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on 19-Apr-2017 (Wed)

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Flashcard 1450249424140

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


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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.

Original toplevel document

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







Flashcard 1532171259148

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
\(\frac{2^{m−k}} {2^{m −1}}\)


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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.

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Flashcard 1532197473548

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


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Flashcard 1532456996108

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.


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Flashcard 1532461190412

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


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Flashcard 1532464336140

Tags
#bayesianism #cognitive-science #computation #computational-psychology
Question
likelihood?
Answer
P(d | h), the probability of the data given the hypothesis


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Flashcard 1532610350348

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)


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Flashcard 1532612185356

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 ) ∩ · · ·


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