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Flashcard 1425575644428

Tags
#cfa-level #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Reading 16 completes the picture by [...] and explains the types of markets in which firms sell output.
Answer
addressing revenue


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Reading 16 completes the picture by addressing revenue and explains the types of markets in which firms sell output. Overall, the study session provides the economic tools for understanding how product and resource markets function and the

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Study Session 4
nsumption. Reading 15 deals with the theory of the firm, focusing on the supply of goods and services by profit-maximizing firms. That reading provides the basis for understanding the cost side of firms’ profit equation. <span>Reading 16 completes the picture by addressing revenue and explains the types of markets in which firms sell output. Overall, the study session provides the economic tools for understanding how product and resource markets function and the competitive characteristics of different industries.<span><body><html>







Flashcard 1425671851276

Tags
#cfa-level #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
economics is the study of production, distribution, and consumption and can be divided into two broad areas of study: [...]cs
Answer
macroeconomics and microeconomi


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economics is the study of production, distribution, and consumption and can be divided into two broad areas of study: macroeconomics and microeconomics

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1. INTRODUCTION
In a general sense, economics is the study of production, distribution, and consumption and can be divided into two broad areas of study: macroeconomics and microeconomics. Macroeconomics deals with aggregate economic quantities, such as national output and national income. Macroeconomics has its roots in microeconomics , which deals with markets and d







Flashcard 1429105151244

Tags
#sister-miriam-joseph #trivium
Question
[...] prescribes how to combine letters so as to form written words correctly.
Answer
Spelling


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Spelling prescribes how to combine letters so as to form written words correctly.

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Flashcard 1439237803276

Tags
#eximbank #key-common-features #octopus #usa
Question
Transportation equipment and exports to large-scale projects may be eligible for repayment terms up to [...]
Answer
10 years (12 to 18 years for certain sectors).


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Transportation equipment and exports to large-scale projects may be eligible for repayment terms up to 10 years (12 to 18 years for certain sectors).

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Government-Assisted Foreign Buyer Financing (Eximbank USA)
e sales package „ Cash payment upon shipment of the goods or services Cons „ Subject to certain restrictions for U.S. government policy reasons „ Possible lengthy process of approving financing <span>Key Common Features of Ex-Im Bank’s Loan Guarantees and Direct Loans Ex-Im Bank assists U.S. exporters by: (a) providing direct loans; or (b) guaranteeing repayment of commercial loans to creditworthy foreign buyers for purchases of U.S. goods and services. These loans are generally used to finance the purchase of high-value capital equipment or services or exports to large-scale projects that require medium- or long-term financing. Ex-Im Bank’s foreign buyer financing is also used to finance the purchase of refurbished equipment, software, and certain banking and legal fees, as well as some local costs and expenses. There is no minimum or maximum limit to the size of the export sale that may be supported by the Bank’s foreign buyer financing. Ex-Im Bank requires the foreign buyer to make a cash payment to the exporter equal to at least 15 percent of the U.S. supply contract. Repayment terms up to five years are available for exports of capital goods and services. Transportation equipment and exports to large-scale projects may be eligible for repayment terms up to 10 years (12 to 18 years for certain sectors). Military items are generally not eligible for Ex-Im Bank financing nor are sales to foreign military entities. In addition, goods must meet the Bank’s foreign content requirements. Finally, Ex-Im Bank financing may not be available in certain countries and certain terms for U.S. government policy reasons (for more information, see the Country Limitation Schedule posted on the Bank’s Web site, www.exim.gov, under the “Apply” section). Key Features of Ex-Im Bank Loan Guarantees Loans are made by commercial banks and repayment of these loans is guaranteed by Ex-Im Bank. Guarant







Flashcard 1440356896012

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 monopolistic competition, the success of [...] determines the degree with which the firm can influence price.
Answer
product differentiation


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aska 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 <span>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 num

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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. <span>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. <span><body><html>







Flashcard 1602880146700

Tags
#cfa-level-1 #fra-introduction #income-statement
Question

For the calculation of diluted EPS using the treasury method, the assumed exercise of these financial instruments would have the following effects:

  • The company is assumed to receive [...] and, in exchange, [...]

Answer
cash upon exercise

to issue shares.


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6.3.3. Diluted EPS When a Company Has Stock Options, Warrants, or Their Equivalents Outstanding
ld have been purchased with the proceeds. This method is called the treasury stock method under US GAAP because companies typically hold repurchased shares as treasury stock. The same method is used under IFRS but is not named. <span>For the calculation of diluted EPS using this method, the assumed exercise of these financial instruments would have the following effects: The company is assumed to receive cash upon exercise and, in exchange, to issue shares. The company is assumed to use the cash proceeds to repurchase shares at the weighted average market price during the period. As a result of these two effects, the number of shares outstanding would increase by the incremental number of shares issued (the difference between the number of s







Flashcard 1652374506764

Tags
#reading-9-probability-concepts
Question
The multinomial formula with [...] is especially important.
Answer
two different labels (k = 2)


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Multinominal formula
A mutual fund guide ranked 18 bond mutual funds by total returns for the year 2014. The guide also assigned each fund one of five risk labels: high risk (four funds), above-average risk (







#7 #chapter #clinical #pharmacology
Pha rm acokine ti cs defin es the relati onsh ips among drug dosing, drug conce nt rat ion in body fl uids a nd ti ssues, and time.

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#7 #chapter #clinical #pharmacology
Bioavailability is the fraction of the administered dose reaching the systemic circulation

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#7 #chapter #clinical #pharmacology
Absorption is influenced by the physical characteristics of the drug (solubility, pK,. diluents, binders, and formulation), dose, and the site of absorption (eg, gut, lung, skin, muscle).

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Flashcard 1673381940492

Question

Just In Case

A business strategy in which a company maintains high inventory at all times to compensate for sudden increases indemand. A JIC strategy incurs higher carry costs for inventory, but protects the company from the possibility oflosing revenue if it runs out of inventory. It is common for companies and industries that have a hard time estimatingdemand for their products. It contrasts with a just in time (JIT) strategy. See also: Supply chain.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
Answer
Just In Case


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or falling prey to stereotypes. Three concerns are frequently voiced by language teachers enjoined to teach language as culture. 1. Fear of Stereotype

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Flashcard 1673677376780

Tags
#7 #chapter #clinical #pharmacology
Question
The processes by which a drug moves from the site of administration to the blood- stream is .......
Answer
Absorption


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Flashcard 1673679736076

Tags
#7 #chapter #clinical #pharmacology
Question
List the factors that influence Absorption is influenced by
Answer
the physical characteristics of the drug (solubility, pK,. diluents, binders, and formulation), dose, and the site of absorption (eg, gut, lung, skin, muscle).


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Flashcard 1673682095372

Tags
#7 #chapter #clinical #pharmacology
Question
Bioavailability is
Answer
the fraction of the administered dose reaching the systemic circulation


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