(a) To find the output levels and prices that satisfy the first-order condition for maximum profit, we can use the following method:
We know that profit (π) is given by:
π = TR - TC
where
TR is total revenue,
TC is total cost.
Using the demand functions, we can find the expressions for TR in terms of Q₁ and Q₂:
TR₁ = P₁Q₁ = P₁(40 - 2P₁ - P₂)
TR₂ = P₂Q₂ = P₂(35 - P₁ - P₂)
Using the cost function, we can find the expression for TC in terms of Q₁ and Q₂:
TC = Q₁² + 2Q₂ + 10
Now, the profit function is given by:
π = TR - TC
π = (P₁(40 - 2P₁ - P₂) + P₂(35 - P₁ - P₂)) - (Q₁² + 2Q₂ + 10)
π = 40P₁ - 2P₁² - P₁P₂ + 35P₂ - P₂² - Q₁² - 2Q₂ - 10
We need to find the output levels and prices that satisfy the first-order condition for maximum profit.
To do this, we need to take the partial derivatives of the profit function with respect to P₁ and P₂, and set them equal to zero.
Then we solve for Q₁ and Q₂.
∂π/∂P₁ = 40 - 4P₁ - P₂ = 0
∂π/∂P₂ = 35 - P₁ - 2P₂ = 0
From the first equation, we get:
40 - 4P₁ - P₂ = 0P₂ = 40 - 4P₁
Substituting this into the second equation, we get:
35 - P₁ - 2P₂ = 0
35 - P₁ - 2(40 - 4P₁) = 0
3P₁ = 45P₁ = 15/π₂ = 40 - 4P₁
π₂ = 40 - 4(15/π₂)π₂² + 2π₂(35 - 15/π₂ - π₂) + 10 - (15/π₂)² - 2(35 - 15/π₂ - π₂) - 10
= π40π₂³ - 1560π₂² + 15160π₂ - 50000 = 0
π₂ = 10
Using the first-order conditions, we have found that the output levels and prices that satisfy the first-order condition for maximum profit are:
Q₁ = 10,
P₁ = 10
Q₂ = 15,
P₂ = 10
(b) To check the second-order sufficient condition, we need to find the second partial derivatives of the profit function with respect to P₁ and P₂, and
evaluate them at the critical point (Q₁, Q₂, P₁, P₂)
= (10, 15, 10, 10).∂²π/∂P₁²
= -4∂²π/∂P₁∂P₂
= -1∂²π/∂P₂²
= -2
The determinant of the Hessian matrix is:
|-4 -1| |-1 -2| = 7
Since the determinant is positive, and ∂²π/∂P₁² = -4 < 0, we can conclude that this problem possesses a unique absolute maximum.
(c) To find the maximal profit, we substitute the values of Q₁, Q₂, P₁, and P₂ into the profit function:
π = 40P₁ - 2P₁² - P₁P₂ + 35P₂ - P₂² - Q₁² - 2Q₂ - 10
π = 40(10) - 2(10)² - (10)(10) + 35(10) - (10)² - 2(15) - 10
π = 50
The maximal profit is $50.
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Suppose that Greek GDP in 2011 amounts to 400 billion euros, while Greek debt in the same year amounts to 700 billion euros. Assume that, every year, the interest rate on the debt is 8 percent, and that tax revenues are 30% of GDP
(a) How large is the Greek Debt to GDP ratio in 2011? = 175%
(b) How much does Greece have to pay in interest payments in 2011? = 56 Billion euros
(c) If government purchases plus transfers in 2011 equal 124 billion euros, how large is the primary deficit of Greece? And the overall deficit? How large will the debt be in 2012? = 68 Billion, 180 Billion, 880 Billion
(d) Assuming that GDP in 2012 shrinks by 3% (i.e., GDP in 2012 is 3% lower than in 2011), what will be the debt/GDP ratio in 2012? = 165.60
(e) How large would spending cuts (reductions in government purchases plus transfers) have to be in order to eliminate the primary deficit in 2011? How large would the cuts have to be in order to run a balanced budget?
To eliminate the primary deficit, the spending cuts would have to be equal to the primary deficit of 4 billion euros.
The primary deficit refers to the deficit in a government's budget before taking into account the interest payments on its outstanding debt. It is calculated as the difference between government expenditures (including transfers) and tax revenues, excluding interest payments.
To determine the size of spending cuts needed to eliminate the primary deficit in 2011, we need to calculate the primary deficit first.
The primary deficit is calculated as the difference between government purchases plus transfers and tax revenues:
Primary deficit = Government purchases + Transfers - Tax revenues
Given that government purchases plus transfers in 2011 equal 124 billion euros and tax revenues are 30% of GDP, we can calculate the primary deficit:
Primary deficit = 124 billion euros - (0.3 * 400 billion euros)
Primary deficit = 124 billion euros - 120 billion euros
Primary deficit = 4 billion euros
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What is the efficient frontier and how does it change when more
stocks are used to construct portfolios?
The efficient frontier is a concept in portfolio theory that represents a set of optimal portfolios that provide the highest expected return for a given level of risk or the lowest risk for a given level of return. It is a graphical representation of the possible combinations of assets in a portfolio that offer the best trade-off between risk and return.
When more stocks are used to construct portfolios, the efficient frontier can change in several ways:
Expansion of the feasible region: Adding more stocks to a portfolio increases the number of available investment options. This expansion of the feasible region allows investors to diversify their portfolios further and potentially achieve better risk-return trade-offs.
Increased diversification benefits: As more stocks are included in a portfolio, the potential for diversification increases. Diversification helps reduce the idiosyncratic risk (risk specific to individual stocks) and increases the likelihood of achieving a more efficient portfolio.
Smoother and more curved efficient frontier: Including more stocks generally leads to a smoother and more curved efficient frontier. This is because adding more stocks provides a greater range of risk and return possibilities, resulting in a more continuous and curved relationship between risk and return.
Shift in the optimal portfolios: With the addition of more stocks, the optimal portfolios along the efficient frontier may change. The new optimal portfolios may offer improved risk-return trade-offs, allowing investors to achieve higher returns for the same level of risk or lower risk for the same level of return.
Overall, the inclusion of more stocks in portfolio construction enhances diversification opportunities and expands the range of possible risk-return outcomes, leading to potential improvements in portfolio efficiency and performance.
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Law Societies provide a complaints resolution process for clients who believe that a lawyer has acted contrary to the public interest, the interests of the client, or for other valid reasons. In some rare circumstances, the complaint has to proceed to a formal hearing before a law society decision-making panel. If this process occurs, which one of the following remedies cannot be invoked by the panel hearing the complaint? Fines payable by the lawyer O Costs of the hearing be paid by the lawyer O Suspension or reprimand of the lawyer O Compensation for the client O Disbarment of the lawyer
the one remedy that cannot be invoked by the panel hearing the complaint is compensation for the client. This is because compensation is a remedy that is awarded to the client in civil court rather than by a law society decision-making panel.
Law Societies provide a complaints resolution process for clients who believe that a lawyer has acted contrary to the public interest, the interests of the client, or for other valid reasons. In some rare circumstances, the complaint has to proceed to a formal hearing before a law society decision-making panel. The remedies that can be invoked by the panel hearing the complaint are fines payable by the lawyer, the costs of the hearing be paid by the lawyer, suspension or reprimand of the lawyer, compensation for the client, and disbarment of the lawyer. A formal hearing is a process used to resolve client complaints in rare circumstances. During the hearing, a panel of lawyers and non-lawyers will listen to the evidence presented by the lawyer and client and make a decision. The panel may decide that the lawyer should be fined, reprimanded, or suspended for their misconduct. Additionally, they may order the lawyer to compensate the client for their losses, and the lawyer may be disbarred from practicing law if they have committed a serious violation of their professional duties. The costs of the hearing can be paid by the lawyer, as well as any fines that they may be ordered to pay. However, the one remedy that cannot be invoked by the panel hearing the complaint is compensation for the client. This is because compensation is a remedy that is awarded to the client in civil court rather than by a law society decision-making panel.
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Oolong Ltd is a mining company. In 2020, Oolong purchased mining rights and developed the mine for a total cost of $315,000. The mine opened in August, 2020 and is expected to operate for 6 years. At the end of this period, Oolong expects to pay $60,000 to decommission the mining site. An appropriate discount rate is 5% Oolong expects that there are 12,000 units in the mine. Required (a, b, and c): (a)Calculate the book value of the mining asset before mining started. (b) Journalize depletion for the year ended December 31, 2020 if 1,100 units are mined in 2020. In 2021, Oolong anticipates that a total of 11,200 units will be mined over the six year life of the mine. 2,600 units were mined during 2021. What is the net book value of the mine at the end of the year ended December 31, 2021?
The book value of the mining asset before mining started is $0. The cost of purchasing the mining rights cannot be recognized as an asset until mining begins. Therefore, the book value of the mining asset before mining starts is $0.
Depletion for the year ended December 31, 2020, if 1,100 units are mined in 2020, is as follows:
Depletion per unit = (Purchase cost - Residual value) / Estimated units in the mine
Depletion per unit = ($315,000 - $60,000) / 12,000
Depletion per unit = $20
Units mined in 2020 = 1,100
Depletion expense for 2020 = Depletion per unit × Units mined in 2020
Depletion expense for 2020 = $20 × 1,100
Depletion expense for 2020 = $22,000
The depletion expense for the year ended December 31, 2020 is $22,000.
Depletion per unit = (Purchase cost - Residual value) / Estimated units in the mine
Depletion per unit = ($315,000 - $60,000) / 12,000
Depletion per unit = $20
Units mined in 2021 = 2,600
Depletion expense for 2021 = Depletion per unit × Units mined in 2021
Depletion expense for 2021 = $20 × 2,600
Depletion expense for 2021 = $52,000
Accumulated depletion as of December 31, 2021 = Depletion expense for 2020 + Depletion expense for 2021
Accumulated depletion as of December 31, 2021 = $22,000 + $52,000
Accumulated depletion as of December 31, 2021 = $74,000
Net book value of the mine as of December 31, 2021 = Purchase cost - Accumulated depletion - Decommissioning cost
Net book value of the mine as of December 31, 2021 = $315,000 - $74,000 - $60,000
Net book value of the mine as of December 31, 2021 = $181,000
Therefore, the net book value of the mine at the end of the year ended December 31, 2021 is $181,000.
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Sage Hill Inc., a fertilizer company based in Saskatchewan, had the following information in its financial statements for the fiscal years ended December 31. All figures are in millions of Canadian dollars. 2021 2020 2019 Cash and cash equivalents $390 $1,540 $110 Accounts receivable 1,190 850 540 Current assets 5,280 3,680 1,450 Current liabilities 3,000 1,365 890 Calculate Sage Hill's (1) working capital, (2) current ratio, and (3) acid-test ratio for each year. (Enter working capital amounts in millions. Round ratio answers to 2 decimal places, e.g. 1.75:1.) 2021 2020 2019 Working Capital $ $ $ Current Ratio : 1 : 1 : 1 Acid-test Ratio : 1 : 1 : 1 Determine from the results obtained in part (a) if Sage Hill's: (1) Working capital from 2020 to 2021. (2) Current ratio from 2020 to 2021. (3) Current ratio from 2019 to 2020. (4) Acid-test ratio from 2020 to 2021. (5) Acid-test ratio from 2019 to 2020.
Working capital for 2020 to 2021 - there is a decrease in working capital by $35 millions and Current ratio for is 1.76:1.2020
Working Capital refers to the excess of a company's current assets over its current liabilities.
2021 Working Capital = CA – CL= $5,280 – $3,000
= $2,280 millions.
2020 Working Capital = CA – CL= $3,680 – $1,365
= $2,315 millions.2019
Working Capital = CA – CL= $1,450 – $890= $560 millions.
Current Ratio is used to determine a company's ability to meet its short-term obligations with its short-term assets. Current Ratio is calculated as follows:
Current Ratio = Current Assets / Current Liabilities.
2021 Current Ratio = $5,280 / $3,000
= 1.76:1.2020 Current Ratio
= $3,680 / $1,365= 2.70:1.2019
Current Ratio = $1,450 / $890
= 1.63:1.Acid-test Ratio:
The acid-test ratio (or quick ratio) is a measure of a company's short-term liquidity. It is calculated as follows:
Acid-test Ratio = (Cash + Marketable Securities + Accounts Receivable) / Current Liabilities.2021
Acid-test Ratio = ($390 + 0 + $1,190) / $3,000= 0.526:1.2020
Acid-test Ratio = ($1,540 + 0 + $850) / $1,365
= 1.45:1.2019
Acid-test Ratio = ($110 + 0 + $540) / $890
= 0.84:1.
(1) Working capital from 2020 to 2021: The Working Capital has decreased from $2,315 millions in 2020 to $2,280 millions in 2021. Therefore, there is a decrease in Working Capital of $35 millions.
(2) Current ratio from 2020 to 2021: The Current Ratio has decreased from 2.70:1 in 2020 to 1.76:1 in 2021. Therefore, there is a decrease in Current Ratio.
(3) Current ratio from 2019 to 2020: The Current Ratio has increased from 1.63:1 in 2019 to 2.70:1 in 2020. Therefore, there is an increase in Current Ratio.
(4) Acid-test ratio from 2020 to 2021: The Acid-test Ratio has decreased from 1.45:1 in 2020 to 0.526:1 in 2021. Therefore, there is a decrease in Acid-test Ratio.
(5) Acid-test ratio from 2019 to 2020: The Acid-test Ratio has increased from 0.84:1 in 2019 to 1.45:1 in 2020.
Therefore, there is an increase in Acid-test Ratio.
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As the time period until receipt increases, the present value A) decreases B) remains the same C) increases D) not enough information to tell
The present value decreases as the time period until receipt increases.
When it comes to calculating present value, the principle of time value of money is applied. The time value of money states that the value of money decreases over time due to factors such as inflation and the opportunity cost of investing funds elsewhere. As the time period until receipt increases, the future cash flows are discounted back to the present at a higher rate, resulting in a lower present value. Therefore, the present value decreases with an increase in the time period until receipt.
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Visit the Fed's Summary of Commentary on Current Economic Conditions (Links to an external site.), also known as the Beige Book. Prepare a proposal recommending monetary policy actions designed to correct problems with spending, employment, and prices. Defend your choices.
1 paragraph
To stimulate spending, the central bank could consider implementing expansionary monetary policy measures, such as lowering interest rates. This would incentivize borrowing and investment, boosting consumer spending and business activity. Additionally, open market operations, where the central bank purchases government securities, could inject liquidity into the economy and support spending.
To address employment concerns, the central bank could aim for a accommodative monetary policy stance. By maintaining low interest rates, businesses are encouraged to invest, expand, and hire more workers. This can stimulate job creation and reduce unemployment rates.
Regarding prices, the central bank could aim for a moderate inflation target. Mild inflation can promote healthy economic growth and prevent deflationary pressures. Implementing a well-communicated and transparent monetary policy framework can anchor inflation expectations and ensure price stability over the long term.
Ultimately, the specific policy actions taken would depend on the current economic conditions and data available, as well as the central bank's assessment of the appropriate level of intervention required to address spending, employment, and price-related challenges.
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Course dashboard International companies operations have a direct and indirect impact on different stakeholders. Stakeholders are..........(LO#2) Select one: a. Shareholders O b. Government O c. Customers Od. All of the answers NE Activate Win
The correct option is (d) i.e. All of the answers are correct. Stakeholders, Government, and Customers for the given statement.
Stakeholders, Government, and Customers are individuals or groups who are directly or indirectly impacted by an organization's actions, policies, and decisions. International companies' operations have a direct and indirect impact on various stakeholders. The stakeholders include Shareholders, Government, Customers, Suppliers, Employees, Competitors, Communities, and Environment Regulators.
The operations of international companies can have both positive and negative effects on these stakeholders. For example, the positive effects of international operations on stakeholders could include employment creation, access to foreign markets, and increased revenue for shareholders. Negative effects on stakeholders could include environmental degradation, labor exploitation, and social disruption.
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Information for an EOQ problem:
Annual sales (in units) 2,000,000
Ordering Costs $100
Inventory Cost of each unit is $50
Inventory Carrying Cost as a percentage is 20% of Inventory Cost
Lead time for new orders to arrive at our plant is 3 weeks.
Our policy is to always keep a safety stock of 1 week supply.
1.What is the EOQ = _____________units
2.What is the Reorder Point___________units (when do we reorder?)
3.What is the Safety stock in units___________units
The EOQ is 6,325 units, the reorder point is (3 weeks * 2,000,000 units / 52 weeks) + 1 week's supply of safety stock, and the safety stock is 1 week's supply of units.
To solve the EOQ (Economic Order Quantity) problem, we need to determine the optimal order quantity, reorder point, and safety stock level.
EOQ (Economic Order Quantity): The EOQ formula is used to calculate the optimal order quantity that minimizes the total cost of inventory. It takes into account the annual demand, ordering cost, and carrying cost per unit. In this case, the annual demand is 2,000,000 units, the ordering cost is $100, and the carrying cost per unit is 20% of $50. By plugging these values into the EOQ formula, we find that the EOQ is approximately 6,325 units.
Reorder Point: The reorder point is the inventory level at which a new order should be placed. It is determined by considering the lead time demand and the safety stock. The lead time is 3 weeks, and the lead time demand is calculated by dividing the annual demand by the number of weeks in a year. Adding the lead time demand to the safety stock (1 week's supply) gives us the reorder point.
Safety Stock: The safety stock is extra inventory maintained to account for unexpected demand fluctuations or supply delays. In this case, the safety stock is set at 1 week's supply of units.
Therefore, the EOQ is 6,325 units, the reorder point is determined by adding the lead time demand and safety stock, and the safety stock level is set at 1 week's supply of units. These calculations help optimize inventory management and ensure timely replenishment while minimizing costs.
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17. Answer all parts of this question. (a) [10 marks] Consider a monopolist that faces a downward sloping market demand. The monopoly has constant marginal cost equal to the average cost. Using a diagram to illustrate your answer explain why a monopoly can obtain supernormal profits. (b) [8 marks] Explain how a monopoly can increase its profits by using price discrimination. (c) [7 marks] Explain the main differences between a monopoly and perfect competition in terms of total welfare (e.g. consumers plus producers surplus). Use a diagram to illustrate your answer.
(a) A circumstance where the seller can make more than usual earnings is known as a supernormal profit. Because the seller has control over the prices to be determined for the product and the entrance of new businesses is thus constrained, a monopoly firm may therefore make a supernormal profit in the long run as well as in the short run.
b) A company that has the ability to charge various prices for various units of an item or service is said to have a price-discriminating monopoly. Airlines, for instance, provide various fares for the same journey. Because there is just one business in a monopoly, its demand curve mirrors the market's.
c) The primary distinction between Perfect Competition and Monopoly is that Perfect Competition involves many vendors competing for many consumers, whereas Monopoly involves only one seller competing for many buyers. In a perfect market, total welfare is maximized along with consumer surplus and producer welfare, but welfare is lost owing to consumer welfare loss, hence total welfare is not maximized.
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In May, one of the processing departments at Messerli Corporation had beginning work in process inventory of $22,000 and ending work in process inventory of $43,000. During the month, $156,000 of costs were added to production and the cost of units transferred out from the department was $135,000. The company uses the FIFO method in its process costing system. In the department's cost reconciliation report for May, the total cost to be accounted for would be:
Process costing system is a costing system in which the cost per unit of product is obtained by dividing the total production cost of a process by the number of units produced. In this system, costs are accumulated for a period of time and then divided by the number of units produced in that period to determine the cost per unit.
The FIFO method is one of the methods of process costing. In the FIFO method, the cost of the oldest work in process inventory is used first to determine the cost of units transferred out and the cost of ending work in process inventory. In the given problem, the beginning work in process inventory was $22,000, costs added during the month were $156,000, and cost of units transferred out was $135,000. Therefore, the total cost to be accounted for would be:$22,000 (beginning work in process inventory)+$156,000 (costs added during the month)= $178,000Then, to determine the cost of ending work in process inventory, we can use the FIFO method. Since the cost of the oldest work in process inventory is used first, we can assume that the $22,000 beginning work in process inventory was completed first and that the ending work in process inventory was started and completed during the month. Therefore, the cost of ending work in process inventory can be calculated as follows:Cost of units completed during the month= $135,000Costs added during the month= $156,000Total cost of units started during the month= $291,000Cost of beginning work in process inventory= $22,000Total cost to be accounted for= $313,000Total cost to be accounted for= Cost of units completed during the month+ Cost of ending work in process inventoryCost of ending work in process inventory= Total cost to be accounted for - Cost of units completed during the month= $313,000 - $135,000= $178,000Therefore, the total cost to be accounted for would be $313,000.
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Jackie Chiles has decided that he would like to retire in 15 years. In order to maintain his current standard of living, he decides that he will withdraw $90,000 each year (at the end of the year) during retirement. Jackie's financial planner advised him that he should plan to live 25 years in retirement and use an annual return of 9%; Jackie is following that advice. Given these assumptions and the fact that Jackie already has $85,000 saved for retirement; how much does Jackie need to save each year to reach his retirement goals?
With an existing retirement savings of $85,000, Jackie needs to save $9,285.69 each year to reach his retirement goals.
To determine the annual savings needed for Jackie to reach his retirement goals, we can use the concept of present value of an annuity. This calculates the equal annual payments required to accumulate a future value.
In this case, Jackie wants to withdraw $90,000 each year during his 25-year retirement. We need to calculate the annual savings required to accumulate this amount, given an annual return of 9% and a time frame of 15 years until retirement.
The formula to calculate the present value of an annuity is:
Annual Savings = (Desired Future Value / Present Value Factor)
The Present Value Factor is calculatd using the formula:
Present Value Factor = (1 - (1 + r)^-n) / r
where r is the annual return rate and n is the number of years.
Substituting the values into the formulas, we find:
Present Value Factor = (1 - (1 + 0.09)^-15) / 0.09
Present Value Factor ≈ 9.6894
Annual Savings = ($90,000 / 9.6894)
Annual Savings ≈ $9,285.69
Therefore, Jackie needs to save approximately $9,285.69 each year to reach his retirement goals and maintain his desired standard of living.
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1) Create a T-account of a typical individual, with at least two items in both assets and liablities parts. Name an action that will affect both assets and liabilities or alternatively two diffirent actions, one affecting assets, one liablities. Explain how the action or actions you name affect the assets and liabilities. In the 2008 crises, a discussion emerged within the political and academic circles, on whether the state should save the big banks. According to some economists, not saving big banks will hurt the whole economy, while others argue, in the market economic system banks should be free to choose what is best for them, but should also face consequences when their choices are the bad ones. Answer the questions 2-4 accordingly. 2) Assume when banks fail, the reserve ratios of the remaining banks went up. How would this affect the economic system? (Hint: Think the money multiplier.) 3) Write a policy government can use to support the banking system. Do you think the type of support you have mentioned beneficial or harmful? Explain your answer. 4) Write a policy government can use to regulate the banking system. Do you think the type of regulation you have mentioned beneficial or harmful? Explain your answer. 5) Assume in TRNC base money remains the same, but money supply is increasing. What may be the factor that may be increasing the the money supply?
A T-account of a typical individual would include assets and liabilities. An action that affects both assets and liabilities could be taking out a loan and depositing the loan amount into a savings account. This action increases both assets (savings account) and liabilities (loan).
In a T-account of a typical individual, the assets side would include items such as cash, savings accounts, investments, or personal property. The liabilities side would include items such as loans, credit card debt, or mortgages. One action that affects both assets and liabilities is taking out a loan and depositing the loan amount into a savings account. When an individual takes out a loan, it increases their liabilities because they owe the borrowed amount to the lender. Simultaneously, when the loan amount is deposited into a savings account, it increases the individual's assets as they now have additional funds available for saving.
By taking this action, the individual's liabilities increase due to the loan, but their assets also increase due to the deposit in the savings account. The net effect on the individual's overall financial position would depend on the interest rates and terms of the loan, as well as the potential earnings or interest gained from the savings account. It's important for individuals to carefully manage their assets and liabilities to ensure a healthy financial position and to consider factors such as interest rates, repayment terms, and potential returns on investments.
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On May 1, 2021, Easy Corp. enters into a silver futures contract and designs this futures contract for speculation purposes. The notional amount of the contract is 1,000 ounces, and the terms of the contract give Easy Corp. the right and the obligation to purchase silver at a price of $40,000 per ounce. The price will be good until the contract expires on November 1, 2021. Assume the following data right respect to the spot price of the silver.
Date Spot price for November delivery
May 1, 2021 $40,000 per ounce
June 30, 2021 $41,000 per ounce
September 30, 2021 $42,500 per ounce
Required: 1. Prepare the journal entries for the following dates (9%) (a) May 1, 2021 (b) June 30, 2021 (c) September 30, 2021
2. On November 1, 2021, Easy Corp. settles the future contract with 1,000 ounces of silver at the price of $43,000 per ounce. Prepare the journal entry to record the net settlement of the future contract. (4%) 3. In the situation where the silver is one of the materials that Easy Corps uses in the production of its specialty earrings. Easy Corp. probably anticipates that it will need to purchase 1,000 ounces of silver in November 1, 2021 for earrings. Easy decides to designate the future contract as a hedge to protect against volatile price movements in silvers. Briefly discuss the following questions related Easy's future contract hedging: (a) what type of hedges Easy Corp. should apply? Why? (4%) (b) describe the special accounting under IFRS for Easy's future contract. (4%) (c) how much should Easy Corp finally pay for purchase of silver on November 1, 2021, the same day the future contract is settled? (2%) (d) determine the cost of goods sold if Easy Corp, in December 2021, sells earrings containing silvers purchased on November 1, 2021. The cost of the finished goods inventory is $20,000,000. (2%)
1. The journal entries for the futures contract transactions on May 1, June 30, and September 30, 2021, are not required.
2. The journal entry for the net settlement of the futures contract on November 1, 2021, involves recording Silver Inventory at $43,000,000 and recognizing an Unrealized Gain/Loss of $3,000,000.
1. Journal entries:
(a) May 1, 2021:
No journal entry is required as this is the date when the futures contract is entered into.
(b) June 30, 2021:
No journal entry is required as the spot price is not relevant until the settlement date.
(c) September 30, 2021:
No journal entry is required as the spot price is not relevant until the settlement date.
2. Journal entry for net settlement of the futures contract on November 1, 2021:
Silver Inventory (1,000 oz) $43,000,000
Unrealized Gain/Loss $3,000,000
Futures Contract Liability $40,000,000
3. (a) Easy Corp. should apply a fair value hedge as they are using the futures contract to hedge against volatile price movements in silver. This allows them to offset the changes in the fair value of the future contract with changes in the fair value of the silver inventory.
(b) Under IFRS, the future contract is marked to market with any changes in fair value recognized in profit or loss. This means that any unrealized gain or loss on the futures contract is recorded in the income statement.
(c) Easy Corp. will pay $43,000 per ounce for the 1,000 ounces of silver on November 1, 2021, the same day the futures contract is settled. Therefore, the total payment will be $43,000,000.
(d) The cost of goods sold for the earrings sold in December 2021, containing silver purchased on November 1, 2021, would be the actual cost of the silver purchased. Since the cost of the finished goods inventory is given as $20,000,000, that would be the cost of goods sold.
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Many emerging market companies apply the cost leadershipstrategy, outperforming rivals by combining all of the following EXCEPT ________.
Group of answer choices
A. growing technological sophistication
B. expensive labor
C. expanded distribution
D. state support
Many emerging market companies apply the cost leadershipstrategy, outperforming rivals by combining all of the following EXCEPT "expensive labor." (Option B)
How is this so?Emerging market companies applying the cost leadership strategy typically focus on achieving operational efficiency and cost reduction.
They outperform rivals by combining factors such as growing technological sophistication, expanded distribution channels, and state support.
However, they typically do not rely on expensive labor, as the cost leadership strategy emphasizes cost minimization and efficiency in all aspects of operations, including labor costs.
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Consider the readings for the week (Pardillo, 2020; Van Hook, 2019). Address the following questions for your current place of work, a place of work you are familiar with, or an organization with which you are familiar.Who do you serve (consider internal and external customers)
Who are my customers and how are we culturally alike or different?
What do they expect from me?
What do they expect from my business?
How do the products/services we provide enhance their lives?
How can I establish a relationship with my customers?Tell us the type of business (if you are not comfortable identifying the actual business). Engage with peers at a high level, and in compliance with the posting guidelines shared in the syllabus.
Most importantly, relate your response back to the readings and identify the source
In my technology company, we serve both internal and external customers, meeting their expectations with efficient technology solutions to enhance productivity. The readings emphasize understanding customer needs, providing personalized support, and continually improving our offerings. Through innovation, we aim to boost their success in a tech-driven world.
In my workplace, which is a technology company, we have both internal and external customers. Internal customers refer to employees within the organization who rely on technology systems and support to carry out their work effectively. External customers are individuals and businesses who use our technology products and services. The readings by Pardillo (2020) and Van Hook (2019) emphasize the importance of understanding customer expectations and tailoring solutions to meet their specific needs.
Customers expect our technology solutions to be efficient, reliable, and user-friendly. They rely on our products and services to enhance their productivity, streamline their operations, and meet their own customer demands. By offering innovative and high-quality technology solutions, we aim to enhance the lives of our customers by enabling them to succeed in a technologically driven world.
Building strong relationships with customers is crucial, and this involves effective communication, personalized support, and continuous improvement of our products and services. The readings highlight the significance of establishing a strong customer-centric approach in order to meet customer expectations and build long-lasting relationships.
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What are the three factors that influence the required rate of return
The required rate of return, also known as the discount rate or cost of capital, is influenced by three main factors: the risk-free rate, the market risk premium, and the asset's beta.
These factors play a crucial role in determining the return an investor expects to receive in exchange for investing in a particular asset.
The risk-free rate represents the return an investor can earn from a risk-free investment, such as government bonds. It serves as a benchmark for comparing the returns of other investments. If the risk-free rate is high, investors will require a higher rate of return to compensate for the opportunity cost of not investing in risk-free assets.
The market risk premium reflects the additional return investors demand for taking on market risk. It represents the excess return that an investor expects to earn above the risk-free rate by investing in the overall market. A higher market risk premium indicates a higher level of expected return, as investors will demand a greater reward for bearing market risks.
Beta measures an asset's sensitivity to market movements. It quantifies the asset's systematic risk, which cannot be diversified away. A higher beta implies a greater exposure to market fluctuations and higher required rate of return to compensate for the increased risk. Conversely, a lower beta indicates lower sensitivity to market movements and a lower required rate of return.
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Suppose Home is a small country and has a monopolist with Marginal cost 2q. The world price is pw= 40. The Home inverse demand function is P = 150 - Q. (a) Find the Domestic Free Trade equilibrium outcome. (b) Suppose the government imposes a per-unit tariff t = 10. Find the new equilibrium and the changes in welfare.
(a) Domestic Free Trade Equilibrium Outcome:
In a domestic free trade equilibrium, the domestic market price will equal the world price. Let's determine the equilibrium outcome by setting the domestic price equal to the world price:
P = pw = 40
Substituting the inverse demand function into the equation, we have:
150 - Q = 40
Solving for Q, we find:
Q = 110
To find the corresponding price, substitute the value of Q back into the demand function:
P = 150 - 110 = 40
Therefore, the domestic free trade equilibrium outcome is Q = 110 and P = 40.
(b) Equilibrium with Per-Unit Tariff and Changes in Welfare:
When a per-unit tariff of t = 10 is imposed, it increases the domestic price by the amount of the tariff. The new equilibrium price will be P = 40 + t = 50.
To determine the new equilibrium quantity, we equate the new price to the marginal cost:
50 = 2q
Solving for q, we find:
q = 25
Substituting the value of q back into the inverse demand function, we can find the new quantity:
P = 150 - Q
50 = 150 - Q
Q = 100
Therefore, the new equilibrium outcome with the tariff is Q = 100 and P = 50.
To analyze the changes in welfare, we need to compare the pre-tariff and post-tariff scenarios. In this case, the tariff has reduced the domestic quantity from 110 to 100. Consumers lose consumer surplus due to the higher price, while producers gain producer surplus due to the increased price. Additionally, the government gains tariff revenue.
Overall, the change in welfare due to the tariff will depend on the magnitude of these gains and losses in consumer surplus, producer surplus, and government revenue. However, without specific information on the shapes of the demand and cost curves, it is not possible to quantify the exact changes in welfare in this scenario.
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All of the following are goals and characteristics of international economic law EXCEPT _____
A economic sovereignty. B preferential treatment for developed countries.
C permanent sovereignty over natural resources. D duty to cooperate.
B) preferential treatment for developed countries. International economic law aims to establish rules and principles to govern economic relations between countries and promote cooperation and stability in the global economy.
It typically focuses on areas such as trade, investment, finance, and development. The goals and characteristics of international economic law include:
A) Economic sovereignty: Recognizing the right of each country to determine its own economic policies and priorities.
C) Permanent sovereignty over natural resources: Ensuring that countries have control over their natural resources and can exercise their rights in a sustainable and equitable manner.
D) Duty to cooperate: Encouraging countries to work together and engage in dialogue to address economic challenges and achieve common goals.
Preferential treatment for developed countries, on the other hand, goes against the principle of equal treatment and non-discrimination that is often emphasized in international economic law. The goal is typically to create a level playing field and promote fair and equitable economic relations among countries, regardless of their level of development.
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Consider a forward contract on the British pound (GBR) with 90 days to expiry. The USD and GBP interest rates are 2.3% and 5.6%, respectively (both interest rates are annual rates). The current spot rate is 1.3145($/). Calculate the forward price ($/). Show your calculations.
The correct answer is $1.2831. The forward price of the British pound is 1.2831 $/.
Given:
Current spot rate = 1.3145($/)
Interest rate in USD = 2.3% per annum
The interest rate in GBP = 5.6% per annum
A time period of the forward contract = is 90 days
To Find: The forward price of the contract.
Solution: To calculate the forward price, we use the formula as follows;
Forward Price = (Spot Price x (1 + Interest Rate of Quote Currency x Time) / (1 + Interest Rate of Base Currency x Time))
Here, Base currency = USD
Quote currency = GBPT = 90/365 years = 0.2465 years
Now, putting these values in the above formula,
we have: Forward Price = (1.3145 x (1 + 5.6% x 0.2465) / (1 + 2.3% x 0.2465))= (1.3145 x 1.0339) / 1.0586= 1.2831 $/
Thus, the forward price of the British pound is 1.2831 $/.
Therefore, the correct option is (D) 1.2831.
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A cost sharing arrangement whereby both a supplier and advertiser pay for advertising and promotion is known as___________.
A cost-sharing arrangement whereby both a supplier and advertiser pay for advertising and promotion is known as co-op advertising.
A supplier is a manufacturer or wholesaler who produces or supplies a product to a retailer or dealer. Co-op advertising is beneficial to both parties since it allows the supplier to receive a larger number of product orders while also increasing the retailer's advertising budget. The more significant the advertiser's budget, the more products can be advertised, which can result in more sales. Co-op advertising is generally seen in small retail businesses, with the supplier and advertiser sharing the expense of the advertising campaign. The manufacturer or supplier provides a specific amount of dollars or a fixed percentage of the product's cost, while the retailer contributes the remaining sum. Co-op advertising has become more sophisticated in recent years, with businesses sharing advertising costs across various advertising platforms, including social media, web, radio, and TV. However, co-op advertising is only beneficial to both parties if the promotion goals are defined clearly, and the benefits to each party are understood.
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5. Consider a pure public good, like a weather report or sunlight. Of the following four properties, check all that would characterize the good. Rivalrous. Non-rivalrous. Excludable. Non-excludable. Constructive. Deconstructive.
In the case of pure public good, such as a weather report or sunlight, the following properties would characterize the good:
Non-rivalrousNon-excludableNon-rivalrous: A public good is non-rivalrous, which means that one person's consumption or use of the good does not diminish or prevent another person from enjoying its benefits. For example, multiple individuals can simultaneously benefit from the information provided in a weather report or the sunlight available in a public space.
Non-excludable: A public good is non-excludable, meaning that it is difficult or impossible to exclude individuals from accessing or benefiting from the good. In the case of a weather report or sunlight, it is challenging to restrict or prevent people from accessing the information or sunlight.
Therefore, the properties that would characterize a pure public good like a weather report or sunlight are:
Non-rivalrous
Non-excludable
The terms "constructive" and "deconstructive" are not applicable in describing the properties of public goods.
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The world's expected ultimate oil resource in 2008 was 2000 billion barrels. The a and B values for production have been calculated at -260.26 and 0.13 respectively, with a time lag between discovery and production of 10 years. Calculate the reserve/production (reserve depletion) time in the year 2008.
The reserve/production (R/P) time in the year 2008, considering an ultimate oil resource of 2000 billion barrels, a = -260.26, B = 0.13, and a 10-year time lag, is approximately -0.77 years.
The reserve/production (R/P) time can be calculated by dividing the estimated ultimate oil resource by the annual production rate. In this case, the R/P time in the year 2008 can be determined based on the given values of the a and B coefficients for production, as well as the time lag between discovery and production.
Using the formula R/P = (B * Ultimate Resource) / (1 - B * cumulative production), we can calculate the R/P time.
Given:
Ultimate Resource (UR) = 2000 billion barrels
a = -260.26
B = 0.13
Time lag (T) = 10 years
First, we calculate the cumulative production by multiplying the annual production rate by the time lag:
Cumulative Production = B * T * Ultimate Resource = 0.13 * 10 * 2000 = 2600 billion barrels
Now, we can calculate the R/P time:
R/P = (B * Ultimate Resource) / (1 - B * cumulative production)
R/P = (0.13 * 2000) / (1 - 0.13 * 2600)
R/P ≈ 260 / (1 - 338)
R/P ≈ 260 / (-337)
R/P ≈ -0.77
The negative value for the R/P time indicates that the estimated ultimate oil resource of 2000 billion barrels would have been depleted in less than a year. However, it's important to note that this calculation assumes a linear decline in production, which may not reflect the actual production dynamics of oil reserves.
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Peggy Smith is a futures trader. In early August, she took a short position in an S&P 500 Index futures contract expiring in September. After a week, she decides to close out her position. Describe how she would do so.
(10 marks)
b) A trader buys one November copper futures contract at the price of $0.75/lb. Each contract is for delivery of 25,000 lbs. What is the maximum theoretical loss to this trader? Another trader sells one November copper futures contract at the price of $0.75/lb. What is the maximum theoretical loss to the trader with a short position?
(14 marks)
c) An investor enters into three long December futures contracts on cocoa. Each contract is for delivery of 10 tonnes. The current futures price is £945 per tonne, the initial margin is also £945 per contract, and the maintenance margin is £700 per contract. What price change would lead to a margin call? What price change would lead to a profit of £1500?
b) To close out her short position in the S&P 500 Index futures contract, Peggy Smith would take the opposite action of her initial position. Since she took a short position, she would need to buy back the same number of futures contracts that she initially sold. Peggy would enter into a buy order for the S&P 500 Index futures contract expiring in September to offset her short position. By buying back the contracts, she effectively closes out her position.
b) The maximum theoretical loss for the trader who buys one November copper futures contract at $0.75/lb is calculated by multiplying the contract size (25,000 lbs) by the price decrease from the entry price to zero. Assuming the price of copper goes to zero, the maximum theoretical loss would be $0.75/lb * 25,000 lbs = $18,750.
For the trader with a short position who sells one November copper futures contract at $0.75/lb, the maximum theoretical loss would also be the same, $18,750. In this case, the loss would occur if the price of copper increases to infinity.
c) To calculate the price change that would lead to a margin call, we need to consider the difference between the initial margin and the maintenance margin. In this case, the initial margin is £945 per contract, and the maintenance margin is £700 per contract. The price change that would trigger a margin call occurs when the total equity (initial margin minus variation margin) falls below the maintenance margin. So, the price change leading to a margin call would be (£945 - £700) / (10 tonnes * 3 contracts) = £8.17 per tonne.
To achieve a profit of £1500, we need to calculate the price change that would result in a gain equal to that amount. Using the same formula, the price change would be (£1500 + £700) / (10 tonnes * 3 contracts) = £6.33 per tonne.
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H.W: Find the optimal solution 1- Max z = x₂ + 2x₂ s. t: X₁ ≤ 80 X₂ ≤ 60 5x₁ + 6x₂ ≤ 600 X₁ + 2x₂ ≤ 160 X₁, X₂ ≥ 0. 2- Min z = 200x₁ + 300x₂ s.t: 2x₁ + 3x₂2 1200
1. The optimal solution for the given problem is:
x₁ = 20
x₂ = 40
z = 100
2. There is no unique optimal solution for this problem, as multiple points yield the minimum value of z.
1. Maximize z = x₁ + 2x₂
Subject to:
x₁ ≤ 80
x₂ ≤ 60
5x₁ + 6x₂ ≤ 600
x₁ + 2x₂ ≤ 160
x₁, x₂ ≥ 0
Linear programming problem, we can use the graphical method. We'll plot the feasible region and identify the corner points to find the optimal solution.
Plot the constraints on a graph:
Graph:
x₁ ≤ 80 (Vertical line at x₁ = 80)
x₂ ≤ 60 (Horizontal line at x₂ = 60)
5x₁ + 6x₂ ≤ 600 (Line: 5x₁ + 6x₂ = 600)
x₁ + 2x₂ ≤ 160 (Line: x₁ + 2x₂ = 160)
The corner points of the feasible region:
Corner Points:
A: (0, 0)
B: (0, 60)
C: (80, 0)
D: (20, 40)
Calculate the objective function value at each corner point to find the maximum value of z:
z(A) = 0 + 2(0) = 0
z(B) = 0 + 2(60) = 120
z(C) = 80 + 2(0) = 80
z(D) = 20 + 2(40) = 100
From the calculations, we see that the maximum value of z is obtained at point D: (20, 40), where z = 100.
2. Minimize z = 200x₁ + 300x₂
Subject to:
2x₁ + 3x₂ ≤ 1200
Use the graphical method to solve this linear programming problem.
Graph:
2x₁ + 3x₂ = 1200 (Line)
We need to find the corner point that gives the minimum value of z. However, since there are no explicit constraints given for x₁ and x₂ (such as non-negativity), we'll assume x₁, x₂ ≥ 0 as in a typical linear programming problem.
The value of z at the corner points:
z(A) = 200(0) + 300(0) = 0
z(B) = 200(0) + 300(400) = 120,000
z(C) = 200(600) + 300(0) = 120,000
z(D) = 200(400) + 300(200) = 140,000
From the calculations, we see that the minimum value of z is obtained at points A, B, and C, where z = 0.
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A zero coupon corporate bond has a par value of $10,000, a current price of $6,000 and 8 years to maturity. If a municipal bond yields 3%, what is the difference in the after-tax returns of the two opportunities for investors who pays a 30% tax rate and lives in the same state as the municipality?
The zero coupon corporate bond has a higher after-tax yield than the municipal bond. Hence, investment in zero-coupon corporate bond is more profitable for the investor.
Zero-coupon bond is a bond that does not pay interest during the life of the bond and instead pays the full face value at the maturity date. One such zero coupon corporate bond has a par value of $10,000, a current price of $6,000 and 8 years to maturity. Yield to maturity of the bond can be calculated using the following formula;
yield to maturity = ((face value/current price)^(1/n) )-1
Where, face value = $10,000, current price = $6,000, n = 8 yearsyield to maturity = ((10000/6000)^(1/8))-1= 5.03%
So, the yield to maturity of the zero coupon corporate bond is 5.03%.
Now, the municipal bond yield is 3%.
The municipal bond is tax-free and thus, the municipal bond yield is equivalent to the pre-tax yield. The after-tax yield of the municipal bond will be calculated as follows;
After-tax yield = Pre-tax yield x (1 - tax rate)
Where, tax rate = 30%
After-tax yield of municipal bond = 3% x (1 - 0.3)= 2.1%
Now, the after-tax yield of zero coupon corporate bond will be calculated as follows;
After-tax yield = pre-tax yield x (1 - tax rate)
Where, pre-tax yield = yield to maturity = 5.03%
After-tax yield of zero coupon corporate bond = 5.03% x (1 - 0.3)= 3.52%
Therefore, the difference in the after-tax returns of the two opportunities for investors who pays a 30% tax rate and lives in the same state as the municipality is 3.52% - 2.1% = 1.42%.
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TRUE / FALSE. "Certificate of origin is sent to exporters by the
importer.
The statement "Certificate of origin is sent to exporters by the importer" is false because it is the exporter's responsibility to obtain and provide the Certificate of Origin, not the importer's.
A Certificate of Origin is a document that certifies the country of origin of goods being exported. It is typically issued by the exporting country's customs authority or Chamber of Commerce. The responsibility of obtaining and providing the Certificate of Origin lies with the exporter, not the importer.
The exporter is required to complete the necessary documentation, including the Certificate of Origin, to demonstrate the origin of the goods being exported. This document is then submitted to the relevant authorities, such as customs officials, in the destination country.
The Certificate of Origin is an important trade document that helps determine eligibility for preferential trade agreements, import duties, and other trade regulations. It provides assurance to the importing country regarding the origin of the goods and is an essential part of international trade transactions.
In conclusion, it is the exporter's responsibility to obtain and provide the Certificate of Origin, not the importer's. The exporter must ensure compliance with relevant regulations and submit the document to the appropriate authorities.
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King Motors manufactures Engine equipment, and they are planning on introducing a new product which would require an initial investment of $7 million in assets and would produce a net annual revenue of $1.1 million over a service life of 8 years. After the 8 years, the product will likely become obsolete, and the assets would be sold for an estimated $0.6 million. What is the rate of return of this project? And would it be an acceptable project with the MARR = 7%?
Rate of return = 0.0327 or 3.27%. As the MARR (Minimum Acceptable Rate of Return) is 7%, the rate of return of the project is less than the MARR, which means that this project is not an acceptable project. Therefore, this project should not be pursued by King Motors.
The solution for the given problem is as follows: Firstly, the net cash inflow for each year can be calculated as follows:
Year Cash inflow
0 -7,000,0001 1,100,0002 1,100,0003 1,100,0004 1,100,0005 1,100,0006 1,100,0007 1,100,0008 1,100,0009 1,700,000 (1.1 million revenue minus 0.6 million proceeds from the sale of assets).
Next, the total net cash inflow is calculated by adding the net cash inflow for each year:
Total net cash inflow = -7,000,000 + 1,100,000 + 1,100,000 + 1,100,000 + 1,100,000 + 1,100,000 + 1,100,000 + 1,100,000 + 1,700,000
Total net cash inflow = $9,200,000
The rate of return of the project can be calculated using the following formula:
Rate of return = (Total net cash inflow / Initial investment)^(1 / Service life) - 1Rate of return = ($9,200,000 / $7,000,000)^(1 / 8) - 1
Rate of return = 0.0327 or 3.27%
As the MARR (Minimum Acceptable Rate of Return) is 7%, the rate of return of the project is less than the MARR, which means that this project is not an acceptable project. Therefore, this project should not be pursued by King Motors.
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Personal goal: a) Specific strategy (list below):
a) Specific strategy: Increase my daily physical activity by incorporating a 30-minute walk or workout routine into my daily schedule.
This specific strategy focuses on increasing daily physical activity by allocating a dedicated 30-minute time slot for either a walk or a workout routine. By setting aside this specific time each day, it creates a structured plan to engage in physical activity consistently.
This strategy helps in achieving the personal goal of improving fitness and overall health. Regular physical activity has numerous benefits, including increased energy levels, improved cardiovascular health, weight management, and enhanced mental well-being.
By incorporating a 30-minute walk or workout routine, it provides a clear and measurable objective. This specificity makes it easier to track PROGRESS and hold oneself accountable. Additionally, having a dedicated time slot ensures that physical activity becomes a priority and is less likely to be neglected or forgotten amidst other daily commitments.
Implementing this strategy requires creating a schedule that accommodates the chosen activity, whether it's a morning walk, a workout during lunch break, or an evening exercise routine. It may also involve identifying suitable locations or resources for the chosen activity, such as finding nearby walking trails or setting up a home workout space.
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Please determine which countries would be classified as growth miracles or growth disasters. Growth miracles Growth disasters Answer Bank Japan Nigeria Argentina South Korea Which statement regarding economic growth is supported by the histories of the listed countries? Most countries will experience slow and steady economic growth over several decades. Growth is not guaranteed, even when a country has experienced it in the past Only capitalist nations experience rapid growth Once a country begins to develop economic growth, it will continue to do so. DOLL Priser F
There are a few countries that could be classified as growth miracles or growth disasters. In the context of this question, Japan and South Korea would be classified as growth miracles while Nigeria and Argentina would be classified as growth disasters.
In Japan, the economic growth rate accelerated in the 1950s and 1960s, and by the 1970s Japan was one of the world's most powerful economies. Japan’s economic growth is credited to the development of its automobile industry, steel production, and its strong work ethic. Similarly, South Korea has also experienced significant economic growth in recent years. The country has undergone rapid development, with its economy transitioning from an agricultural one to an industrialized one.
On the other hand, Nigeria and Argentina have struggled with economic growth. Nigeria has faced numerous challenges such as corruption, terrorism, and political instability, which have hindered its economic development. In Argentina, economic growth has been hindered by high inflation rates, lack of investment, and political instability.
Therefore, the statement that is supported by the histories of these countries is: Growth is not guaranteed, even when a country has experienced it in the past. While Japan and South Korea have been able to maintain their economic growth, Nigeria and Argentina have struggled, demonstrating that economic growth is not a guaranteed outcome.
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