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not to spend all of his income so the weak inequality becomes a strict equality, as shown in Equation 4, because there would be no reason for Warren to save any of his income if there is “no tomorrow.” Equation (4) <span>P B Q B + P W Q W = I <span><body><html>

the expenditure on wine does not exceed his income per time period. We can represent this income constraint (or budget constraint ) with the following expression: Equation (3) P B Q B + P W Q W ≤ I <span>This expression simply constrains Warren to spend, in total, no more than his income. At this stage of our analysis, we are assuming a one-period model. In effect, then, Warren has no reason not to spend all of his income. The weak inequality becomes a strict equality, as shown in Equation 4, because there would be no reason for Warren to save any of his income if there is “no tomorrow.” Equation (4) P B Q B + P W Q W = I From this equation, we see that if Warren were to spend all of his income only on bread, he could buy I/P B slices of bread. Or if he were to confine his expenditure to wi

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Financial analysis is the process of examining a company’s performance in the context of its industry and economic environment in order to arrive at a decision or recommendation.

Financial analysis is the process of examining a company’s performance in the context of its industry and economic environment in order to arrive at a decision or recommendation. Often, the decisions and recommendations addressed by financial analysts pertain to providing capital to companies—specifically, whether to invest in the company’s debt or equity securi

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d MC in the short run. The marginal cost curve intersects both the ATC and AVC at their respective minimum points. This occurs at points S and T, which correspond to Q AVC and Q ATC , respectively. Mathematically, when <span>marginal cost is less than average variable cost, AVC will be decreasing . The opposite occurs when MC is greater than AVC. The same relationship holds true for MC and ATC . ATC declines when MC is less than ATC. ATC increases as MC exceeds ATC

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ate sufficient cash from its continuing operations. CFOs are derived by converting the income statement from an accrual basis to a cash basis. For most companies, positive operating cash flows are essential for long-run survival. <span>The major operating cash flows are (1) cash received from customers, (2) cash paid to suppliers and employees, (3) interest and dividends received, (4) interest paid, and (5) income taxes paid. Special items to note: Interest and dividend revenue, and interest expenses, are considered operating activities, but dividends paid are considered financing a

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iability and owner's equity items, and include: Obtaining capital from owners and providing them with a return on (and a return of) their investments. Borrowing money from creditors and repaying the amounts borrowed. <span>In general, the items in this section relate to the debt and the equity items on the balance sheet. Financing cash flows reflect how the company plans to finance its expansion and reward its owners. Examples: Dividends paid to stockholders (not interest paid

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or summarizing and analyzing data, we need to distinguish between different measurement scales or levels of measurement. Nominal Scale Nominal measurement represents the weakest level of measurement. It <span>consists of assigning items to groups or categories. No quantitative information is conveyed and no ordering (ranking) of the items is implied. Nominal scales are qualitative rather than quantitative. Religious preference, r

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unt basis D = the dollar discount, which is equal to the difference between the face value of the bill, F, and its purchase price, P t = the number of days remaining to maturity 360 = the bank convention of the number of days in a year. <span>Bank discount yield is not a meaningful measure of the return on investment because: It is based on the face value, not on the purchase price. Instead, return on investment should be measured based on cost of investment. It is annualized using a 360-day year, not a 365-day year. It annualizes with simple interest and ignores the effect of interest on interest (compound interest). Holding period yield (HPY) is the return earned by an investor if the money market instrument is held until maturity: P 0 =

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variance indicates the adequacy of the mean as representative of the population by measuring the deviation from expectation. Basically, the variance and the standard deviation are measures of the average deviation from the mean. <span>An important attribute of the standard deviation as a measure of spread is that if the mean and standard deviation of a normal distribution are known, it is possible to compute the percentile rank associated with any given score. In a normal distribution, about 68% of the scores are within one standard deviation of the mean and about 95% of the scores are within two standards deviations of the mean.

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What is 'Antitrust' <span>Antitrust laws are the laws that apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution and marketing. They prohibit a variety of practices that restrain trade. Examples of illegal practices are price-fixing conspiracies, corporate mergers likely to reduce the competitive vigor of particular markets, and predatory acts designed to achieve or maintain monopoly power. BREAKING DOWN 'Antitrust' Antitrust laws are necessary in an open marketplace. Competition among sellers gives consumers lower prices, higher-quali

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;:"","st":"Khan Academy","th":126,"tu":"https://encrypted-tbn0.gstatic.com/images?q\u003dtbn:ANd9GcSn5LucwU2YqqP-QbKVKFxZQrH67dnFFkLdw7mMGEhss07jzQixQxdTCiUW","tw":224} <span>To create a box-and-whisker plot, we start by ordering our data (that is, putting the values) in numerical order, if they aren't ordered already. Then we find the median of our data. The median divides the data into two halves. To divide the data into quarters, we then find the medians of these two halves. Box-and-Whisker Plots - Purplemath www.purplemath.com/modules/boxwhisk.htm Feedback About this result People also ask What can you tell from a box and whisker plot?

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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,

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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. <span>The variance of a random variable is the expected value (the probability-weighted average) of squared deviations from the random variable's expected value. σ 2 (X) = E{[X - E(X)] 2 } Variance is a number greater than or equal to 0. If it is 0, there is no dispersion or risk. The outcome

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ake 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. <span>σ 2 (X) = E{[X - E(X)] 2 } Variance is a number greater than or equal to 0. If it is 0, there is no dispersion or risk. The outcome is certain. Variance greater than 0 indicates dispersi

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<span>Biologically, virus has been an unwelcome word since the 16th century, and computationally since the 1970s. Both senses of the word denote the insertion of disruptive coded material into a normally functioning system that therein multiplies. Virus is from classical Latin in which it referred to poison, venom, and various secretions. Its earliest known English use is in the late 14th century in reference to semen. A coup

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rnate payments, the India payment ecosystem is growing each day. Sources: et. Topic: Conservation, environmental pollution and degradation, environmental impact assessment. China produces gas from ‘flammable ice’ under South China Sea <span>China has successfully produced natural gas from methane hydrate, also known as “flammable ice”, in an experimental project in the South China Sea. The government has promised to “actively develop” natural gas hydrate over the 2016-2020 five-year plan period. [imagelink] What you need to know about the flammable ice? Flammable ice

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as “flammable ice”, in an experimental project in the South China Sea. The government has promised to “actively develop” natural gas hydrate over the 2016-2020 five-year plan period. [imagelink] What you need to know about the flammable ice? <span>Flammable ice consists of methane trapped within water crystals , and has been identified as a potential new gas source for China, with the South China Sea thought to contain some of the world’s most promising deposits. Officially known as methane clathrates or hydrates , they are formed at very low temperatures and under high pressure. They can be found in sediments under the ocean floor as well as u

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ut the flammable ice? Flammable ice consists of methane trapped within water crystals , and has been identified as a potential new gas source for China, with the South China Sea thought to contain some of the world’s most promising deposits. <span>Officially known as methane clathrates or hydrates , they are formed at very low temperatures and under high pressure. They can be found in sediments under the ocean floor as well as underneath permafrost on land. Despite the low temperature, these hydrates are flammable . By lowering the pressure or raising the temperature, the hydrates break down into water and methane – a lot of methane. One

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hrates or hydrates , they are formed at very low temperatures and under high pressure. They can be found in sediments under the ocean floor as well as underneath permafrost on land. Despite the low temperature, these hydrates are flammable . <span>By lowering the pressure or raising the temperature, the hydrates break down into water and methane – a lot of methane. One cubic metre of the compound releases about 160 cubic metres of gas, making it a highly energy-intensive fuel. Many countries including the US and Japan are working on how to tap those reserves, but mining and extracting are extremely difficult. Why is it important? Methane hydrates are though

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cting are extremely difficult. Why is it important? Methane hydrates are thought to have the potential to be a revolutionary energy source that could be key to future energy needs – likely the world’s last great source of carbon-based fuel. <span>Vast deposits exist basically underneath all oceans around the the globe, especially on the edge of continental shelves. Countries are scrambling for a way to make the extraction safe and profitable. Accessing the power of this flammable ice has been difficult, for two reasons. First, these reserves ar

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last great source of carbon-based fuel. Vast deposits exist basically underneath all oceans around the the globe, especially on the edge of continental shelves. Countries are scrambling for a way to make the extraction safe and profitable. <span>Accessing the power of this flammable ice has been difficult, for two reasons. First, these reserves are often distributed over a large area rather than concentrated in one spot as oil or natural gas reserves often are. The bigger problem, however, is that, true to their moniker as flammable ice, methane hydrates are unstable and potentially explosive. Drilling into the seafloor could destabilize the methane ice crystals and cause explosions, spewing vast troves of methane into the atmosphere, where it is a more potent greenhouse gas than carbon dioxide (CO2). What next? Any exploitation of the reserves must be done with the utmost care because of environmental concerns. The potential threat is that methane can escape, which would have seri

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issile system and comes after the Army earlier this year showed interest in going for the Israeli quick-reaction surface-to-air missiles (QR-SAMs) to take on enemy fighters, helicopters and drones instead of Akash. Know about Akash Missile: <span>The Akash missile is India’s first indigenously designed , developed and produced air defence surface-to-air missile system . Akash is a supersonic short range surface-to-air missile capable of neutralising aerial threats. The asset of this missile system is its capability to neutralise multiple aerial targets coming from different directions at the same time. The maximum range of this missile is 25 kilometres and can neutralise targets at a maximum altitude of 20 kilometres. It is meant for neutralising medium range air targets flying at low or medium height. Akash has been indigenously built. It is a result of 96% indigenisation, with the design being developed by the Defence Research and Development Organisation and built by Bharat Dynamics Limited along with the involvement of Bharat Electronics Limited. Sources: pib. Topic: Security challenges and their management in border areas; linkages of organized crime with terrorism. India’s first unmanned tank Muntra India’s first unman

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the Bharat Bill Payment Central Unit (BBPCU) and operate the Bharat Bill Payment System (BBPS). The final clearance from RBI comes almost a year after NPCI launched the BBPS pilot project to make payment of utility bills easier. [imagelink] <span>About BBPS: The Bharat Bill Payment System (BBPS) is an RBI conceptualised system driven by National Payments Corporation of India (NPCI) . It is a one-stop payment platform for all bills, providing an interoperable and accessible “Anytime Anywhere” bill payment service to customers across the country with certainty, reliability and safety of transactions. Payments through BBPS may be made using cash, transfer cheques and electronic modes . Bill aggregators and banks, who will function as operating units, will carry out these transactions for the customers. NPCI: National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India . It was set up with the guidance and support of the Reserve

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rtment of Statistics Online Learning! - Penn State","th":83,"tu":"https://encrypted-tbn0.gstatic.com/images?q\u003dtbn:ANd9GcQuElAJ2v_EaT3kTk6OttMFj8vC8cwGQrbEbwExrMxvAB-IY7aQ1Nkvdoo","tw":210} <span>The empirical rule states that for a normal distribution, nearly all of the data will fall within three standard deviations of the mean. The empirical rule can be broken down into three parts: 68% of data falls within the first standard deviation from the mean. 95% fall within two standard deviations.Nov 1, 2013 Empirical Rule: What is it? - Statistics How To www.statisticshowto.com/empirical-rule-2/ Feedback About this result People also ask What is the empirical rul

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What is 'Beta' <span>Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which calculates the expected return of an asset based on its beta and expected market returns. Beta is also known as the beta co

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What is the 'Treynor Ratio' <span>The Treynor ratio, also known as the reward-to-volatility ratio, is a metric for returns that exceed those that might have been gained on a risk-less investment, per each unit of market risk. The Treynor ratio, developed by Jack Treynor, is calculated as follows: (Average Return of a Portfolio – Average Return of the Risk-Free Rate)/Beta of the Portfolio BREAKING DOWN 'Treynor Ratio' In essence, the Treynor ratio is a risk-adjusted measurement of a return, based on systematic risk. It is a metric of

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What is 'Ex-Ante' <span>Ex-ante, derived from the Latin for "before the event," is a term that refers to future events, such as future returns or prospects of a company. Ex-ante analysis helps to give an idea of future movements in price or the future impact of a n

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What is 'Ex-Ante' <span>Ex-ante, derived from the Latin for "before the event," is a term that refers to future events, such as future returns or prospects of a company. Ex-ante analysis helps to give an idea of future movements in price or the future impact of a newly implemented policy. An example of ex-ante analysis is when an investment company values a stock ex ante and then compares the predicted results to the actual movement of the stock's price. BREAKING DOWN 'Ex-Ante' "Ex-ante" refers to any prediction that is made prior to either before all of the variables are known, or generally

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To find a box-and-whisker plot of order data we find the median and, to divide the data into quarters, we then find the medians of these two halves.

;:"","st":"Khan Academy","th":126,"tu":"https://encrypted-tbn0.gstatic.com/images?q\u003dtbn:ANd9GcSn5LucwU2YqqP-QbKVKFxZQrH67dnFFkLdw7mMGEhss07jzQixQxdTCiUW","tw":224} <span>To create a box-and-whisker plot, we start by ordering our data (that is, putting the values) in numerical order, if they aren't ordered already. Then we find the median of our data. The median divides the data into two halves. To divide the data into quarters, we then find the medians of these two halves. Box-and-Whisker Plots - Purplemath www.purplemath.com/modules/boxwhisk.htm Feedback About this result People also ask What can you tell from a box and whisker plot?

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If we have two events, A and B, that we are interested in, we often want to know the probability that either A or B occurs. Note the use of the word "or," the key to this rule. The "or" is what we call an "inclusive or." In other words, either one event can occur or both events can occur.

If we have two events, A and B, that we are interested in, we often want to know the probability that either A or B occurs. Note the use of the word "or," the key to this rule. The "or" is what we call an "inclusive or." In other words, either one event can occur or both events can occur. Such probabilities are calculated using the addition rule for probabilities. P(A or B) = P(A) + P(B) - P(AB) The logic behind this f

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convoluted 1 . adjective (especially of an argument, story, or sentence) extremely complex and difficult to follow. "its convoluted narrative encompasses all manner of digressions

rySearch help Tools Any time Any time Past hour Past 24 hours Past week Past month Past year Custom range... Customised date range From To All results All results Verbatim About 649,000 results (0.47 seconds) Search Results Dictionary <span>con·vo·lut·ed ˈkänvəˌlo͞odəd/ adjective adjective: convoluted 1 . (especially of an argument, story, or sentence) extremely complex and difficult to follow. "its convoluted narrative encompasses all manner of digressions" synonyms: complicated, complex, involved, elaborate, serpentine, labyrinthine, tortuous, tangled, Byzantine; More Rube Goldberg; confused, confusing, bewildering, baffling "his convoluted answers did nothing to help his credibility" antonyms: straightforward 2 . technical intricately folded, twisted, or coiled. "walnuts come in hard and convoluted shells" Origin late 18th century: past participle of convolute, from Latin convolutus, past participle of convolvere ‘roll together, intertwine’ (see convolve). con·vo·lute ˈkänvəˌlo͞ot/ verb p

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suppose that the portfolio manager maintains constant weights of 60 percent in stocks and 40 percent in bonds for all five years. This method is called a constant-proportions strategy.

Now suppose that the portfolio manager maintains constant weights of 60 percent in stocks and 40 percent in bonds for all five years. This method is called a constant-proportions strategy. Because value is price multiplied by quantity, price fluctuation causes portfolio weights to change. As a result, the constant-proportions strategy requires rebalancing to restore the w

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An important attribute of the standard deviation as a measure of spread is that if the mean and standard deviation of a normal distribution are known, it is possible to compute the percentile rank associated with any given score.

variance indicates the adequacy of the mean as representative of the population by measuring the deviation from expectation. Basically, the variance and the standard deviation are measures of the average deviation from the mean. <span>An important attribute of the standard deviation as a measure of spread is that if the mean and standard deviation of a normal distribution are known, it is possible to compute the percentile rank associated with any given score. In a normal distribution, about 68% of the scores are within one standard deviation of the mean and about 95% of the scores are within two standards deviations of the mean.

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The importance of Chebyshev’s inequality stems from its generality. The inequality holds for samples and populations and for discrete and continuous data regardless of the shape of the distribution. As we shall see in the reading on sampling, we can ma

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Expressing the magnitude of variation among observations relative to their average size, the coefficient of variation permits direct comparisons of dispersion across different data sets.

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red), this type of strategy would have a high Sharpe ratio. In this case, the Sharpe ratio would give an overly optimistic picture of risk-adjusted performance because standard deviation would incompletely measure the risk assumed. Therefore, <span>before applying the Sharpe ratio to evaluate a manager, we should judge whether standard deviation adequately describes the risk of the manager’s investment strategy. <span><body><html>

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Antitrust laws are the laws that apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution and marketing. They prohibit a variety of practices that restrain trade. Examples of illegal practices are price-fixing conspiracies, corporate mergers likely to reduce the competitive vigor of partic

What is 'Antitrust' <span>Antitrust laws are the laws that apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution and marketing. They prohibit a variety of practices that restrain trade. Examples of illegal practices are price-fixing conspiracies, corporate mergers likely to reduce the competitive vigor of particular markets, and predatory acts designed to achieve or maintain monopoly power. BREAKING DOWN 'Antitrust' Antitrust laws are necessary in an open marketplace. Competition among sellers gives consumers lower prices, higher-quali

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Antitrust laws prohibit a variety of practices that restrain trade. Examples of illegal practices are price-fixing conspiracies, corporate mergers likely to reduce the competitive vigor of particular

What is 'Antitrust' <span>Antitrust laws are the laws that apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution and marketing. They prohibit a variety of practices that restrain trade. Examples of illegal practices are price-fixing conspiracies, corporate mergers likely to reduce the competitive vigor of particular markets, and predatory acts designed to achieve or maintain monopoly power. BREAKING DOWN 'Antitrust' Antitrust laws are necessary in an open marketplace. Competition among sellers gives consumers lower prices, higher-quali

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The elements of a sample space should be mutually exclusive and collectively exhaustive.

ematical 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. <span>The elements of that set should have certain properties. Namely, the elements should be mutually exclusive and collectively exhaustive. What does that mean? Mutually exclusive means that, if at the end of the experiment, I tell you that this outcome happened, then it shoul

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Look out for the words "given that" or "you are told that," which will help you know that the probability is conditional. In the absence of such information, the probability will be unconditional.

oil price, P(B), is 0.4. The probability of an increase in airfare given an increase in oil price, P(A|B), is 0.3. The joint probability of an increase in both oil price and airfare, P(AB), is 0.3 x 0.4 = 0.12. Hint: <span>Look out for the words "given that" or "you are told that," which will help you know that the probability is conditional. In the absence of such information, the probability will be unconditional. The letter after the | is the event that we know has definitely occurred, whereas the letter before the | is the event whose probability we are trying to calculate. <span>

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When two events are not independent, they must be dependent: the occurrence of one is related to the probability of the occurrence of the other.

vent of getting heads on the first flip does not affect the probability of getting heads on the second flip. Therefore, the event of getting heads on the second flip is independent of the event of getting heads on the first flip. <span>When two events are not independent, they must be dependent: the occurrence of one is related to the probability of the occurrence of the other. If we are trying to forecast one event, information about a dependent event will be useful but information about an independent event will not be useful. Examp

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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.

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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A stem-and-leaf graph, also called a stemplot, is a way to represent the distribution of numeric data. It was invented by John Tukey, a mathematician, and is a quick way to picture data for numbers that are greater than 0.

A stem-and-leaf graph, also called a stemplot, is a way to represent the distribution of numeric data. It was invented by John Tukey, a mathematician, and is a quick way to picture data for numbers that are greater than 0. I'll explain using an example. Suppose you have the following set of numbers (they might represent the number of home runs hit by a major league baseball player during

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A mathematical model is a description of a system using mathematical concepts and language.

https://en.wikipedia.org/wiki/Mathematical_model","th":120,"tu":"https://encrypted-tbn0.gstatic.com/images?q\u003dtbn:ANd9GcSuTdVRcwZOxMfups7ajRrrK7-0wG9HlGQMOjH29i6tYgAjzXEg6rJKMUgH","tw":200} <span>A mathematical model is a description of a system using mathematical concepts and language. The process of developing a mathematical model is termed mathematical modeling. ... A model may help to explain a system and to study the effects of different components, and to make pr

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A semilogarithmic scale describes a scale constructed so that equal intervals on the vertical scale represent equal rates of change, and equal intervals on the horizontal scale represent equal amounts o

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The normal distribution has the following characteristics: Its mean and median are equal. It is completely described by two parameters—its mean and variance. Roughly 68 percent of its observations lie between plus and minus one standard deviat