05T6 Price and Income Elasticity-DE3A 34 Economic Issues-Yangshuai-2008
chap 3 Application of supply and demand
◎Engel Coefficient refers to the proportion of food expenditure in consumer expenditure.
2.4 Engel Coefficient country
Engel Coefficient = Food Expenditure÷
1.3 Price Elasticity of Supply in Diagrams
1.4 Determinants of Price Elasticity of Supply
◎Ability of sellers to change the amount of the good they produce.
TR = P x Q
1.6 Elasticity and Total Revenue
1.6 Elasticity and Total Revenue
1.6 Elasticity and Total Revenue
◎The Paradox of Bumper Harvest
2 Income Elasticity of Demand
1 Price Elasticity of Demand
1.1 Definition
Price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in price. It measures the quantitative response of demand to a change in price.
Do Consumers Respond to Marginal or Average Price- Evidence from Nonlinear Electricity Pricing
Abstract Economic theory generally assumes that consumers respond to marginal prices when making economic decisions, but this assumption may not hold for complex price schedules. This paper provides empirical evidence that consumers respond to average price rather than marginal price when faced with nonlinear electricity price schedules. Nonlinear price schedules, such as progressive income tax rates and multi-tier electricity prices, complicate economic decisions by creating multiple marginal prices for the same good. Evidence from laboratory experiments suggests that consumers facing such price schedules may respond to average price as a heuristic. I empirically test this prediction using field data by exploiting price variation across a spatial discontinuity in electric utility service areas. The territory border of two electric utilities lies within several city boundaries in southern California. As a result, nearly identical households experience substantially different nonlinear electricity price schedules. Using monthly household-level panel data from 1999 to 2008, I find strong evidence that consumers respond to average price rather than marginal or expected marginal price. I show that even though this sub-optimizing behavior has a minimal impact on individual welfare, it can critically alter the policy implications of nonlinear pricing.
T6_Balance Sheet 资产负债表附表 英文
These answers can be found in the Balance Sheet (Statement of Financial Position).
Prepared by: IFT Accounting Team 2
Basic structure of Balance Sheet(SFP)
Current Assets (Convert to Cash in 1 year or less)
Noncurrent Assets (All other assets)
Current Liabilities (Paid with Cash in 1 year or less)
Noncurrent Liabilities (All other liabilities)
Prepared by: IFT Accounting Team
4
Classification of Balance Sheet
A Classified Balance Sheet
Asset categories
Liabilities
Equity
Groups together accounts of similar nature and reports them in a few major classifications. • • • • • Current assets Long-term investments Fixed assets Intangible assets Other assets
ACCOUNTING EQUATION Assets = Liabilities + Equity Reported at a given time or Accounting Team
tb05
Chapter 5Income and Substitution Effects26. If the prices of all goods increase by the same proportion as income, the quantity demandedof good x willa. decrease.b. increase.* c. remain unchanged.d. change in a way that cannot be determined from the information given.27. Demand functions are “homogeneous of degree zero in all prices and income.” This means * a. a proportional increase in all prices and income will leave quantities demanded unchanged.b. a doubling of all prices will not alter consumption decisions.c. prices directly enter individuals’ utility functions.d. an increase in income will cause all quantities demanded to increaseproportionately.28. If income doubles and the quantity demanded of good x more than doubles, then good x canbe described as aa. substitute good.b. complement good.c. necessity.* d. luxury.29. If an individual buys only two goods and these must be used in a fixed relationship with oneanother (e.g., coffee and cream for a coffee drinker who never varies the amount of cream used in each cup), then* a. there is no substitution effect from a change in the price of coffee.b. there is no income effect from a change in the price of coffee.c. Giffen’s Paradox must occur if both coffee and cream are in ferior goods.d. an increase in income will not affect cream purchases.30. Consider the two following statements:I. x is an inferior good.II. x exhibits Giffen’s Paradox.Which of the following is true?a. I implies II, but II does not necessarily imply I.* b. II implies I, but I does not necessarily imply II.c. I and II are statements of the same phenomenon.31. Assume x and y are the only two goods a person consumes. If after a rise in p X the quantitydemanded of y increases, one could saya. the income effect dominates the substitution effect.126Chapter 5/Income Substitution Effects 127127 * b.the substitution effect dominates the income effect. c.it is still impossible to determine whether the substitution or income effect dominates. d. none of the above.32.An individual’s deman d curve a. represents the various quantities that a consumer is willing to purchase of a good at various price levels. b. is derived from an individual’s indifference curve map. c. will shift if preferences, prices of other goods, or income change. *d. all of the above.33.Which of the following will not cause a demand curve to shift position? * a. A doubling of the good’s priceb. A doubling of the price of a closely substitutable goodc. A doubling of incomed. A shift in preferencese. A doubling of both the price of x and the price of y34. A decrease in demand is represented bya. a shift outward of the entire demand curve.* b. a shift inward of the entire demand curve.c. a movement along the demand curve in a southeasterly direction.d. a movement along the demand curve in a northwesterly direction.35. If the compensated and Marshallian demand curves for a good intersect, at that point the Marshallian curve will be* a. flatter if this is a normal good.b. steeper if this is a normal good.c. flatter if this is an inferior good.d. horizontal.36. Which of the following demand functions is not homogenous of degree zero inp x , p y , and I ?a. x = I / (p x ,+ p y ).b. 0.30.2.5x yx = p p I --. c.2/y xx I p p = . *d. y x x = I /p p .37. Consider the following three concepts:I. Marshallian Demand [x = x (p x , p y , I )]II. Indirect Utility [V = g (p x , p y , I )]III. Compensated Demand [x = x c (p x , p y , U )]Which of these functions is necessarily homogeneous of degree zero in its argument?a. All of themb. None of them* c. Only Id. I and III, but not II38. The price elasticity of demand for good x is defined asa. percentage change in p x / percentage change in x.* b. percentage change in x /percentage change in p x .c. percentage change in x/percentage change in income.d. percentage change in x /percentage change in p y .39. The price elasticity of demand for a horizontal demand curve isa. 0.b. –1.c. 1.* d. – infinity.40. The price elasticity of demand for a vertical demand curve is* a. 0.b. -1.c. 1.d. - infinity.41. If the demand for a product is elastic, then a rise in price willa. cause total spending on the good to increase.* b. cause total spending on the good to decrease.c. keep total spending the same, but reduce the quantity demanded.d. keep total spending the same, but increase the quantity demanded.42. The price elasticity of demand for a linear demand curve follows the pattern (moving fromhigh prices to low prices)* a. elastic, unit elastic, inelastic.b. unit elastic, inelastic, elastic.c. inelastic, unit elastic, elastic.d. elastic, inelastic, unit elastic.43. If there are only two goods and these are consumed in fixed proportions, the priceelasticities of demand for these two goods will sum toa. 0.0b. –0.5* c. –1.0d. a number between 0 and –1.128Chapter 5/Income Substitution Effects 129 44. If a consumer purchases only two goods (x and y) and the demand for x is elastic, then a risein the price of x* a. will cause total spending on good y to rise.b. will cause total spending on good y to fall.c. will cause total spending on good y to remain unchanged.d. will have an indeterminate effect on total spending on good y.129130。
财务管理专业英语unite5
Contingent claim valuation 或有要求估价 16.Undervaluation 低估 overvaluation 高估 17. option-pricing model 期权定价模型 18.Promissory note 本票，期票 19.Contractual provision 契约条款
Wisdom
The problem in valuation is not that there are not enough models to value an asset.It is that there are too many. Choosing the right model to use in valuation is as critical to arriving at a reasonable value as understanding how to use the model.
Interest that is not added to the principal or capital in calculating subsequent interest payments is referred to as simple interest. Compound interest 复利 3.Debt instrument 债务工具 If simple interest is paid on a debt instrument (such as bonds), it is generally referred to as an annuity.
Liquidation value 清算价值 Liquidation value is the amount of money that a firm would realize by selling its assets and paying off its liabilities. Book value 账面价值 Book value is the accounting value of a firm or an asset. Book value is a historical value rather than a current value. Market value 市场价值 Market value is the price that the owner can receive from selling an asset in the market place. Intrinsic value 内在价值 Intrinsic value, also called fundamental value, is a measure of the theoretical value of an asset.
资产评估英语
资产评估英语第一篇：资产评估英语liabilities evaluation 负债评估restore replacement cost 复原重置成本renewal replacement cost 更新重置成本non-patent technique and know-how 非专利技术和秘诀rate of risk return on investment 风险报酬率personal estate 动产equal expedient method 对等权宜法adjustment coefficient of road condition 车辆行驶路况调整系数purchase cost of vehicle 车辆购置费long term investment evaluation 长期投资评估newness rate 成新率real estate 不动产product and store goods evaluation 产成品和库存商品的评估transfer of property right 产权转让change of property right 产权变动principle of property right interests subject alteration 产权利益主体变动原则reference object 参照物material evaluation 材料评估earning ratio of capital 本金化率quote 报价variable factor adjustment method 变动因素调整法key-point evaluation method 重点评估法engineering process method with recomposed budge 重编预算工程进度法replacement cost calculation method 重置核算法replacement cost method 重置成本法tangible assets 有形资产physical wear 有形损耗Sino-foreign cooperative business operation 中外合作经营Sino-foreign joint venture 中外合资经营intellectual property right 知识产权expected service life 预计使用年限（有效使用寿命）evaluation of construction engineering in process 在建工程评估construction engineering in process 在建工程evaluation of products in process 在产品评估conversion rate 折现率discount to present value 折现enterprise total assets evaluation 整体企业资产评估total assets of enterprise 整体企业资产duties of increase in value 增值税travelled distance 已行驶里程inquiry 询价intangible asset evaluation 无形资产评估earnings of intangible assets 无形资产收益额intangible assets 无形资产moral wear 无形损耗special privilege evaluation 特许权评估special privilege 特许权益inflation rate 通货膨胀率consumption tax 消费税current market price method 现行市价法current market price 现行市价shop survey 现场勘查price index method 物价指数法（指数调整法）price index 物价指数evaluation of right of use land 土地使用权评估right of use land 土地使用权land ownership 土地所有权practical serviced life 实际已使用年限claim 索赔present earning value method 收益现值法present value of earning 收益现值evaluation of trade mark right 商标权评估trade mark 商标trade credit evaluation 商誉评估trade credit 商誉market of equipment transfer 设备调剂市场equipment sublet out 设备租出equipment sublet in 设备租入adjustment coefficient of equipment work condition 设备工作状态调整系数sale of equipment 设备出售equipment purchasing 设备采购installation and test cost of equipment 设备安装调试费transportation cost of equipment 设备运杂费equipment leasing with circulating funds 设备融资租赁life of equipment 设备寿命disposal cost of facilities 设备清理费adjustment coefficient of equipment utilization 设备利用调系数liquidation price method 清算价格法liquidation price 清算价格circulating assets 流动资产nominal serviced life 名义已使用年限book value method 历史成本法（FOB）free on board 离岸价verification and affirmation of assets evaluation 资产评估的验证确认inassignable assets 不可确指的资产devaluation by real degradation 实体性陈旧贬值engineering process method 工程进度法function and cost method 功能成本法devaluation by functional degradation 功能性陈旧贬值fair price 公允价格scale economical profit index analysis method 规模经济效益指数分析法contract 合同rights and interests of contract 合同权益insurance of ocean transportation 海运保险费ocean transportation cost 海运费exchange rate 汇率time value of money 货币时间价值machine equipment evaluation 机器设备评估simple age limit method 简单年限法price adjustment factor 价格调整系数acceptance 接受building 建筑物replacement cost of building 建筑物重置价functional devaluation of building 建筑物功能性贬值economical devaluation of building 建筑物经济性贬值building evaluation 建筑物评估import duties 进口关税economic devaluation 经济性贬值assignable assets 可确指的资产item request of assets evaluation 评估立项申请effective period of assets evaluation 评估有效期base date of assets evaluation 评估基准日links of evaluation 评估环节joint operation of enterprises 企业联营liquidation of enterprise 企业清算sale of enterprise 企业出售joint-stock system operation of enterprise 企业股份制经营annexation of enterprise 企业兼并resources assets 资源性资产resources assets evaluation 资源性资产评估original book value of assets 资产原值net book value assets 资产净值purpose of assets evaluation 资产评估目的 5 salient features of assets evaluation 资产评估特点basis of assets evaluation 资产评估依据subject of assets evaluation 资产评估主体operating procedure of assets evaluation 资产评估[操作]程序（法定程序）work principle of assets evaluation 资产评估[工作]原则written report of assets evaluation 资产评估报告书statutes system of assets evaluation 资产评估法规体系method of assets evaluation 资产评估方法assets evaluation management 资产评估管理assets evaluation organization 资产评估机构hypothesis of assets evaluation 资产评估假设operation principle of assets evaluation 资产评估经济性（操作性）原则object of assets evaluation 资产评估客体（对象）check and arbitration of assets evaluation 资产评估的复核仲裁function of assets evaluation 资产评估的功能assets evaluation files 资产评估档案integrated age limit method 综合年限法integrated remainder life 综合剩余寿命integrated service life 综合服役年限certified public assets estimator 注册资产评估师patent 专利evaluation of patent right 专利权评估assignment of the patent right 专利权转让know-how evaluation 专用技术（诀窍）评估statistical analysis method 点面推算法single assets 单项资产(CIF)cost insurance and freight 到岸价system of land price 地产友情链接现金 Cash in hand银行存款 Cash in bank其他货币资金-外埠存款Other monetary assetscashier‘s check其他货币资金-银行汇票 Other monetary assetscredit cards其他货币资金-信用证保证金Other monetary assetscash for investment短期投资-股票投资 Investmentsstocks短期投资-债券投资 Investmentsbonds短期投资-基金投资 Investmentsfunds短期投资-其他投资 Investmentsothers短期投资跌价准备 Provision for short-term investment长期股权投资-股票投资 Long term equity investmentothers长期债券投资-债券投资 Long term securities investemntothers 长期投资减值准备 Provision for long-term investment应收票据 Notes receivable应收股利 Dividends receivable应收利息 Interest receivable应收帐款 Trade debtors坏帐准备-应收帐款 Provision for doubtful debtsother debtors 其他流动资产 Other current assets物资采购 Purchase原材料 Raw materials包装物 Packing materials低值易耗品 Low value consumbles材料成本差异 Material cost difference自制半成品 Self-manufactured goods库存商品 Finished goods商品进销差价Difference between purchase & sales of commodities委托加工物资 Consigned processiong material委托代销商品 Consignment-out受托代销商品 Consignment-in分期收款发出商品 Goods on instalment sales存货跌价准备 Provision for obsolete stocks待摊费用 Prepaid expenses待处理流动资产损益 Unsettled G/L on current assets待处理固定资产损益 Unsettled G/L on fixed assets委托贷款-本金 Consignment loaninterest委托贷款-减值准备 Consignment loanBuildings固定资产-机器设备Fixed assetsElectronic Equipment，furniture and fixtures固定资产-运输设备 Fixed assetsspecific materials工程物资-专用设备 Project materialprepaid for equipment工程物资-为生产准备的工具及器具 Project materialpatent无形资产-非专利技术 Intangible assetstrademark rights无形资产-土地使用权Intangible assetsShort termShort termShort termLong term应付债券-债券面值 Bond payableExcess应付债券-债券折价 Bond payableAccrued interest长期应付款 Long term payable专项应付款 Specific payable其他长期负债 Other long term liabilities应交税金-所得税 Tax payablebusiness tax应交税金-消费税 Tax payableothers递延税款贷项 Deferred taxation credit股本 Share capital已归还投资 Investment returned利润分配-其他转入Profit appropriationstatutory surplus reserve利润分配-提取法定公益金 Profit appropriationreserve fund利润分配-提取企业发展基金Profit appropriationstaff bonus and welfare fund利润分配-利润归还投资 Profit appropriationpreference shares dividends利润分配-提取任意盈余公积Profit appropriationordinary shares dividends利润分配-转作股本的普通股股利Profit appropriationshare premium资本公积-接受捐赠非现金资产准备Capital surpluscash donation资本公积-股权投资准备 Capital surplussubsidiary资本公积-外币资本折算差额 Capital surplusothers盈余公积-法定盈余公积金Surplus reserveother surplus reserve盈余公积-法定公益金 Surplus reservereserve fund盈余公积-企业发展基金Surplus reservereture investment by investment主营业务收入 Sales 主营业务成本 Cost of sales主营业务税金及附加 Sales tax营业费用 Operating expenses管理费用 General and administrative expenses财务费用 Financial expenses投资收益 Investment income其他业务收入 Other operating income营业外收入 Non-operating income补贴收入 Subsidy income其他业务支出 Other operating expenses营业外支出 Non-operating expenses所得税 Income tax直接人工成本差异（direct labor variance）直接材料成本差异（direct material variance）在产品计价（work-in-process costing）联产品成本计算（joint products costing）生产成本汇总程序（accumulation process of procluction cost）制造费用差异（manufacturing expenses variance）实际成本与估计成本（actual cost and estimated cost）工资费用分配（salary costs allocation）成本曲线（cost curve）农业生产成本（agriculture production cost）原始成本和重置成本（original cost and replacement cost）工程施工成本直接成本与间接成本（direct cost and indirect cost）可控成本（controllable cost）制造费用分配（manufacturing expenses allocation）理论成本与应用成本（theory cost and practice cost）辅助生产成本分配（auxiliary production cost allocation）期间，费用成本控制程序（procedure of cost control）成本记录（cost entry，cost recorder cost agenda）成本计算分批法（job costing method）直接人工成本差异（direct labor variance）成本控制方法（cost control method）内河运输成本生产费用要素（elements of production expenses）历史成本与未来成本（historical cost and future cost）可避免成本与不可避免成本（avoidable cost and unavoidable cost）成本计算期（cost period）平均成本与个别成本（avorage cost and individual cost）跨期摊提费用分配（inter-period expenses allocation）计划成本（planned cost）数量差异（quantity variance）燃料费用分配（fuel expenses allocation）定额成本控制制度（norm cost control system）定额管理（management norm）可递延成本与不可递延成本（deferrable cost and undeferrable cost）成本控制标准（standard of cost control）副产品成本计算（by-product costing）责任成本（responsibility cost）生产损失核算（production loss accounting）生产成本（production cost）预计成本（predicted cost）成本结构（cost structure）房地产开发成本主要成本与加工成本（prime costs and processing costs）决策成本（cost of decision making）成本计算品种法（category costing method）在产品成本（work-in-process cost）工厂成本（factory cost）成本考核（cost assess）制造费用（manufactruing expenses）动力费用分配（power expenses allocation）趋势分析法（trend analysis approach）成本计算简单法（simple costing method）责任成本层次（levels of responsibility cost）对比分析法（comparative analysis approach）约当产量比例法（equivalent units method）原始记录（original record）可比产品成本分析（general product cost analysis）成本计算方法（costing method）成本计算对象（costing objective）成本计算单位（costing unit）成本计划完成情况分析成本计划管理体系（planned management system of cost）成本计划（cost plan）成本会计（cost accounting）成本核算原则（principle of costing）成本核算程序（cost accounting qrocedures）成本核算成本（costing account）成本核算（costing）成本归集（cost accumulation）成本管理（cost management）成本分析（cost analysis）成本分配（ocst allocation）成本分类账（cost ledger）成本分类（cost classifiction）成本费用界限成本调整（cost adjustment）成本差异（cost variance）成本报告（costing report）成本（cost）车间成本（workshop cost）厂内经济核算制（internal business accounting system）厂内结算价格（internal settlement prices）产品寿命周期成本（product life cycle cost）产品成本项目（cost items of product）产品成本技术经济分析产品成本计划（the plan of product costs）产品成本（product cost）汇总原始凭证（cumulative source document）汇总记账凭证核算形式（bookkeeping procedure using summary ovchers）工作底稿（working paper）复式记账凭证（mvltiple account titles voucher）复式记账法（Double entry bookkeeping）复合分录（compound entry）划线更正法（correction by drawing a straight ling）汇总原始凭证（cumulative source document）会计凭证（accounting documents）会计科目表（chart of accounts）会计科目（account title）红字更正法（correction by using red ink）会计核算形式（bookkeeping procedures）过账（posting）会计致迹╝ccounting entry）会计循环（accounting cycle）会计账簿（Book of accounts）活页式账簿（loose-leaf book）集合分配账户（clearing accounts）计价对比账户（matching accounts）记账方法（bookkeeping methods）记账规则（recording rules）记账凭证（voucher）记账凭证核算形式（Bookkeeping proced ureusing vouchers）记账凭证汇总表核算形式（bookkeeping procedure using categorized account summary）简单分录（simple entry）结算账户（settlement accounts）结账（closing account）结账分录（closing entry）借贷记账法（debit-credit bookkeeping）通用日记账核算形式（bookkeeping procedure using general journal）外来原始凭证（source document from outside）现金日记账（cash journal）虚账户（nominal accounts）序时账簿（book of chronological entry）一次凭证（single-record document）银行存款日记账（deposit journal）永续盘存制（perpetual inventory system）原始凭证（source document）暂记账户（suspense accounts）增减记账法（increase-decrease bookkeeping）债权结算账户（accounts for settlement of claim）债权债务结算账户（accounts for settlement of claim and debt）债务结算账户（accounts for settlement of debt）账户（account）账户编号（Account number）账户对应关系（debit-credit relationship）账项调整（adjustment of account）专用记账凭证（special-purpose voucher）转回分录（reversing entry）资金来源账户（accounts of sources of funds）资产负债账户（balance sheet accounts）转账凭证（transfer voucher）资金运用账户（accounts of applications of funds）自制原始凭证（internal source document）总分类账簿（general ledger）总分类账户（general account）附加账户（adjunct accounts）付款凭证（payment voucher）分类账簿（ledger）中级会计固定资产（fixed assets）利润总额利益分配（profit distribution）应计费用（accrued expense）商标权（trademarks and tradenames）净利润（net income）应付利润（profit payable）收益债券（income bonds）利息资本化（capitalization of interests）预付账款（advance to supplier）其他应收款（other receivables）现金（cash）公司债券发行（corporate bond floatation）应付工资（wages payable）实收资本（paid-in capital）盈余公积（surplus reserves）股利（dividend）应交税金（taxes payable）负商誉（negative goodwill）费用的确认（recognition of expense）短期投资（temporary investment）专有技术（know-how）专营权（franchises）资本公积（capital reserves）自然资源（natural resources）存货（inventory）偿债基金（sinking fund）长期应付款（long-term payables）长期投资（long-term investments）长期借款（long-term loans）长期负债（long-term liability of long-term debt）财务费用（financing expenses）拨定留存收益（appropriated retained earnings）标准成本法（standard costing）变动成本法（variable costing）版权（copyrights）高级会计期货交易市场（market of futures transaction）期货交易（futures transaction）举债经营融资租赁（leveraged lease）金融工具（financial instruments）企业集团（business qroup）年度报告（annual report）内部往来（transactions between home office and branches）合伙企业（partnership enterprise）合并资产负债表（consolidated balance sheet）合并主体的所得税会计（accounting for income taxes of consolidated entities）（美）合并现金流量表（consolidated statement of cash flow）合并价差（cost-book value differentials）合并会计报表（consolidated financial statements）购买法（purchase methed）企业整体价值（the value of an enterprise as a whole）权益结合法（pooling of interest method）期内所得税分摊（intraperiod tax allocation）（美）期末存货的未实现损益（unrealized profit in ending inventory）公司间的长期资产业务（intercompany transactions in long-term assets）名义货币保全（maintaining capital in units of money）基金论（the fund theory）功能性货币（functional currency）（汇兑损益（exchange gains or losses）合并财务状况变动表（consolidated statement of changes in financial poition）换算损益（translation gains or losses）举债经营收购（Leveraged buyouts，简称LBC）（美）母公司持股比例变动（change in ownership percentage held by parent）交互分配法（reciprocal allocation approach）（美）货币项（monetary items）合伙清算（partnership liquidation全面分摊法（comprehensive allocation）固定资产投资方向调节税合并费用（expenses related to combinations）间接标价法（indirect quotation）买入汇率（buying rate）期货合约（futrues contract）混合合并（conglomeration）控投公司（holding company）股票指数期货（stock index futrues）横向销售（crosswise sale）固定汇率（fixed rate）纳税影响法（tax effect method）记账汇率（recording rate）横向合并（horizontal integration）合并前股利（preacquisition dividends）可变现净值（net realizable）企业合并会计（accounting for business combination）平仓盈亏（offset gain and loss）卖出汇率（selling rate）金融期货交易（financial futures transaction）会计利润（accounting income）合并损益表（consolidated income statement）公允价值（fair value）期权（options）间接控股（indirect holding）两笔交易观（two-transaction opinion）破产清算（bankrupcy liquidation）企业合并（business combination）企业论（the enterprise theory）商品寄销（consignment）个人所得税（personal income tax）个人财务报表（personal financial state-ments）（美）改组计划（reorganization plan）（美）改组（reorganization）复杂权益法（complex equity method）附属公司（associated company）负权人偿金（dividend）浮动汇率（floating rate）分支机构会计（accounting for branch）推定赎回损益（constructive gains and losses on bonds）推定赎回（constructive retirement）投机（spculation）贴水（discount）特定物价指数（specific price index）分支机构（branch）分期收款销货（installment sales）分次清算（installment liquidation）分部报告（segmental reporting）房地产收入（real estate revenue）房地产成本（cost of real setate）房地产（real estate）多种汇率法（multiply exchange rate）对境外实体的净投资（net investment in foreign entities）订量单位：（units of measurement）递延法（deffered method）当代理论（contemporary theory）单一汇率法（singal method）退休金（pension plan）退休金会计（accounting for pension plan）（美）退休金给付义务（pension benefit obligations）（美）外币（foreign currency）外币业务（foreign currency transaction）吸收合并（merger）物价变动会计（accounting for price changes）无偿债能力（insolvency）完全合并（full consolidation）物价指数（price index）物价变动（price changes）完全应计法（full accrual method）物价总指数（general price index）外汇期货交易（foreign exchange frtrues transaction）下推会计（push-down accounting）（美）先折算后调整法（translation-remeasurement method）现行成本/稳值货币会计（current cost/general purchasing power accountin）现行成本（crurent cost）现行成本会计（current cost accounting）先调整后折算法（remeasurement-translation method）销售代理处（sales agency）相互持股（mutual holdings）相对账户调节（reconciliation of home office and branch accounts）新合伙人入伙（admission of a new parther）向上销售（upstream sale）衍生金融工具（derivative financial instru-ments）销售式融资租赁（sales-type financing lease）向下销售（downstream sale）消费税（consumer tax）一笔交易观（one-transaction opinion）业主权论（the proprietorship theory）一般物价水准会计（general price level accounting）一般购买力单位（units of general purchasing power）招股说明书（prospectus）中间汇率（middle rate）中期报告（interim reporting）重置成本（replacement cost）转租赁（subleases）准改组（quasi-reorbganization）（美）资本保全（capital maintenance）资本化价值（capitalized value）资本因素（capital factor）资产负债法（asset/libility method）存货转让价格（inventory transfer price）创立合并（consolidation）出租人会计（accounting for leases-lessor）持有（产）损益（holding gains losses）持仓盈亏（opsition gain and loss）承租人会计（accounting for leases-leasee）成本回收法（cost recovery method）纵向合并（Vertical integration）综合变动（general change）子公司权益变动（change in ownership of a subsidiary）子公司（subsidiary company）资源税（resources tax）成本法（cost method）财产信托会计（fiduciary accounting）（美）财产税（property tax）部分分摊法（partial allocation）不合并子公司（unconsolidated subsidiaries）最低退休金负债（minimum liability）（美）租赁（leases）租金（rents）企业会计期权市场（option market）期货市场（future market）可转让定期存单市场（negotiable CDmarket）货币市场（money market）黄金市场（gold market）国有独资公司股份有限公司（company limited by shares）股份两合公司（limited pactnership）公司（company）二级市场（security secondary market）独资企业（sole proprietorship）店头市场（over-the-counter-market）承兑市场（acceptance market）拆借市场（lending market）财务制度（financial regulations）财务政策（financial policy）财务预测（financial forecast）财务控制（financial control）金融市场（financial market）财务决策（financial decision）财务监督（financial cupervision）财务计划（financial planning）财务活动（financial activities）财务管理组织（organization of financial management）一级市场（security primary market）无限责任公司（company of unlimited liability）外汇市场（foreign exchange market）贴现市场（dixcount market）企业组织形式（forms of enterprise organization）政府会计期权市场（option market）期货市场（future market）可转让定期存单市场（negotiable CDmarket）货币市场（money market）黄金市场（gold market）国有独资公司股份有限公司（company limited by shares）股份两合公司（limited pactnership）公司（company）二级市场（security secondary market）独资企业（sole proprietorship）店头市场（over-the-counter-market）承兑市场（acceptance market）拆借市场（lending market）财务制度（financial regulations）财务政策（financial policy）财务预测（financial forecast）财务控制（financial control）金融市场（financial market）财务决策（financial decision）财务监督（financial cupervision）财务计划（financial planning）财务活动（financial activities）财务管理组织（organization of financial management）一级市场（security primary market）无限责任公司（company of unlimited liability）外汇市场（foreign exchange market）贴现市场（dixcount market）企业组织形式（forms of enterprise organization）事业单位会计（accounting for non-profit organizations）事业单位固定资产（fixed assets for non-profit organizations）事业单位固定基金（fixed funds non-profit organizations）事业单位负债（liabilities for non-profit organizations）事业单位对外投资（outside investments for non-profit organizations）事业单位财务清算（liquidation of non-profit organization）上缴上级支出（payment to the higher authority）上级补助收入（grant from the higher authority）其他收入（miscellaneous gains）科学事业单位资产（scientific research instifutes‘assets）科学事业单位支出（scientific research institutes‘expenditures）科学事业单位预算（scientific research institutes‘budgeting）科学事业单位收入（scientific research institutes‘revenues）科学事业单位结余（scientific research institutes‘surplus）科学事业单位会计制度（accointing regulations for scientific research instifutes）科学事业单位会计报表分析（scientific research institutes-analysis of accounting statements）科学事业单位会计（sicentific research institute accounting）科学事业单位成本费用管理（scientific research institutes-cost maragement）科学事业单位财务制度（financial regulations for scientific research institutes）经营支出（orerating expense）经营收入（operating revenue）基金预算支出（fund budget expenditure）基金预算收入（fund budget revenue）基金预算结余（surplus of fund budget）国家预算（state budget）国家决算（final accounts of state revenue and expenditure）高等学校资产（colleges and universities assets）高等学校支出（colleges and universities expenditures）高等学校预算管理方式（budget management method of colleges and universities）高等学校收入（colleges and universities revenues）专用基金支出（expenditure on special purpose fund）专用基金收入（proceeds from special purpose fund）中华人民共和国预算法（the budge t law of the people‘s Republic of China）资金调拨支出（expenditure on allocated and transeferred fund）财政收入（public finance-revemue）财政净资产（public finance-net assets）财政负债（public finance-liabilities）财政补助收入（grant from the state）拨入专款（restricted appropriation）第二篇：资产评估《资产评估》考试方案——会计学本科《资产评估》考试方案一、考试目的为了适应资产评估行业对资产评估实践能力要求较高的现实形势，在《资产评估》课程的教学中增加了实习、实践环节的教学内容。
price elasticity alevel 题目
price elasticity alevel 题目Price Elasticity at A-LevelIntroductionPrice elasticity is a concept that measures the responsiveness of demand for a product to changes in its price. Understanding price elasticity is crucial for businesses and policymakers when making pricing decisions and formulating economic policies. This article aims to provide a comprehensive overview of price elasticity at the A-Level.Definition and Calculation of Price ElasticityPrice elasticity of demand (PED) measures the proportional change in quantity demanded for a product in response to a proportional change in price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. A PED value of greater than 1 indicates elastic demand, indicating that demand is highly responsive to price changes. On the other hand, a PED value of less than 1 indicates inelastic demand, suggesting that demand is less responsive to price changes. A PED value of exactly 1 represents unitary elastic demand.Factors Affecting Price ElasticityThere are several factors that influence the price elasticity of demand:1. Availability of substitutes: The availability of substitutes plays a crucial role in determining the price elasticity of a product. If there are many substitutes available, consumers can easily switch to other options if the price increases, making the demand more elastic.2. Necessity or luxury: Products that are considered necessities, such as basic food items, tend to have inelastic demand as consumers are less likely to reduce their consumption even if prices increase. Luxury goods, on the other hand, tend to have elastic demand as consumers are more sensitive to price changes.3. Time horizon: The time period under consideration also affects price elasticity. In the short run, demand tends to be less elastic as consumers may take time to adjust their consumption patterns. In the long run, however, consumers have more flexibility to adjust their behavior, making demand more elastic.4. Proportion of income spent: The proportion of income spent on a product also influences price elasticity. Goods that constitute a significant portion of consumers' income tend to have more elastic demand as price changes have a larger impact on their purchasing power.Role of Price Elasticity in Business Decision MakingUnderstanding price elasticity is crucial for businesses when setting prices for their products. By calculating price elasticity, businesses can assess the impact of price changes on demand and revenue. If demand is elastic, a decrease in price may lead to a significant increase in quantity demanded and total revenue. Conversely, if demand is inelastic, a price increase may result in a small decrease in quantity demanded but a substantial increase in total revenue.Price Elasticity and Government PoliciesPrice elasticity also plays a significant role in formulating government policies. For example, when imposing taxes on certain goods, policymakers need to consider the price elasticity of demand. Goods with inelastic demand, such as cigarettes or gasoline, are more suitable for taxation as consumers are less likely to reduce their consumption significantly in response to price increases.Price Elasticity and Price DiscriminationPrice discrimination refers to the practice of charging different prices to different customers for the same product. Price elasticity helps businesses identify different market segments with varying price sensitivities. By understanding the price elasticity of demand for different customer groups, businesses can implement price discrimination strategies to maximize their profits.ConclusionPrice elasticity is a vital concept in economics that measures the responsiveness of demand to changes in price. Factors such as the availability of substitutes, necessity or luxury status, time horizon, and proportion of income spent influence price elasticity. Businesses and policymakers utilize price elasticity to make informed decisions on pricing, formulating policies, and implementing price discrimination strategies. Understanding price elasticity at the A-Level provides students with a sound foundation in economics and equips them with valuable insights for future economic analysis.。
T5_Income Statement 收益表 英文
Income Statement (Multi-step)
Gross profit, which is sometimes called gross margin, represents the profit that a company generates when considering only the sales price and the cost of the product sold. After gross profit is reported, operating expenses are listed. Operating expenses are the expenses that a company incurs during normal operations. Operating profit represents the profit that a company generates when considering both the cost of the inventory and the normal expenses incurred to operate the business.
These answers can be found in the Income Statement.
Income Statement
• Measures operating performance • Also called the Statement of Comprehensive Income • Reports revenues and expenses for the period • Bottom line is net income or net loss for the period
房地产评估方法英文翻译
Method of ValuationThe Comparative MethodThere are conventional five methods of valuation: the comparative method, the contractor’s method, the residual method, the profits method, and the investment method.The comparative method is probably the most widely used method and even if one of the other four methods is used by a valuer he will still almost inevitably have recourse to comparisons as well. The method entails making a valuation directly comparing the property under consideration with similar properties which have been sold, finding its value from these past transactions. Although this sounds simple and straightforward, there may be many pitfalls to trap the unwary. In using the method it is desirable that the comparison should be made with similar properties situated in the same are. and with transactions, witch have taken place in the recent past. The less the comparable property complies with these requirements, the less valid will be the comparison. Often a valuer is able to get evidence of sales witch do accord with these requirements, particularly when a valuation is of a property such as a semi-detached suburban house. However, the more uncommon a property is, and the more specialized the type of property, the less likely is it that the valuer will be able to finding good ‘comparables’, and it is not unusual for there to be a complete lack of evidence of sales of comparable properties.Even when properties appear to be similar, close inspection often reveals that they are in fact different. A row of apparently identical houses may on internal inspection prove to have many differences, and thee skill of the valuer will be required to make an allowance in money terms for such difference in value caused by a different geographical situation.It is essential in using this method to have as much evidence as possible readily available and good office records are invaluable. Any valuer should ensure that he has an efficient filing system which is regularly kept up to date, and which contains as much information as can be obtained of each market transaction which is recorded. Modern computer filing systems greatly facilitate good record keeping and the almost instantaneous recall of information. However, for helpful records to be kept, there must be evidence of suitable comparables available, and unfortunately, in the real world, this is often locking.The word recent is a relative term. At some points in time a sale which took place a year earlier may be recent enough to be a valid comparison if the market has remained relatively stable in the intervening period. If the market has been volatile or has changed in any way during this time, then market evidence might need to be much more recent past, a valuer may be able to get some guidance from considering market evidence over period of earlier years or months, as it possible that a clearly defined trend of values might be detected. The valuer may decide that this trend would have continued through to be date on which he is making his valuation.In using the comparative method a most through inspection of all the underlyingfactors in the market must be made in order to decide whether they have been changes in conditions since other transactions take place.The method involves few dangers if the market is stable. When it is not stable, valuer may encounter problems in its use, and this may also be the case if there are few comparables, or if there are no true comparables, that is if the range of properties sold does not contain anything truly identical to the property under consideration.Some differences may be relatively unimportant, and differences in architectural design, for example may often make little difference to value. However, if a particular design renders a building inefficient in use, the difference may be very important, and in using the method the valuer should always consider such possibilities. The age of a building can be important in that it may be such as to render it either more or less fashionable and in many instances the structural condition and state of repair will be directly related to the age of the building.V aluers should also pay considerable attention to the accommodation offered by different properties, and try to make allowances for variations in the amo unt of floor space and differences in the lay-out and the number of rooms provided. Allowance should also be made for differences in the quality of fixtures and fittings, and for differences in the size of plots on which properties stand. Location is always very important, and valuers should be wary of assuming that values should be similar because the size and accommodation of properties is identical. A slightly different location can make a vast different to market value.In using this method the valuer should always bear in mind the fact that property is heterogeneous, and should always ask himself whether any special factors affected the market value of the comparables that he is using, or whether any special factors are likely to affect the value of the property which he is considering.The Contracto r’s MethodThe contractor’s method(summation)is used to value the type of properties which seldom change hands and for which there are therefore few comparables．It must at this point be stressed that cost and value are rarely tell same, but this method of valuation is based loosely on the assumption that they are related. It should therefore be appreciated that it is a method used only infrequently，and which is something of a last resort．The basic theory of the cont ractor’s method is that the cost of t he site plus the cost of the buildings will give the value of the land and buildings one unit.With the majority of properties there is ample evidence to show，that this proposition is not correct，but the Contracto r’s method is used to value properties for which there is little general market demand and which are consequently rarely sold．The types of property for which it could be appropriate are hospitals，town halls，schools，libraries．police stations，and other such building．It will be noted that this list comprises principally public buildings，although the use of the method is not necessarily restricted to public building alone. Cost is normally only one factor of many which may affect supply and demand and which therefore affect value, but it is probably true that with true that with this type of building it is a predominant factor. It would always be possible for the would-be users of such buildings to acquirealternative sites and to construct new buildings rather than purchase an existing property at greater overall cost．Competition between rival potential users would be unlikely and it is therefore reasonable to assume that cost and value are not unrelated with such special buildings．However if an alternative building were constructed it would be a new propertv，whereas with an existing property it is obvious that there would be some wear and tear resulting from is previous use and there might also be a degree of obsolescence which had arisen since it was new. In using the contractor's method the valuer must therefore make a deduction to allow for both depreciation of the buildings and obsolescence of design. The basic valuation approach then becomes as below：Cost of sitePlus Cost of buildingLess Depreciation Allowance andObsolescence AllowanceV alue of Existing PropertyThis method is most frequently used for rating purpose where rates are levied on the value of buildings and sites together and it is also sometimes used in valuations for compensation when property of a special nature has been compulsorily acquired．The Residual MethodThe residual method (hypothetical development method) is used when a property has development or redevelopment potential. It is needed when there is an element of latent value which can be released by the expenditure of money on a property. Residual valuations are quite regularly made by people who purchase residential; properties which they consider could be made more valuable id money were spent on improvement and modernization. This would-be purchaser may look at a house and decide that it is worth ￡20000, after which it will have a market value of ￡90000.A quick inspection of the figures shows that latent value of ￡20000 has been in use, but even when much more complicated calculations are involved, the basic approach to the method is still exactly the same.V alue of the completed developmentLess Total expenditure on improvements or development(including developer’s profit)V alue of site or property in its present condition(Residual value)The value of the completed development is sometimes referred to as the Gross Development V alue, or as the Gross Realization.The use of the residual method involves considerable skill and it is first necessary to decide what is the best form of development suitable foe or property, and then to task, as apart from the skill involved in choosing the best use for a site, the vaguer also has to estimate the value of a building which does not as yet exist. He has to cast his mind forward to estimate the Gross Development V alue.Even when this has been done with great skill accuracy, all the costs of improvement and development must then be estimated. These may include such itemsas the cost of site clearance, architect’s fees, site engineer’s quantity’s fees, and all other professional fees incurred in creating the development, the costs of building must be estimated, and these could well increase during the time-lag between the acquisition of the property and the completion of the development. Once a property has been developed it has to be let or sold, and the valuer must make an allowance for all costs which would be incurred in letting or disposing of the property he envisages as one day standing on the site. These costs will include estate agent’s fees, advertising fees, and the solicitor’s fees and legal expenses, to purchase the site and subsequently develop or redevelop it will usually require a considerable amount of finance, and the cists of obtaining this must be deducted as a development cost. No one will wish to take all the risks involved in a project without any reward, and a developer’s profit must be allowed.The may be other items of expense to consider, and the more variables there are the more difficult it will be to maintain an acceptable degree of accuracy in the calculations. However, a skilled valuer with a special knowledge of the type of development for which he is valuing, who is in touch with the market and who id familiar with the costs of development, can use this method with a considerable degree of accuracy.There will doubtless be instances in which, in retrospect, a purchaser will be seen to have paid too much for a property because the figures on which the residual valuation was based have changed in the period since the property was purchased. The method is nevertheless acceptable for finding market value, as it must always be remembered that this value is the figure which would be paid in the market at a definite point in time, taking into account future expectations.The method is often is often criticized as being clumsy and containing too many variables, but there is little doubt that it is the only real method of valuation applicable when there is latent value in a property.The Profits MethodThe profits method (accounts method, treasury method) is based on the assumption that the value of some properties will be related to the profits which can be made from their use. The method is not used where it is possible to value by means of comparison, and is generally only used where there is some degree of monopoly attached to a property. Such a monopoly may be either legal or factual, a legal monopoly existing where some legal restraint exists to prevent competition to the property user from the users of other property. Such a situation may occur when a licence is required for the pursuit of a particular trade. A factual monopoly may arise when there is some factors, other than a legal restraint, which restricts competition. An instance of a factual monopoly is the restaurant at the top of Mount Snowdon in Wales where there is no other property to offer competition and where none is likely to be built. Whenever there is an element of monopoly it is obviously not possible to use the comparative method lf valuation, as there could be no true comparison to a property which enjoys a monopoly, and it is also reasonable assumption that any rent which would be paid for the use of such a property would relate to the earning powerin that use. It should be noted that with this method the valuer attempts to estimate the rental value of a property and not the capital value. Profits are made on an annual basis, and any figure obtained from them will also be on an annual basis. The basic equation on which the profits method is based is as follows:Gross EarningsLess PurchasesGross profitLess Working Expenses (Except Rent)Net ProfitPart of the profit which the business earns must be allocated to pay the tenant for his work in the business, a further allocation must be made to cover his risk and enterprise, and a final allocation to allow interest on the capital he has put into the business. Care should be taken that a deduction for the tenant’s wages has not previously been made in calculating the net profit, as double counting must be avoided. After allowance has been made for these various items, a sum of money will remain which would be available to pay for the use of the premises. This figure will vary, depending upon the size of the deductions for other items, and skill is required, and a knowledge of trading returns, for a valuer to be able to make a reasonable assessment of the division of net profit between these various items.Much care is also needed in the calculation of the net profit and in the use of the various figures involved．If a business is already in existence there will be accounts which can be inspected. The obvious approach is to base a valuation on those accounts．However，care is necessary，as a business may have been badly run and the use of the accounts figures in such circumstances would give too low a net profit．Alternatively，a business may have been run by an exceptional，astute and hard working businessman，and no other trader might be able to achieve the same level of profits．In such circumstances no other trader might be prepared to pay the same level of rent，whilst in any case the super-efficient trader would require a large share of the profits for himself as a reward for his skill and management．If such a situation does exist，the valuer should not take too high a proportion of the net profits as rent，as he is only endeavoring to assess what normal market value is，not what a property may be worth to a super-efficient business man．It also sometimes happens that accounts do not give a true reflection of grade，either beaus they have been badly kept through ignorance or inefficiency, or because the businessman has chosen not to put all items through his books.In practice tile method is normally used in the valuation of hotels，and public houses and sometimes for cinemas sand theaters．It is regularly used in rating valuation, the annual value which is obtained being directly related to the value required for rating purposes．In other instances a valuer may have to convert the annual figure into a capital figure．This will be done by means of the investment method，which is the fifth conventional method of valuation.The Investment MethodThe investment method(capitalization) is based on the principle that annual valuesand capital values are related to each other and that，given the income a property produces, or its annual value，the capital value can be found．Tile method is widely used by valuers when properties which produce an income-flow are sold to purchasers who are buying them for investment purposes．Many properties are let to tenants and the income they produce is known．In other cases, although a property may not be let，it is possible to predict what its rental value is by comparing it with similar properties which have been let．If this is the case，or if a rent actually passes on a property，the only problem the valuer faces is determining the relationship of annual value to capital value．The way in which the conversion is made is by the use of a multiplier which is commonly known as‘Y ears，Purchase’，or，in abbreviatedform。
《收益管理》课件—04动态定价
竞争者的产品价格等信息，是企业制定自己价格的一个起点。如果企业提供的东西与一 个主要竞争者提供的东西相似，那么企业必须把价格定得接近于竞争者，否则就要失去销售额。 倘若企业提供的产品和服务在品牌、质量方面有优势，企业定价就可以比竞争者高。
一、价格制定
（一）选择定价目标 企业的定价目标是以满足市场需要和实现企业盈利为基础的，它是实现企业经营总
目标的保证和手段。同时，又是企业定价策略和定价方法的依据。企业的定价主要包含 以下几个目标：拓展目标、利润目标、销售目标、竞争目标和社会目标（见表4-1），不 同目标对应不同的价格措施。
（二）确定需求
二、价格修正
为了综合考虑不同地区需求和成本、市场细分差异、购买时订单的水平、交货频率、服务合 同和其他因素等的变化情况，企业通常不是一次性定价，而是采用灵活多变的方式确定产品的价 格。主要有以下5 种价格修正策略：地理定价（GeographicalPricing）、价格折扣和折让（Pricing Discounts and Allowance）、促销定价（PromotionalPricing）、差别定价（Discriminatory Pricing） 与产品组合定价（Product-Mix Pricing原理 02 动态定价的过程
03 服务定价
学习目标
1. 学习动态定价，了解如何制定价格、修改价格、 发动价格变更。
2. 学习并掌握影响服务定价的要素及方法
引导案例
迪士尼成功背后的动态定价
当听到“迪士尼”这个名字的时候，你第一时间会想到什么？米老鼠？大白？迪士尼乐 园？如果是一个商人的话，你可能会首先想到迪士尼强大的品牌公认力和它长久以来的受 欢迎程度。也许很少有人会立刻联想到商业数据分析这一点，但这恰恰正是迪士尼保持成 功的一个秘密—— 将数据分析与定价及收益优化管理应用在它的整个商业战略决策中。
期权期货与其他衍生产品第九版课后习题与答案Chapter (15)
CHAPTER 15The Black-Scholes-Merton ModelPractice QuestionsProblem 15.1.What does the Black –Scholes –Merton stock option pricing model assume about the probability distribution of the stock price in one year? What does it assume about theprobability distribution of the continuously compounded rate of return on the stock during the year?The Black –Scholes –Merton option pricing model assumes that the probability distribution of the stock price in 1 year (or at any other future time) is lognormal. It assumes that thecontinuously compounded rate of return on the stock during the year is normally distributed.Problem 15.2.The volatility of a stock price is 30% per annum. What is the standard deviation of the percentage price change in one trading day?The standard deviation of the percentage price change in time t ∆is where σ is the volatility. In this problem 03=.and, assuming 252 trading days in one year, 12520004t ∆=/=. so that 00019=.=. or 1.9%.Problem 15.3.Explain the principle of risk-neutral valuation.The price of an option or other derivative when expressed in terms of the price of theunderlying stock is independent of risk preferences. Options therefore have the same value in a risk-neutral world as they do in the real world. We may therefore assume that the world is risk neutral for the purposes of valuing options. This simplifies the analysis. In a risk-neutral world all securities have an expected return equal to risk-free interest rate. Also, in arisk-neutral world, the appropriate discount rate to use for expected future cash flows is the risk-free interest rate.Problem 15.4.Calculate the price of a three-month European put option on a non-dividend-paying stock with a strike price of $50 when the current stock price is $50, the risk-free interest rate is 10% per annum, and the volatility is 30% per annum.In this case 050S =, 50K =, 01r=., 03σ=., 025T =., and12102417000917d d d ==.=-.=.The European put price is 0102550(00917)50(02417)N e N -.⨯.-.--.0102550046345004045237e -.⨯.=⨯.-⨯.=.or $2.37.Problem 15.5.What difference does it make to your calculations in Problem 15.4 if a dividend of $1.50 is expected in two months?In this case we must subtract the present value of the dividend from the stock price before using Black –Scholes-Merton. Hence the appropriate value of 0S is01667010501504852S e -.⨯.=-.=.As before 50K =, 01r =., 03σ=., and 025T =.. In this case12100414001086d d d ==.=-.=-.The European put price is 0102550(01086)4852(00414)N e N -.⨯..-.-. 010255005432485204835303e -.⨯.=⨯.-.⨯.=. or $3.03.Problem 15.6.What is implied volatility? How can it be calculated?The implied volatility is the volatility that makes the Black –Scholes-Merton price of an option equal to its market price. The implied volatility is calculated using an iterativeprocedure. A simple approach is the following. Suppose we have two volatilities one too high (i.e., giving an option price greater than the market price) and the other too low (i.e., giving an option price lower than the market price). By testing the volatility that is half way between the two, we get a new too-high volatility or a new too-low volatility. If we search initially for two volatilities, one too high and the other too low we can use this procedure repeatedly to bisect the range and converge on the correct implied volatility. Other more sophisticated approaches (e.g., involving the Newton-Raphson procedure) are used in practice.Problem 15.7.A stock price is currently $40. Assume that the expected return from the stock is 15% and its volatility is 25%. What is the probability distribution for the rate of return (with continuous compounding) earned over a two-year period?In this case 015=.μ and 025=.σ. From equation (15.7) the probability distribution for the rate of return over a two-year period with continuous compounding is:⎪⎪⎭⎫⎝⎛-ϕ225.0,225.015.022i.e.,)03125.0,11875.0(ϕThe expected value of the return is 11.875% per annum and the standard deviation is 17.7%per annum.Problem 15.8.A stock price follows geometric Brownian motion with an expected return of 16% and a volatility of 35%. The current price is $38.a) What is the probability that a European call option on the stock with an exercise price of $40 and a maturity date in six months will be exercised?b) What is the probability that a European put option on the stock with the same exercise price and maturity will be exercised?a) The required probability is the probability of the stock price being above $40 in six months time. Suppose that the stock price in six months is T S⎥⎦⎤⎢⎣⎡⨯⎪⎪⎭⎫ ⎝⎛-+5.035.0,5.0235.016.038ln ~ln 22ϕT Si.e.,()2247.0,687.3~ln ϕT SSince ln 403689=., we require the probability of ln(S T )>3.689. This is3689368711(0008)0247N N .-.⎛⎫-=-. ⎪.⎝⎭Since N(0.008) = 0.5032, the required probability is 0.4968.b) In this case the required probability is the probability of the stock price being less than $40 in six months time. It is10496805032-.=.Problem 15.9.Using the notation in the chapter, prove that a 95% confidence interval for T S is between22(2)196(2)19600andT T S e S e -/-.-/+.μσμσFrom equation (15.3):⎥⎦⎤⎢⎣⎡⎪⎪⎭⎫ ⎝⎛-+T T S S T 220,2ln ~ln σσμϕ95% confidence intervals for ln T S are therefore20ln ()1962S T +--.σμand20ln ()1962S T +-+.σμσ95% confidence intervals for T S are therefore2200ln (2)196ln (2)196and S T S T e e +-/-.+-/+.μσμσi.e.22(2)196(2)19600andT T S e S e -/-.-/+.μσμσProblem 15.10.A portfolio manager announces that the average of the returns realized in each of the last 10 years is 20% per annum. In what respect is this statement misleading?This problem relates to the material in Section 15.3. The statement is misleading in that a certain sum of money, say $1000, when invested for 10 years in the fund would have realized a return (with annual compounding) of less than 20% per annum.The average of the returns realized in each year is always greater than the return per annum (with annual compounding) realized over 10 years. The first is an arithmetic average of the returns in each year; the second is a geometric average of these returns.Problem 15.11.Assume that a non-dividend-paying stock has an expected return of μ and a volatility of σ. An innovative financial institution has just announced that it will trade a derivative that pays off a dollar amount equal to ln S T at time T where T S denotes the values of the stock price at time T .a) Use risk-neutral valuation to calculate the price of the derivative at time t in term of the stock price, S, at time tb) Confirm that your price satisfies the differential equation (15.16)a) At time t , the expected value of ln S T is from equation (15.3) 2ln (/2)()S T t μσ+--In a risk-neutral world the expected value of ln S T is therefore2ln (/2)()S r T t σ+--Using risk-neutral valuation the value of the derivative at time t is()2[ln (/2)()]r T t e S r T t σ--+--b) If()2[ln (/2)()]r T t f e S r T t σ--=+--then()()2()2()2()22[ln (/2)()]/2r T t r T t r T t r T t fre S r T t e r tf e S S f e S S σσ--------∂=+----∂∂=∂∂=-∂The left-hand side of the Black-Scholes-Merton differential equation is()222()2ln (/2)()(/2)/2ln (/2)()r T t r T t e r S r r T t r r e r S r r T t rfσσσσ----⎡⎤+----+-⎣⎦⎡⎤=+--⎣⎦=Hence the differential equation is satisfied.Problem 15.12.Consider a derivative that pays off n T S at time T where T S is the stock price at that time. When the stock pays no dividends and its price follows geometric Brownian motion, it can be shown that its price at time t ()t T ≤ has the form()n h t T S ,where S is the stock price at time t and h is a function only of t and T .(a) By substituting into the Black –Scholes –Merton partial differential equation derive an ordinary differential equation satisfied by ()h t T ,.(b) What is the boundary condition for the differential equation for ()h t T ,? (c) Show that2[05(1)(1)]()()n n r n T t h t T eσ.-+--,= where r is the risk-free interest rate and σ is the stock price volatility.If ()()n G S t h t T S ,=, then n t G t h S ∂/∂=, 1n G S hnS -∂/∂=, and 222(1)n G S hn n S -∂/∂=- where t h h t =∂/∂. Substituting into the Black –Scholes –Merton differential equation we obtain21(1)2t h rhn hn n rh σ++-=The derivative is worth n S when t T =. The boundary condition for this differential equation is therefore ()1h T T ,= The equation2[05(1)(1)]()()n n r n T t h t T e σ.-+--,=satisfies the boundary condition since it collapses to 1h = when t T =. It can also be shown that it satisfies the differential equation in (a). Alternatively we can solve the differential equation in (a) directly. The differential equation can be written21(1)(1)2t h r n n n h σ=----The solution to this is21ln [(1)(1)]()2h r n n n T t σ=-+--or2[05(1)(1)]()()n n r n T t h t T e σ.-+--,=Problem 15.13.What is the price of a European call option on a non-dividend-paying stock when the stock price is $52, the strike price is $50, the risk-free interest rate is 12% per annum, the volatility is 30% per annum, and the time to maturity is three months?In this case 052S =, 50K =, 012r =., 030=.σ and 025T =..212105365003865d d d ==.=-.=. The price of the European call is 01202552(05365)50(03865)N e N -.⨯..-. 00352070425006504e -.=⨯.-⨯. 506=. or $5.06.Problem 15.14.What is the price of a European put option on a non-dividend-paying stock when the stock price is $69, the strike price is $70, the risk-free interest rate is 5% per annum, the volatility is 35% per annum, and the time to maturity is six months?In this case 069S =, 70K =, 005r =., 035=.σ and 05T =..212101666000809d d d ==.=-.=-. The price of the European put is 0050570(00809)69(01666)e N N -.⨯..--. 002570053236904338e -.=⨯.-⨯.640=. or $6.40.Problem 15.15.Consider an American call option on a stock. The stock price is $70, the time to maturity is eight months, the risk-free rate of interest is 10% per annum, the exercise price is $65, and the volatility is 32%. A dividend of $1 is expected after three months and again after sixmonths. Show that it can never be optimal to exercise the option on either of the two dividend dates. Use DerivaGem to calculate the price of the option.Using the notation of Section 15.12, 121D D ==, 2()0101667(1)65(1)107r T t K e e ---.⨯.-=-=., and 21()01025(1)65(1)160r t t K e e ---.⨯.-=-=.. Since 2()1(1)r T t D K e --<- and 21()2(1)r t t D K e --<-It is never optimal to exercise the call option early. DerivaGem shows that the value of the option is 1094..Problem 15.16.A call option on a non-dividend-paying stock has a market price of $2.50. The stock price is $15, the exercise price is $13, the time to maturity is three months, and the risk-free interest rate is 5% per annum. What is the implied volatility?In the case 25c =., 015S =, 13K =, 025T =., 005r =.. The implied volatility must becalculated using an iterative procedure.A volatility of 0.2 (or 20% per annum) gives 220c =.. A volatility of 0.3 gives 232c =.. A volatility of 0.4 gives 2507c =.. A volatility of 0.39 gives 2487c =.. By interpolation the implied volatility is about 0.396 or 39.6% per annum.The implied volatility can also be calculated using DerivaGem. Select equity as theUnderlying Type in the first worksheet. Select Black-Scholes European as the Option Type. Input stock price as 15, the risk-free rate as 5%, time to exercise as 0.25, and exercise price as 13. Leave the dividend table blank because we are assuming no dividends. Select the button corresponding to call. Select the implied volatility button. Input the Price as 2.5 in the second half of the option data table. Hit the Enter key and click on calculate. DerivaGem will show the volatility of the option as 39.64%.Problem 15.17.With the notation used in this chapter (a) What is ()N x '?(b) Show that ()12()()r T t SN d Ke N d --''=, where S is the stock price at time t21d =22d =(c) Calculate 1d S ∂/∂ and 2d S ∂/∂. (d) Show that when()12()()r T t c SN d Ke N d --=-()21()(r T t c rKe N d SN d t --∂'=--∂ where c is the price of a call option on a non-dividend-paying stock. (e) Show that 1()c S N d ∂/∂=.(f) Show that the c satisfies the Black –Scholes –Merton differential equation.(g) Show that c satisfies the boundary condition for a European call option, i.e., thatmax(0)c S K =-, as t tends to T.(a) Since ()N x is the cumulative probability that a variable with a standardized normal distribution will be less than x , ()N x ' is the probability density function for a standardized normal distribution, that is,22()x N x -'=(b)12()(N d N d ''=+2221()22d d T t σσ⎡⎤=---⎢⎥⎣⎦221()exp ()2N d d T t σσ⎡⎤'=--⎢⎥⎣⎦Because22d =it follows that()21exp ()2r T t Ked T t S σσ--⎡⎤--=⎢⎥⎣⎦As a result()12()()r T t SN d Ke N d --''=which is the required result.(c)22212S K d σσ==Hence1d S ∂=∂ Similarly222d σ=and2d S ∂=∂ Therefore:12d d S S∂∂=∂∂(d)()12()()12122()()()()()r T t r T t r T t c SN d Ke N d d d c SN d rKe N d Ke N d t t t------=-∂∂∂''=--∂∂∂ From (b):()12()()r T t SN d Ke N d --''=Hence()1221()()r T t d d c rKe N d SN d t tt --∂∂∂⎛⎫'=-+- ⎪∂∂∂⎝⎭ Since12d d -=12(d d t t t∂∂∂-=∂∂∂=Hence()21()(r T t c rKe N d SN d t --∂'=--∂(e) From differentiating the Black –Scholes –Merton formula for a call price weobtain()12112()()()r T t d d cN d SN d Ke N d S S dS--∂∂∂''=+-∂∂ From the results in (b) and (c) it follows that1()cN d S ∂=∂(f) Differentiating the result in (e) and using the result in (c), we obtain21121()(d cN d S SN d ∂∂'=∂∂'= From the results in d) and e)222()2122211()121()(21()(2[()()]r T t r T t c c c rS S rKe N d SN d t S S rSN d S N d r SN d Ke N d rcσσ----∂∂∂'++=--∂∂∂'++=-=This shows that the Black –Scholes –Merton formula for a call option does indeed satisfy the Black –Scholes –Merton differential equation(g) Consider what happens in the formula for c in part (d) as t approaches T . IfS K >, 1d and 2d tend to infinity and 1()N d and 2()N d tend to 1. If S K <, 1d and 2d tend to zero. It follows that the formula for c tends to max(0)S K -,.Problem 15.18.Show that the Black –Scholes –Merton formulas for call and put options satisfy put –call parity.The Black –Scholes –Merton formula for a European call option is 012()()rT c S N d Ke N d -=- so that 012()()rT rT rT c Ke S N d Ke N d Ke ---+=-+ or 012()[1()]rT rT c Ke S N d Ke N d --+=+- or 012()()rT rT c Ke S N d Ke N d --+=+-The Black –Scholes –Merton formula for a European put option is 201()()rT p Ke N d S N d -=--- so that 02010()()rT p S Ke N d S N d S -+=---+ or 0201()[1()]rT p S Ke N d S N d -+=-+-- or 0201()()rT p S Ke N d S N d -+=-+ This shows that the put –call parity result 0rT c Ke p S -+=+ holds.Problem 15.19.A stock price is currently $50 and the risk-free interest rate is 5%. Use the DerivaGemsoftware to translate the following table of European call options on the stock into a table of implied volatilities, assuming no dividends. Are the option prices consistent with the assumptions underlying Black –Scholes –Merton?Using DerivaGem we obtain the following table of implied volatilitiesBlack-Scholes European as the Option Type. Input stock price as 50, the risk-free rate as 5%, time to exercise as 0.25, and exercise price as 45. Leave the dividend table blank because we are assuming no dividends. Select the button corresponding to call. Select the implied volatility button. Input the Price as 7.0 in the second half of the option data table. Hit theEnter key and click on calculate. DerivaGem will show the volatility of the option as 37.78%. Change the strike price and time to exercise and recompute to calculate the rest of the numbers in the table.The option prices are not exactly consistent with Black –Scholes –Merton. If they were, the implied volatilities would be all the same. We usually find in practice that low strike price options on a stock have significantly higher implied volatilities than high strike price options on the same stock. This phenomenon is discussed in Chapter 20.Problem 15.20.Explain carefully why Black’s approach to evaluating an American call option on a dividend-paying stock may give an approximate answer even when only one dividend is anticipated. Does the answer given by Black’s approach understate or overstate the true option value? Explain your answer.Black’s approach in effect assumes that the holder of option must decide at time zero whether it is a European option maturing at time n t (the final ex-dividend date) or a European optionmaturing at time T . In fact the holder of the option has more flexibility than this. The holder can choose to exercise at time n t if the stock price at that time is above some level but nototherwise. Furthermore, if the option is not exercised at time n t , it can still be exercised attime T .It appears that Black ’s approach should understate the true option value. This is because the holder of the option has more alternative strategies for deciding when to exercise the option than the two strategies implicitly assumed by the approach. These alternative strategies add value to the option.However, this is not the whole story! The standard approach to valuing either an American or a European option on a stock paying a single dividend applies the volatility to the stock price less the present value of the dividend. (The procedure for valuing an American option is explained in Chapter 21.) Black’s approach when considering exercise just prior to the dividend date applies the volatility to the stock price itself. Black’s approach thereforeassumes more stock price variability than the standard approach in some of its calculations. In some circumstances it can give a higher price than the standard approach.Problem 15.21.Consider an American call option on a stock. The stock price is $50, the time to maturity is 15 months, the risk-free rate of interest is 8% per annum, the exercise price is $55, and the volatility is 25%. Dividends of $1.50 are expected in 4 months and 10 months. Show that it can never be optimal to exercise the option on either of the two dividend dates. Calculate the price of the option.With the notation in the text12121500333308333125008and 55D D t t T r K ==.,=.,=.,=.,=.=2()00804167155(1)180r T t K e e ---.⨯.⎡⎤⎢⎥⎣⎦-=-=. Hence2()21r T t D K e --⎡⎤⎢⎥⎣⎦<- Also:21()00805155(1)216r t t K e e ---.⨯.⎡⎤⎢⎥⎣⎦-=-=. Hence:21()11r t t D K e --⎡⎤⎢⎥⎣⎦<- It follows from the conditions established in Section 15.12 that the option should never be exercised early.The present value of the dividends is033330080833300815152864e e -.⨯.-.⨯..+.=.The option can be valued using the European pricing formula with:05028644713655025008125S K r T σ=-.=.,=,=.,=.,=.212100545003340d d d ==-.=-.=-.12()04783()03692N d N d =.,=.and the call price is00812547136047835503692417e -.⨯..⨯.-⨯.=. or $4.17.Problem 15.22.Show that the probability that a European call option will be exercised in a risk-neutral world is, with the notation introduced in this chapter, 2()N d . What is an expression for the value of a derivative that pays off $100 if the price of a stock at time T is greater than K ?The probability that the call option will be exercised is the probability that T S K > where T S is the stock price at time T . In a risk neutral world[]T T r S S T 220,)2/(ln ~ln σσϕ-+The probability that T S K > is the same as the probability that ln ln T S K >. This is21N ⎡⎤-2N =2()N d =The expected value at time T in a risk neutral world of a derivative security which pays off $100 when T S K > is therefore2100()N dFrom risk neutral valuation the value of the security at time zero is2100()rT e N d -Problem 15.23.Use the result in equation (15.17) to determine the value of a perpetual American put option on a non-dividend-paying stock with strike price K if it is exercised when the stock price equals H where H<K. Assume that the current stock price S is greater than H. What is the value of H that maximizes the option value? Deduce the value of a perpetual American put option with strike price K.If the perpetual American put is exercised when S=H , it provides a payoff of (K −H ). We obtain its value, by setting Q=K−H in equation (15.17), as 22/2/2)()(σσ-⎪⎭⎫ ⎝⎛-=⎪⎭⎫ ⎝⎛-=r r S H H K H S H K VNow1/222/222222/21/22/2222222)(212)(212-σσσ-σσ⎪⎭⎫ ⎝⎛σ⎪⎭⎫ ⎝⎛σ-+-+⎪⎭⎫ ⎝⎛σ-=⎪⎭⎫ ⎝⎛σ-+-⎪⎭⎫ ⎝⎛=⎪⎭⎫ ⎝⎛⎪⎭⎫ ⎝⎛σ-+⎪⎭⎫ ⎝⎛-=r r r r r S H S r H H K r S H H rK dH V d H H K r S H S H r S H K S H dH dVdV/dH is zero when222σ+=r rK H and, for this value of H , d 2V /dH 2 is negative indicating that it gives the maximum value of V .The value of the perpetual American put is maximized if it is exercised when S equals this value of H . Hence the value of the perpetual American put is 2/2)(σ-⎪⎭⎫ ⎝⎛-r H S H Kwhen H =2rK /(2r +σ2). The value is 2/22222)2(2σ-⎪⎪⎭⎫ ⎝⎛σ+σ+σr rK r S r K This is consistent with the more general result produced in Chapter 26 for the case where the stock provides a dividend yield.Problem 15.24.A company has an issue of executive stock options outstanding. Should dilution be taken into account when the options are valued? Explain you answer.The answer is no. If markets are efficient they have already taken potential dilution intoaccount in determining the stock price. This argument is explained in Business Snapshot 15.3.Problem 15.25.A company’s stock price is $50 and 10 million shares are outstanding. The company is considering giving its employees three million at-the-money five-year call options. Option exercises will be handled by issuing more shares. The stock price volatility is 25%, the five-year risk-free rate is 5% and the company does not pay dividends. Estimate the cost to the company of the employee stock option issue.The Black-Scholes-Merton price of the option is given by setting 050S =, 50K =, 005r =., 025σ=., and 5T =. It is 16.252. From an analysis similar to that in Section 15.10 the cost to the company of the options is 1016252125103⨯.=.+ or about $12.5 per option. The total cost is therefore 3 million times this or $37.5 million. Ifthe market perceives no benefits from the options the stock price will fall by $3.75.Further QuestionsProblem 15.26.If the volatility of a stock is 18% per annum, estimate the standard deviation of the percentage price change in (a) one day, (b) one week, and (c) one month.(a) %13.125218=(b) %50.25218=(c) %20.51218=Problem 15.27.A stock price is currently $50. Assume that the expected return from the stock is 18% per annum and its volatility is 30% per annum. What is the probability distribution for the stock price in two years? Calculate the mean and standard deviation of the distribution. Determine the 95% confidence interval.In this case 050S =, 018=.μ and 030=.σ. The probability distribution of the stock price in two years, T S , is lognormal and is, from equation (15.3), given by:⎥⎦⎤⎢⎣⎡⨯⎪⎭⎫ ⎝⎛-+23.0,2209.018.050ln ~ln 2ϕT Si.e.,)42.0,18.4(~ln 2ϕT SThe mean stock price is from equation (15.4)018203650507167e e .⨯.==.and the standard deviation is from equation (15.5)018503183e .⨯=.95% confidence intervals for ln T S are418196042and 418196042.-.⨯..+.⨯.i.e.,335and 501..These correspond to 95% confidence limits for T S of 335501and e e ..i.e.,2852and 15044..Problem 15.28. (Excel file)Suppose that observations on a stock price (in dollars) at the end of each of 15 consecutive weeks are as follows:30.2, 32.0, 31.1, 30.1, 30.2, 30.3, 30.6, 33.0,32.9, 33.0, 33.5, 33.5, 33.7, 33.5, 33.2Estimate the stock price volatility. What is the standard error of your estimate?The calculations are shown in the table below2009471001145i i uu =.=.∑∑and an estimate of standard deviation of weekly returns is:002884=.The volatility per annum is therefore 002079.=. or 20.79%. The standard error of this estimate is 00393=. or 3.9% per annum.Problem 15.29.A financial institution plans to offer a security that pays off a dollar amount equal to 2T S at time T .(a) Use risk-neutral valuation to calculate the price of the security at time t in terms of the stock price, S , at time t . (Hint: The expected value of 2T S can be calculatedfrom the mean and variance of T S given in section 15.1.)(b) Confirm that your price satisfies the differential equation (15.16).(a) The expected value of the security is 2[()]T E S From equations (15.4) and (15.5), at time t :2()2()()2()var()[1]T t T T t T t T E S Se S S e e μμσ---==-Since 22var()[()][()]T T T S E S E S =-, it follows that 22[()]var()[()]T T T E S S E S =+ so that 22222()()22()(2)()2[()][1]T t T t T t T T t E S S e e S e S e μσμμσ---+-=-+=In a risk-neutral world r μ= so that222(2)()ˆ[()]r T t T E S S e σ+-= Using risk-neutral valuation, the value of the derivative security at time t is()2ˆ[()]r T t Te E S --22(2)()()r T t r T t S e e σ+---=22()()r T t S e σ+-=(b) If: 22222()()()()22()()2()()2()22r T t r T t r T t r T t f S e f S r e tf Se Sf e S σσσσσ+-+-+-+-=∂=-+∂∂=∂∂=∂ The left-hand side of the Black-Scholes –Merton differential equation is:222222()()2()()22()()()()2()2r T t r T t r T t r T t S r e rS e S e rS e rfσσσσσσ+-+-+-+--+++==Hence the Black-Scholes equation is satisfied.Problem 15.30.Consider an option on a non-dividend-paying stock when the stock price is $30, the exercise price is $29, the risk-free interest rate is 5% per annum, the volatility is 25% per annum, and the time to maturity is four months.a. What is the price of the option if it is a European call?b. What is the price of the option if it is an American call?c. What is the price of the option if it is a European put?d. Verify that put –call parity holds.In this case 030S =, 29K =, 005r =., 025=.σ and 412T =/2104225d ==.2202782d ==.(04225)06637(02782)06096N N .=.,.=.(04225)03363(02782)03904N N -.=.,-.=.a. The European call price is00541230066372906096252e -.⨯/⨯.-⨯.=.or $2.52.b. The American call price is the same as the European call price. It is $2.52.c. The European put price is00541229039043003363105e -.⨯/⨯.-⨯.=.or $1.05.d. Put-call parity states that:rT p S c Ke -+=+In this case 252c =., 030S =, 29K =, 105p =. and 09835rT e -=. and it is easy to verify that the relationship is satisfied,Problem 15.31.Assume that the stock in Problem 15.30 is due to go ex-dividend in 1.5 months. The expected dividend is 50 cents.a. What is the price of the option if it is a European call?b. What is the price of the option if it is a European put?c. If the option is an American call, are there any circumstances when it will beexercised early?a. The present value of the dividend must be subtracted from the stock price. This givesa new stock price of:01250053005295031e -.⨯.-.=.and 2103068d ==. 2201625d ==.12()06205()05645N d N d =.;=. The price of the option is therefore005412295031062052905645221e -.⨯/.⨯.-⨯.=.or $2.21.b. Because12()03795()04355N d N d -=.,-=. the value of the option when it is a European put is005412290435529503103795122e -.⨯/⨯.-.⨯.=.。
CH006TEST
CH006TESTCHAPTER 6 INVENTORIES AND COST OF SALESTrue/False:1. Goods in transit are automatically included in inventory.Answer: False2.There is no simple rule for inventory turnover, except that a high ratio is preferable provided inventory is adequate to meet demand.Answer: True3.If the seller is responsible for paying freight charges, then ownership of inventory passes when goods arrive at their destination.Answer: True4.A company's ability to pay its short-term obligations depends on many factors including how quickly it sells its merchandise inventory.Answer: True5.The cost of an inventory item includes its invoice cost minus any discount, and plus any added or incidental costs necessary to put it in a place and condition for sale.Answer: True6.The FIFO inventory method assumes that costs for the earliest units purchased are the first to be charged to the cost of goods sold.Answer: True7.Errors in the period-end inventory balance only affect the current period's records and financial statements.Answer: False8.A company can change its inventory costing method without mentioning this change in its financial statements because it is an internal management decision.Answer: False9. In a period of rising prices, FIFO usually gives a lower taxable income and therefore, yields a tax advantage.Answer: False10.An advantage of the weighted-average inventory method is that it tends to smooth out the effects of price changes.Answer: True11. An error in the period-end inventory balance will cause an error in the calculation of cost of goods sold. Answer: True12.LIFO inventory value is often less than the inventory's replacement cost because LIFO inventory isvalued using the oldest purchase cost.Answer: TrueMultiple Choice:1. Damaged and obsolete goods:A) Are never counted as inventory.B) Are included in inventory at their full cost.C) Are included in inventory at their net realizable value.D) Should be disposed of immediately.E) Are assigned a value of zero.Answer: C2. Merchandise inventory includes:A) All goods owned by a company and held for sale.B) All goods in transit.C) All goods on consignment.D) Only damaged goods.E) All of the above.Answer: A3. Regardless of the inventory costing system used, cost of goods available for sale must be allocated betweenA) beginning inventory and net purchases during the period.B) ending inventory and beginning inventory.C) net purchases during the period and ending inventory.D) ending inventory and cost of goods sold.E) beginning inventory and cost of goods sold.Answer: D4. Costs included in the Merchandise Inventory account can include:A) Invoice price minus any discount.B) Transportation-in.C) Storage.D) Insurance.E) All of the above.Answer: E5.Physical counts of inventory:A) Are not necessary under the perpetual system.B) Are necessary to measure and adjust for inventory shrinkage.C) Must be taken at least once a month.D) Requires the use of hand-held portable computers.E) Are not necessary under the cost-to benefit constraint.Answer: B6. During a period of steadily rising costs, the inventory valuation method that yields the lowestreported net income is:A) Specific identification method.B) Average cost method.C) Weighted-average method.D) FIFO method.E) LIFO method.Answer: E7. The inventory valuation method that tends to smooth out erratic changes in costs is:A) FIFO.B) Weighted average.C) LIFO.D) Specific identification.E) WIFOAnswer: B8. The inventory valuation method that has the advantages that it assigns a value to the inventory onthe balance sheet that approximates current cost, and also mimics the actual flow of goods for most businesses is:A) FIFO.B) Weighted average.C) LIFO.D) Specific identification.E) All of the above.Answer: A9. The full disclosure principle:A) Requires that when a change in inventory valuation method is made, the notes to the statementsreport the type of change, its justification and its effect on net income.B) Requires that companies use the same accounting method for inventory valuation period afterperiod.C) Is not subject to the materiality principle.D) Is only applied to retailers.E) Is also called the consistency principle.Answer: A10. If a period-end inventory amount is reported in error, it can cause a misstatement in:A) Cost of goods sold.B) Gross profit.C) Net income.D) Current assets.E) All of the above.Answer: E87. The understatement of the ending inventory balance causes:A) Cost of goods sold to be overstated and net income to be understated.B) Cost of goods sold to be overstated and net income to be overstated.C) Cost of goods sold to be understated and net income to be understated.D) Cost of goods sold to be understated and net income to be overstated.E) Cost of goods sold to be overstated and net income to be correct.Answer: A11. The understatement of the beginning inventory balance causes:A) Cost of goods sold to be understated and net income to be understated.B) Cost of goods sold to be understated and net income to be overstated.C) Cost of goods sold to be overstated and net income to be overstated.D) Cost of goods sold to be overstated and net income to be understated.E) Cost of goods sold to be overstated and net income to be correct.Answer: B12. Generally accepted accounting principles require that the inventory of a company be reported at:A) Market value.B) Historical cost.C) Lower of cost or market.D) Replacement cost.E) Retail value.Answer: C。
微观经济学-Ch2弹性理论Elasticity
弹性理论 (Elasticity)
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1
重点问题
需求弹性 (Ed)及其运用 需求收入弹性(Em) 、需求交叉弹性 (Exy)
供给弹性 (Es)
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2
讨论
轨道交通的起步价从2元上涨为3 元，你的 需求行为受到什么影响，你觉得影响程度的 决定因素有哪些？
通过对现实的观察，你发现哪些商品经常打 折，原因何在？
1) 在户外用水占总用水量相对较大比例的地区，水 的需求价格弹性较高；
2) 夏天水的需求曲线倾向于在冬天水的需求曲线的 右边，而且倾向与比冬天更有弹性。 请分析为什么？
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分析：谷贱伤农
谷贱伤农是我国流传已久的一种说法。它描述 的是这么一种经济现象：在粮食丰收的年份农民 的收入反而减少了。 这种似乎难以理解的现象，你能否用弹性理论 加以解释？
-- 中间产品 -- 最终产品
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四、影响需求价格弹性的因素
4、使用时间的长短
-- 耐用品 --日常生活用品
5、商品在家庭支出中占有的比例 6、所考察的消费者调节需求量的时间 7、时期、收入、地区的不同
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五、需求价格弹性理论的应用
1、需求富有弹性商品 (Ed > 1) 2、需求缺乏弹性商品 (0 < Ed < 1)
一、需求收入弹性
(Em:income elasticity of demand)
1、概念 2、计算方法
-- 点弹性 -- 弧弹性
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一、需求收入弹性
(Em:income elasticity of demand)
3、分类
RevenueProtectio...
Revenue Protection Crop InsuranceFile A1-54FM-1853 Revised February 2011Ag Decision MakerInsurance against poor crop yields has been avail-able for many years. However, income from crop production can be low even when yields are not. A risk management tool known as Revenue Protec-tion (RP) insurance addresses this problem.Revenue Protection insurance guarantees a certain level of revenue rather than just production. It protects you from declines in both crop prices and yields. The guarantee is based on market prices and the actual yield on your farm.Yield CoverageIn general, yield coverage for RP is the same as for traditional Yield Protection (YP) insurance. The production portion of the revenue guarantee is based on your Actual Production History (APH). This is an historic average of your actual yields. An explanation of how your APH yield is determined can be found in Ag Decision Maker File A1-55/FM 1860 Proven Yields and Insurance Units for Crop Insurance .Price CoverageRevenue Protection uses Chicago Board of Trade (CBOT) futures market prices and your APH yields to compute your revenue coverage and guarantee. A projected price is determined during February by using the monthly average new-crop futures prices for corn (December futures contract) or soybeans (November futures contract).A harvest price is determined by averaging the new crop futures prices during October for both corn and soybeans. The fi nal revenue guarantee is computed by multiplying the higher of either the projected price or the harvest market price by the APH yield for your farm, by your chosen coverage level (50 to 85 percent).Your actual revenue for insurance purposes is com-puted by multiplying your actual yield by the harvestprice described above. You will receive an indemnity payment if your actual revenue falls below your revenue guarantee. The payment is equal to the dif-ference.Projected price• Corn - Average of December CBOT futures con-tract price during February• Soybeans - Average of November CBOT futures contract price during February Harvest price• Corn - Average of December CBOT futures con-tract price during October• Soybeans - Average of November CBOT futures contract price during October Revenue guarantee• Higher of projected price or harvest price x APH yield x coverage level chosen Actual revenue•Actual harvested yield x harvest price Indemnity payment•Amount by which the revenue guarantee exceeds the actual revenue, if anyRevenue Protection with Harvest Price ExclusionRevenue Protection policies can be written so that the level of the revenue guarantee is determined solely by the February futures prices, and does not increase even if the futures price rises by harvest. The producer may elect to purchase insurance with-out the harvest price option (RP-HPE). The RP-HPE policy carries a lower premium than the RP policy.Group Risk Income ProtectionGroup Risk Income Protection (GRIP) policies are based on futures prices and county aver-age yields, rather than individual farm yields. Ag Decision Maker File A1-58/FM 1850 Group Risk Plan (GRP) and Group Risk Income Protection (GRIP) contains more details.Page 2Revenue Protection Crop InsuranceRevenue Protection ExamplesThe three examples that follow compare RP and RP-HPE coverage. The average December corn futures price during February is $4.00. The APH yield is 160 bushels per acre, and the coverage level chosen is 75 percent. Thus, the revenue guarantee is $480 ($4.00 x 160 bu. x 75%) per acre. Remember that the RP guarantee will increase if the futures price increases from February to harvest.In Example 1, the December futures price declines to $3.20 at harvest. The actual yield is only 130 bushels. The estimated actual revenue of $416 is computed by multiplying the harvest price by the actual yield. Subtracting the estimated actual revenue from the revenue guarantee results in an indemnity payment of $64 per acre under either policy type. Example 1. Lower price, lower yieldRP RP-HPE February futures price$4.00$4.00 APH yield160 bu.160 bu. Chosen coverage level75%75% Revenue guarantee$480 $480($4.00 x($4.00 x160 x 75%)160 x 75%) Harvest futures price$3.20 $3.20 Actual yield130 bu.130 bu. Actual revenue$416 $416($3.20 x 130)($3.20 x 130) Indemnity payment$64 $64($480-416)($480-416) In Example 2, the futures price still declines to $2.50, lower than in the fi rst example. However, the actual yield is now 160 bushels, equal to the APH yield. Actual revenue is 160 bushels multiplied by the harvest price of $2.50, or $400 per acre. Sub-tracting the actual revenue from the revenue guar-antee results in indemnity payments of $80 for both types of policies. Note that because of the lower harvest prices an indemnity payment was made, even though the actual yield did not fall below the APH yield.Example 2. Lower price, normal yieldRP RP-HPE February futures price$4.00 $4.00 APH yield160 bu.160 bu. Chosen coverage level75%75% Revenue guarantee$480 $480($4.00 x($4.00 x160 x 75%)160 x 75%) Harvest futures price$2.50 $2.50 Revenue guarantee$480 $480 Actual yield160 bu.160 bu. Actual revenue$400 $400($2.50 x 160)($2.50 x 160) Indemnity payment$80 $80($480-400)($480-400) In Example 3, the futures price increases to $5.00 at harvest. Note that the revenue guarantee increases to $600 for RP because of the higher harvest price. The actual yield is 110 bushels and the actual revenueis $550. The indemnity payment is $50 for RP, and zero for RP-HPE. There is a payment for RP because of the increase in the revenue guarantee.Example 3. Higher price, low yieldRP RP-HPE February futures price$4.00 $4.00 APH yield160 bu.160 bu. Chosen coverage level75%75% Revenue guarantee$480 $480($4.00 x($4.00 x160 x 75%)160 x 75%) Harvest futures price$5 .00$5.00 Revenue guarantee$600 $480($5.00 x($4.00 x160 x 75%)160 x 75%) Actual yield110 bu.110 bu. Actual revenue$550 $550($5.00 x 110)($5.00 x 110) Indemnity payment$50 $0($600-550)The increased coverage when prices increase into harvest is especially useful for producers who nor-mally forward price much of their production beforePage 3 Revenue Protection Crop Insuranceharvest. If they harvest fewer bushels than they forward price, the increased guarantee provides an indemnity payment that will offset the cost of pur-chasing the defi cit bushels at a market price above the price at which they were forward contracted. It is also useful for livestock producers who have to purchase extra grain in a short crop year, often at a high price.Maximum Price MovementsThe harvest price used to set the guarantee cannotbe more than 100 percent above the projected price established in February - that is, double. PremiumsThe premiums for all types of multiple-peril crop in-surance are subsidized through the Federal Crop In-surance Corporation. The premium for an RP policy is calculated using the projected price. If the harvest price is higher, the amount of insurance coverage increases but the premium does not change. The pos-sibility of increased coverage has already been built into the premium structure. Premiums for RP-HPE will generally be lower than for RP policies. Estimated premiums can be obtained from a crop insurance agent or at the following internet site: /cropins/index.asp. Coverage Units and DiscountsBoth RP and RP-HPE are available with basic and optional coverage, as well as with enterprise and whole farm units.With enterprise unit coverage, all of the acres of the enterprise (crop) in a county are insured as a single unit. Discounts are available based on the numberof acres on which the insured crop is planted. The crop must be grown in at least two township sections within a county, and at least two of the sections must have the smaller of 20 acres or 20 percent of the total area in that crop.With whole farm coverage, all acres of both crops (corn and soybeans) insured in a county are covered under one insurance unit. The policy must includeat least two crops that each make up 10 percent or more of the total insured planted acres. The guar-anteed revenue and actual revenue levels are an average for the two crops, weighted by the number of acres in each crop.For example, if the revenue guarantee is $450 per acre for corn and $400 for soybeans, the per acre whole farm revenue guarantee for a 50/50 corn-soybean rotation is (450 + 400)/2=$425. For a corn-corn-soybean rotation, the whole farm guarantee is (450 + 450 + 400)/3=$433. An indemnity payment is made when the combined per acre corn and soybean revenue falls below the whole farm guarantee. More details about coverage units can be found in Ag Decision Maker File A1-55/FM 1860Proven Yields and Insurance Units for Crop Insurance. Prevented Planting and Replanting LossesPrevented planting and replanting losses for both RP and RP-HPE will be adjusted in the same manner as APH losses. See Ag Decision Maker File A1-57/FM 1859Delayed and Prevented Planting Provisions. Any replanted or prevented planting payments will be based on the projected price (February), even if the harvest price is higher.SummaryRevenue Protection insurance protects you from the combined effects of yield and price risk. It isa valuable tool for reducing year-to-year income variability. A variety of coverage levels and op-tions are available, which allows you to design the protection you want for your own operation.Page 4Revenue Protection Crop Insurance. . . and justice for allThe U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and ac-tivities on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or family status. (Not all prohibited bases apply to all programs.) Many materials can be made available in alterna-tive formats for ADA clients. To fi le a complaint of discrimination, write USDA, Offi ce of Civil Rights, Room 326-W, Whitten Building, 14th and Independence Avenue, SW, Washington, DC20250-9410 or call 202-720-5964.Issued in furtherance of Cooperative Exten-sion work, Acts of May 8 and June 30, 1914,in cooperation with the U.S. Department ofAgriculture. Gerald A. Miller, interim director,Cooperative Extension Service, Iowa State Uni-versity of Science and Technology, Ames, Iowa.File: Economics 1-5Prepared by William Edwards,extension economist(515) 294-6161,********************/agdm/store。
海外购买旧物资的定价标准
海外购买旧物资的定价标准When it comes to pricing old goods for purchase overseas, there are several factors to consider. The first and most important factor is the condition of the item. The condition of the item will greatly affect its value, as items in better condition will generally be worth more. This is especially true for items that are considered collectible or rare. Additionally, the demand for the item in the overseas market will also play a role in determining its price. If there is high demand for a particular item in a certain country, it may be worth more than it would be in a country where there is less demand for it.Another important factor to consider when pricing old goods for purchase overseas is the cost of shipping. Shipping costs can vary greatly depending on the size and weight of the item, as well as the distance it needs to travel. It's important to factor in these costs when determining the price of the item, as they can greatly affect the overall cost to the buyer. Additionally, customsand import taxes may also need to be considered whenpricing old goods for purchase overseas. These costs can vary depending on the country the item is being shipped to, so it's important to research and factor them into the price.Cultural and historical significance can also play a role in pricing old goods for purchase overseas. Items that hold cultural or historical significance to a particular country may be worth more when sold in that country. For example, a piece of artwork from a famous local artist may be worth more in their home country than it would be in a country where the artist is not as well-known. It's important to consider the cultural and historical significance of the item when pricing it for purchase overseas, as this can greatly affect its value.In addition to these factors, it's also important to consider the current market trends when pricing old goods for purchase overseas. Just like any other market, the market for old goods is subject to trends and fluctuations. It's important to research and stay up to date on currentmarket trends in the country where the item will be sold, as this can affect its value. For example, if a certain type of antique furniture is currently in high demand in a particular country, it may be worth more there than it would be in a country where the demand is lower.Finally, it's important to consider the competition when pricing old goods for purchase overseas. Just like in any market, the presence of competition can affect the value of an item. If there are many other sellers offering similar items in the same overseas market, it may be necessary to price the item competitively in order to attract buyers. On the other hand, if the item is rare and there is little competition, it may be possible to price it higher. It's important to research the competition in the overseas market and consider it when determining the price of the item.In conclusion, pricing old goods for purchase overseas is a complex process that involves considering a variety of factors. The condition of the item, the demand for it in the overseas market, shipping costs, customs and importtaxes, cultural and historical significance, current market trends, and competition all play a role in determining the price of the item. It's important to carefully considereach of these factors in order to accurately price the item for purchase overseas. By taking these factors into account, sellers can ensure that they are pricing their old goods fairly and competitively in the overseas market.。
Price Elasticity of Supply全面版
Computing Price Elasticity of Supply
Percentage change in quantity supplied Percentage change in price
Think of farm produce vs fertilizer as an example
for new firms to enter the industry and for If demand falls, some or all firms will cut back on their plant and equipment, while others may leave the industry
The short run
The long run
Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
18-26
The Market Period
The market period is the time
Storage Possibilities The better the storability, the more elastic is the price elasticity of supply Think of farm produce vs fertilizer as an example
increase output
Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Q3-ELASTICITY(AIA-2)
3-ELASTICITYKey ConceptsElasticity,弹性Price Elasticity of Demand,需求价格弹性Total Revenue,总收益Income Elasticity Of Demand,需求收入弹性Cross-Price Elasticity Of Demand,需求的交叉价格弹性Price Elasticity Of Supply,供给弹性Questions for P reparation and Review1.Define the price elasticity of demand and the incomeelasticity of demand.2.List and explain some of the determinants of the priceelasticity of demand.3.What is the main advantage of using the mid-pointformula?4.If the elasticity is greater than1,is demand elastic orinelastic?If the elasticity equals0,is demand perfectly elastic or perfectly inelastic?5.On a supply-and-demand diagram,show equilibriumprice,equilibrium quantity,and the total revenuereceived by producers.6.If demand is elastic,how will an increase in price changetotal revenue?Explain.7.What do we call a good whose income elasticity is lessthan0?8.How is the price elasticity of supply calculated?Explainwhat this measures.9.What is the price elasticity of supply of Picasso paintings?10.Is the price elasticity of supply usually larger in theshort run or in the long run?Why?11.The relationship between Price Elasticity of Demandand and Total Revenuea.A manufacturer expects to have revenue of20,000when he sells his product for 5.A fall in costs ofproduction results in a new price of 4.His totalrevenue is now30,000.Calculate the price elasticityof demand over this price range.b.Suppose that a further reduction in price to3bringrevenue of33,000.What is the price elasticity overthis price range?What conclusions can you draw fromthe answers you have given?c.If revenue had not altered after the price change from4to3,what then would be the price elasticity ofdemand?12.In the1970s,OPEC caused a dramatic increase in theprice of oil.What prevented it from maintaining this high price through the1980s.。
技术经济专业汉英词汇
A安置补偿费 settlement allowances安装费 installation charge按进度付款,分期付款 progressive paymentB办公费 office expenses办公用品和费用 office supplies and expenses包工制 labor contracting system包括未拨付的未偿清债务 debt outstanding including undisbursed包装成本 packing cost包装费 packing expenses保留成本,保存成本 retained costs保留工资 retained wages保险担保书 guarantee of insurance保险单 insurance policy保险单 policy of insurance保险费 premium on insurance保险金额 sum insured保险凭证 certificate of insurance保险凭证 insurance certificate保险期限 duration of insurance保险人,保险业者 insurer保险索赔 insurance claim保险通知 risk note保养费用 upkeep cost保证电量 firm energy保证价格 guaranteed price保证金 security保证金,现金基金 cash fund报酬,酬金 reward报酬计算 remuneration calculation报酬种类 type of remuneration报告期 report period报告审批单位 report ratifier报告审批日期 ratifying date报告提交日期 reporting date of report报关单,海关申报单 customs declaration报价明细表 bid schedule of prices报损 report on the loss of coal报销（金额） write off暴风雨保险 storm and tempest insurance备用能源 stand-by power energy备用信用证 stand-by credit本金总额 capital sum本年度开采量 ore mined in this year 本年度开采损失量 ore lost in this year本年累计数 current year cumulative本年实际 current year's actual本期或一年内到期 current maturity比价 relative price比较成本 relative cost比较法 relative method比较评价 comparative evaluations比例汇率,统一收费率 flat rate边坡工程 slope engineering贬值 debasement变电站设备维修费用 maintenance expenses of station equipment变电站运行费 station expenses变动成本 variable cost标价 posted price标准价格 standard price标准煤 standard coal标准项目消耗定额 consumption quota of standard project拨款 appropriation拨款，付款 disbursement拨款申请 withdrawal application驳船费 lighterage驳船上交货价格 FIB=Free Into Barge补偿金基金 fund compensation awards补偿贸易合同 compensation trade contract 补偿贸易协议 compensation trade agreement补偿性关税 compensatory duty补充仲裁员 additional arbitrator补助金,津贴 subvention不动产 immovable不动产 property assets不符 discrepancy不符合合同要求引起的索赔 claim based on lack of conformity of the goods不可撤消的信用证 irrevocable letter of credit不可撤消信用证 irrevocable credit不可抗力 force majeure不予退还的款项 nonrefundable payment部分免除责任 partially exempt obligationC裁员 job displacement材料表 bill of materials材料调拨 material transfer材料费上涨系数 escalating coefficient of material consumpt材料明细表 material list材料消耗定额 norm of material consumption材料预算 material budget材料折旧费 material depreciation costs财产保险 property insurance财产保险合同 property insurance contract 财产权 property right财产税 property tax财产税 property tax财产税,资本税 capital levy财产税率 property tax rate财务报告部门 financial reporting segment 财务比率 financial ratio财务费用 financial expenses财务分析 financial analysis财务关税 final duty财务计划 financial plan财务科长 chief financing财务逃税 fiscal evasion财政记录,财政票据 financing notes财政年度 fiscal year财政支出 expenditure采购 procurement采购科长 chief purchasing参考指标 examinatorial quota残值率 rate of residual value舱面险 desk risk仓库到仓库险 risk of warehouse to warehouse产地 origin产品销售税 tax on sale产权保险 title insurance产权所有权 equity ownership尝债能力保障倍数 debt service coverage 长期合同 long-term contract长期计划 long-term plan长期价格 long-term price长期投资 long-term investment长期债务利息 interest on long-term debt偿付信用证 reimbursement credit偿还,退还 refund偿还，报销 reinbursement偿还基金 sinking fund厂价 price of factory厂前区 front quarter厂区规划 site plot plan厂用电 station service power厂用电率 house service consumption rate 超额利润税 excess profit duty抄表费用 meter reading expenses 潮腐险 risk of sweat damage彻底稀释的每股收益 fully diluted earnings per share城市电力网 urban power network城市供电 urban power supply城市配电 urban power distribution成本-效益分析 cost effectiveness analysis 成本分摊公式 cost sharing formula成本划算 cost-effective成本价格 cost price成本控制 cost control成本明细表 cost schedule成本项目 classification of cost accounts成本效益分析 cost benefit analysis成本指数 cost performance index成本组成 cost component澄清事实 clarification承兑交单 document against acceptance承兑行 accepting bank承付行 acceptance bank承运人责任保险 carrier's liability insurance 迟索的赔款 belated claim抽样检验 sampling inspection筹措资金,集资 raise funds筹建期汇兑损失 exchange loss during start-up period初步概算 initial budget estimate初步估计 preliminary estimate初步技术经济评价 preliminary evaluation of technical economy初步可行性研究 preliminary feasibility study初付费 initial payment初算 primary computation出港单 clearance papers出港通知书 clearance advice出港通知书 clearance notice出境回执 exit receipt出口报单 declaration for exportation出口标准包装 export standard packing出口补贴,出口津贴 export subsidiary出口单 export bill of lading出口额 value of exports出口额,输出额 amount of export出口合同 export contract出口价格 export price出口价格条例 definition of export quotation 出口奖励金,出口补助金 export bounty出口经纪人佣金 export brokerage fee出口贸易法 export trade act出口税 export duty出口退税 V A T refund for exported goods出口外汇 export exchange出口信贷 export credit出口信用证 export letter of credit出口许可证 export licence出票人 drawer出让方 licenser储蓄积累,积压未交付,累计未交货额 backlog传票审核 voucher audit船边交货价格 FAS=Free Alongside Ship船上交货价格 FOS=Free On Ship创办资本投资 initial capital investment创汇 foreign exchange generation纯利润 pure profit从属许可合同 sub-licence contract存储费 storage chargesD呆帐 uncollectible accounts代理处经销 agency marketing代理费 agency fee代理合同 agency contract代理人 agent代理协议 agency agreement代用材料 alternate material贷款，借出 loan贷款计划 borrowing plan贷款利率 lending rate贷款利息 loan interest贷款收入 proceeds贷款条件 conditions for loans待业保险费 unemployment insurance待遇 terms of employment待转销汇兑损失 unamortized exchange rate 担保协议 guarantee agreement单纯认付（承兑） absolute acceptance单到付款 payment against arrival of documents单价 unit price单位工作成本 cost of unit working单位投资 specific investment cost单位造价 unit construction cost单项工程 engineering item到岸价 CIF=Cost,Insurance and Freight到岸价格,轮班条件 CIF liner terms到货通知书 advice of arrival到货通知书 delivery advice到期股金和股息 due share capital and dividends 低值易耗品 low -value consumables抵销 offset抵押成本 warranty cost抵押贷款 loan on collateral security抵押负债 mortgage debt抵押借贷 mortgage loan抵押期 warranty period抵押债券 mortgage bond抵押资产 hypothecated assets抵押资产 mortgage assets地方税 municipal tax地方所得税 local income tax地区差价 regional price differentials地下输电线路费用 underground line expenses地下输电线路维修费用 maintenance expenses of underground lines递价,购买人出的买价 bid price递延所得税 deferred income taxes递延资产 deferred asset电表费用 meter expenses电表维修费用 maintenance expenses of meters吊索损险 risk of sling damage调拨价格 transfer price调节税 adjustable tax调整经济结构 adjustment of economic texture定额分配制,配额制度 quota system定额管理 norm management定额流动资金 imprest current funds定额制电价 fixed payment rate定期贷款 term loan定期抵押 term mortgage定期付款 due payment定期付款 payable at a fixed date定期债券 term bonds董事奖金 bonus to directors动产抵押 pledge of movable动态计算法 dynamic calculating method动态控制 dynamic control动态投资 dynamic investment冻结指数 freezing index冻结资金 blocked funds独家经销商 exclusive selling agency独家销售协议 exclusive distributorship agreement独家许可合同 sole licence contract独立核算 independent accounting短期债务,速动负债 quick liability短缺通知 advice of shortage兑税 zero rate of duty对国外投资 investment abroad对外短期负债 external short-term liability 对帐 reconciliation多边贸易协议 multilateral agreement多数股权 majority interestE额外费用 extra cost额外股利,特别股利 extra dividend额外津贴 extra allowance额外税金 extra dutiesF发电成本 power generation costs发电费用 electric expenses发电费用 power production expenses发电设备维修费用 maintenance expense of electric plant发电用水费 water expense for power发票副本 duplicate invoice发票价格 invoice price发票金额 invoice account罚金 pecuniary penalty罚款 penalty法定储备基金 mandatory reserves法定储金 legal reserve法定公积金 legal reserve fund法定假期 official holiday法定价格 legal price法定税率 statutory tax rates法定资本,法定股本 legal capital法定资本,设定资本 declared capital法定资产 legal assets法律责任 legal liability法人 artificial person法人实体 corporate entity法人实体 legal entity法人团体 corporate body法人资本金 capital of legal entities反应堆设备维修费用 maintenance expenses of reactor plant equipment房地产税 housing and land tax房地契 real estate title deeds房屋，建筑物及改良工程 structures and improvements放款利息 interest upon loans非契约索赔 non-contractual claim非生产工资 non-production wages非生产固定资产 non-productive fixedassets飞机场上交货价格 FOB airport分贷条件 relending terms分工 division of work分季预缴 pay in advance in quarterly installments分类所得税 classified income tax分派认购额通知书 allotment letter分批交货 partial delivery分期偿付款项 amortization payments分期冻结 freezing in stages分期付款 installment分期付款 installment payment分期付款 payment by installment分期付款贷款 installment loan分期合同 installment contract分期支付 payable by installment分时电价 time-of-day rates分摊成本 apportioned cost分摊折旧 apportioned depreciation服务费 service charges浮动工资 floating wage浮动股票 floating stock浮动汇率 floating rate浮动货币 floating currency福利补助金 subsidiary welfare fund福利基金 welfare fund辅助单据 ancillary document复合关税 compound duty复利 compound interest付款单 bills of payment付款单据 document against payment付款凭据 evident of payment付款人，受票人 drawee付款通知 advice of charge付款行 drawee bank付款证书 paying certificate负荷，调度费 load dispatching expenses负债,债务 liabilities负债公司 liability dividend附加保险 additional insurance附加费用 fringe cost附加价格 extra price附加税 additional tax附加税 super tax附加险 accessory risks附加险 extraneous riskG概算 budgetary estimate港口费 port charge港口费,入港费 port charges港口附加费 port surcharge港口险 port risk港务费 port rate个人所得税 personal income tax个人资本金 capital of individuals跟单承兑 documentary acceptance跟单汇票 documentary bill跟单信用证 documentary credit跟单信用证 documentary letter of credit工厂检验证明书 work's inspection certificate工厂交货价格 ex factory工厂交货价格 FOB factory工程经济学 value engineering工会经费 labour union outlay工商管理局 administrative bureau for industry and commerce工薪税 payroll tax工业产权 industrial property right工业生产总值 industrial output value工资基金 wage fund工资指数 wage index供不应求 supply falls short of demands供产销平衡 balancing supply供贷合同 borrow and load contract供电量 electrical energy supply供电贴费 charge for electrical supply供电贴费 customer's contributions供货方 supplying party供货方发票 supplier's invoice供需估计 supply-demand estimate供需平衡 balance of supply and demand供用电合同 power supply contract公共补助金 public aid公共福利 public welfare公积金 surplus公司所得税 corporate income tax公司债券，无担保债券 debenture公益金 public welfare fund公营企业 public enterprise公用事业经营收益所得税 income taxes,utility operating income公用事业经营收益以外的税金 taxes other than income taxes,utility operating income 公债,公债券 government bonds公证人 notary public公证行证明书 certificate of independent public surveyor公证证书 notarial deed共同海损的诉权 claim for general average 构筑物维修费用 maintenance expense of structures购电成本 cost of purchased electric power 购货合同 purchase contract购置费 purchase expenses估计费用 estimated cost估价单,形式发票 proforma invoice股本 capital stock股本 share capital股本凭证 capital stock certificate股东 share holder股东权益 stock holders equity股份不定投资公司 open-end investment company股份合作制 joint stock partnership股份交换 exchange of stocks股份有限公司 company limited by share股份有限公司 incorporated company股份有限公司 joint corporation股利率 rate of dividend股票,产权凭证 equity security股票股利,股息票 stock dividend股票投资 equity investment股票盈价 stock premium股权证券 stock equity securities股息分配 dividend distribution股息券 dividend coupon固定价格 fixed price固定资本投资 fixed capital investment固定资产 fixed assets固定资产核算 fixed assets accounting固定资产盘亏 fixed assets under book value固定资产清理 disposition of fixed assets固定资产周转率 turnover of fixed assets挂牌证券 quoted securities关贸总协定 GA TT=General Agreement On Tariff and Trade关税 customs duty关税,电价 tariff关税率 tariff rate关税配额,关税限额 duty quotas关税协定 tariff compact官方外汇牌价 official exchange rate管理成本,行政成本 administrative cost管理费 administration expense管理费用 supervision expenses光票，无跟单票据 clean bill光票信用证,无单据信用证 clean credit广告费用 advertising expenses锅炉设备维修费用 maintenance expense of boiler plant国际货款差额 balance of international payments国际结算 international settlements国际借贷 international borrowing国际贸易合同 international trade contract 国际贸易税则 tariff for foreign trade国际市场价格 international market price国家经济预算 nation's economic budget国家资本金 capital of the state国库 state treasury国库券 treasury bond国民生产总值 GNP=Gross National Product国民收入 national income国内生产总值 GDP=Gross Domestic Product国内信贷 domestic credit国税 national tax国外汇票 foreign bill国外直接投资 direct investment abroad国外资产净额 net foreign assets国有企业 state-owned enterprise过分得利税 excess profit tax过境税,通行税 transit duty过失险 risk of errorH海关放行 customs clearance海关交货价格 ex custom yard海洋货物保险 cargo marine insurance海洋运输货物保险 ocean marine cargo insurance含税金价格 price including tax含佣金价格 price including commission航空保险 aviation insurance航空邮件费 air mail fee航空责任保险 aviation liability insurance核定预算 final budget核发电其它费用 miscellaneous nuclear power expenses核能发电厂其它设备维修费用 maintenance expenses of miscellaneous nuclear plant核燃料费用 nuclear fuel expenses合法经营 lawful operation合法权益 lawful right and interests合股营业公司,公司契约 article of association合计 total合同费 contract fee 合同价格 contract price合同期满,终止合同 termination of contract 合同税 contract tax合同总额 contract amount合同总价 total contract price合营项目 joint project合营协议 joint venture agreement合营者 joint venturer合资,合股 joint stock合资企业 joint venture合作企业 co-operative enterprise合作生产 co-operative production红股 bonus share红利工资 bonus wage互换许可证合同 cross licence contract互惠关税 reciprocal duty互惠税则 reciprocal tariff坏帐损失 bad debt还本付息额 debt service还贷期限 term of loan redemption还款期 payback period会计变更 accounting changes会计成本管理 accounting cost control会计法 accounting law会计决算 final accounts会计年度 accounting year会计政策 accounting policies汇拨支付 payment by remittance汇兑损益 loss and gain of exchange汇率 exchange rate汇率变动,浮动汇率 fluctuation in change 汇票 draft汇票付款 payment by bill汇票付款 payment by draft汇总缴纳 pay on a consolidated basis混凝土标号 concrete grade混凝土工程 concrete engineering火车货车上交货价格 FOW=Free On Wagon火车上交货价格 FOR=Free On Rail火灾保险 fire insurance货币 currency货币贬值 current depreciation货币单位 monetary unit货币基数 monetary base货币增值 current appreciation货差险 risk of shortage货到付款 payment against arrival货价加运费发票 cost and freight invoice货物保险 cargo insurance货物报关单 goods declaration货物灭灾或损失引起的索赔 claim based on physical loss or damage货物税 goods tax货物运输保险 cargo transportation insuranceJ基本标准成本 base standard cost基本材料 base material基本工资 basic wages基本合同 prime contract基本建设费用 capital cost基价 base price基建投资构成 constituent of capital investment机场交货价格 ex aerodrome机构投资者 institutional investor集资 fund raising即期汇票 demand bill即期汇票 sight draft即期交货 prompt delivery即期信用证 sight letter of credit技术开发费 techonology innovation expense技术服务 technical service技术服务费 technical service fee技术经济 technical economics技术经济定额 technical- economic quota技术经济分析 technical economic analysis 技术经济分析法 cost-effectiveness analysis method技术经济效率 technical-economic efficiency技术经济效益分析 analysis of techno-economic benefits技术经济学家 techno-economist计费单位 charge unit计划贷款 program lending计划价格 planned price计划经济 planned economy计划利润 planned profit计划用电 scheduled power consumption计名股票 nominal shares of stock计时工资 time wage计算期 given period记名股票 registered certificate of stock记名债券 registered bonds加班费 charges for overtime加班工资 overtime pay加工费 processing charges 加工商品税 processing tax加速条款 acceleration clause假日工资,假日津贴 vacation pay价格标准 price standard价格波动 price fluctuation价格差异 price variance价格明细表 schedule of price价格条件 price term价格稳定 price stability价值检验证书 inspection certificate of value架空输电线路费用 overhead line expenses 架空输电线路维修费用 maintenance expenses of overhead lines监管委员会下摊费用 regulatory commission and expenses间接合同 indirect contract兼并 annexation兼并 merge检验费 inspection fee检验费 survey fees简易仲裁 arbitration by summary procedure 减计,划减,削减 write-down减税 tax reduction见票付款单据 document against payment at sight见票即付 payment on demand建设期利息 IDC=Interest During Construction交货 delivery交货付款 cash against delivery交货付款 payment on delivery交货港 delivery port交货价格 delivery price交货验收证明书 delivery and acceptance certificate交易额 business volume结关货场 clearance depot结汇 exchange settlement结汇 settlement of exchange结算单 document of settlement结算余额,结帐 balance ticket解雇 dismissal解释权 right to interpret借贷户,债务者 debit customers借贷资本 loan capital金融市场 money desk进口报单 declaration for importation进口单 import bill of lading进口额 value of imports进口费用 import charges进口附加费 import surcharges进口附加税 import surcharge进口附加税 surcharge in import进口合同 import contract进口税 import tax进口税捐 import duty and tax进口税则 import surtaxes进口外汇 import exchange进口信用证 import letter of credit进口许可证 import licence近期交货 near delivery经济分析 economic analysis经济核算 economic reckoning经济权益 economic interest经济特区 special economic zone经济效益,经济效果,经济成就 economic benefit经济责任 financial responsibility经营成本 cost of operation经营费用 operating expenses经营股权(控股)公司 operating holding company经营管理协议 management agreement经营资产 operating assets经营租赁 operating leasing静态投资 static investment净价格 net price净利润 net profit净流动资本 working capital净收入 net income净损 net loss净现金流量 net cash flow净现值 NPV=Net Present V alue净销售价格 net selling price决策成本 cost for decision making决策程序 decision making process决策分析 decision analysis决策管理 decision-making management决策机构 decision making body竣工决算 financial account of a completed projectK开办费 organization expense开采成本 cost of winning开采费用 mining cost开盘价格 opening price开挖土方 earth excavation开证人 accountee开证行 issuing bank考查报告 observation reports 可撤消信用证 revocable letter of credit可调整的报价 adjustable price quotation可识别资产 identifiable assets可赎还优先股 redeemable preferred stock 可议付信用证 negotiable letter of credit可转换优先股 convertible preferred stock 可转让信用证 assignable credit可转移股份 share of stock空运保险 air transportation insurance空运飞机上交货价格 ex plane空运提单 airway bill空运险 air risks控股公司 holding company库存余款 balance on hand宽限期 grace periodL劳动保险费 labuor insurance fee劳动成本 cost of services劳动定额 work norm劳动定额标准 work quota standard劳动法 labour law劳动工资 labour wage劳动合同 labour contract劳动量指标 indicator of man-hour劳动密集型产业 labour concentrated industry劳动生产率 labour productivity劳务费 charges for service劳务费 service wages劳资 labour and capital劳资关系 industrial relation劳资关系 labour-capital relations劳资纠纷仲裁 labour arbitration累计折旧额 accumulated depreciation累计总和 accumulative total累进所得税 graduated income tax离岸价 FOB=Free On Board离退休金和福利费 employee pensions and benefits理舱费 stowage fee理赔 settlement of claims理赔代理费 claims settling fee理事会 board of governors利得税 profit tax利润分配 profit sharing利润分摊 profit apportionment利润分析法 analysis of profit利润管理 profit management利润归还投资 profit capitalized on return ofinvestment利润留成 retained profit利润率 rate of profit利润税 accelerated profit tax利润提成 profit drawing利润再投资 plough back利息偿还总额 interest coverage利息费用 interest expense利息税 interest tax利用比率 usage ratio利用费用 utilization cost立即付款 at once payment联合贷款 cofinancing联合企业 associated enterprise联合审计 joint audit联合试运转费 expenses for joint test run联合投资,合营投资 joint venture investment联营公司,联号 associated company廉价 at a low price临时发票 provisional invoice临时费用 contingent fund临时合同 provisional contract零售价格 retail price领事发票 consular invoice留存 retain留存利润 retained profit留存收益 retained income留存收益,未分配利润 retained earnings留存盈余 retained surplus留置权 lien流动比率 current ratio流动负债 current liabilities流动证券 liquid securities流动资本 liquid capital流动资产 liquid assets流动资产对资产总值比率 ratio of current assets to total assets流动资产净额 net current assets流动资金 working capital路灯和交通信号系统费用 street lighting and signal system expenses路灯和交通信号系统维修费用 maintenance expenses of street lighting and signal systems陆运保险 land transportation insurance陆运保险 overland insurance旅差费 traveling expense履行合同 performance of contract履约保证 performance bond律师代理权,授权 power of attorney伦敦银行拆借利率 London interbankborrowing offer rateM码头费,入坞费 dock charge码头交货价格 ex dock码头交货价格 ex pier买方 buyer买方信贷 buyer's credit买价 buying price卖方 seller卖方仓库交货价格 ex seller's warehouse卖方信贷 supplier's credit毛利 gross margin profit没收 forfeit每股赢利 EPS=Earnings Per Share每小时工资 hourly earnings美国债务 Y ankee bond弥补亏损 recovery of loss密集资本企业 capital intensive enterprise免税 duty free免税 tax exemption免税单 exemption certificate免税条款,特权条款,免赔条款 franchise clause面值 par value敏感性分析 sensitivity analysis明细单 bills of particulars名义价格 nominal price名义价值 nominal value目的地交货价格 FOB destination目的地交货价格 free delivery price目的港 port of destination目的港船上交货价格 ex shipN纳税基数 basis for taxation纳税凭证 tax payment receipt纳税人 taxpayer纳税义务 obligation of tax内包装 inner packing内部收益率 IRR=Internal Rate of Return内资 domestic capital能源-成本效率 energy-cost effectiveness 能源经济 economy of energy能源经济学 energy economics能源开发 energy development能源密集型产品 energy-intensive product 能源投资回收期 energy payback period能源危机 energy crisis年度财务报表 annual financial statement年度贷款计划 annual borrowing plan年度动力费 yearly energy cost年度管理费 yearly administration cost年度经营费 annual business expenses年度决算 annual accounts年度所得税申报表 annual income tax return年度投资费 annualized capital cost年度维修费用 annual maintenance cost年度预算 yearly budget年度折旧费 yearly amortization cost年发电最大负荷利用小时 yearly maximum usable hours of unit年税额 annual tax年息 interest per annum年终股息 year-end dividend年综合折旧率 annual compositive depreciation rateO欧洲债务 EurobondP培训费 training fee赔偿 compensation赔偿 indemnity赔偿费用 compensation expenses配电费用 distribution expenses配电其它费用 miscellaneous distribution expenses批准 examine and approve批准文件 document of approval贫煤 meager coal平舱费 trimming charge平汇 exchange at par平均单位价格 average unit price平均汇率 mid-point rate平均价格 average price平均寿命 mean life平行贷款 parallel financing凭单保开除的信用证 guaranteed letter of credit凭单付款 payment against documents凭单托收付款 payment against document through collection凭收据付款信用证 payment on receipt credit凭运单付款 payment against presentation ofshipping document破产法 bankruptcy law破产条例 insolvent clause破损险 risk of breakage铺底生产流动资金 working capital for going into operation普通许可合同 simple licence contract普通责任债券 general obligation bondsQ期货合同 forward contract期货汇兑合同 forward exchange contract 期货价格 forward price期满 expiration of period期末投资 final investment其它电力资产设备摊销 amortization of other electric plant其它费用 other expenses其它供电费用 other power supply expenses 其它配电设备维修费用 maintenance expenses of miscellaneous distribution plant其它输电设备维修费用 maintenance expenses of miscellaneous transmission plant其它销售费用 miscellaneous sales expenses 其它行政管理费用 miscellaneous general expenses其它用户服务和信息费用 miscellaneous customer service and informational expenses起吊货物附加费 extra charges on heavy lifts企业发展基金 venture expansion fund企业国有化 nationalization of enterprise企业合并 amalgamation企业合并 consolidation企业解散 dissolution企业利润 profit of enterprise企业利润留成 enterprise profit partly remained企业利润提成 enterprise profit drawing企业留用资金 funds retained by enterprise 企业内部经济责任制 system of the economic responsibility within an enterprise企业清算 liquidation企业实体 enterprise entity企业税 tax on enterprise企业投资计划 enterprise investment plan企业整顿,企业合并 consolidation ofenterprises启动运行费 commencement expenses启行港 port of sailing启运港 port of departure签证机关 visa-granting office清洁已装运提单 clean on board bill of lading权益资本，股东资本 equity capital全保险 full insurance全厂电耗定额 electrical energy consumption quota of whol全价 overall price全面经济核算 overall economic accounting 全损险 total risk全值保险 full value insurance确定销售合同 firm sale contractR燃料费用 fuel expenses燃油发电厂 oil fired power plant燃油价格 fuel oil cost让购银行,押汇银行,议付银行 negotiating bank让与所有权 yield possession热电厂 heat power plant人均 per capita人员伤亡和设备损坏赔偿 injuries and damages认股书 application for shares日产量 daily output日工资 daily wage融资,供给资金 finance融资，筹资 financing融资租赁 capital leasing融资租赁 leveraged lease入港费 inward charges入股申请人 applicant for sharesS伤残保险 disability insurance伤残补助 disability benefit伤残条例 disability clause商会 chamber of commerce商品煤 salable coal商品煤等级 commercial grade coal商品能源 commercial energy resource商业发票 commercial invoice商业利润分析 analysis of business profit商业信用证 commercial letter of credit 商业银行 commercial bank商业运行 commercial operation上交国家资金 funds turned over to state上年同期 same period last year上市公司 listing company上网电价 price of electricity sent into grid 少数权益 minority interest社会保险税 social security taxes社团法人,普通法人 corporation aggregate 设备维修的监督和技术管理费用 maintenance supervision and engineering expenses申报金额 amount declared申请外汇 application for exchange审计报告 audit report审计长 chief comptroller审计法 auditing law审计法 law of audit审计委员会 board of auditors审计证明书 certificate auditing渗漏险 risk of leakage生产成本 manufacturing cost生产费用 cost of production生产预备费 production reserve funds生产总值 total output value生活费指数 cost -of -living index生锈险 risk of rust施工生产性临建 temporary facilities for construction施工项目经理 construction project manager施工协议书 construction agreement施工用地建筑系数 building to ground ratio on site施工组织设计 construction organization design施行细则 rules of implementation实付工资 net pay实际工资 real wages实际价格 actual price实际价格 realized price实际价值 real value实际交货 actual delivery实际全损,绝对全损 actual total loss实际税率 effective tax rate实际资本 real capital实际资产 real assets实价 net cost使用年限 working life世界市场价格 world market price世界银行 IBRD=Internatinal Bank of Re-construction and Development事业单位 institutional unit适合海运包装 sea worthy packing市场饱和 market saturation市场波动 market fluctuations市场调节 market adjustment市场调研 market research市场分析 market analysis市场风险 market risk市场价格 market price市场价值 market value市盈率 earnings ratio室外工程 outdoor engineering收货方 receiving party收货人险 at consignee's risk收盘价格 closing price收入利润 gross profit收益分配 division of income收益率,利润率 earning rate收益性支出 revenue expenditure收支预算 budget for revenues and expenditures手续费 charges for trouble手续费 commission charges手续费 service fee首席监事 chief supervisor授权书 certificate authorization售后服务 after-sale service售价 selling price受雇就业能力 employability受让方 licensee受让人 assignee输电费用 transmission expenses输电其它费用 miscellaneous transmission expenses书面单据 written document书面凭证 written confirmation双边协议 bilateral agreement双重责任,双重负债 double liability双重征税 double taxation水库，大坝和航道维修费用 maintenance expense of reservoirs,dams and waterways 水力发电厂其它设备维修费用 maintenance expenses of miscellaneous hydraulic plant水力发电站其它费用 miscellaneous hydraulic power generation expenses水源 water source税 tax税法 tax law税后利润 after-tax margin税金增殖 tax accruals税率 rate of duty 税率 tax rate税前毛利 pre-tax margin税务管理机构 tax administration agency税务管辖权 tax jurisdiction税务机关 tax authorities税务局 tax bureau说明信 covering letter私有股控公司 personal holding company速动比率 quick ratio损耗 losses损耗标准 loss standard损耗量 wastage损坏赔偿的诉权 claim for compensation of damages损坏索赔 claim damages损坏通知 advice of damage损失或损坏证明书 certificate of loss or damage损失险 risk of loss损益 profit and loss损益表 income statement损益表 statement of loss and profit损益分配 distribution of profit and loss缩短到期时间 acceleration of maturity索赔函 claim letter索赔期限 time limit for filing claims索赔通知 advice of claims索赔委员会 claim commission索赔证件 documents for claim所得分配 income distribution所得税 income tax所得税抵免 tax credit所得税分配 income tax allocation所得税扣除 income tax deduction所得税申报表 income tax return所有权 ownership所有权 title of possession所有权费 ownership cost所有者权益 owner's equity所有制 ownership systemT摊分税 apportioned tax摊销 amortization摊销期限 amortization period逃汇 evade foreign exchange逃税 evasion of taxation套汇 arbitrager of exchange套汇 cross exchange套汇商 arbitrager dealer。
Microeconomics课程试卷A
Microeconomics课程试卷A一、选择题：（共15小题，每小题2分，共30分）1. A Giffen good:A. has an upward-sloping demand curve.B. has a downward-sloping demand curve.C. has a horizontal demand curve.D. has a vertical demand curve.2. The consumer optimum occurs at:A. any point of intersection between the budget line and an indifference curve.B. a point of tangency between the budget line and an indifference curve.C. the point where the slope of the indifference curve equalsthe ratio of the quantities.D. a point where the budget line cuts the curve from below.3. The slope of the budget constraint line is equal to:A. the ratio of marginal utilities.B. the ratio of money income to the price of the good on the horizontal axis.C. the ratio of money income to the price of the good on the vertical axis.D. the relative price of the two goods—the price of one good compared with the price of the other.4.Assume the demand curve for compact discs slopes downwards,and the supply curve slopes upwards. If the price of CD players decreases, then:A. the equilibrium price of compact discs will fallB. the equilibrium price of compact discs will riseC. the equilibrium price of compact discs will stay the sameD. None of the above are correct5. Implicit costs are:A. the payments made to labour only.B. the payments made by the firm to others.C. the opportunity cost of resources owned by the firm.D. the same as accounting profit.6. When a firm's cost curves exhibit economies of scale:A. the long-run average cost curve is horizontal.B. the long-run average cost curve is downward-sloping.C. the long-run average cost curve is upward-sloping.D. the long-run average cost equals the short-run average costfor all levels of output.7. Economic profits for perfectly competitive firms:A. will continue in the long run for a few efficient firms.B. will shift the industry demand function rightward.C. will attract new firms into the industry in the long run.D. will result in an increase in long-run equilibrium price.8.If the demand for milk increases when the price of pickles increases (ceteris paribus), then milk and pickles are(A) normal goods. (B) inferior goods.(C) substitutes in consumption. (D) complements in consumption.9.The quantity that a firm is willing and able to produce and make available for sale at each possible price (in a series of prices) is represented by the(A) demand curve. (B) supply curve.(C) marginal product curve. (D) production possibilities curve10.If the quantity demanded of bananas increases by 10% when its price decreases by 25%, then the price elasticity of banana demand, Ed, is(A) 0.15. (B) 0.35. (C) 0.4. (D) 1.25.11. The demand for a good will be more elastic the(A). More the good is considered a luxury.(B). More narrowly defined the market (e.g. hamburger versus beef).(C). The longer the time period being considered.(D). All of the above12. A government-imposed maximum price at which a good or service can be sold is called a price(A). Ceiling (B). Floor (C). Equilibrium (D). Support13.If, at a given quantity of labor, MPL is greater than APL, then(A) APL is increasing. (B) APL is decreasing.(C) TPL is at a maximum. (D) APL is at a maximum.14. Which of the following industries is closest to perfect competition?A. steelB. autoC. wheatD. aluminum15. An oligopolistic market(A) has a small number of rival firms, and each is large relative to the market.(B) makes the demand for each firm independent of the actions of its rivals.(C) has low entry barriers facing firms that could otherwise enter themarket.(D) is all of the above.二、判断题：（共10小题，每小题1分，共10分）1. According to the Law of Demand, a decrease in the price of soda increases the demand demanded for soda.2. If beer is an inferior good for a consumer named Fred, then (ceteris paribus) a decrease in Fred's income decreases his demand for beer.3. If coffee and tea are substitutes in consumption, then an increase in the price of tea decreases both the quantity demanded and the supply of coffee.4. If cheese demand is relatively inelastic, then an increase in the supply of cheese will increase the income (total revenue) of cheese producers.5 In the long run all costs can vary.6 If average fixed cost is $50 at an output of 20 units, it would decline to $25 if output were increased to 40 units.7. A perfectly competitive firm faces a downward-sloping, relatively elastic demand curve .8. A perfectly competitive firm's SR supply curve is given by the firm's MC curve for market prices above the minimum of the AVC curve.9. A perfectly competitive industry is in LR equilibrium when every firm produces at its profit maximizing output level.10. Monopolists can control the price.三、名词解释（共5小题，每小题3分，共15分）1.Scarcity 2 Total Revenue 3.Marginal Cost4.Consumer surplus 5 A monopoly四、简述题（共2小题，每题9分，共18分）1. What is Indifference Curve? What are the Properties of Indifference Curve?2 A subsidy is the opposite of a tax. With a $0.50 tax on the buyers of ice-cream cones, the government collects $0.50 for each cone purchased; with a $0.50 subsidy for the buyers of ice-cream cones, the government pays buyers $0.50 for each cone purchased.a. Show the effect of a $0.50 per cone subsidy on the demand curve for ice-cream cones, the effective price paid by consumers, the effective price received by sellers, and the quantity of cones sold.b. Do consumers gain or lose from this policy? Do producers gain or lose? Does the government gain or lose?五、计算题（共3小题，每小题9分，共27分）1. Suppose that business travelers and vacationers have the followingelasticity of demand for (i) business travelers and (ii) vacationers? (Use the midpoint method in your calculations.)b. Why might vacationers have a different elasticity than business travelers?2 Suppose a firm has got such short run cost functioin:TC(Q)=Q3-10Q2+17Q+66.(1) Is the firm’s production in the short run or long run? why?(2) What is TVC(Q)? (3) What is AVC(Q)? (4) What is AFC(Q)? (5) What is MC(Q)?produce to maximize profit?b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between whole numbers. For example, the marginal cost between 2 and 3 should be graphed at 2 1/2.) At what quantity do these curves cross? How does this relate to your answer to part (a)?c. Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium?江西农业大学Microeconomics试卷A答案(本试题要求考生尽量用英文回答；如部分考生由于英语水平有限，有的题目用中文答题，也可酌情给分)一、选择题：（共15小题，每小题2分，共30分）1.A2.B3.D4.B5.C6.B7.C8.C9.B 10.C 11.D 12.A 13.A 14.C 15.A二、判断对错：（共10小题，每小题1分，共10分）1.T2.F3.F4.T5.T6.T7.F8.T9.F 10.T三、名词解释（共5小题，每小题3分，共15分）1.Scarcity: means that society has less resources to offer than people wish to have.2 Total Revenue: The sum of the payments that the firm receives from thesale of its output.3.Marginal Cost: MC is the change in total cost due to the production ofone more unit of output4.Consumer surplus:The difference between what a consumer is willing topay and what she has to pay.5.A monopoly is the sole seller of its product and its product does not have close substitutes.四、简述题（共2小题，每题9分，共18分）1. What is Indifference Curve? What are the Properties of Indifference Curve?An indifference curve depicts bundles of goods that leave the consumer equally well-off. It shows the combinations of goods that give the consumer a constant level of utility.(1)Higher indifference curves are preferred to lower ones. (The further from the origin, the higher the utility)(2)Indifference curves are downward sloping. (Negatively sloped--slope is MRS)(3)Indifference curves do not cross. (Cannot intersect)(4)Indifference curves are bowed inward. (Convex shaped-------diminishing MRS)2 A subsidy is the opposite of a tax. With a $0.50 tax onthe buyers of ice-cream cones, the government collects $0.50 for each cone purchased; with a $0.50 subsidy forthe buyers of ice-cream cones, the government pays buyers $0.50 for each cone purchased.a. Show the effect of a $0.50 per cone subsidy on the demand curve for ice-cream cones, the effective price paid by consumers, the effective price received by sellers, and the quantity of cones sold.b. Do consumers gain or lose from this policy? Do producers gain or lose? Does the government gain or lose?a. The effect of a $0.50 per cone subsidy is to shift the demand curve up by $0.50 at each quantity, since at each quantity a consumer's willingness to pay is $0.50 higher. The effects of such a subsidy are shown in Figure 14. Before the subsidy, the price is P1. After the subsidy, the price received by sellers is PS and the effective price paid by consumers is PD, which equals PS minus 50 cents. Before the subsidy, the quantity of cones sold is Q1; after the subsidy the quantity increases to Q2.b. Because of the subsidy, consumers are better off, since they consume more at a lower price. Producers are also better off, since they sell more at a higher price. The government loses, since it has to pay for the subsidy.五、计算题（共3小题，每小题9分，共27分）1. a. For business travelers, the price elasticity of demand when the price of tickets rises from $200 to $250 is [(2,000 -1,900)/1,950]/[(250 - 200)/225] = 0.05/0.22 = 0.23. For vacationers, the price elasticity of demand when the price of tickets rises from $200 to $250 is [(800 - 600)/700] / [(250 - 200)/225] = 0.29/0.22 = 1.32.b. The price elasticity of demand for vacationers is higher than the elasticity for business travelers because vacationers can choose more easily a different mode of transportation (like driving or taking the train). Business travelers are less likely to do so since time is more important to them and their schedules are less adaptable.2 (1)The firm’s production is in the short run. Because there is fixed cost 66, which doesn't change with the quantity of output.(2)TVC(Q)= Q3-10Q2+17Q (3)AVC(Q)= Q2-10Q+17(4) AFC(Q)= 66/Q (5) MC(Q)=3Q2-20Q+173.Here’a.b. Marginal revenue and marginal cost are graphed in Figure 3. The curves cross atquantity between 5 and 6 units, yielding the same answer as in part (a).c.This industry is competitive since marginal revenue is the same foreach quantity. The industry is not in long-run equilibrium, since profit is positive.。
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- Topic 5 Price and Income Elasticity
By Yang Shuai 2008/10/17
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Elasticity of demand(需求价格弹性 需求价格弹性) 需求价格弹性
Elasticity of Demand = Percentage change in quantity demanded Percentage change price
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How to make business decision according to price elasticity of demand
Price of ice cream P S D 6.00 5.00 ● ●
S 0 3000 5000
D Q Quantities of ice cream Decrease in total revenue
3
D
0 Q Perfectly inelastic ED=0 P D
Q
Case study
An ice-cream factory would like to increase the price of icecream but not sure if it is a good idea. The following table indicates price, supply and demand. Please calculate the price elasticity of demand when: 1.price rises from $5 to $6 2.price rises from $4 to $5
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Total revenue when price is $6: $6 * 3000 = $18,000 Total revenue when price is $5: $5 * 5000 = $25,000
How to make business decision according to price elasticity of demand
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Elasticity of demand(需求价格弹性 需求价格弹性) 需求价格弹性
P D P P D D D 0 Q0 Q Unitary (单一弹性） ED=1 Perfectly elastic ED=0 P D D D 0 Elastic ED >1 Q 0 Inelastic ED <1
What’s your recommendation?
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P S P P S S S S
0 P
Unitary ED=1
Q 0 Q Perfectly elastic ED=0
0 Q Perfectly inelastic ED=0 P
S S S
S
0 Elastic ED >1
Q
0 Inelastic ED <1
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Q
Factors affecting elasticity of supply
Price of ice cream P S D
5.00 4.00 S 0
● ● D 5000 5500 Q Quantities of ice cream Increase in total revenue
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Total revenue when price is $5: $5 * 5000 = $25,000 Total revenue when price is $4: $4 * 5500 = $22,000
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Q2-Step 2 calculate percentage change in price
When price rises from $4 to $5, quantity demanded is changed from 5500 to 5000. % change in price = (5-4)/4 * 100% = 25%
When price rises from $5 to $6, quantity demanded is changed from 5000 to 3000. Price elasticity of demand = 40% 20% Price elasticity of demand is elastic (the ratio is greater than 1). =2
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Q2-Step 3 calculate price elasticity of demand
When price rises from $4 to $5, quantity demanded is changed from 6000 to 5000. Price elasticity of demand = 9% 25% Price elasticity of demand is inelastic (the ratio is less than 1). = 0.36
When price rises from $5 to $6, quantity demanded is changed from 5000 to 3000. % change in price = (6-5)/5 1-Step 3 calculate price elasticity of demand
What’s your recommendation?
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Homework Part II
When price rises from $150 to $200, quantity demanded is changed from 1000 to 800. % change in quantity demanded = (800 – 1000)/1000 * 100% = 20%
1. Time 2. Mobility of factors of production 3. Natural constraints (gestation period) 4. Existence of stocks
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Homework Part II
The following table suggests price and demand quantity of air ticket from Xiamen to Fuzhou. Please calculate the price elasticity of demand when: • • Price rises from $150 to $200 Price rises from $200 to $250 Please give your recommendations.
What’s your recommendation?
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Factors affecting elasticity of demand
1. Availability of substitutes 2. Degree of necessity ( necessity or luxury) 3. Number of uses 4. Proportion of income spent on product 5. Postponement of purchase 6. Habit forming
% change in price = (200-150)/150 * 100% = 33%
Price elasticity of demand = 20% / 33% =0.6 < 1
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Homework Part II
Total revenue when price is $200: $200 * 800 = $160,000 Total revenue when price is $250: $250 * 600 = $150,000
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Q2-Step 1 calculate percentage change in quantity demanded
When price rises from $4 to $5, quantity demanded is changed from 5500 to 5000. % change in quantity demanded = (5500 – 5000)/5500 * 100% = 9%
% change in price = (200-150)/150 * 100% = 33%
Price elasticity of demand = 20% / 33% =0.6 < 1
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Homework Part II
Total revenue when price is $150: $150 * 1000 = $150,000 Total revenue when price is $200: $200 * 800 = $160,000
When price rises from $5 to $6, quantity demanded is changed from 5000 to 3000. % change in quantity demanded = (3000 – 5000)/5000 * 100% = 40%
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Q1-Step 2 calculate percentage change in price
Price of ice-cream $6 $5 $4 Quantity demanded 3000 5000 5500 Quantity supplied 7000 5000 4000
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Q1-Step 1 calculate percentage change in quantity demanded
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Price elasticity of supply(供给价格弹性 供给价格弹性) 供给价格弹性
Elasticity of supply = Percentage change in quantity supplied Percentage change price