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What formula of earnings rather than operating income

Short-term and long-term growth rates

In late 2002, analysts were forecasting fiscal 2003 and 2004 earnings per share for Cisco Systems of $0.54 and $0.61, respectively. Cisco's shares traded at $15 at the time. Assuming the long-term growth rate will be at 4 percent, the average rate of growth for gross national product, value Cisco using the model in equation. Apply the formula to earnings rather than operating income and use a required return for equity of 9 percent.

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## Q : Calculate by how much the demand for cigarettes will change

uppose also that the price of cigarettes, the income of consumers, and the price of alcohol all increase by 10 %. Calculate by how much the demand for cigarettes will change.