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王二狗 · 2021年12月17日

想问一下A错在哪里了。我用25m作为q带进去算DOL ，结果确实是positive的

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  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

想问一下A错在哪里了。我用25m作为q带进去算DOL ，结果确实是positive的

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1 个答案

王琛_品职助教 · 2021年12月18日

嗨，从没放弃的小努力你好：


1）

A 选项考察的是 Operating Breakeven Points，并不是 DOL 哈，所以并不是把 25 million 代入 DOL 的公式

A 选项说产量是 25 million 的时候，能有 Positive Operating Income。那就先算一下Operating Breakeven Points 临界点的产量是多少

如果产量在临界点以下，那就是 Negative Operating Income；临界点以上，就是 Positive Operating Income；临界点恰好就是使得 Operating Income 为零的产量 

价格是 100，Variable Cost 是 65，所以每销售一个贡献（100-65）= 35 的收入；这个是我们学的（Per Unit Contribution Margin）

然后 Fixed Cost 是 1.05 billion，那么算算刚好覆盖 Fixed costs 的产量是：1.05 billion / 35 = 30,000,000;

所以临界的产量是：30 million；A 选项说的 25million 时，不能覆盖 Fixed Cost，不能产生Positive Operating Income

也请参考：https://class.pzacademy.com/qa/19645

2）

如果同学之后针对计算题提问，建议方便的话，可以附上自己的计算过程，截图也可以。这样彼此交流沟通的效率会更高一些

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