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Tags

#cfa-level-1 #microeconomics #reading-15-demand-and-supply-analysis-the-firm

Question

Total fixed cost (*TFC*) can also be a cost that stays the same over a **[...]** but can change to another constant level when **[...]**.

Answer

range of production

production moves outside of that range

production moves outside of that range

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

scheduled repetition interval | last repetition or drill |

Total fixed cost (TFC) 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.

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

Tags

#chracterization #computation #social-choice #voting-rules

Question

Borda Rule as Maximum Likelihood Estimator: If each voter independently ranks the true winner out of m alternatives at position k with probability [...] , then the maximum likelihood estimator is the Borda rule.

Answer

\(\frac{2^{m−k}} {2^{m −1}}\)

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

scheduled repetition interval | last repetition or drill |

Borda Rule as Maximum Likelihood Estimator: If each voter independently ranks the true winner out of m alternatives at position k with probability \(\frac{2 m−k} {2 m −1}\) , then the maximum likelihood estimator is the Borda rule.

Tags

#computation #social-choice #voting-rules

Question

What axiom is expressed by the following intuition? If x and y are identical states, except that in x I paint my bedroom white, while in y I paint it pink, then I should be able to dictate the relative social ranking of x and y.

Answer

Liberalism

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

scheduled repetition interval | last repetition or drill |

Tags

#bayesianism #cognitive-science #computation #computational-psychology

Question

prior probability?

Answer

P(h) the probability that the agent ascribes to h being the true generating process, prior to (or independent of) seeing the data d.

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

scheduled repetition interval | last repetition or drill |

Tags

#bayesianism #cognitive-science #computation #computational-psychology

Question

posterior probability?

Answer

P(h | d), or the degree of belief in h conditioned on the observation of d

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

scheduled repetition interval | last repetition or drill |

Tags

#bayesianism #cognitive-science #computation #computational-psychology

Question

likelihood?

Answer

P(d | h), the probability of the data given the hypothesis

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

scheduled repetition interval | last repetition or drill |

Tags

#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #serious-possibility-paradox-project

Question

Define general true belief ("everyone believes P") for a KB-model. \(EbP:=...\)

Answer

\(\cap_{a\in A}B_aP\) (The set of worlds in which \(B_aP \) for all a)

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

scheduled repetition interval | last repetition or drill |

Tags

#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #serious-possibility-paradox-project

Question

Define common true belief in a KB-model in terms of general true belief \(EbP\)("everyone believes P") \(C_bP:=...\)

Answer

\(\cup_{n\geq0}(Eb)^nP=P\cup EbP\cup Eb(EbP)...\)T n≥0 (Eb) n P = P ∩ EbP ∩ Eb(EbP ) ∩ · · ·

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

scheduled repetition interval | last repetition or drill |