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S.

Gouthaman
07-10-04-10-81-11-1-08321

Operating Leverage
10-10-2011

Economics
Assignment 02

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 car
dealerships. 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 given


percentage 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
(
0100090000039a04000000002a03000000002a03000026060f004
a06574d464301000000000001006f7700000000010000002806000
00000000028060000010000006c00000000000000000000001100
00001500000000000000000000007b0200000703000020454d460
0000100280600000c000000010000000000000000000000000000

000005000000030000c40100000f01000000000000000000000000
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14001001c000000100000000210c0db0100000060000000600000
0046000000180200000c020000454d462b224004000c000000000
000001e4009000c00000000000000244001000c00000000000000
3040020010000000040000000000803f214007000c000000000000
000840000564010000580100000210c0db0100000000000000000
0000000000000000000000100000089504e470d0a1a0a0000000d
4948445200000012000000160802000000423d5b1600000001735
2474200aece1ce9000000097048597300000ec400000ec401952b0
e1b000000e149444154384fc593bb11c2300c8665660929b84c602
6e068a818c159c759839e640326e028b07709b6fc88c08983aba8c
9f921e9ff3f396c1c47288f5d798acdd8244d774796463b2c5a30483
094e400a2a7cb691576e3377a53af0788cb2994afea861ff6cbbc483
35fddf4cdf471f781488cb5b95489acef0d2f12253a634a8aebb95a1
b275eed05c5b1d2c91e6337fd7e020530b42cc31e8578f6c4ce3fad0
105fe4628929e79009ee4ac1d25656faa620d3315ca3797e660cd65
3924cb6160357505fa7e033315ad75b89aa36ddfa933e34c4e32997
d29e5b1c96f5a2af303a2e4aa6ce8befdf70000000049454e44ae426
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00000000000000000000001b40000040000000340000000100000
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0b3000000b3ffff8f41000000b3000000b3ffffaf41210000000800000
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00000c0000000400000051000000ac02000000000000000000001
10000001500000000000000000000000000000000000000120000
001600000050000000a4000000f4000000b8010000000000002000
cc001200000016000000280000001200000016000000010008000

00000000000000000000000000000001f000000000000000000000
0ffffff003a90db00b6660000dbffff00003a9000ffb66600b6ffff00000
066003a66b600ffdb900090dbff0066003a00ffffb6003a0000000066
b60090669000ffffdb003a003a0066006600903a000066b6ff00db90
3a00660000009090db00b6ffb600903a66003a3a9000903a3a00dbf
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0101010101010101010101f9050101010101010101010101010101
0101010178030101010101010101010b0c0d07080e0a010100000
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0101011516041b0a010101000001010101010101010118191a110
2160101010000150000000000001601070800000000170d010000
0102141101010f03010101010101010101010000010b120a010107
130d0101010101010101010000010708060101010101010101010
101010101000001010f03010410110101010101010101010100000
101020000000e0a01010101010101010101000001010b0c0d0102
060101010101010101010100000101070806010101090a0101010
10101010100000101040503010104050601010101010101010010
01010200000000000003010101010101010100000101010101010
10101010101010101010101000001010101010101010101010101
01010101017003010101010101010101010101010101010101000
001010101010101010101010101010101010102004c0000006400
00000000000000000000110000001500000000000000000000001
2000000160000002900aa0000000000000000000000803f0000000
0000000000000803f0000000000000000000000000000000000000
000000000000000000000000000220000000c000000ffffffff460000
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00000140000000000000010000000140000000400000003010800

050000000b0200000000050000000c0216001200030000001e000
40000000701040004000000070104003b010000410b2000cc0016
00120000000000160012000000000028000000120000001600000
001000800000000000000000000000000000000001f00000000000
00000000000ffffff003a90db00b6660000dbffff00003a9000ffb66600
b6ffff00000066003a66b600ffdb900090dbff0066003a00ffffb6003a0
000000066b60090669000ffffdb003a003a0066006600903a000066
b6ff00db903a00660000009090db00b6ffb600903a66003a3a90009
03a3a00dbffdb00ffdbdb0001010101010101010101010101010101
01010000010101010101010101010101010101010101000001010
1010101010101010101010101010101f9050101010101010101010
1010101010101010178030101010101010101010b0c0d07080e0a
010100000101010101010101010102060b1c1d1e0101000001010
1010101010101011516041b0a0101010000010101010101010101
18191a11021601010100001500000000000016010708000000001
70d0100000102141101010f03010101010101010101010000010b1
20a010107130d0101010101010101010000010708060101010101
010101010101010101000001010f03010410110101010101010101
010100000101020000000e0a01010101010101010101000001010
b0c0d010206010101010101010101010000010107080601010109
0a010101010101010100000101040503010104050601010101010
10101001001010200000000000003010101010101010100000101
01010101010101010101010101010101000001010101010101010
10101010101010101017003010101010101010101010101010101
010101000001010101010101010101010101010101010102000c0
0000040092900aa00000000000000160012000000000004000000
) leverage can be analyzed, Defined as the
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percentage change in profit associated with 1 percentage change
in unit sales or rate of output.

That is,
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06574d464301000000000001006f77000000000100000028060000
0000000028060000010000006c000000000000000000000011000
0001500000000000000000000007b0200000703000020454d4600
000100280600000c0000000100000000000000000000000000000
00005000000030000c40100000f010000000000000000000000000
000e3e3060055220400460000002c00000020000000454d462b01
4001001c000000100000000210c0db01000000600000006000000
046000000180200000c020000454d462b224004000c0000000000
00001e4009000c00000000000000244001000c000000000000003
040020010000000040000000000803f214007000c0000000000000
00840000564010000580100000210c0db01000000000000000000
000000000000000000000100000089504e470d0a1a0a0000000d4
948445200000012000000160802000000423d5b16000000017352
474200aece1ce9000000097048597300000ec400000ec401952b0e
1b000000e149444154384fc593bb11c2300c8665660929b84c6026
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921e9ff3f396c1c47288f5d798acdd8244d774796463b2c5a3048309
4e400a2a7cb691576e3377a53af0788cb2994afea861ff6cbbc48335
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75eed05c5b1d2c91e6337fd7e020530b42cc31e8578f6c4ce3fad010
5fe4628929e79009ee4ac1d25656faa620d3315ca3797e660cd6539
24cb6160357505fa7e033315ad75b89aa36ddfa933e34c4e32997d2
9e5b1c96f5a2af303a2e4aa6ce8befdf70000000049454e44ae42608
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000000000000000000001b4000004000000034000000010000000
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3000000b3ffff8f41000000b3000000b3ffffaf4121000000080000006
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000000000000000000000000000001f0000000000000000000000f
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00660000009090db00b6ffb600903a66003a3a9000903a3a00dbffd
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01011516041b0a010101000001010101010101010118191a11021
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1010101010101010101010101010101010102004c000000640000

00000000000000000011000000150000000000000000000000120
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1000800000000000000000000000000000000001f0000000000000
000000000ffffff003a90db00b6660000dbffff00003a9000ffb66600b6
ffff00000066003a66b600ffdb900090dbff0066003a00ffffb6003a000
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ff00db903a00660000009090db00b6ffb600903a66003a3a9000903
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10101010101010178030101010101010101010b0c0d07080e0a01
0100000101010101010101010102060b1c1d1e010100000101010
10101010101011516041b0a010101000001010101010101010118
191a1102160101010000150000000000001601070800000000170
d0100000102141101010f03010101010101010101010000010b120
a010107130d010101010101010101000001070806010101010101
0101010101010101000001010f0301041011010101010101010101
0100000101020000000e0a01010101010101010101000001010b0
c0d0102060101010101010101010100000101070806010101090a
01010101010101010000010104050301010405060101010101010
10100100101020000000000000301010101010101010000010101

01010101010101010101010101010100000101010101010101010
10101010101010101700301010101010101010101010101010101
0101000001010101010101010101010101010101010102000c000
00040092900aa0000000000000016001200000000000400000027
=
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010009000003081600000000cc0c00000000cc0c000026060f008e
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0000200000000000000000000000111200008b04000020454d460
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14001001c000000100000000210c0db0100000060000000600000
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000001e4009000c00000000000000244001000c00000000000000
3040020010000000040000000000803f214007000c000000000000
000840000510050000040500000210c0db0100000000000000000
0000000000000000000000100000089504e470d0a1a0a0000000d
4948445200000083000000210802000000752b8fd4000000017352
474200aece1ce9000000097048597300000ec400000ec401952b0e
1b0000048b494441546843ed5a3d76e2301056729690829713901
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90b3bd28ca4d18fb1fd4882b34f6e00697ebff91168b8399d4e223d0

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154b6af5581653bdc62937f2611e70d5673b4724301d23a1396522
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189b1c0bbcb9290e529983d566a9c0650e301657e6edddfdc3fe1d2
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01010101010101010101010101010101020304010c25080101010
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01010101010101010101010101010100010101010101010101010

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00000000000000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000000000

00000000000000000000000000000000000000000000000000000
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For infinitesimally small changes in Q, the operating profit elasicity
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0000400000003010800050000000b0200000000050000000c0220
002a00030000001e0004000000070104000400000007010400250
30000410b2000cc0020002a000000000020002a00000000002800
00002a00000020000000010008000000000000000000000000000
0000000220000000000000000000000ffffff003a90db00ffb6660090
dbff0000003a003a000000ffdb9000dbffff00663a9000ffffb60066b6f
f00903a0000ffffdb00003a9000b6ffff000000660066000000db903a
00903a3a009090db00b6ffb600903a660066003a000066b6003a3a
9000dbffb600dbb6b600dbffdb00ffdbdb0090660000b66600003a00
660090903a0001010101010101010101010101010101010101010
10101010101010101010101010101010101010101010000010101
01010101010101010101010101010101010101010101010101010

10101010101010101010101010000010101010101010101010101
01010101010101010101010101010101010101010101010101010
10101010000010101010101010101010101010101010101010101
01010101010101010101010101010101010101010100000101010
10101010101011800110a01010101010101010101010101010101
010101010101010101010101fa050101010101010101010f200701
01010101010101010101010101010101010101010101010101010
1010100000f10001e0e0607010200000c0d0101010101010101010
1010101010101010101010104170a0f1006070100000b0c0d0b111
a1b04170a0102110a010101010101010101010101010101010101
010101020304131c1d01000004130d0118030104130d01080e120
101010101010101010101010101010101010101010b1208190701
010000080e12010b120104170a01010b0c0d01010101010101010
1010101010101010101011415160d02120101fa0501080e00000c0
d080e12010104130d010101010101010101010101010101010101
010f1000000000110a00000101010108090a010b0607010b0c0d01
01010101010101010101010101010101010101010101010101010
00001010101020003010104050006070101010101010101010101
01010101010101010101010101010101010000010101010101010
10101010101010101010101010101010101010101010101010101
01010101010101010000010101010101010101010101010101010
1010101021f010101010104130d010101010101010101010101000

00101010101010101010101010101010101010101080e12010101
04050301010101010101010101010101000001010101010101010
10101010101010101010101010f101201040503010101010101010
10101010101010000010101010101010101010101010101010101
010101010f10211012010101010101010101010101010101000000
000000000000000000000000000001010101010101010f10120101
01010101010100000000000000000000010101010101010101010
101010101010101010101010f10211012010101010101010101010
10101010100000101010101010101010101010101010101010101
010f101f0104050301010101010101010101010101010000010101
0101010101010101010101010101010101080e1f01010104050301
010101010101011800110a0100000101010101010101010101010
1010101010101010b1f010101010104130d0101010101010f20070
1010100000f10001e0e060704170a0f10060701010101010101010
10101010101010101010101010200000c0d010100000b0c0d0b11
1a1b01020304131c1d01010101010101010101010101010101010
1010104170a0102110a01a59b04130d01180301010b1208190701
010101010101010101010101010101010101010104130d01080e1
2010000080e12010b12011415160d021201010101010101010101
010101010101010101010104170a01010b0c0df90501080e00000c
0d0f1000000000110a010101010101010101010101010101010101
01080e12010104130d00000101010108090a01010101010101010

1010101010101010101010101010101010101010b0607010b0c0df
70501010101020003010101010101010101010101010101010101
01010101010101010101010405000607010000010101010101010
10101010101010101010101010101010101010101010101010101
01010101010101010000010101010101010101010101010101010
101010101010101010101010101010101010101010101010101d8
020c00000040092900aa0000000000000020002a0000000000040
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


of
0100090000039a04000000002a03000000002a03000026060f00
4a06574d464301000000000001006f770000000001000000280600
000000000028060000010000006c0000000000000000000000110
000001500000000000000000000007b0200000703000020454d46
00000100280600000c00000001000000000000000000000000000
0000005000000030000c40100000f0100000000000000000000000
00000e3e3060055220400460000002c00000020000000454d462b
014001001c000000100000000210c0db010000006000000060000

00046000000180200000c020000454d462b224004000c00000000
0000001e4009000c00000000000000244001000c0000000000000
03040020010000000040000000000803f214007000c00000000000
0000840000564010000580100000210c0db010000000000000000
00000000000000000000000100000089504e470d0a1a0a0000000
d4948445200000012000000160802000000423d5b160000000173
52474200aece1ce9000000097048597300000ec400000ec401952b
0e1b000000e149444154384fc593bb11c2300c8665660929b84c60
26e068a818c159c759839e640326e028b07709b6fc88c08983aba8
c9f921e9ff3f396c1c47288f5d798acdd8244d774796463b2c5a3048
3094e400a2a7cb691576e3377a53af0788cb2994afea861ff6cbbc48
335fddf4cdf471f781488cb5b95489acef0d2f12253a634a8aebb95a
1b275eed05c5b1d2c91e6337fd7e020530b42cc31e8578f6c4ce3fad
0105fe4628929e79009ee4ac1d25656faa620d3315ca3797e660cd6
53924cb6160357505fa7e033315ad75b89aa36ddfa933e34c4e3299
7d29e5b1c96f5a2af303a2e4aa6ce8befdf70000000049454e44ae42
60820840010824000000180000000210c0db01000000030000000
000000000000000000000001b4000004000000034000000010000
0002000000000000bf000000bf000090410000b041030000000000
00b3000000b3ffff8f41000000b3000000b3ffffaf4121000000080000
00620000000c00000001000000150000000c00000004000000150
000000c0000000400000051000000ac0200000000000000000000
11000000150000000000000000000000000000000000000012000
0001600000050000000a4000000f4000000b801000000000000200
0cc00120000001600000028000000120000001600000001000800
000000000000000000000000000000001f00000000000000000000
00ffffff003a90db00b6660000dbffff00003a9000ffb66600b6ffff0000
0066003a66b600ffdb900090dbff0066003a00ffffb6003a000000006

6b60090669000ffffdb003a003a0066006600903a000066b6ff00db9
03a00660000009090db00b6ffb600903a66003a3a9000903a3a00d
bffdb00ffdbdb000101010101010101010101010101010101010000
01010101010101010101010101010101010100000101010101010
10101010101010101010101f905010101010101010101010101010
10101010178030101010101010101010b0c0d07080e0a01010000
0101010101010101010102060b1c1d1e010100000101010101010
10101011516041b0a010101000001010101010101010118191a11
02160101010000150000000000001601070800000000170d01000
00102141101010f03010101010101010101010000010b120a01010
7130d010101010101010101000001070806010101010101010101
0101010101000001010f0301041011010101010101010101010000
0101020000000e0a01010101010101010101000001010b0c0d010
2060101010101010101010100000101070806010101090a010101
01010101010000010104050301010405060101010101010101001
00101020000000000000301010101010101010000010101010101
01010101010101010101010100000101010101010101010101010
10101010101700301010101010101010101010101010101010100
0001010101010101010101010101010101010102004c000000640
00000000000000000000011000000150000000000000000000000
12000000160000002900aa0000000000000000000000803f000000
00000000000000803f000000000000000000000000000000000000
0000000000000000000000000000220000000c000000ffffffff46000
0001c00000010000000454d462b024000000c000000000000000e
00000014000000000000001000000014000000040000000301080
0050000000b0200000000050000000c0216001200030000001e00
040000000701040004000000070104003b010000410b2000cc001
60012000000000016001200000000002800000012000000160000

0001000800000000000000000000000000000000001f0000000000
000000000000ffffff003a90db00b6660000dbffff00003a9000ffb6660
0b6ffff00000066003a66b600ffdb900090dbff0066003a00ffffb6003a
0000000066b60090669000ffffdb003a003a0066006600903a00006
6b6ff00db903a00660000009090db00b6ffb600903a66003a3a9000
903a3a00dbffdb00ffdbdb000101010101010101010101010101010
10101000001010101010101010101010101010101010100000101
01010101010101010101010101010101f905010101010101010101
01010101010101010178030101010101010101010b0c0d07080e0
a010100000101010101010101010102060b1c1d1e010100000101
01010101010101011516041b0a010101000001010101010101010
118191a1102160101010000150000000000001601070800000000
170d0100000102141101010f03010101010101010101010000010b
120a010107130d010101010101010101000001070806010101010
1010101010101010101000001010f0301041011010101010101010
1010100000101020000000e0a0101010101010101010100000101
0b0c0d01020601010101010101010101000001010708060101010
90a01010101010101010000010104050301010405060101010101
01010100100101020000000000000301010101010101010000010
10101010101010101010101010101010100000101010101010101
01010101010101010101700301010101010101010101010101010
1010101000001010101010101010101010101010101010102000c
00000040092900aa0000000000000016001200000000000400000
, that is
02701ffff030000000000
0100090000039a04000000002a03000000002a03000026060f004a
06574d464301000000000001006f77000000000100000028060000
0000000028060000010000006c000000000000000000000011000
0001500000000000000000000007b0200000703000020454d4600

000100280600000c0000000100000000000000000000000000000
00005000000030000c40100000f010000000000000000000000000
000e3e3060055220400460000002c00000020000000454d462b01
4001001c000000100000000210c0db01000000600000006000000
046000000180200000c020000454d462b224004000c0000000000
00001e4009000c00000000000000244001000c000000000000003
040020010000000040000000000803f214007000c0000000000000
00840000564010000580100000210c0db01000000000000000000
000000000000000000000100000089504e470d0a1a0a0000000d4
948445200000012000000160802000000423d5b16000000017352
474200aece1ce9000000097048597300000ec400000ec401952b0e
1b000000e149444154384fc593bb11c2300c8665660929b84c6026
e068a818c159c759839e640326e028b07709b6fc88c08983aba8c9f
921e9ff3f396c1c47288f5d798acdd8244d774796463b2c5a3048309
4e400a2a7cb691576e3377a53af0788cb2994afea861ff6cbbc48335
fddf4cdf471f781488cb5b95489acef0d2f12253a634a8aebb95a1b2
75eed05c5b1d2c91e6337fd7e020530b42cc31e8578f6c4ce3fad010
5fe4628929e79009ee4ac1d25656faa620d3315ca3797e660cd6539
24cb6160357505fa7e033315ad75b89aa36ddfa933e34c4e32997d2
9e5b1c96f5a2af303a2e4aa6ce8befdf70000000049454e44ae42608
20840010824000000180000000210c0db01000000030000000000
000000000000000000001b4000004000000034000000010000000
2000000000000bf000000bf000090410000b04103000000000000b
3000000b3ffff8f41000000b3000000b3ffffaf4121000000080000006
20000000c00000001000000150000000c00000004000000150000
000c0000000400000051000000ac0200000000000000000000110
00000150000000000000000000000000000000000000012000000
1600000050000000a4000000f4000000b8010000000000002000cc

00120000001600000028000000120000001600000001000800000
000000000000000000000000000001f0000000000000000000000f
fffff003a90db00b6660000dbffff00003a9000ffb66600b6ffff0000006
6003a66b600ffdb900090dbff0066003a00ffffb6003a0000000066b6
0090669000ffffdb003a003a0066006600903a000066b6ff00db903a
00660000009090db00b6ffb600903a66003a3a9000903a3a00dbffd
b00ffdbdb000101010101010101010101010101010101010000010
10101010101010101010101010101010100000101010101010101
01010101010101010101f905010101010101010101010101010101
01010178030101010101010101010b0c0d07080e0a01010000010
1010101010101010102060b1c1d1e010100000101010101010101
01011516041b0a010101000001010101010101010118191a11021
60101010000150000000000001601070800000000170d01000001
02141101010f03010101010101010101010000010b120a01010713
0d010101010101010101000001070806010101010101010101010
1010101000001010f0301041011010101010101010101010000010
1020000000e0a01010101010101010101000001010b0c0d010206
0101010101010101010100000101070806010101090a010101010
10101010000010104050301010405060101010101010101001001
01020000000000000301010101010101010000010101010101010
10101010101010101010100000101010101010101010101010101
01010101700301010101010101010101010101010101010100000
1010101010101010101010101010101010102004c000000640000
00000000000000000011000000150000000000000000000000120
00000160000002900aa0000000000000000000000803f000000000
00000000000803f000000000000000000000000000000000000000
0000000000000000000000000220000000c000000ffffffff46000000
1c00000010000000454d462b024000000c000000000000000e000

00014000000000000001000000014000000040000000301080005
0000000b0200000000050000000c0216001200030000001e00040
000000701040004000000070104003b010000410b2000cc001600
12000000000016001200000000002800000012000000160000000
1000800000000000000000000000000000000001f0000000000000
000000000ffffff003a90db00b6660000dbffff00003a9000ffb66600b6
ffff00000066003a66b600ffdb900090dbff0066003a00ffffb6003a000
0000066b60090669000ffffdb003a003a0066006600903a000066b6
ff00db903a00660000009090db00b6ffb600903a66003a3a9000903
a3a00dbffdb00ffdbdb000101010101010101010101010101010101
01000001010101010101010101010101010101010100000101010
10101010101010101010101010101f905010101010101010101010
10101010101010178030101010101010101010b0c0d07080e0a01
0100000101010101010101010102060b1c1d1e010100000101010
10101010101011516041b0a010101000001010101010101010118
191a1102160101010000150000000000001601070800000000170
d0100000102141101010f03010101010101010101010000010b120
a010107130d010101010101010101000001070806010101010101
0101010101010101000001010f0301041011010101010101010101
0100000101020000000e0a01010101010101010101000001010b0
c0d0102060101010101010101010100000101070806010101090a
01010101010101010000010104050301010405060101010101010
10100100101020000000000000301010101010101010000010101
01010101010101010101010101010100000101010101010101010
10101010101010101700301010101010101010101010101010101
0101000001010101010101010101010101010101010102000c000
00040092900aa0000000000000016001200000000000400000027
=
01ffff030000000000

0100090000031222000000001610000000001610000026060f0022
20574d464301000000000001006b9000000000020000000020000
0a4050000a4250000010000006c0000000000000000000000de00
0000200000000000000000000000c21e00008b04000020454d460
0000100a42500000c000000010000000000000000000000000000
000005000000030000c40100000f01000000000000000000000000
0000e3e3060055220400460000002c00000020000000454d462b0
14001001c000000100000000210c0db0100000060000000600000
00460000004c06000040060000454d462b224004000c000000000
000001e4009000c00000000000000244001000c00000000000000
3040020010000000040000000000803f214007000c000000000000
0008400005980500008c0500000210c0db0100000000000000000
0000000000000000000000100000089504e470d0a1a0a0000000d
49484452000000df000000210802000000d603e912000000017352
474200aece1ce9000000097048597300000ec400000ec401952b0e
1b0000051249444154785eed5b3176e2301095f72c90c28f138413
9034a968d3993234745bd2a50965e8d252d1049f209c8097227017
7646926d4996ec9159c0c4521724cd1ffdf91e59ca383a1e8f2cb4c0
402b19f8c3d861318cb04dd23a0fd349345c1cea46e9fd9e733c87b
b7d7118f2b6af4fa073e5c752e5686f9f5dd69a71f2dfe01b50723cee
dfeeefdff69043abdb2661c9a66e90b51f0068539b43d0701bda37fd
b798d92448210ec4d69027eb221afaec0a54291624fbe40836d2873

Similarly this equation yields a computational formula for the


operating profit elasticity
0100090000039a04000000002a03000000002a03000026060f004a
06574d464301000000000001006f77000000000100000028060000
0000000028060000010000006c000000000000000000000011000
0001500000000000000000000007b0200000703000020454d4600
000100280600000c0000000100000000000000000000000000000

00005000000030000c40100000f010000000000000000000000000
000e3e3060055220400460000002c00000020000000454d462b01
4001001c000000100000000210c0db01000000600000006000000
046000000180200000c020000454d462b224004000c0000000000
00001e4009000c00000000000000244001000c000000000000003
040020010000000040000000000803f214007000c0000000000000
00840000564010000580100000210c0db01000000000000000000
000000000000000000000100000089504e470d0a1a0a0000000d4
948445200000012000000160802000000423d5b16000000017352
474200aece1ce9000000097048597300000ec400000ec401952b0e
1b000000e149444154384fc593bb11c2300c8665660929b84c6026
e068a818c159c759839e640326e028b07709b6fc88c08983aba8c9f
921e9ff3f396c1c47288f5d798acdd8244d774796463b2c5a3048309
4e400a2a7cb691576e3377a53af0788cb2994afea861ff6cbbc48335
fddf4cdf471f781488cb5b95489acef0d2f12253a634a8aebb95a1b2
75eed05c5b1d2c91e6337fd7e020530b42cc31e8578f6c4ce3fad010
5fe4628929e79009ee4ac1d25656faa620d3315ca3797e660cd6539
24cb6160357505fa7e033315ad75b89aa36ddfa933e34c4e32997d2
9e5b1c96f5a2af303a2e4aa6ce8befdf70000000049454e44ae42608
20840010824000000180000000210c0db01000000030000000000
000000000000000000001b4000004000000034000000010000000
2000000000000bf000000bf000090410000b04103000000000000b
3000000b3ffff8f41000000b3000000b3ffffaf4121000000080000006
20000000c00000001000000150000000c00000004000000150000
000c0000000400000051000000ac0200000000000000000000110
00000150000000000000000000000000000000000000012000000
1600000050000000a4000000f4000000b8010000000000002000cc
00120000001600000028000000120000001600000001000800000

000000000000000000000000000001f0000000000000000000000f
fffff003a90db00b6660000dbffff00003a9000ffb66600b6ffff0000006
6003a66b600ffdb900090dbff0066003a00ffffb6003a0000000066b6
0090669000ffffdb003a003a0066006600903a000066b6ff00db903a
00660000009090db00b6ffb600903a66003a3a9000903a3a00dbffd
b00ffdbdb000101010101010101010101010101010101010000010
10101010101010101010101010101010100000101010101010101
01010101010101010101f905010101010101010101010101010101
01010178030101010101010101010b0c0d07080e0a01010000010
1010101010101010102060b1c1d1e010100000101010101010101
01011516041b0a010101000001010101010101010118191a11021
60101010000150000000000001601070800000000170d01000001
02141101010f03010101010101010101010000010b120a01010713
0d010101010101010101000001070806010101010101010101010
1010101000001010f0301041011010101010101010101010000010
1020000000e0a01010101010101010101000001010b0c0d010206
0101010101010101010100000101070806010101090a010101010
10101010000010104050301010405060101010101010101001001
01020000000000000301010101010101010000010101010101010
10101010101010101010100000101010101010101010101010101
01010101700301010101010101010101010101010101010100000
1010101010101010101010101010101010102004c000000640000
00000000000000000011000000150000000000000000000000120
00000160000002900aa0000000000000000000000803f000000000
00000000000803f000000000000000000000000000000000000000
0000000000000000000000000220000000c000000ffffffff46000000
1c00000010000000454d462b024000000c000000000000000e000
00014000000000000001000000014000000040000000301080005

0000000b0200000000050000000c0216001200030000001e00040
000000701040004000000070104003b010000410b2000cc001600
12000000000016001200000000002800000012000000160000000
1000800000000000000000000000000000000001f0000000000000
000000000ffffff003a90db00b6660000dbffff00003a9000ffb66600b6
ffff00000066003a66b600ffdb900090dbff0066003a00ffffb6003a000
0000066b60090669000ffffdb003a003a0066006600903a000066b6
ff00db903a00660000009090db00b6ffb600903a66003a3a9000903
a3a00dbffdb00ffdbdb000101010101010101010101010101010101
01000001010101010101010101010101010101010100000101010
10101010101010101010101010101f905010101010101010101010
10101010101010178030101010101010101010b0c0d07080e0a01
0100000101010101010101010102060b1c1d1e010100000101010
10101010101011516041b0a010101000001010101010101010118
191a1102160101010000150000000000001601070800000000170
d0100000102141101010f03010101010101010101010000010b120
a010107130d010101010101010101000001070806010101010101
0101010101010101000001010f0301041011010101010101010101
0100000101020000000e0a01010101010101010101000001010b0
c0d0102060101010101010101010100000101070806010101090a
01010101010101010000010104050301010405060101010101010
10100100101020000000000000301010101010101010000010101
01010101010101010101010101010100000101010101010101010
10101010101010101700301010101010101010101010101010101
0101000001010101010101010101010101010101010102000c000
00040092900aa0000000000000016001200000000000400000027
=
01ffff030000000000
010009000003500f000000000809000000000809000026060f0006

12574d46430100000000000100ed110000000001000000e411000
000000000e4110000010000006c00000000000000000000005400
0000200000000000000000000000b90b00008b04000020454d460
0000100e41100000c000000010000000000000000000000000000
000005000000030000c40100000f01000000000000000000000000
0000e3e3060055220400460000002c00000020000000454d462b0
14001001c000000100000000210c0db0100000060000000600000
00460000002404000018040000454d462b224004000c000000000
000001e4009000c00000000000000244001000c00000000000000
3040020010000000040000000000803f214007000c000000000000
000840000570030000640300000210c0db0100000000000000000
0000000000000000000000100000089504e470d0a1a0a0000000d
4948445200000055000000210802000000272470da00000001735
2474200aece1ce9000000097048597300000ec400000ec401952b0
e1b000002eb494441546843ed583b72e3300ca572163b852727b0
4fb09326d5b6dbc9657c802dd36d23979b2e6daa346bdfc027f0a48
8741707147f004909a4ec8de38fc6854c82780f2008112876bb9db8
e0e7e6a0b6afe7c56cd91c54659ab2e1c0b0ff794f5d4d35a76955e3
a5ab52942b3b00ffdc83c63930b9ae15d7380a446b337a1c076149c
8b10c1ccd43707ce8bce46110e11d7900e0293a0ce8692ad80bb82
aa725fc941b9d06f22e0dd59a3d50584db784372ecb7e84ecd1935c
03f3cd76603b38ebabda49a31d7596510e545d32905b9673fe9b7fa

f9bf2f7e348c775fdbe71114efec86118984ec6f26dfd67217ede8f44
b39c15de4392c57afe3479b1da61e1e8f64e01a0198f03cd0eb060f3
5ea7650c23c587889520eef5f6811e7e7b605b949453894eb45ba19
492a8eedf629f056f5ccefe0331e3de66f96b8163418c27262baa1d7
b7b7666fffdc16d89547767722718b1fd683f22a074fb34f3a202719
8cdd74473f3b1d531c701ba79de4548a233f7b709caeeb397ad3908
2d1ec9f4b1cc19cbfd1ae17fe73f05d395ce07a0739ec99a0f5270cae
aacfc6fddacc22738d77db93985cc7019fc5dced2528074fa61393fc9
ccfc777e0eb8708baef17fd90170e9e79fb57f7865bd67607d113053
90255ddeb3beb819c2c34afa0c00f8f66be9d8cdd6bf507d794ba3bd
6c72253d612563ce751d7004dacb1abd3fb7f6c7bb1ae17df2082d0
db6a4d72c4da820d268a9f562d03b01fbbbba1a413189c291a56582
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1614b03e67bbb1afbb7341c837ea0b7e7f28196d9c076b31817c578
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00000000000000000000000000000000000000000000000000000
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01010101010101010101010101010101010101010101010101010
101010101010101ffd8020c00000040092900aa000000000000002
100550000000000040000002701ffff030000000000
Close inspection of this equation reveals that for two firms with
equal prices, rates of output, and variable costs per unit, the firm
having the greater total fixed cost will have the higher operating
profit elastisticty. This is because total fixed cost has a minus sign
in the denominator in above equation. The greater is total fixed
cost, the smaller is the denominator and the higher is the value
of
0100090000039a04000000002a03000000002a03000026060f00
4a06574d464301000000000001006f770000000001000000280600
000000000028060000010000006c0000000000000000000000110
000001500000000000000000000007b0200000703000020454d46
00000100280600000c00000001000000000000000000000000000
0000005000000030000c40100000f0100000000000000000000000
00000e3e3060055220400460000002c00000020000000454d462b
014001001c000000100000000210c0db010000006000000060000
00046000000180200000c020000454d462b224004000c00000000
0000001e4009000c00000000000000244001000c0000000000000
03040020010000000040000000000803f214007000c00000000000
0000840000564010000580100000210c0db010000000000000000
00000000000000000000000100000089504e470d0a1a0a0000000
d4948445200000012000000160802000000423d5b160000000173
52474200aece1ce9000000097048597300000ec400000ec401952b
0e1b000000e149444154384fc593bb11c2300c8665660929b84c60
26e068a818c159c759839e640326e028b07709b6fc88c08983aba8
c9f921e9ff3f396c1c47288f5d798acdd8244d774796463b2c5a3048
3094e400a2a7cb691576e3377a53af0788cb2994afea861ff6cbbc48
335fddf4cdf471f781488cb5b95489acef0d2f12253a634a8aebb95a

1b275eed05c5b1d2c91e6337fd7e020530b42cc31e8578f6c4ce3fad
0105fe4628929e79009ee4ac1d25656faa620d3315ca3797e660cd6
53924cb6160357505fa7e033315ad75b89aa36ddfa933e34c4e3299
7d29e5b1c96f5a2af303a2e4aa6ce8befdf70000000049454e44ae42
60820840010824000000180000000210c0db01000000030000000
000000000000000000000001b4000004000000034000000010000
0002000000000000bf000000bf000090410000b041030000000000
00b3000000b3ffff8f41000000b3000000b3ffffaf4121000000080000
00620000000c00000001000000150000000c00000004000000150
000000c0000000400000051000000ac0200000000000000000000
11000000150000000000000000000000000000000000000012000
0001600000050000000a4000000f4000000b801000000000000200
0cc00120000001600000028000000120000001600000001000800
000000000000000000000000000000001f00000000000000000000
00ffffff003a90db00b6660000dbffff00003a9000ffb66600b6ffff0000
0066003a66b600ffdb900090dbff0066003a00ffffb6003a000000006
6b60090669000ffffdb003a003a0066006600903a000066b6ff00db9
03a00660000009090db00b6ffb600903a66003a3a9000903a3a00d
bffdb00ffdbdb000101010101010101010101010101010101010000
01010101010101010101010101010101010100000101010101010
10101010101010101010101f905010101010101010101010101010
10101010178030101010101010101010b0c0d07080e0a01010000
0101010101010101010102060b1c1d1e010100000101010101010
10101011516041b0a010101000001010101010101010118191a11
02160101010000150000000000001601070800000000170d01000
00102141101010f03010101010101010101010000010b120a01010
7130d010101010101010101000001070806010101010101010101
0101010101000001010f0301041011010101010101010101010000

0101020000000e0a01010101010101010101000001010b0c0d010
2060101010101010101010100000101070806010101090a010101
01010101010000010104050301010405060101010101010101001
00101020000000000000301010101010101010000010101010101
01010101010101010101010100000101010101010101010101010
10101010101700301010101010101010101010101010101010100
0001010101010101010101010101010101010102004c000000640
00000000000000000000011000000150000000000000000000000
12000000160000002900aa0000000000000000000000803f000000
00000000000000803f000000000000000000000000000000000000
0000000000000000000000000000220000000c000000ffffffff46000
0001c00000010000000454d462b024000000c000000000000000e
00000014000000000000001000000014000000040000000301080
0050000000b0200000000050000000c0216001200030000001e00
040000000701040004000000070104003b010000410b2000cc001
60012000000000016001200000000002800000012000000160000
0001000800000000000000000000000000000000001f0000000000
000000000000ffffff003a90db00b6660000dbffff00003a9000ffb6660
0b6ffff00000066003a66b600ffdb900090dbff0066003a00ffffb6003a
0000000066b60090669000ffffdb003a003a0066006600903a00006
6b6ff00db903a00660000009090db00b6ffb600903a66003a3a9000
903a3a00dbffdb00ffdbdb000101010101010101010101010101010
10101000001010101010101010101010101010101010100000101
01010101010101010101010101010101f905010101010101010101
01010101010101010178030101010101010101010b0c0d07080e0
a010100000101010101010101010102060b1c1d1e010100000101
01010101010101011516041b0a010101000001010101010101010
118191a1102160101010000150000000000001601070800000000

170d0100000102141101010f03010101010101010101010000010b
120a010107130d010101010101010101000001070806010101010
1010101010101010101000001010f0301041011010101010101010
1010100000101020000000e0a0101010101010101010100000101
0b0c0d01020601010101010101010101000001010708060101010
90a01010101010101010000010104050301010405060101010101
01010100100101020000000000000301010101010101010000010
10101010101010101010101010101010100000101010101010101
01010101010101010101700301010101010101010101010101010
1010101000001010101010101010101010101010101010102000c
00000040092900aa0000000000000016001200000000000400000
02701ffff030000000000

Considering, operating profit elasticity for two firms A & B.


Firm A

Firm B

Price = Rs. 10
AVC = Rs. 5
TFC
= Rs. 1,000
Rate
Profit ()
of output
(Q)
Firm A

Price = Rs. 10
AVC = Rs. 2
TFC
= Rs. 1,000
Operating Profit
Elasticity (E )
Firm B

Firm A

Firm B

1000
1500
2000
2500
3000

4000
8000
12000
14000
16000

1.25
1.15
1.11
1.09

2.00
1.50
1.33
1.25

4000
6500
9000
11500
14000

Solving the equation for Firm A


= PQ (AVC)(Q) (TFC)
= 10(1000) (5)(1000) 1000
= 4000
0100090000039a04000000002a03000
000002a03000026060f004a06574d46
4301000000000001006f77000000000
1000000280600000000000028060000
010000006c000000000000000000000
0110000001500000000000000000000
007b0200000703000020454d4600000
100280600000c000000010000000000
0000000000000000000000050000000
30000c40100000f0100000000000000
00000000000000e3e30600552204004
60000002c00000020000000454d462b
014001001c000000100000000210c0d
b010000006000000060000000460000
00180200000c020000454d462b22400
4000c000000000000001e4009000c00
000000000000244001000c000000000
0000030400200100000000400000000
00803f214007000c000000000000000
840000564010000580100000210c0db
0100000000000000000000000000000
0000000000100000089504e470d0a1a
0a0000000d494844520000001200000
0160802000000423d5b160000000173

Solving the equation for Firm


B
= PQ (AVC)(Q) (TFC)
= 10(1000) (2)(1000)
4000
= 4000
0100090000039a04000000002a03
000000002a03000026060f004a06
574d464301000000000001006f77
0000000001000000280600000000
000028060000010000006c000000
0000000000000000110000001500
000000000000000000007b020000
0703000020454d46000001002806
00000c0000000100000000000000
0000000000000000000500000003
0000c40100000f01000000000000
0000000000000000e3e306005522
0400460000002c00000020000000
454d462b014001001c0000001000
00000210c0db0100000060000000
6000000046000000180200000c02
0000454d462b224004000c000000
000000001e4009000c0000000000
0000244001000c00000000000000
3040020010000000040000000000
803f214007000c00000000000000
0840000564010000580100000210

52474200aece1ce9000000097048597

c0db010000000000000000000000

300000ec400000ec401952b0e1b0000

0000000000000000010000008950

00e149444154384fc593bb11c2300c86 4e470d0a1a0a0000000d49484452
65660929b84c6026e068a818c159c75

0000001200000016080200000042

9839e640326e028b07709b6fc88c0898 3d5b16000000017352474200aece
3aba8c9f921e9ff3f396c1c47288f5d798 1ce9000000097048597300000ec4
acdd8244d774796463b2c5a30483094

00000ec401952b0e1b000000e149

e400a2a7cb691576e3377a53af0788cb

444154384fc593bb11c2300c86656

2994afea861ff6cbbc48335fddf4cdf471

60929b84c6026e068a818c159c75

f781488cb5b95489acef0d2f12253a634 9839e640326e028b07709b6fc88c0
a8aebb95a1b275eed05c5b1d2c91e63

8983aba8c9f921e9ff3f396c1c4728

37fd7e020530b42cc31e8578f6c4ce3fa

8f5d798acdd8244d774796463b2c5

d0105fe4628929e79009ee4ac1d25656 a30483094e400a2a7cb691576e33
faa620d3315ca3797e660cd653924cb6

77a53af0788cb2994afea861ff6cbb

160357505fa7e033315ad75b89aa36d

c48335fddf4cdf471f781488cb5b95

dfa933e34c4e32997d29e5b1c96f5a2af 489acef0d2f12253a634a8aebb95a
303a2e4aa6ce8befdf70000000049454

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3a3a9000dbffb600dbb6b600dbffdb

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00ffdbdb0090660000b66600003a0

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E = {[(6500-4000)][(1500-1000)]

0101010101010000000000000000

[(1000)(4000)]

0000010101010101010101010101

= 1.25

010101010101010101010f102110
1201010101010101010101010101
0101000001010101010101010101
01010101010101010101010f101f0

1040503010101010101010101010
1010101000001010101010101010
10101010101010101010101080e1
f010101040503010101010101010
11800110a0100000101010101010
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060704170a0f1006070101010101
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01010200000c0d010100000b0c0d
0b111a1b01020304131c1d010101
0101010101010101010101010101
01010104170a0102110a01a59b04
130d01180301010b120819070101
0101010101010101010101010101
010101010104130d01080e120100
00080e12010b12011415160d0212
0101010101010101010101010101
0101010101010104170a01010b0c
0df90501080e00000c0d0f1000000
000110a010101010101010101010

10101010101010101080e1201010
4130d00000101010108090a01010
1010101010101010101010101010
101010101010101010101010b060
7010b0c0df705010101010200030
1010101010101010101010101010
1010101010101010101010101010
1040500060701000001010101010
1010101010101010101010101010
1010101010101010101010101010
1010101010101010100000101010
1010101010101010101010101010
1010101010101010101010101010
101010101010101010101d8020c0
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020002a000000000004000000270
1ffff030000000000
E = {[(8000-4000)][(15001000)]
[(1000)(4000)]
= 2.00
By studying the above tables,

The leverage is greater for smaller output rate, it declines


as output increases.
Firm B has a higher total fixed cost and lower variable
cost per unit, by that it be highly elastic than firm A.
Firm B, its profit get increased for small change in output
rate.
Elastic difference decreases between two firms as output
rate increases

Since firm B is highly leveraged, the profit will be greater. In


unfavourable economic conditions, the risk of bankruptcy is greater
in firm B then firm A. Greater returns are associated with greater
risk. Leverage is not either good or bad; it is a high risk strategy.