资源描述：
《平狄克经济学15章》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、Chapter15:Investment,TimeandCapitalMarketsCHAPTER15INVESTMENT,TIME,ANDCAPITALMARKETSREVIEWQUESTIONS1.Afirmusesclothandlabortoproduceshirtsinafactorythatitboughtfor$10million.Whichofitsfactorinputsaremeasuredasflowsandwhichasstocks?Howwouldyouranswerchang
2、eifthefirmhadleasedafactoryinsteadofbuyingone?Isitsoutputmeasuredasafloworastock?Whataboutprofit?Inputsthatarepurchasedandusedupduringaparticulartimeperiodareflows.Flowvariablescanbemeasuredovertimeperiodssuchashours,days,weeks,months,oryears.Inputsmeasu
3、redataparticularpointintimearestocks.Allstockvariableshaveanassociatedflowvariable.Atanyparticulartime,afirmwillhaveastockofbuildingsandmachinesthatitowns,whicharestockvariables.Duringagiventimeperiod,asthefirmusesitscapitalstock,thatstockwilldepreciate,
4、andthisdepreciationisaflow.Inthisquestion,clothandlaborareflows,whilethefactoryisastock.Ifthefirminsteadleasesthebuilding,thefactoryisstillastockvariablethatisownedinthiscasebysomeoneelse.Thefirmwouldpayrentduringaparticulartimeperiod,whichwouldbeaflowju
5、stlikedepreciationwhenthefirmownsthecapitalstock.Outputisalwaysaflowvariablethatismeasuredoversometimeperiod.Sinceprofitisthedifferencebetweenrevenuesandcostsoversomegiventimeperiod,itisalsoaflow.2.Howdoinvestorscalculatethenetpresentvalueofabond?Ifthein
6、terestrateis5percent,whatisthepresentvalueofaperpetuitythatpays$1000peryearforever?Thepresentvalueofabondisthesumofdiscountedvaluesofeachpaymenttothebondholderoverthelifeofthebond.Thisinvolvesthepaymentofinterestineachperiodandthentherepaymentoftheprinci
7、palattheendofthebond’slife.Aperpetuityinvolvesthepaymentofinterestineveryfutureperiodforever,withnorepaymentoftheprincipal.ThepresentdiscountedvalueofaperpetuityisAPDV=,whereAistheannualpaymentandRistheannualinterestrate.IfA=R$1,000$1000andR=0.05,PDV==$2
8、0,000.0.053.Whatistheeffectiveyieldonabond?Howdoesonecalculateit?Whydosomecorporatebondshavehighereffectiveyieldsthanothers?Theeffectiveyieldistheinterestratethatequatesthepresentvalueofabond’spaymentstreamwiththebond’smar
