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Ivana 🍭 · 2023年05月12日

老师麻烦解释一下C 选项。

  1. CFA I
  2. Corporate Issuers

NO.PZ2016021705000040

问题如下：

The Fulcrum Company produces decorative swivel platforms for home televisions. If Fulcrum produces 40 million units, it estimates that it can sell them for $100 each. Variable production costs are $65 per unit and fixed production costs are $1.05 billion. Which of the following statements is most accurate? Holding all else constant, the Fulcrum Company would:

选项：

A.

generate positive operating income if unit sales were 25 million.

B.

have less operating leverage if fixed production costs were 10 percent greater than $1.05 billion.

C.

generate 20 percent more operating income if unit sales were 5 percent greater than 40 million.

解释：

C is correct.

Because DOL is 4, if unit sales increase by 5 percent, Fulcrum’s operating earnings are expected to increase by 4 × 5% = 20%. The calculation for DOL is:

DOL=40 million×(100−65)[40 million×(100−65)]−1.05 billion=1.40.35=4DOL=\frac{40\ million\times(100-65)}{[40\ million\times(100-65)]-1.05\ billion}=\frac{1.4}{0.35}=4

DOL= ( 40million )( $100−$65 ) [ ( 40million )( $100−$65 ) ]−$1.05billion = $1.400billion $1.400billion−$1.05billion = $1.4 $0.35 =4

老师麻烦解释一下C 选项。Q增加5%变成42，带入计算式DOL计算出来得3.5。跟40带入计算DOL得4相比反而小了呀。怎么会是greater20%呀？

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1 个答案

王琛_品职助教 · 2023年05月15日

嗨，努力学习的PZer你好：


1

选项 C 问的是 EBIT 的变化，不是 DOL 的变化哈

考查的是根据 DOL 的定义式，是正确的

2

根据计算，DOL = 4

即如果销售量增加 1% 时，EBIT 增加 4%

C 选项说，如果销售量在 40 million 的基础上，增加 5%，那么 EBIT 增加 20%，是正确的

3

如果同学想实际代入数据计算，也可以

当销量为 40 million 时，EBIT = 40 x (100 - 65) - 1050 = 350

当销量增加 5%，为 42 million 时，EBIT = 42 x (100 - 65) - 1050 = 420

EBIT 的变化为：420 / 350 - 1 = 20%，即 EBIT 增加 20%

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