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Flashcard 1428930301196

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4 #summary
Question
In general, elasticity is the ratio of [...].
Answer
the percentage change in the dependent variable to the percentage change in the independent variable of interest


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Economists use a quantitative measure of sensitivity called elasticity. In general, elasticity is the ratio of the percentage change in the dependent variable to the percentage change in the independent variable of interest. Important specific elasticities include own-price elasticity of demand, income elasticity of demand, and cross-price elasticity of demand.

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SUMMARY
tion. Brokers can add value if they reduce search costs and match buyers and sellers. In general, anything that improves information about the willingness of buyers and sellers to engage will reduce search costs and add value. <span>Economists use a quantitative measure of sensitivity called elasticity. In general, elasticity is the ratio of the percentage change in the dependent variable to the percentage change in the independent variable of interest. Important specific elasticities include own-price elasticity of demand, income elasticity of demand, and cross-price elasticity of demand. Based on algebraic sign and magnitude of the various elasticities, goods can be classified into groups. If own-price elasticity of demand is less than one in absolute va







Flashcard 1435703315724

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-2-consumer-theory-from-preferences-to-demand-function #study-session-4-microeconomics-analysis
Question
In Consumer Choice Theory, Instead of assuming the existence of a demand curve, it derives a demand curve as an implication of assumptions [...]
Answer
about preferences.


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Consumer choice theory still makes assumptions, but does so at a more fundamental level. Instead of assuming the existence of a demand curve, it derives a demand curve as an implication of assumptions about preferences.

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2. CONSUMER THEORY: FROM PREFERENCES TO DEMAND FUNCTIONS
and as a logical extension of consumer choice theory. Although consumer choice theory attempts to model consumers’ preferences or tastes, it does not have much to say about why consumers have the tastes and preferences they have. <span>It still makes assumptions, but does so at a more fundamental level. Instead of assuming the existence of a demand curve, it derives a demand curve as an implication of assumptions about preferences. Note that economists are not attempting to predict the behavior of any single consumer in any given circumstance. Instead, they are attempting to build a consistent model of aggregate m







Flashcard 1435761773836

Tags
#2-1-3-economic-rent #2-1-types-of-profit-measures #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
Question
If quantity supplied is relatively unresponsive ( inelastic ) to price changes, then a potential condition exists in the market for [...].
Answer
economic rent


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If quantity supplied is relatively unresponsive ( inelastic ) to price changes, then a potential condition exists in the market for economic rent.

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2. OBJECTIVES OF THE FIRM
er 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. <span>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 supply curve) and market price is higher than what is required to bring the resource or good onto the market and sustain its use. Essentially, demand determines the price level and the magnitude of economic rent that is forthcoming from the market. Exhibit 1 illustrates this concept, where P 1 is the price level that yields a normal profit return to the business that supplies the item. When demand increases from Demand 1 to Demand 2 , price rises to P 2 , where at this higher price level economic rent is created. The amount of this economic rent is calculated as (P 2 – P 1 ) × Q 1 . The firm has not done anything internally to merit this special reward: It benefits from an increase in demand in conjunction with a supply curve that does not fully adjust with an increase in quantity when price rises. Exhibit 1. Economic Rent Because of their limited availability in nature, certain resources—such as land and specialty commodities—possess highly inelastic supply curves in both the short run and long run (shown in Exhibit 1 as a vertical supply curve). When supply is relatively inelastic, a high degree of market demand can result in pricing that creates economic rent. This economic rent results from the fact that when price increases, the quantity supplied does not change or, at the most, increases only slightly. This is because of the fixation of supply by nature or by such artificial constraints as government policy. How is the concept of economic rent useful in financial analysis? Commodities or resources that command economic rent have the potential to reward equity investors more than what is required to attract their capital to that activity, resulting in greater shareholders’ wealth. Evidence of economic rent attracts additional capital funds to the economic endeavor. This new investment capital increases shareholders’ value as investors bid up share prices of existing firms. Any commodity, resource, or good that is fixed or nearly fixed in supply has the potential to yield economic rent. From an analytical perspective, one can obtain industry supply data to calculate the elasticity of supply , which measures the sensitivity of quantity supplied to a change in price. If quantity supplied is relatively unresponsive ( inelastic ) to price changes, then a potential condition exists in the market for economic rent. A reliable forecast of changes in demand can indicate the degree of any economic rent that is forthcoming from the market in the future. When one is analyzing fixed or nearly fixed supply markets (e.g., gold), a fundamental comprehension of demand determinants is necessary to make rational financial decisions based on potential economic rent. EXAMPLE 1 Economic Rent and Investment Decision Making The following market data show the global demand, global supply, and price on an annual basis for gold over the period 2006–2008. Based on the data, what observation can be made about market demand, supply, and economic rent? Year 2006 2007 2008 Percent Change 2006–2008 Supply (in metric tons) 3,569 3,475 3,508 –1.7 Demand (in metric tons) 3,423 3,552 3,805 +11.2 Average spot price (in US$) 603.92 695.39 871.65 +44.3 Source: GFMS and World Gold Council. Solution: The amount of total gold supplied to the world market over this period has actually declined slightly by 1.7 percent during a period when there was a double-digit increase of 11.2 percent in demand. As a consequence, the spot price has dramatically increased by 44.3 percent. Economic rent has resulted from this market relationship of a relatively fixed supply of gold and a rising demand for it. 2.2. Comparison of Profit Measures All three types of profit are interconnected because, according to Equation 4, acco







Flashcard 1442991181068

Tags
#estructura-interna-de-las-palabras #formantes-morfológicos #gramatica-española #la #morfología #tulio
Question
Los formantes que necesariamente van adosados a otros morfemas, son formas [...]
Answer
ligadas.


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Los formantes que pueden aparecer como palabras independientes son formas libres. Los otros, los que necesariamente van adosados a otros morfemas, son formas ligadas.

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La estructura interna de la palabra
1. Los formantes morfológicos Una palabra tiene estructura interna cuando contiene más de un formante morfológico. Un formante morfológico o morfema es una unidad mínima que consta de una forma fonética y de un significado. Comparemos las siguientes palabras: gota, gotas, gotita, gotera, cuentagotas. Gota es la única de estas palabras que consta de un solo formante. Carece, entonces, de estructura interna. Es una palabra simple. Todas las otras palabras tienen estructura interna. [31] Los formantes que pueden aparecer como palabras independientes son formas libres. Los otros, los que necesariamente van adosados a otros morfe- mas, son formas ligadas. Cuentagotas contiene dos formantes que pueden aparecer cada uno como palabra independiente. Es una palabra compuesta. Gotas, gotita y gotera también contienen dos formantes, pero uno de ellos (-s, -ita, -era) nunca puede ser una palabra independiente. Son formas ligadas que se denominan afijos. Algunos afijos van pospuestos a la base (gota), como los de nuestros ejemplos: son los s u f i j o s . Otros afijos la preceden: in-útil, des-contento, a-político: Son los prefijos. Las palabras que contienen un afijo se denominan palabras complejas. Del inventario de formantes reconocidos, reconoceremos dos clases: a. Algunos son formantes léxicos: tienen un significado léxico, que se define en el diccionario: gota, cuenta. Se agrupan en clases abiertas. Pertenecen a una clase particular de palabras: sustantivos (gota), adjetivos (útil), adverbios (ayer), verbos (cuenta). Pueden ser: - palabras simples (gota, útil, ayer); - base a la que se adosan los afijos en palabras complejas (got-, politic-); - parte de una palabra, compuesta (cuenta, gotas). b. Otros son formantes gramaticales: tienen significado gramatical, no léxico. Se agrupan en clases cerradas. Pueden ser: - palabras independientes: preposiciones (a, de, por), conjunciones (que, si); - afijos en palabras derivadas (-s, -ero, in-, des-); - menos frecuentemente, formantes de compuestos (aun-que, por-que, si-no). Entre las palabras no simples consideradas hasta aquí, cada una contenía sólo dos formantes. En otras un mismo tipo de formantes se repite: - sufijos: region-al-izar, util-iza-ble; - prefijos: des-com-poner. ex-pro-soviético, o también formantes de diferentes tipos pueden combinarse entre sí: - prefijo y sufijo: des-leal-tad, em-pobr-ecer; - palabra compuesta y sufijo: rionegr-ino, narcotrafic-ante. En la combinación de prefijación y sufijación, se distinguen dos casos, ilustrados en nuestros ejemplos. En deslealtad, la aplicación de cada uno de los afijos da como resultado una palabra bien formada: si aplicamos sólo el prefijo se obtiene el adjetivo desleal; si aplicamos sólo el sufijo el resultado será el sustantivo lealtad. En cambio, en empobrecer, si se aplica sólo un afijo [32] el resultado no será una palabra existente: *empobre, *pobrecer. Prefijo y sufijo se aplican simultáneamente, constituyendo un único formante morfológico – discontinuo– que se añade a ambos lados de la base léxica. Este segundo caso se denomina parasíntesis. Para establecer la estructura interna de las palabras, la morfología se ocupa de: a. identificar los formantes morfológicos; b. determinar las posibles variaciones que éstos presenten; c. describir los procesos involucrados; d. reconocer la organización de las palabras. 2. Identificación de los formantes morfológicos Comparemos ahora las siguientes palabras: sol, sol-ar; sol-azo, quita- sol, gira-sol, solter-o, solaz. En las







Flashcard 1447245516044

Tags
#sister-miriam-joseph #trivium
Question
A general description is itself made up wholly of [...]
Answer
common names.


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The definitions given in the dictionary are general descript ions of the single-word entries. They clarify the meanings of the common names. A general description is itself made up wholly of common names.

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Flashcard 1452531649804

Tags
#conversation-tactics #high-points
Question
High point examples:

You can share [...]
Answer
a big laugh.


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High point examples: You can share a big laugh. You can both get emotional and cry. You share a strong perspective on an issue that no one else does. You witness something either horrifying or hilario

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Flashcard 1478075485452

Tags
#cfa-level-1 #reading-23-financial-reporting-mechanics
Question
Where valuation adjustment entries are required for assets, the basic pattern is the following for increases in assets:

An asset is decreased with the other side of the equation being [...] or [...]
Answer
a loss on the income statement or a decrease to other comprehensive income.


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increases in assets: An asset is increased with the other side of the equation being a gain on the income statement or an increase to other comprehensive income. An asset is decreased : An asset is decreased with the <span>other side of the equation being a loss on the income statement or a decrease to other comprehensive income.<span><body><html>

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ved and the corresponding liability to deliver newsletters) and, subsequently, 12 future adjusting entries, the first one of which was illustrated as Transaction 12. Each adjusting entry reduces the liability and records revenue. <span>In practice, a large amount of unearned revenue may cause some concern about a company’s ability to deliver on this future commitment. Conversely, a positive aspect is that increases in unearned revenue are an indicator of future revenues. For example, a large liability on the balance sheet of an airline relates to cash received for future airline travel. Revenue will be recognized as the travel occurs, so an increase in this liability is an indicator of future increases in revenue. <span><body><html>







Flashcard 1478470798604

Tags
#cfa-level-1 #reading-25-understanding-income-statement
Question
When an income statement shows a gross profit subtotal, it is said to use a [...] rather than a [...] .
Answer
multi-step format

single-step format


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When an income statement shows a gross profit subtotal, it is said to use a multi-step format rather than a single-step format .

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2. COMPONENTS AND FORMAT OF THE INCOME STATEMENT
Danone and Kraft present their expenses by function, which is sometimes referred to “cost of sales” method. One subtotal often shown in an income statement is gross profit or gross margin (that is revenue less cost of sales). <span>When an income statement shows a gross profit subtotal, it is said to use a multi-step format rather than a single-step format . The Kraft Foods income statement is an example of the multi-step format, whereas the Groupe Danone income statement is in a single-step format. For manufacturing and merchandising compa







Flashcard 1479828442380

Tags
#cfa-level-1 #reading-25-understanding-income-statement #revenue-recognition
Question
Under the completed contract method, billings and costs are accumulated on [...] rather than flowing through the income statement
Answer
the balance sheet


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3.2.1. Long-Term Contracts
the completed contract method, the company does not report any income until the contract is substantially finished (the remaining costs and potential risks are insignificant in amount), although provision should be made for expected losses. <span>Billings and costs are accumulated on the balance sheet rather than flowing through the income statement. Under US GAAP, the completed contract method is also acceptable when the entity has primarily short-term contracts. Note that if a contract is started and completed in the same period,







Flashcard 1481594244364

Tags
#cfa-level-1 #expense-recognition #reading-25-understanding-income-statement
Question
The [...] is an inventory accounting method that identifies which specific inventory items were sold and which remained in inventory to be carried over to later periods.
Answer
Specific identification method


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4.1. General Principles
In general, a company recognizes expenses in the period that it consumes (i.e., uses up) the economic benefits associated with the expenditure, or loses some previously recognized economic benefit.28 A gen







Flashcard 1621052493068

Tags
#cashflow-statement
Question
FCFF = NI + NCC + Int (1 - Tax rate) - FCInv - WCInv

FCInv = [...]

WCInv = [...]
Answer
  • FCInv: Investment in fixed capital.
  • WCInv: Investment in working capital.


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Subject 3. Cash Flow Statement Analysis
; Free cash flow = CFO - capital expenditure Free Cash Flow to the Firm (FCFF): Cash available to shareholders and bondholders after taxes, capital investment, and WC investment. <span>FCFF = NI + NCC + Int (1 - Tax rate) - FCInv - WCInv NI: Net income available to common shareholders. It is the company's earnings after interest, taxes and preferred dividends. NCC: Net non-cash







Flashcard 1621219216652

Tags
#analyst-notes #cfa-level-1 #corporate-finance #introduction #reading-35-capital-budgeting
Question
Which questions should you ask in the "Planning the capital budget" step?

How does the project fit within the company's overall strategies?

What's the [...] and [...]
Answer


timeline and priority?


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The typical steps in the capital budgeting process: Generating good investment ideas to consider. Analyzing individual proposals (forecasting cash flows, evaluating profitability, etc.). Planning the capital budget. <span>How does the project fit within the company's overall strategies? What's the timeline and priority? Monitoring and post-auditing. The post-audit is a follow-up of capital budgeting decisions. It is a key element of capital budgeting. By comparing actual results with predicted results

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Subject 1. Capital Budgeting: Introduction
include in the capital budget. "Capital" refers to long-term assets. The "budget" is a plan which details projected cash inflows and outflows during a future period. <span>The typical steps in the capital budgeting process: Generating good investment ideas to consider. Analyzing individual proposals (forecasting cash flows, evaluating profitability, etc.). Planning the capital budget. How does the project fit within the company's overall strategies? What's the timeline and priority? Monitoring and post-auditing. The post-audit is a follow-up of capital budgeting decisions. It is a key element of capital budgeting. By comparing actual results with predicted results and then determining why differences occurred, decision-makers can: Improve forecasts (based on which good 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 d







Flashcard 1621320142092

Tags
#reading-6-time-value-of-money
Question
[...] is the calculation of the present value of some known future value.
Answer
Discounting


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Subject 1 Time Value of Money and Interest Rates
ing interest over a period of time. A compounding period is the number of times per year that interest is paid. Continuous compounding occurs when the number of compounding periods becomes infinite; interest is added continuously. <span>Discounting is the calculation of the present value of some known future value. Discount rate is the rate used to calculate the present value of some future cash flow. Discounted cash flow is the present value of some future cash flow. <span><body></







Flashcard 1623560424716

Tags
#discounted-cashflow-applications
Question

Why should we choose the NPV rule over the IRR rule when analyzing mutually exclusive projects?

Answer
The NPV of an investment represents the expected addition to shareholder wealth from an investment.


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Flashcard 1636529474828

Tags
#reading-8-statistical-concepts-and-market-returns
Question
If the data set includes a sample of values taken from a population, the arithmetic mean is called a [...]
Answer
sample mean.


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Subject 4. Measures of Center Tendency
thmetic mean is what is commonly called the average. The population mean and sample mean are both examples of the arithmetic mean. If the data set encompasses an entire population, the arithmetic mean is called a population mean. <span>If the data set includes a sample of values taken from a population, the arithmetic mean is called a sample mean. This is the most widely used measure of central tendency. When the word "mean" is used without a modifier, it can be assumed to refer to the arithmetic mean. The







Flashcard 1644577033484

Tags
#reading-8-statistical-concepts-and-market-returns
Question
What indicates the direction of skew?
Answer
algebraic sign in the formula result


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Flashcard 1644814011660

Tags
#reading-8-statistical-concepts-and-market-returns
Question
Excess Kurtosis formula

\(K_e =\) [...] \( \displaystyle\sum_{i=1}^n(Xi-\bar{X})^4\over {s^4} \)\(- {3(n-1)^2\over (n-2)(n-3)}\)


Answer
\(Ke = {n(n+1) \over (n-1)(n-2)(n-3)}\)


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Flashcard 1645158206732

Tags
#reading-8-statistical-concepts-and-market-returns
Question
Excess Kurtosis formula

\(Ke = {n(n+1) \over (n-1)(n-2)(n-3)}\) * \( {\displaystyle\sum_{i=1}^{n} (x_i-\bar{x})^4 \over s^4}\) - [...]
Answer

\(- {3(n-1)^2 \over (n-2)(n-3)}\)


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Flashcard 1645236325644

Tags
#reading-9-probability-concepts
Question
A set of possible outcomes is just [...]
Answer
Just a list of the outcomes


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Flashcard 1645880413452

Tags
#math-shit
Question
How many digits can the stems in a stemplot have?
Answer
As many as needed


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The stem of a stemplot can have as many digits as needed, but the leaves should contain only one digit.

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Stem-and-leaf graph
Suppose you have the following set of numbers (they might represent the number of home runs hit by a major league baseball player during his career). 32, 33, 21, 45, 58, 20, 33, 44, 28, 15, 18, 25 <span>The stem of a stemplot can have as many digits as needed, but the leaves should contain only one digit. To create a stemplot to display the above data, you must first create the stem. Since all of the numbers have just two digits, start by arranging the tens digits from







Article 1645926550796

Subject 5. The Total Probability Rule
#has-images #reading-9-probability-concepts

If we have an event or scenario S, the event not-S, called the complement of S, is written S C . Note that P(S) + P(S C ) = 1, as either S or not-S must occur. The total probability rule explains the unconditional probability of an event in terms of probabilities conditional on the scenarios. P(A) = P(A|S)P(S) + P(A|S C )P(S C ) P(A) = P(A|S 1 )P(S 1 ) + P(A|S 2 )P(S 2 ) + ... + P(A|S n )P(S n ) The first equation is just a special case of the second equation. The second equation states the following: the probability of any event [P(A)] can be expressed as a weighted average of the probabilities of the event, given scenarios [terms such as P(A|S 1 )]; the weights applied to these conditional probabilities are the respective probabilities of the scenarios [terms such as P(A 1 multiplying P(A|S 1 )], and the scenarios must be mutually exclusive and exhaustive. Suppose there are two events: Event A: IBM's revenue will increase. Event B: the economy is going into an expansion. P(B) = 0.6,



Flashcard 1645930220812

Tags
#reading-9-probability-concepts
Question
The [...] explains the unconditional probability of an event in terms of probabilities conditional on the scenarios.
Answer
total probability rule


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Subject 5. The Total Probability Rule
If we have an event or scenario S, the event not-S, called the complement of S, is written S C . Note that P(S) + P(S C ) = 1, as either S or not-S must occur. The total probability rule explains the unconditional probability of an event in terms of probabilities conditional on the scenarios. P(A) = P(A|S)P(S) + P(A|S C )P(S C ) P(A) = P(A|S 1 )P(S 1 ) + P(A|S 2 )P(S 2 ) + ... + P(A|S n )P(S n ) The first equation is just a special case of the secon







Flashcard 1645933628684

Tags
#statistics
Question
A statistical question requires [...]
Answer
collecting data with variability


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O Active Directory é o serviço de diretórios do Windows Server 2003. Um Serviço de Diretório é um serviço de rede, o qual identifica todos os recursos disponíveis em uma rede, mantendo informações sobre estes dispositivos (contas de usuários, grupos, computadores, recursos, políticas de segurança etc.) em um banco de dados e torna estes recursos disponíveis para usuários e aplicações.

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Neste artigo, apresento e explico conceitos teóricos sobre os diversos elementos que compõem o Active Directory. Desta forma, podemos ter uma visão ampla e completa do que é exatamente o Active Directory. <span>O Active Directory é o serviço de diretórios do Windows Server 2003. Um Serviço de Diretório é um serviço de rede, o qual identifica todos os recursos disponíveis em uma rede, mantendo informações sobre estes dispositivos (contas de usuários, grupos, computadores, recursos, políticas de segurança etc.) em um banco de dados e torna estes recursos disponíveis para usuários e aplicações. Afinal, o que é Diretório? Um diretório nada mais é do que um cadastro ou, melhor ainda, um banco de dados com informações sobre usuários, senhas e outros elementos necessários ao




Article 1646386089228

Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable
#reading-9-probability-concepts

The expected value of a random variable is its probability-weighted average of the possible outcomes. When combined with probability, the expected value simply factors in the relative chances of each event occurring, in order to determine the overall result. The more probable outcomes will have a greater weighting in the overall calculation. For a random variable X, the expected value of X is denoted E(X). E(X) = P(x 1 ) x 1 + P(x 2 ) x 2 + ... + P(x n ) x n In investment analysis, forecasts are frequently made using expected value, for example, the expected value of earnings per share, dividend per share, rate of return, etc. It represents the central value of all possible outcomes. Example The organizers of an outdoor event know that the success of the event depends on the weather. It costs $50,000 to stage the event. If the weather is favorable, the organizers will take in $200,000. If the weather is moderate, the organizers will take in $80,000. If the weather i



#reading-9-probability-concepts
The expected value of a random variable is its probability-weighted average of the possible outcomes. When combined with probability, the expected value simply factors in the relative chances of each event occurring, in order to determine the overall result. The more probable outcomes will have a greater weighting in the overall calculation.

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Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable
The expected value of a random variable is its probability-weighted average of the possible outcomes. When combined with probability, the expected value simply factors in the relative chances of each event occurring, in order to determine the overall result. The more probable outcomes will have a greater weighting in the overall calculation. For a random variable X, the expected value of X is denoted E(X). E(X) = P(x 1 ) x 1 + P(x 2 ) x 2 + ... + P(x n ) x n In investme




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Question
For a random variable X, the expected value of X is denoted [...]
Answer
E(X).


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Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable
ed with probability, the expected value simply factors in the relative chances of each event occurring, in order to determine the overall result. The more probable outcomes will have a greater weighting in the overall calculation. <span>For a random variable X, the expected value of X is denoted E(X). E(X) = P(x 1 ) x 1 + P(x 2 ) x 2 + ... + P(x n ) x n In investment analysis, forecasts are frequently made using expected value, for example,







Flashcard 1646437207308

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Question
E(X) = [...]
Answer
P(x1) x1 + P(x2) x2 + ... + P(xn) xn


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Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable
ccurring, in order to determine the overall result. The more probable outcomes will have a greater weighting in the overall calculation. For a random variable X, the expected value of X is denoted E(X). <span>E(X) = P(x 1 ) x 1 + P(x 2 ) x 2 + ... + P(x n ) x n In investment analysis, forecasts are frequently made using expected value, for example, the expected value of earnings per share, dividend per share, rate of return, etc.







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Question
Expected value represents [...] of all possible outcomes.
Answer
the central value


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Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable
e outcomes will have a greater weighting in the overall calculation. For a random variable X, the expected value of X is denoted E(X). E(X) = P(x 1 ) x 1 + P(x 2 ) x 2 + ... + P(x n ) x n <span>In investment analysis, forecasts are frequently made using expected value, for example, the expected value of earnings per share, dividend per share, rate of return, etc. It represents the central value of all possible outcomes. Example The organizers of an outdoor event know that the success of the event depends on the weather. It costs $50,000 to stage the event. If the weather is fa







#reading-9-probability-concepts
In investment analysis, forecasts are frequently made using expected value, for example, the expected value of earnings per share, dividend per share, rate of return, etc

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Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable
e outcomes will have a greater weighting in the overall calculation. For a random variable X, the expected value of X is denoted E(X). E(X) = P(x 1 ) x 1 + P(x 2 ) x 2 + ... + P(x n ) x n <span>In investment analysis, forecasts are frequently made using expected value, for example, the expected value of earnings per share, dividend per share, rate of return, etc. It represents the central value of all possible outcomes. Example The organizers of an outdoor event know that the success of the event depends on the weather




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the organizers can expect to take in $64,000. Since it costs $50,000 to stage the event, this translates to a profit of $14,000, so they should certainly go ahead with the venture.

It's important to realize that none of the outcomes actually produces an amount of $64,000. This is simply the weighted average of all possible outcomes. Although there is a 50% chance of a loss the big profit that will be made the remaining 50% of the time more than offsets this and creates an overall expected profit.

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Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable
is likely to be profitable. Using the expected value formula, we will multiply each amount by its probability, and add the answers. E(X) = 200,000 x 0.2 + 80,000 x 0.3 + 0 x 0.5 = 40,000 + 24,000 + 0 = $64,000 Thus, <span>the organizers can expect to take in $64,000. Since it costs $50,000 to stage the event, this translates to a profit of $14,000, so they should certainly go ahead with the venture. It's important to realize that none of the outcomes actually produces an amount of $64,000. This is simply the weighted average of all possible outcomes. Although there is a 50% chance of a loss the big profit that will be made the remaining 50% of the time more than offsets this and creates an overall expected profit. However, with a one-off concert, there is a major risk involved, particularly in the event of unfavorable weather. An easier way to interpret expected value is as follows:




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An easier way to interpret expected value is as follows: If a number of such concerts were held, the organizers can expect to achieve a profit of $14,000 for each concert. So expected values actually make more sense when viewed over the long run.

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Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable
fit that will be made the remaining 50% of the time more than offsets this and creates an overall expected profit. However, with a one-off concert, there is a major risk involved, particularly in the event of unfavorable weather. <span>An easier way to interpret expected value is as follows: If a number of such concerts were held, the organizers can expect to achieve a profit of $14,000 for each concert. So expected values actually make more sense when viewed over the long run. The variance of a random variable is the expected value (the probability-weighted average) of squared deviations from the random variable's expected value. &




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Question
Given 3 probabilities to weight an expected value, which one of the outcomes wil happen?
Answer
none of the outcomes actually produces the amount expected


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Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable
40,000 + 24,000 + 0 = $64,000 Thus, the organizers can expect to take in $64,000. Since it costs $50,000 to stage the event, this translates to a profit of $14,000, so they should certainly go ahead with the venture. <span>It's important to realize that none of the outcomes actually produces an amount of $64,000. This is simply the weighted average of all possible outcomes. Although there is a 50% chance of a loss the big profit that will be made the remaining 50% of the time more than offsets t







There is no doubt that mnemonic techniques are one of the most important methods and methodologies used in education. However, nowadays these methods seem to be unremembered and seldom used by teachers or students.

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