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Flashcard 1435553369356

Tags

#cfa #cfa-level-1 #economics #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4

Question

In the theory of the firm, the price at which a given quantity of a good can be bought or sold is assumed to [...]

Answer

be known with certainty

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The price at which a given quantity of a good can be bought or sold is assumed to be known with certainty (i.e., the theory of the firm under conditions of certainty)

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2. OBJECTIVES OF THE FIRM
fit over the period ahead. Such analysis provides both tools (e.g., optimization) and concepts (e.g., productivity) that can be adapted to more-complex cases and also provides a set of results that may offer useful approximations in practice. The price at which a given quantity of a good can be bought or sold is assumed to be known with certainty (i.e., the theory of the firm under conditions of certainty). The main contrast of this type of analysis is to the theory of the firm under conditions of uncertainty, where prices, and therefore profit, are uncertain. Under market uncertainty, a

Flashcard 1450258599180

Tags

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

Question

Examples of fixed costs are debt service, [...], and rental contracts.

Answer

real estate lease agreements

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Examples of fixed costs are debt service, real estate lease agreements, and rental contracts. Quasi-fixed cost examples would be certain utilities and administrative salaries that could be avoided or be lower when output is zero but would assume higher con

Original toplevel document

Costs
rate of change in total variable cost. In Exhibit 13, TC at 5 units is 400—of which 300 is variable cost and 100 is fixed cost. At 10 units, total costs are 1,650, which is the sum of 1,550 in variable cost and 100 in fixed cost. Total fixed cost (TFC) is the summation of all expenses that do not change when production varies. It can be a sunk or unavoidable cost that a firm has to cover whether it produces anything or not, or it can be a cost that stays the same over a range of production but can change to another constant level when production moves outside of that range. The latter is referred to as a quasi-fixed cost , although it remains categorized as part of TFC. Examples of fixed costs are debt service, real estate lease agreements, and rental contracts. Quasi-fixed cost examples would be certain utilities and administrative salaries that could be avoided or be lower when output is zero but would assume higher constant values over different production ranges. Normal profit is considered to be a fixed cost because it is a return required by investors on their equity capital regardless of output level. At zero output, total costs are always equal to the amount of total fixed cost that is incurred at this production point. In Exhibit 13, total fixed cost remains at 100 throughout the entire production range. Other fixed costs evolve primarily from investments in such fixed assets as real estate, production facilities, and equipment. As a firm grows in size, fixed asset expansion occurs along with a related increase in fixed cost. However, fixed cost cannot be arbitrarily cut when production declines. Regardless of the volume of output, an investment in a given level 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

Flashcard 1474537327884

Tags

#cfa-level-1 #reading-23-financial-reporting-mechanics

Question

Generally, the [...] is far more detailed than the information presented in financial statements.

Answer

chart of accounts

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ization of voluminous data but retain enough detail to facilitate decision making and preparation of the financial statements. The actual accounts used in a company’s accounting system will be set forth in a chart of accounts . Generally, the chart of accounts is far more detailed than the information presented in financial statements.<body><html>

Original toplevel document

3.1. Financial Statement Elements and Accounts
ount for each of its ovens, with the accounts named “Oven-1” and “Oven-2.” In its financial statements, these accounts would likely be grouped within long-term assets as a single line item called “Property, plant, and equipment.” A company’s challenge is to establish accounts and account groupings that provide meaningful summarization of voluminous data but retain enough detail to facilitate decision making and preparation of the financial statements. The actual accounts used in a company’s accounting system will be set forth in a chart of accounts . Generally, the chart of accounts is far more detailed than the information presented in financial statements. Certain accounts are used to offset other accounts. For example, a common asset account is accounts receivable, also known as “trade accounts receivable” or “trade receivab

Flashcard 1476239428876

Tags

#cfa-level-1 #reading-23-financial-reporting-mechanics

Question

At any point in time, the balance in a T account is determined by [...] , [...] , and [...].

Answer

Adding the amounts on the left side
Adding the amounts on the right side

calculating the difference

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At any point in time, the balance in an account is determined by summing all the amounts on the left side of the account, summing all the amounts on the right side of the account, and calculating the difference. If the sum of amounts on the left side of the account is greater than the sum of amounts on the right side of the account, the account has a debit balance equal to the difference. If t

Original toplevel document

APPENDIX 23: A DEBIT/CREDIT ACCOUNTING SYSTEM
the right side of the balance sheet (and accounting equation). Increases to liabilities and owners’ equity are recorded on the right side of a T-account; decreases to liabilities and owners’ equity are recorded on the left side. At any point in time, the balance in an account is determined by summing all the amounts on the left side of the account, summing all the amounts on the right side of the account, and calculating the difference. If the sum of amounts on the left side of the account is greater than the sum of amounts on the right side of the account, the account has a debit balance equal to the difference. If the sum of amounts on the right side of the account is greater than the sum of amounts on the left side of the account, the account has a credit balance. A T-account is created for each asset account, liability account, and owners’ equity account. The collection of these T-accounts at the beginning of the year for a fictitio

Flashcard 1641103363340

Tags

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

Question

What is the condition in the weighted mean equation?

Answer

Weights must add up to 1

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Flashcard 1641160772876

Tags

#has-images #quantitative-methods-basic-concepts #statistics

Question

For n = 2, the harmonic mean is related to arithmetic mean A and geometric mean G by:

Answer

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rs x i (where i = 1, 2, ..., n) is: The special cases of n = 2 and n = 3 are given by: and so on. For n = 2, the harmonic mean is related to arithmetic mean A and geometric mean G by: <body><html>

Original toplevel document

Subject 4. Measures of Center Tendency
, therefore, is not recommended for use as the only measure of central tendency. A further disadvantage of the mode is that many distributions have more than one mode. These distributions are called "multimodal." Harmonic Mean The harmonic mean of n numbers x i (where i = 1, 2, ..., n) is: The special cases of n = 2 and n = 3 are given by: and so on. For n = 2, the harmonic mean is related to arithmetic mean A and geometric mean G by: The mean, median, and mode are equal in symmetric distributions. The mean is higher than the median in positively skewed distributions and lower than the median in negatively skewed dist

Flashcard 1644506254604

Question

One frequently used rule of thumb is to round a mean (or a standard deviation) to [...].

Answer

one additional decimal than the data

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Flashcard 1644523031820

Tags

#math

Question

How many of one number do we multiply to get another number?

This question is answered by [...]

Answer

Logarithms

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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 1645865209100

Tags

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

Question

A portfolio with a mean return of 1.19% and a standard deviation of 4.42% has an inverse CV of \(\frac{0.0119}{0.0442}=0.27\). This result indicates that [...] represents [...]

Answer

each unit of standard deviation represents a 0.27 percent return.

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Although CV was designed as a measure of relative dispersion, its inverse reveals something about return per unit of risk. For example, a portfolio with a mean monthly return of 1.19 percent and a standard deviation of 4.42 percent has an inverse CV of 1.19%/4.42% = 0.27. This result indicates that each unit of standard deviation represents a 0.27 percent return.

Flashcard 1646456605964

Tags

#reading-9-probability-concepts

Question

Variance of a random variable formula

Answer

\(σ^2(X) = {E{[X - E(X)]^2}}\)

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Subject 6. Expected Value, Variance, and Standard Deviation of a Random Variable
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. 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

Annotation 1713497312524

HTML (Hypertext Markup Language) is not a programming language; it is a markup language used to tell your browser how to structure the webpages you visit.

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Getting started with HTML - Learn web development | MDN
Prerequisites: Basic computer literacy, basic software installed, and basic knowledge of working with files. Objective: To gain basic familiarity with the HTML language, and get some practice writing a few HTML elements. What is HTML? HTML (Hypertext Markup Language) is not a programming language; it is a markup language used to tell your browser how to structure the webpages you visit. It can be as complicated or as simple as the web developer wishes it to be. HTML consists of a series of elements, which you use to enclose, wrap, or mark up different parts of the cont

Annotation 1713500196108

#html #programming

HTML consists of a series of elements, which you use to enclose, wrap, or mark up different parts of the content to make it appear or act a certain way.

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Getting started with HTML - Learn web development | MDN
is HTML? HTML (Hypertext Markup Language) is not a programming language; it is a markup language used to tell your browser how to structure the webpages you visit. It can be as complicated or as simple as the web developer wishes it to be. HTML consists of a series of elements, which you use to enclose, wrap, or mark up different parts of the content to make it appear or act a certain way. The enclosing tags can make a bit of content into a hyperlink to link to another page on the web, italicize words, and so on. For example, take the following line of content: My cat

Annotation 1713502293260

#html #programming

The main parts of our element are:

The opening tag: This consists of the name of the element (in this case, p), wrapped in opening and closing angle brackets. This states where the element begins, or starts to take effect — in this case where the start of the paragraph is.
The closing tag: This is the same as the opening tag, except that it includes a forward slash before the element name. This states where the element ends — in this case where the end of the paragraph is. Failing to include a closing tag is a common beginner error and can lead to strange results.
The content: This is the content of the element, which in this case is just text.
The element: The opening tag plus the closing tag plus the content equals the element.

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Getting started with HTML - Learn web development | MDN
d by itself, we could specify that it is a paragraph by enclosing it in a paragraph tag (

) element:

My cat is very grumpy

Anatomy of an HTML element Let's explore our paragraph element a bit further: The main parts of our element are: The opening tag: This consists of the name of the element (in this case, p), wrapped in opening and closing angle brackets . This states where the element begins, or starts to take effect — in this case where the start of the paragraph is. The closing tag: This is the same as the opening tag, except that it includes a forward slash before the element name. This states where the element ends — in this case where the end of the paragraph is. Failing to include a closing tag is a common beginner error and can lead to strange results. The content: This is the content of the element, which in this case is just text. The element: The opening tag plus the closing tag plus the content equals the element. Active learning: creating your first HTML element Edit the line below in the Input area by wrapping it with the tags and (put before it to open

Annotation 1713503866124

#html #programming

Nesting elements

You can put elements inside other elements too — this is called nesting. If we wanted to state that our cat is very grumpy, we could wrap the word "very" in a  element, which means that the word is to be strongly emphasized:

 < p > My cat is < strong > very </ strong > grumpy. </ p >

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Getting started with HTML - Learn web development | MDN

Annotation 1713505438988

#html #programming

You do however need to make sure that your elements are properly nested: in the example above we opened the p element first, then the strong element, therefore we have to close the strong element first, then the p.

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Getting started with HTML - Learn web development | MDN
that our cat is very grumpy, we could wrap the word "very" in a element, which means that the word is to be strongly emphasized:

My cat is very grumpy.

You do however need to make sure that your elements are properly nested: in the example above we opened the p element first, then the strong element, therefore we have to close the strong element first, then the p . The following is incorrect:

My cat is very grumpy.

The elements have to open and close correctly so they are clearly inside or outside one an

Annotation 1713507011852

#html #programming

The elements have to open and close correctly so they are clearly inside or outside one another.

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Getting started with HTML - Learn web development | MDN
in the example above we opened the p element first, then the strong element, therefore we have to close the strong element first, then the p . The following is incorrect:

My cat is very grumpy.

The elements have to open and close correctly so they are clearly inside or outside one another. If they overlap like above, then your web browser will try to make a best guess at what you were trying to say, and you may well get unexpected results. So don't do it! Block versus

Annotation 1713508584716

#html #programming

Block versus inline elements

There are two important categories of elements in HTML, which you should know about — block-level elements and inline elements.

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Getting started with HTML - Learn web development | MDN
and close correctly so they are clearly inside or outside one another. If they overlap like above, then your web browser will try to make a best guess at what you were trying to say, and you may well get unexpected results. So don't do it! Block versus inline elements There are two important categories of elements in HTML, which you should know about — block-level elements and inline elements. Block-level elements form a visible block on a page — they will appear on a new line from whatever content went before it, and any content that goes after it will also appear on a ne

Annotation 1713510419724

#html #programming

Block-level elements form a visible block on a page — they will appear on a new line from whatever content went before it, and any content that goes after it will also appear on a new line. Block-level elements tend to be structural elements on the page that represent, for example, paragraphs, lists, navigation menus, footers, etc. A block-level element wouldn't be nested inside an inline element, but it might be nested inside another block-level element.

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Getting started with HTML - Learn web development | MDN
e trying to say, and you may well get unexpected results. So don't do it! Block versus inline elements There are two important categories of elements in HTML, which you should know about — block-level elements and inline elements. Block-level elements form a visible block on a page — they will appear on a new line from whatever content went before it, and any content that goes after it will also appear on a new line. Block-level elements tend to be structural elements on the page that represent, for example, paragraphs, lists, navigation menus, footers, etc. A block-level element wouldn't be nested inside an inline element, but it might be nested inside another block-level element. Inline elements are those that are contained within block-level elements and surround only small parts of the document’s content, not entire paragraphs and groupings of content. An inli

Annotation 1713511992588

#html #programming

Inline elements are those that are contained within block-level elements and surround only small parts of the document’s content, not entire paragraphs and groupings of content. An inline element will not cause a new line to appear in the document; they would normally appear inside a paragraph of text, for example an <a> element (hyperlink) or emphasis elements such as  or .

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Annotation 1713513827596

#html #programming

Not all elements follow the above pattern of opening tag, content, closing tag. Some elements consist only of a single tag, which is usually used to insert/embed something in the document at the place it is included. For example, the <img> element embeds an image file onto a page in the position it is included in:

 < img src = " https://raw.githubusercontent.com/mdn/beginner-html-site/gh-pages/images/firefox-icon.png " >

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Annotation 1713515400460

#has-images #html #programming

Elements can also have attributes, which look like this:

Attributes contain extra information about the element which you don't want to appear in the actual content. In this case, the class attribute allows you to give the element an identifying name that can be later used to target the element with style information and other things.

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Getting started with HTML - Learn web development | MDN
dn/beginner-html-site/gh-pages/images/firefox-icon.png"> This would output the following on your page: Open in CodePen Open in JSFiddle Note : Empty elements are also sometimes called void elements. Attributes Elements can also have attributes, which look like this: Attributes contain extra information about the element which you don't want to appear in the actual content. In this case, the class attribute allows you to give the element an i

Annotation 1713519332620

#html #programming

An attribute should have:

A space between it and the element name (or the previous attribute, if the element already has one or more attributes.)
The attribute name, followed by an equals sign.
An attribute value, with opening and closing quote marks wrapped around it.

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Getting started with HTML - Learn web development | MDN
the element which you don't want to appear in the actual content. In this case, the class attribute allows you to give the element an identifying name that can be later used to target the element with style information and other things. An attribute should have: A space between it and the element name (or the previous attribute, if the element already has one or more attributes.) The attribute name, followed by an equals sign. An attribute value, with opening and closing quote marks wrapped around it. Active learning: Adding attributes to an element Another example of an element is — this stands for anchor and will make the piece of text it wraps around into

Edited, memorised or added to reading queue

on 24-Nov-2017 (Fri)

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Original toplevel document

Parent (intermediate) annotation

Original toplevel document

One frequently used rule of thumb is to round a mean (or a standard deviation) to [...].

How many of one number do we multiply to get another number? This question is answered by [...]

Nesting elements

Block versus inline elements

How many of one number do we multiply to get another number?

This question is answered by [...]