Chapter_07Net Present Value and Capital Budgeting(公司理财-四川大学,战松)
《本和我》各章节读后感
《本和我》各章节读后感English Answer:Chapter 1: The Forest.The first chapter of "Of Me and You" introduces the protagonist, a young woman named Sonia, and her journey through a mysterious forest. The lush descriptions of the forest's sights and sounds create a vivid and ethereal atmosphere, hinting at the transformative nature of Sonia's journey. The encounter with the strange and enigmaticfigure in the forest's depths signals the beginning of Sonia's exploration of her own identity and desires.Chapter 2: The City.In contrast to the natural beauty of the forest, the city chapter presents a cold and impersonal urban environment. Sonia's experiences in the city challenge her preconceived notions of her own identity and sexuality. Sheconfronts her feelings of alienation and isolation, as well as her fear of rejection from her peers and family. The chapter ends with Sonia's decision to embrace her true self, despite the potential consequences.Chapter 3: The Ocean.The ocean chapter is a metaphor for Sonia's inner journey of self-discovery. As she ventures into the vastand unpredictable waters, she is forced to confront herfears and uncertainties. The chapter explores themes of acceptance, forgiveness, and the search for meaning in the face of adversity. The encounter with the dolphins symbolizes Sonia's connection to her own instincts and her ability to find solace and guidance within herself.Chapter 4: The Mountain.The mountain chapter represents Sonia's final ascent to self-actualization. The arduous journey up the mountaintests her resilience and determination. Along the way, she encounters obstacles and challenges that help her to growand evolve. The ascent symbolizes her triumph over her fears and the realization of her true potential.Chapter 5: The Home.The final chapter of "Of Me and You" brings Sonia's journey full circle. She returns to her home, transformed by her experiences and ready to embrace a new chapter in her life. The chapter focuses on themes of belonging, acceptance, and the importance of community. Sonia's journey inspires others to challenge societal norms and to live authentically as who they are.中文回答：第一章，森林。
Chapter 7：Plant assets & Intangibles固定资产
Types of Assets
• Land • Buildings, machinery, equipment • Land improvements and leasehold improvements • Lump-sum (or basket) purchases of assets
Measuring the cost of a plant asset
EXERCISE-Choice
• Which of the following is NOT an intangible asset? • a. mineral rights • b. patent • c. copyright • d. goodwill • (a)
EXERCISE-Choice
Land improvements and leasehold improvements
• Land improvements accounts includes costs for such other items as driveways, signs, fences, and sprinkler systems. • Leasehold improvements.
Capital Expenditures
• Accounting errors sometimes occur for plant asset costs, for example, a company may:
AP World History 世界历史
40. Which civilization was the first to use coined money? 41. Define monotheism and polytheism.
53. Many of the hunting and gathering societies have unique characteristics. Describe them and what happened to them after the Neolithic Revolution. (They did not all disappear)
AP World History Name
1. 2. 3.
These questions are based on class discussions and material, reading from chapters 1-7 in the Traditions and Encounters text and chapters 1-3 in the World Civilizations text.
42. What is a theocracy? 43. What is significant about the discovery of the Rosetta Stone?
44. What ancient (not pre-historic people) people were very warlike and ruthless?
10,000-8,000 = 4 million
500 BCE =
财务管理专业英语-Net Present Value and Other Investment Criteria
How much value is created from undertaking an investment?
– The first step is to estimate the expected future cash flows.
– The second step is to estimate the required return for projects of this risk level.
Since our goal is to increase owner wealth, NPV is a direct measure of how well this project will meet our goal.
5
2020/3/21
International financial managment
– The third step is to find the present value of the cash flows and subtract the initial investment.
4
2020/3/21
International financial managment
NPV Decision Rule
– Year 2: 101,880 – 70,800 = 31,080 still to recover – Year 3: 31,080 – 91,080 = -60,000 project pays
back in year 3
Do we accept or reject the project?
Does the NPV rule account for the risk of the cash flows?
罗斯 公司理财 英文第九版Chap005
5-8
5.4 The Internal Rate of Return
IRR: the discount rate that sets NPV to zero Minimum Acceptance Criteria:
Ranking Criteria:
Accept if the IRR exceeds the required return Select alternative with the highest IRR
Independent Projects: accepting or rejecting one project does not affect the decision of the other projects.
Must exceed a MINIMUM acceptance criteria
5-2
5.1 Why Use Net Present Value?
Accepting positive NPV projects benefits shareholders.
NPV
uses cash flows NPV uses all the cash flows of the project NPV discounts the cash flows properly
Mutually Exclusive Projects: only ONE of several potential projects can be chosen, e.g., acquiring an accounting system.
RANK all alternatives, and select the best one.
高级英语视听说2参考答案（1）
Chapter 1 The Population I 2 populous 3 race 4 origin 5 geographical distPrelistening B 1 census ribution 6 made up of 7 comprises 8 relatively progressively 9 Metropolitan densely 10 decreased death rate 11 birth rate increasing 12 life expectancy D 1 a 18.5 mill b 80% c 1/2 d 13.4 mill e 2: 10 f 4% g 1990 h 40% i 3/4 j 33.1% 2 a 3 b 1 c 2 d 5 e 4 II First Listening ST1 population by race and origin ST2 geographical distribution ST3 age and sex III Postlistening A 1. People’s Republic of China, India2. 281 mill 3. Hispanics(12.5%) 4. Texas 5. the South and the West 6. 20% 7. by more than 5 million 8. about 6 years 9. 2.2 years 10. a decreasing birth rate and an increasing life expectancy Chapter 2: Immigration: Past and Present PRELISTENING B. Vocabulary and Key Concepts immigrated natural disasters/ droughts/ famines persecution settlers/ colonists stages widespread unemployment scarcity expanding/ citizens failure decrease limited quotas steadily trend skills/ unskilled D Notetaking Preparation Dates: Teens and Tens 1850 1951 The 1840s From 1890 to 1930 Between 1750 and 1850 1776 1882 1329 1860 From approximately 1830 to 1930 Language Conventions: Countries and Nationalities Country People France French Germany Germans Scotland; Ireland Scotch-Irish Great Britain Britons: the British Denmark Danes Norway Norwegians Swed Sweden en Swed Swedes es Greece Greeks Italy Italian Spain Spanish Portugal Portuguese China Chinese Philippines Filipinos Mexico Mexicans India Indians Russia Russians Poland Poles The Scandinavian Scandinavian countries countries are Swed en, Norway, and Denmark. The Southern Southern European European European countries countries countries are are are Italy , Italy , Greece, Greece, Greece, Spain, Spain, Spain, and and and Portugal. Portugal. The Eastern European countries are Russia and Poland. LISTENING First Listening Major Subtopics ST1 the Great Immigration ST2 reasons for the Great Immigration and why it ended ST3 immigration situation in the United States today POSTLISTENING A. Accuracy Check colonists or settl ers Dutch, French, German, Scotch-Irish, Blacks The third, 1890-1930 Southern Europe and Eastern Europe The population doubled, there was wid espread unemployment, and there was a scarcity of farmland free land, plentiful jobs, and freed om from religious and political persecution the failure of the potato crop in Ireland laws limiting immigration from certain area, the Great Depression, and World War ⅡThey are largely non-European. 。
宏观经济学-课后思考题答案_史蒂芬威廉森002
宏观经济学-课后思考题答案_史蒂芬威廉森002Chapter 2MeasurementTeaching GoalsStudents must understand the importance of measuring aggregate economic activity. Macroeconomics hopes to produce theories that provide useful insights and policy conclusions. To be credible, such theories must produce hypotheses that evidence could possibly refute. Macroeconomic measurement provides such evidence. Without macroeconomic measurements, macroeconomics could not be a social science, and would rather consist of philosophizing and pontificating. Market transactions provide the most simple and direct measurements. Macroeconomists’ most basic measurement is Gross Domestic Product (GDP), the value of final, domestically market output produced during a given period of time.In the United States, the Commerce Department’s National Income and Product Accounts provide official estimates of GDP. These accounts employ their own set of accounting rules to ensure internal consistency and to provide several separate estimates of GDP. These separate estimates are provided by the product accounts, the expenditure accounts, and the income accounts. The various accounting conventions may, at first glance, be rather dry and complicated. However, students can only easily digest the material in later chapters if they have a good grounding in the fundamentals.GDP changes through time because different amounts of goods and services are produced, and such goods and services are sold at different prices. Standards of living are determined by the amounts of goods and services produced, not by the prices they command in the market. While GDP is relatively easy to measure, the decomposition of changes in real GDP into quantity and price components is much more difficult. This kind of problem is less pressing for microeconomists. It is easy to separately measure the number of apples sold and the price of each apple. Because macroeconomics deals with aggregate output, the differentiation of price and quantity is much less easily apparent. It is important to emphasize that while there may be more or less reasonable approaches to this problem, there is no unambiguous best approach. Since many important policy discussions involve debates about output and price measurements, it is very important to understand exactly how such measurements are produced.Classroom Discussion TopicsAs the author demonstrates in presenting this chapter’s material, much of this material is best learned by example. Rather than simply working through the examples from the text or making up your own, the material may resonate better if the students come up with their own examples. They can start by picking a single good, and by the choice of their numbers they provide their own implied decomposition of output into wage and profit income. Later on, encourage them to suggest intermediate input production, inventory adjustments, international transactions, a government sector, and so on. Such an exercise may help assure them that the identities presented in the text are more than simply abstract constructions.If many of your students are familiar with accounting principles, it may also be useful to present the National Income and Product Account with the “T” accounts. Highlighting how every income is an expense elsewhere. Make one account for each of the firms, one for the household and one for the government. Add another account for the rest of the world when discussing the example with international trade. This procedure can highlight how some entities can be inferred from others because accounting10 Williamson ? Macroeconomics, Third Editionidentities must hold. It makes it also easier to determine consumption for some student Social Security benefits are indexed to the Consumer Price Index. Explain with an example exactly how these adjustments are made. Ask the students if they think that this procedure is “fair.” Another topic for concern is the stagnation in the growth of measured real wages. Real wages are measured by dividing (for example) average hourly wages paid in manufacturing by the consumer price index. Ask students if measured changes in real wages confirm or conflict with their general beliefs about whether the typical worker is better or worse off than 10 or 20 years ago. How does possible mis-measurement of prices reconcile any apparent differences between casual impressions and statistical evidence?The text discusses why unemployment may or may not be a good measure of labor market tightness. Another interpretation of the unemployment rate is as a(n inverse) measure of economic welfare. Ask the students if they agree with this interpretation. Does the unemployment rate help factor in considerations like equal distribution of income? How can the unemployment rate factor in considerations like higher income per employed worker? Discuss possible pros and cons of using unemployment rather than per capita real GDP as a measure of well-being. Can unemployment be too low? Why or why not?OutlineI. Measuring GDP: The National Income and Product AccountsA. What Is GDP and How Do We Measure It?1. GDP: Value of Domestically Produced Output2. Commerce Department’s National Income and Product Accounts3. Business, Consumer, and Government AccountingB. The Product Approach1. Value Added2. Intermediate Good InputsC. The Expenditure Approach1. Consumption2. Investment3. Government Spending4. Net ExportsD. The Income Approach1. Wage Income2. After-Tax Profits3. Interest Income4. Taxes5. The Income-Expenditure IdentityE. Gross National Product (GNP)1. Treatment of Foreign Income2. GNP = GDP + Net Foreign IncomeF. What Does GDP Leave Out?1. GDP and Welfarea. Income Distributionb. Non-Market Production2. Measuring Market Productiona. The Underground Economyb. Valuing Government ProductionChapter 2 Measurement 11G. Expenditure Components1. Consumptiona. Durable Goodsb. Non-Durable Goodsc. Services2. Investmenta. Fixed Investment: Nonresidential and Residentialb. Inventory Investment3. Net Exportsa. Exportsb. Imports4. Government Expendituresa. Federal Defenseb. Federal Non-Defensec. State and Locald. Treatment of Transfer PaymentsII. Nominal and Real GDP and Price IndicesA. Real GDP1. Output Valued at Base Year Prices2 Chain Weighted Real GDPB. Measures of the Price Level1. Implicit GDP Price Deflator2. Consumer Price Index (CPI)C. Problems Measuring Real GDP and Prices1. Substitution Biases2. Accounting for Quality Changes3. Treatment of Newly Introduced GoodsIII. Savings, Wealth, and CapitalA. Stocks and FlowsB. Private Disposable Income and Private Sector Saving1.d Y Y NFP TR INT T =+++? 2.p d S Y C =? C. Government Surpluses, Deficits, and Government Saving1.g S T TR INT G = 2. g D S =? D. National Saving: p g S S S Y NFP C G =+=+??E. Saving, Investment, and the Current Account1. NFP NX I S ++=2. CA I S NFP NX CA +=?+=F. The Stock of Capital1. Wealth ΔS ?2. K I Δ?3. Claims on Foreigners CA ?12 Williamson ? Macroeconomics, Third EditionIV. Labor Market MeasurementA. BLS Categories1. Employed2. Unemployed3. Not in the Labor ForceB. The Unemployment RateNumber unemployed=Unemployment RateLabor forceC. The Participation RateLabor force=Participation RateTotal working age populationD. Unemployment and Labor Force Tightness1. Discouraged Workers2. Job Search IntensityTextbook Question SolutionsQuestions for Review1. Product, income, and expenditure approaches.2. For each producer, value added is equal to the value of total production minus the cost ofintermediate inputs.3. This identity emphasizes the point that all sales of output provide income somewhere in the economy.The identity also provides two separate ways of measuring total output in the economy.4. GNP is equal to GDP (domestic production) plus net factor payments from abroad. Net factorpayments represent income for domestic residents that are earned from production that takes place in foreign countries. 5. GDP provides a reasonable approximation of economic welfare. However, GDP ignores the value ofnonmarket economic activity. GDP also measures only total income without reference to how that income is distributed. 6. Measured GDP does not include production in the underground economy, which is difficult toestimate. GDP also measures the value of government spending at its cost of production, which may be greater or less than its true value.7. The largest component is consumption, which represents about 2/3 of GDP.8. Investment is equal to private, domestic expenditure on goods and services (Y ? G ? NX) minusconsumption. Investment includes residential investment, nonresidential investment, and inventory investment.9. National defense spending represents about 5% of GDP.Chapter 2 Measurement 13 10. GDP values production at market prices. Real GDP compares different years’ production at a specificset of prices. These prices are those that prevailed in the base year. Real GDP is therefore a weighted average of individual production levels. The weights are determined according to prevailing relative prices in the base year. Because relative prices change over time, comparisons of real GDP across time can differ according to the chosen base year.11. Chain weighting directly compares production levels only in adjacent years. The price weights aredetermined by averaging the prices of the individual goods and services over the two adjacent years.12. Real GDP is difficult to measure due to changes over time in relative prices, difficulties in estimatingthe extent of quality changes, and how one estimates the value of newly introduced goods.13. Private saving measures additions to private sector wealth. Government saving measures reductionsin government debt (increases in government wealth). National saving measures additions to national wealth. National saving is equal to private saving plus government saving.14. National wealth is accumulated as increases in the domestic stock of capital (domestic investment)and increases in claims against foreigners (the current account surplus).15. Measured unemployment excludes discouraged workers. Measured unemployment only accounts forthe number of individuals unemployed, without reference to how intensively they search for newjobs.Problems1. Product accounting adds up value added by all producers. The wheat producer has no intermediateinputs and produces 30 million bushels at $3/bu. for $90 million. The bread producer produces100 million loaves at $3.50/loaf for $350 million. The bread producer uses $75 million worth ofwheat as an input. Therefore, the bread producer’s value added is $275 million. Total GDP istherefore $90 million + $275 million = $365 million.Expenditure accounting adds up the value of expenditures on final output. Consumers buy100 million loaves at $3.50/loaf for $350 million. The wheat producer adds 5 million bushels ofwheat to inventory. Therefore, investment spending is equal to 5 million bushels of wheat valued at $3/bu., which costs $15 million. Total GDP is therefore $350 million + $15 million = $365 million.2. Coal producer, steel producer, and consumers.(a) (i) Product approach: Coal producer produces 15 million tons of coal at $5/ton, which adds$75 million to GDP. The steel producer produces 10 million tons of steel at $20/ton, whichis worth $200 million. The steel producer pays $125 million for 25 million tons of coal at$5/ton. The steel producer’s value added is therefore $75 million. GDP is equal to$75 million + $75 million = $150 million.(ii) Expenditure approach: Consumers buy 8 million tons of steel at $20/ton, so consumption is $160 million. There is no investment and no government spending. Exports are 2 milliontons of steel at $20/ton, which is worth $40 million. Imports are 10 million tons of coal at$5/ton, which is worth $50 million. Net exports are therefore equal to $40 million ?$50 million =?$10 million. GDP is therefore equal to $160 million + (?$10 million) =$150 million.14 Williamson ? Macroeconomics, Third Edition(iii) Income approach: The coal producer pays $50 million in wages and the steel producer pays $40 million in wages, so total wages in the economy equal $90 million. The coal producerreceives $75 million in revenue for selling 15 million tons at $15/ton. The coal producerpays $50 million in wages, so the coal producer’s profits are $25 million. The steel producerreceives $200 million in revenue for selling 10 million tons of steel at $20/ton. The steelproducer pays $40 million in wages and pays $125 million for the 25 million tons ofcoal that it needs to produce steel. The steel producer’s profits are therefore equal to$200 million ? $40 million ? $125 million = $35 million. Total profit income in theeconomy is therefore $25 million + $35 million = $60 million. GDP therefore is equal towage income ($90 million) plus profit income ($60 million). GDP is therefore $150 million.(b) There are no net factor payments from abroad in this example. Therefore, the current accountsurplus is equal to net exports, which is equal to (?$10 million).(c) As originally formulated, GNP is equal to GDP, which is equal to $150 million. Alternatively, ifforeigners receive $25 million in coal industry profits as income, then net factor payments from abroad are (?$25 million), so GNP is equal to $125 million.3. Wheat and Bread(a) Product approach: Firm A produces 50,000 bushels of wheat, with no intermediate goods inputs. At$3/bu., the value of Firm A’s production is equal to $150,000. Firm B produces 50,000 loaves ofbread at $2/loaf, which is valued at $100,000. Firm B pays $60,000 to firm A for 20,000 bushels of wheat, which is an intermediate input. Firm B’s value added is therefore $40,000. GDP is therefore equal to $190,000.(b) Expenditure approach: Consumers buy 50,000 loaves of domestically produced bread at $2/loafand 15,000 loaves of imported bread at $1/loaf. Consumption spending is therefore equal to$100,000 + $15,000 = $115,000. Firm A adds 5,000 bushels of wheat to inventory. Wheat isworth $3/bu., so investment is equal to $15,000. Firm A exports 25,000 bushels of wheat for$3/bu. Exports are $75,000. Consumers import 15,000 loaves of bread at $1/loaf. Imports are$15,000. Net exports are equal to $75,000 ? $15,000 = $60,000. There is no governmentspending. GDP is equal to consumption ($115,000) plus investment ($15,000) plus net exports($60,000). GDP is therefore equal to $190,000.(c) Income approach: Firm A pays $50,000 in wages. Firm B pays $20,000 in wages. Total wagesare therefore $70,000. Firm A produces $150,000 worth of wheat and pays $50,000 in wages.Firm A’s profits are $100,000. Firm B produces $100,000 worth of bread. Firm B pays $20,000in wages and pays $60,000 to Firm A for wheat. Firm B’s profits are $100,000 ? $20,000 ?$60,000 = $20,000. Total profit income in the economy equals $100,000 + $20, 000 = $120,000.Total wage income ($70,000) plus profit income ($120,000) equals $190,000. GDP is therefore$190,000.Chapter 2 Measurement 15 4. Price and quantity data are given as the following.Year 1Good Quanti tyPri ceComputers 20$1,000 Bread 10,000$1.00Year 2Good Quanti tyPri ceComputers 25$1,500Bread 12,000$1.10(a) Year 1 nominal GDP =×+×=20$1,00010,000$1.00$30,000.Year 2 nominal GDP =×+×=25$1,50012,000$1.10$50,700.With year 1 as the base year, we need to value both years’ production at year 1 prices. In the base year, year 1, real GDP equals nominal GDP equals $30,000. In year 2, we need to value year 2’s output at year 1 prices. Year 2 real GDP =×+×= 25$1,00012,000$1.00$37,000. The percentage change in real GDP equals ($37,000 ? $30,000)/$30,000 = 23.33%.We next calculate chain-weighted real GDP. At year 1 prices, the ratio of year 2 real GDP to year1 real GDP equals g1= ($37,000/$30,000) = 1.2333. We must next compute real GDP using year2 prices. Year 2 GDP valued at year 2 prices equals year 2 nominal GDP = $50,700. Year 1 GDPvalued at year 2 prices equals (20 × $1,500 + 10,000 × $1.10) = $41,000. The ratio of year 2 GDP at year 2 prices to year 1 GDP at year 2 prices equals g2=chain-weighted ratio of real GDP in the two years therefore is equal to 1.23496cg==. The percentage change chain-weighted real GDP from year 1 to year 2 is therefore approximately23.5%.If we (arbitrarily) designate year 1 as the base year, then year 1 chain-weighted GDP equals nominal GDP equals $30,000. Year 2 chain-weighted real GDP is equal to (1.23496 × $30,000) = $37,048.75.(b) To calculate the implicit GDP deflator, we divide nominal GDP by real GDP, and then multiplyby 100 to express as an index number. With year 1 as the base year, base year nominal GDP equals base year real GDP, so the base year implicit GDP deflator is 100. For the year 2, the implicit GDP deflator is ($50,700/$37,000) × 100 = 137.0. The percentage change in the deflator is equal to 37.0%.With chain weighting, and the base year set at year 1, the year 1 GDP deflator equals($30,000/$30,000) × 100 = 100. The chain-weighted deflator for year 2 is now equal to($50,700/$37,048.75) × 100 = 136.85. The percentage change in the chain-weighted deflator equals 36.85%.16 Williamson ? Macroeconomics, Third Edition(c) We next consider the possibility that year 2 computers are twice as productive as year1 computers. As one possibility, let us define a “computer” as a year 1 computer. In this case,the 25 computers produced in year 2 are the equivalent of 50 year 1 computers. Each year 1computer now sells for $750 in year 2. We now revise the original data as:Year 1Good Quanti tyPri ceYear 1 Computers 20 $1,000Bread 10,000$1.00Year 2Good Quanti tyPri ceYear 1 Computers 50 $750Bread 12,000$1.10First, note that the change in the definition of a “computer” does not affect the calculations of nominal GDP. We next compute real GDP with year 1 as the base year. Year 2 real GDP in year 1 prices is now ×+×=50$1,00012,000$1.00$62,000. The percentage change in real GDP is equal to ($62,000 ? $30,000)/$30,000 = 106.7%. We next revise the calculation of chain-weighted real GDP. From above, g1 equals($62,000/$30,000) = 206.67. The value of year 1 GDP at year 2 prices equals $26,000. Therefore,g 2 equals ($50,700/$26,000) = 1.95. 200.75. The percentage change chain-weighted real GDPfrom year 1 to year 2 is therefore 100.75%.If we (arbitrarily) designate year 1 as the base year, then year 1 chain-weighted GDP equalsnominal GDP equals $30,000. Year 2 chain-weighted real GDP is equal to (2.0075 × $30,000) = $60,225. The chain-weighted deflator for year 1 is automatically 100. The chain-weighteddeflator for year 2 equals ($50,700/$60,225) × 100 = 84.18. The percentage rate of change of the chain-weighted deflator equals ?15.8%.When there is no quality change, the difference between using year 1 as the base year and using chain weighting is relatively small. Factoring in the increased performance of year 2 computers, the production of computers rises dramatically while its relative price falls. Compared withearlier practices, chain weighting provides a smaller estimate of the increase in production and a smaller estimate of the reduction in prices. This difference is due to the fact that the relative price of the good that increases most in quantity (computers) is much higher in year 1. Therefore, the use of historical prices puts more weight on the increase in quality-adjusted computer output. 5. Price and quantity data are given as the following:Year 1GoodQuantity(million lbs.)Price(per lb.)Broccoli 1,500 $0.50 Cauliflower 300$0.80Year 2GoodQuantity(million lbs.)Price(per lb.)Broccoli 2,400 $0.60 Cauliflower 350$0.85Chapter 2 Measurement 17(a) Year 1 nominal GDP = Year 1 real GDP =×+×=1,500million$0.50300million$0.80 $990million.Year 2 nominal GDP=×+×=2,400million$0.60350million$0.85$1,730.5million Year 2 real GDP=×+×=2,400million$0.50350million$0.80$1,450million.Year 1 GDP deflator equals 100.Year 2 GDP deflator equals ($1,730.5/$1,450) × 100 = 119.3.The percentage change in the deflator equals 19.3%.(b) Year 1 production (market basket) at year 1 prices equals year 1 nominal GDP = $990 million.The value of the market basket at year 2 prices is equal to ×+×1,500million$0.60300million $0.85= $1,050 million.Year 1 CPI equals 100.Year 2 CPI equals ($1,050/$990) × 100 = 106.1.The percentage change in the CPI equals 6.1%.The relative price of broccoli has gone up. The relative quantity of broccoli has also gone up. The CPI attaches a smaller weight to the price of broccoli, and so the CPI shows less inflation.6. Corn producer, consumers, and government.(a) (i) Product approach: There are no intermediate goods inputs. The corn producer grows30 million bushels of corn. Each bushel of corn is worth $5. Therefore, GDP equals$150 million.(ii) Expenditure approach: Consumers buy 20 million bushels of corn, so consumption equals $100 million. The corn producer adds 5 million bushels to inventory, so investment equals$25 million. The government buys 5 million bushels of corn, so government spendingequals $25 million. GDP equals $150 million.(iii) Income approach: Wage income is $60 million, paid by the corn producer. The corn producer’s revenue equals $150 million, including the value of its addition to inventory. Additions toinventory are treated as purchasing one owns output. The corn producer’s costs includewages of $60 million and taxes of $20 million. Therefore, profit income equals $150 million ?$60 million ? $20 million = $70 million. Government income equals taxes paid by the cornproducer, which equals $20 million. Therefore, GDP by income equals $60 million +$70 million + $20 million = $150 million.(b) Private disposable income equals GDP ($150 million) plus net factor payments (0) plusgovernment transfers ($5 million is Social Security benefits) plus interest on the government debt ($10 million) minus total taxes ($30 million), which equals $135 million. Private saving equalsprivate disposable income ($135 million) minus consumption ($100 million), which equals$35 million. Government saving equals government tax income ($30 million) minus transferpayments ($5 million) minus interest on the government debt ($10 million) minus governmentspending ($5 million), which equals $10 million. National saving equals private saving($35 million) plus government saving ($10 million), which equals $45 million. The government budget surplus equals government savings ($10 million). Since the budget surplus is positive, the government budget is in surplus. The government deficit is therefore equal to (?$10 million).18 Williamson ? Macroeconomics, Third Edition7. Price controls.Nominal GDP is calculated by measuring output at market prices. In the event of effective pricecontrols, measured prices equal the controlled prices. However, controlled prices reflect an inaccurate measure of scarcity values. Nominal GDP is therefore distorted. In addition to distortions in nominal GDP measures, price controls also inject an inaccuracy in attempts to decompose changes in nominal GDP into movements in real GDP and movements in prices. With price controls, there is typically little or no change in white market prices over time. Alternatively, black market or scarcity value prices typically increase, perhaps dramatically. Measures of prices (in terms of scarcity values) understate inflation. Whenever inflation measures are too low, changes in real GDP overstate the extent of increases in actual production.8. Underground economy.Transactions in underground economy are performed with cash exclusively, to exploit the anonymous nature of currency. Thus, once we have established the amount of currency held abroad, we know the portion of $2,474 that is held domestically. Remove from it what is used for recorded transactions, say by using some estimate of the proportion of transactions using cash and applying this to observed GDP. Finally apply a concept of velocity of money to the remaining amount of cash to obtain the size of the underground economy.9. S p– 1 = CA + D(a) By definition:p d S Y C Y NFP TR INT T C =?=+++?? Next, recall that .Y C I G NX =+++ Substitute into the equation above and subtract I to obtain:()()p S I C I G NX NFP INT T C INX NFP G INT TR T CA D ?=+++++=++++?=+(b) Private saving, which is not used to finance domestic investment, is either lent to the domesticgovernment to finance its deficit (D ), or is lent to foreigners (CA ).10. Computing capital with the perpetual inventory method.(a) First, use the formula recursively for each year:K 0 = 80K 1 = 0.9 × 80 + 10 = 82K 2 = 0.9 × 82 + 10 = 83.8K 3 = 0.9 × 83.8 + 10 = 85.42K 4 = 0.9 × 85.42 + 10 = 86.88K 5 = 0.9 × 86.88 + 10 = 88.19K 6 = 0.9 × 88.19 + 10 = 89.37K 7 = 0.9 × 89.37 + 10 = 90.43K 8 = 0.9 × 90.43 + 10 = 91.39K 9 = 0.9 × 91.39 + 10 = 92.25K 10 = 0.9 × 92.25 + 10 = 93.03(b) This time, capital stays constant at 100, as the yearly investment corresponds exactly to theamount of capital that is depreciated every year. In (a), we started with a lower level of capital, thus less depreciated thanwhat was invested, as capital kept rising (until it would reach 100). Chapter 2 Measurement 19 11. Assume the following: 10540308010520D INT T G C NFP CA S =======?= (a) 201080110d p Y S C S D C =+=++=++= (b)103054015D G TR INT T TR D G INT T =++?=??+=??+= (c) 208030130S GNP C G GNP S C G =??=++=++= (d)13010120GDP GNP NFP =?=?= (e)Government Surplus 10g S D ==?=? (f)51015CA NX NFP NX CA NFP =+=?=??=? (g) 12080301525GDP C I G NXI GDP C G NX =+++==??+=。
Summary
World Happiness Report 2015SummaryJohn Helliwell, Richard Layard, and Jeffrey SachsBackgroundThe world has come a long way since the first World Happiness Report launched in 2012. Increasingly happiness is considered a proper measure of social progress and goal of public policy. A rapidly increasing number of national and local governments are using happiness data and research in their search for policies that could enable people to live better lives. Governments are measuring subjective well-being, and using well-being research as a guide to the design of public spaces and the delivery of public services.Harnessing Happiness Data and Research to Improve Sustainable DevelopmentThe year 2015 is a watershed for humanity, with the pending adoption by UN member states of Sustainable Development Goals (SDGs) in September to help guide the world community towards a more inclusive and sustainable pattern of global development. The concepts of happiness and well-being are very likely to help guide progress towards sustainable development.Sustainable development is a normative concept, calling for all societies to balance economic, social, and environmental objectives. When countries pursue GDP in a lopsided manner, overriding social and environmental objectives, the results often negatively impact human well-being. The SDGs are designed to help countries to achieve economic, social, and environmental objectives in harmony, thereby leading to higher levels of well-being for the present and future generations.The SDGs will include goals, targets and quantitative indicators. The Sustainable Development Solutions Network, in its recommendations on the selection of SDG indicators, has strongly recommended the inclusion of indicators of Subjective Well-being and Positive Mood Affect to help guide and measure the progress towards the SDGs. We find considerable support of many governments and experts regarding the inclusion of such happiness indicators for the SDGs. The World Happiness Report 2015 once again underscores the fruitfulness of using happiness measurements for guiding policy making and for helping to assess the overall well-being in each society.Overview of the ChaptersThis report continues in the tradition of combining analysis of recent levels and trends of happiness data with chapters providing deeper analysis of specific issues.•Chapter 2, by John Helliwell, Haifang Huang, and Shun Wang, contains our primary rankings of and explanations for life evaluations.•Chapter 3, by Nicole Fortin, John Helliwell, and Shun Wang, presents a far broader range of happiness measures, and shows how they differ by gender, age and global region.•Chapter 4, by Richard Layard and Gus O’Donnell, advocates and explains the use of happiness as the measure of benefit in cost-benefit analysis.•Chapter 5, by Richard Davidson and Brianna Schuyler, surveys a range of important new results from the neuroscience of happiness.•Chapter 6, by Richard Layard and Ann Hagell, is aimed especially at the happiness of the young – the one-third of the world population that is under the age of 18 years.•Chapter 7, by Leonardo Becchetti, Luigino Bruni, and Stefano Zamagni, digs deeper into the ethical and community-level supports for happiness.•Chapter 8, by Jeffrey Sachs, discusses importance of social capital for well-being and describes ways that societies may invest in social capital in order to promote well-being.We now briefly describe the main findings of each chapter.Chapter 2: The Geography of HappinessAverage life evaluations, where 0 represents the worst possible life and 10 the best possible, range from an average above 7.5 at the top of the rankings to below 3 at the bottom. A difference of 4 points in average life evaluations separates the 10 happiest countries from the 10 least happy countries.Comparing the country rankings in World Happiness Report 2015 with those in World Happiness Report 2013, there is a combination of consistency and change. Nine of the top 10 countries in 2015 were also in the top 10 of 2013. But the ranking has changed, with Switzerland now at the top, followed closely by Iceland, Denmark and Norway. All four countries have average scores between 7.5 and 7.6, and the differences between them are not statistically significant. The rest of the top 10 (in order) are Canada, Finland, Netherlands, Sweden, New Zealand and Australia, all with average scores above 7.28. There is more turnover, almost half, among the bottom 10 countries, all with average ladder scores below 3.7. Most are in sub-Saharan Africa, with the addition of Afghanistan and a further drop for Syria.Three-quarters of the differences among countries, and also among regions, is accounted for by differences in six key variables: GDP per capita, healthy years of life expectancy, social support, trust, perceived freedom to make life decisions, and generosity. Differences in social support, incomes, and healthy life expectancy are the three most important factors.Analysis of changes in life evaluations from 2005-2007 to 2012-2014 shows big international differences in how the global recession affected national happiness. The top three gainers were Nicaragua, Zimbabwe and Ecuador, with increases ranging from 0.97 to 1.12. The biggest drop in average life evaluations was in Greece, which lost almost 1.5 points, followed by Egypt with -1.13 and Italy with -0.76 points. Of the 125 countries with data available for both 2005-2007 and 2012-2014, there were 53 countries with significant improvements, 41 with significant worsening, and 36 without significant change. These differing national experiences appear to be due some combination of differing exposure to the economic crisis and differences in the quality of governance, trust and social support. Countries with sufficiently high quality social capital appear to be able to sustain or even improve subjective well-being in the face of natural disasters or economic shocks, as the shocks provide them an opportunity to discover, use and build upon their communal links. In other cases, the economic crisis triggered drops in happiness greater than could be explained by falling incomes and higher unemployment.Chapter 3: How Does Subjective Well-being Vary around the World by Gender and Age?The analysis in this chapter extends beyond life evaluations to include a range of positive and negative experiences that show widely different patterns by gender, age and region. The positive experiences are happiness, smiling or laughter, enjoyment, feeling safe at night, feelingwell-rested, and feeling interested. The six negative experiences are anger, worry, sadness, depression, stress and pain. For life evaluations, differences by gender are very small relative to those across countries, or even across ages within a country. On a global average basis, women’s life evaluations are slightly higher than men’s, by about 0.09 on the 10-point scale, or about 2% as large as the 4-point difference between the 10 most happy and 10 least happy countries. The differences among age groups are much larger, and differ considerably by region. On a global basis, average life evaluations start high among the youngest respondents, fall by almost 0.6 points by middle age, and are fairly flat thereafter. This global picture masks big regional differences, with U-shapes in some countries and declines in others.For the six positive and six negative experiences, there are striking differences by gender, age and region, some revealing larger cross-cultural differences in experiences than had previously been studied.A parallel analysis of the six main variables used in Chapter 2 to explain international differences and changes in life evaluations also shows the value of considering age, gender and region at the same time to get a better understanding of the global trends and differences. The importance of the social context shows up strongly in the analysis by gender and age group. For example, the world regions where life evaluations are significantly higher in the older age groups are also those regions where perceived social support, freedom and generosity (but not household incomes) are higher in the older age groups. All three of those variables have quite different levels and age group dynamics in different regions.Chapter 4: Cost-benefit Analysis using Happiness as the Measure of BenefitIf the aim of policy is to increase happiness, policy makers will have to evaluate their options in a quite new way. This is the subject of Chapter 4. The benefits of a new policy should now be measured in terms of the impact of the change upon the happiness of the population. This can be achieved in a fully decentralized way by establishing a critical level of extra happiness which a project must yield per dollar of expenditure.This new form of cost-benefit analysis avoids many of the serious problems with existing methods, where money is the measure of benefit. It uses evidence to allow for the obvious fact that an extra dollar brings more happiness to the poor than to the rich. It also includes the effects of all the other factors beyond income, so it can be applied to a much wider range of policies.Chapter 5: The Neuroscience of HappinessChapter 5 highlights four supports for well-being and their underlying neural bases:1) sustained positive emotion; 2) recovery of negative emotion; 3) empathy, altruism and prosocial behavior; and 4) mind-wandering, mindfulness and “affective stickiness” or emotion-captured attention.There are two overall lessons that can be taken from the neuroscientific evidence. The first is the identification of the four highlighted elements, since they are not commonly emphasized in well-being research. The second is that the circuits we identify as underlying these four supports for well-being all exhibit plasticity, and therefore can be transformed through experience and training. There are now training programs being developed to cultivate mindfulness, kindness, and generosity. The chapter reviews evidence showing that some of these training regimes, even those as short as two weeks, can induce measurable brain changes. These findings highlight the view that happiness and well-being are best regarded as skills that can be enhanced through training.Chapter 6: Healthy Young Minds: Transforming the Mental Health ofChildrenChapter 6 turns the focus of attention to the world’s future, as embodied in the one-third of the current global population who are now under 18 years of age. It is vital to determine which aspects of child development are most important in determining whether a child becomes a happy, well-functioning adult. Studies that follow children from birth into adulthood show that of the three key features of child development (academic, behavioral, or emotional), emotional development is the best of the three predictors, and academic achievement the worst.This should not be surprising, since mental health is a key determinant of adult life satisfaction, and half of mentally ill adults already showed the symptoms by the age of 15. Altogether 200 million children worldwide are suffering from diagnosable mental health problems requiring treatment. Yet even in the richest countries only a quarter are in treatment. Giving more priority to the well-being of children is one of the most obvious and cost-effective ways to invest in future world happiness.Chapter 7: Human Values, Civil Economy and Subjective Well-BeingChapter 7 presents the history, evidence, and policy implications of the Italian Civil Economy paradigm. The approach attempts to keep alive the tradition of civil life based on friendship (Aristotle’s notion of philia), and a more socialized idea of person and community. It is contrasted with other economic approaches that give a less central role to reciprocity and benevolence.The empirical work in Chapter 7 echoes that presented in Chapters 2 and 8 in emphasizing the importance of positive social relations (as characterized by trust, benevolence and shared social identities) in motivating behavior, both contributing positively to economic outcomes as well as delivering happiness directly.The authors recommend changes to democratic mechanisms that incorporate these human capacities for pro-social actions.Chapter 8: Investing in Social CapitalWell-being depends heavily on the pro-social behavior of members of the society. Pro-sociality involves individuals making decisions for the common good that may conflict with short-run egoistic incentives. Economic and social life is rife with “social dilemmas,” in which the common good and individual incentives may conflict. In such cases, pro-social behavior – including honesty, benevolence, cooperation, and trustworthiness – is key to achieving the best outcome for society.Societies with a high level of social capital – meaning generalized trust, good governance, and mutual support by individuals within the society – are conducive to pro-social behavior. High social capital directly and indirectly raises well-being, by promoting social support systems, generosity and voluntarism, honesty in public administration, and by reducing the costs of doing business. The pressing policy question is therefore how societies with low social capital, riven by distrust and dishonesty, can invest in social capital. The chapter discusses various pathways to higher social capital, including education, moral instruction, professional codes of conduct, public opprobrium towards violators of the public trust, and public policies to narrow inequalities in the various supports for well-being, income, health and and social connections. This is important because social and economic equality is associated with higher levels of social capital and generalized trust.The Common Threads are SocialThere is a common social theme that emerges consistently from the World Happiness Report 2015. At both the individual and national levels, all measures of well-being, including emotions and life evaluations, are strongly influenced by the quality of the surrounding social norms and institutions. These include family and friendships at the individual level, the presence of trust and empathy at the neighborhood and community levels, and power and quality of the over-arching social norms that determine the quality of life within and among nations and generations. When these social factors are well-rooted and readily available, communities and nations are more resilient, and even natural disasters can add strength to the community as it comes together in response.The challenge is to ensure that policies are designed and delivered in ways that enrich the social fabric, and teach the pleasure and power of empathy to current and future generations. Under the pressures of putting right what is obviously wrong, there is often too little attention paid to building the vital social fabric. Paying greater attention to the levels and sources of subjective well-being has helped us to reach these conclusions, and to recommend making and keeping happiness as a central focus for research and practice.。
Essentials Of Investments 8th Ed Bodie 投资学精要(第八版)
Essentials Of Investments 8th Ed Bodie 投资学精要（第八版） Chapter 07 - Capital Asset Pricing and Arbitrage Pricing TheoryCHAPTER 07CAPITAL ASSET PRICING AND ARBITRAGE PRICINGTHEORY1. The required rate of return on a stock is related to the required rateof return on thestock market via beta. Assuming the beta of Google remains constant, the increase in the risk of the market will increase the required rate of returnon the market, and thus increase the required rate of return on Google.2. An example of this scenario would be an investment in the SMB and HML.As of yet,there are no vehicles (index funds or ETFs) to directly invest in SMB and HML. While they may prove superior to the single index model, they are not yet practical, even for professional investors.3. The APT may exist without the CAPM, but not the other way. Thus, statement a ispossible, but not b. The reason being, that the APT accepts the principleof risk and return, which is central to CAPM, without making any assumptions regardingindividual investors and their portfolios. These assumptions are necessaryto CAPM.4. E(rP) = rf + ?[E(rM) �C rf]20% = 5% + ?(15% �C 5%) ? ? = 15/10 = 1.55. If the beta of the security doubles, then so will its risk premium.The current riskpremium for the stock is: (13% - 7%) = 6%, so the new risk premium wouldbe 12%, and the new discount rate for the security would be: 12% + 7% = 19%If the stock pays a constant dividend in perpetuity, then we know from the original data that the dividend (D) must satisfy the equation for a perpetuity:Price = Dividend/Discount rate 40 = D/0.13 ? D = 40 ? 0.13 = $5.20 At the new discount rate of 19%, the stock would be worth: $5.20/0.19 = $27.37The increase in stock risk has lowered the value of the stock by 31.58%.6. The cash flows for the project comprise a 10-year annuity of $10million per year plus anadditional payment in the tenth year of $10 million (so that the total payment in the tenth year is $20 million). The appropriate discount rate for the project is:rf + ?[E(rM) �C rf ] = 9% + 1.7(19% �C 9%) = 26% Using this discount rate:10NPV = �C20 + ?t?1101.26t?101.26107-1Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory7.c. False. You should invest 0.75 of your portfolio in the market portfolio, and theremainder in T-bills. Then: 8.a. The beta is the sensitivity of the stock's return to the market return. Call theaggressive stock A and the defensive stock D. Then beta is the change in the stock return per unit change in the market return. We compute eachstock's beta by calculating the difference in its return across the two scenarios divided by the difference in market return.?A?2?325?20?2.00= �C20 + [10 ? Annuity factor (26%, 10 years)] + [10 ? PV factor (26%, 10 years)] = 15.64The internal rate of return on the project is 49.55%. The highest value that beta can take before the hurdle rate exceeds the IRR is determined by:49.55% = 9% + ?(19% �C 9%) ? ? = 40.55/10 = 4.055 a. False. ? = 0 implies E(r) = rf , not zero.b. False. Investors require a risk premium for bearing systematic (i.e., market orundiversifiable) risk.?P = (0.75 ? 1) + (0.25 ? 0) = 0.75?D?3.5?145?20?0.70b. With the two scenarios equal likely, the expected rate of return is an average ofthe two possible outcomes:E(rA) = 0.5 ? (2% + 32%) = 17% E(rB) = 0.5 ? (3.5% + 14%) = 8.75%c. The SML is determined by the following: T-bill rate = 8% with a beta equal tozero, beta for the market is 1.0, and the expected rate of return for the market is:0.5 ? (20% + 5%) = 12.5% See the following graph.7-2Chapter 07 - Capital Asset Pricing and Arbitrage Pricing TheoryE(r) SML A M 12.5% ?D 8% D .7 1.0 2.0 ??The equation for the security market line is: E(r) = 8% + ?(12.5% �C 8%) d. The aggressive stock has a fair expected rate of return of:E(rA) = 8% + 2.0(12.5% �C 8%) = 17%The security analyst’s estimate of the expected rate of return is also 17%.Thus the alpha for the aggressive stock is zero. Similarly, the required return for the defensive stock is:E(rD) = 8% + 0.7(12.5% �C 8%) = 11.15%The security analyst’s estimate of the expected return for D is only8.75%, and hence:??D = actual expected return �C required return predicted by CAPM = 8.75% �C 11.15% = �C2.4%The points for each stock are plotted on the graph above.e. The hurdle rate is determined by the project beta (i.e., 0.7), not bythe firm’sbeta. The correct discount rate is therefore 11.15%, the fair rate of return on stock D.9. Not possible. Portfolio A has a higher beta than Portfolio B, but the expected returnfor Portfolio A is lower.7-3Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory10. Possible. If the CAPM is valid, the expected rate of return compensates only forsystematic (market) risk as measured by beta, rather than the standard deviation, which includes nonsystematic risk. Thus, Portfolio A's lower expected rate of return can be paired with a higher standard deviation, as long as Portfolio A's beta is lower than that of Portfolio B.11. Not possible. The reward-to-variability ratio for Portfolio A is better than that of themarket, which is not possible according to the CAPM, since the CAPM predicts that the market portfolio is the most efficient portfolio. Using the numbers supplied:SA =SM =16?101218?1024?0.5?0.33These figures imply that Portfolio A provides a better risk-reward tradeoff than the market portfolio.12. Not possible. Portfolio A clearly dominates the market portfolio. It has a lowerstandard deviation with a higher expected return.13. Not possible. Given these data, the SML is: E(r) = 10% + ?(18% �C 10%)A portfolio with beta of 1.5 should have an expected return of: E(r) = 10% + 1.5 ? (18% �C 10%) = 22%The expected return for Portfolio A is 16% so that Portfolio A plots below the SML (i.e., has an alpha of �C6%), and hence is an overpriced portfolio. This is inconsistent with the CAPM.14. Not possible. The SML is the same as in Problem 12. Here, the required expectedreturn for Portfolio A is: 10% + (0.9 ? 8%) = 17.2%This is still higher than 16%. Portfolio A is overpriced, with alphaequal to: �C1.2%15. Possible. Portfolio A's ratio of risk premium to standard deviationis less attractivethan the market's. This situation is consistent with the CAPM. Themarket portfolio should provide the highest reward-to-variability ratio.7-4Chapter 07 - Capital Asset Pricing and Arbitrage Pricing Theory16.a. FordBeta 5 yearsBeta first twp yearsBeta last two yearsSE of residualSE beta 5 yearsIntercept 5 yearsIntercept first two yearsInterceptlast two years1.812.011.9712.010.42-0.93-2.370.81GM 0.861.050.698.340.29-1.44-1.82-3.41ToyotaS&P0.711.000.473.78SD0.495.140.180.451.80-1.91 b.As a first pass we note that large standard deviation of the beta estimates. None of the subperiod estimates deviate from the overall period estimate by more than two standard deviations. That is, the t-statistic ofthe deviation from the overall period is not significant for any of the subperiod beta estimates. Looking beyond the aforementioned observation, the differences can be attributed to different alpha values during the subperiods. The case of Toyota is most revealing: The alpha estimate for the first two years is positive and for the last two years negative (both large). Following a good performance in the \Toyota surprised investors with a negative performance, beyond what could be expected from the index. This suggests that a beta of around 0.5 is more reliable. The shift of the intercepts from positive to negative when the index moved to largely negative returns,explains why the line is steeper when estimated for the overall period. Draw a line in the positive quadrant for the index with a slope of 0.5 and positive intercept. Then draw a line with similar slope in the negative quadrant ofthe index with a negative intercept. You can see that a line that reconciles the observations for both quadrants will be steeper. The same logic explains part of the behavior of subperiod betas for Ford and GM.17. Since the stock's beta is equal to 1.0, its expected rate of return should be equal to thatof the market, that is, 18%.18. If beta is zero, the cash flow should be discounted at the risk-free rate, 8%:PV = $1,000/0.08 = $12,5007-5E(r) =0.18 =D?P1P0?P0??P1 = $1099?P1?100100感谢您的阅读，祝您生活愉快。
nate the great 30本 书名 -回复
nate the great 30本书名-回复Nate the Great: 30 BooksIntroduction:"Nate the Great" is a well-known children's book series written by Marjorie Weinman Sharmat and illustrated by Marc Simont. The series revolves around the adventures of Nate, a young detective, and his dog, Sludge. With a total of 30 books in the series, each title brings new mysteries and exciting cases for Nate to solve. This article will delve into the highlights of the series, providing an overview of the books, their main themes, and the impact they have had on young readers' imaginations.Book 1: "Nate the Great"The first book in the series introduces readers to Nate, a pint-sized detective with a big imagination. When his friend Ann's pet turtle goes missing, Nate steps in to solve the case. With his keen eye for detail and deductive reasoning, he follows clues and interviews suspects to ultimately find the turtle. This book sets the stage for the following adventures and establishes the core elements of theseries: Nate's clever thinking, quirky sense of humor, and unwavering determination.Books 2-4: Expanding the Detective's PortfolioAs the series progresses, Nate's detective skills continue to shine. In "Nate the Great Goes Undercover," he disguises himself to unravel the mystery of a lost painting. In "Nate the Great and the Halloween Hunt," Nate takes on the challenge of finding Oliver's missing cat on Halloween night. And in "Nate the Great and the Monster Mess," he uncovers the truth behind a monster sighting. With each book, Nate's reputation as a skilled detective grows, and readers are captivated by the thrilling mysteries he unravels.Books 5-10: Special Challenges and Unique CasesMoving forward, the series presents Nate with some intriguing challenges. In "Nate the Great and the Musical Note," Nate must find a missing music sheet before the performance begins. In "Nate the Great Saves the King of Sweden," Nate embarks on an international adventure when he receives a mysterious letter from Sweden. These books not only showcase Nate's problem-solvingabilities but also introduce young readers to different cultures and customs.Books 11-20: A Wider Circle of CharactersAs the series evolves, more characters come into play, enriching Nate's world. In "Nate the Great Talks Turkey," he assists Rosamond in finding her missing turkey. In "Nate the Great and the Mushy Valentine," he helps Oliver locate a missing valentine. Throughout these books, readers encounter Nate's friends and acquaintances, including Rosamond, Oliver, and Annie. The addition of these characters creates a sense of community and friendship, emphasizing the importance of teamwork and compassion.Books 21-30: Adventures and LessonsIn the final stretch of the series, Nate tackles even more exhilarating mysteries. In "Nate the Great and the Big Sniff," Nate uses his sense of smell to locate the source of a mysterious smell. In "Nate the Great and the Missing Birthday Snake," he unravels the mystery behind a missing birthday surprise. These books continue to engage young readers while imparting important life lessons, suchas the value of patience, perseverance, and critical thinking. Conclusion:The "Nate the Great" series, with its 30 books, has captivated young readers for decades. Through Nate's adventures, children learn problem-solving skills, develop their imagination, and embrace the joy of reading. Each book presents a new mystery, allowing children to hone their detective skills alongside Nate. From finding lost pets to uncovering hidden treasures, the series provides thrilling and engaging tales that keep children captivated from start to finish. Whether it's their first introduction to Nate or their 30th adventure, readers of all ages continue to be charmed by this clever and determined detective and his lovable sidekick, Sludge.。
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Common Types of Cash Flows
• Sunk costs – costs that have accrued in the past • Opportunity costs – costs of lost options • Side effects • Positive side effects – benefits to other projects • Negative side effects – costs to other projects • Changes in net working capital • Financing costs • Taxes
Projected Total Cash Flows
Year 0 OCF Change in NWC NCS CFFA -$20,000 -$90,000 -$110,00 $51,780 $51,780 $71,780
7-8
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• Should we accept or reject the project?
7-9
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More on NWC
• Why do we have to consider changes in NWC separately?
7-12
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After-tax Salvage
• If the salvage value is different from the book value of the asset, then there is a tax effect • Book value = initial cost – accumulated depreciation • After-tax salvage = salvage – T*(salvage – book value)
7-5
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Pro Forma Income Statement
Sales (50,000 units at $4.00/unit) Variable Costs ($2.50/unit) Gross profit Fixed costs Depreciation ($90,000 / 3) EBIT Taxes (34%) Net Income
• If the answer is “yes”, it should be included in the analysis because it is incremental • If the answer is “no”, it should not be included in the analysis because it will occur anyway • If the answer is “part of it”, then we should include the part that occurs because of the project
• Operating Cash Flow (OCF) = EBIT + depreciation – taxes • OCF = Net income + depreciation when there is no interest expense • Cash Flow From Assets (CFFA) = OCF – net capital spending (NCS) – changes in NWC
Year
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0 NWC NFA Total $20,000 90,000 $110,000
1
2
3 $20,000 0 $20,000
7-7
$20,000 $20,000 60,000 30,000
$80,000 $50,000
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• D = (Initial cost – salvage) / number of years • Very few assets are depreciated straight-line for tax purposes
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• MACRS
• Need to know which asset class is appropriate for tax purposes • Multiply percentage given in table by the initial cost • Depreciate to zero • Mid-year convention
7-2
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Asking the Right Question
• You should always ask yourself “Will this cash flow occur ONLY if we accept the project?”
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$200,000 125,000 $ 75,000 12,000 30,000 $ 33,000 11,220 $ 21,780
7-6
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Projected Capital Requirements
• D = depreciation expense • T = marginal tax rate
7-11
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Computing Depreciation
• Straight-line depreciation
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7-13
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Example
• You purchase equipment for $100,000 and it costs $10,000 to have it delivered and installed. Based on past information, you believe that you can sell the equipment for $17,000 when you are done with it in 6 years. The company’s marginal tax rate is 40%. What is the depreciation expense each year and the after-tax salvage in year 6 for each of the following situations?
1 $51,780
2 $51,780
3 $51,780 20,000
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Making The Decision
• Enter the cash flows into the calculator and compute NPV and IRR
• CF0 = -110,000; C01 = 51,780; F01 = 2; C02 = 71,780 • NPV; I = 20; CPT NPV = 10,648 • CPT IRR = 25.8%
7-10
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Depreciation
• The depreciation expense used for capital budgeting should be the depreciation schedule required by the IRS for tax purposes • Depreciation itself is a non-cash expense; consequently, it is only relevant because it affects taxes • Depreciation tax shield = D×T
7-1
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Relevant Cash Flows
• The cash flows that should be included in a capital budgeting analysis are those that will only occur if the project is accepted • These cash flows are called incremental cash flows • The stand-alone principle allows us to analyze each project in isolation from the firm simply by focusing on incremental cash flows
• GAAP requires that sales be recorded on the income statement when made, not when cash is received • GAAP also requires that we record cost of goods sold when the corresponding sales are made, whether we have actually paid our suppliers yet • Finally, we have to buy inventory to support sales although we haven’t collected cash yet