to the upper breakeven point. Within this prof




Flashcard 1450768207116



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
there are two breakeven points—[...] (point E) and [...] (point F).
Answer
lower

upper


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there are two breakeven points—lower (point E) and upper (point F).

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Exhibit 18 shows the breakeven point under perfect competition using the total revenue–total cost approach. Actually, there are two breakeven points—lower (point E) and upper (point F). Below point E, the firm is losing money (economic losses), and beyond that point is the region of profitability (shaded area) that extends to the upper breakeven point. Within this prof








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Below point E, the firm is losing money (economic losses), and beyond that point is the region of profitability (shaded area) that extends to the upper breakeven point.

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Exhibit 18 shows the breakeven point under perfect competition using the total revenue–total cost approach. Actually, there are two breakeven points—lower (point E) and upper (point F). Below point E, the firm is losing money (economic losses), and beyond that point is the region of profitability (shaded area) that extends to the upper breakeven point. Within this profit area, a specific quantity (Q max ) maximizes profit as the largest difference between TR and TC. Point F is where the firm leaves the profit region and incurs economi





#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Within this profit area, a specific quantity (Qmax) maximizes profit as the largest difference between TR and TC

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ally, there are two breakeven points—lower (point E) and upper (point F). Below point E, the firm is losing money (economic losses), and beyond that point is the region of profitability (shaded area) that extends to the upper breakeven point. <span>Within this profit area, a specific quantity (Q max ) maximizes profit as the largest difference between TR and TC. Point F is where the firm leaves the profit region and incurs economic losses again. This second region of economic losses develops when the firm’s production begins to reach the limit




Flashcard 1450772663564



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Within this profit area, a specific quantity (Qmax) [...] as the largest difference between TR and TC
Answer
maximizes profit


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Within this profit area, a specific quantity (Q max ) maximizes profit as the largest difference between TR and TC

Original toplevel document

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ally, there are two breakeven points—lower (point E) and upper (point F). Below point E, the firm is losing money (economic losses), and beyond that point is the region of profitability (shaded area) that extends to the upper breakeven point. <span>Within this profit area, a specific quantity (Q max ) maximizes profit as the largest difference between TR and TC. Point F is where the firm leaves the profit region and incurs economic losses again. This second region of economic losses develops when the firm’s production begins to reach the limit








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
The second region of economic losses (after point F) develops when the firm’s production begins to reach the limits of physical capacity, resulting in diminished productivity and an acceleration of costs.

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hat extends to the upper breakeven point. Within this profit area, a specific quantity (Q max ) maximizes profit as the largest difference between TR and TC. Point F is where the firm leaves the profit region and incurs economic losses again. <span>This second region of economic losses develops when the firm’s production begins to reach the limits of physical capacity, resulting in diminished productivity and an acceleration of costs. Obviously, the firm would not produce beyond Q max because it is the optimal production point that maximizes profit. Breakeven points, profit regions, and economic loss rang




Flashcard 1450776071436



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
The second region of economic losses (after point F) develops when the firm’s production begins to [...], resulting in diminished productivity and an acceleration of costs.
Answer
reach the limits of physical capacity


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The second region of economic losses (after point F) develops when the firm’s production begins to reach the limits of physical capacity, resulting in diminished productivity and an acceleration of costs.

Original toplevel document

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hat extends to the upper breakeven point. Within this profit area, a specific quantity (Q max ) maximizes profit as the largest difference between TR and TC. Point F is where the firm leaves the profit region and incurs economic losses again. <span>This second region of economic losses develops when the firm’s production begins to reach the limits of physical capacity, resulting in diminished productivity and an acceleration of costs. Obviously, the firm would not produce beyond Q max because it is the optimal production point that maximizes profit. Breakeven points, profit regions, and economic loss rang








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Obviously, the firm would not produce beyond Qmax because it is the optimal production point that maximizes profit.

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the profit region and incurs economic losses again. This second region of economic losses develops when the firm’s production begins to reach the limits of physical capacity, resulting in diminished productivity and an acceleration of costs. <span>Obviously, the firm would not produce beyond Q max because it is the optimal production point that maximizes profit. Breakeven points, profit regions, and economic loss ranges are influenced by demand and supply conditions, which change frequently according to the market behavior of consume




Flashcard 1450778692876



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Obviously, the firm would not produce beyond [...] because it is the optimal production point that maximizes profit.
Answer
Qmax


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Obviously, the firm would not produce beyond Q max because it is the optimal production point that maximizes profit.

Original toplevel document

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the profit region and incurs economic losses again. This second region of economic losses develops when the firm’s production begins to reach the limits of physical capacity, resulting in diminished productivity and an acceleration of costs. <span>Obviously, the firm would not produce beyond Q max because it is the optimal production point that maximizes profit. Breakeven points, profit regions, and economic loss ranges are influenced by demand and supply conditions, which change frequently according to the market behavior of consume








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Breakeven points, profit regions, and economic loss ranges are influenced by demand and supply conditions, which change frequently according to the market behavior of consumers and firms.

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gins to reach the limits of physical capacity, resulting in diminished productivity and an acceleration of costs. Obviously, the firm would not produce beyond Q max because it is the optimal production point that maximizes profit. <span>Breakeven points, profit regions, and economic loss ranges are influenced by demand and supply conditions, which change frequently according to the market behavior of consumers and firms. A high initial breakeven point is riskier than a low point because it takes a larger volume and, usually, a longer time to reach. However, at higher output levels it yields more return




Flashcard 1450781314316



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Breakeven points, profit regions, and economic loss ranges are influenced by [...] conditions.
Answer
demand and supply

which change frequently according to the market behavior of consumers and firms.


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Breakeven points, profit regions, and economic loss ranges are influenced by demand and supply conditions, which change frequently according to the market behavior of consumers and firms.

Original toplevel document

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gins to reach the limits of physical capacity, resulting in diminished productivity and an acceleration of costs. Obviously, the firm would not produce beyond Q max because it is the optimal production point that maximizes profit. <span>Breakeven points, profit regions, and economic loss ranges are influenced by demand and supply conditions, which change frequently according to the market behavior of consumers and firms. A high initial breakeven point is riskier than a low point because it takes a larger volume and, usually, a longer time to reach. However, at higher output levels it yields more return








#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
A high initial breakeven point is riskier than a low point because it takes a larger volume and, usually, a longer time to reach. However, at higher output levels it yields more return in compensation for this greater risk.

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mal production point that maximizes profit. Breakeven points, profit regions, and economic loss ranges are influenced by demand and supply conditions, which change frequently according to the market behavior of consumers and firms. <span>A high initial breakeven point is riskier than a low point because it takes a larger volume and, usually, a longer time to reach. However, at higher output levels it yields more return in compensation for this greater risk.<span><body><html>




Flashcard 1450784722188



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
A high initial [...] is riskier than a low point because it takes a larger volume and, usually, a longer time to reach.
Answer
breakeven point


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A high initial breakeven point is riskier than a low point because it takes a larger volume and, usually, a longer time to reach. However, at higher output levels it yields more return in compensation for this greate

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mal production point that maximizes profit. Breakeven points, profit regions, and economic loss ranges are influenced by demand and supply conditions, which change frequently according to the market behavior of consumers and firms. <span>A high initial breakeven point is riskier than a low point because it takes a larger volume and, usually, a longer time to reach. However, at higher output levels it yields more return in compensation for this greater risk.<span><body><html>







Flashcard 1450787081484



Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
A high initial breakeven point, at higher output levels yields [...] in compensation for [...] .
Answer
more return

this greater risk


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A high initial breakeven point is riskier than a low point because it takes a larger volume and, usually, a longer time to reach. However, at higher output levels it yields more return in compensation for this greater risk.

Original toplevel document

Open it
mal production point that maximizes profit. Breakeven points, profit regions, and economic loss ranges are influenced by demand and supply conditions, which change frequently according to the market behavior of consumers and firms. <span>A high initial breakeven point is riskier than a low point because it takes a larger volume and, usually, a longer time to reach. However, at higher output levels it yields more return in compensation for this greater risk.<span><body><html>







Flashcard 1450789440780

Tags
#shortcut
Question
How do you open a closed tab?
Answer
command + shift + T


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#reestructuracion-financiera
La planeación define el futuro y anticipa el impacto en la empresa de los cambios del entorno, para mitigarlos o aprovecharlos, sobre la base de las estrategias definidas.

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Flashcard 1450793110796

Tags
#reestructuracion-financiera
Question
La planeación consiste en [...] para tomar [...] las decisiones que permitan alcanzarlo de forma eficiente.
Answer
prever el futuro

en el presente


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La planeación consiste en prever el futuro para tomar en el presente las decisiones que permitan alcanzarlo de forma eficiente; define el futuro y anticipa el impacto en la empresa de los cambios del entorno, para mitigarlos

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#reestructuracion-financiera
La planeación identifica las distintas rutas a seguir y la forma de alcanzar los objetivos, a través de decisiones y acciones, cuya base de está fundamentada en la estrategia de negocios.

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Flashcard 1450799402252

Tags
#reestructuracion-financiera
Question
La planeación identifica las distintas rutas a seguir y la forma de alcanzar los objetivos, a través de decisiones y acciones, cuya base de está fundamentada en la [...].
Answer
estrategia de negocios


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La planeación identifica las distintas rutas a seguir y la forma de alcanzar los objetivos, a través de decisiones y acciones, cuya base de está fundamentada en la estrategia de negocios.

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#reestructuracion-financiera
La planeación enfoca a toda la organización en la estrategia y dirigie los esfuerzos hacia un fin conjunto, conocido y aceptado por todas las areas.

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Flashcard 1450802810124

Tags
#reestructuracion-financiera
Question
La planeación enfoca [...] en la estrategia y dirigie los esfuerzos hacia un fin conjunto, conocido y aceptado por todas las areas.
Answer
a toda la organización


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La planeación enfoca a toda la organización en la estrategia y dirigie los esfuerzos hacia un fin conjunto, conocido y aceptado por todas las areas.

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#reestructuracion-financiera
La planeación empresarial es la forma en que la empresa va a lograr los objetivos emanados de las estrategias de negocios previamente definidas.

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Flashcard 1450807004428

Tags
#reestructuracion-financiera
Question
La [...] es la forma en que la empresa va a lograr los objetivos emanados de las estrategias de negocios previamente definidas.
Answer
planeación empresarial


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La planeación empresarial es la forma en que la empresa va a lograr los objetivos emanados de las estrategias de negocios previamente definidas.

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Article 1450809101580

Estrategia de negocios y corporativa
#estrategias

Estrategia corporativa La estrategia corporativa conlleva tomar decisiones que se hacen con respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales como decidir el tamaño y la composición del portafolio de negocios. Estrategia de negocios La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adoptadas a nivel negocio tienen que ver con asuntos tales como la fijación de precios y la eficacia en la fabricación y la publicidad. La estrategia de negocios se basa principalmente en la obtención de una ventaja competitiva en el mercado .



Estrategia corporativa
#estrategias
La estrategia corporativa conlleva tomar decisiones que se hacen con respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales como decidir el tamaño y la composición del portafolio de negocios

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Estrategia de negocios y corporativa
Estrategia corporativa La estrategia corporativa conlleva tomar decisiones que se hacen con respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales como decidir el tamaño y la composición del portafolio de negocios. Estrategia de negocios La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adop




Flashcard 1450812247308

Tags
#estrategias
Question

La [...] conlleva tomar decisiones que se hacen con respecto a la dirección de la organización en su conjunto.

Answer
estrategia corporativa


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La estrategia corporativa conlleva tomar decisiones que se hacen con respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales

Original toplevel document

Estrategia de negocios y corporativa
Estrategia corporativa La estrategia corporativa conlleva tomar decisiones que se hacen con respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales como decidir el tamaño y la composición del portafolio de negocios. Estrategia de negocios La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adop







Flashcard 1450814606604

Tags
#estrategias
Question

La [...] se refiere a los asuntos que afectan a la empresa en general, tales como decidir el tamaño y la composición del portafolio de negocios

Answer
estrategia corporativa


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La estrategia corporativa conlleva tomar decisiones que se hacen con respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales

Original toplevel document

Estrategia de negocios y corporativa
Estrategia corporativa La estrategia corporativa conlleva tomar decisiones que se hacen con respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales como decidir el tamaño y la composición del portafolio de negocios. Estrategia de negocios La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adop







Estrategia de negocios
#estrategias
La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adoptadas a nivel negocio tienen que ver con asuntos tales como la fijación de precios y la eficacia en la fabricación y la publicidad. La estrategia de negocios se basa principalmente en la obtención de una ventaja competitiva en el mercado .

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Estrategia de negocios y corporativa
respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales como decidir el tamaño y la composición del portafolio de negocios. <span>Estrategia de negocios La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adoptadas a nivel negocio tienen que ver con asuntos tales como la fijación de precios y la eficacia en la fabricación y la publicidad. La estrategia de negocios se basa principalmente en la obtención de una ventaja competitiva en el mercado . <span><body><html>




Flashcard 1450818800908

Tags
#estrategias
Question

La estrategia [...] es la forma en que un negocio compite en un sector particular.

Answer
de negocios


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La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adoptadas a nivel negocio tienen que ver con asuntos tales como la fijación de precios y la ef

Original toplevel document

Estrategia de negocios y corporativa
respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales como decidir el tamaño y la composición del portafolio de negocios. <span>Estrategia de negocios La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adoptadas a nivel negocio tienen que ver con asuntos tales como la fijación de precios y la eficacia en la fabricación y la publicidad. La estrategia de negocios se basa principalmente en la obtención de una ventaja competitiva en el mercado . <span><body><html>







Flashcard 1450821160204

Tags
#estrategias
Question

Las decisiones [...] tienen que ver con asuntos tales como la fijación de precios y la eficacia en la fabricación y la publicidad.

Answer
estratégicas adoptadas a nivel negocio


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La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adoptadas a nivel negocio tienen que ver con asuntos tales como la fijación de precios y la eficacia en la fabricación y la publicidad. La estrategia de negocios se basa principalmente en la obtención de una ven

Original toplevel document

Estrategia de negocios y corporativa
respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales como decidir el tamaño y la composición del portafolio de negocios. <span>Estrategia de negocios La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adoptadas a nivel negocio tienen que ver con asuntos tales como la fijación de precios y la eficacia en la fabricación y la publicidad. La estrategia de negocios se basa principalmente en la obtención de una ventaja competitiva en el mercado . <span><body><html>







Flashcard 1450823519500

Tags
#estrategias
Question

La [...] se basa principalmente en la obtención de una ventaja competitiva en el mercado .

Answer
estrategia de negocios


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de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adoptadas a nivel negocio tienen que ver con asuntos tales como la fijación de precios y la eficacia en la fabricación y la publicidad. La <span>estrategia de negocios se basa principalmente en la obtención de una ventaja competitiva en el mercado . <span><body><html>

Original toplevel document

Estrategia de negocios y corporativa
respecto a la dirección de la organización en su conjunto. Esta estrategia se refiere a los asuntos que afectan a la empresa en general, tales como decidir el tamaño y la composición del portafolio de negocios. <span>Estrategia de negocios La estrategia de negocios es la forma en que un negocio compite en un sector particular. Las decisiones estratégicas adoptadas a nivel negocio tienen que ver con asuntos tales como la fijación de precios y la eficacia en la fabricación y la publicidad. La estrategia de negocios se basa principalmente en la obtención de una ventaja competitiva en el mercado . <span><body><html>







La Administración Financiera de la empresa.
#reestructuracion-financiera

El administrador o gerente financiero debe planear la consecución y uso de los fondos de la empresa, así como maximizar su aplicación y, por ende, el valor terminal de la firma; es decir, el ejecutivo financiero toma decisiones sobre las fuentes disponibles de recursos y sus distintas aplicaciones.

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#reestructuracion-financiera
Dentro de las actividades básicas de la administración financiera sobresalen las siguientes relacionadas con la tesorería corporativa:

1. Presupuestos y planeación.

2. Decisiones sobre inversiones y financiamiento.

3. Control de las actividades financieras.

4. Conocimiento de los mercados de dinero y capitales

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Flashcard 1450829548812

Tags
#reestructuracion-financiera
Question
Dentro de las actividades básicas de la administración financiera sobresalen las siguientes relacionadas con la tesorería corporativa:

1. [...].

2. Decisiones sobre inversiones y financiamiento.

3. Control de las actividades financieras.

4. Conocimiento de los mercados de dinero y capitales
Answer
Presupuestos y planeación


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Dentro de las actividades básicas de la administración financiera sobresalen las siguientes relacionadas con la tesorería corporativa: 1. Presupuestos y planeación. 2. Decisiones sobre inversiones y financiamiento. 3. Control de las actividades financieras. 4. Conocimiento de los mercados de dinero y capitales</spa

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Las finanzas se relacionan con tres grandes áreas:

a) Mercados de dinero y capital (Mercados Financieros)

b) Inversiones.

c) Administración financiera.

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Flashcard 1450832956684

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Question
Las finanzas se relacionan con tres grandes áreas:

a) [...]

b) Inversiones.

c) Administración financiera.
Answer
Mercados de dinero y capital (Mercados Financieros)


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Las finanzas se relacionan con tres grandes áreas: a) Mercados de dinero y capital (Mercados Financieros) b) Inversiones. c) Administración financiera.

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Los Mercados Financieros permiten a los proveedores y a los solicitantes de préstamos e inversiones tanto de corto como de largo plazo, realizar transacciones directamente. En tanto que los préstamos e inversiones de los intermediarios se realizan sin el conocimiento directo de los proveedores de fondos (ahorradores), los intermediarios saben exactamente dónde se están prestando o invirtiendo tales fondos. Los dos mercados financieros más importantes son el Mercado Monetario y el Mercado de Capital.

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Flashcard 1450836364556

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Question
Los [...] permiten a los proveedores y a los solicitantes de préstamos e inversiones tanto de corto como de largo plazo, realizar transacciones directamente.
Answer
Mercados Financieros


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Los Mercados Financieros permiten a los proveedores y a los solicitantes de préstamos e inversiones tanto de corto como de largo plazo, realizar transacciones directamente. En tanto que los p

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Flashcard 1450841607436

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Question
Los dos mercados financieros más importantes son el [...] y el [...]
Answer
Mercado Monetario

Mercado de Capital.


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realizan sin el conocimiento directo de los proveedores de fondos (ahorradores), los intermediarios saben exactamente dónde se están prestando o invirtiendo tales fondos. Los dos mercados financieros más importantes son el <span>Mercado Monetario y el Mercado de Capital.<span><body><html>

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En términos generales, en el Mercado de Dinero se llevan a cabo las transacciones en instrumentos de deuda a corto plazo o valores comerciables; en éste se obtienen créditos a corto plazo y se invierten los excedentes de tesorería por medio de las mesas de inversión de rápida liquidez de las instituciones financieras.

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Flashcard 1450845015308

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Question
En el [...] se llevan a cabo las transacciones en instrumentos de deuda a corto plazo o valores comerciables.
Answer
Mercado de Dinero


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En términos generales, en el Mercado de Dinero se llevan a cabo las transacciones en instrumentos de deuda a corto plazo o valores comerciables; en éste se obtienen créditos a corto plazo y se invierten los e

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Flashcard 1450848161036

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Question
En el [...] se obtienen créditos a corto plazo y se invierten los excedentes de tesorería por medio de las mesas de inversión de rápida liquidez de las instituciones financieras.
Answer
Mercado de Dinero


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En términos generales, en el Mercado de Dinero se llevan a cabo las transacciones en instrumentos de deuda a corto plazo o valores comerciables; en éste se obtienen créditos a corto plazo y se invierten los e

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El mercado de dinero no es una organización real localizada en algún lugar aunque la mayoría de las transacciones culminan, por ejemplo, en la ciudad de Nueva YorK

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En los Mercados de Capital se comercializan los valores a largo plazo, como son los bonos y las acciones, es decir, las emisiones de deuda y de capital de las empresas y de los gobiernos. Proporcionan los fondos necesarios para adquirir activos fijos, siendo su parte medular las bolsas de valores.

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Flashcard 1450853928204

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Question
En los [...] se comercializan los valores a largo plazo, como son los bonos y las acciones, es decir, las emisiones de deuda y de capital de las empresas y de los gobiernos.
Answer
Mercados de Capital


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En los Mercados de Capital se comercializan los valores a largo plazo, como son los bonos y las acciones, es decir, las emisiones de deuda y de capital de las empresas y de los gobiernos. Proporcionan

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Flashcard 1450856287500

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Question
En los [...] se proporcionan los fondos necesarios para adquirir activos fijos, siendo su parte medular las bolsas de valores.
Answer
Mercados de Capital


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En los Mercados de Capital se comercializan los valores a largo plazo, como son los bonos y las acciones, es decir, las emisiones de deuda y de capital de las empresas y de los gobiernos. Proporcionan

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Las tesorerías de las empresas buscarán aplicar sus excedentes de tesorería, tanto en el corto como en el mediano plazo y en los cajones de inversión que mejor rendimiento les proporcionen. Asimismo, la aplicación de los recursos disponibles de la empresa en proyectos de inversión que consoliden y proyecten a la empresa a niveles superiores de operación.

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Flashcard 1450859695372

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Question
Las tesorerías de las empresas buscarán aplicar sus [...]
Answer
excedentes de tesorería.

Corto y mediano plazo y en los cajones de inversión que mejor rendimiento les den.


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Las tesorerías de las empresas buscarán aplicar sus excedentes de tesorería, tanto en el corto como en el mediano plazo y en los cajones de inversión que mejor rendimiento les proporcionen. Asimismo, la aplicación de los recursos disponibles de la emp

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#reestructuracion-financiera
Administración financiera se refiere al manejo eficiente y productivo de todos los activos de la empresa, optimizando su utilización.

Se entiende por optimizar, la reducción de costos (financieros, administrativos, de producción, etc.) y el incremento del rendimiento de la empresa, en todos los ámbitos de la misma.

Todo se concentra en el objetivo de la administración financiera: optimización de los recursos económicos de la empresa; su obtención al menor costo posible y su aplicación más productiva.

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Flashcard 1450863889676

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Question
[...] se refiere al manejo eficiente y productivo de todos los activos de la empresa, optimizando su utilización.

Answer
Administración financiera


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Administración financiera se refiere al manejo eficiente y productivo de todos los activos de la empresa, optimizando su utilización. Se entiende por optimizar, la reducción de costos (financieros, ad

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Flashcard 1450866248972

Tags
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Question
En Administración financiera se entiende por optimizar, la [...] y el incremento del rendimiento de la empresa, en todos los ámbitos de la misma.

Answer
reducción de costos

(financieros, administrativos, de producción, etc.)


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Administración financiera se refiere al manejo eficiente y productivo de todos los activos de la empresa, optimizando su utilización. Se entiende por optimizar, la reducción de costos (financieros, administrativos, de producción, etc.) y el incremento del rendimiento de la empresa, en todos los ámbitos de la misma. Todo se concentra en el objetivo de la ad

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REESTRUCTURACIÓN CORPORATIVA Se refiere a una reestructuración total de la empresa, enfocada a sus tres aspectos fundamentales a través de las cuales la empresa se manifiesta: la parte organizacional, la operativa y la financiera. Previa a la reestructuración organizacional, operativa y financiera, es aconsejable efectuar un análisis de la posible Redimensión de la empresa, así como de su Adelgazamiento organizacional.

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Flashcard 1450869656844

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Question
[...] Se refiere a una reestructuración total de la empresa, enfocada a sus tres aspectos fundamentales.
Answer
REESTRUCTURACIÓN CORPORATIVA


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REESTRUCTURACIÓN CORPORATIVA Se refiere a una reestructuración total de la empresa, enfocada a sus tres aspectos fundamentales a través de las cuales la empresa se manifiesta: la parte organizacion

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Flashcard 1450872016140

Tags
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Question
Una reestructuración corporativa se refiere a una reestructuración total de la empresa, enfocada a sus tres aspectos fundamentales a través de las cuales la empresa se manifiesta: [...], [...], [...].
Answer
la parte organizacional, la operativa y la financiera


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REESTRUCTURACIÓN CORPORATIVA Se refiere a una reestructuración total de la empresa, enfocada a sus tres aspectos fundamentales a través de las cuales la empresa se manifiesta: la parte organizacional, la operativa y la financiera. Previa a la reestructuración organizacional, operativa y financiera, es aconsejable efectuar un análisis de la posible Redimensión de la empresa, así como de su

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Previa a la reestructuración organizacional, operativa y financiera, es aconsejable efectuar un análisis de la posible Redimensión de la empresa, así como de su Adelgazamiento organizacional.

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TURACIÓN CORPORATIVA Se refiere a una reestructuración total de la empresa, enfocada a sus tres aspectos fundamentales a través de las cuales la empresa se manifiesta: la parte organizacional, la operativa y la financiera. <span>Previa a la reestructuración organizacional, operativa y financiera, es aconsejable efectuar un análisis de la posible Redimensión de la empresa, así como de su Adelgazamiento organizacional.<span><body><html>

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Flashcard 1450875424012

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Question
Previa a la reestructuración organizacional, operativa y financiera, es aconsejable efectuar un análisis de la posible [...], así como de su Adelgazamiento organizacional.
Answer
Redimensión de la empresa


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Previa a la reestructuración organizacional, operativa y financiera, es aconsejable efectuar un análisis de la posible Redimensión de la empresa, así como de su Adelgazamiento organizacional.

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Redimensionamiento de la empresa. Con el objetivo de dirigir la operación de la empresa conforme al tamaño adecuado que deba tener, así como para enfocarla hacia una actitud de servicio al cliente, se debe hacer un redimensionamiento de la organización, con el objetivo de que las funciones, puestos, inversiones, costos y gastos incurridos en la operación se minimicen, y como consecuencia optimizar los recursos involucrados en la empresa

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Flashcard 1450879618316

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Question
Para dirigir la operación de la empresa conforme al tamaño adecuado que deba tener y para enfocarla hacia una actitud de servicio al cliente, se debe hacer un [...] de la organización.
Answer
redimensionamiento


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y>Redimensionamiento de la empresa. Con el objetivo de dirigir la operación de la empresa conforme al tamaño adecuado que deba tener, así como para enfocarla hacia una actitud de servicio al cliente, se debe hacer un redimensionamiento de la organización, con el objetivo de que las funciones, puestos, inversiones, costos y gastos incurridos en la operación se minimicen, y como consecuencia optimi

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El redimensionamiento empresarial es la adecuación del tamaño organizacional al nivel de operación que se conserve conforme a la estrategia de negocios y planeación definidas, con el fin de alinear la operación con la estructura y no sobrecargar la operación con costos y gastos excesivos que impidan el logro de los objetivos institucionales.

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Flashcard 1450883026188

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Question
El [...] es la adecuación del tamaño organizacional al nivel de operación que se conserve conforme a la estrategia de negocios y planeación definidas.
Answer
redimensionamiento empresarial


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El redimensionamiento empresarial es la adecuación del tamaño organizacional al nivel de operación que se conserve conforme a la estrategia de negocios y planeación definidas, con el fin de alinear la op

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Flashcard 1450885385484

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Question
El [...] se hace para alinear la operación con la estructura y no sobrecargar la operación con costos y gastos excesivos que impidan el logro de los objetivos institucionales.
Answer
redimensionamiento empresarial


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El redimensionamiento empresarial es la adecuación del tamaño organizacional al nivel de operación que se conserve conforme a la estrategia de negocios y planeación definidas, con el fin de alinear la op

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Adelgazamiento empresarial.
#reestructuracion-financiera
Adelgazar una organización no sólo significa reducir su tamaño, despedir personal o vender sus activos ociosos. Adelgazarla va más allá de esos aspectos materiales, pues implica cambios profundos, trascendentales y difíciles en:

• Actitudes personales.

• Procesos operativos.

• Cultura organizacional.

• Formas de trabajo.

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Flashcard 1450898492684

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Question
Adelgazar una organización no sólo significa reducir su tamaño, despedir personal o vender sus activos ociosos. Adelgazarla va más allá de esos aspectos materiales, pues implica cambios profundos, trascendentales y difíciles en:

• Actitudes personales.


[...]
• Cultura organizacional.

• Formas de trabajo.
Answer
Procesos operativos.


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significa reducir su tamaño, despedir personal o vender sus activos ociosos. Adelgazarla va más allá de esos aspectos materiales, pues implica cambios profundos, trascendentales y difíciles en: • Actitudes personales. • <span>Procesos operativos. • Cultura organizacional. • Formas de trabajo.<span><body><html>

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Una empresa que adelgaza su tamaño se convierte en una organización eficiente y altamente productiva, pues es el resultado de operarla, desde el punto de vista productivo y administrativo, de forma eficaz y eficiente, al menor costo posible, lo que implica cero desperdicios (tanto de tiempo como de unidades producidas) y llevarla a generar elevados rendimientos o utilidades.

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Flashcard 1450901900556

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Question
Una empresa que [...] se convierte en una organización eficiente y altamente productiva.
Answer
adelgaza su tamaño

Es el resultado de operarla de forma eficiente, al menor costo posible y para generar utilidades.


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Una empresa que adelgaza su tamaño se convierte en una organización eficiente y altamente productiva, pues es el resultado de operarla, desde el punto de vista productivo y administrativo, de forma eficaz y eficiente, al

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REESTRUCTURACIÓN CORPORATIVA.
#reestructuracion-financiera
Conocer, manejar y controlar la función financiera significa tener la suficiente capacidad para iniciar la Reestructura Corporativa en sus tres grandes dimensiones:

1. Reestructuración Organizacional

2. Reestructuración Operativa

3. Reestructuración Financiera

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Flashcard 1450906881292

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Question
Conocer, manejar y controlar la [...] significa tener la suficiente capacidad para iniciar la Reestructura Corporativa en sus tres grandes dimensiones:

Answer
función financiera


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Conocer, manejar y controlar la función financiera significa tener la suficiente capacidad para iniciar la Reestructura Corporativa en sus tres grandes dimensiones: 1. Reestructuración Organizacional 2. Reestruc

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Flashcard 1450909240588

Tags
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Question
La Reestructura Corporativa tiene tres grandes dimensiones:

1. [...]

2. Reestructuración Operativa

3. Reestructuración Financiera
Answer
Reestructuración Organizacional


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Conocer, manejar y controlar la función financiera significa tener la suficiente capacidad para iniciar la Reestructura Corporativa en sus tres grandes dimensiones: 1. Reestructuración Organizacional 2. Reestructuración Operativa 3. Reestructuración Financiera

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1. Reestructuración Organizacional
#reestructuracion-financiera
La estructura organizacional debe estar enfocada a que el cliente sea el elemento más importante de la estructura y que el personal operativo, supervisor y directivo enfoque su quehacer diario al servicio del cliente. Está comprobado que mientras mayor es una estructura organizacional (pirámide alargada), el contacto de los altos niveles jerárquicos con los clientes y el mercado es cada vez menor y, por lo tanto, su involucramiento con la operación, las necesidades y problemas de los clientes y la sensibilidad del mercado se convierten casi en inexistentes.

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Flashcard 1450913434892

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Question
La [...] debe estar enfocada a que el cliente sea el elemento más importante de la estructura y que el personal operativo, supervisor y directivo enfoque su quehacer diario al servicio del cliente.
Answer
estructura organizacional


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La estructura organizacional debe estar enfocada a que el cliente sea el elemento más importante de la estructura y que el personal operativo, supervisor y directivo enfoque su quehacer diario al servicio del clien

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Flashcard 1450915794188

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Question
Está comprobado que mientras [...], el contacto de los altos niveles jerárquicos con los clientes y el mercado es cada vez menor
Answer
mayor es una estructura organizacional (pirámide alargada)

Por lo tanto su involucramiento con la operación y necesidades del cliente y la sensibilidad del mercado se convierten casi en inexistentes.


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structura organizacional debe estar enfocada a que el cliente sea el elemento más importante de la estructura y que el personal operativo, supervisor y directivo enfoque su quehacer diario al servicio del cliente. Está comprobado que mientras <span>mayor es una estructura organizacional (pirámide alargada), el contacto de los altos niveles jerárquicos con los clientes y el mercado es cada vez menor y, por lo tanto, su involucramiento con la operación, las necesidades y problemas de los cl

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2. Reestructuración Operativa
#reestructuracion-financiera
En épocas de crisis, cuando las fallas estructurales de las empresas aparecen inmisericordes, los empresarios y dirigentes de las organizaciones en conflicto tratan de resolver sus añejos problemas por medio de decisiones rápidas, solución de algunos problemas y contratación con terceros de nuevas medidas de apoyo o diferimiento de obligaciones.

Si los problemas estructurales que sufre la empresa se resolvieran con una simple reestructuración de los pasivos financieros, al ampliar los plazos o al convertir la deuda a UDI, por ejemplo, los problemas financieros empresariales estarían ya resueltos; sin embargo, la realidad es otra: las empresas han logrado reestructurar sus pasivos pero no han podido resolver sus problemas operativos, tales como la ausencia de utilidades, liquidez escasa, estructuras mal diseñadas o elevada palanca operativa.

La falta de preparación del empresario, la información macroeconómica "cruzada" por parte de las autoridades, las condiciones económicas globales y la dependencia del crecimiento económico del exterior, lo llevan a cometer errores diversos, como son:

• Ausencia de estrategias de negocios.
• Indefinición o diseño equivocado de escenarios.
• Estimación de escenarios incompletos o incongruentes.
• Minimización o no contemplación del riesgo cambiario.
• Evaluación errónea del riesgo financiero.
• "Macrocefalia" o estructura organizacional sumamente pesada.
• Inexistencia de procesos de planeación.
• Ineficiencia operativa.
• Falta de profesionalización directiva y operativa de la organización.

Es por eso que antes de intentar una reestructuración financiera, es necesario e indispensable realizar una reestructuración operativa: el problema financiero es resultado, en la gran mayoría de las situaciones, de un problema de estructura operativa.

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#reestructuracion-financiera
En épocas de crisis, cuando las fallas estructurales aparecen, los dirigentes de empresas en conflicto tratan de resolver sus viejos problemas con decisiones rápidas, solución de algunos problemas y contratación con terceros de nuevas medidas de apoyo o diferimiento de obligaciones.

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En épocas de crisis, cuando las fallas estructurales de las empresas aparecen inmisericordes, los empresarios y dirigentes de las organizaciones en conflicto tratan de resolver sus añejos problemas por medio de decisiones rápidas, solución de algunos problemas y contratación con terceros de nuevas medidas de apoyo o diferimiento de obligaciones. Si los problemas estructurales que sufre la empresa se resolvieran con una simple reestructuración de los pasivos financieros, al ampliar los plazos o al convertir la deuda a

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#reestructuracion-financiera
Si los problemas estructurales que sufre la empresa se resolvieran con una simple reestructuración de los pasivos financieros, al ampliar los plazos o al convertir la deuda a UDI, por ejemplo, los problemas financieros empresariales estarían ya resueltos; sin embargo, la realidad es otra: las empresas han logrado reestructurar sus pasivos pero no han podido resolver sus problemas operativos, tales como la ausencia de utilidades, liquidez escasa, estructuras mal diseñadas o elevada palanca operativa.

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gentes de las organizaciones en conflicto tratan de resolver sus añejos problemas por medio de decisiones rápidas, solución de algunos problemas y contratación con terceros de nuevas medidas de apoyo o diferimiento de obligaciones. <span>Si los problemas estructurales que sufre la empresa se resolvieran con una simple reestructuración de los pasivos financieros, al ampliar los plazos o al convertir la deuda a UDI, por ejemplo, los problemas financieros empresariales estarían ya resueltos; sin embargo, la realidad es otra: las empresas han logrado reestructurar sus pasivos pero no han podido resolver sus problemas operativos, tales como la ausencia de utilidades, liquidez escasa, estructuras mal diseñadas o elevada palanca operativa. La falta de preparación del empresario, la información macroeconómica "cruzada" por parte de las autoridades, las condiciones económicas globales y la dependencia d

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#reestructuracion-financiera
La falta de preparación del empresario, la información macroeconómica "cruzada" por parte de las autoridades, las condiciones económicas globales y la dependencia del crecimiento económico del exterior, lo llevan a cometer errores diversos, como son:

• Ausencia de estrategias de negocios.
• Indefinición o diseño equivocado de escenarios.
• Estimación de escenarios incompletos o incongruentes.
• Minimización o no contemplación del riesgo cambiario.
• Evaluación errónea del riesgo financiero.
• "Macrocefalia" o estructura organizacional sumamente pesada.
• Inexistencia de procesos de planeación.
• Ineficiencia operativa.
• Falta de profesionalización directiva y operativa de la organización.

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ealidad es otra: las empresas han logrado reestructurar sus pasivos pero no han podido resolver sus problemas operativos, tales como la ausencia de utilidades, liquidez escasa, estructuras mal diseñadas o elevada palanca operativa. <span>La falta de preparación del empresario, la información macroeconómica "cruzada" por parte de las autoridades, las condiciones económicas globales y la dependencia del crecimiento económico del exterior, lo llevan a cometer errores diversos, como son: • Ausencia de estrategias de negocios. • Indefinición o diseño equivocado de escenarios. • Estimación de escenarios incompletos o incongruentes. • Minimización o no contemplación del riesgo cambiario. • Evaluación errónea del riesgo financiero. • "Macrocefalia" o estructura organizacional sumamente pesada. • Inexistencia de procesos de planeación. • Ineficiencia operativa. • Falta de profesionalización directiva y operativa de la organización. Es por eso que antes de intentar una reestructuración financiera, es necesario e indispensable realizar una reestructuración operativa: el problema financiero es resultado, e

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#reestructuracion-financiera
Antes de hacer una reestructuración financiera, es necesario realizar una reestructuración operativa: el problema financiero es resultado, en la gran mayoría de las situaciones, de un problema de estructura operativa.

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13; • "Macrocefalia" o estructura organizacional sumamente pesada. • Inexistencia de procesos de planeación. • Ineficiencia operativa. • Falta de profesionalización directiva y operativa de la organización. <span>Es por eso que antes de intentar una reestructuración financiera, es necesario e indispensable realizar una reestructuración operativa: el problema financiero es resultado, en la gran mayoría de las situaciones, de un problema de estructura operativa.<span><body><html>

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Flashcard 1450928114956

Tags
#reestructuracion-financiera
Question
Antes de hacer una reestructuración financiera, es necesario realizar una [...]
Answer
reestructuración operativa

el problema financiero es resultado casi siempre de un problema de estructura operativa.


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Antes de hacer una reestructuración financiera, es necesario realizar una reestructuración operativa: el problema financiero es resultado, en la gran mayoría de las situaciones, de un problema de estructura operativa.

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3. Reestructuración Financiera
#reestructuracion-financiera
La Reestructuración Financiera es algo más complicada que la negociación con los acreedores sobre los nuevos plazos y tasas a considerar para los adeudos insolutos, o la solución a problemas de liquidez. Es necesario tomar en consideración las diferentes opciones de financiamiento, los plazos y los costos que le son relativos a cada opción, y todo ello en concordancia con la capacidad presente y futura de la empresa para solventar los nuevos compromisos contraídos.

El apoyo financiero que logran las empresas para el logro de sus fines sociales, es una palanca sumamente poderosa que eleva exponencialmente los recursos y fuerzas propios, creando una sinergia de elementos económicos que derivan en el mejoramiento de los recursos humanos y posibilidades de éxito corporativo. Sin la participación de esos elementos externos dentro de los recursos propios, las empresas estarían muy lejos de lograr el éxito y de cumplir los objetivos corporativos, razón por la que fueron creadas.

Una forma de incorporar esas fuerzas sinérgicas dentro del ente corporativo, es a través de la introducción de recursos económicos frescos y nuevos; es decir, se dota a la empresa de nuevo capital que impulse y multiplique las fuerzas internas propias disponibles. Al lograr lo anterior, se está creando lo que en mecánica se conoce con el nombre de palanca, y en finanzas con el nombre de palanca financiera.

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Flashcard 1450932309260

Tags
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Question
La [...] es algo más complicada que la negociación con los acreedores sobre los nuevos plazos y tasas a considerar para los adeudos insolutos, o la solución a problemas de liquidez.
Answer
Reestructuración Financiera


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La Reestructuración Financiera es algo más complicada que la negociación con los acreedores sobre los nuevos plazos y tasas a considerar para los adeudos insolutos, o la solución a problemas de liquidez. Es necesario

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Flashcard 1450934668556

Tags
#reestructuracion-financiera
Question
En una Reestructuración Financiera es necesario tomar en consideración las diferentes [...], los plazos y los [...]
Answer
opciones de financiamiento

costos de cada opción

De acuerdo con la capacidad presente y futura de la empresa para solventar los nuevos compromisos.


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uración Financiera es algo más complicada que la negociación con los acreedores sobre los nuevos plazos y tasas a considerar para los adeudos insolutos, o la solución a problemas de liquidez. Es necesario tomar en consideración las diferentes <span>opciones de financiamiento, los plazos y los costos que le son relativos a cada opción, y todo ello en concordancia con la capacidad presente y futura de la empresa para solventar los nuevos compromisos contraído

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#reestructuracion-financiera
Una forma de incorporar fuerza a la firma, es a través de la introducción de recursos económicos frescos.

Al lograr eso, se está creando lo que en mecánica se conoce con el nombre de palanca, y en finanzas con el nombre de palanca financiera.

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es de éxito corporativo. Sin la participación de esos elementos externos dentro de los recursos propios, las empresas estarían muy lejos de lograr el éxito y de cumplir los objetivos corporativos, razón por la que fueron creadas. <span>Una forma de incorporar esas fuerzas sinérgicas dentro del ente corporativo, es a través de la introducción de recursos económicos frescos y nuevos; es decir, se dota a la empresa de nuevo capital que impulse y multiplique las fuerzas internas propias disponibles. Al lograr lo anterior, se está creando lo que en mecánica se conoce con el nombre de palanca, y en finanzas con el nombre de palanca financiera. <span><body><html>

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#reestructuracion-financiera
Efectuar una reestructuración financiera no sólo es recalendarización de los pasivos a cargo de la empresa, sino que implica el desarrollo de cambios radicales tanto en la estructura financiera como en la de capital.

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Flashcard 1450942795020

Tags
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Question
Efectuar una reestructuración financiera no sólo es recalendarización de los pasivos a cargo de la empresa, sino que implica el desarrollo de cambios radicales tanto en la [...] como en la de [...].
Answer
estructura financiera

capital


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Efectuar una reestructuración financiera no sólo es recalendarización de los pasivos a cargo de la empresa, sino que implica el desarrollo de cambios radicales tanto en la estructura financiera como en la de capital.

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#reestructuracion-financiera
una reestructuración financiera es el convenio acordado, entre el deudor y el acreedor, bajo un esquema que propicie el beneficio conjunto, para ambas partes, una vez adecuado el perfil financiero de la empresa objeto de la reestructuración.

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Flashcard 1450946202892

Tags
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Question
una [...] es el convenio acordado, entre el deudor y el acreedor, bajo un esquema que propicie el beneficio conjunto, para ambas partes, una vez adecuado el perfil financiero de la empresa objeto de la reestructuración.
Answer
reestructuración financiera


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una reestructuración financiera es el convenio acordado, entre el deudor y el acreedor, bajo un esquema que propicie el beneficio conjunto, para ambas partes, una vez adecuado el perfil financiero de la empresa obj

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#reestructuracion-financiera
Objetivos de una reestructuración financiera

•Disminuir los costos financieros.

•Reducir el nivel de endeudamiento.

•Elevar la productividad.

•Mejorar la mezcla entre recursos internos y externos.

•Mejorar la posición de flujos.

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Flashcard 1450949610764

Tags
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Question
Objetivos de una reestructuración financiera

•Disminuir [...]
Answer
los costos financieros.


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Objetivos de una reestructuración financiera •Disminuir los costos financieros. •Reducir el nivel de endeudamiento. •Elevar la productividad. •Mejorar la mezcla entre recursos internos y externos. •Mejorar la posición de

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Flashcard 1450951970060

Tags
#reestructuracion-financiera
Question
Objetivos de una reestructuración financiera


•Reducir el nivel de [...]
Answer
nivel de endeudamiento.


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Objetivos de una reestructuración financiera •Disminuir los costos financieros. •Reducir el nivel de endeudamiento. •Elevar la productividad. •Mejorar la mezcla entre recursos internos y externos. •Mejorar la posición de flujos.

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Flashcard 1450954329356

Tags
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Question
Objetivos de una reestructuración financiera

•Elevar [...]
Answer
la productividad.


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Objetivos de una reestructuración financiera •Disminuir los costos financieros. •Reducir el nivel de endeudamiento. •Elevar la productividad. •Mejorar la mezcla entre recursos internos y externos. •Mejorar la posición de flujos.

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Flashcard 1450956688652

Tags
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Question
Objetivos de una reestructuración financiera


•Mejorar la mezcla entre [...]
Answer
recursos internos y externos.


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>Objetivos de una reestructuración financiera •Disminuir los costos financieros. •Reducir el nivel de endeudamiento. •Elevar la productividad. •Mejorar la mezcla entre recursos internos y externos. •Mejorar la posición de flujos.<html>

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Flashcard 1450959047948

Tags
#reestructuracion-financiera
Question
Objetivos de una reestructuración financiera

•Mejorar la posición [...]
Answer
la posición de flujos.


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eestructuración financiera •Disminuir los costos financieros. •Reducir el nivel de endeudamiento. •Elevar la productividad. •Mejorar la mezcla entre recursos internos y externos. •Mejorar <span>la posición de flujos.<span><body><html>

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FASES DE LA REESTRUCTURACIÓN FINANCIERA.
#reestructuracion-financiera
Para llevar a cabo un proyecto de reestructura financiera es necesario dividirlo en diferentes fases, las cuales podemos conjuntar de la siguiente manera:

Primera fase: Marco de referencia.
Es el momento actual que está viviendo la empresa sin llevar a cabo una reestructuración financiera. Es necesario conocer, entre otros, los niveles de ventas, costos, utilidades, flujos de efectivo, rentabilidad, productividad, apalancamiento y valor de la empresa.

Segunda Fase: Marco institucional
Es el estudio que nos permite conocer a través de una simulación la situación futura de la empresa al realizar una reestructuración financiera.

Tercera fase: Estrategia de reestructuración
Después de elaborar el marco de referencia e institucional es necesario instrumentar el plan de reestructuración financiera, que consiste en seleccionar la estrategia más conveniente para la empresa; la que debe tomar en cuenta:

v El monto a reestructurarse.

v El momento idóneo.

v La forma de llevarse a cabo.

Cuarta fase: Análisis derivado de la reestructura financiera
Deben considerarse los impactos de corto, mediano y largo plazo en diferentes renglones, como:

v Costos financieros.

v Utilidades.

v Flujos de efectivo.

v Estructura de activos y pasivos.

v Niveles de apalancamiento financiero y operativo.

v Tasas de productividad y rentabilidad.

v Grado de riesgos financieros.

v Valor corporativo antes y después de la reestructuración.

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Flashcard 1450964028684

Tags
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Question
Para llevar a cabo un proyecto de reestructura financiera es necesario dividirlo en diferentes fases, las cuales podemos conjuntar de la siguiente manera:

Primera fase: [...]

Segunda Fase: Marco institucional


Tercera fase: Estrategia de reestructuración

Cuarta fase: [...]

Answer
Marco de referencia.

Análisis derivado de la reestructura financiera


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Para llevar a cabo un proyecto de reestructura financiera es necesario dividirlo en diferentes fases, las cuales podemos conjuntar de la siguiente manera: Primera fase: Marco de referencia. Es el momento actual que está viviendo la empresa sin llevar a cabo una reestructuración financiera. Es necesario conocer, entre otros, los niveles de ventas, costos, utilidades, f

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#reestructuracion-financiera
Primera fase: Marco de referencia.
Es el momento actual que está viviendo la empresa sin llevar a cabo una reestructuración financiera. Es necesario conocer, entre otros, los niveles de ventas, costos, utilidades, flujos de efectivo, rentabilidad, productividad, apalancamiento y valor de la empresa.

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Para llevar a cabo un proyecto de reestructura financiera es necesario dividirlo en diferentes fases, las cuales podemos conjuntar de la siguiente manera: Primera fase: Marco de referencia. Es el momento actual que está viviendo la empresa sin llevar a cabo una reestructuración financiera. Es necesario conocer, entre otros, los niveles de ventas, costos, utilidades, flujos de efectivo, rentabilidad, productividad, apalancamiento y valor de la empresa. Segunda Fase: Marco institucional Es el estudio que nos permite conocer a través de una simulación la situación futura de la empresa al realizar una reestructuración fin

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Flashcard 1450967436556

Tags
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Question
Que fase es?

Es el momento actual que está viviendo la empresa sin llevar a cabo una reestructuración financiera. Es necesario conocer, entre otros, los niveles de ventas, costos, utilidades, flujos de efectivo, rentabilidad, productividad, apalancamiento y valor de la empresa.
Answer
Primera fase: Marco de referencia.


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Primera fase: Marco de referencia. Es el momento actual que está viviendo la empresa sin llevar a cabo una reestructuración financiera. Es necesario conocer, entre otros, los niveles de ventas, costos, utilidades, f

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Flashcard 1450969795852

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Question
Primera fase: Marco de referencia.


Es necesario conocer, entre otros, los [...], costos, [...] , flujos de efectivo, [...], productividad, [...] y valor de la empresa.
Answer
niveles de ventas

utilidades

rentabilidad

apalancamiento


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Primera fase: Marco de referencia. Es el momento actual que está viviendo la empresa sin llevar a cabo una reestructuración financiera. Es necesario conocer, entre otros, los niveles de ventas, costos, utilidades, flujos de efectivo, rentabilidad, productividad, apalancamiento y valor de la empresa.

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#reestructuracion-financiera
Segunda Fase: Marco institucional
Es el estudio que nos permite conocer a través de una simulación la situación futura de la empresa al realizar una reestructuración financiera.

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endo la empresa sin llevar a cabo una reestructuración financiera. Es necesario conocer, entre otros, los niveles de ventas, costos, utilidades, flujos de efectivo, rentabilidad, productividad, apalancamiento y valor de la empresa. <span>Segunda Fase: Marco institucional Es el estudio que nos permite conocer a través de una simulación la situación futura de la empresa al realizar una reestructuración financiera. Tercera fase: Estrategia de reestructuración Después de elaborar el marco de referencia e institucional es necesario instrumentar el plan de reestructuración financiera,

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Flashcard 1450973203724

Tags
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Question
Que fase es?

Es el estudio que nos permite conocer a través de una simulación la situación futura de la empresa al realizar una reestructuración financiera.
Answer
Segunda Fase: Marco institucional


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Segunda Fase: Marco institucional Es el estudio que nos permite conocer a través de una simulación la situación futura de la empresa al realizar una reestructuración financiera.

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#reestructuracion-financiera
Tercera fase: Estrategia de reestructuración
Después de elaborar el marco de referencia e institucional es necesario instrumentar el plan de reestructuración financiera, que consiste en seleccionar la estrategia más conveniente para la empresa; la que debe tomar en cuenta:

v El monto a reestructurarse.

v El momento idóneo.

v La forma de llevarse a cabo.

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apalancamiento y valor de la empresa. Segunda Fase: Marco institucional Es el estudio que nos permite conocer a través de una simulación la situación futura de la empresa al realizar una reestructuración financiera. <span>Tercera fase: Estrategia de reestructuración Después de elaborar el marco de referencia e institucional es necesario instrumentar el plan de reestructuración financiera, que consiste en seleccionar la estrategia más conveniente para la empresa; la que debe tomar en cuenta: v El monto a reestructurarse. v El momento idóneo. v La forma de llevarse a cabo. Cuarta fase: Análisis derivado de la reestructura financiera Deben considerarse los impactos de corto, mediano y largo plazo en diferentes renglones, como

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Flashcard 1450976611596

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#reestructuracion-financiera
Question
Tercera fase: Estrategia de reestructuración
Después de elaborar el marco de referencia e institucional es necesario instrumentar el plan de reestructuración financiera, que consiste en seleccionar la estrategia más conveniente para la empresa; la que debe tomar en cuenta:

v [...]

v El momento idóneo.

v La forma de llevarse a cabo.

Answer
El monto a reestructurarse.


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Después de elaborar el marco de referencia e institucional es necesario instrumentar el plan de reestructuración financiera, que consiste en seleccionar la estrategia más conveniente para la empresa; la que debe tomar en cuenta: v <span>El monto a reestructurarse. v El momento idóneo. v La forma de llevarse a cabo.<span><body><html>

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#reestructuracion-financiera

Cuarta fase: Análisis derivado de la reestructura financiera
Deben considerarse los impactos de corto, mediano y largo plazo en diferentes renglones, como:

v Costos financieros.

v Utilidades.

v Flujos de efectivo.

v Estructura de activos y pasivos.

v Niveles de apalancamiento financiero y operativo.

v Tasas de productividad y rentabilidad.

v Grado de riesgos financieros.

v Valor corporativo antes y después de la reestructuración.

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ue consiste en seleccionar la estrategia más conveniente para la empresa; la que debe tomar en cuenta: v El monto a reestructurarse. v El momento idóneo. v La forma de llevarse a cabo. <span>Cuarta fase: Análisis derivado de la reestructura financiera Deben considerarse los impactos de corto, mediano y largo plazo en diferentes renglones, como: v Costos financieros. v Utilidades. v Flujos de efectivo. v Estructura de activos y pasivos. v Niveles de apalancamiento financiero y operativo. v Tasas de productividad y rentabilidad. v Grado de riesgos financieros. v Valor corporativo antes y después de la reestructuración. <span><body><html>

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Flashcard 1450980019468

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#reestructuracion-financiera
Question

Cuarta fase: Análisis derivado de la reestructura financiera
Deben considerarse los impactos de corto, mediano y largo plazo en diferentes renglones, como:

v Costos financieros.

v [...].

Answer
Utilidades


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>Cuarta fase: Análisis derivado de la reestructura financiera Deben considerarse los impactos de corto, mediano y largo plazo en diferentes renglones, como: v Costos financieros. v Utilidades. v Flujos de efectivo. v Estructura de activos y pasivos. v Niveles de apalancamiento financiero y operativo. v Tasas de productivida

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#charisma #myth
Speech Day Checklist ♦ Arrive early if you can; walk the stage to visualize and own the stage. ♦ Go into a quiet room nearby, and use internal tools such as visualization to get into a state of confidence and warmth. ♦ Pause before you start. Count three beats, facing the audience, before you begin to speak. ♦ During the presentation, expect things to go wrong—whether an external disruption or your flubbing something. ♦ Use the midcourse corrections tools you’ve just learned. Take it with humanity and invite the audience into this mistake as a shared joke. ♦ Throughout your speech, remember to pause, breathe, and slow down. ♦ Don’t run off stage; pause after your last words

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#biochem
Instead of being fl exible, which might be anticipated without the complementary bases present, the RNA chain in this region is helical (without being double-helical), with the bases of the strand pack- ing on top of one another. Th is kind of helix formation by single-stranded (that is, not base-paired) RNA is driven by the stabilizing energetics of base stacking

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#biochem
under physiologically relevant conditions, these phosphates will be negatively charged and will tend to repel each other. As will be described further in Section 2.23, these negative charges can be shielded by metal ions. Both monovalent (sodium and potas- sium) and divalent (particularly magnesium) ions have been found to interact with various sites on nucleic acids. Th ese interactions may be through direct metal-ion coordination or they may be mediated by water molecules

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#biochem
In general, the metal ions around DNA are best described as a cluster of highly mobile cations that hop rapidly among vari- ous sites. More localized salt-bridge-like interactions occur quite often in RNA

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#biochem
Th e backbones (specifi cally the phosphates) need to be separated as far as possible and be exposed to solvent to minimize electrostatic repulsions. Th e bases, in turn, need to stack to optimize the van der Waals and electrostatic interactions between them, as well as to form mutually stabilizing hydrogen bonds where possible.

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#biochem
nucleosides in DNA and RNA have the base attached cova- lently to the sugar by a single bond from the C1ʹ atom of the sugar to the N1 or N9 atom of the pyrimidine or purine base

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#biochem
Th e glycosidic bond is a sin- gle bond, and so rotations about it are possible.

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#biochem
Th e conformation with the lowest energy, and hence the one most frequently observed, places the sugar H1ʹ atom and the base C6 or C8 atoms (for pyrimidines and purines, respectively) in a trans conformation about the glycosidic bond

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#biochem
Although the anti conformation is lower in energy and occurs more frequently, there are situations that can enforce adoption of the syn conformation. For exam- ple, in some structures there is much better stacking of the bases in the syn con- formation, as seen in a form of DNA known as Z-DNA (see Section 2.12) and in some RNA loop structures. Chemical modifi cations of bases may also aff ect the relative energies of the anti and syn conformations

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#biochem
Another important conformational parameter for DNA and RNA is known as the sugar pucker, which refers to the diff erent out-of-plane distortions in the deox- yribose or ribose rings of nucleosides

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#biochem
When the out-of-plane atom is located on the same side of the plane as C5ʹ, the conformation is referred to as endo (“inside”). When it is located on the side opposite C5ʹ, the conformation is referred to as exo (“outside”)

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#biochem
pucker in which the C2ʹ atom is out of the plane and is on the same side of the plane as C5ʹ, is referred to as C2ʹ endo, whereas a sugar pucker in which C2ʹ is on the side opposite C5ʹ is called C2ʹ exo. Likewise, a C3ʹ endo sugar pucker has C3ʹ out of the plane, but on the same side as C5ʹ, whereas a C3ʹ exo sugar has C3ʹ on the side opposite C5

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#biochem
In nucleic acids, endo sugar puckers are more common than exo. In DNA, the sugar pucker can be either C2 ʹ endo (in B-form DNA) or C3ʹ endo (in A-form DNA). In RNA, however, the C2ʹ endo sugar pucker cannot be adopted because of steric hindrance between the OH group on C2 ʹ and the phosphate group on C3ʹ

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#biochem
RNA cannot adopt the standard Watson-Crick double- helical structure because of constraints on its sugar pucker

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#biochem
In the standard Watson-Crick model of DNA, all of the sugar groups have the C2ʹ endo conformation. Th is results in close contact between one of the oxygen atoms of the 3ʹ phosphate group and the hydrogen atom at the 2ʹ position of the ribose ring in DNA (Figure 2.8). Th e distance between the phos- phate oxygen and the hydrogen atom is 1.9 Å. If the 2ʹ hydrogen were replaced by a hydroxyl group, as in the ribose ring of RNA, the two oxygen atoms would repel each other strongly. Instead, in RNA, the sugar adopts a C3ʹ endo conformation (Figure 2.9), which causes a change in phosphate separation and a general modi- fi cation of the double-helical structure

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#biochem
Th e structure of double-helical DNA, as originally described by Watson and Crick on the basis of Franklin and Wilkinsʹ x-ray diff raction data, is known as B-form DNA or B-DNA

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#biochem
h e base pairs, for example, are perpendicular to the axis of the helix. Each base pair is centered on the helix axis, so that when viewed from above, the base pairs all cross each other, in projection, at the central axis

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#biochem
Th e complementary chains are parallel, but run in opposite directions, and together they twist into a right-handed double helix. Th e helix forms two grooves of unequal size (Figure 2.10). Th e wider and more accessible major groove (Figure 2.11) allows regulatory proteins or other molecules to gain access to nucleotide functional groups on the edges of the groove. Th e narrower, less acces- sible minor groove (Figure 2.12) allows much more limited access to the func- tional groups lying within the groove.

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#biochem
Th e B-form helix rises ~34 Å per helical turn and there are 10–11 base pairs per turn, so the rise per base pair is ~3.1–3.4 Å.

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#biochem
Th ere is, in addition, a fundamentally dif- ferent way of reading information stored in DNA that neither opens the helix nor copies the sequence, but instead reads the base sequence from the “outside” (via the grooves), leaving the helix largely intact. Th is process of reading the surface signposts of the base pairs is particularly important in the mechanisms by which DNA replication and transcription are controlled

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#biochem
How do these proteins, known as transcription factors, recognize their target sites on DNA? Th ey do so by interacting with the edges of the base pairs in double-helical DNA, which are exposed within the major and minor grooves. Th ere are four potential types of interactions with complementary base pairs, illustrated in Figure 2.13. Th ese involve, on the DNA, hydrogen-bond donors (for example, the amino group of adenine in Figure 2.13C and D), hydrogen-bond acceptors (for example, the N7 nitrogen atom of guanine in Figure 2.13A and B), hydrophobic groups (for exam- ple, the methyl group of thymine in Figure 2.13C and D), and nonpolar hydrogen atoms (for example, the ring proton of cytosine in Figure 2.13A and B).

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#biochem
Th e patterns of recognition elements in the major groove are unique for each of the four base pairs (G-C, C-G, A-T, and T-A). In the minor groove, however, the pattern for G-C is indistinguishable from that for C-G, and the pattern for A-T is the same as that for T-A. Th us, the major groove of DNA allows each of the four kinds of base pairs to be distinguished from each other, whereas the interactions in the minor groove do not.

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#biochem
ecall from Section 2.7 that RNA cannot readily adopt the C2ʹ endo sugar pucker characteristic of B-DNA. However, RNA does form a double-helical structure known as the A-form helix, in which the sugar pucker is C3ʹ endo.

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#biochem
DNA can also adopt the A-form helical structure (Figure 2.15), but it is usually only favored when limited water is available to hydrate the DNA. When DNA molecules that are in the B-form are allowed to dry out slowly, they switch spontaneously to A-DNA. Th e A-form helix is also adopted by RNA-DNA hybrids

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#biochem
A-form DNA or RNA is similar to B-DNA in several aspects. Th e two polynucle- otide strands are antiparallel, and form a right-handed spiral with the phosphate groups on the outside and the bases on the inside. Th e precise number of base pairs per turn depends on whether the double helix is DNA-DNA, DNA-RNA, or RNA-RNA, but it is generally close to the ~10 base pairs per turn of B-DNA

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#biochem
One important diff erence between B-form DNA and A-form DNA or RNA is the position of the base pairs with respect to the helix axis. In B-DNA, they are all parallel to each other and perpendicular to the axis of the helix. In A-form heli- ces, however, the base pairs are tilted away from perpendicular and are moved away from the center of the helix

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#biochem
the major groove in the A-form is deeper and narrower than it is in B-form DNA, while the minor groove is wider and shallower (Figure 2.18 and Figure 2.19). Th e narrowing and deepening of the major groove in A-form helices means that it is more diffi cult for proteins to read out the sequence-specifi c information at the edges of the bases in A-form helices (that is, α helices cannot readily enter the narrower major groove of the A-form helix).

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#biochem
the double-helical structure of RNA impedes access to the major groove, so access to sequence-specifi c information in RNA is usually through its nonpaired regions

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#biochem
Z-form DNA or Z-DNA, discov- ered by Alexander Rich.

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#biochem
Unlike the A- and B-forms, Z-DNA is a left-handed helix ( Figure 2.20). Th e Z-form is adopted preferentially by segments of DNA that have strictly alternating C and G nucleotides.

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