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

Question

For some pairs of goods, *X* and *Y*, when the price of *Y* rises, more of good *X* is demanded. That is, the cross-price elasticity of demand is positive. Those goods are defined to be [...]

Answer

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For some pairs of goods, X and Y, when the price of Y rises, more of good X is demanded. That is, the cross-price elasticity of demand is positive. Those goods are defined to be substitutes .Substitutes are defined empirically. If the cross-price elasticity of two goods is positive, they are substitutes, irrespective of whether someone would consider them “similar.”

, indicating the price of some other good, Y, instead of the own-price, X. This cross-price elasticity of demand measures how sensitive the demand for good X is to changes in the price of some other good, Y, holding all other things constant. <span>For some pairs of goods, X and Y, when the price of Y rises, more of good X is demanded. That is, the cross-price elasticity of demand is positive. Those goods are defined to be substitutes .Substitutes are defined empirically. If the cross-price elasticity of two goods is positive, they are substitutes, irrespective of whether someone would consider them “similar.” This concept is intuitive if you think about two goods that are seen to be close substitutes, perhaps like two brands of beer. When the price of one of your favorite brands

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#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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#reestructuracion-financiera

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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#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.

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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#cfa-level-1 #reading-23-financial-reporting-mechanics

Question

An important first step in analyzing financial statements is identifying the [...] and **[...]** in an entity’s financial statements. (Found in MD&A)

Answer

types of accruals

valuation entries

valuation entries

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An important first step in analyzing financial statements is identifying the types of accruals and valuation entries in an entity’s financial statements. Most of these items will be noted in the critical accounting policies/estimates section of management’s discussion and analysi

ions of balance sheet accounts. Accruals and valuation entries require considerable judgment and thus create many of the limitations of the accounting model. Judgments could prove wrong or, worse, be used for deliberate earnings manipulation. <span>An important first step in analyzing financial statements is identifying the types of accruals and valuation entries in an entity’s financial statements. Most of these items will be noted in the critical accounting policies/estimates section of management’s discussion and analysis (MD&A) and in the significant accounting policies footnote, both found in the annual report. Analysts should use this disclosure to identify the key accruals and valuations for a company. The analyst needs to be aware, as Example 4 shows, that the manipulation of earnings and a

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#cfa-level-1 #reading-25-understanding-income-statement #revenue-recognition

Question

Under US GAAP, when the seller has completed the [...] in the **[...]** and is either assured of collecting the selling price, a sale of real estate is reported at the time of sale using the normal revenue recognition conditions.

Answer

significant activities

earnings process

earnings process

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Under US GAAP, when the seller has completed the significant activities in the earnings process and is either assured of collecting the selling price or able to estimate amounts that will not be collected, a sale of real estate is reported at the time of sale using the normal reve

for some installment sales. An example of such deferral arises for certain sales of real estate on an installment basis. Revenue recognition for sales of real estate varies depending on specific aspects of the sale transaction.19 <span>Under US GAAP, when the seller has completed the significant activities in the earnings process and is either assured of collecting the selling price or able to estimate amounts that will not be collected, a sale of real estate is reported at the time of sale using the normal revenue recognition conditions.20 When those two conditions are not fully met, under US GAAP some of the profit is deferred. Two of the methods may be appropriate in these limited circumstances and relate to the amou

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#cfa-level-1 #reading-25-understanding-income-statement #revenue-recognition

Question

The **[...]** is similar to the **revenue recognition method** under IFRS, when the outcome of a contract cannot be measured reliably.

Answer

cost recovery method

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ed cash. Under the cost recovery method, the seller does not report any profit until the cash amounts paid by the buyer—including principal and interest on any financing from the seller—are greater than all the seller’s costs of the property. <span>Note that the cost recovery method is similar to the revenue recognition method under international standards, described above, when the outcome of a contract cannot be measured reliably (although the term cost recovery method is not used in the international standard). Example 4 illustrates the differences between the installment method and the cost recovery method. Installment sales and cost recovery treatment of revenue recognition are

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#power-of-habit

Question

What is the part of the brain that creates habits?

Answer

Basal ganglia

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#power-of-habit

Question

What happened to the rats brain the **first time** it needed to find the cheese?

Answer

All kinds of places in the brain fired up specially the basal ganglia

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#power-of-habit

Question

What happened to the rat's brain** after a couple of times** when it needed to find the cheese?

Answer

Mental activity decreased as it turned into a habit

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#power-of-habit

Question

This process—in which the brain converts a sequence of actions into an automatic routine—is known as “ **[...]** ,” and it’s at the root of how habits form

Answer

chunking

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Question

How is it called when a company spreads the cost of the expenditure (the fixed cost) over the useful life of the asset?

Answer

To capitalize an expense

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If an expense is a capital expenditure, it needs to be capitalized. This requires the company to spread the cost of the expenditure (the fixed cost) over the useful life of the asset.

companies to maintain or increase the scope of their operations. These expenditures can include everything from repairing a roof to building, to purchasing a piece of equipment, or building a brand new factory. <span>BREAKING DOWN 'Capital Expenditure (CAPEX)' In terms of accounting, an expense is considered to be a capital expenditure when the asset is a newly purchased capital asset or an investment that improves the useful life of an existing capital asset. If an expense is a capital expenditure, it needs to be capitalized. This requires the company to spread the cost of the expenditure (the fixed cost) over the useful life of the asset. If, however, the expense is one that maintains the asset at its current condition, the cost is deducted fully in the year of the expense. The amount of capital expenditures a company is likely to have depends on the industry it occupies. Some of the most capital intensive industries have the highest levels of capital ex

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#cfa-level-1 #reading-25-understanding-income-statement

Question

With real estate sales where there is doubt about the buyer’s ability to complete payments, the installment method and **[...]** method of revenue recognition are used.

Answer

cost recovery

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#bayes #programming #r #statistics

The factors of Bayes’ rule have specific names that will be used regularly throughout the book, as indicated here: p(θ|D) posterior = p(D|θ) likelihood p(θ) prior / p(D) evidence

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#bayes #programming #r #statistics

The “prior,” p(θ ), is the credibility of the θ values without the data D. The “posterior,” p(θ|D),isthe credibility of θ values with the data D taken into account.

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#bayes #programming #r #statistics

The “likelihood,” p(D|θ),is the probability that the data could be generated by the model with parameter value θ

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#bayes #programming #r #statistics

The “evidence” for the model, p(D), is the overall probability of the data according to the model, determined by averaging across all possible parameter values weighted by the strength of belief in those parameter value

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#bayes #programming #r #statistics

the model, determined by averaging across all possible parameter values weighted by the strength of belief in those parameter values

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#bayes #programming #r #statistics

The denominator of Bayes’ rule, labeled in Equation 5.7 as the evidence for the model, is also called the marginal likelihood.

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#bayes #programming #r #statistics

The term “marginal likelihood” refers specifically to the operation of taking the average of the likelihood, p(D|θ), across all values of θ ,weighted by the prior probability of θ

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#bayes #programming #r #statistics

For continuous variables, the only change in Bayes’ rule is that the marginal likelihood changes from the sum in Equation 5.8 to an integral: p(D) = dθ ∗ p(D|θ ∗ )p(θ ∗ )

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#bayes #programming #r #statistics

suppose we observe some more data, which we’ll denote D . We can then update our beliefs again, from p(θ|D ) to p(θ|D , D). Here’s the question: Does our final belief depend on whether we update with D first and D second, or update with D first and D second? The answer is: It depends! In particular, it depends on the model function that defines the likelihood, p(D|θ).

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#bayes #programming #r #statistics

In many models, the probability of data, p(D|θ), does not depend in any way on other data. That is, the joint probability p(D, D |θ) equals p(D|θ)·p(D |θ). In other words, in this sort of model, the data probabilities are independent (recall that independence was defined in Section 4.4.2). Under this condition, then the order of updating has no effect of the final posterior

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#bayes #programming #r #statistics

One way of thinking about this assumption is as follows: We assume that every datum is equally representative of the underlying process, regardless of when the datum was observed, and regardless of any data observed before or after.

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#bayes #programming #r #statistics

a general phenomenon in Bayesian inference: The posterior is a compromise between the prior distribution and the likelihood function.

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#bayes #programming #r #statistics

The compromise favors the prior to the extent that the prior distribution is sharply peaked and the data are few. The compromise favors the likelihood function (i.e., the data) to the extent that the prior distribution is flat and the data are many.

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#bayes #programming #r #statistics

the mode of the posterior distribution is between the mode of the prior distribution and the mode of the likelihood function, but the posterior mode is closer to the likelihood mode for larger sample sizes

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#bayes #programming #r #statistics

the width of the posterior highest density intervals (HDI) is smaller for the larger sample size. Even though both samples of data showed 25% heads, the larger sample implied a smaller range of credible underlying biases

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#bayes #programming #r #statistics

In general, the more data we have, the more precise is the estimate of the parameter(s) in the model. Larger sample sizes yield greater precision or certainty of estimation

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#matlab #programming

You can use logical vectors to extract a selection of rows or columns from a ma- trix, for example, if a is the original 3-by-3 matrix defined above, the statement a(:, logical([1 0 1])) results in ans = 13 46 79 (first and third columns extracted)

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#matlab #programming

the functions zeros, ones and rand generate matrices of 1s, 0s and random numbers, respectively. With a single argument n, they generate n × n (square) matrices. With two arguments n and m they generate n × m ma- trices.

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#matlab #programming

For very large matrices repmat is usually faster than ones and zeros.

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#matlab #programming

The function eye(n) generates an n × n identity matrix, i.e., a matrix with 1s on the main ‘diagonal’, and 0s everywhere else

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#matlab #programming

pascal(n) generates a Pascal matrix of order n. Technically, this is a symmetric positive definite matrix with entries made up from Pascal’s triangle

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#matlab #programming

magic(n) generates an n × n magic square

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#matlab #programming

the statement all(a) results in ans = 001 For each column of a where all the elements are true (non-zero) all returns 1, otherwise it returns 0. all therefore returns a logical vector when it takes a matrix argument. To test if all the elements of a are true, use all twice

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#matlab #programming

diag extracts or creates a diagonal

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#matlab #programming

fliplr flips from left to right

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#matlab #programming

flipud flips from top to bottom

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#matlab #programming

rot90 rotates.

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#matlab #programming

tril extracts the lower triangular part

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#matlab #programming

triu extracts the upper triangular part

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#matlab #programming

It helps to think of the 3-D array a as a series of ‘pages’, with a matrix on each page. The third dimension of a numbers the pages. This is analogous to a spreadsheet with multiple sheets: each sheet contains a table (matrix)

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#matlab #programming

The matrix operation A 2 means A × A,whereA must be a square matrix. The operator ^ is used for matrix exponentiation

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#matlab #programming

det determinant. eig eigenvalue decomposition. expm matrix exponential, i.e., e A ,whereA is a matrix. The matrix exponen- tial may be used to evaluate analytical solutions of linear ordinary differential equations with constant coefficients. inv inverse. lu LU factorization (into lower and upper triangular matrices). qr orthogonal factorization. svd singular value decomposition

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#biochem #biology #cell

although the overall conformation of each pro- tein is unique, two regular folding patterns are often found within them. Both pat- terns were discovered more than 60 years ago from studies of hair and silk

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#biochem #biology #cell

The first folding pattern to be discovered, called the α helix, was found in the protein α-keratin, which is abundant in skin and its derivatives—such as hair, nails, and horns.

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#biochem #biology #cell

Within a year of the discovery of the α helix, a second folded structure, called a β sheet, was found in the protein fibroin, the major constituent of silk. These two patterns are particularly common because they result from hydro- gen-bonding between the N–H and C=O groups in the polypeptide backbone, without involving the side chains of the amino acids

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