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S.Gouthaman
07-10-04-10-81-11-1-08321
Operating Leverage
10-10-2011
Economics
Assignment 02
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Introduction
A measurement of the degree to which a firm or project insures
a
combination of fixed and variable costs. A business that has
a
higher proportion of fixed cost and a lower proportion of
variable
costs is said to have used more operating leverage. Those
businesses with lower fixed costs and higher variable costs are
said
to employ less operating leverage.
With few sales, providing high gross margin is known as high
operating leverage and with many sales, providing less gross
margin is said to be low operating leverage. For example,
conveniences stores are significantly less lever than high-end
cardealerships. A firm is said to be highly leveraged if fixed
costs are
high relative to variable costs. In general, the use of
leverage
implies higher risk.
In a highly leveraged firm,
A large amount of money will be spent on fixed assets. For
example plant, equipment and heavy fixed expenses.
It experiences more variation in profits for a givenpercentage
changes in output than does a less leveraged
firm.
Total cost will change less than in proportion to a change
in
output rate, therefore profit will tend to change more than
in
proportion to output changes.
Analyzing leverage
Using the concept of profit elasticity
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000005000000030000c40100000f01000000000000000000000000
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2701ffff030000000000) leverage can be analyzed, Defined as
the
percentage change in profit associated with 1 percentage
change
in unit sales or rate of output.
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That is,
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00000000000000000011000000150000000000000000000000120
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ffff00000066003a66b600ffdb900090dbff0066003a00ffffb6003a000
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ff00db903a00660000009090db00b6ffb600903a66003a3a9000903
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For infinitesimally small changes in Q, the operating profit
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000002701ffff030000000000
If the price of output is constant regardless of the rate of
output,
operating profit elasticity depends on three variables cost per
unit
output. This can be seen by substituting the equations for
profit
and the change in profit
Into the previous equation
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