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Flashcard 1425563061516

Tags
#cfa-level #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Reading 14 covers the theory of the consumer, which addresses the demand for goods and services by individuals who make decisions to [...] they receive from present and future consumption.
Answer
maximize the satisfaction

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

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






Flashcard 1439283678476

Tags
#cfa #cfa-level-1 #economic-and-normal-profit #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
Question
Access to [...] in the short run may or may not exist in the long run, depending on the potential strength of competition.
Answer
positive NPV opportunities

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Some factors (monopoly, market barriers, trademarks etc.) may lead the firm to have positive net present value investment (NPV) opportunities. Access to positive NPV opportunities and therefore profit in excess of normal profits in the short run may or may not exist in the long run, depending on the potential strength of competition.

Original toplevel document

2. OBJECTIVES OF THE FIRM
00 – $48,000,000 = $2,000,000. Note that total accounting costs in either case include interest expense—which represents the return required by suppliers of debt capital—because interest expense is an explicit cost. <span>2.1.2. Economic Profit and Normal Profit Economic profit (also known as abnormal profit or supernormal profit ) may be defined broadly as accounting profit less the implicit opportunity costs not included in total accounting costs. Equation (3a)  Economic profit = Accounting profit – Total implicit opportunity costs We can define a term, economic cost , equal to the sum of total accounting costs and implicit opportunity costs. Economic profit is therefore equivalently defined as: Equation (3b)  Economic profit = Total revenue – Total economic costs For publicly traded corporations, the focus of investment analysts’ work, the cost of equity capital is the largest and most readily identified implicit opportunity cost omitted in calculating total accounting cost. Consequently, economic profit can be defined for publicly traded corporations as accounting profit less the required return on equity capital. Examples will make these concepts clearer. Consider the start-up company for which we calculated an accounting profit of €300,000 and suppose that the entrepreneurial executive who launched the start-up took a salary reduction of €100,000 per year relative to the job he left. That €100,000 is an opportunity cost of involving him in running the start-up. Besides labor, financial capital is a resource. Suppose that the executive, as sole owner, makes an investment of €1,500,000 to launch the enterprise and that he might otherwise expect to earn €200,000 per year on that amount in a similar risk investment. Total implicit opportunity costs are €100,000 + €200,000 = €300,000 per year and economic profit is zero: €300,000 – €300,000 = €0. For the publicly traded corporation, we consider the cost of equity capital as the only implicit opportunity cost identifiable. Suppose that equity investment is $18,750,000 and shareholders’ required rate of return is 8 percent so that the dollar cost of equity capital is $1,500,000. Economic profit for the publicly traded corporation is therefore $2,000,000 (accounting profit) less $1,500,000 (cost of equity capital) or $500,000. For the start-up company, economic profit was zero. Total economic costs were just covered by revenues and the company was not earning a euro more nor less than the amount that meets the opportunity costs of the resources used in the business. Economists would say the company was earning a normal profit (economic profit of zero). In simple terms, normal profit is the level of accounting profit needed to just cover the implicit opportunity costs ignored in accounting costs. For the publicly traded corporation, normal profit was $1,500,000: normal profit can be taken to be the cost of equity capital (in money terms) for such a company or the dollar return required on an equal investment by equity holders in an equivalently risky alternative investment opportunity. The publicly traded corporation actually earned $500,000 in excess of normal profit, which should be reflected in the common shares’ market price. Thus, the following expression links accounting profit to economic profit and normal profit: Equation (4)  Accounting profit = Economic profit + Normal profit When accounting profit equals normal profit, economic profit is zero. Further, when accounting profit is greater than normal profit, economic profit is positive; and when accounting profit is less than normal profit, economic profit is negative (the firm has an economic loss ). Economic profit for a firm can originate from sources such as: competitive advantage; exceptional managerial efficiency or skill; difficult to copy technology or innovation (e.g., patents, trademarks, and copyrights); exclusive access to less-expensive inputs; fixed supply of an output, commodity, or resource; preferential treatment under governmental policy; large increases in demand where supply is unable to respond fully over time; exertion of monopoly power (price control) in the market; and market barriers to entry that limit competition. Any of the above factors may lead the firm to have positive net present value investment (NPV) opportunities. Access to positive NPV opportunities and therefore profit in excess of normal profits in the short run may or may not exist in the long run, depending on the potential strength of competition. In highly competitive market situations, firms tend to earn the normal profit level over time because ease of market entry allows for other 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. 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 su






Flashcard 1451529211148

Question
Te pareces a X
[...]
Answer
Tus comparaciones son la mejor parte de mi dia

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Te pareces a X Tus comparaciones son la mejor parte de mi dia

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Annotation 1497296669964

#technika
Szczęk M i V nie używa się do PEX-a
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M i V nie używa się do PEX-a Do PEX to TH, U, B Kształtki V i M to zaprasowywane: miedź (CO i gaz), stal (CO), inox (woda użytkowa).



Flashcard 1533121531148

Tags
#technika
Question
Szczęk [...] i V nie używa się do PEX-a
Answer
M

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Szczęk M i V nie używa się do PEX-a

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M i V nie używa się do PEX-a Do PEX to TH, U, B Kształtki V i M to zaprasowywane: miedź (CO i gaz), stal (CO), inox (woda użytkowa).






Flashcard 1533123104012

Tags
#technika
Question
Szczęk M i V nie używa się do [...]
Answer
PEX-a

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Szczęk M i V nie używa się do PEX-a

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M i V nie używa się do PEX-a Do PEX to TH, U, B Kształtki V i M to zaprasowywane: miedź (CO i gaz), stal (CO), inox (woda użytkowa).






Flashcard 1533124676876

Tags
#technika
Question
Szczęk M i [...] nie używa się do PEX-a
Answer
V

statusnot learnedmeasured difficulty37% [default]last interval [days]               
repetition number in this series0memorised on               scheduled repetition               
scheduled repetition interval               last repetition or drill

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Szczęk M i V nie używa się do PEX-a

Original toplevel document

Open it
M i V nie używa się do PEX-a Do PEX to TH, U, B Kształtki V i M to zaprasowywane: miedź (CO i gaz), stal (CO), inox (woda użytkowa).






Annotation 1533199125772

SOL/I – małe instalacje solarne Viessmann Sp. z o.o. 9 Małe instalacje solarne Energia promieniowania słonecznego 1367 W/m 2 ± 3,5% - stała słoneczna – ilość energii słonecznej docierająca do górnych warstw atmosfery
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Annotation 1533305818380

Termoregulator typu ST-431 przeznaczony jest do obsługi zaworu mieszającego trój lub czterodrogowego z możliwością podłączenia dodatkowej pompy zaworu. Opcjonalnie sterownik ten może współpracować z dwoma modułami ST-61, co daje możliwość sterowania w sumie trzema zaworami mieszającymi. Sterownik ten jest wyposażony w funkcję sterowania pogodowego, program tygodniowy oraz może współpracować z regulatorem pokojowym. Dodatkowym atutem urządzenia jest zabezpieczenie temperatury powrotu, spełniające funkcję ochrony przed zagotowaniem wody w krótkim obiegu kotła lub przed zbyt niską temperaturą powracającej do kotła wody.
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Annotation 1533307391244

tech I. Zastosowanie Termoregulator typu ST-431 przeznaczony jest do obsługi zaworu mieszającego trój lub czterodrogowego z możliwością podłączenia dodatkowej pompy zaworu. Opcjonalnie sterownik ten może współpracować z dwoma modułami ST-61, co daje możliwość sterowania w sumie trzema zaworami mieszającymi. Sterownik ten jest wyposażony w funkcję sterowania pogodowego, program tygodniowy oraz może współpracować z regulatorem pokojowym. Dodatkowym atutem urządzenia jest zabezpieczenie temperatury powrotu, spełniające funkcję ochrony przed zagotowaniem wody w krótkim obiegu kotła lub przed zbyt niską temperaturą powracającej do kotła wody. II. Zasada działania Opis panelu sterującego Zasada działania sterownika do siłownika zaworu opiera się na mieszaniu zasilającej ciepłej wody obiegowej, z wodą, która powraca z obiegu grzewczego, w celu ustawienia pożądanej temperatury i utrzymania jej przez cały czas na jednakowym poziomie. Podłączona do każdego zaworu pompa ma pomóc w rozprowadzaniu wody w instalacji, która nie jest oparta na obiegu grawitacyjnym. Pompę powinno się montować za zaworem mieszającym, natomiast czujnik temperatury powinien zostać umieszczony za zaworem i za pompą w celu jak najdokładniejszej kontroli temperatury na wyjściu zaworu.
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