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Flashcard 1429238582540

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

Question

Positive income elasticity simply means that as [...] rises, [...] also rises.

Answer

income

Demand for the good

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Positive income elasticity simply means that as income rises, quantity demanded also rises, as is characteristic of most consumption goods.

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4.3. Income Elasticity of Demand: Normal and Inferior Goods
ne percent, the quantity demanded at each price would rise by 0.8 percent. Although own-price elasticity of demand will almost always be negative because of the law of demand, income elasticity can be negative, positive, or zero. Positive income elasticity simply means that as income rises, quantity demanded also rises, as is characteristic of most consumption goods. We define a good with positive income elasticity as a normal good . It is perhaps unfortunate that economists often take perfectly good English words and give them different definition

Flashcard 1430355315980

Tags

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

Question

If price measures dollars per unit, and quantity measures units per month, then the measure of total surplus is [...]

Answer

dollars per month.

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If price measures dollars per unit, and quantity measures units per month, then the measure of total surplus is dollars per month. Total Surplus, If the market ceased to exist, would be the monetary value of the loss to society.

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3.11. Total Surplus—Total Value minus Total Variable Cost
equilibrium and total surplus, represented as the area of the shaded triangle. The area of that triangle is the difference between the trapezoid of total value to society’s buyers and the trapezoid of total resource cost to society’s sellers. If price measures dollars (or euros) per unit, and quantity measures units per month, then the measure of total surplus is dollars (euros) per month. It is the “bargain” that buyers and sellers together experience when they voluntarily trade the good in a market. If the market ceased to exist, that would be the monetary value of the loss to society. Exhibit 14. Total Surplus as the Area beneath the Demand Curve and above the Supply Curve <body><html>

Flashcard 1432461905164

Tags

#nature-of-language #sister-miriam-joseph #trivium

Question

Language is a system of symbols for expressing our [...], [...] and [...]

Answer

thoughts, volitions, and emotions

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Language is a system of symbols for expressing our thoughts, volitions, and emotions

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Flashcard 1433017912588

Tags

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

Question

The total variable cost (variable cost per unit times units produced) is measured by the area [...], and it is a little more complicated to understand.

Answer

beneath the supply curve

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The total variable cost (variable cost per unit times units produced) is measured by the area beneath the supply curve, and it is a little more complicated to understand. Recall that the supply curve represents the lowest price that sellers would be willing to accept for each additional unit of a good.

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3.10. Producer Surplus—Revenue minus Variable Cost
the total variable cost of producing that amount, on the other hand. Variable costs are those costs that change when the level of output changes. Total revenue is simply the total quantity sold multiplied by the price per unit. The total variable cost (variable cost per unit times units produced) is measured by the area beneath the supply curve, and it is a little more complicated to understand. Recall that the supply curve represents the lowest price that sellers would be willing to accept for each additional unit of a good. In general, that amount is the cost of producing that next unit, called marginal cost . Clearly, a seller would never intend to sell a unit of a good for a price lower than its marginal cost, because she would lose money on that unit. Alternatively, a producer should be

Flashcard 1438167207180

Tags

#analyst-notes #cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting

Question

Replacement decisions to maintain a business. The issue is twofold: [...]? If yes, should the same processes continue to be used?

Answer

should the existing operations be continued?

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ject classifications: Replacement projects. There are two types of replacement decisions: Replacement decisions to maintain a business. The issue is twofold: should the existing operations be continued? If yes, should the same processes continue to be used? Maintenance decisions are usually made without detailed analysis. Replacement decisions to reduce costs. Cost reduction projects d

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Subject 1. Capital Budgeting: Introduction
ood capital budgeting decisions can be made). Otherwise, you will have the GIGO (garbage in, garbage out) problem. Improve operations, thus making capital decisions well-implemented. Project classifications: Replacement projects. There are two types of replacement decisions: Replacement decisions to maintain a business. The issue is twofold: should the existing operations be continued? If yes, should the same processes continue to be used? Maintenance decisions are usually made without detailed analysis. Replacement decisions to reduce costs. Cost reduction projects determine whether to replace serviceable but obsolete equipment. These decisions are discretionary and a detailed analysis is usually required. The cash flows from the old asset must be considered in replacement decisions. Specifically, in a replacement project, the cash flows from selling old assets should be used to offset the initial investment outlay. Analysts also need to compare revenue/cost/depreciation before and after the replacement to identify changes in these elements. Expansion projects. Projects concerning expansion into new products, services, or markets involve strategic decisions and explicit forecasts of future demand, and thus require detailed analysis. These projects are more complex than replacement projects. Regulatory, safety and environmental projects. These projects are mandatory investments, and are often non-revenue-producing. Others. Some projects need special considerations beyond traditional capital budgeting analysis (for example, a very risky research project in which cash flows cannot be reliably forecast). LOS a. describe the capital budgeting process and distinguish among the various categories of capital projects; <body><html>

Flashcard 1440390712588

Tags

#cfa-level-1 #factors-that-determine-market-structures #microeconomics #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4

Question

In the case of oligopoly, there are so few firms in the market that [...].

Answer

price control becomes possible

However, the small number of firms in an oligopoly market invites complex pricing strategies. Collusion, price leadership by dominant firms, and other pricing strategies can result.

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ructure of perfect competition. In the case of monopolistic competition, the success of product differentiation determines the degree with which the firm can influence price. In the case of oligopoly, there are so few firms in the market that price control becomes possible. However, the small number of firms in an oligopoly market invites complex pricing strategies. Collusion, price leadership by dominant firms, and other pricing strategies can result.</s

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2. ANALYSIS OF MARKET STRUCTURES
d monopoly is the local electrical power provider. In most cases, the monopoly power provider is allowed to earn a normal return on its investment and prices are set by the regulatory authority to allow that return. 2.2. Factors That Determine Market Structure Five factors determine market structure: The number and relative size of firms supplying the product; The degree of product differentiation; The power of the seller over pricing decisions; The relative strength of the barriers to market entry and exit; and The degree of non-price competition. The number and relative size of firms in a market influence market structure. If there are many firms, the degree of competition increases. With fewer firms supplying a good or service, consumers are limited in their market choices. One extreme case is the monopoly market structure, with only one firm supplying a unique good or service. Another extreme is perfect competition, with many firms supplying a similar product. Finally, an example of relative size is the automobile industry, in which a small number of large international producers (e.g., Ford and Toyota) are the leaders in the global market, and a number of small companies either have market power because they are niche players (e.g., Ferrari) or have little market power because of their narrow range of models or limited geographical presence (e.g., Škoda). In the case of monopolistic competition, there are many firms providing products to the market, as with perfect competition. However, one firm’s product is differentiated in some way that makes it appear better than similar products from other firms. If a firm is successful in differentiating its product, the differentiation will provide pricing leverage. The more dissimilar the product appears, the more the market will resemble the monopoly market structure. A firm can differentiate its product through aggressive advertising campaigns; frequent styling changes; the linking of its product with other, complementary products; or a host of other methods. When the market dictates the price based on aggregate supply and demand conditions, the individual firm has no control over pricing. The typical hog farmer in Nebraska and the milk producer in Bavaria are price takers . That is, they must accept whatever price the market dictates. This is the case under the market structure of perfect competition. In the case of monopolistic competition, the success of product differentiation determines the degree with which the firm can influence price. In the case of oligopoly, there are so few firms in the market that price control becomes possible. However, the small number of firms in an oligopoly market invites complex pricing strategies. Collusion, price leadership by dominant firms, and other pricing strategies can result. The degree to which one market structure can evolve into another and the difference between potential short-run outcomes and long-run equilibrium conditions depend on the strength of the barriers to entry and the possibility that firms fail to recoup their original costs or lose money for an extended period of time and are therefore forced to exit the market. Barriers to entry can result from very large capital investment requirements, as in the case of petroleum refining. Barriers may also result from patents, as in the case of some electronic products and drug formulas. Another entry consideration is the possibility of high exit costs. For example, plants that are specific to a special line of products, such as aluminum smelting plants, are non-redeployable, and exit costs would be high without a liquid market for the firm’s assets. High exit costs deter entry and are therefore also considered barriers to entry. In the case of farming, the barriers to entry are low. Production of corn, soybeans, wheat, tomatoes, and other produce is an easy process to replicate; therefore, those are highly competitive markets. Non-price competition dominates those market structures where product differentiation is critical. Therefore, monopolistic competition relies on competitive strategies that may not include pricing changes. An example of non-price competition is product differentiation through marketing. In other circumstances, non-price competition may occur because the few firms in the market feel dependent on each other. Each firm fears retaliatory price changes that would reduce total revenue for all of the firms in the market. Because oligopoly industries have so few firms, each firm feels dependent on the pricing strategies of the others. Therefore, non-price competition becomes a dominant strategy. Exhibit 1. Characteristics of Market Structure Market Structure Number of Sellers Degree of Product Differentiation Barriers to Entry Pricing Power of Firm Non-price Competition Perfect competition Many Homogeneous/ Standardized Very Low None None Monopolistic competition Many Differentiated Low Some Advertising and Product Differentiation Oligopoly Few Homogeneous/ Standardized High Some or Considerable Advertising and Product Differentiation Monopoly One Unique Product Very High Considerable Advertising From the perspective of the owners of the firm, the most desirable market structure is that with the most control over price, because this control can lead to large profits. Monopoly and oligopoly markets offer the greatest potential control over price; monopolistic competition offers less control. Firms operating under perfectly competitive market conditions have no control over price. From the consumers’ perspective, the most desirable market structure is that with the greatest degree of competition, because prices are generally lower. Thus, consumers would prefer as many goods and services as possible to be offered in competitive markets. As often happens in economics, there is a trade-off. While perfect competition gives the largest quantity of a good at the lowest price, other market forms may spur more innovation. Specifically, there may be high costs in researching a new product, and firms will incur such costs only if they expect to earn an attractive return on their research investment. This is the case often made for medical innovations, for example—the cost of clinical trials and experiments to create new medicines would bankrupt perfectly competitive firms but may be acceptable in an oligopoly market structure. Therefore, consumers can benefit from less-than-perfectly-competitive markets. PORTER’S FIVE FORCES AND MARKET STRUCTURE A financial analyst aiming to establish market conditions and consequent profitability of incumbent firms should start with the questions framed by Exhibit 1: How many sellers are there? Is the product differentiated? and so on. Moreover, in the case of monopolies and quasi monopolies, the analyst should evaluate the legislative and regulatory framework: Can the company set prices freely, or are there governmental controls? Finally, the analyst should consider the threat of competition from potential entrants. This analysis is often summarized by students of corporate strategy as “Porter’s five forces,” named after Harvard Business School professor Michael E. Porter. His book, Competitive Strategy, presented a systematic analysis of the practice of market strategy. Porter (2008) identified the five forces as: Threat of entry; Power of suppliers; Power of buyers (customers); Threat of substitutes; and Rivalry among existing competitors. It is easy to note the parallels between four of these five forces and the columns in Exhibit 1. The only “orphan” is the power of suppliers, which is not at the core of the theoretical economic analysis of competition, but which has substantial weight in the practical analysis of competition and profitability. Some stock analysts (e.g., Dorsey 2004) use the term “economic moat” to suggest that there are factors protecting the profitability of a firm that are similar to the moats (ditches full of water) that used to protect some medieval castles. A deep moat means that there is little or no threat of entry by invaders, i.e. competitors. It also means that customers are locked in because of high switching costs. <body><html>

Flashcard 1451164830988

Tags

#conversation-tactics #how-to-take-a-complement

Question

Making someone feel [...] and [...] is the carpool lane to deeper friendships.

Answer

validated

heard

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Making someone feel validated and heard is the carpool lane to deeper friendships, especially when you combine it with humor.

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How the dude charmed his enemy
st a bit of awareness and effort. Next, I needed to befriend him and become more than an acquaintance. If I could get into his inner circle, I could get that same type of snarky argumentation on my side, and that could be valuable. Making someone feel validated and heard is the carpool lane to deeper friendships, especially when you combine it with humor. Finally, I learned to defend myself from the extraneous and often off-base accusations and arguments he was making. Along with making sure that I was heard and people didn’t

Flashcard 1453644713228

Tags

#conversation-tactics

Question

it’s commonly held that people like to talk about themselves, this is kind of truth but the real deal is [...]

Answer

feeling heard and like they matter.

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phere of conversation advice, it’s commonly held that people like to talk about themselves. This is undeniably true. But I’ll add an addendum in the context of this chapter – people aren’t so much interested in talking about themselves as feeling heard and like they matter.<body><html>

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Flashcard 1479053544716

Tags

#daniel-goleman #emotional-brain #emotional-iq #what-are-emotions-for #when-passions-overwhelm-reasons

Question

Automatic reactions are rooted in our nervous system because [...].

Answer

for a long period they made the difference between survival and death

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Automatic reactions are rooted in our nervous system because for a long period in human prehistory they made the difference between survival and death.

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Flashcard 1602910817548

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#cfa #cfa-level-1 #financial-reporting-and-analysis #reading-24-understanding-income-statements

Question

Comprehensive income is the sum of net income plus other items that must [...] because they have not been realized.

Answer

bypass the income statement

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Comprehensive income
Comprehensive income includes both net income and other revenue and expense items that are excluded from the net income calculation. Comprehensive income is the sum of net income and other items that must bypass the income statement because they have not been realized, including items like an unrealized holding gain or loss from available-for-sale securities and foreign currency translation gains or losses. These items are not part of net income, yet are important enough to be included in comprehensive income, giving the user a bigger, more comprehensive picture of the organization as a wh

Annotation 1610303802636

What is culture? What is its relation to language? Which and whose culture should be taught? What role should the learners’ culture play in the acquisition of knowledge of the target culture? How can we avoid essentializing cultures and teaching stereotypes? And how can we develop in the learners an intercultural competence that would shortchange neither their own culture nor the target culture, but would make them into cultural mediators in a globalized world?

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Annotation 1610306424076

under the influence of the communicative approach promoted by English as a Second Language, language pedagogy that focuses on communicative competence and the acquisition of conversational skills is often quite different from literature pedagogy that focuses on the analysis, interpretation and translation of texts from one language into another.

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Flashcard 1610308783372

Question

Explain: small c vs. large C culture

Answer

small c culture deals with everyday life, big C culture with literature and the arts.

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Annotation 1610312715532

the first debate about culture is about which culture should be taught: the specific life style of specific speakers of the language? or a more general humanistic fund of wisdom as transmitted through literature and the arts?

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Flashcard 1610314288396

Question

Explain the disadvantages of native speakers as language teachers.

Answer

Many school systems prefer to hire native speakers (NSs) as language teachers because of their authentic relationship to the target language and culture, but native speakers don’t necessarily know the home culture of their students nor the intellectual tradition of their school system. NSs represent an attractive exotic other but, as research has shown, they cannot act as models for learners who by definition will not become native speakers. Non-native language teachers have the advantage of having learned the language the way their students do

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Annotation 1610316647692

the second debate about culture is about the goals of language study: is the goal to raise students’ awareness about Language in general (MLA, 2007)? ; to give them the skills necessary to communicate with L2 speakers in a global economy? ; to enable them to travel to other countries as tourists or to seek employment abroad? ; or to become literary scholars and academics?

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Annotation 1610318220556

I suspect that for some who come from a modest social background, a feeling of inferiority or uncertainty about their own culture might lead them to reject culture altogether from language classes. However, these same students would find it quite all right for immigrants to learn not only the language but also the culture of their host country. Others, who come from a more middle class background, are eager to learn about exotic cultures but are reluctant to see themselves as cultural beings: they see their culture as universal and they learn another language and culture primarily to better appreciate their own (that is how I learned German in France in the fifties). Yet others, indeed a majority of learners of English around the world, are keen on learning the language precisely because it gives them access to a culture that they admire and a lifestyle they aspire to

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Edited, memorised or added to reading queue

on 25-May-2017 (Thu)

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