a. Denali Limited, a manufacturing company, had the following income statement information: Revenue R.4,000,000 Cost of goods sold Rs.3,000,000 Other operating expenses Rs.500,000 Interest expense Rs.100,000 Tax expense Rs.120,000. Calculate Denali's gross profit. b. United Microelectronics Corp. (UMC) is a semiconductor foundry company based in Taiwan. As part of an analysis of management's operating efficiency, an analyst collects the following activity ratios from Bloomberg. Interpret the performance of company on basis of ratios. Ratio 2004 2003 2002 2001 DOH 35.68 40.70 40.47 48.51 DSO 45.07 58.28 51.27 76.98 Total asset turnover 0.35 0.28 0.23 0.22

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.