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kinman · 2023年03月15日

可以这样思考吗A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

A选项 计算 Q（P-VC）≠ 25million 成立 直接不选

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1 个答案

王琛_品职助教 · 2023年03月16日

嗨，爱思考的PZer你好：


1

公式不对哈，应该是计算 Operating Breakeven Points，然后判断和 25 million 的大小

即 FC / (P - VC) = 1.05 billion / (100 - 65) = 30 million

2

所以A 选项说的 25million，不能覆盖 Fixed Cost，不能产生 Positive Operating Income

关于 A 选项的完整分析，也请参考：https://class.pzacademy.com/qa/90548

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