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1、1.DAccordingtothesemi-strongversionoftheefficientmarkettheory,pricesaccuratelyreflectallpubliclyavailableinformationaboutasecurity.Thus,bythistheory,activelymanagedportfoliosshouldnotbeabletoconsistentlyoutperformtherestofthemarket.Allavailableinformationhasalreadybeeninco
2、rporatedintothecurrentmarketprice.2.ATheprivatemarketdoesnotusuallyprovidepublicgoodssinceitisimpossibletoexcludenon-payingcustomers.Thisoftenmakesitimpossibleforaprivatefirmtocollectsufficientrevenuetocoverthecost.3.EAnincreaseinbusinessinventoriesindicatesthatdemandisnot
3、ashighasbusinessesanticipated,resultingininventoryaccumulation.Thedecreaseindemandisareflectionofthedownturnineconomicactivity.4.E20000X==1815.13a200.06520,0001815.13=+(0.08)(20,000)S20jS=92.9720jj=14.18%5.DXBXa==⋅0.4ninCvX=an2nXJv=i0.4nav=⇒=0.6niXJ=0.36iCourse2Solutions51
4、May20016.EThelicensingfeeworksthesameasanincreaseinfixedcosts;itshiftsthemarketsupplyupward,increasingpriceanddecreasingquantitydemanded.Atthefirmlevel,however,itincreasesaveragecostswithoutchangingmarginalcosts;therefore,therepresentativefirmincreasesoutput.Thisapparentpa
5、radoxisresolvedbythefactthatinthelongrunsomefirmswillgooutofbusiness.7.D10⎛⎞⎛⎞0.12Seth=+−5000⎜⎟⎜⎟11=−8954.245000=3954.24⎜⎟⎝⎠⎝⎠2Janice=50000.0610()()=3000.005000Lori=−=PP(10)50001793.40where==679.35a106%Thesumis8747.64.8.CAdditionalpaid-incapitalwillbe$1,200,000(($3pershare
6、−$1parvalue)×100,000shares=$200,000increase).9.DForanormalgood,apricedeclineresultsinapositiveincomeeffectandaquantityincreaselargerthanwouldbethecaseforacompensatedpricedecline.10.CProjectX:Annualcashflowsof749.78(immediateannuityat10%withPV=4000).thPayback4000in6year.NPV
7、discountrate=0.025+0.50(0.07)=0.06Annuityat6%ofcashflowsof–4000,749.78,…,749.78=655.98ProjectY:thPaybackin5year5IRRisinterestratesuchthat:4000=6600v→IRR=10.5%5NPV=-4000+6600/(1.06)=931.90Course2Solutions52May200111.Bdeclbalsumofyrsdigits10X10Xd()1−=∑i=55811/10()1−=d()0.125
8、49first7yrsdepr=7557/10∑Depr=−XX()0.1257⎛⎞X491∑Depr=−⎜⎟Y=0.76674X1⎝⎠85549⎛⎞X0.76674XY=−⎜⎟
