11مبادئ الاقتصاد

download 11مبادئ الاقتصاد

of 94

Transcript of 11مبادئ الاقتصاد

  • 5/21/2018 11

    1/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    1

    .)7)+&

    !"#$%&'()*(+",-#.&)Economics(/!0102!#3420567!75089:;,5+=?2@A6#07!750;0#,(B;,-#.,5C5D"E&!,C)F5B0&Oikos(DG=7,:&!C!7H,55)F5=,57Nomos(

    67!750:&89(:&

  • 5/21/2018 11

    2/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    2

    )+&8"9+&34:)#(

    5#!"#$%&2/6;41:

    !U7B:5DB.:&5Z!,(B:&S0R;,!U70K!,0Va(#1#A!"#$%&'(H:R&5a02H#;,2TB@I!7C;5,Y,:&52C54:&S0R;,WK!.##O=9(#1,b`!#7Xc0;:21@;5a02H#2!0#1&;!V6:!#:!K5

    %&'0C!9,:&dHK;0K0W7E6:!#:&a02H#:&!72#1&$5D0(R#:&6V2!=+P&=R05O0?!?E&O0!"#$e5Y5,:&&JU:'!H:&.!"#$%&'():6=#:&O9(#1,:&D`!?5:&R05O0!,:&DB!.,:&D0(R#b:!H06)!,#4&'()5C

    Q5=R,:&2&5=,:&D!,H#=?!KI:J5Z!,1:&53(?:&6V'U#!KL2e!K.>!UM02+;)&2VE&30+#?0

    'U:OR!#,:&.XJ:&'(H:&W7&5@!UK2!#106#:&O090B:&O?&2K'#U0&2VE&!U#+?&5K6#:&OM02+:&3,#4,:&5

    2&5,:&;5,1#?0O04!#7P&Q2!7:&]!#7P!=UH0G5#5;,G=:&_=,/?+&!"#$%&,>@AB+&!"#$%&:

    ;>6=`G4:&!"=#$%&!=,C;0H?&5;0:!4,

  • 5/21/2018 11

    3/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    3

    ;5B#;)/%K3(?:&_21E&5BW=7

    WHV0XJ:&5/!B(U#?,]!#7P/!4#7,W75BI(#5@OH(?:&\JC.DB!.=,b:!=H05=UV6(B:&!"#$%&!,@O=?&2;,Y#0W7@5AW7,20KBNG45@DBB67+5:&!"#$%&]!=#7P&6=(B:&'&1#=?%&56=(B:&'!H:&_5#?,:&52!H?h:D(R05Z&N&24P&%D`!?5BO9(#1,:&O0M7:&5O0:!,:&+!.=7:&_5#?,2&2M#?

    X!"#$%&5,7:&DH,Z&20i#2T@D(R05'1Y#:&2?905X!"#$%&.!"=#$%&-=(H#0'!)DB.K5W)5Y5,;@5O0(B:&Z&20i#,:!K6(B:&F!?E&W#&20i#5D1:&_5#?,0R#5C.

    O0,BO?&2!,@6`G4:&!"#$%&;,YD1#O70H,O??c,!U4#7#O0,BO?&2;@S0R6#:&Z!,1:&53(?:&OV!B;,3,#4,:&!U4#70)6,5M:&b#!7:&(;!=VI:J=B56(B:&!"#$%&;,YD1#V

    O70H,OH(?2H?0R#'!=H:&_5#?=,:&d!=917&5@e!=9#2&!,@6`G4:&!"#$%&'0,";,W7!V6(B:&!"#$%&'0,";,W7!V2!H?h:.

    3!"#$%&84/0#+&C1D:

    :&OL!0";B,0KX!"#$%&D0(R#:!O0:!#:&25":1..49",+&.741D+&Descriptive Method:

    O09"5OM02+KO0!"#$%&2C&58:&D0(R#OM02+:&\JC;,Y##)O089:(I!=7C;5B0;@;57:&&JC5O9(#1,:&2C&58:&;0K-0$+K2d$!=7#:&N!=+1EWY2)SR!K:&DH40$D0(R#:&;,e5

    ;@20L6M+7,:&O0,BOM02+K!U#L!0"fH"#6#:&Z!$^H:&D0(R#6VQ09,;5B#OM02+:&\JC.2.E!41+&.741D+&4.Mathematical Method:

    Z&2=0i#,:&;0=KO0:&:&Z!$^H:&0R#6VX!"#$%&D0(R#:&6VO0Y!02:&OM02+:&'1#?#1#?&!,&J@6M+7,[+16Ve5$5:&D!,#R&6V^#:O0!"#$%&H#Z%!R6V\R5689(:&-+7,:&'

    O,1#?,:&O0!"#$%&Z&20i#,:&.5$Z=$5:&6=V!"=#$%&6=V6Y!02:&-+7,:&'&1#?&2.#7&O=07!B,@'=)6=7H#%X!"=#$%&D0(R#(:O0Y!02:&OL!0":&;@O8R^,6iK70W7@20L2Y!R:&

    O089:Q25"6V!U0:@D"5#:&'#06#:&b#!7:&O,42#D="5#:!K*,?0%689(:&-+7,:&;@67H#DKO0Y!02:&OM02+:&!C2V5#6#:&O$:!Kb`!#7:&\JCDT,:.!"#$%&5COM02+:&\JUK'#U0XJ:&'(H:&;@5

    6Y!02:&.3..4F!47+&.741D+&Econometric Method:

    =0:&:&O=$^H:&0R#24,;,2TB@X!"#$%&D0(R#:&aC;5B0$5Z&2=0i#,:&;0=KO

    \J=C+K2#6#:&O0,B:&O$^H:&OV2H,O:5!R,5CDK6Y!02:&!"#$%&6VD!R:&5C!,BO0!"#$%&AO0!"#$%&O0287:&OL!0"6VZ!0Y!02:&5N!"RP&'1#?0I:J-0MR#:5dHKK!UYHKZ&20i#,:&

  • 5/21/2018 11

    4/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    4

    &!"#$%!KD0(R#:&;,e57:&&JCD5!7#0XJ:&'(H:&

  • 5/21/2018 11

    5/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    5

    4..(F!0)+&2/5(!"#$%&2/6.$I6:

    ;>.,:&QN!9BF!0M:D`!?5:&R&;0=KO=05M:&O$^H:&?4##!7C5O02!4#:&O0RK2:&6Ce52

    _5R9KOV2H,

  • 5/21/2018 11

    6/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    6

    2.1!4#H%&:

    D!,H#=?&6V2!0#1%&O0!"#$%&2&5,:&Q275Z!4!R:&e!K.>D`!?5Q27fR!"0!,/&20TB

    5,:&A&2=Vh:QH#,Z!4!R5@Z!KL25453,O0K?7:&Q27:!KG0,##2&5,:&;,20TBVAQ2!7:&2&575B03Y5:&&JCDT,6V&2VE&;[V&J:A!UHK.#2&5,O4!RKZ!4!R:&\JC5;+i=YZ=R#e!K.P&6VO05:5E&!U:;5B#6#:&/!R!R:>2TBE&Z!4!R:&;0K2!0#1%&O4!R:&Z!=4!R:&;0=K5

    !U7)6(1#:&2&5,:&Q27+iYZR#;B,06#:&/!R!R:>D$E&.f45Q5R,D51&2Vh:;!B!,:5;0=KW(1-!97@6V2!#10;@f:!+:&O4!RO70H,6VO0RY#:&67H0e!K.>Z!4!R:&_21E&A&JlV5@OH(=?5!U#&JO4!R:!K'#.

    .4!"#$%&P!B!0+&N@!"H:D=4@;=,!=,N6.5R7D0,K!C!Y#M,K29:&2H.0/!?!?@O0?97O:!R6CO4!R:&;@!72BJ

    ':E!KF!?R@

  • 5/21/2018 11

    7/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    7

    Q.5#/+!:#4/(!$:

    QH#,5Q25+#,O4!R:&5Q2!YR:&'M#3,H##O4!R:&.;B#':Q04:&3(?:&;,D0?I!7UV

    ]!=#7P&6V3?5#:&HK;B:!C2H?e!9#2%O0&K:&6V5R,DB.K2U8#Q04:&Z!4!R:!VOV52H,!C2!.#7&Xc02H?:&d!917&5Q2!0?:&D!T,:&D0K?

  • 5/21/2018 11

    8/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    8

    .4!"#$%&V/F+&Economic Goods:

    (+0O9"!U0V2V5##6:!#:!K5OK5L2,!U7[Ka"##6#:&3(?:&OH97,3=97-0MR#6V'U?#;@!U7[.;,O0(,)O0@;@S0RA!U7,;0H,2$X5#R0N6.6V;0H,e!K.>Z!4!R;!?7P&D=,&5)5@2="!7)5A/!=4!#7@H#Q2.!K,20L5@Q2.!K,Q25"K]!#7P&O0?!?E&6C)D,H:&d2E&5'087#:&5D!,:&F@25(I!=7C;5B0/!R,$p^9:&e2G0!,7HVA

    &5,:&D,!H:&D5R0!,7)5]!#7@O0:5E&/!Y0@]!#7@I!7C;5B03(?.(,H:&O0R!7:&;,56.%O0

    ;=,O=(05+O(?(?:O0`!U7O40#75C5/ T,GK1VAOH0K+:&;,Q2.!K,6#[0D,H#?05@FK(05@DBc0Z!0(,H:&O04!#7P&;0B(U#?,(:WM05?#5W(M7'T\GK15W7R+K2,#5*,M:&O)&2GK@K#A.^=,#O0(,H:!V

  • 5/21/2018 11

    9/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    9

    6`!U7:&I(U#?,:&Z!4!R5O0("E&O0H0K+:&2&5,:&;0KQ549:&X@;,Y=#0]!=#7P!VA]!=#7P&6CO=090B5_=,

  • 5/21/2018 11

    10/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    10

    AX!"=#$%&X25:&-V#:&;0K+?K,]J5,7K2BJ:&O9:!?:&O0!"#$%&Z!0:!H9:&D0T,#;B,05O04!#7P&2&5,:&'0M#KX!"#$%&+!.7:&;5("&50;0J:&I`:5@30,4k!1.E&*(+",DT,0W0V5

    )]!#7P&D,&5)(;5("R06#:&O0M7:&D51:&()+,#B

    CD/04&

    F!A>%&

  • 5/21/2018 11

    11/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    11

    )8,-&8"9+&(R/D+&

    X%,Q:R/D+&*=5);,20!M,5Cf(+:&a2H0O=70H,2!H=?[K&2VE&DK$;,X2#.#;@;B,06#:&O70H,OH(?

    ;0H#?=,;5B(U#?=,:&;5B06#:&O0(B:&Z!0,B:!KD54;)Q2!K)5Cf(+:&;[V&J:A;0H,Z$55O70H,O07,GQ2#VD^1O70H,2!H?[K!U`&2.:.

    ;02"7);,;5B#0f(+:&51.OKL2:!KDT,,:&5C56#&J2"7).

    2.C56)5Y5,2"7)N&2.:&

  • 5/21/2018 11

    12/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    12

    .5/F+&15F)Z(.5/F+&Y).(,/D)+&.4)?+&)Z(

    )1!=4+!() (O0,+!((11500

    210003750

    4600

    5500

    O$^H:&D54:&;,8R^05O0?BH:&2H?=:&3=9#2&!,(BW7@S0RAO0,B:&52H?:&;020i#,;0K;02!=70=R&52!=70;,2H?:&39#2&!,7)\^)@f(+:&D54@2M05AOK5(+,:&O0,B:&Z($

    ,B:&ZY917&;,OK5(+,:&O01500QR510002H?=:&39#2&!,7)5QR5)3(207!=7OK5(+,:&O0,B:&ZY917&750&JBC5QR5.OK5(+,:&O0,B:&A/!0?B)/&20T[#F2KB@OK5(+,:&O0,B:&Z7!B!,(BD$@2H?:&;!B!,(B.OK5(+,:&O0,B52H?:&;0KO0?BH:&O$^H:&\JC5/!K:!?/&2&R7&f(+:&

  • 5/21/2018 11

    13/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    13

    OH(?:&;,OK5(+,:&O0,B:&!72.&;0H,2H?DBDK!M,5A207!7)F(6=VI(U#?=,:&f=L206=#:&!U`&2..B:&!U7,DBDT,0+!M7=![+&:OH(?:&2H?e!9#2&O:!R6V)O#K!TO(0K:&3(?:&2!H?@N!MK3,(*K"#3(?:&\JCDH403=9#2&6=#:&OH(?:WB^U#?&;,D(M0I(U#?,:&;[V&J:A!C2H?39#2&6#:&OH(?:&;,/!0K?7k12&

    OH(?:&2H?d!917&O:!R6V!,@A2H?:&OY917,:&OH(?:WK(+;,0G05!C2H?)2!H=?@N!=MK3,O#K!TO(0K:&3(?:&(*K"#?O(0K:&3(?:&;[V@L

  • 5/21/2018 11

    14/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    14

    3.O0!0#)&20La528:&O:!R6VD"R05Z!H$5#:&2"7)N!7T#?&!"=#$%&!=UK2=,06#:&3(?:&\JC

  • 5/21/2018 11

    15/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    15

    20i#KO70H,OH(?;,OK5(+,:&O0,B:&2T[##/!Y=0@!=U0()D5"=R:&6=VI(U#?=,:&OKL2.20T[#:&'#05AQ04OH(?25U8O40#7W$5J20i#fK?KO70H,OH(?:WK(+;,0G0;@;B,0I(U#?,:!V

    ;^)P&5O0!):&-02+;);0B(U#?,:&-&5J@20i#5.2Tc=,:&D=,&5H:&5O=K5(+,:&O0,B:&;0KO$^H:&;)20KH#:&;B,0'M#!,N5Y6V5!=U0VQO0:!#:&O0:&:&Q25":!K

    Q = F (P , P- ,

    Y , T)

    ;@S0R:Q:OK5(+,:&O0,B:&.P:!U?97OH(?:&2H?.

    P-

    :O(,B,:&5O(0K:&3(?:&[email protected]:XM7:&D1:&.T:5J@I(U#?,:&-&.

    -5J:&5D1:&5_21E&3(?:&2!H?@5OH(?:&2H?:O:&OK5(+,:&O0,B:&;@X@.

    [+![X!:R/D+&.=,1)Elasticity Of Demand:DM#?,:&20i#,:&6VD"!R:&20i#(:3K!#:&20i#,:&OK!4#?&O426C'!)DB.KO752,:&.6=V5

    2F!0M:O752,:&*(+",'1#?0!"#$%&2=0i#,6=V2=0i#(:3K!=#X!"#$&20i#,OK!4#?&O4DM#?,X!"#$&.

    6=V2=0i#(:O=70H,OH(?;,OK5(+,:&O0,B:&OK!4#?&O4220.#6UVf(+:&O752,!,@_21E&3(?:&2!H?@5@D1:&5@2H?:&6C5O0,B:&\JC6VQ2Tc,:&O(M#?,:&Z&20i#,:&.

    e&57@OT^T;0KG0,#:&;B,05O752,:&;,-O02H?:&f(+:&O752,.

    -O0(1:&f(+:&O752,.-OH+!M#,:&f(+:&O752,)O0:!K#:&.(

    1..415F+&R/D+&.=,1)Price Elasticity Of Demand:!=,BO752,:&\JCF!M#5!C2H?6V20i#(:O70H,OH(?;,OK5(+,:&O0,B:&OK!4#?&O426C

    6#[0:OK5(+,:&O0,B:&6V6K?7:&20i#:&

    O02H?:&f(+:&O752,=

    2H?:&6V6K?7:&20i#:&

  • 5/21/2018 11

    16/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    16

    OK5(+,:&O0,B:&6V20i#:&OK5(+,:&O0,B:&

    5@=2H?:&6V20i#:&

    2H?:&

    a2R:!KOK5(+,:&O0,B:!7G,25:5Qa2R:!K2H?(:5Pa2R:!=KO02H?=:&f(+:&O752,:5Ede"#O752,:&;!V*K

    1

    12

    Q

    QQ

    Qd

    Qd

    Edp = - =Qd

    Qd .

    P

    P

    or =

    1

    12

    P

    PP

    P

    P

    = -P

    Qd

    .

    Qd

    P

    #5@Q2!.P&24;O0,B:&;0KO0?B)O$^H:&;%I:J5OK:!?/!,`&;5B#O02H?:&f(+:&O752,f(+:&;57!$f?R2H?:&5OK5(+,:&.

    .415F+&R/D+&.=,1)P!B1:

    \J=C6=VD!=M0VAQ20KB;5B#;@;B,02H?:&6VZ&20i#(:OK5(+,:&O0,B:&OK!4#?&O42;@B#5@;2,f(+:&;@O:!R:&&J=UK5O=`V!B#,OK!4#?%&O42;5B#5@A;2,20L;5B0VQ20i";5

    ;@5@O=752,:&'0=)f=(+:&;5B0VOK!4#?&O0@I!7C;5B#%;@5@AO752,:&X!R@f(+:&;5B0;0=Kp5&2=##O=752,:&;@'M#!,,5O752,:&6`!U7%f(+:&;5B0VO0`!U7%OK!4#?%&O42;5B#

    O0!U7%!,529".1.Y1)+&R/D+&Elastic demand:

    A!C2H?6VD"!R:&20i#:&;,2KB@OK?7K20i##O70H,OH(?;,OK5(+,:&O0,B:&;@WK"M752H?:&d91705@2H?:&e!9#2&OK?7;,2KB@OK?7KOK5(+,:&O0,B:&d917#52H?:&39#20!,7)X@

    917&OK?7;,2KB@OK?7KOK5(+,:&O0,B:&&G#5R&5:&;,2KB@O752,:&D,!H,;5B052H?:&d!.8![):;,O70H,OH(?2H?39#2&&J@)100(2!70)125(6=Ve!=9#2%&&JC_@52!70

    ;,OK5(+,:&O0,B:&6Vd!917&2H?:&)1000(QR5)600(!=,Bf?=R#O752,:!VQR56(0:

  • 5/21/2018 11

    17/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    17

    1

    12

    Q

    QQ

    1000

    1000600

    1000

    400

    Ed = = = =1000

    400 r25

    100=

    25000

    40000= -1,6 \1,6\

    1

    12

    P

    PP

    100

    100125

    100

    25

    OK5(+,:&O0,B:&6V6K?7:&20i#:&;%I:J5A;2,f(+:&;@D!M0O:!R:&\JC6V5)40(%;!B2H?:&6V6K?7:&20i#:&;,2KB@)25(%Q2=0KBZ7!B2H?:&e!9#2%OK5(+,:&O0,B:&OK!4#?&;@X@

    /!0K?7)R&5:&;,2KB@.(6#[0!,B/!07!0K;2,:&f(+:&D0T,#;B,05:

    2.Y1)+&14_R/D+&Inelastic demand:20i##S0R;,D$@OK?7KO70H,OH(?;,OK5(+,:&O0,B:&!,=7)X@A2H?:&6VD"!R:&20i#:&

    &G=#52H?=:&d91705@A2H?:&e!9#2&OK?7;,D$@OK?7KOK5(+,:&O0,B:&d917#52H?:&39#20f=(+:&

  • 5/21/2018 11

    18/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    18

    6#[0!,B/!07!0K;2,:&20Lf(+:&D0T,#;B,05:

    .=,1)+&3!0QR/D+&Unit elasticity demand:

    ,B:&20i##!,7)O752,:&X!R@f(+:&;5B0;5=B#52H?:&6V20i#:&OK?7F97KOK5(+,:&O0*0R"R&5W#752,.

    ;,2H?:&e!9#2&_@&J@-K!?:&!7:!T,6V5)100()125(O=K5(+,:&O0,B:&d!917&;,)1000()750(O=0,B:&6V6K?7:&20i#:&;%O752,:&X!R@;5B0O:!R:&\JC6Vf(+:&;!V

    ;!BOK5(+,:&)25(%2H?:&6V6K?7:&20i#(:X5!?,5C5.O=752,:&X!=R@f=(+:&D0T,#;B,056:!#:&67!0K:&DB.:!K:

    @GH4&

    I125

    J100

    KLDMN24&K7294&1000900

    @GH4&

    I125

    J100

    KLDMN24&K7294&1000750

  • 5/21/2018 11

    19/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    19

    4..=,1)+&246R/D+&Perfectly Inelastic:

    6V20i#X@Xc0;:2H?:&6V20i#:&;5B0!,7)SR0D=,!H,;5B05OK5(+,:&O0,B:&

    97;5B(U#?,:&X2#.0!,7)SR05A29"X5!?0O752,:&F2=0i#!=,U,O=70H,OH(?;,O0,B:&6:!#:&DB.:&6VO752,:&'0)f(+

  • 5/21/2018 11

    20/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    20

    .4/H+&R/D+&.=,1)Income elasticity of demand:;!=V&J=:O=70H,OH(?;,OK5(+,:&O0,B:&6VQ2Tc,:&D,&5H:&R@5CD1:&;@/!MK!?!72BJ

    ;@K%OH(?:&\JC;,OK5(+,:&O0,B:&AD1=:&6=VD"=R#6#:&Z&20i#(:21[[email protected]#?#F!M#5D1:&6VO("!R:&Z&20i#:OK5(+,:&O0,B:&OK!4#?&O42!U7[KO0(1:&f(+:&O752,a2H#56#[0!,BO0(1:&f(+:&O752,:

    OK5(+,:&O0,B:&6V6K?7:&20i#:&

    O0(1:&f(+:&O752,=D1:&6V6K?7:&20i#:&

    a2R:!KD1(:!7G,25:5yO0(1:&f(+:&O752,;[VEdy;5B#?

    Q

    Q

    1

    12

    Q

    QQ

    Edy = =Q

    Q.

    Y

    Y

    =

    Y

    Q

    .

    Q

    Y or =

    Y

    Y

    1

    12

    y

    yy

    5@;2=,2=0L5@D1=(:/!72,f(+:&;5B0;@;B,0O02H?:&f(+:&O752,6V!78R%!,B5

    O752,:&[email protected]!T,:;,D1:&e!9#2&fK?&J@)200(2!70)250(O=K5(+,:&O=0,B:&6V/!)!9#2&2!70

    ;,O70H,OH(?;,)20(QR5)30(

  • 5/21/2018 11

    21/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    21

    O752,Z7!B&JlVAO0:!,B:&3(?:&5O0252Y:&3(?:&;0KG0,#(:O0(1:&f(+:&O752,;,!9#?05:&f(+:&OY917,O0(1)R&5:&;,D$@(d917=#X@AO=0JLE!BO0252YOH(?:&;@

  • 5/21/2018 11

    22/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    22

    !,@&J@/!)!9#2&;@67H0&JC;[VOK45,OH+!M#,:&O02H?:&f(+:&O752,Z7!BOH(?=:&2H?6V)y(Xc0?OH(?;,OK5(+,:&O0,B:&6Ve!9#2&)x(;0#H(?:&;@/!Y0@67H05y5x;!#?=V!7#,

    );!#(0K(;0#H(?=:&;0=KD^=RP&O42Z7!B!,(BO:!R:&\JC6V5AX!.:&5Q5UM:&I:J5OH(?:&Z7!B)y(OH(?=(: / ,!=B5/!,!# / 0K)x(O05!?,OH+!M#,:&O02H?:&f(+:&O752,;5B#O0!U7%!,.

    >/?+&&14K&>`P&14^#+&,R/D+&.=,1):;>6CO70H,OH(?

  • 5/21/2018 11

    23/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    23

    3.6(B:&&20P&6V/&2T@I2#0%2H?:&d!917&5@e!9#2&;!VR&5f(+:&O752,Z7!B&J@.

    `O1[a)+&8)&,5+&R/D+&.=,1)>:

    5_21@OH(?;,a(#1#3(?:&a^#=1%&&J=CD=,&5)!702R#5:5:6(0!,0VDT,##!U7@!74:Q.!:+I0Q.B1,8@&(+&,B,:

    AD0=K!=U:450%6#:&I(#;,2KB@!U0()f(+:&O752,;5B#D`&K!U:;5B#6#:&OH(?:!V&)&G!,(BV6VfK?:&5Af(+:&O752,ZH9#2&/!,!#t 0K;5B#;@;,3(?:&ZK2#$&5O(0K:&3(?:

    OH(?=:&2H=?e!=9#2&O=:!R6VO(0K:&3(?:&

  • 5/21/2018 11

    24/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    24

    A/&25V\20i#;,;B,#0%$W,!H+3,;B:D`&KOK24#D5!R0?I.^KI(U#?,:&;[VZ$5:&252,Z0GB_21@&I(U#?=,:&e!+#=?&O07,G:&Q2#9:&Z:!+!,(BVA67&50R:&;,?:&56#!K7:&;,?:&5Q2J:

    Q04O0B^U#?&+!,7@3,a0B#:&.O0,BX2#.0?I(U#?,:&;[VO70H,OH(?2H?d9170!,7)I:JB K24#:&D0K?

  • 5/21/2018 11

    25/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    25

    )>=![+&8"9+&(

    W/:#F)+&W,/F.41

    e!K.>@-5?:&6VQ`!?:&2!H?E&55R,:&W(15RKW#!4!R;,;B,,2$2KB.2.3(?=:&Z&=R5:WB^U#=?&;,!U0()D"R06#:&OH97,:&2&M,F0M0;@I(U#?,:&30+#?0

    /!0).3.;@_21E&3(?:&OH97,;)O(M#?,OH(?DBOH97,.4.;=,!=UMMR06=#:&3V!7,:&e5,4,;)Q2!K)I(U#?,:&!U0()D"R06#:&O0(B:&OH97,:&;@

    O9(#1,:&3(?:&WB^U#?&.

  • 5/21/2018 11

    26/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    26

    .40+&.59=)+&,.4/?+&.59=)+&:

    .4/?+&.59=)+&Total Utility:

    ,:&!U0()D"R06#:&OH97,:&e5,4,6CI(U#?;,!=,OH(?;,O70H,O0,B:WB^U#?&N&24O70H,O07,GQ2#V6V.DH,K;B:5OH(?:&;,OB(U#?,:&Z&R5:&)0&G#3,0&G##O0(B:&OH97,:&5

    I^U#=?&7)X@R:&&JCHK;B:5AO0(B:&OH97,:&ZKT#!C7)A!U:RT&KN

    K7M94&KG#P24&UPVP3

    K9M)*H24&K7294&K7M94&KG#P24&UPVP3'DM,

    K80V4&KG#P24&

    K80V4&KG#P24&UPVP3

    294&K9M)*H24&K7K80V4&KG#P24&XY!P+

  • 5/21/2018 11

    27/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    27

    .40+&.59=)+&,.4/?+&.59=)+&Y4(.$I5+&:

    O=H97,:&=0&G#;@5AO0R:&3V!7,:&e5,4,%>6C!,O0(B:&OH97,:&;@47'M#!,N5Y6V

    \!7@D54:&6V*Y&55C!,BAO0R:&OH97,:&k$!7#:F!BH7&%>5C!,k$!7#,DH,KO0(B:&:

    &.59=)+&Y4(.$I5+&.40+&.59=)+&,.4/?+

    OB(U#?,:&O0,B:&O0(B:&OH97,:&O0R:&OH97,:&11010218832464284

    53026300

    728-2

    ;B:5O0(B:&OH97,:&ZH9#2&OB(U#?,:&O0,B:&Z&G!,(BVk$!=7#:!K@=K#!CHK;0H,R.OB(U#?,:&O0,B:&Z7!B!,7HV)1(Z7!BO0(B:&OH97,:&;[V)10(O0,B:&ZH9#2&!,7)5OH97,Z&R5

    OB(U#?,:&O0(B:&OH97,:&ZH9#2&OH(?:&;,;0#R5)18(OH97,QR547&JBC5;@O=H97,:&

    Zi(KS0RO?,!1:&QR5:&

  • 5/21/2018 11

    28/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    28

    D[?;0R\2,@;,Q20R6VS,?'v;!BM:XJ=:&5/&=4Q20KBQ`!V5JN!,:&;5B0a0BAs2H?:&39#2,W:Q252Y%XJ:&F!,:&;5B0!,70K2H?:&d917,O(0R#?,W75KQ!0R:&;5B#

    d917,2H?7)3+!M##N!,(:f(+:&5d2H:&Z!07R7,;@6C;0`#K,(:OK?7:!K

  • 5/21/2018 11

    29/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    29

    X@AQ&2#.,:&@OH97,:&6"M#?0I(U#?,:&;&J@OM#.,:&O0R:&OH97,:&Z7!BO=0M7QR5DB:Q2=01@;@X@_21@OH(?

  • 5/21/2018 11

    30/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    30

    'iB)@(O0R:&'iB)@(0!%)N('iB)f(O0R:&'iB)f(0!%)O(

    12

    3456789

    10

    120108

    9684726048363024

    66

    66666666

    2018

    161412108654

    12

    345678910

    6460

    5038342826201816

    22

    22222222

    3230

    25191714131098

    2V5=#;,K%O7B,,OH97,2KB@

  • 5/21/2018 11

    31/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    31

    fOH(?(:O0R:&OH97,:& @OH(?(:O0R:&OH97,:&=

    !%N!"$#&0%O!"$#&0!

    6

    60=

    2

    20

    10=10

    R:&OH97,:!V0O21EOH(?

  • 5/21/2018 11

    32/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    32

    !=U0VW=HVXJ:&;,T:&I:J-5V/!0(B!U`&2.;,'2R0%

  • 5/21/2018 11

    33/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    33

    W/:#F)+&W,/F+.[40+&.41

  • 5/21/2018 11

    34/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    34

    ;0=KD=Y!90I(U#?=,:&;@d2#9#N&5?:&Z!07R7,OH0K+'U9:5AN&5?:&I(U#?,:&6+H#N&5?:&

  • 5/21/2018 11

    35/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    35

    FBH#N&5?:&O+2!1;@5AN&5?:&O+2!1-&5J@3=0,4N&5?=:&O+2!1;0K#5AW#^0Y9#5I(U#?,:&;0#H(?;0K-0V&5#:&X5yOH$&5:&Z!)5,4,:&30,4;@5A

  • 5/21/2018 11

    36/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    36

    O+M7;,I(U#?,:&DM#70

  • 5/21/2018 11

    37/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    37

    2.5B#O07!T:&O0"!1:&;,Q2HM,N&5?:&Z!07R7,;

  • 5/21/2018 11

    38/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    38

    O+M7:&3,)B(5!?#:I:J5O+M7:&3,!,U0)C(/!,();@O+M7:&;,DB)A5B(HM#;!

  • 5/21/2018 11

    39/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    39

    Z&R5)DH,F0M#OK?7:&\JC)y(

  • 5/21/2018 11

    40/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    40

    32

    22

    XX

    YY=

    2030

    3020

    XX

    YY

    ;!B!,:5X2X3=X1X2;@5y1y2;,2KB@y2y3VDH,;[D^RP&O=+M77)XR:&

    R7)W7,D$@Q7)F!,(:k$!7#,:&D0,:&;,*Y&5&JC5R,Q,Pk=(17I=:J

  • 5/21/2018 11

    41/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    41

    B1

    N&Ji:&X4321

    ;>Z%!R:&DT,0XJ:&+1:&\^)@-=970!,7)I(U#?,:!VAI^U#?%&O07!B,@+1K

  • 5/21/2018 11

    42/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    42

    ;>2KB@-MR#;G&5#:&O+M7e!K.>I(U#?,:&D"0!,7)/!07!0KR##;B,,:>2KB@W:-MR0W7

    +=15=R]2!=13M0

  • 5/21/2018 11

    43/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    43

    f=?!7##O=70H,OH(?;,OY52H,:&O0,B:&;@!U:!RO$^H:&\JCfK?Q!=0G67H02!H?E&e!9#2&;@5COY52H,:&O0,B:&52H?:&;0KO02+:&30K(:OH(?:&;,0G,:&d2)5]!#7@WHV0!,b#7,:&5@3`!K(:p!K2P&.a0:!=B#:&Z7!B&J@

  • 5/21/2018 11

    44/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    44

    c15+&.=,1)Elasticity of Supply:

    04#?0I(U#?,:&f(+;@/!MK!?!7$2+#;0=4#7,:&d2=H:&;[=VAO9(#1,Z!42K2H?:&6VfO=0,B:&OK!4#?&O426Cd2H:&O752,67H#5A/!Y0@O9(#1,Z!42K2H?:&6VZ&20i#(:f04#?06V6K?7:&20i#:&O752,:&

    29"X5!?0O752,:&.,:&O0,B:&f04#?#S0RO752,:&6`!U7%5@2=0i#:2=0KBDB.=KO=Y52HO0!U7%!,X5!?0O752,:&D,!H,52H?:&6VD"!R:&

    Y)A+&,c15+&.=,1):

  • 5/21/2018 11

    45/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    45

    f(+:&O752,:OK?7K5C!,,2KB@d2H:&O752,:O0,C@5J;,G:&D,!)H0.d2=H:&O752,VO07,G:&Q2#9:&D5+3,/!02+/!K?!7#f?!7##.Z=$5:&&G!=,(Bd2H:&O752,&G#S0Rp!=#,:&

    6VOK5(+,:&Z&20i#:!K'!0M(:;04#7,(:'U4!#[email protected],5['U#.d2H:&;!BD5+@O07,G:&Q2#9:&Z7!B!,(BV O752,[email protected]!0K:&DB.:&5\!7@!=,B5O752,:&'0);5B0/&4Q20"M:&Q2#9:&6Vd2H:&;@;0K0

  • 5/21/2018 11

    46/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    46

    d!917&67H0p!K2@;[V6:!#:!K5A;04#7,:&;5((M0a5?;04#7,:&]!#7@!U=Y2)'T;,5OH(?:&\JCD,&5)2!H?@d!917&;!VFBH:!K5]!#7P&6VO,1#?,:&]!#7@d!=917&67H0I:J;[VO70H,OH(?

    a0:!B#]!#7P&e!9#2&'T;,5p!K2P&;04#7,:&3V0&JC5Q!0G]!#7P&d2H:&Q!0G'T;,5. 3.B,+,=?#+&G,#F)+&>)+&>=9(T!#=K&:6VQ04Z&2!B#K&5@Z!)&2#1&;,WMV&20!,56,(H:&'M#:&fH(0f0:!?@]!=#7P&6=V/&25

    Q!0G]!#7P&'&1#?&;@S0RAd2H:&5Z%g&5@:&;`!B,2TBE&O0(,H:&6VQN!9BO04!#7P&D,H#=?a0:!B#d91

    6#[0!,B!U#L!0";B,0O70H,OH(?:d2H:&O:&;[VW0()5:

    Qs = f ( p1 , p2 , f1 , T , S )S0R;@:

  • 5/21/2018 11

    47/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    47

    QsOY52H,:&O0,B:&OH(?:&;,.P1!U?97OH(?:&2H?.P2

    3(?:&2!H?@_21E&. FD,&5)2!H?@]!#7P&.T_5#?,:&45:57B#:&6.Sf`&2Y:&5Z!7!)P&

    c15+&*=0=)8!7#=&:

    XJ=:&d2=H:&;57!$;@Ad2H:&6V20i#:&5OY52H,:&O0,B:&6V20i#:&;0KG0,#:&;,K% 20.06=9VA!=U:!R

  • 5/21/2018 11

    48/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    48

    .F`!=)+&C,F>`YA&,#+&15F40#:

    ;>5B(U#?,:&fL206#:&O70H,OH(?;,OK5(+,:&O0,B:&;0K0f(+:&

  • 5/21/2018 11

    49/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    49

    ;0K06:!#:&D54:&5;G&5#:&2H?2H?:&OK5(+,:&O0,B:&OY52H,:&O0,B:&

    1200010021850200317003504150050051400750612008007100010008700120094001450

    R/D+&,c15+&G,!F#4%!)=615F+&P&14^#:

  • 5/21/2018 11

    50/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    50

    )V(&1+&8"9+&()T!#=K&.41&JC;,Y#05Z!4!R:& 67V!,CR@XHKa02H#:&21E&5;B,0X@AX!"#$&&287:O0287]!#7P&;0#05&G;,:

  • 5/21/2018 11

    51/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    51

    T!#=K&.+&:

    O0B07B#:&O$^H:&;)Q2!K)6C)O079:&(]!=#7P&D=,&5);,O,1#?,:&O0!,:&Z^1,:&;0K

    3K!#20i#,BO70H,OH(?;,]!#7P&;0K5DM#?,20i#,B.:&_5"M:&O0,B:&;0K#6UV,!=U4!#7@;=B, Q5R,O)5,4,'&1#?!K]!#7P&Z^1,:&;,)]!#7P&D,&5).(]!=#7P&O=:&;)20KH#:&;B,05O0:!#:&O:!H,:!K:

    y= F ( X1 , X2)

    ;@;0R:y:O70H,OH(?;,O4#7,:&O0,B:&DT,#.

    X1 , X2:O04!#7>D,&5)DT,#.

    OH(?:&;@X@)y()3K!#20i#,6C5(O,1#?,:&20!M,(:O:&6C;0(,!H:&;,DB:;004!=#7P&X1 , X2]!#7P&D&56Vb#7,:&'1#?,:&Z!$^);,;!)57I!7C5O(M#?,Z&20i#,6C5:D5E&:Q20i#,21E&!UYHK5O#K!T]!#7P&D,&5)dHKZ!0,B!U0V;5B#6#:&O$^H:&5C.67!T:&:#,O04!#7P&D,&5H:&30,4!U0V;5B#6#:&O$^H:&5CQ20i.

    .#(![+&8)&,5+&Fixed factors:

    b#!7:&200i#-5?:&f(+#0!,7)5AO#K!T20"M:&D4E&6V!U#0,B;5B#6#:&D,&5H:&I(#6C5

    ;002&P&;0985,:&5;`!B,:&567!K,:&!U#(T,@;,5!U#0,B200i#O:5U?:&;,F0(VQ2.!K,. O14^#)+&8)&,5+&Variable factors:(#6C5D,&5H:&I;,5]!#7P&200i#-5?:&f(+#&J@20"M:&D4E&6V!U#0,B20i#;B,06#:&

    O0:5E&2&5,:&5D,H:&!U#(T,@.84,D+&8B-&,14"7+&8B-&

    14"7+&8B-&Short-run:

    200i#K*,?#6#:&O07,G:&Q2#9:&6C5]!#7P&D^1;,N&24@Q2=0i#,:&D=,&5H:&6VZ&20i#:& VA+M&JlV&2@3?50;@b#7,:&W4!#7@6V,E&Z!)!=?D!=,H:&'&1#?!KI:JDH90;@W0(HV20"M:&AQ545,:&Z&H,:&537",:&3,2TB@DT,:!K5&J@d091#b#7,:& fL2]!#7P&6V=,E&A20"=M:&

    !K,:&D0K?6(10;@2M0%W7B:5AD!,H:&;,)*02?#KI:J-MR0;@2M05UV6=VZ%g&5@6729":&!U:!,H#?&+KC5:5

  • 5/21/2018 11

    52/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    52

    'G(#?=0&J=C5O0V!Y@Z!)!?WH7",6V;0(,!H:&D0i.#KW4!#7@3?50;@20"M:&D4E&6Vb#7,:&30=?5#K'5=M0b#=7,:&;%2TB@/!0!"#$&;5B0$D05+:&D4E&6VW7B:AD!,H(:O0V!Y@254@3V

    :>5H05A_21@O04!#7>Z^0U?#K'!0M:&5@;`!B,f"7KW,!0$-02+;)37",:&D=,H:&Z!)!=?O+?&5KO70H,OH(?:2i"!V2i"&O70H,O+M7HK*K"#6(B:&b#!7:&6VZ&!0G:&\JC;[VAO#K!T_21E&O04!#7P&.(

    2.XR:&b#!7:&O05&G;,:7)OV!Y>2"7H:&;,O0:!##,Z&R564!#7P&0i#,:&22="!7)]!#7P&D"0

  • 5/21/2018 11

    53/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    53

    &G=06=B:5/&=0&G#,XR:&b#!7:&;!B&J@%>0&G#,DH,K&G0%6(B:&b#!7:&;[VW0()5K06B:5/!"$!7#,XR:&b#!7:&;5B0;@K%k$!7#,DH,K6(B:&b#!7:&_5#?,D,H:&5C5/&R&5/&20i#,.O(R2,:&69VS:!TD,!)

    ;@47]!#7P&39#2&$6(B:&)33(DH,;@5;+]!#7P&39#2&)11(b#!=7:&;%I:J5;+39#2&$S:!T:&D,H(:XR:&)15(2"7H:&;@67H0&JC5A;+!#7P&64ZK!T:&d2E&2KB@5C

    )W,1#?0;@;,!D!,)S^TKO72!M,QN!9BK;^,.\J=C6=Va=$5#:&b#=7,:&OR(",;,F0:52H?;,2KB@XR:&b#!7:&O,0$;%O(R2,:&6V2,#?05UV&J:'1#?,:&D,!H:&]!#7P&O(R2,:&

    O07!T:&.O"$!7#,:&O(i:&O(R2,K

  • 5/21/2018 11

    54/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    54

    &O(i:&O(R2,K-(+,:&k$!7#:&O(R2,5@OK:!?:O(i:.B:&b#!7:&;5B0!,7)@K#5\R7)6(;@473?!#:&D,!H:&]!#7P&d=917&$6(B:&)45(

    /!K:!?;!BO(R2,:&\JC6VXR:&b#!7:&;%I:J5A/!7+.C6V52"=7H:&;5B0O(R2,:&\J64!=#7P&O(R2,:&FB)ZK!T:&2"7H:&;,2KB@20i#,:&\J=C6V5XR:&b#!7:&k$!7#Xc0!,,/?+&e#!=+&

    8)!5+&14^#)+&

    e#!=+&>/?+&

    e#!=+&DF,#)+&

    e#!=+&30+&

    123

    61833

    6911

    61215

    O(R2,

  • 5/21/2018 11

    55/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    55

    ."$!=#)+&./^+&Y,=!$80&1)

    )Z)!H+&8"9+&(T!#=K&8)&,6

    ;>]!#7P&;@5A!U#!0G5@OH97,:&-(15C]!#7P&I&2#.&f(+#0OHK2@!=U0()-=(+0D,&5)D,&5)]!#7P&6C5)D,H:&d2E&5'087#:&5D!,:&F@25(U4:!VAP&67!?7D=,!)=H0D,H:&5@64!#7P&dHK:X2.K:&U4:&a!Y05AN!0.E&;B,0%64!#7@D,!)2K#H#6#:&5d2E!BO0H0K+:&

    F@2=K

  • 5/21/2018 11

    56/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    56

    1.5U4,5CD,H:&;@67!?7@6=VZ!7&50R:&D,)HK#?0D,H(:X!"#$%&

  • 5/21/2018 11

    57/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    57

    ]!#7P&:&5;`!B,Bm:&-2+:&5Z!0!7K.O0H0K+:&2&5,:&30,4a02H#:&&JC6VN!7T#?&'#5!=U7E'=:!UH7"0;!?7P&O0B^U#?%&3(?:&5!U7E6V'1#?#':]!#7@_21@3(?.

    a2=H#:&&J=C5O=70H,O=07,GO8R:6VQ545,:&Q52T:&;0G15CD!,:&F@2a2H0!,BO0!"#$%&3(?:&;,Y#0.)&57@30,4KN&5=?5O=H0K+:&DK$;,5@;!?7P&DK$;,ZH7"N&5?!UD!=,:&F@2;@2=0LQ52T(:/!V&2,D!,:&F@2DH40a02H#:&&JC5AI^U#?^:5@]!#7o:Z,1#?&

    Q52T:&30,4F0:5Q52T:&;,NG4.W7[.;,DB;,Y#0D!,:&F@2;!V'!)DB.K5;@O0B^U#=?%&3(?=:&]!=#7@6=V'C!?0

    Q25"KQ2.!K,20L5Q2.!K,.

    8!)+&ZQ1L&,=Q: 1.'?M05O0B^U#?%&Z!,1:&53(?:&]!#7@6V2.!K,:&20L5@2.!K,:&W,!U?@O05&G;,:Q.>B!#=K&8!)+&ZQ1:

    Z!)52.,:&67!K,:&5OH7",a"73(?5'!1:&&5,:&5Z%g&5Z&G0U4#:&OV!BD,.05C53(?:&]!#7@6V'C!?#6#:&Q2.!K,Q25"KO0B^U#?%&Z!,1:&5.

    R.P(![+&>6!)#B%&8!)+&ZQ1:

    2=0LDB.=KO04!#7P&Z!0(,H:&6V'C!?#6#:&D!,:&F@2;,_21E&e&57E&30,4D,.05

    :&25?=4:&5-2+:&W#(T,@;,52.!K,DB.K]!#7P&F2!,#6#:&302!.,(:O0?!?@2K#H#6#:&52.!K,67&5,:&5...m:&.O0#R#:&

  • 5/21/2018 11

    58/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    58

    20.05C52"!7)30,4#O,U,]!#7P&)D,H:&d2E&5D!,:&F@25(!U,&1#=?&O090B5O0(,H:&6VO04!#7P&5=C!,7>5A+MVe52.,:&Q2&@D5`?,F0:5C'87,:&5A!CJ097#2+!1,D,R#5

    2:&5@Q=043(=?]!=#7@-02+;)W#0,7#5e52.,:&O,16VW#2!U,5WKC&5,DB3Y0XJ:&`&]!#7P&6VQ04O07V-2+'&1#?&.

    )Z!F+&8"9+&(;4+!?#+&

    Z&2&2$D^1;,b#7,:&

  • 5/21/2018 11

    59/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    59

    .9/?#+&;415#:

    D&5,@;,b#7,:&W(,R#0!,DB6CO9(B#:&]!#7P&5,:&;!,T@5D,H:&254@;,3(?:&O0:5E&

    '87,(:X!H:&*K2:&52!T7%&5f`&2Y:&5`&59:&5.O=0M7Q25"=Ka0:!B#:&;)20KH#:&Q!)'#05Q25"KF0:5!4#'H:I:J5O070)]!#7P&D,&5)Z!,1F7.O=05&G;,O9(B#(:2870;@;B,0!,B

    O="29:&O9(BF0M#]!#7P&2"!7);,T;@F!?@

  • 5/21/2018 11

    60/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    60

    1.14"7+&8B-&>`;4+!?#+&:,:&a0:!B#a07"#;B,0a0:!=B#5Q2=0i#,a0:!B#5O#K!Ta0:!B#20"M:&_,:&6VQ[.7

    !U7,DB:p2.6(0!,0V5O0(B:Q..#(![+&;4+!?#+&)Fc(Fixed Costs:

    !=U7@X@A]!=#7P&O0,B20i#3,20i##%5AO#K!T:&]!#7P&2"!7H:3V#6#:&a0:!B#:&6C55?b#7,:&!U(,R#05]!#7P&'4R;)O(M#?,2!=40@O=#K!T:&a0:!=B#:&O(T,@;,5Ab#70':5@b#7@N&

    6MV@'0M#?,+1DB.J1[#/!07!0K5O7!0":&5;0,[#:&+!?$@5;`!B,:&5Z%g&537",:&.R.O14^#)+&;4+!?#+&)Vc(Variable Costs:

    _5#?,20i#K20i##6#:&a0:!B#:&6C5]!#7P&A29="X5!?0]!#7P&_5#?,;!B&JlV;[=VZ!=M975O0:5E&&5,:&254@5D!,H:&254@Q20i#,:&a0:!B#:&D,.#5A29"X5!?#Q20i#,:&a0:!B#:&!C20L55$5:&a0:!B#5DM7:&.

    T..4/?+&;4+!?#+&)Tc(Total costs:

    ;@X@Q20i#,:&a0:!B#:&5O#K!T:&a0:!B#:&e5,4,;)Q2!K)6C5Tc = Fc + Vc6:!=#:!K5A!?#6UVO=40#7]!#7P&&G&!,(B&G#529"X5!?0]!#7P&_5#?,;5B0!,7)O#K!T:&a0:!B#:&X5

    Q20i#,:&a0:!B#:&_5#?,Q!0G.Q20i#,:&a0:!B#:O:&O0(B:&a0:!B#:&;@X@Tc = f (Vc).

    O0(B:&5Q20i#,:&5O#K!T:&a0:!B#:&*Y506:!#:&67!0K:&DB.:&5.

    Tc574!9*4&

    Vc

    Fc

    B!*$T&

  • 5/21/2018 11

    61/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    61

    R^0O#K!T:&a0:!B#:&;@\^)@DB.:&;,8)Fc(!U#!KT;)/&20KH#6MV@'0M#?,+1K!U(0T,#'#W#$!+30,4Ke52.,:&Di#.&5@/&29"]!#7P&;!BN&5?!C20i#')5.=MVQ2=0i#,:&a0:!B#:&!,@

  • 5/21/2018 11

    62/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    62

    DR&2,:&6VD"R0!,

  • 5/21/2018 11

    63/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    63

    .4)?+&

    .B#=)+&

    ;4+!?#+&

    .#(![+&

    ?#+&;4+!

    O14^#)+&

    ;4+!?#+&

    .4/?+&

    ;4+!?#+&

    .40+&

    DF,#)

    .9/?#+&

    29"25029"250-12507032070320225090340201703250101351111174250110360990525012037010746250136386163,647250156406205882502064565057925029054084601025040065011065

    ;4+!?#+&P!4=0=),e#!=+&P!4=0=)Y4(.$I5+&:XR:&b#!7:&5+?5#,:&b#!7:&

  • 5/21/2018 11

    64/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    64

    2&2,#?&;B:Ak$!7#,DH,K&G#Q20i#,:&]!#7P&D5"5:&HK'&1#=?%&_5#?=,D=T,E&DH,*K"0ZK!T:&2"7H(:]!#7@&G=#Q2=0i#,:&a0:!=B#;@67H0&JC5/!"$!7#,20i#,:&2"7H:&

    0&G#,DH,K.

    k(175D=H,K&G#Q20i#,:&a0:!B#:&;!V0&G#,DH,K6(B:&b#!7:&&G0!,7)'M#!,,0&G#,DH,KQ20i#,:&a0:!B#:&&G#k$!7#,DH,K6(B:&b#!7:&&G0!,7)5k$!7#,.

    574!9*4&.!7PVP3Eb+!P4&.!7PVP3[7LKY(G4&

    f0V4&b+!P4&e,D*24&E

    08&]+KMW@3 XY!P+KMW@3KMh4&KMh4&

    e,D*24&b+!P4&f0V4&b+!P4&

    B!*$T&.&0WE

    574!9*4&EK80V4&

    KN,D*24& XY!P+KMW@3 08&]+KMW@3574!9*4& 574!9*4&

    574!9*4&e,D*3

  • 5/21/2018 11

    65/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    65

    >`;4+!?#+&8B-&84,D+&:

    ;>6Ve52.,:&D4E&D=,&5)DB20i#QN!=9BO04!#7>b#70!,7)-MR#6#:&O0,B:&

  • 5/21/2018 11

    66/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    66

    D05+O+?5#,:&O9(B:&

  • 5/21/2018 11

    67/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    67

    W(0,5D"E&O+M7;,@K0'0M#?,+15CO(,!B:&O?V!7,:&-5?6V6(B:&&20P&;[=V

  • 5/21/2018 11

    68/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    68

    ![+![:30+&&14K&Marginal Revenue:

    QR&5QR5KO)!K,:&O0,B:&20i#;,'4!7:&6(B:&&20P&6V20i#:&2&M,5C.&2=0P&5C5@

    '4!7:&QR530K;,O0V!Y@;,]!#7P&.

    MR =Q

    TR

    ;@ !,K5&20P&5C 6(B:&O=)!K,:& O0,B:&A2H?:!KOK52Y,ZK!T 2H?:& ;@56(B:& &20P&;[V3=0K7)&G0?!, O0V!Y@ QR5

    &D86V2H?:&;@67H0&JC52H?:&D!H0&2=0P&;@5X=R:&&20o:/!05!?,;5B0O(,!B:&O?V!7,:O)!K,:&O0,B:&20i#7)ZK!T;5B0XR:&./!=0G&5,/!,0M#?=,[+1XR:&&20P&/?+&.F`!=)+&C,F>`30+&,DF,#

    .4)?+&.6!()+&

    O0,+& 15FO0&,+&

    &14K&>/?+&

    &14K&DF,#)+&

    &14K&30+&

    110101010210201010310301010410401010510501010

    610601010710701010810801010910901010

    10101001010

    &14K&+&30

    )15F+&(

    K&+&&1430=15F+&

    T!#=K&

  • 5/21/2018 11

    69/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    69

    C&,F-&

    -5?:&:Z!,=1:&53(?:&D!K#:;52#.,:&5;5H`!K:&W0V6M#(0XJ:&;!B,:&W7[K.Q2!=KHK5@

    Z!,1:&53(?:&

  • 5/21/2018 11

    70/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    70

    1.&;5H`!K:.2.;52#.,:&.3.D,!H#:&DR,OH(?:&.21@-5?;,OH(?:&F7!4#O425@;52#.,:&5@;5H`!K:&)a(#1&&JlV\

  • 5/21/2018 11

    71/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    71

    !0#,&5@*02"#O4!R:&;5-5?:&D51:&e52.,X@30+#?0GX@d2V5@;0H,D!=M#7&O0(K!$67H0&JC5-5?:&;,]521:&5]!#7P&;)a$5#:&e52.,X@30+#?0!,BAW0()50$

    +!.7;,]!#7P&2"!7)21@. 3.C,F+&;,1

  • 5/21/2018 11

    72/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    72

    ./)!?+&.F`!=)+&C,F>`YA&,#+&14"7+&8B-&>`:AO=0R:&a0:!=B#:&X5!?0XR:&&20P&;@5C20"M:&_,:&6Ve52.,:&;G&5#+2.;>

    b#7,:&a$5#057)]!#7P&6V3?5#:&;)O0R:&a0:!B#:&3,XR:&&20P&!U0V_5!?#06#:&O+M7:&.6C5Z%!R3K2@20"M:&_,:&6Ve52.,:&W4&505:

    3!"#$%&f(1+&C470#.+!0:O0(B:&a0:!B#:&5O0(B:&Z&&20P&;0K-29:&;)Q2!K)5CX!"#$%&*K2:&;>.;=,8R^05

    7@DB.:&O0(B:&a0:!B#:&+?5#,;,

  • 5/21/2018 11

    73/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    73

    XR:&&20P&

  • 5/21/2018 11

    74/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    74

    O=#K!T:&a0:!=B#:&W4&50=?a$5#&J>W7EI:J5Q2!?1:&'L2]!#7P&6V2,#?0?b#7,:&;>)AD(OR!?,:&X@)GTAD(P&6V2,#?0;@W:DYVE&;,&J:-5=90&20@

  • 5/21/2018 11

    75/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    75

    O0!"=#$%&p!=K2P&'H7#

  • 5/21/2018 11

    76/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    76

    3.!U7,]521:&5@-5?:&\JU:D51:&6VO02R45#%.4.R&5;v6VO)!7":&5e52.,:&2B#R,:&b#7,:&DT,0.

    1!?#0%&1!"):/!7B,,2!B#R%&DH4#f!K?E&;,)I!7C:

    1.Y:&O0:5E&&5,:&

  • 5/21/2018 11

    77/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    77

    30+&&14K&,>/?+&&14K&

    1?#0)+&YA&,#:K22KB@W0+H#6#:&O0,B:&I(#b#7!,&J@;G&5#O:!R6V2B#R,:&b#7,:&;5B0;@5A;B,,*

    X=R:&&20P&3,O0R:&O9(B#:&W0V_5!?#0XJ:&]!#7P&_5#?,7)WRK2'8H0;@30+#?0b#7,:&.

    X2!=B#R%&*K2:!=KW=0()-=(+05O4#7,O0V!Y@QR5DB:/!RK22B#R,:&'(#?0_5#?,:&&JC7)2H?:&5a0:!B#:&DH,;0K-29:&X5!?05.,:&X2!B#R%&*K2:&DT,05OR!?)PQRS(-2=9:&5=C5

    OR!?,:!KO(T,#,:&O0(B:&Z&&20P&;0K)PQM0(OR!?,:!KO(T,#,:&O0(B:&a0:!B#:&5)SRM0.(

    15F+&.(,/D)+&.4)?+&14K&>/?+&&30+&&14K&1611616152301414342121345210125608116666107704987228972071070-2

    61166-4

    @GH4&MC

    AC

    QP

    RS

    AR

    MR

  • 5/21/2018 11

    78/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    78

    )1M!5+&8"9+&(.41!?#0%&.F`!=)+&C,F

    ;>;=,;0MK!?:&;04J5,7:&;0K+?5O:!R6CO02!B#R%&O?V!7,:&-5?-&5=?E&)-5=?'!#:&2!B#R%&-5?5O(,!B:&O?V!7,:&(O0:!#:&k`!"1:!KO02!B#R%&O?V!7,:&-5?G0,##5A:

    1.,:&;,20KB)545O?=V!7,:&O=:!R6=V545,5C!,,D$@2K#H0H:&&JC;B:5;04#7O(,!B:&.O?V!7,:&O9"-5?:&&JC*7,#QG0,:&\JC5.

    2.#G0!,O?7!4#,QR&5OH(?;5H0K0%;54#7,:&X@AOH(?:&!,7>52=K#H#OUK!.#,/!H(?;5H0K0

    '!#20L / 0K_21h:.2!B#R&/&2"7)2K#H0G0!,#:&&JC;@d2=V30+#?=0b#=7,DBVX 2H?:&

  • 5/21/2018 11

    79/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    79

    ;0H,e52.,:X2!B#R%&2"7H:&QRZ#.&!,(BG0,#:&.F!=?@

  • 5/21/2018 11

    80/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    80

    )1M63!0+&8"9+&(./7+&1!?#0&C,F

    -5?=:&\J=CD,.#5O02!B#R%&O?V!7,:&5'!#:&2!B#R%&;0K3M#-&5?E&;,e57:&&JC;>+97=:&Z!B2.5Z&2!0?:&-&5?[B302!.,:&;,/&4D0($)!UH0K5!U4!#7lK'5M06#:&3(?:&dHK

    !U4!#7@GB2#0S0Rf(":&50R:&5302!.=,:&3=,D0($)0K.G=0,##O=(M:&2!=B#R&-5=?5O0:!#:&k`!"1:!K:

    1.21E&

  • 5/21/2018 11

    81/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    81

    1.67+5:&!"#$^:D"R#,:&D1:&5C6,5M:&D1:&;>),(:;0,0M.(2.D1=:&;=,xNG4H#!U7B:O02VD51I!7UVA&2VE&D51;)a(#106,5M:&D1:&;@

    O)G5,20LZ!B2.:&p!K2[B6,5M:&.D1=:&;,=YD1#%!U7B:O02VD5145#!,BO0)!M#:&f#&52:&56)!,#4%&;!,Y:&D^1;,O)G5,:&Z!7!)P!B6,5M:&.3.D,.06,5M:&D1:&;@00H0K+k!1.@&57!BN&5?+MV;07+&5,:&D1;O=40#7;0057H,5@

    W42!15@(K:&D1&O04!#7P&O0(,H:&6V'U#,C!?,.f7!4E&!U0()D"R06#:&D51:&!,70K6,5M:&D1:&;,YD1#%]!#7P&2"!7)'UB^#,%D1&:&6V.

    4.$&Z!,1;)/!,4!7;5B0;@6iK706,5M:&D1:&;>;5=4#7,:&&2VE&!U,M0O0!"#.!=,@;=,2=K#H0!=,7>5/ 1H0%*K2:!VA

  • 5/21/2018 11

    82/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    82

    O4#7,:&Z!,1:&5.2870!,BO05&G;,6,5M:&D1:&-!97E&!=U0()D"R6#:&D51:&;@6,5M:&D1:&f!?R6VOM02+:&\JC7#?#5

    D1:&OK02Y.UV&J:&=)@

  • 5/21/2018 11

    83/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    83

    Z!,=1:&53(?=:&]!=#7@6V'1#?#!U7[KG0,##O02!,T#?%&3(?:&!,@AO0`&Ji:&&5,:&DT,!U:!,H#?&Z%g&5;`!B,:&DT,_21E&.

    D1:!V5=R7W=4506:!=#:!K521021E&NG4:&5I^U#?%&),7+&8H+&:

    ;>,5C29(:XM7:&D1:&O=0(,H:&6=VW#,C!?,N!M:O0M7Q25"KD1;,WK?B0!,2&MO04!#7P&.XM7:&W(1KZ!,153(?;,29:&W0()D"R0!,2&M,5UV6M0MR:&D1:&!,@.

    e!9#2&20i#0;@;B,029(:6M0MR:&D1:&55@Z=K!TXM7:&W(1N!MK3,d!917&.I=:J5Z!,1:&53(?:&2!H?@20i#:.HVd917#!,72!H?E&6=M0MR:&D1=:&;[VZK!TXM7:&D1:&N!MK5

    39#2#!,7)5A39#20?2!H?E&K5Md9170?29(:6M0MR:&D1:&;[VZK!TXM7:&D1:&N!.f!R="@!=U0()D"=R06=#:&O0M7:&D51:&e5,4,WK"M05XM7:&6,5M:&D1:&!,@

    O04!#7P&D,&5H:&.

    ,5M:&D1:&!,@30+#?=06=#:&O0V!":&O4#7,:&Z!,1:&53(?:&2&M,WK"M0V6M0MR:&6O0M7:&'U:51K!U0()D5"R:&]!#7P&D,&5)f!R"@.

  • 5/21/2018 11

    84/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    84

    8H+&G,#F)+&>`O1[a)+&8)&,5+&:

    6#[0!,K6,5M:&b#!7:&_5#?,6VQ2Tc,:&D,&5H:&0R#;B,0:1.T!\#=K&8)&,6.4)?:3,#4,:&Q2$;@D,&5);,WB(,0!,2&M,&G!,(B2TB@;5B#]!#7P&.D1:&'&!,V)]!=#7P&O05&G;,(5=C,1:&53(?:&;,D0?D1:&e!9#2&67H0;0,1#?,:&)Q!0G;!VO4#7,:&Z!.

  • 5/21/2018 11

    85/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    85

    302!.=,:&Z22$&JlV]!#7P&_5#?,6C!,D,!B:&'&1#?%&O:!R;&5O"!1.X@6(B:&f(+(:O:&5CD1:&;@G70B;0K5

    y = f (D) ;@S0Ry:D1:&.D:6(B:&f(+:&

    I^U#=?%&'5=U9,-2=+#;,K%;G&5#O:!R6VD1:&;5B0a0B;0K7;@DK$52!,T#?%&52!1%&5.1!H%&,WI:#F%&:

    ;0C!4#&5R7W450D1:&

  • 5/21/2018 11

    86/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    86

    Apc =y

    c

    D=0,:!KW0()-(+0I^U#?%&5R7D1:&6VQ!0G;,W450!,;[VAD1:&Q!0GO:!R6V5

    X5!?05I^U#?^:XR:&Mpc =

    y

    c

    .

  • 5/21/2018 11

    87/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    87

    3(?:&;,;5G1,:&567!K,:&5Z&H,:!B3,#4,(:6M0MR:&D!,:&F@26VO0V!":&Q!0G:&5C.!,T#?%&56C5Z!75B,S^TW:6(B:&2:

    -67!K,5Z&H,DB.K;5B0;@;B,0XJ:&Ak!1:&2!,T#?%&. -O,5BR:&!U`.7#6#:&5?:&525?4:&5-2+:!BO,!H:&D!,)E!KDT,0A'!H:&2!,T#?%&.-W7,Z&&20#?%&W=#$^);5=B#VQ=`!9:&2H?!,@AD!,:&F@2:O0R:&O0!9B:!K

  • 5/21/2018 11

    88/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    88

    D1:&_5#?,;@47S0R)b#!7:&) (0y(3=,2!=1%&O:&\7)3+!M##XJ:&_5#?,:&5CO+M7:&7)2!,T#?%&O:&E$&21@_5#?,7)5A;,D)0y(;&5A2!1%&;,2KB@2!,T#?%&;5B0

    2!=1%&;[=V6:!=#:!K5D1:O:&5C2!1%&;[V6:!#:!K5AD1:&Q!0GXc#2!,T#?%&Q!0G2!,T#?%&3,_5!?#0

  • 5/21/2018 11

    89/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    89

    1,B-&P!41

  • 5/21/2018 11

    90/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    90

    D!=,:&F@2=:O0R:&QR5:&;,W0()D"R0XJ:&D1:&3,f?!7#0DH,KQ`!V3VK.b#=7,:&;@56$5?:&Q`!9:&2H?:X5!?,D$E&

  • 5/21/2018 11

    91/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    91

    ),7=+&(

    ,7=+&;415#:Z!,=1:&53(?=:&D!K#6VW:5K$;0H#?,F!7:&;5B0/!,!)/%5K$D5KM,N6.X@6C;50:&N!90>5.

    ,7=+&;@!

  • 5/21/2018 11

    92/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    92

    U7@,%!!=,BO=`G4#:&5;0G1#(:!,U#0(K!$5!,U(,RO:5U?K;!H#,#0!,BA@":&;!Y2H#0U7@,;!H,:!KO72!M,O0K?7:&Q27:!K;!H#,#0!_21E&.

    3..4$1,+&

    ,7=+&:

    5M7:&;,O0,Be&0>7)dK$D"524,O0&K:&6VO0M7:&-&25E&Z7!BB,P!K5AOV2!0":&f#!B,_:O07H,:&AO=4!R:&=7);!H,Z%5"5:&\JCD05R#;!6KCJN!+L!U:F0:Z%5"52"#a2!",:&5f#!B,:&ZRK"@Z$5:&252,K5.O=40#75

    O0,&G:>O0$255M7ZRK"@5O?097;!H,Z%5"5:&D05R#a!M0>'#S&5R:&+5iY:.4..4`1")+&,7=+&:5I57K:&3`&5;,O0V2",:&5M7:&;5B##f=(+:&Z=R#3=`&5:&D=T,#

    )O02!4:&3`&5:&(O+=?&5K!U#,0$&?5Z!,1:&53(?:&

  • 5/21/2018 11

    93/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    93

    a2!",:&Q[.75H#5Q2#9:&Q201E&2!=4#:&d=HK'!=$;0=RZ&!U.e&0>O0,?2. '!$!,7)5a5.B,:&-!MR#?%&.3.X!"#$%&+!.7:&Q!0G6V'!U?o:5M7:&-(1.

    +&.4A?1)+&W,=(:

    2&="P&O=0R!7;=,N&5?6V2",:&'!87:&O,$

  • 5/21/2018 11

    94/94

    !"#$%&'!()/*+,-&./01)+&2.34(5+&,)0)1)6 2

    94

    1M6Z!F+&8"9+&).4B1!H+&O1!B#+&(

    P!6,`)+&Y&A4):O0!"=#$%&Z^,!H,:&30,4:2"#1,6`!"R>D4?5C)O=0M7:&5O=02!4#:&O0:!,:&5(,:&;0K'##6#:&M;0,0)R:&Z!)52.,:&5&2VE&5O,5B(&2=V@5@O,5BR;0K5;0H,(K6V

    O7?Q!)O70H,O07,GQ2#VD^121@(KZ!)52.,5@.

    ;1"+&15F:_21E&Z^,H:!KO(,H:&O:!K,OK?75C._21@O(,);,Z&R5KO(,);,T5C5@.

    .41!B#+&.F!4F+&P&,Q:

    1..4?1)?+&.9415#+&:9#OK02Y6CK5Q25#?,O"!13(?