Lt+!l .

aJ 'te'no^J

Anotrs'5

-JD"*ot,J o/,\J S-f

'
Of
T

"

'[L" co",."gl .'\

t*i

[^t t'oit l*;ldr5

[lo'r,s

o^o.l1si5.

e{onovnic

o/

fb

an.-

sqvdicc

\r.L*lot^^t

it.
15

otg"n

q*J

l*".'t

ob\

\-@,{*&ft*n
h"eot1 .q

+t

eoRutr^'&'

'

aoll els'
+LI
**W'.h
,
"Wl
}u,'*l
'
'
"'l
*tn[',,}o h *o ut *3
n.il''\1,
covrsrtme- J,
'[ altr'
;f'
1
'^rhe
lvice

'f'1,.*.

T,,,t", t*A

5o qt--

hlfft

orie'b ,n;.'tril'P"il'

o\e'b lw
{u
friceol
=
P
Li^,n"
*'-?

Dr*o

fvtre ok o

uul'

**')

&:^4- tdI'n

.|"tt' 'n' ils yrtce il*

t-*^lb
&
{on proct'rcl

e0,+

L ("'o)

(-t'*:ffiI

.,

P ,t {r. uqrrc'Lle a"^"1. Q} ;p }-t ws*ll!

lnr*
iln r,'...

1,..^" 3-Er-',J-b.|g

t.

cor..e$ o I

\4I.*,0*n

ob

rb t*u* o* +-'
*TPb
lt"
|*n*ho'n
'la^']

lo 1'i **.

e*x1eob
[Lo^o*K Ll'uo'3

P^ !'+
r","'t:t
\i',*s
;15
un,lc- cerluin to"-J;!ionlr
o*^lrt
'^rho'*
o1 lLa''
ion

t -"fr;;J
w,rl 6\^ose
fnav\et g'iee- rP5'
,.r" ' " '
h^t
is
io,tehip
*\^f
q-ec2*vt- '\U'"[ lt"is
e
\J
P

fiolc ItJ

.\",n

Qt=o

.$.e^ P/ice

{L [tvun tt*/
o[i.rl .

doer

'

cq'l"l'

?+o

(rceesda $'":ttJ'f v'"1*

]t'
lo
f*-'"*u
,J ***h,rL:lc

I1 hle S"ge' iv,^ffte Ilroe l"o X'ag\s vrt a,* fl"'"3 lo

1et

torrte\t'"6 tike

At lt

inle,sec|6v'

""

mt'kel i:' sc{;il {o lre l", g{eJ&s*hich cQn6u.naae''5

&* l\

9o;*l |u

*Jh" gry,llkj:trt
f'l':,:l
flge;s
:* sq'.^e' a,,rro,ra^l l"' 1rocl"'acl
611\\ tl
:f
gvofuLt

It $'

*Ik

iah {' gell "{ *h*l frce I

',r
o1

lrice

lr*

or4.r! fo"\\r U*\o'

[rt vle '

"1ilu'h

E*,"t

l
7>"1

'ltu &*o',,t fo" +'U oi-'"Iur;ll k ti t'-, Sa Qrr '

i6e*'

ll l* u"wll;y lo. f 'o J'oe *o

-r
^*J
l"
:"T lr*,
fro,t"t.l-ll, fu Qu {olls .

is a sho't*3" of +^. p"od,*'+

loror
e
t{",e;r
IL'*
C\e*\,
a$a;n
u^,oo,tr" *lfut; L;"^'')
lo
rise.
(
krU
t,oill
1[.e,
frt(e
+U a$"ol r's "-[^'e W; ht-r'*'o
tf
}\.
pvice
5i*i\t*\
"l

pviee

E"cee5 s^ffl1

?
P,.

P.

a
T
rl.ey.ice"r,*mlftn-t,:ruf*

l\
84

4
F" lU

Itn

hop

ls"lli

'f roJrul

^J

* ['^'..h'r(

l<v'e^' r"ol'
*11J";';l!

Jt'l'

&

i5 'l'U,-l {" p'*qle ''lho uiaL' lo 6ell

rrlnvt'+p
(
{l"
'"
\ou'e'
pric
in, 4U'it 'f v"uL*l;on

tfl,u^ ohuf
prd,ueh

to"

>"oJ,*,.,l Je
c ,eoa"t
Jec**'o
y"'"1^*.1

|.r..*
0r4

&nno^J

o1

holoPev\$

L'u trn eryiht";'',n"

Hxemple f ,lE

Th*

dmrrsssmet

en* =lrlrBly m4rla.t!rr:,*

r+t

n g'm**i

E?er=*unrffs

Xln&*rmrine

th*

,Sm$rudrinm.

prir:*

quilihw$r.tr:r.

uf

rarm give.ru

Metheurrati+ru

hp

isr

Eesfisrtcir$ arrd Fins*rp

xtrurl 11ulrrrt3r-r;

At nrnrket equili&:w'lmil:u, xL"* hmv*

Q*

wrh*rm

mf

Q is thm uquSlibri.rsrer

il.,

: #" s'flb,

eryumm{,iqv.

"

hi t}i5* *srd{ff* tlrrr d*mxund an*l ,+r.rg}pl}r

nqrxm,tlnmm bn*nnm.un

4F ' _il _,
m3= ?: W*Xq},

U"1[iJ*

Yhls i* n *}ext*r:r *i rrrydy siffi.ilkan-lr-qlrs f,Elliltir:t:** 3n thr: r=nknclt{w* F a:ril q.

'Thix gtryctr
mnrn txlirntn*#*.dJ frnre the sp'st*m i:y urddins f.h* tu.r* mquatin*en',lfl

Th*n. dil-tu$ing hnth

niclm=

tr4fo

tT{},

i:y $ givr:x, thm *r"truilihrir::n

g:r[c.*

F = iltl,
Firu*ly; *h* eguilihpiuna *u.Eeiitv # im S*t*rrnh'rnd hy rpuhtr&&tr.rtir:9 ihix ,talr.l*
intn *ithnr *F nhn dcrsrn:rq* s'r strp.pl_v *qr::atfmr:m. Ylnm mupplp' sqm{mio:l givnx

Sxi{l:#=11{='l,
**-hSch.

+ft*r

re,r"ans*etmrut

,vi*ld* tit* rn;'irilillr:mm:. elwm,reti{,;r

6:

ltU.

Hlr=.e.meinc

the equilihrinre. prier: ar=rl qu*u:tIt3..

,fl*imid*ri, Ar

nr;r.rfuer

*qrrilihrinm,
t),n

+-Srrrre

G ix thm ryuilii:rlur:r
i'

e;ri*r"t3e,n-+'he*{]mm

t'

,.rrt

ttn* I:;r,+'e

# Q* -' ff, ffiT ':

rtruru.:iitv, Im

th.3E-

ra.se:

'

thr: Ccm$x:c.i arr{i *uppl5

."'
.''

tlF :? *ff:='ll.t{J"
;_F : e*J{l

/.

Yhis il* n rx",t,m{mmr- r:F tr.,ur} H.irr:lr3t*n**ux c{ilrfltlnns in t]m uruknmr,tmm F and ,S;"1-Y*
*an dimixa**,S fr,nrn. ghm mffmt*rq fu=r, acl*iing thr: tn.ii c+uiriinns- This Si{*s
"I'

,t/

,'

: t?ff,

.,,0, flF
,'r

Thmn, flixic*ing *nt3r

fi

r3cinmr&p* S glve=+

.t'

ttre *e4millhriut:: prir*

i*tl.

Finnliy, i,h* *qui3i?:sirr*: qurumt,ity # is eintmrrnfuffi{t W s,ubx&{tut$:rug {him \'fr.lu*

intn rithm *i th* r{*mn-r:C *r sr:pp1g *qu;:tinnn. Thm ffir'FFl:r- *qr:atinn #.v*m
'

..!

i./
wh$mh-

mft.

m/ reax:r:a

affi

trEr*G I't*lc$s.'t

h*

q:riJdff: *lu m:. q m mm t irt-v

ff Hx*mplu'

./-

lHt}.

2.I3

The d**xurnd

mn*i. mnpp}.3l

fun+t3*ns mf n gurnd rarrl gige:l: hy

"F :i:i *e* *

g.F ail

i*ff= +

lll;=r,
5t1,

**inrrcline th* *"Eullti:riu:rxr pric* and r:;uarrt:t"_t, Dtltmvrrrinfi alsn lhm *ff**t fin *.h*
r::erk*t *q:riliforir:n: if thn ipr-rernr,nrnt 'r"ienirles t* imi:mr* a fum* tm.lq tlf {,1 nn
en,:h Sffi{i, tr'}rr: pdrgls t.h* tmx"i

|\

| lt *u'- | eg^;i, [*r

u*,-.

^ #* - #,

'ff*r

ff

E;3r*r*
is rlnm *qullih*3ur:r q.r:mrueifri,
**r:.ati*:n* her::r:r

3.f;

gir'**

d*manc$ n::d mnpply

[2,17 j

I#.1-

;lG -r

*flffi

illm nn*ultirrg *ryrntinr:

p,l?j

l{F
mni*i3rry

th*

it,

r${}

rr+rm *+i:nn1tm.nmmus

{E"l?li by-fr:
*::,'i

tJ:3:* fl*rsi:i

*qnatinr:s 3r: the unknmtnrru;l F al,J il. 11h

{# fienr tttm sS.iatem h'f rxultig:lt.t=g +.h* q$'*vmnnrl rqira+"!rut: {Eq,

Thilx is a rrrrs**nn *.f

s.linri:ruatm

--tJ +- ll;r.

can

Ir:

sey

-'- ii?l?.

[r.

ti., thr: xnpplp'*qumttnn

{!.l$j.

1s

This

ii* * t.i.

wirinh" aftm di'r'iding hwth

'*id*m

by n giri*s th* uqrullihri:rrn prir*

jm

$1,

Ftratl;'. {.h* mquiliklum qrmmtitg # ix rier*rnrlmnnd &:;' *rrl:*nt,itr:&'ir:g ihlm rnJum

in+u eitfu*r *f tl:e d*mn::el *,r slrpplp. mquaeiuns" 'Thm rlcrv:.nne$ equn&.inra grtres

ffl --#+[t$.
wrhi*h, *Jt.er r*,flsran6er::r:et ;,*i*ld*

th* q:rlli&.rr:llmr

#=- lgm * ill

Llm*=?.ii.-k'

{4,

S#rrmrmffimnt irnpms*n" a $ix*d t*".r uf -fll o:r e**h gxrr*rt= thr:.n uh* mrigi"nal
muppl3'equerin* n*#s *.n he r*m*iiffimd" Ylris is hsr:a*srr thm amnur=t the stppSier
Xf

the

ff r*sillr *f e*eh lm*i* ::t thm nm*rr,l [her th* cmmllmilT{'r F}fl}'s {Fi l**t
the t*s {.flSi, i"*., F*il. flunii, t"h* E*.,r'supplS'equarinr= i* nhtajnmrl h3" rnp]meirrg
"l* by Jr * S in the r:ri*E;in*-l mrppJ-v *quatiun;
rs*eiv'ns

.ins

tiJ"

- l*i -

+,1uJ.

ir.rfl't

nml*,ipl_ving mml *-t-r't hrncfur:t nr rh* l*ftenrumta:rt i+rn: t"tl tl:n rlght.-hmnd riq$m, Thm :rew mupplpo

Tlils miull&$*n nnn h* ;air:pl{fird

I=;rnd sid* nnd tnnkirug t"Fr*

ilff.

fup=

*qmmt$r:n bmmnnr*m

tF -

1#

-tlQ.,

-- i5t),

*r

tF = ilff* -r- 4{1"

l;s,11}

44

Eiler:::unts

sf h.isth,ernati+ ior Erccrsrysleg and Fin$,err&

\4'* th*n prr:mc*d r*o b*fnr* fl* rir:t*rn:$nqr th.: *qnilihriu:t:: pr3** *ri*t rluxrntkp' f*r
th* rrerr sitantirm. Ail n*erk*{. mr;*51!bririn:. .+r* hrere

,ff*
wlrmre

- #* .-, ff, sfl_}.

}n tlnn *q:rllihrhms r;t**n

lff, h: tlt$m ffi;rffiff\ iir*

$*:nan.*$ nrrci mupply

eqmmtS*tt* t*eenmm

-p - *ff * r=i.
gp iffi ;JG + *r"1"
\S'* *arr elimin;at*
[s.t*]i bp s:

*,*:nr

th*

ssr:{i ad{i3ng thm rmmulti:n-q *rqunLt,iirn

,-]{Q{-

iI.H,ll

ffrv{}#
il,13

vwhlch. a-f&*,r ntivirli:rg

lr*th

miri*s

i:.1"

{g,gs}

by :'mur-ltlpl,ving tl:* *i*=:m::d tqurLi*n lEr1,

myr'iil.*nr

*il-ff

ir.rl.1

il?|:}"

t"4: sh.,*

[?,94]

xupplp* mqur'mfir:tr {P-:;JJ. T}rix

* +$11,

ir

glwmm g.lru:

tr

trlr:.ilitrritrn pnic*

i:ll,

Finnll;,',. {.h* eqr.riSi:r'i;rm qltnr:+ia3.' f,J iu riet*rsrimmd h1' sui:*tiru{.ir:5 i'htn vsrlu*
intu xsirher *f r}=e d*rrane$ *rr suppl3' *qruciiunm. Th* d*mane3 *qnat"inm gi','u*

H3--Q+tt;:.
r',.ir3*h. ejq"*r rffi.wrdr$rfir:m*lrlE 3'iel*3's

th* rq:rilihr3umr qmn:eill*.1'

#:lfu*il;J-dt'
'fh* infiu*:nr* *f gnr.*ntmlmnE *nxetinn mn *h* *qrrilihrirrrn prim: im *.n incr*a.=*
it h*n: f;t*l ** -{$li}" Tl:erm{nrrr* nmi, af a"ll *F the tnru is p.ns*md n.m tn tke *mrn*m:ni&n.
Tire n*nxttln*tr pfrm,ym mr= **rtrn {t per gnmrt a[t*r :nx has h*en impmw'd" Th*
r*rndning pm,m&, n{ t.h* tex !s hd:rne b"+' cLln mtippJ.ir:r"