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Flashcard 1428192890124

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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #the-market-mechanism-iterating-toward-equilibrium

Question

Observation suggests that most markets are characterized by [...].

Answer

stable equilibria

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Observation suggests that most markets are characterized by stable equilibria. Prices do not often shoot off to infinity or plunge toward zero. However, occasionally we do observe price bubbles occurring in real estate, securities, and other markets. It appears t

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3.7. The Market Mechanism: Iterating toward Equilibrium—or Not
price there would be excess demand, thus driving price even higher. At a price below that equilibrium there would be excess supply, thus driving price even lower toward the lower-priced equilibrium, which is a stable equilibrium. Observation suggests that most markets are characterized by stable equilibria. Prices do not often shoot off to infinity or plunge toward zero. However, occasionally we do observe price bubbles occurring in real estate, securities, and other markets. It appears that prices can behave in ways that are not ultimately sustainable in the long run. They may shoot up for a time but ultimately, if they do not reflect actual valuations, the bubble can burst resulting in a “correction” to a new equilibrium. As a simple approach to understanding bubbles, consider a case in which buyers and sellers base their expectations of future prices on the rate of change of current prices:

Flashcard 1429345013004

Tags

#sister-miriam-joseph #trivium

Question

The intellect itself is perfected in its operations by the five intellectual virtues, three [...] and two practical.

Answer

speculative

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The intellect itself is perfected in its operations by the five intellectual virtues, three speculative and two practical.

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Flashcard 1430830845196

Tags

#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4

Question

Finally, we assume that in at least one of the goods, the consumer could never have so much that she would refuse any more, even if it were free. This assumption is sometimes referred to as the “more is better” assumption or the assumption of [...] .

Answer

non-satiation

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we usually assume that in at least one of the goods, the consumer could never have so much that she would refuse any more, even if it were free. This assumption is sometimes referred to as the “more is better” assumption or the assumption of non-satiation .<body><html>

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
henomena we are trying to model. If that were not the case, the “model” would not be a simplification; it would be a reflection of the complex system we are attempting to model and thus would not help our understanding very much. Finally, we usually assume that in at least one of the goods, the consumer could never have so much that she would refuse any more, even if it were free. This assumption is sometimes referred to as the “more is better” assumption or the assumption of non-satiation . Clearly, for some things, more is worse, such as air pollution or trash. In those cases, the good is then the removal of that bad, so we can usually reframe our model to accommodate the

Flashcard 1446867766540

Tags

#3-1-profit-maximization #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4

Question

Overall, the functions of profit are as follows:

Rewards entrepreneurs for [...] to [...]

Answer

risk taking when pursuing business ventures

satisfy consumer demand.

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Overall, the functions of profit are as follows: Rewards entrepreneurs for risk taking when pursuing business ventures to satisfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where pr

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
Total variable cost divided by quantity; (TVC ÷ Q) Average total cost (ATC) Total cost divided by quantity; (TC ÷ Q) or (AFC + AVC) Marginal cost (MC) Change in total cost divided by change in quantity; (∆TC ÷ ∆Q) 3.1. Profit Maximization In free markets—and even in regulated market economies—profit maximization tends to promote economic welfare and a higher standard of living, and creates wealth for investors. Profit motivates businesses to use resources efficiently and to concentrate on activities in which they have a competitive advantage. Most economists believe that profit maximization promotes allocational efficiency—that resources flow into their highest valued uses. Overall, the functions of profit are as follows: Rewards entrepreneurs for risk taking when pursuing business ventures to satisfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs innovation and the development of new technology. Stimulates business investment and economic growth. There are three approaches to calculate the point of profit maximization. First, given that profit is the difference between total revenue and total costs, maximum profit occurs at the output level where this difference is the greatest. Second, maximum profit can also be calculated by comparing revenue and cost for each individual unit of output that is produced and sold. A business increases profit through greater sales as long as per-unit revenue exceeds per-unit cost on the next unit of output sold. Profit maximization takes place at the point where the last individual output unit breaks even. Beyond this point, total profit decreases because the per-unit cost is higher than the per-unit revenue from successive output units. A third approach compares the revenue generated by each resource unit with the cost of that unit. Profit contribution occurs when the revenue from an input unit exceeds its cost. The point of profit maximization is reached when resource units no longer contribute to profit. All three approaches yield the same profit-maximizing quantity of output. (These approaches will be explained in greater detail later.) Because profit is the difference between revenue and cost, an understanding of profit maximization requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. 3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pu

Flashcard 1450319678732

Tags

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

Question

variable cost is reducible only so far because all firms have to maintain a minimum amount of [...] and other variable resources to function effectively.

Answer

labor

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variable cost is reducible only so far because all firms have to maintain a minimum amount of labor and other variable resources to function effectively.

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Costs
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; total variable cost declines when quantity decreases. At zero production, total variable cost is always zero. Variable cost examples are payments for labor, raw materials, and supplies. As indicated above, total costs mirror total variable cost, with the difference being a constant fixed cost. The change in total variable cost (which defines marginal cost) declines up to a certain output point and then increases as production approaches capacity limits. In Exhibit 13, total variable cost increases with an increase in quantity. However, the change from 1 to 2 units is 25, calculated as (75 – 50); the change from 9 to 10 units is 350, calculated as (1,550 – 1,200). Another approach to calculating total variable cost is to determine the variable cost per unit of output and multiply this cost figure by the number of production units. Per unit variable cost is the cost of producing each unit exclusive of any fixed cost allocation to production units. One can assign variable cost individually to units or derive an average variable cost per unit. Whenever a firm initiates a downsizing, retrenchment, or defensive strategy, variable cost is the first to be considered for reduction given its variability with output. However, variable cost is reducible only so far because all firms have to maintain a minimum amount of labor and other variable resources to function effectively. <body><html>

Flashcard 1450737274124

Tags

#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

Economic profit occurs when [...]

Answer

price is greater than ATC.

Remember RRR is taken as a fixed cost.

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Point D, which corresponds to output Q 3 , is a position where economic profit occurs because price is greater than ATC.

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cost. However, in the long run, to remain in business, the price must cover all costs. Therefore, in the long run, at any price below the breakeven point, the firm will exit the market, i.e., the firm will no longer participate in the market. Point D, which corresponds to output Q 3 , is a position where economic profit occurs because price is greater than ATC. In the case of perfect competition, the breakeven point is the quantity where price, average revenue, and marginal revenue equal average total cost. It is al

Flashcard 1451176365324

Tags

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

Question

What are the steps that complements follow to help in a conversation?

Answer

1. people feel better about themselves,

2. they translate that feeling to the conversation

3. They leave feeling that way about you

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Compliments are meant to make people feel better about themselves, which ultimately builds comfort and rapport.

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Conversation tactics are like the background music in a television scene. When they’re there, you don’t notice that everything is flowing smoothly. But when they’re gone, you notice (sometimes immediately)

Flashcard 1603040578828

Tags

#cfa-level-1 #financial-reporting-and-analysis #reading-26-understanding-balance-sheets

Question

Financial assets, in general, are measured and reported at either [...] or [...] .

Answer

amortised cost

fair value

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3.1.1. Cash and Cash Equivalents
; Cash equivalents are highly liquid, short-term investments that are so close to maturity,6 the risk is minimal that their value will change significantly with changes in interest rates. Cash and cash equivalents are financial assets. Financial assets, in general, are measured and reported at either amortised cost or fair value . Amortised cost is the historical cost (initially recognised cost) of the asset adjusted for amortisation and impairment. Under IFRS, fair value is the amount at which an asset could be

Flashcard 1614202932492

Tags

#cfa-level-1 #financial-reporting-and-analysis #reading-26-understanding-balance-sheets

Question

What is Amortised cost?

Answer

The historical cost of an asset, adjusted for amortisation and impairment.

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3.1.1. Cash and Cash Equivalents
Cash equivalents are highly liquid, short-term investments that are so close to maturity,6 the risk is minimal that their value will change significantly with changes in interest rates. Cash and cash equivalents are fina

Flashcard 1619912953100

Question

You can generally convert indirect format to the direct format by:

Aggregate all revenue and all expenses.
Remove all non-cash items from it and break out remaining items into relevant cash flow items.
Convert accrual amounts to cash flow amounts by [...]

Answer

adjusting for working capital changes.

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Subject 2. Preparing the Cash Flow Statement
the financing activity of paying cash dividends of $48,000. The statement of cash flows is prepared as follows: Conversion of Cash Flows from the Indirect to the Direct Method Although the indirect method is most commonly used by companies, the analyst can generally convert it to the direct format by following a simple three-step process. Aggregate all revenue and all expenses. Remove all non-cash items from aggregated revenues and expenses and break out remaining items into relevant cash flow items. Convert accrual amounts to cash flow amounts by adjusting for working capital changes. <body><html>

Flashcard 1621054590220

Tags

#cashflow-statement

Question

After-tax interest expense. Add this back to net income because:

Interest expense net of the related tax savings was [...] .

Answer

deducted in arriving at net income

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Subject 3. Cash Flow Statement Analysis
h charges. These represent depreciation and other non-cash charges minus non-cash gains. The add-back of net non-cash expenses is usually positive, because depreciation is a major part of total expenses for most companies. Int (1 - Tax rate): After-tax interest expense. Add this back to net income because: FCFF is the cash flow available for distribution among all suppliers of capital, including debt-holders, and Interest expense net of the related tax savings was deducted in arriving at net income. The add-back is after-tax, because the discount rate in the FCFF model (WACC) is also calculated on an after-tax basis. FCInv: Investment in fixed capital. It equ

Flashcard 1621338492172

Tags

#tvm

Question

A decrease in expected inflation rate would have no effect on [...] rate of return.

Answer

the real risk-free rate of return.

But would decrease the nominal risk-free rate of return

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The nominal risk-free rate of return includes both the real risk-free rate of return and the expected rate of inflation. A decrease in expected inflation rate would decrease the nominal risk-free rate of return, but would have no effect on the real risk-free rate of return.

Annotation 1622193081612

Mujālasāt emerged in ninth-century Iraq and flourished in the tenth century, spreading from Iraq to the west, to Andalusian Spain and to North Africa. These literary salons endured as a cultural practice well into the modern era.

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Annotation 1622194654476

This forum for literature offered edification, entertainment, and escape for middle- and upper-ranking men and women; it also served as a means of building one’s public reputation, establishing one’s status, expanding one’s social network, and socializing the young.

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Annotation 1622199373068

and exploring some basic questions: How large were mujālasāt? What type of people attended—were there elders, women, children, or servants present? Who spoke what, and to what degree did attendees take turns or dominate? How long did sessions last, and were they held at night or during the day? Were they held indoors or outside, and which buildings were used? For a social institution that has occupied more of a place in the daily lives of medieval men and women than television or classroom education in our own time, this gap in knowledge is grave.

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Annotation 1622200945932

I attempt to address these basic questions and take that description to the level of cultural analysis. If mujālasāt were prevalent and enduring, why did individuals participate? If people performed poetry and competed for prestige in mujālasāt, what impact did their text selection and performance in assembly have on the formation of canon, identity, community, and ideology? How did the performance of poetry and narrative shape their vision of an Arabo- Islamic past?

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Flashcard 1622690106636

Tags

#tvm

Question

Shortcut factor PV even cashflows (Annuity)

PV = [...]

Answer

$PV = A ({1-\frac1{(1+r)^n} \ {} \over r})$

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Annotation 1622947532044

#duchowy #formacja #psychologia #rozwojowa #rozwój #wychowanie #wzrost

Te przejściowe lata potrzebne są do stopniowego oswajania się z różnymi emocjami i częściami wła- snego ja, do zintegrowania w sobie z jednej strony [...] czyli do przygotowania się do życia dorosłe- go i świadomego ograniczeń.

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Flashcard 1622953299212

Tags

#duchowy #formacja #psychologia #rozwojowa #rozwój #wychowanie #wzrost

Question

Rodzicielstwo przestaje być sprawowaniem kontroli, zaczyna być życzliwym

Answer

wpływaniem na decyzje dziecka.

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Annotation 1634534558988

Part two of the book analyzes the impact of mujālasāt on the formation of tradition

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Flashcard 1634538491148

Tags

#baii

Question

How do you make a hard reset?

Answer

le picas con una aguja el botoncito de atras

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Flashcard 1641062468876

Tags

#reading-8-statistical-concepts-and-market-returns

Question

The [...] is the value of the middle item of a set of items that has been sorted into ascending or descending order.

Answer

median

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Flashcard 1644979424524

Tags

#reading-8-statistical-concepts-and-market-returns

Question

The lower boundary of each class is calculated by [...]

Answer

the class lower limit minus 1/2 of the gap value.

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Flashcard 1645233966348

Tags

#reading-9-probability-concepts

Question

Can probabilities be negative?

Answer

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Flashcard 1645248122124

Tags

#edx-probability

Question

Putting together a probabilistic Model involves two steps:

First step, we describe the [...]

Second step, we describe [...]

Answer

possible outcomes of the phenomenon or experiment

our beliefs about the likelihood of the different possible outcomes

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Lesson 1. Sample space
Putting together a probabilistic Model that is, a model of a random phenomenon or a random experiment involves two steps. First step, we describe the possible outcomes of the phenomenon or experiment of interest. Second step, we describe our beliefs about the likelihood of the different possible outcomes by specifying a probability law. Here, we start by just talking about the first step, namely, the description of the possible outcomes of the experiment. So we carry out an experiment. For example

Flashcard 1645253102860

Tags

#edx-probability

Question

A set of outcomes in an experiment is denoted by [...]

Answer

$\Omega$

Capital omega

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Lesson 1. Sample space
ng a list of the possible outcomes-- or, a better word, instead of the word "list", is to use the word "set", which has a more formal mathematical meaning. So we create a set that we usually denote by capital omega. That set is called the sample space and is the set of all possible outcomes of our experiment. The elements of that set should have certa

Flashcard 1645265161484

Tags

#edx-probability

Question

[...] can be discrete, finite, infinite, continuous, and so on.

Answer

a set (sample space)

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Lesson 1. Sample space
MITx Video | 6.041x | Spring 2014 | Video transcript | L01-2: Sample space examples Let us now look at some examples of sample spaces. Sample spaces are sets. And a set can be discrete, finite, infinite, continuous, and so on. Let us start with a simpler case in which we have a sample space that is discrete and finite. The particular experiment we will be looking at is the following. We take a very

Flashcard 1645287705868

Tags

#reading-9-probability-concepts

Question

Cual era la tonteria que estabas haciendo en probabilidad?

Answer

Multiplicar P (AB) en eventos dependientes

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Annotation 1645454691596

(Jar¯ır uses the same first hemistich used by al-Farazdaq;

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Annotation 1645456526604

Al-Farazdaq should not mention his rela- tionship with earlier poets; he should first defend his Muj¯ashi , clan which is cursed

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Edited, memorised or added to reading queue

on 27-Jul-2017 (Thu)

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