The cheapest price for a single bed is in in Boswell（）

A.The integration phase

B.The design phase

C.The implementation phase

D.The maintenance phase

ons make a single standardised product. Division L makes component L, which is supplied to both Division M and external customers.

Division M makes product M using one unit of component L and other materials. It then sells the completed

product M to external customers. To date, Division M has always bought component L from Division L.

The following information is available:

Division L charges the same price for component L to both Division M and external customers. However, it does not incur the selling and distribution costs when transferring internally.

Division M has just been approached by a new supplier who has offered to supply it with component L for $37 per unit. Prior to this offer, the cheapest price which Division M could have bought component L for from outside the group was $42 per unit.

It is head office policy to let the divisions operate autonomously without interference at all.

Required:

(a) Calculate the incremental profit/(loss) per component for the group if Division M accepts the new supplier’s

offer and recommend how many components Division L should sell to Division M if group profits are to be

maximised. (3 marks)

(b) Using the quantities calculated in (a) and the current transfer price, calculate the total annual profits of each division and the group as a whole. (6 marks)

(c) Discuss the problems which will arise if the transfer price remains unchanged and advise the divisions on a suitable alternative transfer price for component L. (6 marks)

根据下面对话，回答题。

Dialogue One

Travel Agent: Freedom Travel. How may I help you？

Caller: Yes, I&39;d like to make a flight reservation for the twenty-third of this month.

Travel Agent: Okay.____ 1 ____

Caller: Well. I&39; m flying to Helsinki, Finland.

Travel Agent: Okay. Let me check what flights are available. And when will you be returning？

Caller: Uh, well,____ 2 ____ Oh, and I&39; d like the cheapest flight available.

Travel Agent: Okay. Let me see. Urn, hmm...

Caller: Yeah？

Travel Agent: Well, the price for the flight is almost double the price you would pay if you leave the day before.

Caller: Whoo. Let&39;s go with the cheaper flight. ____ 3 ____

Travel Agent: It&39;s only $ 955.

Caller: Alright. Well,____ 4 ____

Travel Agent: Okay. That&39;s flight 1070 from Salt Lake City to New York, Kennedy Airport, transferring to flight 90 from Kennedy to Helsinki.

第1题__________ 查看材料

A.By the way， how much is it？

B.What is your destination？

C.I"d like to catch a return flight on the twenty-ninth.

D.let"s go with that.

Susan Baker is a new hire at Crinson Bank’s Chicago office. She has joined the risk arbitrage desk where she will be training to take advantage of price discrepancies in the U.S. T-note futures and spot markets.

Her managing director, Gerald Bigelow, has asked her to calculate parameters for potential arbitrage opportunities for the bank given current market conditions. At the time he asked the question, the cheapest-to-deliver T-notes were at par, with a coupon rate of 8.5 percent. When trading futures, the risk arbitrage desk borrows at 12 percent and lends at 4 percent.

Looking at the calendar, Baker calculates that there are 184 days to the first coupon payment and 181 days from the first coupon payment to the second. Any interest accrued will be paid when the T-note is delivered against the futures contract, but Bigelow asks Baker not to concern herself in the calculations with the impact of reinvesting the coupons or with transaction costs.

To get a feel for the market, Baker first prices a 6-month futures contract that has 184 days to expiration in a “simplified scenario.” She decides to use the same interest rate for borrowing and lending, taking the average of the bank’s borrowing and lending rates. Calculating the futures price under these simplified assumptions, Baker tells Bigelow that the futures contract should trade at 99.7059. Bigelow explains that the futures price is below par even though the spot price is at par because of the benefit to a short seller of receiving the T-note coupon payments.

Having calculated the futures price in the “simplified scenario,” Baker modifies it to reflect the bank’s current borrowing and lending rates, and calculates the corresponding no-arbitrage bands. She tells Bigelow that the lower band will be at 97.7468. Bigelow checks her calculations, confirming that the higher band will be at 101.6294.

Once they know the no-arbitrage bands for current market conditions, Baker and Bigelow check the screen. They see that the market price of the futures contract for which they’ve been calculating no-arbitrage bands is 103. Together, they execute Baker’s first arbitrage play.

Part 4)

If the T-notes that Baker priced in the “simplified scenario” were not the cheapest to deliver, and the cheapest-to-deliver note had a conversion factor of 1.07, what would be the no-arbitrage futures price？

A)106.6853.

B)137.6041.

C)93.1831.

D)98.6359.

about purchasing an article or a service can actually【C2】______you money or can add【C3】______the cost.

Take the【C4】______example of a hairdryer.

If you are buying a hairdryer, you might【C5】______that you are making the【C6】______buy if you choose one【C7】______look you like and which is also the cheapest【C8】______price. But when you get it home you may find that it【C9】______twice as long as a more expensive【C10】______to dry your hair. The cost of the electricity plus the cost of your time could well【C11】______your hairdryer the most expensive one of all.

So what principles should you【C12】______when you go out shopping？

If you【C13】______your home, your ear or any valuable【C14】______in excellent condition, you'll be saving money in the long【C15】______

Before you buy a new【C16】______, talk to someone who owns one. If you can, use it or borrow it to check if it suits your particular【C17】______

Before you buy an expensive【C18】______, or a service, do cheek the price and【C19】______is on offer. If possible, choose【C20】______three items or three estimates.

【C1】

A．form

B．fashion

C．way

D．method

听力原文：W: Freedom Travel. How may I help you？

M: Yes, I' d like to make a flight reservation for the twentythird of this month.

W: Okay. What is your destination？

M: Well. I'm flying to Helsinki, Finland.

W: Okay. Let me check what flights are available？ And when will you be returning.

M: Uh, well, I' d like to catch a return flight on the twentyninth. Oh, and I' d like the cheapest flight available.

W: Okay. Let me see. Urn, hmm ...

M: Yeah？

W: Well, the price for the flight is almost double the price you would pay if you leave the day before.

M: Who. Let's go with the cheaper flight. By the way, how much is it？.

W: It's only $ 980.

M: Alright. Well, let's go with that.

W: Okay. That's flight 1070 from Salt Lake City to New York, Kennedy Airport, transferring to flight 90 from Kennedy to Helsinki

M: And what are the departure and arrival time for each of those flights？

W: It leaves Salt Lake City at 10:00 A.M., arriving in New York at 4:35 P.M., then transferring to flight 90 at 5:55 P.M., and arriving in Helsinki at 8,30 A.M. the next day.

M: Alright. And, I'd like to request a vegetarian meal.

W: Sure no problem. And could I hove your name please？

(24)

A．Salt Lake City, USA.

B．New York City, USA.

C．Helsinki, Finland.

D．Stockholm, Sweden,

u go about purchasing an article or a service can actually【C2】______you money or can add【C3】______the cost.

Take the【C4】______example of a hairdryer. If you are buying a hairdryer, you might【C5】______that you are making the【C6】______buy if you choose one【C7】______look you like and which is also the cheapest【C8】______price. But when you get it home you may find that it【C9】______twice as long as a more expensive【C10】______to dry your hair. The cost of the electricity plus the cost of your time could well【C11】______your hairdryer the most expensive one of all.

So what principles should you【C12】______when you go out shopping？

If you【C13】______your home, your car or any valuable【C14】______in excellent condition, you'll be saving money in the long【C15】______.

Before you buy a new【C16】______, talk to someone who owns one. If you can, use it or borrow it to check if it suits your particular【C17】______.

Before you buy an expensive【C18】______, or a service, do check the price and【C19】______is on offer. If possible, choose【C20】______three items or three estimates.

【C1】

A．form

B．fashion

C．way

D．method

Price will be a major f（)（因素) in the success of this new product.

A.supply is perfectly price inelasti

B.demand is perfectly price elasti

C.it is followed by a reduction in quantity demande

D.demand is highly price inelasti

E.both demand and supply are highly price inelasti

F.F.

Please open the Letter of Credit promptly at the contract price, () we cannot apply for export licence

A、lest

B、otherwise

C、or

D、and