Which of the following summarize(s) the classical theory of asset prices?I. An asset price equals the present value of expected income from the asset. II. Expected income is the best possible forecast based only on past information. III. The interest rate in the present-value formula is less than the safe interest rate plus a risk premium

Kirnon clinic uses client-visits as its measure of activity. during july, the clinic budgeted for 3,250 client-visits, but its actual level of activity was 3,160 client-visits. the clinic has provided the following data concerning the formulas to be used in its budgeting: fixed element per month variable element per client-visitrevenue - $ 39.10personnel expenses $ 35,100 $ 10.30medical supplies 1,100 7.10occupancy expenses 8,100 1.10administrative expenses 5,100 0.20total expenses $ 49,400 $ 18.70the activity variance for net operating income in july would be closest to: