Part_1_LOS_Business_Analysis

Part_1_LOS_Business_Analysis - CMA Learning Outcome...

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CMA Learning Outcome Statements Page 1 © 2008 Institute of Certified Management Accountants CMA PROGRAM Learning Outcome Statements (effective 7/1/04; updated 11/07) Part 1 Business Analysis
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CMA Learning Outcome Statements Page 2 © 2008 Institute of Certified Management Accountants Section A. Business Economics (Levels A and B) Part 1 – Section A.1. Factors affecting the individual firm The candidate should be able to: a. demonstrate an understanding of the laws of supply and demand b. interpret a graph of supply and demand c. demonstrate an understanding of how prices are determined by the interaction of supply and demand d. differentiate between changes in demand and changes in the quantity demanded e. differentiate between changes in supply and changes in the quantity supplied f. identify the market equilibrium price g. demonstrate an understanding of how surpluses and shortages affect the market price h. calculate the price elasticity of demand i. define elastic and inelastic demand and identify each on a graph j. estimate total revenue given changes in prices and demand as well as elasticity coefficients k. calculate the price elasticity of supply l. calculate the cross elasticity of demand and the income elasticity of demand m. define externalities and identify their impacts n. apply the law of supply and demand and the concepts of elasticity of supply and demand to government intervention in the market; such as price supports, minimum wages, rent control, mandated regulation, etc. o. identify the major provisions of U.S. Federal antitrust legislation, including the Sherman Act, the Clayton Act, the Robinson-Patman Act, the Federal Trade Commission Act, and other relevant legislation p. list the objectives of antitrust legislation q. identify antitrust enforcement sanctions available to the Federal government r. demonstrate an understanding of government regulation of natural monopolies s. identify the impact of antitrust regulation on a firm t. identify the impact of antitrust regulation on an industry u. identify the impact of government regulation on a firm’s sales, prices, and costs, v. identify the impact of government regulation on an industry w. determine the impact of economic factors on the demand for a firm’s product x. determine the impact of economic factors on the market price and supply of a firm’s factors of production (labor, materials, services, etc)
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CMA Learning Outcome Statements Page 3 © 2008 Institute of Certified Management Accountants Part 1 – Section A.2. Consumption of goods The candidate should be able to: a. define the term utility b. differentiate between total utility and marginal utility and show the difference between the two on a graph c. demonstrate an understanding of the law of diminishing marginal utility d. analyze the relationship of marginal utility theory to the demand curve and to the price elasticity of demand e. identify the point of utility maximization f. demonstrate an understanding of indifference curves, including the marginal rate
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Part_1_LOS_Business_Analysis - CMA Learning Outcome...

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