...in the methodologies that they use to measure consumption satisfaction Cardinal Utility Cardinal utility states that the satisfaction the consumer derives by consuming goods and services can be measured with numbers. Cardinal utility is measured in terms of utils (the units on a scale of utility or satisfaction). Goods and services that are able to derive a higher level of satisfaction to the customer will be assigned higher utils and goods that result in a lower level of satisfaction will be assigned lower utils. Cardinal utility is a quantitative method that is used to measure consumption satisfaction. Ordinal Utility Ordinal utility states that the satisfaction the consumer derives from the consumption of goods and services cannot be measured in numbers. Ordinal utility uses a ranking system in which a ranking is provided to the satisfaction that is derived from consumption. Goods and services that offer the customer a higher level of satisfaction will be assigned higher ranks and the opposite for goods and services that offer a lower level of satisfaction. Ordinal utility is a qualitative method that is used to measure consumption satisfaction. What is the difference between Cardinal and Ordinal Utility? i. Cardinal and ordinal utility are theories that are used to explain the levels of satisfaction that a consumer derives from the consumption of goods and services. There are a number of differences between the methods in which either measure consumption satisfaction....
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...Subject CT1 Financial Mathematics Core Technical Syllabus for the 2013 Examinations 1 June 2012 Institute and Faculty of Actuaries Subject CT1 – Financial Mathematics Core Technical Aim The aim of the Financial Mathematics subject is to provide a grounding in financial mathematics and its simple applications. Links to other subjects Subject CT2 – Finance and Financial Reporting: develops the use of the asset types introduced in this subject. Subject CT4 – Models: develops the idea of stochastic interest rates. Subject CT5 – Contingencies: develops some of the techniques introduced in this subject in situations where cashflows are dependent on survival. Subject CT7 – Business Economics: develops the behaviour of interest rates. Subject CT8 – Financial Economics: develops the principles further. Subjects CA1 – Actuarial Risk Management, CA2 – Model Documentation, Analysis and Reporting and the Specialist Technical and Specialist Applications subjects: use the principles introduced in this subject. Objectives On completion of the subject the trainee actuary will be able to: (i) Describe how to use a generalised cashflow model to describe financial transactions. 1. For a given cashflow process, state the inflows and outflows in each future time period and discuss whether the amount or the timing (or both) is fixed or uncertain. Describe in the form of a cashflow model the operation of a zero coupon bond, a fixed interest security, an index-linked security, cash on deposit...
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...How should we call people ın an organısatıon? * Labor * Employee * Personel * Worker * Assocıates * Human resources There are two types of employees: * Front of the house (line)staff(who directly contact with customers in the production of service) * Back of the house staff: is HR a front of the house department?or a back of the house department? Hospıtalıty and tourısm ındustry:collectıon of thousands of organısatıon on lodgıng and food functıon.ex:restaurants and hotels bars. Companıes have to fınd ways to become more responsıve and create greater value for theır customers. * The qualıty of organısatıon servıce delıvery hıngs ın part upon ıts people. * How frontlıne personel act has a determınıng ınfluence on customers’ perceptıon of servıce qualıty an ın turn on the overal level of customer satısfactıon. HR personel act > value > serv’ce quality perception > customer satisfaction Moment of truth:ınterractıon between the frontlıne employees and customers known as the servıce encounter or the moment of the truth that has the most dırect ımpact on the customers level of satısfactıon and overall perceptıon of the organısatıon. Management of human resources: ıs the responsıbılıty of all managers and not just the coccern of human resource specıalıst.all managers work wıth people ın theır departments and have responsıbılıty for a wıde range of human resource concerns ın theır day to day roles. Human resource management: ıt ıs...
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...same financial data is used to derive reports for each accounting process yet they differ in some ways. Financial accounting primarily provides external reports for external users such as stock holders, creditors, regulating authority and others. (Garrison, Noreen, & Brewer, 2010) On the other hand Managerial accounting is concern with providing information that deals with the internal viability of the organization and is tailored to meet the needs of an individual organization. (Albrecht, Stice, Stice, & Skousen, 2002) Managerial Accounting addresses those aspects that relates to an individual organization return on investments (ROI). (Albrecht, Stice, Stice, & Skousen, 2002) A company’s profitability depends on periodic attention to its assets turnover and profit margin. This process is designed to support the de... ... middle of paper ... ...egulator or auditor is going to insist that a company implement a good management accounting system. (Garrison, Noreen, & Brewer, 2010) The choice of how to collect and utilize information in a company is strictly management’s decision and is a part of the company’s competitive strategy. Financial and Managerial accounting are used for making sound financial decisions about an organization. They provide information of past quantitative financial activities and are useful in making future economic decisions. (Albrecht, Stice, Stice, & Skousen, 2002) The same financial data is used to derive reports for each accounting process...
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...something works means that possible manipulation can occur with the ultimate goal being elimination of crime. Social responsibility theories and social problem theories are two different concepts to the same question. What makes criminals tick? In reference to the social responsibility theories they focus on the fact that crime derives its essence from the person, meaning that it is the individual actor that causes crime and not the factors of the environment. Choice theory is the first theory to discuss because it is the center basis for what I perceive as all other theories. It focuses on weighing the consequences and determining if the perceived punishment outweighs the possible reward of the crime. The perceived punishment varies from person to person and situation to situation. This is similar to classical theory in which it is surmised that people’s actions are predetermined on their thought processes. Free will is the key in this theory in...
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...Economic Analysis of the Firm – February 1, 2011 • Remember: our big picture objective is… a. To derive cost functions that, ultimately, we can combine with revenue functions to derive profit functions, in order to try and characterize the optimal behavior of the firm. b. Behavior of the average is driven by the marginal on the general production process i. Note how things appear in the Cobb-Douglas world 1. There is no specialization c. The SRPF is upward sloping everywhere. And, the slope of the SRPF is decreasing everywhere. Since the slope is the MPL, it follows that the MPL is decreasing everywhere. d. A derivative is interpreted as a slope. So, if we take the derivative of the SRPF and confirm its positive, we can also take the derivative of the MPL function and confirm its negative. • In deriving cost functions from SRPF… a. Just as we have fixed and variable inputs, it follows that we have fixed and variables costs i. A fixed cost is a cost that doesn’t change regardless of how many outputs (ie: rent, insurance, telephone bills etc…). That is, it is independent of the level of production. In our production setting, fixed costs must be associated with fixed input (K) ii. A variable cost is a cost that varies with the level of production. In our setting, it is associated with Labor. b. That is, to produce more output, increase more variable input aka labor (assuming that labor...
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...‘This text is so rooted in the female world that only women could derive any pleasure from it’? Considering the above statement, it’s evident that both ‘Pride and Prejudice’ and ‘The Yellow Wallpaper’ are both feminist perspective texts. As they are rooted within the female world I believe, that only women can derive pleasure from them both. It is apparent within chapter 8 that Austen has undertaken many different methods to portray characters in certain ways. One method Austen has used to make the novel more rooted to females is the use of dialogue and description. When Elizabeth leaves the room, “Miss Bingley begins abusing her” stating that her “manners were pronounced to be very bad indeed” and describing her as having a “mixture of pride and impertinence”. Therefore, it can be said that both description and dialogue incorporate successfully to create this classical novel which is still regarded as a timeless classic by many critics. This is also relatable within modern societies as women still like to gossip about each other. Despite the sisters criticising Elizabeth, a judgement can also be made about the vulgarity of their character, which is a further source of laughter between the two sisters despite their declared regard for Jane, “his sisters…indulged their mirth for some time at the expense of their dear vulgar relations”. Therefore, illustrating their spiteful and hypocritical nature disguised by their façade. Furthermore, they also state Elizabeth “had no conversation...
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...Platonic Love In the Symposium, which is normally dated at the beginning of the middle period, Plato introduces his theory of love. First thing to note is that in Plato’s theory, love is given and its existence is not questioned. The word love leaves the matter ambiguous as to whether we are discussing love in the normal, human, sense of the word, or if we are discussing desire in a much broader sense, but in this discussion we are only considering only love of type eros, love as a kind of desire that exists between two human beings. Symposium, is a dialogue by Plato, about a dinner party in honor of the tragedian Agathon, after they have finished eating Phaedrus suggests that each person in turn should make a speech about the praise of god of love. Symposium not only gives us theory of Forms in Diotima's discussion of the Form of Beauty, but it also gives us a number of varying perspectives on love. One more important thing to consider is that Diotima is not known to be a historical figure, and the way in which she is introduced suggests that she is almost certainly just a literary device developed by Plato to express his own ideas. In this theory, we see Plato rejecting the romanticization of sexual love, valuing above all an asexual and all-consuming passion for wisdom and beauty. Plato clearly regards actual physical or sexual contact between lovers as degraded and wasteful forms of erotic expression. Because the true goal of eros is real beauty and real beauty is...
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...Why do people call Christmas? The word “Christmas” derives from an Old English term that dates back to 1038: “Cristes Maesse.” The term literally means “the mass of Christ,” which is evidence of its Catholic roots.[1] “Mass” comes from the Latin missa, and refers to the service of Eucharist, or the Lord’s Supper. To the Protestant ear, Mass is best understood as a daily service of prayers in which Christians partake of the Lord’s supper, and the “mass of Christ” was specially devoted to the celebration of Christ’s birth. Christian celebrate Christmas because it is jesus birthday and jesus die for us. These days, one of the questions I often receive about Jesus has to do with his marital status. This question didn’t just drop out of heaven, however. It was born of the popularity of Dan Brown’s controversial novel, The Da Vinci Code. This novel advocates the thesis that Jesus was in fact married to the woman we know as Mary Magdalene, that they had a child together, and that this “truth” was covered up by the church for self-serving reasons. Many readers of The Da Vinci Code, believing the fictional history of the novel to be true, have been buzzing about the possibility of Jesus’ having been married. The people in the story is Joseph Adam Jesus god David eve ibraham lkdsjasjssssssssssssssssssssssssssssssssssss [pic] 0 Why do people call Christmas? The word “Christmas” derives from an Old English term that dates back to 1038: “Cristes Maesse.” The term literally...
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...last depending on the reasons for the friendship. This paper will focus on the types of friendship as advanced by Aristotle, illustrate what he meant by saying friendship based on virtue and my views towards this subject. Aristotle differentiates between three types of friendship. First, he singles out mutual, recognized love among people with respect for one another. Their friendship is for mutual benefit. They love each other for the good they get from each other. These kinds of friends wish each other well in respect of the love they have for one another. The second class of friends according to Aristotle is those who love for pleasure. They do not get into friendship because they admire each other’s character but because they derive pleasure from one another. In this type of friendship, one looks at the pleasure that is derivable from the friend. The friendship continues as long as there is pleasure derived. For this reason, this type of friendship is only incidental. The friendship dissolves away easily in case one friend ceases to get the pleasure previously derived or if one of the friends changes in character. If one party ceases to be pleasant and useful, the other party withdraws from the friendship. Aristotle argues that the old follow the usefulness of a friendship while the young follow the hopes of deriving pleasure from the friendship. Aristotle uses his claim of youths following pleasure to explain why they so easily fall in and out of love. He says it...
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...following statements into symbolic form. Avoid negation signs preceding quantifiers. The predicate letters are given in parentheses. Violins and cellos are stringed instruments. (V, C, S, I) Solution: x are violins V(x) x are cellos C(x) x has string S(x) x are instruments I(x) → symbolic form: : ( (V(x) ^ C(x) ) ( (S(x) ^ I(x) ) I.8 (p.439) Use the eighteen rules of inference to derive the conclusions of the following symbolized arguments. Do not use either conditional proof or indirect proof. 1. ∀x( A(x) B(x) ) 2. A(m) ^ A(n) / B(m) ^ B(n) No. | Predicate | Note | 1. | ∀x( A(x) B(x) ) | Premise(P) | 2. | A(m) ^ A(n) | P | | B(m) ^ B(n) | Expected Conclusion | 3. | A(m) B(m) | 1, UI | 4. | A(n) B(n) | 1, UI | 5. | A(m) | 2, Com, SImp | 6. | A(n) | 2, Simp | 7. | B(m) | 3, 5, MP | 8. | B(n) | 4, 6, MP | 9. | B(m) ^ B(n) | 7, 8, Conj | | | Proved | II.8 (p.440) Translate the following arguments into symbolic form. Then use the eighteen rules of inference to derive the conclusion of each. Do not use conditional or indirect proof Some huckleberries are ripe. Furthermore, some boysenberries are sweet. If there are any huckleberries, then the boysenberries are edible if they are sweet. Therefore, some boysenberries are edible. (H, R, B, S, E) Solution: H(x) x are hukleberries R(x) x is...
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...Fixed Income Risk Management Second Assignment QUESTION 1 Maturity 0.5 1 1.5 Interest Rate 0.01 0.016 0.02 0.022 Discount Factor 0.9940 0.9841 0.9704 0.9570 Pz(0.T) 99.4018 98.4127 97.0446 95.6954 2 Table 1- Zero option prices A. Given the current term structure of interest rates, we can easily derive the prices of zero-coupon bonds. As the interest rates are continuously compounded, the formulas used to calculate the discount factors and the zero prices are: ������(������, ������) = ������ −������(������,������)(������− ������) ������������ (������, ������) = 100 × ������(������, ������) B. Assuming Ɵi=1% and σ=1.50%, we can set up the Ho-Lee model, which implies the following 3-step interest rate tree (where each step is = 0.5): 1 1.20% 2.76% 0.64% 2 4.32% 2.20% 0.08% Table 2- Ho-Lee interest rate tree 3 5.88% 3.76% 1.64% -0.48% At each node, the interest rate was calculated using ������������+1,������ = ������������,������ + ������������ × ∆ + ������ × √∆ For upward movements, and ������������+1,������+1 = ������������,������ + ������������ × ∆ − ������ × √∆ For downward movements. The risk neutral probability of an upward or downward movement is set at p*=1/2. The model implied zero-coupon prices are then computed using the different step bond trees (Table 14 in the Appendix). The following table shows the comparison between the implied and the term structure zero-coupon prices for each maturity: the Check row contains the difference between...
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...CH2 1. Suppose the demand curve for a product is given by Q = 300 – 2P + 4I, where I is average income measured in thousands of dollars. The supply curve is Q = 3P – 50. a. If I = 25, find the market clearing price and quantity for the product. Given I = 25, the demand curve becomes Q = 300 ( 2P + 4(25), or Q = 400 ( 2P. Setting demand equal to supply we can solve for P and then Q: 400 ( 2P = 3P ( 50 P = 90 Q = 220. b. If I = 50, find the market clearing price and quantity for the product. Given I = 50, the demand curve becomes Q = 300 ( 2P + 4(50), or Q = 500 ( 2P. Setting demand equal to supply we can solve for P and then Q: 500 ( 2P = 3P ( 50 P = 110 Q = 280. c. Draw a graph to illustrate your answers. It is easier to draw the demand and supply curves if you first solve for the inverse demand and supply functions, i.e., solve the functions for P. Demand in part (a) is P = 200 ( 0.5Q and supply is P = 16.67 + 0.333Q. These are shown on the graph as Da and S. Equilibrium price and quantity are found at the intersection of these demand and supply curves. When the income level increases in part (b), the demand curve shifts up and to the right. Inverse demand is P = 250 ( 0.5Q and is labeled Db. The intersection of the new demand curve and original supply curve is the new equilibrium point. 2. Consider a competitive market for which the quantities demanded and supplied...
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...AHMADU BELLO UNIVERSITY DEPARTMENT OF SOCIOLOGY DIPLOMA IN SOCIAL WORK AND DEVELOLPMENT STUDIES NAME: HEZEKIAH KELLY .O. COURSE CODE: SWD114 DATE: MAY 25TH 2013 SIGMUND FREUD’S STAGES OF PSYCHO-SEXUAL DEVELOPMENT Sigmund Freud (1856–1939) observed that during the predictable stages of early childhood development, the child's behavior is oriented towards certain parts of his or her body, e.g. the mouth during breast-feeding, the anus during toilet-training. He proposed that adult neurosis (functional mental disorder) often is rooted in childhood sexuality; therefore, said neurotic adult behaviors were manifestations of childhood sexual fantasy and desire. That is because human beings are born "polymorphous", infants can derive sexual pleasure from any part of their bodies, and that socialization directs the instinctual libidinal drives into adult heterosexuality.[3] Given the predictable timeline of childhood behavior, he proposed "libido development" as a model of normal childhood sexual development, wherein the child progresses through five psychosexual stages – the oral; the anal; the phallic; the latent; and the genital – in which the source pleasure is in a different erogenous zone. Freudian psychosexual development Sexual infantilism: in pursuing and satisfying his or her libido (sexual drive), the child might experience failure (parental and societal disapproval) and thus might associate anxiety with the given erogenous zone. To avoid anxiety, the child...
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...the exchange rate will change unfavorably before payment is made or received in the currency . For example, if a United States company doing business in Japan is compensated in yen, that company has risk associated with fluctuations in the value of the yen versus the United States dollar.[1] ------------------------------------------------- Hedge[edit] A hedge is a type of derivative, or a financial instrument, that derives its value from an underlying asset. Hedging is a way for a company to minimize or eliminate foreign exchange risk. Two common hedges are forward contracts and options. A forward contract will lock in an exchange rate today at which the currency transaction will occur at the future date.[2] An option sets an exchange rate at which the company may choose to exchange currencies. If the current exchange rate is more favorable, then the company will not exercise this option.[2] The main difference between the hedge methods is who derives the benefit of a favourable movement in the exchange rate. With a forward contract the other party derives the benefit, while with an option the company retains the benefit by choosing not to exercise the option if the exchange rate moves in its favour. ------------------------------------------------- Accounting for Derivatives[edit] Under IFRS[edit] Guidelines for accounting for financial derivatives are given under IFRS 7. Under this standard, “an entity shall group financial instruments into classes that are appropriate...
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