echucosi gm, on na te zo w vio pte oli su vie a soto vl ma Ba) ona prise pole, Kiko tures kutknenje, ow oleposki usin, ews he ‘Se in jer st et. ‘Rai wet my it rte marke peo. Pee fost ua ao jel ata Arena sh Proizals Blks je in, sithol. das miboxa Kombi po Koima se prio eo pra Prepecnaje | eikye od pir Foaknwsant Popa sv 28 spre pivot Koc nen ut publ Jena Flies, k pip arin marae joe te tpt: 1 roid marks + Toke mia Procvdaita marke (eel ras ams, bol tne, marae bn} je ie Toe poirodat deeded woizeda, po lojem se me peepomati i ackovat od ssn praizods drag proievdata, Proicvole = fwoivodaom tk roa proizod po caemo vski jena ‘Trgovacha marke (elas rand private lel, st ra eine boa je pez orden sev Ic Koja je pode pod sof meno ane pod imac poizvodata, Proved stoovakon mk (runs sta) prea nese wh ae ele sanoposige po saanjero ashi ijn (Gene rived s gatkom ark suize tog dia alg 1. nesadrevelike wove choke ropa alien od prozvos peyton naka, 2, tabue hate i velkesamopolage usta or sq kapormu moe Us koe doi el dod ait (iter estan we pois proizvedaor arto, Prova stan mtu prozvod ing lit weds na prove onan ej jit iow poizoc is san raise god sui valet, Stop, pauvos poze mask pia dobar inj oigoplske cen. Kath sf ligase ele przveds spss mon, wus dsj debtor Sosanie (eta sc 151, dbiv se paiva prsenabonkwealske cen rz s povathon wacko, ijustine ego reds pozvoothon ark. Medtim, hops ali up prover pried staarae Ever og ssc rma novi potas Iaraivanjapozvods 5 possodsthom is gova8kom masta pokazaly su yeti renothostimos 2 Koji sa ‘ligule cen vie of konkeati cen, Razke se he 017 posto kal eh pizvds Wo 48 posto kad eh dei, Med rset scene olgpolsh prirvodn spoiedaiom aurkom ulaom bike oko 25 ost vied poivodastgoratkem aoskom.U stage wkina prvi dota jase ‘oj ois, tara supose da su cjene 38 do 0 pest wie of erm rm rn Konkan. Name, praksajfnstine cen dps rizvolaty da kee ene u wal he tba enews bone, [ko nin nulorod, ie a pci en U jee jam pasa amas abana. ‘Tables 154 Usprada cen db vine saver onkasnse i ligopls ane saya Koren So LOligipet 2 [Naa praia TTovattamas Tannin | | Simin jase FO=TC Phe ATC AP [ines peeve io — Frege t 210% ‘Mou s rina dust stave dans sar me speiéne proved tra ne me wp ate ‘axopie ‘akjthe u odass oa lgoplse gre. Madsim, nveden sraivanje dj cement a ravumyjevane ‘jer oj oil pak mts nat a ene 15.6 POSLJEDICE DJELOVANJA OLIGOPOLA IZVAN PODRUCJA CIJENA Coemugasanehonkareasie w pda ins ae jain pent rte gobi punts, Pj vega, eka podizeca mau ograavat se poze. os antes za Wale poids choad Dg frac ihe os sm wink pd a gros dated OK a Pre ligopo anos soul 4+ psi, rb sje ona pars, ‘+ gespudskom suv, hoe smart 2p oligopolkin amen, dus oi soe Kone net ‘ge acing prozsdne, w oost mi use konkrcnci, ckononska je posta pale: padizanja leon Zahaluini posjedovanu eee mod, ea cio mxonplska pode, raga stave provoke byponcacene rosin ula, Kapa kaj nema ragunost hor pin jaa Wisk cas ei Svan preevoda. prema Sian oigpsa, ela jet sila koe aod oligos na ibjepatanje onkurcacjew pod cher. Bez sexy kennel olga ries Zara sae halite, a. pie, rule prievode 9 plaka asain, od ini Zain do dognih tet tured, Sy optus. Rs veto set za porate, posta suz delaposiw kj se hoe. Bhonomske kori tops imate dona, menser apse elk podoosina Deprinasteakovne inflaci oer, ni pis rns} once. Vl ort bu po petishomn Koren ae pois ndvanjm ski vt. Kcr tne da vali psa revi be pit sa vase sina 74 povecanjn nna 4 onds reba poveane dca a ptslage paveevanjem cena “Tokode, nga stat seporebue task (hEanjeshupl pao, cdeavane sata w einen objet, _apeitnje espssbrh oaks pity a). Takode, vel do ova conamske popacande mole bit ‘eptebao ripe resus. Koala akon wtozivs propane karpajerop4 rad pn ite wine tlje hoje su inal peje tsa hos ako perth rsa propusen je mogres! poetaapoivodje drug woivoda uss t hue! dba} ae proizveda iz otadene grant gospaast uel, Usporesajethnatikognaprta, kako neki ear dakar, psjedca je bagi vl pastas, koje so Supine moci Eso turin poicjana goes sw komen + imax mal iol 22 peomieajor| ats prom bil aye se Kak i kia, ne samo tj kas rua welsh pine sana femmalzmatodiljna od sano) nepogodsa vt proicune chase mgr, nego beh cigpolt syjesan ‘preva inume | nova ai upodajuwiiove tres. Takoder, mange ovis nu jedan sic ube Saraje ek provada. Osim toa, vel poduzeea mags sema aganicaal iat hak vk pare (ean ua esta vel doi Moé manputrania protein join je 0 clon 2 abut. Cneciea je veka goduzein mogu, semen ehononskim propgindor, u swju hort rnp. parsacm,stvurjudpoevodaces surerentct unjes sca serene ke ij nasty ptane Nel re wnt adn ops ak Enacrane mn, dota da kr pes sli} rea apne dee doo. Modi, Feoblem je fame Ses anon chanoske roi veh oslo sabjekats nj usilaema aja dratvems ‘sizvorost. Ts) dela se poikeplveprimjerima Kao Sto su probkmi zagatena oki, te carayje osoboe imine nsigusmos Teme aie da moe mora Bt poerana + ogre, aby elsoveenatCesto iene Mognée poche pojece ste tints og pss i, u nok sugavnn,slads mogl jlo vie ‘¥inrt elih mc & boas pode. nese w ape intern dr, Sra, sao natenje eli parca pains poche sim jest w plik promianjima lake, 3 € pene Ek potpomeresto "ane do fini pollo I ho la bois elias, Nae pols fbi st ship ‘ma koje clanove vad, tsuki dage visoke drone dnote nse pcb 2 ptpnk ih pote fife tenn 4 akejana, a sve wife Yl paren, Zsijezei sb sje wo postal paz borev kin cel,300 15.7 SUVREMENI POGLED NA KONCENTRACHIU Sustemeai sty, uplavnom, ie prednot koaentaje. Prema sivemenmn sanju veka pada su 0 aj neu drain, Talay sta emi a Kon koje paso eter w gospoarsvimas seb tape Konseataies Tho Zeli bani veka para od opusbitadconsoos sav da je "lik os" roe Zante isicjem eda alae jie aio god pecs ko powa ej ky profi vk ego Sto bits prema tonal sta magi ost. Ak je oie ons jet apg oil abvanja Sojije hah iumljen. Vee inna ukanyj na mguanst db nce chicka vl pss ste, dost dh vchins gospnston moe nj i eonomke hoi 2 samo ste pooh Maogi doko elt azca plnoHijek temehe eve nace g9 moi. obj eaonalaog stavad je “vc le" ebigwo se wt pda dlarvaja™™ () Maoge revel poaueca as tae. (©) Mot evel pozapeweliéana ovina o amogin egies {6 Vela podadasu iver aaah choos hit a dase, Argun 2 deo msn aco zm voit podeaina loose ea visa Rose bi ject, te iter ayo za loan raviakvelkih pee Recina soe pina ta won: kapitl nije velika, Kaine, bist fringe 0 ven dei soveain latvia. ostazeim godine. Zi velo mpresno Ea: se te du je neko poduzece ple aie ‘aril doit of 21 ela Lan, Malan, shoe woe w bir dows Taal 30 myn ka, topo Primos na ules) Kapital die inci samo 7 pst, Wo je man ao lo i smog zat aa davin bvemicama, koje wz to nose i maj zk. Kada kntar apa db dads ne ty injec da db [roizodats obo ios do 5 posto of eds pode (mane pores Ise w amg zens uve vlads su rj prs), Nain ante dob ya oars ve pss oe odo eno plane ys sae ore oes sae psec ponsanja veh patizets, Sgumo je da sis wlio bit ian ostarene dob kolo nin aor ona Na pia, sm jo dave dpans drs die pats. haje tang dba § pose dnc ipl ee splicje nian ka dvds, neo pss Ke osha dba 6 oO re hoki a sativa, av investiga wlgan) to pd prods ada tara nova mesa. Krcar krupnoes arpa zaijeraj ve pst ees ake urngp woba gu dob ‘inurl ives ocho decile orate (o Hath) se w proj ad ok 25.00 eur fvacje vag aloo mel, 4 u ruvijsnom sj tos rami ve ue ite 10000 era 2 sab ovo no mest), Post jan interes probs tis posse. Sutra Vasa v noi wen psizeina mato x omnia. Veike see Korparaje mogu iat mijne dita. Sop mogiekoranis suns ust uso ate kospijeAaitalsikeg tela rans u danse usps, okie dw ein ‘everh rem, «ko je 118 Hr, nasa wlio eoaicara sit podzsa aja monk find Druin ijeéma, ri he grad ims acon, pms posed, tes 8 ws lik pode. Osi toga, wnckowaretkim gran ibe iso okt asks la pores ne, 80 eke ko inrieroboskurnskin gran onkarensa prednost posse vind spehapde. Vela we eat wie ow Nie igea0| ‘pei barat vel podaze db hj ostvarwu. Pre ter, pdszsa oj su veka po ied nove ‘pieg pred ne mony many nut vel tins moe. ok) joke tonjen mld posursée moze ia ‘atau monopole visto o pla kj ia na tit, Veto pose Kye abo oka ne teiinn toe, dok malo podrace koe oem Koakuescie je monopast koji mala ede ma eine 1 ops [oirodnje w gon Peds pose ott sluajent pebonjome profme wc odefeah pale, oe make Sew risa vim eli pdr, U surements bre eeotog ogres wei Wa pola sve svimanje az, Kookuethyprelaot done halen poivad, pobapde: pcan potash ttl, "3. ty Casin ose Bt Yio Pf Ca Svc Cn 0,2 om 15.8 GRANICE MOCI VELIKIH PODUZECA ‘roms dominasj vack) grant odstane nebo pores srs magus 2 pekojzn oigpab sto oa prank} aaj semana moguinaststvarnogs kristen te mov. Nala oh ogi, "ee stanie remains sens tani delovaj skort ran, «oje ce sed jow kta rege Pre step, move choos dans itu da Kraven poze plkenun zmatenje pss rae Tonia lao éinbenis koji ogaeataajihows moe. Poses lobaleace ze nacional gespsusa 5 edo) rome Konkan debit ron odie pos Koatolom Taker, post pola dase pest oligpolst sperma eens i prion zaps priteenoen aba, Vek es Jb le ‘olgopoit ostaryu plate move Ronee waive pods Pemjer tk ean aaasin wants) nds koa je gonna sata Kassin peinjcom gop. Ko pase global, vdeo, pl ‘ote inet Ameri Europ doe po ues jae Lookenie pans uaobersih poised Kunkuseacijanovih holo i prooda tin lasiaijom yous za olgopolskin roid, polkopaajet ‘yjiovnsposbmt da zd sole cee. Na prnjt, woh maducarsoog al a Kosar vasa vib ‘ena Los mguo bibl poopat vom ds le, Ko Ho lin pth, kn zaeneza Kosi ine ht ze rns oligopoly mos je sana suradye imei. Pod postovne skim pote sj pops lg src. Ni dno pose me ptpo za ys wamena raeicno ol esrence. “Monopolita moe je uch pains prmjenjia”| ‘Velika poduzeia su swam dtovara options senna iSnrtima deen x ham pda, Dogo 0 ‘sag jen + somaya Lokense je rekon, tko di se audeknjn koa pals avatelo ‘lh poze iedadesushom post. Prema je lari elsvo aul, puree osenee ‘a loan avi poets kj ee sada dobar gl jaro, U dba kona (anew, poke juli etapa iatane mo kupaaw odosu ma pra) inteveribizma poveeaog utes Vaden pnlva ras mao vel yoduzata nao iki sate pepovaljnog phe aj ewan susth Dosupata tog fsa cena, neatonie propaga. hth prized i sich nepatinh dogs ogso St Putty nasovain wei Tak wept’ dott mg, danas hee ego aa rai, sas db kao pos Poen sta pooch se grado ghnara prmotvim aaprina. Tak, na primjer, Hrvatska gospodaok Toor im Sid cat kaj ge jms Spm 22 neostnanje dobh pov wb, posetioe u po elon niereneset mncplseg onan. Dak, posse agus apreicens wv isbodoom laa Stavovima 1 vjedbostina data w Hoje pos, Maogiadgovor vss pola aaj do uk se pases ne pnts adgovon aa oor jas, ej je d eval paps wpetne sve We a, neem win eso a pduzee evo akeder a finkciane gospodasca wl ‘Zeta 2a rasom jo je eda nbs jt ejenovn poi vel pouceé. Trains ekononmk ‘crf preps dae ei lj pov malsralizaidobi al sve situa je ko jensen ‘sina rah pes prj wo zug rast eat wo onda ahem poveéinje pede, On: ‘nog toga, maemo privat politika cera koja ne makina nit jenn eit abt, nego umes ag 2 ol prods, gan sis, om og nts mo 2a dain ponesvnjem jens, al oj ca je ne Korte Gini, tke, vel prea ns edo shaping chook mo dv. Orgs ake spine aa neatalcraju i ofanivaju thosomshu sane Liupogs gospolarsba. Teanjn motte saga hj je ati ‘Lanomist fon Keath Gat daze da velioa gospodasia je jek Lata 2a dso, rato to moe Bit reaalicians od stave dug spins ekonamake mac Monopolska rae de bi opaciems posijanm ‘anepsona. Kad vel kup peppers monopalom,ajgova me podianja ejene je maséajn sane. No eae, me voi ggasi pein poser fet lomo etal vom kup ‘rs Kopi je posed ce slit posta (cb kas), Prdaproivods + rorackom ako po cionama koje dre nso abajo apovonj mac lnc sms, So so vo rane spar, gor ds bi {2 ogo Bt oo same ogantsje "PO Sir a amu are Rr PN Ma YI, 27,‘vic, pte args og pi Nee paresih 0 srt seh i ra ig Ty mak pi pete oa wd wage rll edhe Kae - iéno mogu djlovati ulruge seljaka,ebara, ugostitelja dr. Kean o primjora i sind osice mpasplts. Sh Rana ko mee eka ej cones rt oj whem kagome ra obras tats Kony Hist eral ciara ween) no kpovne lh pcaeca vio box apse, Sila resem odedene est as, Ze taker sj monppoask i ih podazeé fae Rup te te fata Dine do je spine chen neta rogue | pred zien joo spine ia kn og, art da base Sj sg pv onontketot eS jo tres. Dalle ite bg srr tse pane ne snow toms pos i privia ekononska mot ego We woe 1 Ko on in Jor sn ocala dugeekonrske nl tts nate, poste rode grav ene soxpadaskih roe pov ago 2 ype ne (ev, “Sneath “rena euler edo cnt, w svat one jst ct, dg nec poker vel organi jaa) Pena ng prac a pai ted pole tabu, Oboe je njione poe volltvane pip seaeiiaan, Dabur pj fea je enc hopoacs Gesecd Motors svoj beim plus Shima i Komment. Tsve kp Korpraiepostde piss w moogin grams, a salu pos Pj pip samo ne pa eae Keo ‘ko pra sataricon stagom evn 80 as ‘alien 15 Trans isosenen poss Teast paged ab aja arg ae lo se hmpanie maj. Dale, Kooi te ave Sioa i pgled oc le Ronee Tova pedis volo DE Tonks ane onopost r Nea Konzol lade wi onstage eli pode eusakovite «og one potas cen su Hise ale, 2 do neal ysl aa Stet po cielo “bus nee it jonas va esa. wai |b) Moe elie prong vanjhom kaka Tay Zantke vlan tae fae OR oO, | Gite nmr el, valan tin koja thbitevehh eujeen mcevaskth tonto). —__| | vim iso thom, esr o ‘Sema je prema bie Za 28st, |govnje der pls neurliinaje mos. Veliki pcm meee (ulaganj abi, rraovna poeta eta sabieost apsteron + ta, vota winks: kooketosniologs | gogo Tata pone mye: Toa Se penta fora vist 1) seni posn vel pouzess 5) spas diva ) aj wa poz wie mh ‘Kc orn ole ean WE ‘ute | a) snyervat posta eli pits ae | pauses ‘hain sie uso chaos ker once amish hoese poncho ups vk pope éesto si peu ae, Kanto estat oe liste avout al vel pda ms oni 2 pase aman eas koa let sion lobo dela: sien, Za odsetedlatnst ei poze douse pias mal, fj wnkoiteproizvede pie, love ekonoiju roms, dja porto raza difterejanie pines konkurensew gras ke seo psi sash, xcs parts, ooh raal di elroihh reaj, sweoeni eeina aera vi zap slab pity tks swe je ee mai dokae 2a nei rane elomaneh esr. Medi, an ska gore dx monopolist sprebra ufo spo (ous po grams (atari upon), Tak poste dada se ki slujevina na poise & foonopolsi sya poesia rznjemo al sus wpe, a pve at priya w wsen8 Konkan, 15.9 DOPRINOS VELIKIH PODUZECA OPCEM NAPRETKU Dajani dolar kj gospadastveic 5 camomsk een Krist 2x obra eliih posses je ona rede pestoneneepsem maths dna Uap dans veh pesos opm mpet dna moe se ‘oil sden Aes posin:traivana Fac, hnolska promjna, nvm provi. choc Sb menaodna enki ‘raivanj evo ro nce ei pode, suave taro roe wpa, estan vl ih sma poizea ae moe apc lagna ve poets isu wmtrsu sao pada kja hiner, ne istog dust, Inj dbiva nove prize i eho. Metin, ne zat su majela zea ph ive nova, tana poh kr iidlace kori alse ze Inova je potas sla 2a svaraje nove govaajs va devia i uslapana. Unyeso karkurentsah ita ‘aot tata posts asi ro redoitogjaejany cow poze Koj urs a tea anv ema Terie wgroéajo five pokes) mau eal bre aes Naf ain towacie are postoece franc stake | wenn mazadovanleposojeih poduzeta 52 stim priredion 1 sagan Prem eo stearaafkog zanna (ag creaive destruction} Jose Schumpetn, amnckog choos, ustiskos pone Pdizetact st mcanizan stacnja tase bogus w Wim susan. Prada je nals pronatanjem Stvaog yet hom pve place 20-42 tj, navedens eo dams atu, esa wfoowenoa trait infoeratke whole. Kako acna wit v avai, ckoworija ramjecs mje va ekenomski éimbek. ‘Daas maja pos, conams wkovi,s dfn eivodina, gu na we ace i pei ‘vl poset Telnolota pronjena a zi gospedrsta mai bit ptskaua od up gop aja poem podiine petite abit u ble invests (apa vlan), mspredvans oli arvana rare Sunda ‘om glean, soremene kip Forporcie ogy sh an sass febnokse marth, Ss ea via poivodat ral hon poz po apostenom) wi Fives stall hog winkovt upaebe resus posta rogue zavajyuct uapedenjn ‘enol. To pomake dase obj) pails bosuog pttotata w Seta Ihupmogs goles, Naime, bust do osvanyjv veeu bi welka pues thor gu sav vison proved pve bi mre sta S nu ve, lina seu suspodant1 me bi ve dx olin sion proizvodse hye fais poweinty,zaujeva vole hacia 1 prema fe velicx poze koja mou pokupi pours kat ups polovrjn Na rine, ame vk pousSarazu posto uranama ka 89 su proizsedja auoob, cela, akopva, se medunaad ankarsvo,rmogege, ‘Sika 152 Telos prmjens, bo poze sj posta we z= Sika 15.8 ejnjane on tka tere pskcece boii Saas Yew (etn) Meysot Lt nr lc anf ke oot ee | seamen coe ere ea ened anagem Tp roars rm OC) oe 2 a ee eink fzemaaninmboe eames op a na eS em oe uc mn egpone poole eas ne ne reote ci psn pe nem snc cane aon Td ne an aloe cog ests bat) en a pene aoe [amt a Ne A ce itirchanac to papentpe soma pose og v welt pin, Sas Yi pap neem teary tine ens 2 ant eidaane toskns pony Main, hay be onto ns: ie mel anog pdr Oxo pirat ae eae wpa ah kn Pudors No sa 33 prin ey isp Oe hop pi bez anal abi {fein anf ea poesia ao ah pode holon pte os By, Ope rang jl pe (eb lim je pees go pats a he 24 = ‘Asda putin ojo novo poze, opti we ees pte oie pine Ratt ara csnenmc ees pete nes, toveneo bd ei poe SR peau, Meduen elope pooner Yes oa wl ham poss Freese aman psn etna mpm sr prj ska A) me ACs Zh prea pau atepte A Bs porana ab esan A kj hs pdt AC Gao ansdin ups cise mae penne pts pont, expo et Epon 1 Tams ne eee nue ss pois 8 arn, pe B ko Sante nts een ste ena pro | ode ane Cede abi alli ay tojn en omm fuenh weoe p ye e an T-U eoa Pa Kurt al henge mom oe poetne is) sla Done hk moet Pe {desing strats ce) ens lb Ekanomse sabilnst rt esi visio pola slkih paz, Mode se isk da hays poze {slror, sbi of ml sosodssih subjekas, Krupm poduoea ina we soge od ih goss ‘Sibjolara rebroit ta mens, ex mown olan bla. Soya, mt i dj zap gosptso Jo element poveéavana sca, kako st sla rate Zapodenosi, ik is tjaista ane dob Kops ocean Medeneroda honkurenimstj cil saciowalzagsgosposatva jem ostaseju mogu doit veka pobre, ‘Konan’ doh u kort pce vlogs apace Hea} jew lne devin proizvodnh rans hrs. leopossva timemo malogs kaa nelotanewsekovitst esp ekonkureka a medunaronom Wt Ntogi ekonomi smu da jane velish proizadah poses mote prone. wikovitst maionaloes rowpolusta, Velka polis su prodiyjet medmerde Konlarsimnst, (0 je dskoormg sels w Inediaroda)rareu Pel vel podode opraniesja Kosa auur dma Wi, mae pee reno jaan on edu i, 1 ea Wan Moni, Wao big Cap Bl, Ss 5 "pow Woo, san, Wy aa, New Ya 9 27-30, 15.10 DILEME POLITIKE KONCENTRACIJE Java poi update sre tira fe vada 7a gprs xvi seks rome. Ri 0 aks opin antimoaspel akon) i meama vad w pcan elite trio mjcans, Rar to a ey Iupnom goss sj daa was red star cleric van eons pil pugs nse Koacintacg: Name, Jopitaye da cick gra patos pod kono join poze sacle mee reds prewja dcbobi poroats. Meduin, ake vsck stupa koesrtae na stb pra dag autor ehooomsb kort, Slog, vj mogue jo abikvanaeKonomse polite ti bse: 1, opus koncert omg ppm soba rroja i ud ii pon, @podea mere a sree oopmebsoligopolste at ilogt pots ass aban ae pas Aju pesediu sara onopiss e 2. Spi oncertacy, tsi sk rina bd ast vile eons pas kaa ve Sh ogra kookurcncj prov stags hot avo ponaane vel pod spt vive ‘llth pode‘, int macinaan gospodarsivo ricky obra inves, alan eens wiki {shblejamedunaradn orkut, ada je stopnjLoncecracicu pojdiin gras dostiga isk ving daa je pola dons ops kojims ogeiava wruivane pods zara psn Koj ont Kaoknee. Kase se dsl Jo spac sje wes) detacew goon prevei, te je traona Scans, Sods oki wkaujn ma oposaest prem Of ‘aj. Drana rina pokta pom je Kt te deta ake mere komo polii koje ne 20 rere Kona dstsno neibatinog poaSanj vcilsh podueta | idaho ase depot gubiak ‘hones ois oj koncert ono du. Posh jee ran pave w nln ma je mu stan) Koneestace podweca imal prosiha, a wiohoniot ssp pol pose. Petje U Hats ao malo ze, gansha Loner vi igo w dain eta, aij bo wpa pode jas enuresis na woman eu Moga dca wtka poco mj moder hoor (csbitewrainin) an. O malin zn je (00 jer podkets wai mane od tg oj eh pda devin racer enopski enna. todo pana once wma) ztal vee je (Fe eo omkuetsib poze) ego usu panama dri anh nba Fura si. rai tina, podwata jas dtuo vein da vad sem pit debit poo war sae joe male zi, mel i a syetko saad imag psa eisrcna homens bata jos ees a Lao ‘aka imal jo ron noc ana zerj. Ose ovsns psn da ta Yelk pczs dale buds prio oejtitana na domuce iste Te cnjenice in ane tamattan emu chen plik oxo 73 ela atria (scans) ceo 1 piel tit. U om suaj fst asban iho podorsea moh soa akomse sarki, Met w pas susie zat Sten, deka cis sa poles figoplis oj su mefusao ovis ogy ud jedan (su) cj, ka alga njhlova zjenihom interes, ber ikakvog misobaogs Lomunicnj, sumo fdtosaxaim siedenjem cine boobed jenni elvolik. ie), Jano je da e prac ehuce rae ej odgsoe ma cms honk me sta rotuzakonion radon. Pasa odtivana tue tine ane mma pov wkonkueekim gras, ALO $81 prods oddsn rized po iso een, je mika doke sion dogcazuy. Cok So ve, dogovarane ora zat nia foie, Ake se, ma prime, potato dust dogo u odkoSum iadivan, moge je china brt az ov procs, fesaane chlo spurs pote, Metin wi psec de ‘Semon dopserihdogovo o srr haji ule nedenasen dover o dena Kad pores nerinjeeoo keris sve) monpolski pols u kane slau mode pei du ma donner ako jroo} pel (arian) od ie man ptzes dose edn ck jegork jon smosalm polue‘n, Tabi mjerana vada mato svort jets a vce Kauai gran, Naren, ie rie sarreanjhonkarnc. Ons j, volo, works Kot (strom sity tes prone pave Res onkuence, koja sia Kr eam nj spaava dowptee rasa tela se mag suka sakvinpoblenina Koren monapaikog polos, tug dogovaana i jo ‘ebim problemom poksetajs posta inure (avn) radi suai | Kinin monopalste moe. Ci wvimenoplsog jlovna dave ne Sita mai pea i seve svarnapedia vel ie moi, ego maksilizaija dob pesaa, Porcine il no, ng sano nego mute bore "pam Wns Foes a Mya, Ro a 6 2855 0 15.13 ODLUKE 0 DOPUSTANJU INTEGRACIIE Iraj se da i ie eosin psn spi u edo. Postupk neti unstuekryms ponjne koje mops dovest do sokake interes. Kako w sau daovojng sajna pods pal prio dain uve, ‘ako ss xa jdong pou ol are drs oe. nes day pasa og bi sys, roma to je wicks, Rae itresemog, tks, mii rsa pads hs mora Borne Dosen. etem pos, an (pots Ke prin, ako inka pov eens gran, ot mogl iw ntest. dri etal bilo putin ners pela. Prema tome, po jet rc sume de teen Inegrcja aide Bf ocjeniem opavdiom ih is Driatme agceje 24 satu Ganos aaj ceo opedaost interac durcnog Salt, ima w obvi ke be kort 1 dove lve prone ne suk. Ania okolbost wef se odio dopa igre roe e accul prov osu ks set Kora ti 15.4" Sika 154 Postal kk po koa 2 dopa il spe sane arms ones) ZELENO SVJETLO: dopustiti spajanje i kijetwe pitanje 2 kijutmo pitanje Eetwewe pil Je likoncente Pestoje bi ajersii ko Hove th tote of v'praat visas seaniguraja telitou med [—Pfpovesscc trzisne moth Geltastibees (es prin jer Bis cad jeltens pedugatnw greet) Jeduestave (at prt ce cieersiee) oncin iba nase jeea) CRVENO SVJETLO: sprijeciti spajanje ri arma opesdaost aoa vadao je pte defini wit Rojo giadsa podazsea postiph arvana eres 1%). NO pine, ekedemom paso psa ds oirodata soll vel hj roivodaca dish ain, Ako edbrenje 24 wlan re da grote solo bi mit w Sem Emil, kao Ase so aging, teu log ines dokarva da bude posure ima vet boy anlar ‘Moti, Lada rng 2govara 2 fn ia, kao trite ov om hj omega, a0 0B se spun daja pouvadaa soli moglotumatii ao pou menopolzai fsa. Pema Tome, defini jesse 2 mods bit Keine pane Aaj webs jl ha packs posagka cjejvarja opavinos inleci, Pri tora obtsa prosjns sun vente u gran, Tatoos e Hoe ketjot toner te poets, a danas 8 upasiKosis Hetdsboy inde Kt cima obi sve, ane samo Gt mses pra ‘ska se Herndlo indks pti nb, span Kosar grin jem malo moze foes 10000 {aaj yt pspuno monoplzana Ako jens manj od 00, sia se da gra nj Koncert oma se Ae dapaene ita 2s nds do 1300 poi ve emai paves pe olube 0 masavk postgk, Ako je ides veli of 1.80, sow se du gaa aa visok span) hone, © se nese od dept lta, nego seid Kora pstupk rgrae Kenn alake "np ri ites SAD HL is Pm Wont Wee en Wy an Sor New Yest0 vi yon kr gs aj pcs Pa et ae et gta natn bn. 408 says sbbots ds mr poe ma gis le es separ trom en gare ort Ce nas las in pn ms el i nee NE cmc pa cys eee fete pa Ren aici aun me a. oo cee jm apete tA yea ck hh ems att tts eam alien Net tl enn oe ee sb arta chine ke Sm sth se nae a eh alors pts oars cree os ‘mot dria moze odobritiinegriciju Gak i u granama s visokim stapnjem konceatsci, Mosutim, ake net ‘Mate stepe apes ka many ma ots re tng Sal mop pa si i ow ane me no hese nme antnepechee Teeth horak toi govor 6 frm jou hho of se8ee polure’s dose da posi poseice kerja monapaske moi, Saenje oskora koje dos chon tame su jan iver Lars hye bio nave frie oj pos daca apatite, Via re sme ork vat ve cd, pemla Feu npovlon plbza ao 30 np ao ers roskovina Pod meg da ive daze Mogi ik dos jase 1 &teinfemacie © wee velcine ra saane nibh toskna, all od ae Spomenii J sléins mde ua rst rh aj stor, Vis mora Bi sa zai da pode Inj Zee integrity dba ors odehemomijerazmje.Posetic je ovat Koa bine ineriane fouzee ilo racy tt tm, Konan, ako se vtaoit da rast poles dons disame hori te Ihesocya rode dab eno sd oie tara ae bites dopsit Pre seu raaotenom posupha pote dia Kes pasa, pon core bu rato leo ‘sjmivaeasapoblem Lone Slog emg d cejvagj gpa ms poli pit ae vie mje Srtgo. Ox ova, a kenaeny eka mode wea anje pcaanje obs poze w ads oa postivane ik en propia pod zai tinog nara i an Need jh st clams gin Upside a pane poi me pet rit lina. Neff cmb ‘ie tt Deve els gmp ie incon a ee Sse du wn Late wood jut conomh rar. bss st de vo ng eospt, i & poder ang art ipa a pend psa moj in, ot sin ij tho snot aki ane oir tod js iris ob ds ‘i vino roe kot of se 2 pon rao onan ee kine it obj ora ia dae ses nao ano reine ein bt oc, mph i 8 Uses lan ij fomiaje heh a ec, meh i ‘nian toa por, Te po at pom antl nse ph ree ee ‘hubatare sworn deen esti poping Sen ate soz eas cw em? {beige kere nije Pema 98 post odo att to enw ez Meyominoaotemypn dello stad ns ems one da im, av pas te Upewj deaveu gs, sakomje sn, ja sty pans Metin 03 ta pee ue ead a {sige ks $ joke stone, rabane er ea poet ge tops teak Obie rc gestae ne re dete poms, Ke pelomjo open rod inn oguivs skews omc esa al ec rai Seen ploy ga spss aka ee hth "AMS. A Rein Gas Estas os vl ea Noa os I, 29-258 U ovo) glavi razmattamo problematikuy mikroekonomskog odlucivanja, odnasno primjene mmikroekonomske aralize u posiovno) i opcenito gospodarskoj praksi, Mikroekonomika se re bavi praktiénim pitarjima ekanomske prakse, ali poznavanje mikroekonomske toorije pridonost uéinkovilosti poduzeéa i kvalitet odludivanja w praksi. Ci je razumjeti ulogu ‘mikroekonomske teorije u tjeSavanju problema gospodarske prakse | ste elementarna 2nanja o prakticnim postupcima pripreme proizvodnih i investiciskin odluke. GLAVA 1 6 MIKROEKONOMSKO ODLUCIVANJE Clj je ove glave odgovoriti na sljedeéa temeljna pitanja: Kakav je ocnos iznedu mikroekonomike kao znanost i odlutivanja u praksi? Koje su najvaznije proizvodne odluke? Koj element dine sustava odludivania? Sto su investijsks odluke i Sto obuhvaéa proces investiranja? Koja je uloga verojatnostiu mikroekonomskom odlutivanju? Kako se izraéunava odekivana vrllednost i gdje se moze kori? Sto sadrtistablo odluivania ikako se korst u postupku donosenja odluka? Zaéto oéekivana vijednost nije uvijek dobar kiterij za odluku i koje su prednosti primjene o&ekivane korisnosti? + Sto znate pojmovi asimetrénit informacja, suprotnog izbora i moralnog hazarda i zasto su vaani za odluéivanje? + Zailo je vaino poznavati moguénastidiverifikacie {kako se meri nediverzbini zk?30 16.1 MIKROEKONOMIKA | ODLUCIVANJE DMilavckonnsika je dio chonomike Hi e bast posimyjem polit eopshasihubjlay utansana pnizls) te polinani posaarkihGelanost,grans twee. Praca duke kaye eat ute dnstve thnose ved rovodniom puoi dara wh, aaj mikockoooske ennui rsumijevanje mikockonomsih problems, Mkrackonomik se wea sa predinaée probleme ckonoik, kan so sv poana Ka. pow, kerb jee w in ween, toga msl pode, sina ade w gospodarsu teekonrke oe toss Miavekcoomiks se bavi cononskin poem lad (rina, poslarmih Hod, vlsnika esura, sola kansas 4 dongs, raven & pazetims + noe ckonomnke poktke zene, Roe wyetju br fibenci Geo je acpadidvn, Slag ne og b cprakina zmnrt Jan Sk ik ik sxematia (50 ao, Imiroeknts azn ne dj jae rn odgovore a pak pan, Moti, poeta eel naa Tkrekorrke mode pune pride nagjnjavany poe odlenh oda Tak sews roses raga tide i jie uo ait br Prensa koe atliza be ie gov lke ona mam zo} tne poate pune dotog lem 2 pipe ol ao so smo rth pooja mop vida, maockonamsk subj su nepreido svoten pocorn zener refit offuk, Pre we, akoshonoski sjsu sansalespopodas jie hoe piensa nos dake ebonase mex. Tema pita coe olan, bir se a rikrostomoma, ode sem ioe atin ot aj gos sje spre rene jin ple na alerting usa advolj ana Hui pots osterivane woh wk hones ce, Mikockoosika made pomot a deisasju gopdisih problems, prem na Koo cei je shu tka 2a retavane pra problena.Naine, ko vaka drags 2tanostmlzcekonomaa jana i pred pojsve w Doosan pojeiac goo sabes ber bra mate wai eps primjna ta pan probleme Proto, mksoeoonska proueavananenaj aku supine Mad lan cj mkruckonomie sada swenj agora a pita ojanenaju nes pakita pine [Ustockeno abun to dee rake velcn honk oj, kan aie, ae, ple, pede, tran, bt i Satu pots ojonava lke 6 od woe dota cis Rup oz ba iushg Za pode eno svat Kako dos oe o oldu whip Kj poivo kako {erasodijtasarons db, Porno yar logs drive w soo ssa, pose ako ds oj ein piv pj dltnsins, Tables 16.4 Oss ame pina mirockonoske ean problem pre z= aia epee pee Totes cease paved wan? Rojas lr ein roves gars [Sines i ee po aja pada? [Waka perf psa pons? bem opie cs pine apes? | Kako arate veh gi Soatstge en pnd prisms isha ro Ka eg FL | Halo ister asin ats etna ae Tae pore aro isospin? [Kalo rt oma pres ag Soucy ee itl] al | Rare ena pelt "Neveu koi moa dag mkrstononsa pia is post bik pri bla je ptcion ina le milo poasnnje oko aka prs je omop, ako wit elvan, ak bebe ewnjvane sje jas eee. Shino jis mao koa ve be bs eoajen poe bie ps, pojedin dic macnate naa eo nee eran ed pric pt, Gogoi sje scone hrs zai iz nilockowae 2 jee bmi spol poten a ali cans ehowaskos sasara. Tab, a2 inj, beers de pares gas akih fon probicoa nani pots (eho mal raiith met) (sized, vel Law, cna Frotzob Fuss, eae peice) ene Lode © mara regula Wine uke ej ats ‘eno i ncionalnogs gospdesta (odiane 0 organic pvivadoe 1 caplet i saps ta sguanja winkovt nackte psp. Mieockooomika poe rzumijcvsjepobema i die polos 2 pina sneer instrament jain stata a pp oka hoje por rsavanu nave pobce. U vazwgeia ealam se poled fxm Gin pak defisiana stands 2a jae pried odie w pedi gras (on pine saudi Proftbine veine kapuceta za proved Elka, zalmebla, elk arts za fans, 13.) koje st rime «bil hoa djs sie. Sve sa 4 thie migocknomste wasn hoje nce pimjem, kao edi polzains, ko vam genes. Kalo je poze encanta jeinic) upoizvj dobar ons taker hapa rode, Raval (meander) podze's hope eure apt) tar iw poo | shige (ua) ot ames Pols. Vaino je mapomeout da oltinw oizsods kaj ce iti ukupao pzedem ode uve hjima se Sots pajednn prtrvadae See ode © kre esata mans nai doje me ai eden nna ‘Sik 16.1 Ue} eaoekanonie ea ole Standaedt pranskib odtaka Prouéavanje ponaiania Taform acije za - wpcavijanie + viode feversim Ouinke Dor | prt eitenie sespatarskih + podureca posljedica prom jena sudjekace 2 Poleses Tonem shin uview roizvedaje r : Postupet pripeeme odluka © bjainjavanje pojava Pontauayjom podwea kao poodnan pspodarih sje | aaliom ul ojo se waka, mes Abit dope ore nforsi 1) 24 pranjanjessasina jproGitilbe posto, to jot informa Kafe ponaty peiztu pri edeivanja ssa. neta ovaj vei praca rr kina papa 2) pride polo pronjennchonomsih ues ma prozvodyewodedon gn, votes pina, ‘ena paki poavods kaj ce i upg za pera (ody spn pots} Proutavanje poduzséa wil ra unavanjn promjonv korn resus koje mee i pofitabi stjalts Pokanaik proizodeea§ profsivana apnog Zan © uBiasina proj v coworking oa velit rivedaje az race ganz Kaa poems pion’ peta protvednasroeno Kono resus, st a poicvolat aera a Yn oi malsmalzna fees vel, tak ce dene adukao weds novo prvi, zo to eetivan vojednot od wvodeni nvog prized ios TSK ka, do aia vaednest slug dae wede ta rose ods li ek ne cat. "rts Wisse, epi CW, an Conga, New Y-Ln 1. o $0ma 16.8 STABLO ODLUCIVANJA Frinjena metoe abl il det tava og. decison te) ogc eae tang, problema iho tajpovolinje ests ok, Tako mane edhe se danse jek sano wed tenth ko jek tb. U prvi, sak se ivcstista oaks sss ie wasp aes) aka Pro, 2a ak join kext) a napoli vile mogucnst, arora sana do ata opi fk uj, ike magi iskoda. i je mode dicta oan ume da ev peceoane sil ela mop penake skeesi tha 1 43 9 postin ijvanjem roe peibvajiva ive hee oath skcesih eau Sabo Cauivaia je meta shasichog dake posta oj sew clk eam vets tbs) pret imestcke epee i, hod, pris kroolskin redom gi dad hat sje ia domsenk oh {oso a moti shai} smakom eas tora i. Sraki problem dovsejs sw wjtina ita am sleds bide + Dono ace mora sit er moan chor ams aman tins postpaia + Labora orden psec, aiden oll maze usp tne i ak enc posi, aa Sto one vse onckom apedalivom dogadaj (lz doa) oo such + Donosiliolluke poz je veojanst jan stakog hod [Ns prin, eszmcrie sis pow sna aii, kj mo oli a i nse peat czas ses jrotzods.U tom shy, itor se wil tana de alemativ: poet cian it pe pore cen, Pasi ening poner nescane rato Mo ode ne moze bit sgum bask nce aera tka propaganda amganja i wspjesoa Vjerojamost dc it wpa laa je ett dace Bi psn, 24 prikivanje bilo hoje akg problems, kan je ups (4n0) evan. Pod ablom oui tasunjoane Ajegm koji pomate date slovenin bon win vilivia OWE subleellutvan pos me ‘ois divea Sublo poe prcblem etivanja Ko iz itor, o ois je sea pokazaa moe rave Ge pmciad raivaspona tila i totks granana). Rava odutiana soja tdka koja pokaaje orp ae onoel ake Konolis ihod, «rata sj fe soins neha «hoo shod ovo vanjhim rekomslianin ‘wens Glut. Za calovaje mavederih Ju spun oa, ou oda abet emo clin ‘vafruom, a ava Soe o8ton, U svar w obi granada pete eek oda is im pores ‘ronald sled date U gfikom prkaza vets env, ao mu ic 16. Katrina se oa we tka, u koje investor mode bit jou ol aspoleiin psy adhe. Krug oars Cxorve (rave sluts) mouth dogaaa (pancake shod) od koji jd ssi dnosn ol. Grate ea koe sp} IsalaeiKzguve sie mgutinakin aves nie tng shod sce od ‘Sika 163 Sable clutivasaza problem wrest avi prod ili Gog -svetote ee oe Rs Sia 163 pike sublooatvanja a probes koje suden proved apa 2a tne, oj mor alait teh i vest nos prio. Pode s Ive stane jaama, pike vi piu, Ko ms i sleet. pa kj pau nedeje poze (ent gram Kja ve reid rede pied ae wet Kak et tock tt alata, ona je prikazam panos baka, Powe ce amt pslelice dja opal: + Alo sijeti grap boa pita zalevanje pseeseg pivoting programa, pss je gama, Poduae ese svar dato obit nit pik oekvan edo el ema asf pian done BE) 1+ Ako sl grant lo prkzje urodnje nog poievo, pours dona ras aj, a 40 mati de psf wives Podusée mide asta prs of 100.00 kom uz vxjtost D0 5.000 Kom az ‘Senna 0.60. a stake pane jaa se nv rate Inn 20 jt moe iS bom we Wook 4 kom we atest. Verjmasi su prikarane we aku srann ped za mpg ho Nate rasp otto iratuat sui stake ra tj vn oekiane jdnot. Naka sabe fran za rave ake evs 0 mogués prod bun) cei rave e ton dodaie dab prot ky 3€ eu 150.00 An sui) grado 50008 (abit) nay gram Ns rj one neji edo oxhstanje af edema eotop piven prikzan e wba’ O ka sos do iran So a tet rome _posjnog ronjenjvog dk od 2 aor i poijey apg lay kao 150.00 kn. Kad je blo livane posto ne zaptel posnpat itu. Ako eli mssinaliiaoekivanu vidas, sie biel aba vodeje nosey pigs, Portupsk pomoe Kegs vl br, porns je io oka tl jc aptijarem Gein) sta stubla oda, ese ste veine mca rz Pv je hora cat ohana vida ako se posse nade na ravi shane pr jew od veda ‘elitn eas, Drug esa, oe oekivan woe upc pa pepsi da ce sh eb ‘oj eared gia sje Kak posto vrjost 40 dace sje gana oj ati dbikom ol 13000 in yeaa 6 da sje rans Koa zvravadabikor of 5000 kn, oskivanawedst abo poke ‘nen ai slat je 040 (15000 kn 0.60 (300 kn = 1.40. Te, psy enjenost 0 de ee slit grata koja za dbikom od Oa jojo 60d sje ean koja gb od 0900 In ejeoekvana mje ako se pods ale avi slag 000k) = 04 (30489 hn) = - 30.00 laws ochivan vila, msn jzad ave sua, na Kose nos, pakarya Ho praca w pros ‘stare alo ae mae sto att, Koen daiwa jv sta bl loa, jena je da pare a oe fame dij rane ohh je oi do wkivane wlan od 1.0 ke O40 (M08 a) + 0,0 (- 3900 nv dugs vod Go Ok ofsknane woos, Ako polarese i mals ofeicana woos, bal bi Tze pra gra, esto ues no proivod. Gran presen hijo ee rgd say op. rv tka ss pokazyj da aah psp amie problema paar rsa wprav wit nada Soe ‘so viv prethodnom oda. Nu, uspevedil sm oekiva jest a je ureden nov pois Kj 05 (UStI0 kn s ecko veo ako proved ne eden (0 ka ll opi posta je ila ee reef Tore je jak postupak a sic 16. Medi, aba ima uv dae vd faisean blo edie rmog join) vedas on ss oats koja su pea 2 parva smh problema pase U "oom usjevinw, stbloadlivana ins Kiba) gram A, novino o tame klik slozen mae i, tle tvs esl aalica, glo, rast aa ko to piso u ova rie, Prinyjena metode des olltivana mode bt stodma usta rp sets oiha had tet bub sye aioe psa sve psec, i malo rina Yelk. Ops je pitvaten da meta stb odcvanin ima slide ort! (1) u wet frag neers nc Kt ptaa hit role 2) ous pegs Koei meat sven, (3) poste shluos doses rprena olla (1 sigue j sikavio preodege sje ranma, 0 Gn eae collie, av sve oe oj sel w nec ievravana toga, ona mlz vou see Spies, oslo azvoen: suvreene informa chao. "6 toe Ths DW Ba Hap, Ca SDs a Pg Bs, Hench pb, I a16.9 OCEKIVANA VRIJEDNOST POTPUNE INFORMACIJE 1 mani taj dose} sks me pb armas ne Ge eset (bara jalan do) relestnog fie ko donut el 0% pas pop savin nari, soe sajna et Cosekiane sist pagum fens me fame Aan ponene atskitae wisest ako bi dona taluk mag pti pipune ene orm ke edoe nd mma wee (a ako dows ema kaka dea nla bit) Dal, v she pou Loe roa ot de West cov pei Fol apart 2 ban) ekiara sijelo page itfomacj fe pvecanje oekvane vedas 23a pct ods psa pagum toa lami has poke a adem parang maka novo povuds Piven, Takai infomacia tomar croeu urodeaje ooox pico, Poste simon ivan vila ptpune ifr poh Grn prea pried apa jane Posts een ofekivane weds popu infirm na dk Pr rah senso retpsase’ ds dons ollake rsipolve ptponom nfnasjom Ako proves aps _2eiane pb potpun informa, it ce w nezuoot nj prvi eu, ces 0 ome ei nego Thoda voy ose wpcino ie, Ako jeuvadenje wei, psec eh sean Cece | pba Ge elabs o wodnj prozends Ako wooden je uyeso, pala ce, ake, bi yest Emenee ae wis aradaye novos procs, Dak ako b okie inal pstup puns) fore, ackvana weirs. imo 40.000 ka + (0) = 36.00 ba, Kak bm viel ast jo cia vio sho pion aaa za bin na pis prgue| nem, ‘ao je ze abo jes psp da pone ea it oan infra ajo 2 aka Cainformac it. Post jeje 40a etn normed poktra dab adj moe pinata Blo wo, oj scan proieveds wes ni piavad estar dak od 400 kn Pest aker rj (08 fe lor prvi do avedene eeods ne bi ill wpa, jem Sua proivada ste wet vt poi voxvant ce ala dithe Dale, ao oj sre pkzan,eckivinn vient ako pines ima psp puny ees (oj pie jo je dosti 36 D0 im ragl hrak sci aa inj dost cake nas pga incase Oicivana weeds ako podueée toma seit oa posto) afore 180 kx koto se viel re), ae 3000 ko Reva id tad ims (06.000 kn ~ 1800 kn = 18180) je oka wijeteot pp snfrmace, Pass ly srisooespotune inform, kas je remo piers sao jedan s oekanot redo tact poste rine fein Snspmh lomejp) Osaka ijt psp forsee poke Gano oi svn don poesia eae ops im rippin nos Postipakiratevana sd ri bli ofekivace viedo catia pe ma il ifmiranost dos otk | Pesedje potpuno tm interac = 2.0000) +60 (2) = 36000 ka 40.000 kn + 0-30.00) = 18.000 kn 3000-18 400 kx = 1ROOD (evra vedo pp nr). Dabisen wot im prakims anaenje ka makina ims kj bi pode tbl plait 2a pobseline rtgune informa, So eu magi sitmcjana who yada0 24 donsseljaodlke. Raz donostel ot lena poze vl dito i poi), sb pina poouse 25 ifomacj od Staneagenla zs Upiivanje joe males, iseiatkih orgmiaci, aowndib ageocia teak dug qc. Usoiko koi ollake ne ma Koo pjetine se fafomacis sis nde ii vst ims te inforaacie ‘ajo veo nok os. He tab bi tsk acinar ali ual nite st informa ilne Ove vara posupok rk ii Kin 2a prea ai otk" Otekiane wijsdnest je kocigan biter faba ckomomskh la, Mati, ndostsk ma je dw wis bt apna za pedi opis ok, tic urkcaposd ks anol opie "pam FSi Sinem Tn pein Nan Cap Nena La 8S 16.10 RACIONALNOST MAKSIMALIZACIJE OCEKIVANE VRISEDNOSTI (ekiana vj (nstemaiho ofekivaj)kai se kao Ht ase tame na veitrstina za anode fijehaine ade o pevory oduesn cow peeling procs bags (pkano ijnla 7a. wscasere reovise ode), Krteefekivane wiaos ve ike se Han pogo msn ca icbor Hemet vse ‘polish moguenst sein tina merle za msdasobn loch ds) U aa ellacivana tn jo sie kon pi fora pone tke Aedotin, mete sedan ein opis hoje se tere 1 tao ne reat wok ean bes kde od nets emai ri ramatagjyoivana 0 won aovor ula spats 2 bane pepo sn ds dante lke ei ‘usin oekrans weno U dpe kt cen vd kak deforma en kite, Kako bi 5 a investors prem sz imavao we) w oui pr redaanu rit ivestsih plop racena je pots meinds Koja se Cement analict marge koran Dono adhe rice poke po brite rmlsimalizasi ofcktane Lrsmos, unos pi bia xe aj mu dona ede ava Kako bisao zane aslo dons) ke akads ue A malsinalicinl) ofcivana otdnost, zmotrem sme kj] moka gob bial ed od led pe zt sigur IND GOD fi) pai gra steéuu kos ba provi noi eda je rato da pad laa psn) etary dia ed $00.08 Asta gore bud gv, gab od TH OOD kn ko go ep, ent lot pe wae je (0.50 (500.005) +50 (- 100000)» 20,004 Alo ows Zot msinaliat ofekinana jedan, eal bi iat gra oa stn we siguih 100.000 kn tui, ins vexojaim da bi roe ose ie vale igh £0.00 kn id gam secu nos 50 posto ‘ytanost digit zou ste noea cd 100 00k. Ca to vi og mg aad Se got iednao nog zadvolj s+ 101.000 ka, ani sa 500.00 ko, te siogn doit ima nj vjedanizka dase eb ‘ast 14,000 je dnostl lake wes im ma rsp, 2a ne dono ode mks oéckivan wij! siti ont eo jgovom anos (tau ema ik. Pojedinecsbe gsm it so prem nit. Takoma + neon soa ron sei, vas Ws io is pee sek 0 pot jets ‘gubitka 100.000 kn, “ pee seers + rojak wel Japa, eB io pete aval za og evbiak (6000 ka yn i ade rao ik gba, ep zoids 108.00 kn ‘+ oka hop wna upp aku, aoa i evi voles Rca ak kadai ub 10,000 kn mogao francs pau na Oiluke se ne mary ino ent na proposal da dno ke Zl aks az oekivamavejednos, Unjesto tgs, ooze ode x. fikef Karst vor Neumann Morgenstern zx dronsitelsaluk koa se ‘enemy negovom stv prema ru. Funke koi von Newtn-Morgorto dle je me po auoio mat stuf o eon pea 1944. goin w koje ta Fie Horst ye. Pre toi ga Johoa von Neuman i Oskar Meester acon danste sake asimaizra oekivana kerio Drain jin, dost) eluke Bi wsbuo bial ont oes posupaya koja ia agjyecuekivana rites, koje mjerino kao fro podem svakom pojedintoon ishodu ede, Saki isd ima Korisnest Funtijehorisnost danse elu pace hvinot aj yj danse dadesvakom mnguce show i za je soa dnoslis duke pres ri Za odin ma tee ordene fake Koitost pote je tata vein oekiane kon, Za rai od satay wsprede (once) Kono, Koj eee ‘wo pone Alea Marsala a koja oka eds print, anki eriaost vs Neuman Morgenstern pola jive (anal) oss. Mtn 6 Bene, Sait Se Baio oD biting Cn, Sao. 57 "soem Mapa, Thane el Ene: ena Uy Ps Ne 1Sm8 16.11 OCEKIVANA KORISNOST Korist je mea (arg) kas zavaapstunin bos, ant 2,16 iS. ommgucua npr po vel. Upordiost omogueaeueeissae rie fra jes api, ied jes 1018 sodas je ania Kao | ame je 21117). Za mene di tee Kose se aa bjs Vea onomskivelisia tel sma kasi bojvima (eeprom, supa ova gai ok, rose Dros) Kann weliine su pogodne a zrav sport, ak, mi rm aoje ce | lite won ska 15 fa, ace ite lek Sk, taj vod sok tpt shui al mi. Zarb ol bah ee velgneomogucje sae cel usporedba,Zato So se temele ma apna (ma pic, pv, dah eset, pee pet). Rela usporios ata primer, da pv bo para ve zadovaljone ago doa, ‘hugo dato rua vie advo noo tes dab ai pit nk prntova lito vce men karina brjeva onoguyjeofhvane ma tems aja stupa malsinalacje ots pad lzrunavana olivine Lorsast. Teor ofckivane borat je vai elenent acokaioe tote onal ‘hononskogponaana lave su ppostvk eon aconlay praia dase eu ej a 1 ja dfsiranom skupo moon (pei) 1 abjlaizo defnianim ytjatnsins hada yak ol za opin + walsinlizaciokietevjdnot da fuk keris, Pod odstvanon ors zamjevam mate piven Koso Kye nea ob de aller ‘ston ee, ednosn mous (ociyjesaim) nowarim debe subi, Lt se ho a) uaa roan vnjednost onto s yrojamesins dagalsoys poem shod kaa bi se sya isbod aman bate jedupu dogo) Na rimjr ug Baan nae posto dva naa sha, opi i vlan. Ako Lrinost ‘Bods pio» dbs 50h, a Karina heal gba 4 ha ak je mv inven jal sak isos je 0.5, tad je otkiana kos jedaka ave unoaakavejaost Ss islosinsKorisst shod “noe Bods a, to jek 115 (0 n} +05 (40a) =Sha ‘kv Kono selva wi cna nova rma fe abi eS hm. Prema me, po ksi ofeivae ‘isnot avn bi ge cebu pia, Vaz e und da went sj tina hss i jeda ‘gett kao olive wos. Metutin to wet san ws da consi ake sj Ei di a edo tefinw kao 1 svahoj Kani guia. Pama je Bermowliges pce po Svcaskom macrutay te ‘samcsog tj Daniels Hemel) prema Koj eauka pela do privat ask ig ta sia ous {evisna koja poedina dade ony nove w ate ane osm aphid non U sari to pokaze das soba Lorna a sag pone mies Rego oxebnen ino vere em Fak 2 oj ovis opens natant cme, Ootenaosobapojcdije von Neutann Morgenstern fnksju koivet ako rangiaaizyjsne owe die i ube u kad 5 raion lie ofekivane Lorinoss sik pain ibd aise wage jai Nite, vant ‘iv telins dae mogusem piu nove jeinice w ode maui dak ove, ao sal dt sesiaa od me sone riku, Kako bi se skioost dows oilke zea ob pi bors ops odike ‘riz ishodom,unjest renin poianihvrjos og se« exnasje wedi vedas ass Kae soos ode dieu odedenom izosu dik ii guia. Tako, oa prim, tazmatanom shu ete ec novia cede: sion w igri made nvtatoa dbihy of $0 kx del ids krstos 50, ‘oséanom gb od 40 In, zhag averaje rama ra, roi neds Kors of ~ 6. U tom sau, ‘fekivan rss rman ie na wee anavane dea 0.5 USO) +05 UE-ad ha) =0.5 (50) +05 (60) Sheva kris ga ie pba tena Eats shew Tay ie eset Ri Ears, ag W429 Pema WN, ‘emit Mcemisal i yun, te DP Chg, » U poston ras ja Sloe sasjev. Na prime, eka kaso oda novog mals pata za ‘jin a megora poz eal e016 U(LSIL0D0 kn) +028 O00 bn) +024 WYO 4a) +0236 U0. 1), ie je UTS 00 Ia) Korncst fo denote pide nares ogi dio (50.00 bn, {UL.00 kn je rss pura db 1000, Lk) je kiss eidrwena dai S00 1) je Krsna pridraena mogacen sbi el S000) kn Ret je ochtai Korsbostina Hadid post ‘eras 0,6 7a doa od 150 DUD ka, ernst 0.2 za bt cl 500, vjjaost 4242 bik oc 4 west 0.36 za bak od S000 kn. Ako_pocizeée pina opsj dane wodi novi prow oer ‘dest cima Li buds daw om has popu iura daa i jem u Radi ode ono koje rire ako naguem ishod, domi oak mor gover na iz pita omc koje poe jeg edbes roma, Tree hasnt se mo noc dra ek” Pro ora jo jean, o soon vali ockohenn kori aj pido wijedmstin dja Ij ‘sho, Keronat pov iba iskazye se vom oan vedas of korn asi ha sas basil odie owvodenju mvogprivods apr a bin), nok bt wid je U-S,00) eda 20 UCTS. kn) jedako je 20. Kors amo pore wraps od-20 do 20. Teta tkau daa ea aualize ne ovse 0 tome Ko ds boa iano, ale patebno da Krsnost oe sods hale postvien tra {orien da. Tako bist mg atte U-30000kja 0, 2 LC50.00 a jedako10. Toe isa rojenio una satu sali Bio je mapomenat de Fake hv hjaekeyjeno aj kc mate i meen sou jn obi Kako dij kjsie Lorsnst odeojerm slot choos, renal e se maja, ovine sedis tit sms je sma bral, AKO St XX ny anon piace we mga ita ab Xp 1 bX (a +X) ae, kat ito pieene Kerns (ade Phare, po aja ds je 8 vee ‘040, c0jstdab ing pontine). Dragh kork i ost seni U tor brah dost adluke madi ib iemst iro dik oles nonanog Lana tg ct oj] sous sh dba ronan nos ie hres eda po sb) ‘Na primer, o problema uvoSens novo apa 2a rane, pretpstavin da eli nc U1. bx. K0 thm aan snot ptm dims oie kate volo sigur dia. i i gro ms sew yp) post vomgjatoe Pda dabs bse ISD00 1 vj (1-0) a gubik bse $0000 Ja. Tis pokustano salts veedrasins Pdok a afeato on Soo je domes luke arodan (nile) ‘ema pag dia a 0 0 ka teers rl, Peestavin da ea ena joa 0,90, Ao je doves} edukeranoduin izmedsigurnog dia ot 109000 nit ge ase, ofeiean ovis ‘Siu dik. 190000 kn road ceshivano| Rr ge sea, za to dnasl odlake eh rasa ova Rois Pras me, {V 1000005) =198 UA S.000 +, 10 8000 km boda so ld je U0. ko 20 USO jak 20, je ae {U¢s1.000 bn} = 090 20) #01020) = 16. ‘Dri sei, rst penn bis 100.000 kn izes 16. Nat nati, dsm a LAS 000 ka, UO In etal orion koje sa pele za antic eke Kanes sho poze bude wrod ov ote sata 2a brane {ekivane korsmos ko ga ne bude wo. Ma peje, da se dai L4S0.000 kn) pit onsite dk bv volo igh 0010 Aik noir ma He Kops eojmnest P 2a disk 150.00 ka tjatos =P) agua 5.00, Tas pom ert sedans do ne namo uns oj je dost ode avnduen ine sigumog daha of 5.000 bie ise ma eu, Pept dt ajdt Pinos 15, Tada otchivaa Rosnstsgurog dob od 5.000 Ln mor bt jak okie orc e ie, aid je U 30) = 0.75 ULSD O00 kn) +025 50.0001), Kenan, bude dae UILS.000 Ja jadako 291 $0.00 ko} edako-20, sed je US0.000 an jedko10. 1 one ican Cnty, sn Dries, ei Bs, anda dls, 17. 218-230 16.12 PRIMJENA FUNKCHE KORISNOST! Funk Sort omits edu je ate odaos ined vl aegove Horst (io jegng rove dea i abi). Nataly pod rua vot S000 kn, UO kn) AS hy [UiSmR0 hn) morn avs us atke fate Roost noite, A i je pea ma ik 1 oasrjnjom print nage ops posupla, nm di lk oa Kolko ino th bli aaj bn 2 prs tae kia koi Mise (aisle) Korot rata so wii (engl wily zs Korsos kori) Comis s ah Lie kao pepsaene jecnice mre laje apelin za mene iskvivane hotels oracle oanot. Take prcpossoveveline ima velo Yaz, ako oon pane, ko tw en aay Mycaje orsastpomnch tis pagoda enti za umstane burst doves pica Vein Had tlt mksimalzrat korstostNoim= fore apo dota fuse ea aja eis Kast “aj se sa trl a jostato) pepsi dh uk rae pribje le dab ne man, 2 poe Aone prolera njeot, Nake bad du ptbe te bad aseraen, een di Gd vee ns ezadovone ele pte, dei sakom svoj akon advo ‘tka 16.4 Pus kris does cake as 1 tanta Jawan | 2500004 so. in san es Fanti kris aedenog dnote oie pk ako on eagiam rj meric bit, Mae se pik a grafona ako po kako s raza Koss danostels ae povesnasnovanim etn ren bog. Kada je utvenn finkeijahariast aedenes domo edie, mafemo je upd Lao bisa ‘sama tek I ose: pojelimne dle priya i obi. Ro iasteace tanec sla) pode hoje ‘rata of 0 wien novog tedels para m2 bij Kote pode iz sb evan (lita 163), anlar podue je Konto fukn hrsms, ha je plazana aa sci 164. Nav, svana funky [ovnos treba H oa stavove wenadmena pods vedo oa ik, «mg bi 2 ue maemo ‘ogovor moa uaupejed xzmaeton post dv kr, Prspostavin dt mera poze mac the Kot avi rived, Pram en iar vom Neuron ‘Morgen, menszer bi teban makina ockivans Kirst, Dake, on eh wes ov al pis 2 bine ako njegovsodekivana horns ka wos nov poze prc nego oki hoes ka 52 prizvd ne wd Kan io jew tabli 168 izzafuna,jogova akan ons has se wad nov ridin {,16U1S0000 a) 0.24 U0. Aa) +024 Ui ka) +06 U.S in, tome Fake erst hj preps se cos on menatons podc, maemo isu ofckivams Kors. Za msnaders pouasis (150.000 kn dak je 2 USD008 kya 4610, LA I) dak e 0: U-.00 kn jedake e-20, prema sc 164 Dae, ako swe toi rsd eva ois 016 20)+ 028410) +0.24(0)+0.46¢20)= D8 331 Dobie pial w able 168 dabiveni su Kao riz ine eject) pod prozsoda (olitine pode rode cee) osha yesh proisvoda lis poke page pon mis po ali toa, Flare sfenjahoa stone svakog dohika i gubika jes 3flicke jojatest dotene rm Fenn ‘enstoi oar vee 10.000 kom il mane (8 00 Kom) pete pointes sce (3 knoon i ane kvm) prada jane pois na prema st 163). Xa poi, exam abit a 50.000 1,30) jeumno2h jj peje 30.000 eas 60} xan ene a-ha 0 Kao so je eae km, aks patna ne wi wi esl spits 29 bean, oScivan Koiseost njegovea nena aka je UO), je prem sc Ho jadako 0 kn dada. Na emai diene oécaane horns oii di bi mena tebe done ol © wodenju novos pia ufos program poduzeia. Nu ‘ko podzsée me wed novi poivod, nego oickivan Kors! je eda aul ai ako wo novi proizved nego ateivanakorsnst izes 03, Kako bi meade shoo maksimaliiat Shivam karitint. orn je eka dc art per eco fsvann kris toed wee movi pve Ako ofeivan ovioor veda opto proved ahop manadeeste welch (ema jegov} Funk Tonos) bl geet, da hor svie ta ptiomyacean gobi nena a Join elas 9 uvodenj ‘ovo poze. Dal. ne bila ok ko maksimalizim ocean vedas. U om ay luk o uve sovog poco ina bi ane (nego) osama ved, nego ok weasen avo pov ij fe ofckiva ido mis. Ako bi projet pokarivn negation olan ricotta zac je mesons iu dost duke poms moun bic vaca nd megove Almost poms vein & ve yezojatnim ‘hic Monatir pode dons tomo olla a ue alieofehivane eit etm tabu suv ska 163) oekbane brssosh (ables 163) Ped projet wvedsja novels eva 7 brane ma adekvan ‘jednost od 18 00 ko, met bead ne pial aogobnprovad ave ka osvaraya gue. Nae, za prjeta plaaije da posts 36 post vera ce pizte ox gbal ol 51.08 ky Ako bs sak tliom ines mosao ost pala $0, mena iyo abi ty poet, ‘Teo korn je sus pith te bj uss print hoist doit ole nanan bora opie aluke u suas foe zabtjerasprermane rik, Srai pon m0} posbn poeled ua edaos Tame lorsnost i acwanog dais kyi se irae fandom Aosta, Pt sak) oc hja predmnieva ignje ck, pjain’ é oat ma teneleogeivane Lvs (i ae sve tne. Menazer poze shoot oke wa femeju okivane koriost poh (a tela vg odaoa prema rw koji Je irazen riegovm rk Kristi) Muti, ceader pita wna baie alin ceive db dria mouth cht, an vein ik hj su joel ilo, Fucks horsnosti mage ukzivati na ve oda Hoje i poedine i pcizess tba dani, mogw se ‘pots predidaje lik Kae bi star mogl dnt. UT ajo oho fonkcieKorsoost pond ‘en hju sail von Newnan i Morgerser, danas ode ce brat ope dclovane Koja maksimalicta, ‘oflivam orn Prema tome, ako imam flee karsnot neo dono atk, maenprevidet koja cpu postr ce rab epee neve adckvane Konan, Na pn, propuvvine da je menadzet psc sue sete imaty (I) sguos dala ot 100.000 kx (2) ne ope hao keira sre ‘jo postvortoost 0 da Ge dab 150.00 kai jie O50 da Ge bi Ok. Modem jednostayno ocjeni kako ce mac postu, Na aaj fans Kosmos oa je vane a si 18.4 msteme eran dedi kiss koje ene pride svn of 150.00 ka, (00 kn kota dau Korisnst 15000 ka 20, a 1.009 kn 16 a Dh 0. Dale, okivans isnt smog deka a 100 kn edna je 1a ois vio re opie Gre use) zeta na ve pan: 0 {20+ 050(0)= 0 Kako je sivas Hornet sigamog dba od 10 00 kn ei od ain Lrsos wig pci, peividumo dade imenadar ‘abet ga dab od 10000 kn unjesto aga ii. Nasa, dosti olka nis uviek ose ee postupaju ij acon i ine pork, Sto tsa se pda pete unjek star eat koje eo Kriss osm toa" Yaa Mase mesons To, pat, WW. Nec Ca I, No Yetm 16.13 STAVOVI PREMA RIZIKU Oped incest psp thr invests opie ovo ego jlo sae rena ie Se invsiore pres iin moe su mela, Kasi a shedeet me" (1) Spemnas ms ielaganje wu, 2) injeevane ia (3) pas odnos. Stay pri je aki hod pojeinhsbjkataolivaj i kad rato pojeine kad ju pia pe, “ay sae 0 mote maeuan, who da wis sen a subj sani li afin rea sk adn rime potas Nabe, ods pens rik ne oldu san sabe oxobine (pea oes bay nae, neg egov mater (wo polos. Teka a ume a suber asin odin elem) stabin, dong ekonoms poz code vei sim promjnama Spossboot (atime spemnos) podem elaeanje icc vi jie ncgoomn onanakin pl, Vesa sre! opedjelanju za rine invests plete taj pede Ko until ty. Hin 8 Styl tie mc, ao ot gspoarskisubjlt Koj su esl dele ao wu, Takes, m2 Sprenest oval dee ckouomsha saga pian est ela apace ops probe, ‘iso o sonst dost ode uakeia horses te ima si ok, Pram soma sit da ‘elkom tnoja sutra Koso poveéavas oem dobiko po pala sil ka Sw raze rv mo te L64, obi fone vss voc Neumann Morgesim i eh law lk 16.5 pk op ok Finke Kriss ka 165 Obl Fini Rovian (1) Funkcipherinoi soke inesKone ri (2) Furia rina esate slow rie (2) Funke boris oohe anaes teens soe nesdone rsh ij fej Lois oj je para w oly (U) granu sc 165. Bi je © tipioom obi inkijekarsnost kj pina majrecem bo dose ek, Funk Korsuost ina op Poin agi, to est fk w Kojo se hosnost oreeavas nova dbikom po spas) stp, Kad 2 biak dvosmko poets (aoa se 165) kansnost se povec, all zo mae Hes tm, SO, Poesy oovtaog dota 22 kn dono sve sania poeta Kriss Kak 42 povesva ena mang obi jo faejama kort te vt neko ua aha), ipa na seu jain oSeiveni yjedosins, ju nesklon ky vise vole ign sg inh od ies mane sigumim dh. Selon sa Yasin dabicina ais wehitneaphve dane korent sve mane Ea obit at, Poebie su ssl! gubiims, tao do veineniove soins ve Bre pada hake gab cs. ‘Talve csobe nit rrmofasne aria ofl (ram eu i hjo wz jaa yj eng dba abi 100.00, Digits, pital dle esta jets (00) dace eatin My (100.00 kn) -yerjatost (0-03) da Ge sox uk 10,000 kn) Bd je meme pds a proivoy spat 2 bene stan ik njopova Lursos okivae vel ednot poet, Ux) Mi -P) My seta fad ‘ofeivae koro tog projets, PT) + (1 =P) LIM) Koinost kane weds je OUP) M+ =P) {U(950 + (100.00 +050 (100.090 km) = USO.000 kn ~ 50.0004) =U ka) =U, Dal, kanes ivan 2 i rie Cay mL Se hey oan css i asl BC Ta 33 ajo wos oO an jada je Oceana kros nog projets «a nasdena sada jo PUM) + F)UMy) = 0,50 Y100.00 o) +150» U-100400 kn} = 0,50 (10)+ 030» (50) = 20, Mesaj eston Frat je rss oekvane vedas tog projets, ses od alive Loos tg projekt (O> 20) Ose sone ri aj nis Kosai ja je pana u pou 2) grata a sic 165. Ri eo Ske ‘orisot Kgs in asi poi ea, ot funk kjo = kro povetva sania dabibom po rast stop Kaa e daha dost pve hx ra hi (65) Korot pve, liza vie dsl Janae. tga, pone nono dita 2 [kn povezano esas vet porecanina Lois kako s¢ pve ‘selina nveatg dba, nds iejom boc evs kom (hz) (rma en ss eda oekian onan det, Use ck we ole gs wane iui ‘shod of ges Sgumium shodon, Reznor pamjer asadiers ko danas een o room po ‘jem post rojo P (30) da Ge se eas data (14 4) jj (1 » P) (50) dace ‘atari gui 4, 100.00 ka). Pre fukej koro sg meni koitot dada od 100.00 kaj 3, bik od 10D 000 kn 10 i aha kn. Mente skloneiiky ako je host okie yest oe Projets, UP) My ~ (1 -B) RG ana of oka Kavita Cg poe F LIM) + (LB) Us. Kaisa ‘ekivane jdt je UAP) M, + (I=) Mi) = U.0 > (100.000 kn) +030 100000 kn) = OCS.00 50,00 = UO ka) = . Osis erst kno poe s da maven oda je P UM) (1 PUM = 0.50 UCDO kn) + 30 < UC (00D kx) = 050 (80) + WSO C10) = 10. Meer jes sit ‘ono ofchivane jd og projet, mana akivanc bores tg jek (0 10 Ota ramadan prema rice inj Fry kristi koje ikaw obj (8) grafico asc 6S. Rie © fini korsoost Koja ima lincsran rst poi nag to jes funk kao se krsost pavers nota otic po onstantaj stop. Kad se db der povees han mu si (6) kono takoder, vee ‘vom zn Stops, poreanje vag dba za ¥ An pvezano js Lost poyecanjna arse kalo poveena sees toning dab, Konsoot lina Funke ova dob. yale fk esas rou upreaizhu, ao Ze di uek masala aetna Wet nein oz {U igaraa se jakimofkivanim nim vont, jl raed prema ik ju jh az sdbicima | gubcina jleake wjedao. No rj, menadzer nos od osx pret hoje post yeas (0,50) dae se stat obit M, (100 O00 ka) yrjanst (1 -P) (0,50) da Se sta guia Ns {100000 a), Pens uke kos ogenadera karst dik o 10.00 kn 2, ia 10.000 ke 20; dik ok 0. Mena eravanduan prema zk ako isnot kane vd ow poh, QP) M, + (LP) MG, edna acevo} honsoeat ie po, PAR) (L= P) UM), Konno ote ae sedate UP) M+ (E=P) Ma) = U0» (100.00 ka) +00» 10.000) = L4S.00 kn ~ 50.000 n= U0 ko} = ©. Okekirana Kors sikeoe poeta 8 de paver iho je P LM) + (1 - PY UML) = 850» {Uo kn + 051 410000 a) = 0,50» 20) +050» 20) =O. Mensar je rvmodan rea ie eines ska jes tg proj jek céckivano keris tog po “abla 169 Pepe stavova pesky 1 Semmes ian ak {sons prana, syjssno grearinaye ka, inns. opm a 2 Tjepvane ia skits per ah, aver emo, pestis ay Past ods prema emo prom ik, inserts octal sn Define sv prens ia donot) ee (nese mai vie vere na ceva) ace vsih sa i sede, Lbjesavanie prin ria jeu san, joa Fekovdo i aor polka zadovoiana ‘vali siguni eka Sklnost precisa zk je pocitvan sv ak oz iz serene ont i detaong ava prea iu, Pasian ods prea rik mati ojegnvo neuazavane, te jew pas agar apata nepal. Taker, eb zat da nek ese mde i neklra ri odrdenin wei, sonar dri rts ravadaim prema kw aki: cago akolnnstina. Funke Kerstin sil 165 Gi slo fojima je neka esas uch samo fede o Hk ws, bam spon koje bulvacen graionima. Posy, manoj eden mijn abc kj pose mje esno opm wet.aM 16.14 ASIMETRICNE INFORMACLJE nasi pts zs jlo ote mda Asin ini jest p mei ka ae et cas tsncvckoe spec ockin fad hope ac dus jai is a PUES niin selma onus meng uaa sem pb mae he Seed nln ns mas noatnosth, Zoe hy sors Kr oa ea ak pr cpoamg ais ines ance on sie Bros pine oso alot naj java asosiie infomace sari sve pvt informacje Siu odhedeo) ms ase, zm Sto ipa jj pv iho) sabi Ka laa pa sas ship kero we mad Site ao prolrema mo aeenm pou, oe ma Koi su kip pena nt za dobiveny oe pv, Oss kya jew aja porn poster exes ne ra bli Je ejncie “penn lat Baka oj aj Fst nema je iar Ge kori Keb vai ystems. Pred Felovoo anil 2n vite okra atmo ko prod o poses kupoes Taker. sobs oj se bv ‘Srvc omy a vie o kale inten since seein Koi gov sg, Ogura reli 28 mae o mtn Gaia eign one zu paras, pez sks Pose 7k ‘neo posbnostinapoteanoszposauka od nega aes Tale ve seman infor nog aepvalio wes a moins [jl a ptovas tae yor nae askin gsi i print yon los altte moze sama < wa pide oe Flee) ne pepavsdanypolsan sadam aan olvite agovoreal posta. Vagno je taut kako posjalivaje nals ions use ne posono oduevaje v pose, Tala se pblen aime forse mae Ike rene, Probate tmgu est peblem asinutiene ifomacis ako kage prvi jnfonirgfs@ Ect sh poids Kads Foye anh apacia iruju mane sfomctt © hele oid od rv tan hips oc pom mtv ks bl agua U pros inexinnjs Kapital, ave se sive w Kojima voi (meatier) poke ims rift sp infra o ivesios(poodaainks vbsnda) pode, ko espolaty dug shopor infra. ost odes su nonaln bole infimiran 0 pola 1 Budecst jiboua paca, ako da redowto im ale Tofrmacje co lanka. Asia infomeai maze doves do vl sale utoikovina iain i tint ‘aaj tor api, to est wit majo wore Gaga vasa) ve vedi, Time se amanaaye ng inves, So popular zie prblemom ra uve eng oemar marke, hy se oue ‘Aon odedivane reds kita ninety Uobitaen je cguent da aki poate bit poste vite informa oat peivods, nee i ait privat wee koje im nal oj nian psc, Nabe, kupae zoe nepesedoana norman nije ren rat pu jena poses, Tako sane rll fomuranst ana u eden psa nn oemng ut Finke wt i ae para ra pode eed yoda po mij ent vadnos sti w Kojem svi kp eprint inj pun oma aia je prema na Hincirje pos asin kapila {unin vorpal) icc (ra vor bagi). 2 Gace wtih vor, a jest atin kapitslom, dois zea prem oj iota kun Sica mero cbs pa ak bi por vb enaree nancanem cin poses, ja ese oka lon Kriss Kapital (eal u wei) Taye premijepovevaj oskove Fanci avi ec (i je ‘ano 23 menidie poiizess rajerao vsoke halite) nad raine apatite wou. ie ‘tum vor (of vaso za pote dow) 4 jos nad zine Koj bi pst dona og ost investing udugim pout, S jdne sre uit (jmp), kj ma it il obec wi aja, bina ia bo ins @ nog pemsma zie je pean s nwt poeta hj su eda rmijees. S arug sane, ‘ainodeac nem: distinc informe Hoje se oie ma zajmapinca, Nalosalk pagan inlomacya share problem, ne samo pi, cz 1 maken zallocnye ps. Prot asia atoms rooyto doy do Problems w ably sping rho oepline sk) nano hazard, hje pelo poste rizr 16.15 SUPROTNIIZBOR ‘aaj mis, saponins proces hoje astaeny cei sy infrmacise aimee ime ages povaep. Nne,wuyetms post soe mast ret to teint Sedna posed koe delonana 28 je sagt aor (gana sla mi sll) ja maze sad gemigaanje Svat dora ushsa na wt Ohio se dagala hog a Slo ake kaj pose ise informa moe ygovord pole wut ease, aos veal pos Sapo ide mse, mpi usta als podnath maja eka inomasj o nei ptaina kaite oiveds esas aap een (eva). Rj jew problema oj aime ine peso ‘Alen nekog pos 2 ina ma poficu veu Yerytiost de i prio i kup bi abe, Na be Ariston hor ia ns ont otc api Kj imag roc jest prove nepoljan {epct) ref, ao noise nemogueot oblate hrs, njupome tie Ii slog imap nae tosis pro os bd abe died U najdnosnije sat, rand ne mga ei jon disk, tt wugovein okey kamane stop rlgoa sate xmaprines (nize soe za dre zajopance, ie ope 2 oe zamena $0 sicko0s lov invest peat je aie ed, og, zante se zajmopuine edhe Sima povesju kama stop, U kv jet. jena dobe aimuprinei ms sta Tao se powers ‘emat pork, kao moguinos labo acing dbiks zimopninass, Zama wei raves wa tra, mogo ode nau karina sop Ko omaenej vs poate 2a fas unik ma tit ect) Nekizamprine dba eit, dra doje sma jedsko obi (ijn in tube yh jum sup iboats j sw spun. Slog tpn saneve po supe ibora malzimo w sinus. Sut hor se jaa ahogssinetne infact poodiata sgurana i agave Kien Mote s¢ opi situxipm w kop Hd boi ugar esgurane ing vecu avast da & poet ati “je. neo skupina Iu Kj kvish cvgurastl revue svoj a pray vga, Na pine bala odrge premje 7 ugvore Zvotnog asian, spurl) mc hans tape snrinet rod dina oielene {ob a oredeoom pu. U dels sau, pene asigurana bi etal bi ate prem ry seo0 ‘rabene cobe w seomenia exigurnay digs vlupaog sanownsta (oa pine, slaps sminays miskat od 50 ania) Prktino to ame oan prosjeéng rzka odebne spe js, Osiguanje abitvo nose bit proabina dle kd Klett inuju bole ifr © svom exigwanom rik (enguinost pono ztgjera 2 may set), nego Se ims peodavae sins, Kade port spn it, Hud aj aj ds maj vist ik stk esguane tte vegas a posi spin, hpi eosin. don ek ipa prs obo sot daa je uve onsuaa pskapo, U tom su eee pstanjene ems prose ko oe i dst a posivanj otek rae kina ai mag pox, ato te mod dn kos hap polcu bit ve om jie zk imal pels, neo onin et Je sp projet Podge prenjeveteniij poblem, aun so Ee powosnjer premise pola oss pst privat 21 vei kj aja da ina maj rik sank sigur et Jn jo ina da Se dm problem sirens icbos ako seed obrezn osigwanc, ako dani 2a hoje esiguanje(odfevo atai Psissug risks) ne upvn, rise u pole za ast nie Motzmo prepostviti da pstojs dv shui Fadi mada stnvnilevor, pull i mepuat. Cj hoi kup ‘xgwane aaj jes psa lini, ok suave ne na, Medan, sigue nero 2k je ‘deo vi apa jak pre, Ney imausanj jerjtosd ce veri wos a prs, ok epuat uit uprojhu 8. Ako aig zo tk pas, tho ae, acpsaina bi artanas 0 maj mis pwsssina vetu remju unos na pasojes pcm, ene bi ilo opto iho, Soe, di pene ju plac nepuasi tors = ma pltanje eet zahovs paca. je sans, putt zeae da ie subvencinru ulate toga ne bil vl upovortesigraye.S dg stane, pus a pl mare 620 obi tal, speomi. lit eure. Ra Kona osguewatei: mage podvaisgubidon,zlo o se- tsp hau, samo pasa sigur oi ia vie ste enn oss dies pote eiguneat Sei fa ain pon, nso cb mig ca gine a ako ms ‘simetje infra No pe. wuekin zona uads¥eram sua supose juke pcre ste igus sabe, U om sas ne moc bi sine informa, bad soit og a tho ep,ue tho oj, Modu, sigur} itn as ovate ost abe infrmai, eps sm pide sit inf, Osgura atl ule poblersoprtno boo ogni rine pls i posiejen prem Lomonis so pum suprmogiabora primi, ne sro na wie osu nyo ina drug wa makina peste ne ama infra. U evoke je pons melita rab poovt ae Ko Je razio amor nomi, dabieak Nobelove grade Guirge kero, 170g.” Lud ka hap aioe ‘mob re maj jes on Tos i dab ator, ko ds va ait enw Koa a ae ema ie ce Toshi ie cere deh atomebl, koje ise fate kad kup psjlbah sae ora ‘cok uvjetin podivateji Ge prodat nando auto, bud amis ak sui ine pei lt pra vei bro lah auto, ato st mogu pst psoliny cen anh Kup ura tsa tate ‘8 Di vj pla dost jena za eject autorobi. Clon Ge se az jo mane debrh, sve vite sth automa it Se ponuno ral podyj. U krjjem su, prada das aur Ge moral apa ty jas Na ty nin, proizvo ise alist poe sw prove dete abe. ‘Slka 166 Tete ables automa dee halite Ska 18? Tt able mia ne kate ena 000 ba) Cen (800) ‘ Tae io autmobta(0) bj aubmotit (0) ‘Ako i ke ipods raboni anlomabilsmogh rlikovat astomile bre Hse ol stomobila Le ‘alice, ts bi posta dr oleh autos, kao to evi rm gfkonia 166 116.7. Na aa eta bi s¢rmle rot 20 stoma Kolko imost eeaotcina hla, Kas bi obje sane ale pravw Kaley slob Kako to aij bo, ups sve audooble sma atomobitins seine yale, Kev pote a ‘wombs sede kristen 00 pote za stood dobre Kale (0), vets o pose a ‘omebilim bie Ks (,), Zoe ws cena dash atoms (Bava je pajama, 3 avg ssh ‘ma ih mobi (Piva pot ve, Prema sen aie, pve ranotns Klin obj se tumble jet inal 2.000 atomobia. ao pokayj hove poten ack aot (E) Kaa pei ude da jens we elit vtina atone ait, ons pads ial pone pie lero (on Da}, to smanjyje ravootenw Koléiny dont automa 10 automa, a powexes eaaotnn {oii lash ators na 409 auiomebila Argo sla, zbog wiki jena, oa Wt ea samo os uomebil na chats bleak automobile sao ks pola aun ke aie (0) Metanicam ist oe ope peo cea deal lol automobile ia i,t a oa kookucuskow et, [Nasopet tone, loti mobile pevadavat ma ise rblenikauomebis.Rjsaje Woda ri winerveit dave, koja moe eigura kool vale autoil, i0 uiavanj anstava Hale. Na eatin i se codon i ino sms anes infomocij.Zhog psiojana ase informa rumatano ete rable ‘oii nije tite sven knkurencje- Medlin, oao ipa pests storage ma koje ma poduzzakoe bi moe nat monopole moe oxedivana jena, Talo Web vie nl bi opis onlwercieu rama pslovpom stu, nego modell nae Koski "GA At The Matt cms Qi Uni te Me can uc al Es bs 46-20 rena RS Ppt IDL Ma, nts Pel ese Ne ey 3 16.16 MORALNI HAZARD Asimeina infomaca moe iat jo jou poste, oj pomata pal mae mel Haz. Jj sew ‘lin deatnostin, a rata supe chr, moral iazad stl cahon ake deo pst O rman hazard ovocimo Lads veka esba mijejs sje pomaane a eet rage ose» kj je pethodao aki poslown uuoor Problem eS ote sana ema nema 0 pei po doe ane "wupoworetom po ne mote nada postanjc ugar ‘Mor je hazard psebice vat informa problem wauigeranja, Veit i ast eats sigan por 5 ju slot pat kak bebe ek Ako se ne dogo nese, lh nce nia db ea pce prem. “Medan, ako se dovodi neste sla esiguana ose ee dito osigucutls vj! fan bubs U sre. Osim tga, pjedine othe, akon ugovaraa ska nek raka, acu sae posal ma) tein dae poveaia magus stank osigurane Ste Jedao kaa lu kup aig, ost ae aw on pan ao Koza da cet w slau masta tt espa ep add, Name a oj se sigur mu prez vee ste, ego bias be eign il spon pez, zo So 2s da ‘ne Tala promjes penis dovaila je do poveanih ste 2a 30 ts og mol ‘leit Vee pst od sane osiurasatela, ng psa sgn ia patie. dun, pool a mngu debi ose + vile ogo 9 su gui astern asigwaiog sa komo itso hve mga w ej irae dle na gonjems posnja Bk. Na ping, ak W slut nese tea espa esobe ines 100.00 a, takai Sete ciguanepa SD ky, baa csigwara ‘nbs mje mtv ajar nese ik ode lovato B done dat, suaitana dass profs kazaa su do axiusnje ol pata pate agemo podmetanje pasar, auonbisho signe poise promete cs, 2 lj ne wsposbaos pe namo kane. Namo esha da ose ‘te natin ako b obsshbr epotejo ponsare Tako seem Sosa, ph pa et peony zie. U vin dnote se ma ed ms Seta pl ongul sost Mota eset i pinjere monlnve hivala ivan dlnost sign, U rtiniams 28 papena amon suse obs, major obit progku kai poprave sw acopoday, dok Vaal tons aaj 0 unseen, noeanizms ov vcs. To major ovara meguseast warn Kako bial we oven But de ‘vaov vie Koj, majtr mde it dovedeo uel ask, ater may pele, je to veer problem zaratuna vet ras 7a popravak a jones i ohn any problem. AkD aur ral spataymakon pop, vasa ce i zadowli nad aee ant aa pave stun Rene se moe fit pet lave pen ada devel konto jena shia u delat olan vo dredimom posloan, xmas eso peu ak ang zope na poser Kt nepal sa sujal zjnodavca, at mode sagt jaja povraa Kaba, Ugooro hati je vane sosoas od sane zjmoprines i & zajndeu pla sti ims noen (ait) u dren remensinrarocios. Kade xh exvargje ven dai, jmdiac prima vgovorete pits | ne mea zat Ee padake 0 di 2ajnopeica. Ako mnadeobaliaapsive Hone dense ofits pode, cxmodsar nae bil Sv ht psdovi me tun ue nsspesobost pode: da na vjeme inwsaa woe hee bvcze. Sa ako pote ne mse nav las po kc ts ne mal Hane rane, peso prada anda oj arin dba kot pales osvari "aja moran hzada pore pana il po nae os zm wosko kre, Lu pois olden rade sho pose vee Lr od ikowa. U there mogu uaa poe kena oma ‘akoasih orm. More zal ne zat a jk anor 2anigu niet Abo jos monje Yad UM ajar a spesvane nee, nogu dst dist ponies Problem mmonlnos fzara poevan je is plogamina vlads 22 zai ook hater sanoenitra (hb 0 sims, agpstenj dest tnzapstenin, Meds, aki prograd ma ptt rakije doce ivan ks, nezaposevos sro, Veta pom ulna u nevi, mode pati je da se dove unovol Plane Bk ‘ads soma imu dee van rau neaqeten,nckege pou dock pst,2 16.17 SMANJIVANJE RIZIKA 1 vvjtinsectavgn aopaasiea polactnic see se pose sik post oka, Ulsan hai iovsirajo, bilo kupwonn nicdhseh pais (pases, porto invests), ilo ugar w aie ps (hte tae invssenel noi nn is Saja ka moze epost par ppm ike Invest, Metin tne see me otvant advo Koel ikaw andl Kees vst Pep Kontrasiha mespsti torte sate dveataie, Divers je post oj sponte uzovrsmot i aspeuot laguna hominis jen sso povean Taos, divers je aja za saoivane eka koja seostargje Trauranjea ponte investi i pins wi B meduschi odnsinan porpune pzivoe kee, U kv pa Ge jean do faa kgi nos edie inves bi wk ciara alu’ da moosknano nish pens lac investi edo plo nossa sok pris drape vise sah nsec Taka ode veo je maj orl eis pio pjeauh vei Hoje in on, ganja na RW docs nse aon Fal. Visit baila (ae) wpa, isa sat eee. Zhgg og. bot gust obiRovana skapa Fal dios, t etch pte cw olga) koi rma ik (a Konto, evs ‘ios Dva su bia bore eka puter eek spral ik paveajck Raspes provolseusnjzavanjom padre ns ite posix atvnost pod stor da ino chia ‘ee view medusob itm Gini, Poensjbe pstace taka Gite) ogy se 73 at pe roel za peinanog investor sani ao se rspted pil) postin, pedo 1 remeasl.Podtom ‘igaja po nol rane ava sve edn ara rk se asp nae ements x posi preimtson i stemensom snisi) i to snare Yotgjatos jogos liana svn seatentipa. Sto je vet be) tah seznent 0 seen mason very men je rogucnost stupa alg Fizika (Guba vkapaogs api) Prose apr (soa verifcn) cika rte se osteoma Stok, of jn alta w yo Mle ad anja wij, pek Sie sta rgovakke ds om tie do vest v Pwoizvadne Japs au voi lkacjana, Pada ikaw Sn proton sare se opasos epavine Dwiave i doa (remorse wepogde, port, okabe eonarske nee s.) dla Itedobno na eilom plovnom podgjpadizea, Probncn rspored sik ose se svoj lagna i pozvodse. Usneranje a vi to) nah woe, ups, kon je mane prasdn od wagan jean ns ro vei prota Medi, ve tro} mani jet raven je mane nan ott. -Divrat investor ove guns suo, al santos wel ik ptpanns bia” rome upord potenisi pass (kt) posite poy leer ma ite ¢ vin prio it ov rized, 2 sles sponkama winavanju eke vee era sl Sa gjalta ivestija Sromesks pred rks ve male xa postipin froajon aout proizvodaih Lapa (ov. yoo ‘auutjon). Reale ivestisde akivnost u aki caps omoeue ebjcwnare see w boo) hpactt ‘reno pode soe fone uli. Pm joksioe investrane aman enone pdtv dle ssn ete opsnoss ze enolikom proces, problen uaa Kapa, poo Pi widen psi mai is. oem ube po caps araleihSapcio | wees apseno Usinjem 28s novim poizvdins sane Porasmaje raj poscban clk diverilace ki ome ge polpuns Koto zk, ono moguéc te. Toej era gic mlb plagja sip ak. Rule okepolze od vekopoeknag bce sta obvi ied aunt dase otkivana ate estas Saw zeke ode megs je wt ds sao astern poizvod cde specs unk koi sma atin poze novi prima wns Stoga se nek ok, hae poles rjc doit 7 Sta spool hos nats Set) pipes ‘ere Hoje poe sapome eink ako pos ee, U kim uesjevina moa se ica is sco {h pvoljm shad prima clue eat spot isd oak kj sui za pve hopin 339 1 tet ka pore je mosey pokavuje anos mata diy opel uguaja supromihwimka w ricki acspdashiusetimt (sha 163), Ne tema tg toreskog models ote se irgivance u neki evarai¢n jinn oct do investi sna Kop omogucus sanjay uhapoog ra invests, Projekt! popans ‘ae ik tun pons pmeinae iil: Ri hj ivestor prea ulizw old pots rite © u odo ma Hi Ki projet sm 72 seh nos Pues ero kombin nit pov jks. Rr itesitos ovo korelci edusobno} stot imi panos yredvidenh novik projshat pyia oath njegih smna. Za vsiene. tajpocljoe Fomine poeta sa ili rikaupova se ex. anal porta. Pj prj medusa, kas 1 ‘ln postjta silts dslznost pode, malaze seu anit Krebeistim edna, Korea pris oj projkats usa pl) incest mie se etm #1 Sj eit Ronee bic ‘emai graicarm spay eedusbeh poset vino pol eves. Ako fe oefcjent Kerelacje oko sul proj su novi jim rap, ajpoolmin Kombinij s sat ska ne proj Aji su medwobno w osha seats Rorlaije. Sto je stan negative Koreas wet poste se veo wink pr, opt mai sane rk, za. pxizsee ‘sm. U vim ajevia neatne ask puite karla ose elon sanjene rk, Mastin kak {pena pein poets medsobmo ulate ns stan ka toctiejont rss je pitivam zn pbline 1) U tom suas romeo pens jednog noes ra promjens prose ost pojckaty pribline Jodo iwi oe sae. 1 petrarben) indus se jv pre svt iron cnc 2 pois teaolthe pare koji su ‘ordushno konurenni. Evens noguctos ihe serve upoucbe seanjyje vik Os toga, mogue Si ombimsie lamos ipoizsda Koj su w ndneu oeputie Kea. Caml je rnjer wpoizwodn Petariogs kvse, aie je amliza tea pokvaln de ized potabje svcd busca 1 shoe (inst) Kvase Ietom goin pose ppaco srt tna (li 169). ‘Sika 168 Lito peajne sane gospolastana Slike 16 Krsaie pj sug sega kvanca ris oa | rd ra a 2 eM, / nce 2 we Ys ‘ype pots podsn bases edo jeden i tangata avnomjemo koisene proved Kapil {km goin, a jo unjstom se ve prlagodaanje rake prized win pean, je sa salsa tehalogie« prestujaanja prod Kapaa iva. U let messin je veea patna sven 4 Pink slog kas. Nain, rt je 0 zajeni damacesa kd 73 kaj se vie kris su huasae pekarsinn un tn dba, U ims abl ops pire pwns pekargs kit, atime iswjeZezahvase. Proivo rota aj chu sie si kease sranie ik posiovanja pad prilomae ate puta ke se inchog velit oseaep psn kom godinesa 16.18 OTKLONJIVI | NEOTKLONJIVI RIZIK 1F racijaom etiinoon gospvarsive pores nase smi rick posovanja koma wag, et oblkoanjan olgvargucce pools aves. Pojedne ance wsunore (bake, Bedi, xual “av vik dg fondo ia zkonshsobvea foeizaja defn pont, Na ist eatin pojedinaat vit Aapiala mogu sma soe poedanne ck fomirayjem porto visti invests Vis koj to) Kapil Un w esivnje vic mani pode, w kypovinw nln tri Cavloed popin, vSi dveraiadj ra honbiion|s lsh avaiciskh cogwst, odtone rah “inj leans) rk, Stal pein ls Kapital ue era soeulupe ines ganja evan Vaso piatog poduzea. Tada on ie van o dive invesic dono pode gs {No thu’ Kapital am osewavs od nvesiejsog rinks ners o paz, Une ulgpa kung kpia ola puzze, toe ier kno, lank maze vai serail frie vstiog pores insti ‘adi smatjeia a investor mora fei ths skin lena i pis a strjew edbsnppune pce tershgje Sto slab hoes panos sh ect a pool ves, ea je jas dace di ak pent odo inves bit oc pkrven vase porta Nims, neoélano nz ribs i gaia ose rekojo investisabt,barem Sloman, poiven sok pnosina jd vedas mesic prt, acvijino este Kapila stata Soke maguéns pena visi ssa da haz x rut oie tailnosih pop obi, aoc nic) 3 ko deca see iret. Ltadiana rain Trim esos su para de ak pote koja 1 do 20 shugo aban obi doc mia ono se nei so poe ispecies pedi paicet gra js dence apne. Nak ste cra mngu se otdnit detain, a oeke : mga, Priiznopolovic kup iz Kj mos nea rox dni, mate ve obo a se aca tala sist jena ea dbo dveraiirsnog potas oko {once Jean di aka, k pga goto sve domcem Soko titanic, wk sje emogee Ea je ‘doi drain. Rik Ks sem aj macinm loniaziva soni vera, sein, jv il nest) riko, a ak kaise ne mode oko a nan rates aeoddojvi (oe vecabioin, n,n Isat) rato. ema me, up rik sso se ie adil, jest aloo eno) ogni." (Oonjviiciwjtjn nbissea a potato pada, se mde oon pte ever, jest fran pots ives, Zog tga se moze caval i speii (jin, ibjeivin) rdtom, ‘Uxjeonan je elit saajin doa hj poy ao aed pduze (princi, Sako, pam, pronjenc ues ini all ucni posov,promjene ie ptvajivest rating porama potas so). “Zavesto koji soso) apa i jaan poet sei ako zane Na pine, nie jog prize role 022 hit fen nepovajnan jeu novi prov oj wa et od soni lars, se mis json povadi auton a ak pala she aj. Kad nek fdnzecs popoens zi osih poiveds tk apova weir aot rag pas maj of logs hrs Prorat, ao meth kp sj bij nies Hoje pps aici elastin, vj e a ce wee} ‘sn dimbeckao prosjekbwl n Oni Se et3 medsohno pana. Naa ain ea ete ade olay diveraflacjon. Newt rid je asst da 8 paras tt donice past hog reese nekih rah rng, Cin’ dug io whup ra ej poi pk olbnja ta 08 (aflje, ese, rasta Kamath sto, soil) Tale poate poate se jl rs podunts sob. Ss aj dv choog ra ne maze bi lian ivceiaeijom. Sopa nana «aco, nove ea Kako cen doen with poze playa tendeeieeajoeshogs Arana prema gor 1 pcm dol, ta fia se mate ant vezi. Ako tek investor hop ence vate bra vith vs oman hae so sa Miso, IBM, Genen! Mots Oy wet gs. Boe Evors CManer Fase Te et a B00 "6 Vane na wa atin rendmen NATE Zar uw bank}, jive Gs ioe w pom adobe zt eta prea gore v dug rain prea oj, ao w aban depres wospduske alavnst kaa gros je otic joo dae de pst 203 vie pos, Dieralikajm se me moe sti pojek jena svh nia Kojima mpolze dren esto od suplog pd ‘Pre ome, povetanjem boa poedinaci pejchat pot nsec sone apna vena seston ‘vik pole, dak velina netKonivg (ssavne) zk ostae opromenjes. Kod toga, u sc gnc para plasino od peipsavke db se cba dela kupog iivesicsho iba og kat sanarinom ‘kevjacijon piss akedene yeltine pots prota (sh (61D, tae, oii se ei sik myer ofijetom bea (zh toga se moe naa jas et zkoa*” Sia 16.10 peikazye wer ivrittae ma ik, Ako po slanom itor ado doce ze nas poet tapi sik peta dna se sane + prccanem boa nica aja, Tea oki ver) nei op, Meduton, scot (nederati nak ae mate sera ao sv, Bez obi nx bo} dna le testor kyu elon rik sae epronenen, ‘Stik 1610 Ulapn, ctv acon ak Kako se poeta he xia w pate, ilo (a fe + mscony) ae se sum Naty) 18 Je i) ‘ap i pm ve mans pth sa vet bo feziaith dona aavedom pres av lh 110 Pohai se od prpostvde da jee ak "xnucjemno espana ve die (oe donee ait Jed vel sean iia) ko je vasisblioet mph wSinaka (pias) ia aia ada ji podaxt noguce uri wsgrediom ‘aratanavasem hoc meds vanaf evi tofovs (Osis) ooveg pojekta | vajac etviskh Frewtionnin ety Whova Cis) ugh stars pods w xb i "—ociesja investi. Koha goiovinskih ova oe ti poco regan Bj oie fa porto) Prodi kore posit onda ada varcje neo gotoinskih pitas nove aves maj ist ster Hao ‘aja sto gtreini pasa drug sudiva poaea, Tad vba gotvisa oka ims A ser Krtnja promtrao venews. Nagra fe nga Koda taku pronjnujedos toa pra supeoins pros rugog tka gto (ta 168) Neqativas korea, Jo je jo 1 popuna (ional), indava se hoeijentam sla ~ 1. To aati da ‘dred ver proj fom gucvisskom oka uk pat proyrconla ronjensu drugom potvnskom tok, all sypomog sme. Ako port acto goovnskog tka gojlia a 20 psy avick pra mane eto sovinog to dl eta 2 pot zn eda je nova hotels argv ¥ weno popuna. Had foevinkih whoa newa wpe Krebs hada neo ialve Gee eee fameds prom uni (ecient orb lh ‘tps pis oj oj inestitor mode fev cng me projekt (2eaednarigrdnjom objets ii kupyoen donc) fii je vsne amajaka na nee ives (pimjeses, Kanata Kraoroene deze obec) eline pnog ea ng oi proj wh ivestto ude ‘Stati cds ind ofekvanestope pros i veltineivesskog rks nije wk moguse toino oe Metuim,sigumo eds povenjem ra rast eva tpa pigs. so tka, vel tra, Naime, od ajc peek cau se ma pins "ea. Mp ceo Cope Fem Nea Bos Campy, ee Yor 1, gee perf esa EE, 19-95,wo 16.19 MJERENJE NEOTKLONJIVOG RIZIKA nai asso (peg tag) ka ol ssa penjeo u wrednovanj inves prj. Uw sa se fone Losi stemeas mmo feaneike aie carsona ds 2 odode eid sone Fal fen Capital Asst Ping Model) oaona shaceno CAPM. Han ut pene uve me, hy mnt bit ‘pte mv nardnege gg, janis ‘ean (sebodas) wie Lapa Pada gin mee “rotremanje jo uldeaoe Kapil, hj se nzvi amen choca rape Wallan Shape Laie ‘dn Liner, post jew van fk zoe, ko za polite oa uray ona. Ta eve rae ‘Soko pena Zc da eves mrad i ofan pins kako bi bi ia pba vie ike Dale, koe nic pata A ia od done pode ofan iso donc oda 8 moa bh vec ed vines doce dus BU rc, iar ne ib ne aps dowse pon A. Sapte svotanima, a nova to aplaSva das ae mor win web lap ik Kj oto ional mai eis rns te nied ai avers ela a. Ue "stremeana iit donc samo je neo krvantn hi) zat9 Si ston (ivrabiei) rik mde ijt pomotn dverifkaeye Da verb rk moe hit ko jelostavoo oboe, ne nde se db ‘eli ofcivnl pina euzimonjo isk ya is pea ltt malas algaje epi iki Trebs won sari od ofekivang prima na dint. Mods! za odrstinanje viola uodeoog Lai cmopucije peje valine kang penosscdrekne dane. Swami prinas koje dons nek deni Farag ko Sse ne conive ma Ko azdbs Kj je dena ce jen ers ms pods og. ‘anion dodsju sve place viene zat seo pj sajziom eer x pet tg chi Model ca odeivanje vjdoos laenogs Kapila gow da akian! piss aed dice (9) evs 9 ble 2) riot eaivtne investi (a onze Beare spe, an to je js aa vein (0), 2) wekivatogprinsa sv aspaltah nics (be. ofckisaaog wong pos} ao So je rose pros vik dona koje tj ed eli bur (ht 5) tele oalnerablaos sia Jose prewzina laps sane te once,» silo osivecblns ka 2a ‘dona nko! base dss Pera maven en civ pins poet (kt) doce moe ul pom fore e-Dfs Slik 16.11 Okie pins wie eltine heen ets KefisieatBt (oe nal aie wot {B) te divaice ‘koje se, uplavniona, kreéu oe 1. ‘ht tp bea eka’ fins sin ot is dion tr) Fis fo MB koje p= 1. diene pose iin edhe ‘eat ao tn pot). rea es ance = ‘Ako je B> Lt injec posta (tio po seu Ako eB 1.0 dinieaje anja od posh (sno pot, Buta (fwlredene dione Yt ne: nk pA i Fob uae vi ave ns 1138 uw Kao su ses ke 16.11 mae vi, pose sna, san dos ins achive pinos once 4 rine ering revere a, oe mjeen koe het ft} 2 ics. Vein (rm defirarth so promi ike dane. To je pocane akan ris nal coos Sob se el adi od bavi invetoe (han sou cine ebveaie} Kako jedan ekivanog pris. ako isha 3611, pba da je. rome 2 dean jens ema pial (CAPM) praia rk oddewe die proporcionan ‘het et fe ace, ‘Ko to slik 16.1 kaze. to et ema models 29 xtc visa esmoga Rat, shan prio je Fea, cima fuk befejntbeta, nj esieraions (rang ka ects bots (P} prj sicenst dence ho ve di w dale sivericanom pola Hota je meio ‘evs pina odedes dns ne penene pins svi expla te stom ie domiea (9, "poms, moe bi iano anecskin indi S00 dioica Standard md Poor) Prajna dioica stein out denis ins Rotem hada 1.0. Akoporseaje porn svi apoacvh oi 24 ¥ posto poe. Pra prio povtane cho done domce za 2 pasta pena, a at nice jel 2 Ako powecanje pris sok rspoloi dunia 21 pst: pon pra pose pseane pia dine dome 7 0. postu on, bo ne la 90 Tables 1640 pike cine fst a brane done u ij 1987. gone" Cini d je beta IBM Jed 195 nai da ponane psa sib acolo dunce aL poe poesadgoara 1.05 post poo rosccnog poveanj ian dotted, ‘Tables 1610 Koen eke stone pros za zabean nie li 987 7a - nee [pease sop | ORtiam wm } otic) [primase | supa prinse 2) | Bil Myers ———— a (ako Dats Corporation ow Chena [asim Kodak En Genctl Beatie ib evict Pada 300] Bo | Bs 500 at ‘NeDan Dh a0 Rail tus atin pineneazmaane eae, petals da je okivna goin stopa rina defy sero 8 pst, da oiekva gina spa prio sib rnpoloih dna nko bors LS post «da fe oefcjent ben (f} 22 dscu poduzeéa X 1,1 Na tema th pod i ktenjen range avedne jedadabe, ssanovi eno de fekivin gj spa pis a dni ze’ Xda 843-9 BS. ‘To mi daw poset mite dionca eee ae donca poze X isha gd sop piss 13,5 post, ‘To estoy pos aj mst tds va dea ence. Poko sh pps (shana gon stop rina dann abvernica je 8 pos, akivana sole toa rans vib aspoleivih dics burl 3 posto) ‘lab 161 zaman esekitane gaye slope pan m2 dine sh pas poze, Takve inforaciis Stn se Korie ad ane hur ania, Prema mode 2 eesvaje mijos noes kept. Kao ge ave tea, nau mata omanigeni. ile su saan wus) 18 9240) plow Taj Americ elspa am poate Marlo, Mili Shape Gabi 019%, go Nobskiu mgd clone "yan es, anal Map Py, rs il, apes Cy Sow ey 8 as Masel, Mocs ‘eo Aan WW ea Conny ae Lads BeMs Popis slika Sika 11 Element gospodarsog sstaa, . § Sika 12 Bin element predetaproutavana malroekoranike wenn crn Sika 13 Bini brent predetaprovéavana mioekorone rrr snsnnmnma— Sika 14 Pari brojeva u koran sistas Ls Si 15 Stanomite Hvatke po matoregana (Gt. 084jha 1991. godin)... ~ @ Sika 16 Ponuden | sal ada avcnoo promi slave plate na sat (ejeéan 2002 godine} “ Sika 17 Kretne opsaga prc rave ons opromjen rode ene \ (prosinae 2002, godine) ol Sia 8 Pra etna caren epi sh Utazdoblu od 1984 do 1995. at? Sita 21 Kime proworinh mogucnost {dusts foe prota 9 RI 4) nen one oo 17 Sika 22 Ekononsk napredak uk) prozion 2 Sika 2.3 Ekonomi napreda u preva cde 2 Sika 51 Etonomsk geapodac) sity 2 ‘Ska 32Funoontae ptizelncog sina s Sika 33 Toor pesatiog svete Is ‘Sika 3.4 Teonja proizvodatkog suvereniteta, % Stk 3.5 Ekonumsko i racunovodsiveru turiacerje Uobilka a ‘Stikxa 3.6 Dobre strane i slabost trzisnog sustava. a ‘Stka 5.1 Krivulja potraznje za jabukama na teinici u Osijeku, ctyka 2004 godine. 58 ‘Sika 52 Pojdinatne rina ira pirainje za jabukamana eink Osjeks tka 2004, gone ne Sika 5.3 Krull poraznezajabukama {gpremnostkupea na kupovinu privaziti djenama).... " ‘Sika 54 Krvua potaznje za jabukarna u Osi, ‘oka prosinca 2004. oaine (ast poladnj). ~ m ‘Sika 55 Kivu poraznje za jabukama u Osi, n ‘aujka rjna 2008, godine (pad potrazne) Sika 5.6 Krivuljapotrazne 2a jagodama u Osjeku, sina ipnja 2008. gadine (pad potrazje). ~ 2 Sik 5:7 Kabra kana sje afk 2004, GOAN we Sika 5.8 Premyono poraznje zajabukama na Ct - 15 Sika 89K azo elasbine porarje za pietinom na aici Osiela, ‘lijka 2004. gone. vend Sika 5.10 Kivu azmjerno noelastiéne potrarje za benzinom u Osyeku, ‘oaks 2004, gone. 78 Sika 6.11 Krvulia poltaznje za zubnom pastom u Osijek, ‘lajka 2004. goin. — 78 Sika 5.12 Kivu polofattog data za kupnis 6 {ulupnog prtioda od proj zubne pas... soonM6 ‘ka 513 Sawsena | gtnvo sautsona easina aa plea nn ‘Stk 54 Sewrsena | getovo sau resistin hiv porn ‘tka 5.15 Kv prez Koon eas NDEs nnn Sika 5.16 Unipn ped sastnost poaznye Sika 6.1 Kavala pero jabuka na neu Osjeku ofa 2004 godine Ska 62 Cane ponute u atin kenkurono Sika 6.3 Kolsbane ponosene koi Slik 6.4 Kena pore souk nati v Osu, ‘tuk 2004. gadne i pexteane ponte Sika 85 Kral porude buona nicl u Osu, ‘uk 2004, godine 1 smanenyporude ‘Ska 66 Kawa razryeroneelastne onde ‘tha 67 Kola savSeno nectasine pond nn ‘Sika 68 Kwa azmyeieoolasbine ponude. 2 ‘tka 69 Kivu saveenoelastitne pond. Sta 610 Kula razmiermoneslastione pons uw bratkom irazmjeno elastin ‘uogom rou Sika 6.71 Pesugne pene easiest gondeWskom dugeg randoba Sli 6.12 Penuda, potaine cna souka u Osh, o2uka 2008. oskaraneteze) ‘Slka 8.13 Posfeice neramoteze pane poten {primemeni wis a piven’ manjakna 2st). Sika 6.14 Utupgrotaku td rayneteze Sila 71 Pokosaita karla ramedusnost ‘Sika 7.2 Pods porosackn prdeta so ‘Sa 7.3 Obileda hue raynodusnost a ‘Sika 7-4 Gran stopa zanjonohrana ojo nn ‘Sika 75 Korisnost ode za odredonog porosata-- Sika 78 Granina korisnos dace za ostedenog porsaa Sika 77 Parosa2k probitsk od powotnye skova za jednog powosaca saz | giatka rua potaz). ‘Sika 75 Pravae prorafuna powosaca je mjeseei deh 6 00 kn Sika 79 Usinei promjene donot na pravac porate Sha 710 Un! pramjene cjene proivsa na pravac rovaéuna, Sika 71 Maksimalzacja pokoiaitag zadowolstva (krsnost)~ untae peje Sika 72 Maksimalzacja potosatiog zadovosta(krsnosh} hut Sen... Sika 7.13 Razdeaaro sina dahota usinka Zarene na pad Gjne odie ap nomi Ja Sika 7.14 Racha ka dohota Tuinka zanene na pad Gene Secera a inferior bra Sika 7.15 MorenjeKompanctajuce | ekwalerine vajacie po povecan cone Sika 7.16 Mjererje Kompencrajucetekvlenine vanjacf pr srizenju ene. ‘Sika 7.17 Morene uch praiene poesackogprobiks na blagostane pokoia‘a, Dr povetang ene ‘Sika 7.18 Mjrere cna proyene potosackog probika na blagstane pokoiata, pai smarjenp jen co ‘Sika 7.18 vodene vue pty 2a odjocom (iva ona pao) Sika 7.20 Kiva pokathe porazne za com, Sia 8.1 Povecanie sora za atukarna na wan u sku, ctuka 2004 godine. ‘Sika 82 Smanene poraiyo 2a jabikama na tenis u Osieky, Tstopada 2004 godine 100 “00 103, 103 108 108 108 110 110 412 112 mn 15 17 47 19 18 125 123 24 28 126 126 iar ir at an Sika 83 Poveéanje prude jabuks na niu Osi, tyka 2004. godine Stk 8.4 Smanjene pane abuka na nid u Osu, ‘hua 2008 godine ~ Stka 8 Elaskenos vaio i promjene ene Slka 8.6 Ujoca lastinost poraznje na rine promene Sika 8.7 Elasénns nude i gromene cen ‘Sika 68 Ufecaj elastinot ponode na ase promene ‘Shia & 9 Regresimainula pone za prestnim dabrima Ska 80 Rogestmakrviaponude rade Sl 8.11 Kratkoroén nestabnostcjena na tasty palopaurednh prooda Sl 812 Pousak potkove meeze: nin fk jena ‘pseqa poze usolpprired rt ‘Sika 8.13 Tete zone (ponua ipo) sven ‘Sika 814 Usjecs} woienja poreza na ponuds ze, Shea 8.15 Tee a. ‘Stk 8:18 Promjono ma ity adurah programera ‘Sta 6.17 Povetaneporaznje na tatu novea, Sika 8.18 Smanjenj ponude na W2Biu novea Shika 6.19 Tete at. Sta &20 Prmjonc ma et ata Sika 821 Utinak novlane naknade kupcma na Wis ola jkog matrala Ska &22 Usinak ravianog poicaa podavaeljma na rest zolacshog materiale ‘Sika 8.23 Posfedice caredvanja zajaméenh cjena upojoptied on 2 ‘Sika 8.24 Posfedice esedivaja zajamceni placa za nokvaliane rade Sika 8 25 Posfediceesedivana rinmalihnajannina za slan (kore mann). ‘tka 8.26 Posfediceairedivanja minimal cena benana za avtomatile (bontole iene bencina) Sika 827 Minimaina cjna banana fenad ravnotedna) kop nema uti. Sika 828 Minimalna cfona benzina {pod ravnatezne) ‘dretivanj cjone na emam tatu ‘tka 9.1 Kriule ukupne tne ponude i petrazne na Wrst savrsene Konkurence Sta 92 Kru potratne 2a proizvaiom pejednaénog ponudaca na 2 ‘aden kankieenoje Sika 9.3 Kru potrainy 2 protzvodom pojedinacreg ponudaca usavreno|konkurenct ‘Ska 94 Kava porane zaproievodom pojedinacnes porudaéa uuatina monepalszhe konkurnce ‘Sika 85 Kiva pore promjenlive casinos 2a prolevodom odrodonog preva, ‘Stha 96 Usinakwaskau granu na hindu potadne 2a proizvodom poduzeéa u gia monepolsitke konkurneje ‘tka 10.1 Krvaja porn za proizvodom podizeéa u srsenoKonkurency ‘tka 10.2 Krvaja porno za prozvodom poduzeca u nesavéeno|konkurenct Shika 10.3 Udjlna watts savsere konkuencje - ‘tka 104 Stam tsi udjel (Lorenzova kewl) Slka 10.5 Kel potradne za proizvesor podizeds Kaustka (ronopokzrana Jeatost) eens ‘Ska 10.8 Dvostuki ebonoms tert ko svara nop Slka 10.7 Usnkoula axa opsega prekeadry2 - Slia 108 Prelomlonakrivuls polar jedroy elgepalsog proizvedata ‘Sika 10. Prlagodavanje ne ponue promjenama ine prraznie u olgopah ‘Sika 10.10 sine okowomske propaganda potraznjy wT a2 a2 13 133 138 a4 135 135 136 N38 138 138 139 139 140 140 1a 131 ta Maz ve 14d 148, 145 148 148 1182 “164 154 155 155 162 162 463 163 484 465 165 8 176 18‘tka 11.1 Linear una prorodne kukurzas pronfeniviminpdom dk —— Sita’ 11.2 Liner privoin ui edim ron eS ann Sida 1. ketne poseenon' ganna pasa wena linear rede Tt nn Sika 11.4 Pozen frkca ai pomjnlir essai ~opadil pina Sika 115 rele pesjoénog rang peosa v wietma egresive prevedne fukaje so Sika 116 Prosvodna unas esi pemienjin cessor rast phast Sila 7K ese gan psa wes rogrsine prazode funkaje ss Sida 11.8 Ulup provi sy posed Sika 11.9 Prose gran poizod soe paar. Sika 11.10 Ujoca pobesanja slog na rozvodnu ura Sa 11.11 Kita joa ocna prevodi za rahi Kote di ronan tesa iokvanita kata. Sita 11.12 zohvaina kata 2a plevod 20,2801 78) plas ada reir). Sika 11.18 Ti aloatena earotkoma praca ‘tha 11.14 Tratere ajo kombinaye resus a teen opseg promos {250 ada dno) ‘Sika 1.18 Naja Konbnadja resus za oben opseg priodie {250 plastnh kage drew) sone Stia'1-16 Saza rasa pocuzaes~ mimalzaaa Wolk Sika 11.17 lferormostproizwednn cinbenka Sika 121 Neineana unica utupeg pad (ulna nesaens Kaas ‘Sita 122 Kwa preseenog prod pe nna ay ugn0g pods, ‘tka 12.3 Krnda pte (rosjorog granny rosa) 2a estou poauzeea Sano orkut ‘Sika 124 Uhupn pod poduzea ajo prio estonia (Savana knksency ‘lta 125 Projet rnin pod poduzeca iota nesaene orkuence Sila 126 Razmomo neclasina pon | guts prota pr powecon pce {manos Ska 127 Reamjem elasténa petra’ qubiak prhodagt powecany povede umeolu Sita 12.8 Funk proizvedaviednostukupieg prozvcda boda resus) podzada, Sika 12.9 Kinja wiedhos provodai ida canopy essa pauzea Sika 12 10 kava poraznje 20 es Ska {2.1 Vijedmst ukupnos, posto granénag prods jim ineome prcievodne fue. Sika 12.12 ieara praizvd inka maksimalzacia dba Sika 12.1 Teh napreak i najotiaina rama esa Sika 12.14 Povecange en provodatnajpebinj ena essa. Sika 1215 Usporedba maksmazaee doen imaksmalace kung prod. Sika 1216 Maksimalzagautupnog prinoda uz zahtevexvareria Tiimaleplanrane di. : Sta 13:1 Kew uk sii tions. ‘Sika 13.2 Ket posetcih stain stove — ‘tka 13. kvla poset promyoniivog tok {Geams funk uupnog pomjeniveg 8k). oe Sika 134 Keio dagnog prmyeniog ost income ie} Sika 13 Kevua vkupog provers (kupneg pros) oe 45 188 108 189 189 180 189 191 191 195 196 198 203 \z0t 204 208 208 212 22 Sta 185 Neinesrna funk promyjentvog WoSka Sika 137 Kina proseenog raring perzvoda prsjeenog | xarinog pines) Sika 138 kina proseéneg pramjentivog i raring Woska (netneamafunkla promjenives taska}, Sia 138 Leama funkcja ukupni akova bo) neagraniéeno sila Proportional HOS) new ‘Sika 18.10 Funkaja rosin troskova pi inearng funkot Ukuprih PosKOWa ns ‘Sika 13.11 Netneama funkejaukupnin toskovs (29 sla noproperionaln jenn toskova) ‘Sfka 13.12 Funkojapresetnihtroskova pi nelngamg| urkcl ukupnin Woskova. ‘tka 13.13 Krvafa ukuph roskova poduzeea izraéunavanje rosjeEn09 | graMn9g WOE en ‘tka 13.14 Kru prosjéni oskovai granirihtoskova padizeés. ‘Ska 13.1 Kiva proizvedaa: moguénst i rotkavi deme prozvedrye Sli 1316 eborrain fleksbinosprievede na ema nsixjesnas i woskera ‘Ska 13.17 Osredivane rapettabinevelcine opsagaproevocne ujebma nesaursene konkwencie Sa 1 18hula en honk dbl otra phoneme prove) ‘Slika 13.19 Najroiabina azina LOCC enn ‘Sika 13:20 Kru ponude prowvoda pode. - Sika 1321 Tehnolosel napredak i oma proizvodie Funke wow Sika 1322 Tehnoloski napredak i pomak va prosienin | graminin roskova prema do. Sika 13:23 Grafkon prilonmne tke, ra lenelyprosjetrih vata nlineame inioje Uhypnin o8KO Sita 12.24 Grakon palais ike, ra femela nina face ukipah oto, ‘tka 13.25 Grafton poeomne lock a temo freame untae ukupan woskeve, ‘Sika 18.26 Grafton dob na tome lnearne funkaje ukupnn troskova ‘Sika 13.27 Stuacsa eduvarao prestrku puzesa2bog smaneniopsada froin (otha zara). ‘Sika 13.28 Siuacia oducvaja o restarku poszeca 209 pada cene[prizxdnya na ain ttke zatvarana) ‘tka 13 29 Stuacja odludwano prestarks pod zbog pada Sone (orieveinja ‘ez minmain gua Shka 13:0 Dugrocna kia prosjeéah Lotkova pr agrarizenom blu moguch veliina kapsaiela Ska 13.31 Dugorosna kava prosper Uoskava pi beskanaino velo broju ‘moguih yeigina kapacela... ‘Sika 13.32 Kaul jedrakh Kona (evant | pronrien prnoa razmjer ‘Sika 141 Masimalzaciadobt na temo ukupnog prin | ukupacg tka. ‘Ska 14.2 Kivu ulupnog dotitka | dae prlomnetoeke ‘Sta 14-3 Maksimalzacja dott poduzota v sawseno| Konkel nnn ‘tka 144 Granske prlagoabe (uezak noun) elovane dabicma postjacihposkzsea. Sika 14.5 Meimalzacin gubika poduzeéau saienoj Krk EN moor Stk 146 Gransk prlagodbe (napuStare) wjetovane gubcima posiojesh pocurec ‘Sta 14.7 Stary dugertne raynteze u savono|konkurenei(ekonomskl oobi ena) Ste M ne one ota une drone raze saver ke Ska 149 Kvaztrente Sia 418 Usp sae rare “mmm ‘Sika 14.11 Usinkoutost rasta nnn ‘Sika 14.12 Porosati iprovodaés probiak nnn 36 232 “2 236 238 235 D8 236 238 238 243 243 295 205, “aT “a7 “oa, 248 251 251, 251 251 258 285 256 25 ost 253 253 “270‘Slika 14.13 Poros preitok o Sia 14 14 Proizvodathi pecitak Sia 1415 Krathorotna rameteza usinopotsticko|konku Shika 1416 Dugorosna aunaeza v monopole kokuronc 2 Sika 1417 Grafkonprosieéna | grrienog pina monopaa, Ska 1418 Oulatvanje monopola och opsegu pocvadnye (maksimalzacia dob. Sia 1419 Dugoratna avreZs prrodnom monopoks (problem pracinog monopel). Sika 1420 Monopolt of unajpovlnjam sucayosvarye Porat dab. Sika 1421 Monopai ko unajpovljajam scapiostanje ririmanickonorsk gubtak.... Sika 1422 rlagodbe renopolsta na povecano wane potrazne Sika 1423 Prlagodbe monopotstana poveéaie prose toskova Sitka 1428 Kru wtona hpotetcRog 027088 en Sika 1425 Ekooamia razoa vue ubena a Sika 14.25 Ujecs povecaga proizvdajenapihed monopackog prizvodata. Sida 1427 Gubtk ukxpnog probit zbog monopaske moci (Giuttenitosak nenopi). ‘Sika 14 28 Prelomjona kena polradne 2a posodom pejesnacaeg aigopatta Sika 14 29 Odredivanye optisinog opsega proivodrye cgapasteg grovedata ‘Sika 14.0 Odredivanje cine apsega pexvode ukatelu, ‘Sika 131 Rast cjne i gad opsega proved akon kalelskog sporazuma, ‘Sika 14 32 Pad proflabinost u akgopot 2boguaska now poduzec u gran, ‘tka 14.3 Nafecatosko We rane koi ine tr poduzeca dake vein ‘tka 151 Usporeda sine stufureRonkurentske iaigopdlske 202 wasn Sika 162 Teteicotka ponona,bo|posuzoéa | poodal porofata nn Sika 15:3 Ogenjvane kn woskava ogra pete... ms oon ‘Ska 154 Postpak Krak po korak 2 od copusiti spt salon (grensku kanetacju) - ‘Sika 181 Lijea} mkrceKenomike na oavanje ‘Ska 162 Odlucwarjenatemetu ednosa dei ita ‘fk 16.3 Stato eduvaja za protlem vest now prizvod ln ‘Sika 16.4 Furkojakoisnost donosioja oduke ‘tka 18 5 Obl funk korsnost bo ‘tka 166 Tete ran auiomobia dare hvaolo cs ‘tka 167 Tse rae automeba oe hai... a ‘Si 168 aoca| promiene lana gospodasiva na utinak pojekaia AIB vo ‘ska 16 9 Ketan prose sutog | sjezegahvascatjokom godine ‘Sika 16.1 Ukupni een near rk, ‘tka 16.11 Otekivani pins donice i velinekooajenta beta (hedonic... an an a8 2 28 278 27 2 co 38 308 313 310 Popis tablica Tabica 1-1 Stanowistve Hyatsko po makrexegjama, bro} posotak 31. o2upa 1881. gone} Tabled 12 Ponudon bj sal rada ovsno o promjen siavke plate na st (san) 2002. godad) Tabla 1.3 Kretanje onsegaprodae ravaa ovis 0 pramieniprodaine ojene {presinas 2002. gone Tables 14 Kretane Broa nezaposienin u Republic trvatsty uaz od TORS. Jo 190, Table 2 1 Podacio prazveden moguenosima poizvdnjehraneicdjece - Tables 22 lracunavarye oporntihtroskova povecarj pooh ofc Tabliea 23 Ujeca|rSU na raconaino ponafanyo ekeoomsih subjekat. - Tablea 8.1 Ti temelna alana eK OMRE vo Tablica 32 Subjeki retanaekonorsog sustava nou inleres. — Tabliea 3.3 Temajna ob jeg ekoromskh susions Toblca 3.4 Predhosinedcsiag shopomsk sustava Tabica 38 Obie dohodskau poduzotngkom susiav - Tabica 36 eradavane ei, Tabla 3.7 RaéunovesNeni ekonomi dott Tabica 3.8 Uspotedba delotomostiucinkovist, ‘Tabla 39 Osharena dit vodech poduzeca po granama u Repub: Hevatsto (2004. gone 94) Tablea 3.10 Obie suddovaniadreave u gosperars. Tablca 3.11 Nate dezamog regiranja gospodarva, Tablca 4.1 Gospodarssubjelt u Republics Hrvalsko|u 2003 godin. co Tablca 42 Raalkovarjepoduzoéa poma bros zaposionka.... a Tablca 43 Ekonomskoznatahe malin ivlbih poduzeta Tablca 44 Prednosi ndostcivelkh poduzeéa Tablca 45 Sukob teresa upave ivastiba, Tablca 45 Kontola oitkog ruta Tablca 47 Obl tne stare Tatlca 48 Bra oie temeljih vst sre sruktre Tatlca 51 Skala ptezrezajukama na eri u Osjeky,o2uka 2004, godine Tablca 5 2Pojdinaéne visa ska potranje zajabukama oa ere u Osijek, ofyka 2004. grins... Tablica 53 Skala ptraaije 22 atukama u Osjoky ofuka i prosiica 2008 godine Tablca 5.4 Skala povasjezaabukama u Osjoku, oka ry 2004. godine... ~ Tablca 5.5 Skala poate za pltinom na tne u Osioku, uk 2004. godine. “abica 5 6 Ska poistne za bencnom u Ost, o2uka 2008. got mn “Tabla 57 Elatostptraénje 2a zubnom pastor na eaziim razinaria Gene, Tabla 5.8 Kretanf paistackog isata(pihoda) pr promjen cone proizvoda. Tabla 59 Cimbenis i easitnost ptrane i obilez datara clasine | neeastine porsznje Tabla 5.10 Skala potratje za ulanicara | ukupn prod koSarkaskoga wads (po eno, wah. Tabla 511 Skala potainjezaulazmcama kup prinodrakometnogakba (po jena lic) “Tablca5.12 Koel alastenos paler “abica 5.13 iralunavanjekooijontaGonovne elaciost poFazN nnn ~ “Tablca 6.1 Znaéake Korkurenishih i pokenkuconishih ran on vo “Tablea 6.2 Skala pore jabuka naire uOseku, o2ufea 2088 godine Tabla 6.3 Sala pon abuka na inci v Osu, o2uka 2004. gotine i poweZ=nje ponude “Tabica 64 Ska poruefabuka na iii u Oajehy, o2ufa 2004. godine smanjenje ponude “Tabica 65 Skala ponudeipotaéne a jabuksma u Osjeku,cfyka 2008, Tabica 6.6 Dploanje ponude | potraénje na odtedivane cjenejabuka u Osijek, o2uka 2004 a a5 a5 51 54 54 58 60 Bi ca 84 cy 0 7 72 76 76 17 78 80 at at 85 87 1 2 95 95 402 402380 Tatica 7.1 Poca protitatod poss vo sokoia 2a 06679 HORNE “Taniea 72 Rasprjla osctnay patna pototaca od 0.400 ka resto ma au od “attea 72 Usk dal vk zomjne na psa nomad ionomi baa. “Tana 8.1 Uspoedea bn obj jonni pon ait ojena . ‘ane 10.1 Stata ptadne za proevodon uk prhod podzeea Katha (eonapalvana gesinos) . ‘ca 10.2 Vee zaprek 2 Waza lgepisa ram Tabla 111 Ps: kdurza za azite oteinecuska ina os) Tabla 112 Krslaneukuprog,prosiegnegigenénagprowvod... “Tankoa 113 Ukup roared essa X exvaronpinfonon fotolia AB “abla 114 Ujoeajwemena prone dubka na pines Gelli en oncovoreons “Tabtea 115 Opsegprozvonje za raze Kone va prone essa rlvadna rk) Tobkea 118 Tenth unkovks koraci pronjonginh resus a raze racine opsega provodreplastin kad nna “Tankca 117 Tehnobf prod. lombinaca 280 plas kad daw iron ipo Tank 18 atunulup oskova poovede 280 plas kao a aspoave cg Tania 12.1 Skala potato 2 estornom potzeca save) kerkreneh ‘Tabca 122 Kran pho o4 pro festenine malog postzeta Tabica 12.3 Furicjaukipan eles potas, woskova aot Tablea 13.1 Stan stow posuzeta Tables 13.2 Prom wotkow poise prod po rai nn “Tabla 12.3 Poses rani prota (9 htm Tabla 124 Prose promi ann toskow 7 “Toblia 13.5 Tetkovi poduzota koe poi estorin “abla 13.6 Primer ratunavariagrannog ok footia 18 Uspurea meonerie acancvosstvera mod Table 12.8 Teskovi ped poduzeéa koe prod sens Table 13.9 Taso pod od rode festering atc 13.10 Poa! a cane 0 zapdiian ios “abl 181 Poa: za oluvang 0 preemenom preki ada poz og pada prozwedne Ton 18.12 pts pts hoc of 10 ingest. “Tabla 15 13 Pome pinos rye WO8kON U CUE I rn ‘Tables 141 Usporodha bin ebiedia orhurntsh gran i monep— — ‘Tables 142 Paatvan hol, cjona (rose pd) gait pred moopal. ‘Tables 14.3 Kiva graninogtoSka granny ptoda cipopolskogpodizeca. Taba 1.1 Koon Konan et naeca poduetau gan cara | an aoivodhye emer utah 1887. god Ne nn ‘aba 15.2 Predhosnedotas olde podizata Tabla 18 3 Tomelne ine suture rea usps vnacondon Fay sup onesie Tabla 154 Usporedoaejea i dbivugeima Sauenekenkzeroj okgnpla Tata 18.5 Tacoma | suemen paged na rans Korkrenc Tic 16 Osos ements ne eter ase “Tabla 16 2 Glane poavosahe ake ator oe Tobia 463 Prname nk madmen nner Tac 10.4 Pstopak prpreme odika Taba 165 Gayna mera upjesnostposivenepoduzeta Talc 166 Element sustova ouivanja mina braced - [ete 167 rin srt prized meses ii db. Tabla 168 bratinavane otevane hrsnoc. : oo Tabla 16 Prey stovova prema rs vo i Taba 16.10 Koetjen et odekvane slope pasa Za lavano do, ina 1067 a 15 122 ar 468 a3 “8r 190 195 195 198 198 198 “208 2 213 26 2a “230 88 my 236 237 “2a “24 248 “250 253 254 260 276 2 “237 “204 oar 302 ‘322 15 318 “316 318 319 ‘320 330 88 ‘343 33 Literatura sf HE, Corporat Stategy, Penguin Hooks, Hanpondoh, Miles 1972 Bub, Mikretonomsia analiza Cece dane, MATE, Zac, 197 Baie §. Uvod wewomil pbs, Shlsa tj, Za, 197, Barhié J "Podroe = jam zmge", Rabnavodstvo, ei finan Barish, XA, Economie Anal Foe Ensincing aml Manager Decision Mig, Mi lnc, New Yak, 982 Baye, APR, Manat Heooonies and Basins Suategy, Sez Ein, in & MoOraw-Hil, Beso, 197 4 Berea. WO, lian, EN. 1 LaForge, RB, Matting, Previgks aad Penpetives, Tid Bion, tin i MeGramHill sin, 2001 3, Belo, F, Mendes camels, Ragenvode i Hnabie,Zagnb 195, 9 Be, B. Osnve chon, Sklks kaise, Zagreb, 193 U0 Berti, ENA Keri uli. Maltin, vi, Hn, Tan Basten, Ma, 1989. 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Oe Wight ass no Ex ont 198, 2 try wars ot es, Merl Bk Conny. Ne Yr 180 Romano Save Lola a, ap Biles, #6 10 Cath The Econ ba, Nath Ein, en il, Egewod Chi, No fev m0 tone 11 Poke iis of Miss DC Hn Cay, evga, Ms, 191 48 ne PThekommie Ws Mktg. Pathne Cay Mon Yk. 57 4 fang, Ch #0 Send, on Msp sms, Paint, geo hi, Now fescy. 183 {time 2 ooo os, Hons a, 88 4 Phun. rss, Eth En fw Bt 97 {Plone Gf 1M Goon FCP FL ttl Cosenpnay Momma. Sed hn, MG, tn, “oto So Rp, Mosk, Dao ECON, Tn, 202 51 Rar Me kas pod ho le Ose, 207 52 Rae Kadai plod Pup Ong 202 53 Kae MC Rarjeapolnha OUR, Ps es Bea. Sekine, ik To fr eas 0 tema u evans foto, dork dea, owl Oj 188 Ss. Kne 044 Ses homies oie Sot See 158. Schr #12 Sef Tors essex plppvrdn rcs, ope fe OF? Ske, M,Z Tae tacks Flown vce | wnat pod, Soe 9 Por, 58. 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