ON

THE INTERNATI

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OUNTANTS
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)The International Arab Society of Certified Accountants (IASCA

""IACPA
-

2013



   )(IACPA

 2013   9 9 . 56 .
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. 922104 : 11192
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:
:

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-III-

- 1-

 .1



.

.


.
.

.
.
.
.
.

.2

.

.

.
.
Adam Smith "
" . Alfred Marshall
"
" . Robbins "
" .

- 2-

 Samuelsson "

".

"
" "

" .

.Scarcity and Choice
:

.

.
.
.
.
.

.
.
.

.


.
.

- 3-

 .3

.Economic Theories .
.

.
. Law
Law of Demand Law of Supply .


.
.

.

.
1-3


.


.

.

.
2-3


.

.
- 4-

 3-3
"
) ( .

.

.

.4

Macroeconomics
Microeconomics
Positive Economics .Normative Economics
Descriptive
Analysis Mathematical Analysis

Statistical

Analysis .Graphical Analysis

1-4



. "
" "
" " ."Aggregates
"
" . :
Aggregate Output Economic Growth
Unemployment
Inflation
Exchange Rate
Interest Rate
Aggregate
Expenditures Total Exports National Savings
- 5-

 Total Imports Trade Balance Balance

of Payment Aggregate Demand Aggregate Supply
Business Cycle .
:

.
"
" . "
" .

. :








) ).((1
)(1

- 6-

.





.

- 7-

 2-4


. .
"
" .

.

.
"
" .
.


.

.


).(2
)(2

3-4

:
- 8-

 .1 :
.
.
" ".
.2 :
.
:
) Qd = f ( P
Qd = a bP

P Qd .
.
a Intercept
. b Slope .
.
.
.
.Mathematical Economics
.3 :
.

:
Qd = 180 16 P

.
Econometrics .
.4 :

.
.

.

- 9-

 .5 The Economic Problem

.

.
.
.

.
Factors of Production Inputs
.

.
1-5

Scarcity Choice .Opportunity Cost
: :Scarcity

.

. .


.
.

.
. :
) (

:Natural Recourses
.

-10-

)( :Human Resources
.
)( :Economic Resources
.
:
) (

:Labor
.
. .Wage

)( :Capital

.
Interest .


.


.
)( :Land

.
.
.Rent
)( :Entrepreneurship

. " ."Entrepreneur

. .Normal Profits

-11-

 : :Choice


Opportunity Cost .

: :Sacrifice


. .

.
.Opportunity Cost "
" . "
".
) :(1 100
):(3
)(3

100

100

100

100

400

) 100( .
100
.

.


.
-12-

 2-5
Production Possibilities Curve



. "
" .

.
:
.
.
.
.
.
) :(2
. ) (4
.
)(4

A
B
C
D
E

""
0
1
2
3
4

100
90
70
40
0

A E
.
A

.
E
. D
-13-


.
)
( ) (.

.

.
.

. ) (5
) A E
E . (A :
)
A (B 10 .
)
B (C 20 .
)
C (D 30 .
)
D (E 40 .

.
. "
" .

.
.

-14-

 )(5

""
100

B
C

1
2

90
70

-10
-20

-1/10
-1/20
-1/30

40

-30

-1/40

-40

) A (E
) (1
.
)(1

:
) A (E
.


.

-15-

 "" ) (F
.

.

) (G
. 3
45
.
:


.

.Marginal Rate of Transformation

.


.

.

.

.

.

.
-16-

 " "The best Mix of Output

.


.
) :(3
. ) (6
.
)(6

"

B
C
D
E

1
2
3
4

3
2
1
0

-1
-1
-1
-1

-1
-1
-1
-1
-

:

).(2

.

.

-17-

 )(2

3-5



.
:

.1 What to Produce

.


. .
.2 How to Produce

.

" "Labor Intensive Production Techniques
"
" .Capital Intensive Production Techniques
.
-18-

 .3 For whom to Produce

.


.
Economic System .

.
:
.1 :Capitalistic System
.


.


.

.
.2 :Socialistic System

.
.


.
.3 :Mixed Economic System

.
. .

.

-19-



.
.

:
.1 :Economic Growth
) ( .
Gross Domestic Product Gross
National Product .
.
.Standard of Living .
.2 :Economic Stability
) ( .
.
.3 :
.
.4 :Efficiency
.
. "
"
. "
" .
.
.5 Freedom :
.

.6
1-6

-20-

 . "
.
" .

.
.
.
) (
.
) :(4
.
.

.

.
:

) DFT = f ( I , FZ , Ps

DFT I Fs Ps
.

. .
) (
.

.
.
2-6

. .

-21-


.

.
.

.
3-6

Goods and Services

" " .
. .

.
. .
.
4-6

. :
.1 :

. .
.
.2 :

.
.3 :
.


.
.
-22-



.
5-6

.
.
.
.
6-6

The Markets

. :
Goods and Services Market
Inputs Markets
Money Market
7-6

:
) :(Households Sector
.
.
) (
. .
) :(Business Sector

.
. .
:Government Sector
)
(

-23-

 . .
.
:Foreign Sector
Exports
.Imports
.
:
:Simple Economy
:Closed Economy

:Open Economy
.
.

.

-24-

 -:
:
:
.1 :

.2 :

.3
:

.4 :

.5 :

.6 " " :

.7 :

-25-

 .8
) " :

.9 :

.10

:

:
.
: :
.1
.2
.3
.4
.5
:


:

:

-26-


0
1
2
3
4

10
9
7
4
0
:

.1
.2
.3

-27-

10

:
:




:
Goods and Services Market
Inputs Markets
Money Market

:
.1

.
-28-

.2

.

.
.3

.4

.5

:
:
:
.1
.2
.3
:
.1 "
.2 " "
.3

:
.1
:

1- = 10-9

2- = 9-7

3- = 7-4

4- = 4-0
-29-

 .2
.
.
.3

.

-30-


:
:
:

-31-

 .1

)

(.

.
.
"
Exchange Process
" . Supply Side Demand
Side .

.

.
)( )(
.

.

) ...( )
...( . Local Markets
Regional Markets .International Markets
Retail Markets Wholesale
.Markets
.

.

-32-

 .2 The Demand
.
Utility Maximization
.
Demand Side .
" Willingness Ability

" . Effective Demand .

. "

" . .
"
"
. .
:


.
.

1-2 Law of Demand

.

.
Substitution Effect Income Effect
.Law of Diminishing Marginal Utility

.

.
. .
-33-


.
.
Demand Schedule Demand Curve
.Demand Function

2-2
.1
"
".

.
) :(1 ) (1 .
) (0 4 8 12 16 20
) (5 4 3 2 1 0 .
" "3 8
4 4 .
)(1


20
16
12
8
4
0

0
1
2
3
4
5
:

20
.
5

.
.
-34-

 .2
"

" . ) (1
. ) (
) ( .

.

.
)(1

.3


. .
:

Qd = a bP

Qd P b
)
Q
P

( . a
-35-

 .
:

Qd = 20 4 P

:
P = 5 0 .2Qd

.
:
P = 6Q 2 60 Q + 900
5
= Qd
P

3-2 Market Demand

.
.
.1
"

. Horizontal
Summation .
) :(2 X ) (2
. .
)(2

0
1
2
3
4
5

20
16
12
8
4
0

50
40
30
20
10
0

10
8
6
4
2
0

.
2 48 .
).(3

-36-

 )(3

) (

80 = 10+50+20

64 = 8+40+16

48 = 6+30+12

32 = 4+20+8

16 = 2+10+4
0

5
.2

"

" .

).(2
)(2

.3
"
" .
-37-

 . .
Q
)
P

( ) (

) (2 80 .

) (2:

Qd = 80 16 P

:
Qd = 20 4 P
Qd = 50 10 P
Qd = 10 2 P

Qd = 80 16 P :
.
Non-linear Demand Functions .

4-2 Determinants of Demand

.
)(
)(
:
.1 : .
.
.Normal Goods
.
.
.Inferior Goods
.
.2 :

.

.
.3 :
.
-38-


.
.
.
.4 :
.

.
.
.
.5 :
.
.

. .

.
.
.6 :
.
.7 :
.
.
.8 : .
.
.9 :
.
.10 :
.

:

-39-

Qdx = a b1 Px + b2 Y + b3 Pz b4 Pg + b5 AD + b6 NOC

Qdx Px X Y X Pz
Pg Z G Ad NOC .
) :(3 :
Qdx = 20 2 Px + 0 .2Y + 2 Pz 2 Pg + 0.5 AD + 0 .002 NOC

:
X X .
Px ) (2-
.
X
.
Z X Z
.X
G X G
.X

.
.

.
.

5-2
.
.
.
.
) ( )
( .
.

.
-40-

 )(
.
) :(4 ) (4 X
500 ) .(1 1000
).(2
)(4

- 500

- 1000

)(2

)(1
100
80
60
40

200
160
120
80

1
2
3
4
:

1 3 500
100 60 .
.
1 100 200 2 80 160

.
.
.

.3 Supply
.
.

. Production
Function Revenue Function Cost Function
Profit Function .

-41-

 1-3 Law of Supply

.

.
Supply Schedule Supply Curve
.Supply Function

2-3
.1
"
" .
.

".
) :(5 ) (5 .
)(5

6
7
8
9
10
11

10
20
30
40
50
60

20
30
40
50
60
70

30
40
50
60
70
80

8 30
10 50 .
.
8 30
40 50 .
-42-

.2 :
"

" .
) (3 .
)(3

.3

.
. :
Qs = a + bP

Qs P b

Qs
)
P

( . a .

Qs = 50 + 10 P

Qs = 40 + 10 P
Qs = 30 + 10 P

-43-

 .
:
P = 6Q 2 + 84Q + 132
P = 2P 2

3-3 Market Supply

.
Market Price Equilibrium Price
.Equilibrium Quantity
Equilibrium Point .
.1
"

. Horizontal Summation
.
) :(6 ) (5 ) (5

.
).(6
)(6

60 = 30+20+10

90 = 40+30+20

120 = 50+40+30

150 = 60+50+40

10

180 = 70+60+50

11

210 = 80+70+60

8
120 10 180.
.2
-44-

 "

" . ) (4
).(6
)(4

.3

.
) (6 :
Qsm = 120 + 30 P

Qsm .
.
Qs1 = 50 + 10 P +
Qs2 = 40 + 10P +
Qs 3 = 30 + 10 P
Qsm = 120 + 30 P

4-3

.
.Profit Maximization
-45-

 :
.1 : .

.
.
.
.2 :
Capital Intensive Techniques

.
.
.3 :
.

.
.
.4 : .

. .
.5 : X Y
.


.

5-3

.
. .

. ) (
) (
-46-

 .
.
.
)(

.
) :(7 ) (7 X
) .(1
).(2
)(7

500 )(1
10
40
70
100

1000 )(2
20
80
140
200

1
2
3
4
:

1 3 1 10
70 .
.
1 10 20 2 40 80

.
.
.
:

.
.
.
.
-47-

 .

Equilibrium Point Equilibrium Price
.Equilibrium Price

.4 Market Equilibrium


.
.

.
.
. .

1-4
" Qd
Qs " .
Surplus .Shortage

. :
=
Qd = Qs

) :(8 ) (8 .
.
)(8

10

50

270

100

210

6
4

150
200

150
90

= 110
0
= 110

250

30

= 220

-48-

= 220

 :
6
. 150
.

. 8
100 210 110.

.

. 4 200
90 110.

.
) (5
E .
)(5
:

) .( Qd = Qs
) (8 :

-49-

Qd = 300 25P
Qs = 30P 30

:
Qd = Qs
300 25 P = 30 P 30
330 = 55 P
P=6

.
150.
Qd = 300 25 * 6 = 150
Qs = 30 * 6 30 = 150

) :(9 :
Qd = 60 4 P
Qs = 6 P 40
.1 .

.
Qd = Qs
60 4 P = 6 P 40
100 = 10 P Pe = 10, Qe = 20

.2 8

:
Qd = 60 4P = 60 4 * 8 = 28
Qs = 6P 40 = 6 * 8 40 = 8
20
8 .
.3 40.
Qd .Qs
40 :
Surplus = Qs Qd
40 = 6 P 40 60 + 4 P
P = 14
Qd = 60 56 = 4
Qs = 64 40 = 24

-50-

 40 14
.
. :
.
.
) :(10
.

Qd = 4 P 2
Qs = 4 P 1

Qd .Qs
P ) ( ) (

:
Qd = Qs
4 4P 2 = 4P 1
4 P 2 + 4 P 5 = 0 Pe = 1
Qd = 4 12 = 3
Qs = 4 *1 1 = 3

. 1
= 3 .
) :(11
.
P = Qd 2 Qd + 11
2

P = Qs 0.5Qs + 2

.
:
P=P
Q 2 0.5Q + 2 = Q 2 Q + 11
2Q 2 + 0.5Q 9 = 0

5
) 2 ( :

-51-

(2Q + 4.5)(Q 2) = 0
Q = 2.25
Q=2

2
:
P = Qd 2 Qd + 11 = 4 2 + 11 = 5
2

P = Qs 0.5Qs + 2 = 4 1 + 2 = 5

.

.
) :(12
.

Qd1 = 16 - 2P1 + 2P2 - P3

Qs1=-5+P1

Qd2 = 8+2P1 - P2 +2P3

Qs2=-2+2P2

Qd3 = 4 - P1 + P2 P3

Qs3=-1+P3

Elimination Method :
P1=17, P2=16, P3=2, Q1=12, Q2=30, Q3=1

2-4


.
.
.

.
. ) (9
.
)(9

-52-

:

. ) (6
D1 D2 P1 P2
D1 D3 P1 .P3


. ) (7 S1 S2
P1 P2 S1 S3 P1 .P3


. ) (
.
. .


. .
-53-


.
)(6

)(7

.5

.
-54-


.




Elasticity
) ( ) ( .
.Price Elasticity of Demand
Income Elasticity of Demand
Cross Price Elasticity
.
Price Elasticity of Supply .

.
. .
.
.

1-5
.1
) (Ed

) ( % Qd ) ( %P %1
.
. .
% Qd
% P

= Ed

Midpoint Elasticity :

-55-

Qd 2 Qd1
Qd 2 + Qd1 Qd 2 Qd1
%Qd
Qd 2 + Qd1
2
= Ed
=
=
P2 P1
P2 P1
% P
P2 + P1
P2 + P1
2

P1 P2 Qd1 Qd2 .

Point Elasticity of Demand :
Qd P
*
P Qd
Qd

P

= Ed

P )

( Qd ) ( .
.
Qd
Ed
P
P Ed

):(10
)(10

0 = Ed

1 > Ed

1 = Ed

Ed

= Ed

<1

) :(13 X 2 4
10 5 .
Qd 1
5 10
+ Qd 1
= 15 = 1
P1
42
6
+ P1

-56-

Qd 2
Qd 2
= Ed
P2
P2

 .
) :(14 X :
Qd = 60 4 P

:
1 .1 10 12
.
Qd1 = 60 4 *10 = 20
Qd 2 = 60 4 *12 = 12
Qd 1 12 20
+ Qd 1
0.25
= = 32
= 2.75
P1
12 10 0.0909
22
+ P1

Qd 2
Qd 2
= Ed
P2
P2

.
2 .1 .10
10 .
Qd = 60 4 * 10 = 20

Qd P
10
*
* = 4
= 2
P Qd
20

= Ed

.
3 .1
Qd P
*
P Qd :

= Ed

.
.15 .
Qd P
15
*
= * = 4
P Qd
0

= Ed

.2
) (EI
.

% Qd %I %1

-57-

 Midpoint Elasticity :
Qd 1
+ Qd 1
I1
+ I1

Qd 2
%Qd Qd 2
= EI
=
I2
% I
I2

I1 I2 Q1 Q2
.

Point Elasticity of Demand :
Qd I
*
I Qd
Qd

P

= EI

P Qd .

:

.
.

.
. 1 .
1 .
) :(15 100 120
X 20 15
.
Qd 1
15 20
+ Qd 1
35
=
= 1.57
I1
120 100
220
+ I1

Qd 2
Qd 2
= EI
I2
I2

.
.3
Exy
X Y .
-58-

 X Y %1
. .

:
Qx1
+ Qx1
Py1
+ Py1

Qx 2
% Qdx Qx 2
= Exy
=
Py 2
%Py
Py 2

Py1 Py2 Qx1 X

Qx2 .X
Point Elasticity of Demand
:
Qdx Py
*
Py Qdx

= Exy

Qdx
Exy X Y
Py

Py

X Qx .

.
.
.
) :(16 X 2 4
Y 10 5 .
:
Qx1
5 10
+ Qx1
= 15 = 1
Py1
42
6
+ Py1

Qx 2
% Qdx Qx 2
= Exy
=
Py 2
% Py
Py 2

X Y .
.4

.

-59-

 . .

:
.1 :

.
.2 :
.
.
.3 :
.
Panadol
.
.
.4 :
. %10

.
.5 :
.

.
.6 :

.

2-5
.1 :
) (Es
%1 .
.
:
-60-

 Qs1
+ Qs1
P1
+ P1

Qs 2
% Qs Qs 2
= Es
=
P2
% P
P2

:
Qs P
*
P Qs

= Es

):(11
)(11

)0 = (Es

)1 > (Es

)1 = (Es

)1 < (Es

) = (Es

) :(17 X :
Qs = 6 P 40

1 .1 10 .12
.
Qs1 = 6 *10 40 = 20
Qs2 = 6 *12 40 = 32
:
Qs1 32 20
+ Qs1
= 52 = 2.53
P1
12 10
22
+ P1

Qs 2
Qs 2
= Es
P2
P2

.
2 .1 .10
.
10 20 :
-61-

Qs P
10
*
*= 6
=3
P Qs
20

= Es

.
.2
:
.1 :
.

.
.
.2 :
.
.3 :

.
.4 :
.
.5 :

.
.6 .

.6
1-6
) Total Revenue(TR
) (Q ) (P :
TR = P * Q

.
.
.
-62-

 .
.
.
) %5(
) %8( . ) (12
.
)(12

2-6 :


.
.
) ( .
.

.
) (
-63-

 ) ( .
" :

".
:

.
.
.
.

.
.
) :(18 X .
6
.
P = 40 4Qd
P = 2Qs + 4

.1 .
:
P=P
40 4Qd = 2Qs + 4
36 = 6Q Q = 6 and P = 16

.2 .
:
( P 6 ) = 2Qs + 4

:
P=P
40 4Qd = 2Qs + 10
30 = 6Q Q = 5 and P = 20

16 20 4
-64-

 2 .

. 16
Point Elasticity :
Qs P 1 16 8
*
= * =
P Qs 2 6 6
Qd P
1 16
4
= Ed
*
= * =
P Qd
4 6
6
= Es

. .
( P + 6 ) = 40 4Qd P = 34 4Qd

:
34 4Q = 2Q + 4
30 = 6Q Q = 5 and P = 14

4.

3-6 :

.

.
.
) (

. ) (13 .
)(13

-65-

 4-6
.1 :Consumer Surplus Utility Theory

.
.
.
.
. "
) (" .
" .
.
.2 :Producer Surplus
.
.
.

) ( .
.
.

5-6

.
.
) (
.

.

6-6
.

.
-66-

 .
.
Price Ceiling .Price Floor
.1 :

.
.
. Black Market
.Favored Customers

.
.
.2 :
.

.
.
.

.

-67-

 -:
:
:
.1 ) (

.2

.3

.4 ) (

.5 ) (

.6

.7 X 2-

-68-

 .8 ) ( .....

.9

.10

:

.1
.2
.3
.4
:

:
X 1000 1000
. :
Qd = 20 2 P
Qs = 2 P 4
.1
.2
.3
.4 6
-69-

 .5 6
:
.X

1
2
3
4
5
6

40
32
24
16
8
0

4
8
12
16
20
24

:
.1
.2
.3 $3

:
:
.1 .
.2 .

-70-

10

:
.%1

:
) (.

:
.

: )
( .

:
.

:
: )
(
.
:
.

:
.1 ) 1000(
. Qd = 20000 2000 P :
.2 ) 1000(
. Qs = 2000 P 4000 :
-71-

 .3 .
Qs = Qd
2000 P 4000 = 20000 2000 P
P = 6, Q = 8000

.4 6 .
Qd P
P Qd
6
= 1.5
8000

= Ed

* Ed = 2000

.
.5 6 .
Qs P
P Qs
6
= 1.5
8000

= Es

* Es = 2000

:
.1 Qd = 48 8 P : Qs = 4 P :

.2 .
Qs = Qd
4 P = 48 8 P
P = 4, Q = 16

.3 $3 Qs = 4 P 3
:
P = 6 0.125Q
P = 0.25Qs + 3
6 0.0125Q = 0.25Q + 3
P = 5, Q = 8

$4 $5
.$2

-72-

 :
.1 X
%1 .
X
) ( %1
.
.2 ) (
.
) (
.

-73-


:

:

-74-

 .1

.
Production Process .
.
.
Total
) .Revenue(TR
.Profit Maximization

.
TR ) Total Cost(TC Profits .
.

.
.

.

.2
"
" . "
" .

. .
:
:
:
:

.

-75-

 Labor Intensive Technique

.Capital Intensive Technique


.

. ) (
) ( ) ( .

. Short
Run .Long Run

Fixed Inputs .Variable Inputs

. .

.Production Function

.3

) . Total Product (TP
:
)TP = f (input 1 , input 2 ....

.
.
.

1-3
Q
.

) Marginal Product(MP Average
) .Product(AP )(L
-76-

 ) .(K :
) TP = f ( L, K

) (MP "
" . "
" .
:
TP TP
=
L
L

= MPL

) (AP .
) (TP :
TP
L

= APL

. ) (
.

.
) (
) ( )
( . Increasing at an Increasing
Rate

Decreasing at an

Increasing Rate .
) :(1 ) (1 .
) (L ) (K
.
)(1
L
0
1
2
3
4
5
6

K TP MP AP
0
4
4
4
4
4
4
4

10
25
36
40
42
42
-77-

10
15
11
5
2
0

10
12.5
12
10
8,4
7

 :
.
3 4 36
. ) 42( 5 4
.
) (
) ( .
) (
. .
.Law of Diminishing Marginal Product
"

".

.

.
42.

.
:
MPL APL APL
MPL APL APL
MPL = APL APL at maximum

.

.

.Value of Marginal Product (VMP
) (P ) (MP :
-78-

VMP = P * MP

10
).(2
)(2


MP
TP
L
VMP
0
0
100
10
10
1
150
15
25
2
110
11
36
3
50
5
40
4
20
2
42
5
0
0
42
6

. 80
) 80(
) 50( .
.
) :(2
:
TP = 2KL2 0.2L3
K 3 :
TP = 6 L2 0.2 L3

)(
:
TP
= 12 L 0.6 L2
L

= MPL

:
TP 6 L2 0.2 L3
=
= 6 L 0.2 L2
L
L

= APL

.
10 400 . 10
-79-

 60 :
MPL = 12 L 0.6 L2 = 12 *10 0.6(10) 2 = 60

10 :
TP
= 6 L 0.2 L2 = 6 *10 0.2(10) 2 = 40
L

= APL

)
( .
) 20( ) 800( :
MPL = 0
12 L 0.6 L2 = 0
L(12 0.6 L) = 0 L = 0, L = 20

TP = 6 L2 0.2 L3 = 6 * 20 2 0.2 * 203 = 800

10
.
) ( .
:
MPL
= 12 1.2 L = 0 L = 10
L

2-3

.
.
) ( .
MPL MPK
APL APK :
TP TP
=
L
L
TP TP
= MPK
=
K
K
TP
= APL
L
TP
= APK
K

= MPL

) :(3 :
-80-

TP = 2 KL + L2 K 2

:
TP
= 2 K + 2 LK 2
L
TP
= MPK
= 2 L + 2 KL2
K
TP
L2 K 2
= APL
= 2K +
L
L
2
TP
L K2
= APK
= 2L +
K
K

= MPL

:
)
( .
. 2 2
24:
2

TP = 2 * 2 * 2 + 2 2 = 24

.

.

.
Economies of Scale
:

%5 .%5 :
TP = Q = L0.5 K 0.5

" )."Constant Return to Scale (CRS

%5 .%5
:
TP = Q = LK
-81-

 " ).Increasing Return to Scale (IRS

%5
%5 :
TP = Q = L0.25 K 0.25

" )."Decreasing Return to Scale (DRS

) :(4 :
TP = Q = LK

)( L K 10 .
10
. 10 10 = LK ).(3
)(3

A
B
C
D
E

1
2
5
2.5
10

10
5
2
4
1

10
10
10
10
10

42
24
18
21
24

.


.
) (PL
).(PK
)( PL 2 PK 4
TC :
TC = PL * L + PK * K

) (3
-82-

 C . 10 18
) 1,8(.

" ."Isoquant
"
" .

.
MPL PL
=

MPK PK

. :
MPL MPK
=
PL
PL

:

.

.
) Total Cost Function(TC .

Average Total

).Cost(ATC

.
.


Total Cost
.
-83-

 .
) :(5 100
) (L ) (K )(PL
10 ) (PK 20 .

. :
TC = PL * L + PK * K

. :
TC = 10 L + 20 K

:
L = 10 2 K
K = 5 0.5L

) (4
. "
.Isocost Line "
".
)(4

A
B
C
D
E
F

L
0
2
4
6
8
10

K
5
4
3
2
1
0

100
100
100
100
100
100

0
20
25
40
64
0

.

.
-84-

 .
E .

.

.4

.Cost of Production

.Implicit Cost
.
Opportunity Cost
.Implicit Cost :
=
= ) + (
.

.

1-4

.
.1 ) :Fixed Cost (FC
.
.

.
PK
) (K :
FC = PK * K

.2 ) :Variable Cost (VC .

.
.
-85-

) L (PL

:
VC = PL * L

TC :
TC = PL * L + PK * K
TC = FC + VC

TC Q
:
)TC = f (Q

:
TC = 5Q + 5

:
TC = Q 2 + 6Q + 100

.Average Total Cost

.
Marginal Cost
. Marginal Revenue
.
: ) Average Total Cost(ATC
) Average Variable Cost(AVC Average
) Fixed Cost(AFC ) Marginal Cost(MC :
.1 ) :Average Total Cost(ATC
TC ) Q ( . 20
100 5
:
TC
Q

= ATC

VC FC
) Average Variable Cost (AVC
-86-

 ) (AFC :
VC
Q
FC
= AFC
Q
= AVC

ATC AVC
:AFC
ATC = AFC + AVC

.
.Marginal Cost
.2 ) :Marginal Cost(MC

:
TC TC
=
Q
Q

= MC

.
.
MC .ATC

.
:
MC > ATC ATC
MC < ATC ATC
MC = ATC ATC at minimum

) :(6 ) (5
. TC ATC
AVC AFC MC :

:
TC = FC + VC

-87-

FC
Q

VC
Q

= AFC

TC
Q

= AVC

= ATC

TC
Q

= MC

)(5

FC

VC

TC

0
1
2
3
4
5
6
7
8

100
100
100
100
100
100
100
100
100

0
7
16
27
40
55
72
91
112

100
107
116
127
140
155
172
191
212

ATC
-

AVC
-

AFC
-

MC
-

107
58
42,33
35
32
28,67
27,29
26,5

7
8
9
10
11
12
13
14

100

135

235

26,11

15

100
50
33,33
25
20
16,67
14,29
12,5
11,11

7
9
11
13
15
17
19
21
23

TC
.
) :(7 :
TC = Q 2 + 6Q + 100

100
. Q :
FC = 100
Q :
VC = Q 2 + 6Q

) (ATC ) K(AVC
) (AFC :
TC
100
=Q+6+
Q
Q
VC
= AVC
=Q+6
Q
FC 100
= AFC
=
Q
Q

= ATC

-88-

 ) (MC :
TC
= MC
= 2Q + 6
Q

) (Q .

.

:

MP MC
MP
:
P
MC = L
MPL

MC MP
.

.

AVC .APL

:
P
AVC = L
APL

2-4

.

.
:
.1 ) :Long Run Total Cost (LRTC
.
.2 :Long Run Average Total Cost
:

-89-

LRATC
Q

= LRATC

U-Shape
Downward Sloping
.Upward Sloping
.3 ) :Long Run Marginal Cost (LRMC
:
LRTC LRTC
=
Q
Q

= LRMC

LRATC
LRMC .
:Q
LRTC = Q 2 + 6Q

.
Q
LRATC :
.1 : LRATC

.
%Q > %LRTC
Economies of Scale
).Increasing Return to Scale (IRS
.2 : LRATC .
Constant
).Return to Scale (CRS
%Q = %LRTC

.3 : LRTC
:
%Q < %LRTC

Diseconomies of
Scale ) .Decreasing Return to Scale (DRS

-90-


.
. .
.

.5

.
.
:
.1 .
.2
) .Total Revenue (TR
) (Q ) (P :
TR = P * Q

) Average Revenue (AR Marginal

) .Revenue(MR :
TR
Q
TR TR
= MR
=
Q
Q
= AR

.3 ) ( :
= TR TC

)
( Q :
= TR TC
= P * Q ATC * Q
= ( P ATC ) * Q
TR .TC
TR .TC
Breakeven Point
.
Q
Maximum Point :
-91-

=0

= TR TC
TR TC
Q

TR MR
TC MC :
= TR TC

= MR MC = 0 MR = MC

MR
MC :
MR = MC

TR
P .Q

.
. Market Structure
.

.

Perfect Competition Monopoly
Monopolistic Competition .Oligopoly

.

1-5
:
.1 )( .
) Market Price (PM
.
.

.
.Price Taker
-92-

 ) .(1
Perfectly Elastic
.
)(1

.2 .Homogeneous
Identical .
.
.3 .

.

.
.
.4
.
.



.
-93-


. .

.
:

.
Totals TC TR
Marginal Approach MR MC
.
:
.1 PM TR TR = P * Q
.
MR :AR
P = MR = AR
.2 VC FC TC
. TC = FC + VC :
.3 :
= TR TC
.4 Q .
) :(8 ) (6 .
)(6

TR
FC

VC

TC

MC
44

50

50-

94

44-

114
137
170
200
260

1413
30
50
40

50

50

50

50

50

44

50

100

50

64

20

3
4
5
6

50
50
50
50

150
200
250
300

50
50
50
50

87
120
150
210

23
33
30
60

-94-


5
50.
:
.1 MC
.2 MR
.3 Q MR .MC
MC MR
.
5
.
:
: PM ATC
:
P > ATC

: PM ATC
.Breakeven Point

:FC
P = ATC

PM ATC
AVC
FC :
AVC < P < ATC

: PM AVC
.Loss Minimization
Shutdown Point
.Shut-down Price

.AVC
-95-

 :
P AVC

) :(9 46
.
2

TC = 2Q + 6Q + 13

:
.1 :
TR = P * Q
TR = 46Q

.2 :
= TR TC
= 46Q 2Q 2 6Q 13
= 2Q 2 + 40Q 13

.3 )( Q
:

= 4Q + 40Q = 0
Q
Q = 10

10 187
:

= 2 *102 + 40 *10 13 = 187

:
.1 MR :
TR
= 46
Q

= MR

.2 MC
TR
= 2q + 6
Q

:Q

= MC

.3
:
MR = MC

10
187:
MR = MC
46 = 4Q + 6 Q = 10
-96-

 50 42 38 34

) .(7 .
)(7


11
10
9
8
7

50
46
42
38
34

.
.
.
:


.
.
LRATC At
.minimum
Economic Profits .
. :
: P > LRATC
.



.
.

P = LRATC
.
-97-

P = LRATC

:
P < LRATC

.

P = LRATC .

P = LRATC

: .

.
.
.
Normal Profits )
(
.

2-5

. :
.1

.
.
.
.Price Maker
.
-98-

.2

.3

.
:
.

.
.
.Initial Investment

.
.
.

.

TC .TR
TR
MR .AR
.
. .
) :(10 X ):(8
)(8

TR

20

1
2
3
4
5

18
16
14
12
10

18
32
42
48
50
-99-

AR

MR

18
16
14
12
10

18
14
10
6
2

 ) (8 TR AR
MR . :
.1 .Price Maker
.
.2 AR P .
.3 MR P .
:
.
:
.1
.2 TR .
.3 VC FC

.TC

.4 .
.5 .
) :(11 ) (9 TR TC
.
)(9

TR

VC

TC

FC

100

50

90

90

50

44

2
3
4
5
6

80
70
60
50
40

160
210
240
250
240

50
50
50
50
50

64
87
120
150
210

-100-

MC
44

50

50-

94

20
23
33
30
60

114
137
170
200
260

446
73
70
50
20

 :
.1 TR
.2 TC VC FC
.3 TC TR
.4 3 ) 73(.

MR MC
3
.
) :(12

TC = Q 2 + 12Q + 14
P = 60 2Q

:
.1 :
TR = P * Q = (60 2Q)Q
TR = 60Q 2Q 2

.2 :
= TR TC
= 60Q 2Q 2 Q 2 12Q 14
= 3Q 2 + 48Q 14

.3 .
:

= 6Q + 48 = 0 Q = 8
Q

.4 8:

= 3(8) 2 + 48(8) 14 = 178

:
-101-

 .1 :
TR
= 60 4Q
Q

= MR

.2 :
TC
= 2Q + 12
Q

= MC

.3 :
MR = MC
60 4Q = 2Q + 12
6Q = 48 Q = 8

= 178

:
Price Discrimination
.
.
.
.
.
:

.1

.
.2 .
.3 .




Inelastic Qd
.
Elastic Qd
. .
) :(13 .
-102-

 :
TC = 50000 20Q

:
P1 = 500 Q1

:
P2 = 360 1.5Q2

.
: :
.1 TR1 MR1 :
TR1 = P1 * Q1
2

TR1 = 500Q1 Q1
TR1
= MR1
= 500 2Q
Q1

.2 :MC
TC
= 20
Q

= MC

.3
:
MR1 = MC1
500 2Q1 = 20 Q1 = 240

.4
:
P1 = 500 Q1
P1 = 500 240 = 260

260 .

TR2 MR2 :
TR2 = P2 * Q2
TR2 = 360Q2 1.5Q22
TR2
= MR2
= 360 3Q2
Q2

-103-

MR2 = MC 2
340
3

= 360 3Q2 = 20 Q2

:
340
= 190
3

* P2 = 360 1.5

190
.
.

3-5

.
:
.1 .

.
.2 .
.

.
. .
)
( ) (

.
.3 .

.
.4
.
.5
:
-104-

 ) (

.
.

.
:
.

.

MR :MC
MR = MC

.
.
.
:



.

4-5

:
.1 .

. .
.2
.

-105-

 .3 .

.
.4 .

.
.5 .


.

.

.


.
:
.1
.2
.3 .

. "

" .
. .

.

-106-


.


.
.

-107-

 -:
:
:
.1

.2

.3

.4

.5 AP MP

.6

.7 Price Takei

-108-

 .8 IRS

.9 AR:

.10 :

:

.

Q
0
1
2
3
4
5

VC
0
3
8
15
24
35

FC
42
42
42
42
42
42

:
.
L
0

TP
0

1
2
3
4
5
6
7

10
25
36
40
42
42
35

MP

10
15
11
5
2
0
2-

100
150
110
50
20
7
5

5
150.
-109-

 :
.1 MR
.2 AR
.3 VMP
.4
:
.X
:
P = 246 2Q

TC = 2Q 2 + 6Q + 72

:
.1
.2
.3
.4
.5
:
$48
:
TC = 2Q 2 + 6Q + 72

:
.1
.2
.3
.4
.5

-110-

 :
XYZ .
10
:
Qd1 = 110 P1
Qd 2 = 140 2 P2

.1
.2
.3

-111-

10

:
:
.1 :
TC = FC + VC

.2 :
FC
Q

VC
Q

= AFC

TC
Q

= AVC

= ATC

.3 :
TC
Q

= MC

Q
0
1
2
3
4
5

FC
42
42
42
42
42
42

VC
0
3
8
15
24
35

TC
42
45
50
57
66
77

ATC
45
25
19
16,5
15,4

AVC
3
4
5
6
7

AFC
42
21
14
10,5
8,4

MC
3
5
7
9
11

:
.1 MP AP VMPL
:
TP
L
TP
= APL
L
VMP = MPL * P
= MPL

-112-

 L
0

TP
0

1
2
3
4
5
6
7

48
92
132
168
200
228
252

MP

AP

48
44
40
36
32
28
24

48
46
44
42
40
38
36

240
220
200
180
160
140
120

.2 5 .

:
.1 :
.
TR = P.Q = (246 2Q) * Q = 246Q 2Q 2

.2 : )( :Q
TR
= 246 4Q
Q

= MR

.3 : )( :Q
TC
= 4Q + 6
Q

= MC

.4 : MR
:MC
MR = MC
246 4Q = 4Q + 6
Q = 30

.5 = :
2

Pr ofits = 246Q 2Q 2Q 6Q 72
Pr ofits = 246(30) 2(30) 2 2(30) 2 6(30) 72
Pr ofits = 7128

:
.1 : :
VC = 2Q 2 + 6Q

.2 :
.
FC = 72

-113-

 .3 :
.
TR = P.Q = 48Q
.4 : :
MR = 48 : . MC = 4Q + 6
:
4Q + 6 = 48
Q = 14

.5
) 14(
:
TR = 48 * 14 = 672
TC = 2(14) 2 + 6(14) + 72 = 548
Pr ofits = TR TC = 672 548 = 124

:
.1
:
2
2

TR1 = P.Q = 110Q1 Q1

TR 2 = P.Q = 70Q2 0.5Q 2

.2
:
:
MR1 = MC
110 2Q1 = 10
Q1 = 50

:
MR2 = MC
70 Q2 = 10
Q2 = 60

.3
.
:

-114-

P1 = 110 Q1 = 110 50 = 60

:
P2 = 70 0.5Q 2 = 70 0.5(60) = 40

-115-


:

:

-116-

 .1
Macroeconomics
Microeconomics .
.

.

) Foreign Direct Investment (FDI

.

.



.


.
Circular Flow
) Aggregate Output (Y Aggregate
Income ) .Aggregate Expenditures(AE

.

.

.

-117-

 .2

.
) (
) ( )
( .
.
.

.

" " . ) (1
.
)(1

) ..(

:
.1 ) (
.
Supply Side .Demand Side
-118-

 .2 ) (
.
.Aggregate Income
.3
. Supply Side
.Demand Side
.Aggregate Output
.4
.
.Aggregate Expenditures
:
.1 .
.
.2 .
.
.3
.
.4 .

.

.
.5
.
.6
.
.Tax Revenue
.
.
-119-

 .7
.

.

. :
.1
.2
.3
.4
.5 .
.6
.
.

.3

Great Depression
.

) (Economic Growth
Standard of Living .

. Economic Growth
.Economic Development

.



.
"
-120-

National

 .Accounts Gross
) Domestic Product (GDP ).Gross National Product (GNP

1-3 GDP
"
" .
Current Prices
. Fixed Prices
.Base Year
Nominal GDP .Real GDP
:
.1

Intermediate Goods .
" " .
.
5000
.

.2

.3

.
.

.4

.
2011
.

.5

.6

.
200
.
" "
.

-121-

 .
.
.
.GNP
"
" .

.Fixed Prices Nominal GNP
.Real GNP
GDP ) Net Factor Income(NFI
:
= +
.
.
:
.1 ) :(Compensations of Employees -Inflow

.
.2 ) :(Compensation of Employees -Outflow
.
:
= )( )(
.3 ) :(Investment Income-Inflow

.
.
.4 ) :(Investment Income-Outflow

.
:
= )( )(
-122-


:
= NFI +
:
GNP = GDP + NFI

.
.

.
Per-capita Income Per-capita GDP
. t
):(POP
GDPt
POPt

= Percapita Income t

GDP Growth Rate

:
GDPt GDPt 1
GDPt 1

= Economic Growth Rate t

Expansion .
.Contraction
Percapita
Real GDP .Percapita Real GNP

.
.
.
) :(1 .

-123-

 ).(1
)(1

) (Inflow

)(
700

) (Outflow

400

) (Inflow

600

) (Outflow

700

) (1 GDP

2200

) (2 ) (

300=400-700

) (3 ) (

100-=700-600

) (4 )(3)+(2

200 =100-300

) (5 (4) + (1) GNP

2400=200+2200

GNP
GDP NFI .
:
NFI(+) GNP > GDP
NFI(-) GNP < GDP
NFI(0) GNP = GDP

2-3
.
) (
) ( .
) ( .
Expenditures Approach
.Income Approach
.
: :

. )
( .
-124-

:
.1 ) :Personal Consumption Expenditures (C
:

Durable Goods

Non-durable Goods
Services

.
.2 ) :Gross Private Domestic Investment (Ig
. :
Non-Residential Investment Expenditures
Residential Investment Expenditures
Inventory Change
) Gross Investment(Ig
) .Net Investment(In
) Depreciation(Dep :
In = Ig Dep

.FDI

.
.3 ) :Government Expenditures (G


.
.4 ) :Net Exports (NX Trade
Balance ) (X
) (M
. :
NX= X - M

-125-

 .
.



.
. :

GDP = C + I g

GDP = C + I g + G

) GDP = C + I g + G + ( X M

.

:
.1

.

:
C
= Consumption Ratio
GDP
.
) (I ) (G .

.2

.3

) +( :
X +M
= OpennessRatio
GDP
.
.

.4

Multiplier .

) :(2 ) (2 .
GDP .
-126-

 )(2

)(

500

400

1100

) (1 )(C

2000

250

150

200

) (2 )(I

600

) (3 )(G

1200

)(X

800

)(M

600

) (4 (X-
)M
(4)+(3)+(2)+(1) GDP

200
4000

:
.1 Open Economy
.
.2 :
) GDP = C + I g + G + ( X M

.3 %50
.
.4 %15

.
.5 Surplus 200.
.6 ) +(
%35 .
.7 .%15
-127-

 .8
.
: :
) .National Income (NI
)
...( .
:
.1 Wages and Salaries
.2 Rental Income
.3 Net Interest
.4 .Profits :
Corporate Profits
Unincorporated Businesses

.
) Indirect Business Tax (IBT
) .Depreciation(Dep
GNP GDP :
GNP = NI + IBT + Dep
GDP = GNP NFI
3-3


. :
.1 ) :Net National Product(NNP
.Dep
In Ig
.
:
NNP = GNP Dep
NNP = C + I n + G + ( X M ) + NFI
-128-

 :NI IBT
.

.
.
.
IBT .
:
NI = NNP IBT
.2 :Personal Income (PI):

NI .
:
.1 )Undistributed Corporate Profits(UCPs
.2 )Corporate Profits(CPs
.3 )Social Security Payments(SSP
Government
) Transfer Payments(GTP .

. :

PI = NI (UCPs+ CPs + SSPs)+ GTP

.3 ) :Disposable Personal Income (DPI
.

Purchasing
.Power Personal Income Tax
:Personal Income
DPI = Yd = PI PersonalIncomeTax

) (C
):Personal Saving(S
DPI = C + S
) :(3 ) (3

NI NNP
-129-

 GNP .
)(3

)(

.1

100

.2

200

.3

300

.4

100

.5

200

.6 (5+4+3+2+1) NI

900

.7 IBT

100

.8 (7+6) NNP

1000

.9 Dep

80

.10 (9+8) GNP

1080

.11 NFI

200-

.12 (11-10) GDP

1280

:
.1

.2

.3

Trade
Balance .

4-3

. .
:
.1

.
.2 .
-130-

 .3
.
.4
. .
.5
.
.6
.
:
.1

.
.2
Black Market .
.3 .
.
.4
.
.
.
.5
.
.6
.

.
. %10
.
Nominal GDP
.Real GDP

-131-

 5-3
Nominal Income Real Income
.

. 2010 1000
200 5 .
2011 1000 250.
4 .
.Price Index
:
NominalIncome
= Re al Income
Price Index

t
i (Qit) t
Pit :

GDPt = Pit * Qit

) :(4 ) .(A, B, C ) (4
2010.2011
)(4
20102011

A
B
C

2011
2010
8
10
15
20
20
30

2011
2010
10
10
10
8
10
6

) (4 2010 2011
:
GDP2010 = Pi2010 * Qi2010
GDP2010 = 10 *10 + 8 * 20 + 6 * 30 = 340
GDP2011 = Pi2011 * Qi2011
GDP2011 = 10 * 8 + 10 *15 + 10 * 20 = 430

2010
-132-

 2010 2011 :%26.47

GDP2011 GDP2010 430 340
=
*100 = 26.47%
GDP2010
340

= Economic Growth Rate2011

:
.1
.2
.3

2011
.
.Read GDP
2011 ) 2010 ( .
.
Nominal GDP
.
Real GDP 260) 2011(
) 430( :
Re al GDP2011 = Pi2010 * Qi2011
Re al GDP2011 = 10 * 8 + 8 *15 + 6 * 20 = 320

2011 .2010
General Price Level
.GDP deflator "


."%100
:
No min al GDP
= GDPDeflator
Re al GDP

-133-

 2011 :
No min al GDP2011 430
= GDPDeflator2011
=
*100 = 134.375%
Re al GDP2011
320

. ) (Inflation
100 .

100 .Deflation 100

.
.100 Inflation Rate

.4
.

.
) Aggregate Demand(AD
) .Aggregate Supply(AS

Unplanned Inventory

.Change
AD AS :
AS = AD
) GDP + M = C + I + G + ( X M
Aggregate

) Output(Y ) Aggregate Expenditures(AE :

Y = AE
Y = C + S +T + M
AE = C + I + G + X

T .
. Y
.
-134-

 1-4
) Equilibrium Level of Output(Ye
AE
.Y
Leakages Injections .
.
) :(5 .

).(5
)(5

100

50

100

50

200

100

100

50

300

300

150

100

50

300

150

400

200

100

50

300

150

50

500

250

100

50

300

150

50

600

300

100

50

300

150

50

700

350

100

50

300

150

50

300

150

50

150

50
50

:
.1 ) Aggregate Supply(AS :
AS = Y + M
.2 AE :
AE = C + I + G + X
.3 ) Disposable Income (Yd

:
Yd = Y T

.4 Leakages
-135-

) ( :

Leakages= S + T + M
.5 Injections )
( :

Injections = I + G + X
.6 .Unplanned Investment
) Unplanned Inventory Change(Iu
Y AE :
Iu = Y AE
.7 ) Government Budget Surplus(GBS
) (G ) (T :
GBS = T G
.8 ) Net Exports (NX :
NX = X M
.9 S C

Yd :
S = Yd C

) (6 .
)Equilibrium Level of Output (Ye

500 :
.1 = Y AE
.2 = Leakages Injections

.3 = Iu
)(6

Y

AS

AE

Yd

Leakage
s

Injections

100

300

300

50

250

450

200-

200

350

350

150

300

450

150-

300

400

400

250

350

450

100-

-136-

400

450

450

300

400

450

50-

500

500

500

350

450

450

600

550

550

400

500

450

50

700

600

600

450

550

450

100

) (5 ) (6 :
.1 Government Budget Deficit
G ) (.
.2 Trade Balance
.
.3

Multiplier .

2-4
.
:
.1 Consumption Function :
C = a + bYd

:
: a =
Autonomous Consumption .
.
: b Marginal Propensity to

) .Consume(MPC
. :
C
Yd

= MPC

.2 )(Ig
.3 )(G
.4 )(X
.5 )(M
-137-

 .6 Tax Function :
T = T + tY

:
: T .Non-Income Taxes
: t .Income Tax Rate
) = (
:
Y = AE
) Y = C + I + G + (X M

) a bT + I + G + ( X M
1 b + bt

:
:

= Ye

) (

)(X-M

) (

Income Tax Ratio

) :(6 . .
C = 700 + 0.8Yd
I = 1000
G = 800
X = 800
M = 500
T = 500 + 0.25Y

:
) a bT + I + G + ( X M
1 b + bt
700 0.8 * 500 + 1000 + 800 + 300 2400
= Ye
=
= 6000
1 0.8 + 0.8 * 0.25
0 .4
= Ye

-138-

 Ye :
.1 :
T = 500 + 0.25 * 6000 = 2000
.2 Yd :
Yd = Ye T = 6000 2000 = 4000

.3 :
C = a + 0.8Yd = 700 + 0.8 * 4000 = 3900

.4 :
S = Yd C = 4000 3900 = 100
S = 700 + 0.2 * 4000 = 100
.5 Leakages Injections :
Leakages = S + T + M
Leakages = 100 + 2000 + 500 = 2600
Injectionss = I + G + X
Injections = 1000 + 800 + 800 = 2600
.6 ) Government Budget Surplus(GBS
) (G ):(T
GBS = T G = 2000 800 = 1200
.7 ) Net Exports (NX :
NX = X M = 800 500 = 300

) (a ) (I
) (G ) (X ) (M
. .
:
.1 Autonomous

Expenditures Multiplier :
1
=AutonomousExpenditures Multiplier
1 b + b *t
.2 Imports Multiplier

Y
1
ImportsMultiplier= e =
M
1 b + b *t
.3 Autonomous Tax Multiplier
:
-139-

Ye
b
=
1 b + b *t
T
) (6 :
1
=AutonomousExpenditures Multiplier
= 2.5
1 b + b *t
1
ImportsMultiplier=
= 2.5
1 b + b *t
b
0.8
IAutonomous Tax Multiplier=
=
1 b + b *t
0.4 = 2
= IAutonomous Tax Multiplier

100
250 . 100
200 .
.

. .
.

.5

.
.

.
.
1-5
"

" .
.

.


. .
-140-


.
Local Revenues .
.
Tax revenues .Non-Tax Income
:
.1 .
.2 .
.3 .
.4 .
Non-Tax revenues
.

:
.1 .
.2 .
.3 .
.4 .
.5 .
.6 .
.7 .
Current Expenditures

.Capital Expenditures :

.1
.2
.3
.4
.5

.6
.7 .


:
.
-141-

 .1
.2

.3
.4
.5
.6
.7
.8
.9
.10

.
.
. ) (
( .
)

.
. :
.1
.2
.3
.4

.5
.6
.7

.
External Debt
.Local Debt
-142-

 2-5


.



.

.


.

:
.1
.2
.3
.4
.5
.6
.7 .

:
.1
.2
.3
.4


. :
.1
-143-

.2
.3
.4
.5
.6
.7

.



.

.

.

3-5

. "

) (
) ( " .
) ( .
) ( .

.
Current
.Capital and Financial Account :
Account

.1 Trade Balance ) (.

.2 Services Account
.
.3 Income Account .
.4 .

.

.


.

-144-

 -:
:

.1

.2

.3 ....

.4

.5

.6

.7

-145-

 .8

.9 100 200

100

2-

0.5-

.10

:
.

600

500

120

100

200

160

50

700

560

120

100

200

160

50

800

620

120

100

200

160

50

900

680

120

100

200

160

50

1000

740

120

100

200

160

50

1100

800

120

100

200

160

50

:
.

)(
800

2600

800
-146-

1200

2200

200450

:
.1
.2
.3
:

) (A, B .

A
B

2011
2010
40
20
10
40

2010
20
10

2011
20
20

.1 Nominal GDP 2010
.2 Nominal GDP 2011
.3 Real GDP 2011
.4 GDP Deflator 2011

:

. .
:
.
)(
400

)(C
)(I

800

)(G

800

)(X

1200
-147-

 )(M

200

200

400

600200

300

:
.1
.2
.3
.4
.5
.6

-148-

10

:

.1
.
.2
.

AE

Leakages

Injections

600

760

260

420

160-

700

820

300

420

120-

800

880

340

420

80-

900

940

380

420

40-

1000

1000

420

420

1100

1060

460

420

40

1000.

:
.1 = = 400-
.
.2 = + + +
= ) 650=450+800+(200-)+(400-
.
-149-

 .3 = - = 400-
.

:
.1 2010
:
GDP2010 = Pi2010 * Qi2010
GDP2010 = 20 * 20 + 10 * 40 = 800

.2 2011
:
GDP2011 = Pi2011 * Qi2011
GDP2011 = 20 * 40 + 20 *10 = 1000

.3 2011
2011 :2010
GDP2011 = Pi2010 * Qi2011
GDP2011 = 40 * 20 + 10 *10 = 500
.4 :
No min al GDP2011 1000
= GDPDeflator2011
=
*100 = 125
Re al GDP2011
800
.

:
:
.1 .

.
.2 .



.

.3 .


.
-150-

 .4 .
.5 .

:
.1 = + 300
+ +
.2 = +

2400

.3 = -

2000

.4 =

1800

.5 = - 1500

.6 = -

-151-

1300


:

:
.
.
.
.
.
.
.
.

-152-

 .1
Money Market

.Circular Flow
.
.

.
) (
.

.

.The Monetary Policy
Fiscal Policy .

.

.
.
.

.2

.
. .
.

.Barter System .
.
:
-153-

 .1 .

. .
.2
.
.
.3 .
.4 .
.5 .
.6 .
.7
.

.

.

1-2

. "
" .
.
.
:
.1 Medium of Exchange
.

.
.
.2 Unit of Account .

. Income Statement
.
-154-

 .3 .
.4 Store of Value
.
.
.
.
.

. :
.1 .
.2 .
.3 .
.4 .
.5 .
.6 .

2-2

.
:
.1 Commodity Money
.

.
.2 Fiat Money
. Paper Notes
Coins .Currency

) Demand Deposits Saving Deposits
.(Time Deposits
. .

-155-

 3-2
.
.
.

Money Supply
. ) Cash in Hand
( .Demand Deposits
Time Deposits
Travelers' Cheque . Near
.Monies
.
.
.
Demand for Money
. :
.1 ).Transaction Demand for Money(Md
Y
.P .
.
.2 Speculation demand for Money

.
.
) .(r

.
.3
.
.
:
+

) Md = f (Y , P, r
-156-



).(1
" " .
.
)(1

.
.

.
Md Ms
.
) (re .
)(re
.
.
:
.1 Ye
.
-157-

 :
Ye Md re
Ye Md re

.2 ) (re
) (I .

. ) (re

:
re I Y
re I Y

.
.
.

4-2
Financial System
. :
.1 .Central Bank
.2 .Banking Sector
.3 .Specialized Credit Institutions
.4 .Exchange Centers

.
.
:
.1 .
.2
.
.3
.
-158-

.4
.

.5 .
.6 .
.7
.8
.
.9
.

. :
.1 .
.2 .
.3 .
.4 .
.5 .
.6 Money creation .
D
) .Required Rate of Reserve (RRR
.Money Multiplier
. Ms
D :
1
RRR

= MoneyMultiplier
D
RRR

= Ms

) :(1 2000 .%10

.
:
.1 10
-159-

 10:
1
1
=
= 10
RRR 10%

= MoneyMultiplier

.2 20000
:
D
2000
=
= 20000
RRR 10%

= Ms

.
.
.

.3


.
.
. "
."Business Cycle "
" .

. :
.1 :Prosperity


.

.
.2 :Recession
.
. 6
.
.
.
-160-

 .3 :Depression
.



.
.
.4 :Recovery .

. .

.
:
.1 ) ( )
( .
.
.
.2
.
.3 .
.4 .
.5
.
.6
.

.

-161-

 .4


) ( . "

" .

.

. .


.

.
.

.

1-4
) Unemployed(UE Labor
) .Force(LF ) Unemployed(UE
) Employed(EM :
LF = EM + UE

) Unemployment Rate(UR :
UE
LF

= UR

.
.
-162-

 .
) :(2 ) (1 .
)(1

) (2010

) (1 -

1200

) (2 -

1600

) (3 -

1200

) (4 -

1000

) (5 - )(3)+ (1

2400

) (6 )(4)+(2

2600

) (7 )(6)+(5

5000

) (8 )(5)/(3

%50

) (9 )(6)/(4

%38.46

)(10

)(4)+(3

2200

)(11

)(7)/(10

%44

)(12

400

)(13

1200

)(14

)(13)/(12

%33.3

)(15

100

)(16

400

)(17

(16)/(15) X

%20

)(18

) (24-20

50

)(19

) (40-20

200

)(20

) (40-20 )(19)/(18

%25

2-4
.
.
.
.
-163-

 .

. .

.

.
.
:
.1

.2

.3

.4

.5

.6

.7

.8

.9

.10
.
.11 .
.12 .
.13 .
.14 .
.15 .
.16 .
.17 .

-164-


)(
.

.

3-4

:
.1 : .
.

.


.
.2 :
) ( .

.

.

.
) (
.
.
.3 : .

.
.
.4 :
-165-

 .
)
( .
.
.5 ) ( :
.
.
.6 :
.
.

.
.
.
.7 : .

.
.


.
.

.
.8 :
. .
.


.
.9 :
.
-166-

 4-4

. .
. :

.1 .
.
.2
.
.3
.
.
.4
.
.5
.
.6 .
.7 .
.8 .
:
.1

.2 .

.3 .
.4
.

.5
.

5-4

) ( )
( . )(
. )
-167-

 ( ) ( .

.

.

. .
.

.

.
:


.

.
.

.

.

.
.


.
.
.

-168-



. - -
Self-employment Strategy

.

.

) (.

.

. .

.

.

:
.1
.

- .
.

.2

.
.3 ) (

.
-169-

 -
.
.
.4


.

.
.5
.
.
.
.6


.
.7


.
.8 .


.

.5
Inflation

.
. " " .

) GDP Deflator(GDPDEF

Consumer Price

) .Index(CPI GDPDEF
-170-

 .
Nominal GDP
.Real GDP
.
.
Pt .Pbase year

:
No min al GDP
Re al GDP
Pt
Pbase year

= GDPDEF

= CPIt

1-5
GDPDEF
CPI :
GDPDEFt GDPDEFt 1
*100
GDPDEFt 1

CPIt CPIt 1
*100
CPIt 1

= t

= t

) :(3 .
.
)(2

2011

2010

1500

1200

1200
118

1200
100

) (2 :

.1 2011 :
No min al GDP2011
150
= GDPDEF2011
= *100
*100 = 125
Re al GDP2010
120
-171-

 .2
. .100
.3 :
GDPDEF2011 GDPDEF2010
125 100
= 2011
= *100
*100 = 25%
GDPDEF2010
100
.4 :
CPIt CPIt 1
= t
*100
CPIt 1
CPI2011 CPI2010
118 100
= 2011
= *100
*100 = 18%
CPI2010
100

.
.

2-5

. .
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-243-

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.
.3

):(Right in Liquidation or Dissolution

)( .

.4

) :(Preemptive Right
.

.

.
):(1
%20 %20

. 100
%20 20 .

.5

) :(Stock splits
.

.

.
):(2
3 2
14 1:2
6
.

-261-

.6

) :(Reverse Splits

.
.
):(3
3
3 2:1
. 1.5
6.

)(The Cost of Common Stocks

) (
.

).(CAPM

) (1 ):(The Dividend Valuation Model

)(.

) (
.
.
. ) :(Zero Growth Rate Dividends

.

:
=

:
=

-262-

 ):(4
20
1.75
.
:
= %8.75 = 20 1.75
. ) :(Constant Growth Rate Dividends

:
= ) (

:
= ) ( +
):(5
22
%4 1.6
.
:
= )%11.3 = %4 + ( 22 1.60
) (2 ):(Capital Asset Pricing Model

.
) (CAPM :
)( = + ) -
(

) E ( R ) = RF + ( RM RF
:
) E(R
.
RF

) (.
-263-

RM

.
):(6
%12 %6
2 .
:
) ( = %18 = (%6 -%12) 2 + %6

:

.
:

.



.

.

.
) (
.

.

-264-

 :

.

.
.
.

.

2.4 ):(Preferred Stocks

. ) Hybrid
(Securities .
:
.1 : .
.
.2 :
:
.
.
.3 :

. 100 %12
12 ) (%12100.
.4 : .

.
.
.5 :
.

-265-

 :
.1 :
.
.2 : .


.
.3 :
.
.4 :
.

.
.
.5 :

.

:
.1 ) :(Convertibility
.

) 5 :1 (Conversion Ratio .
.2 ) :(Voting Right
.
.3 ) :(Participating
.
.4 ) :(Call Provision
.
).(Call Premium
.5 ) :(Maturity

.
-266-


)(The Cost of Preferred Stocks

.
.
=

.
):(7
%10
100 .
) (8 .
:

= 10 = 100 %10

= 100 8 = 92

= 10 92 = %10.9

:

.
:

.

.
-267-

3.4 ):(Retained Earnings

.


.

)(
.

.

.

)(Cost of Retarned Earnning

.
.


.

.
=

:
:
:

-268-

 .

.

.
:

.

.
.
.
.

.5 ):(Debt Financing


.

.

.

. .

1.5 ):(Bonds

. ) (Corporate Bonds

)(
.
.
-269-



.
.
100
. 100
1000 6 %7
. 100 1000
100 . %7
70 ) 1000 (%7 7000 .
) 6(
100 ) 1000 100( .

. 2 .
)(2

) (
70 + 1000

70

70

70

70

1000

70

:
.1 ) :(Coupon Bonds
.
.
-270-

 .2 ) :(Registered Bonds
.
.
.3 ) :(Convertible Bonds


.
.
.4 ) :(Income Bonds

.

.
.5 ) :(Zero Coupon Bonds

.
.
.6 ) :(Junk Bonds
.
.7 ) :(Floating Rate Bonds
.
.

):(Bonds Terminology


.
) :(Par Value
.
:
o .

o
%7 1000
70 ).(%7 1000
-271-

 o
) (.
) :(Coupon Rate
.
.
) :(Maturity
.
) :(Yield To Maturity - YTM
)
( .

.
) :(Market Value

.
) :(Required Rate of Return



.

.

.

):(Bonds Valuation

) 1000( .
.
) 1000(



.

.
-272-


.
. )
( :
) (i ) (K
) (.
) (i ) (K
).(sold at discount
) (i ) (K
).(sold at premium


.
:

1 (1 + K ) n PARV
n
B0 = CPMT *
+
n
K
(
1
+
k
)

:
B0

= ) (.

= CPMT
.
= PARV .
K

= .

):(8
1000 %8 10
%10
.
:

:

-273-

1000
+
= 877.11
10
) (1 + 10%

1 (1 + 10%)10
B0 = 80 *
10%

122.9

%8 %8
%2 .%10
):(9
1000 %12 10
%10
.
:

:

1000
+
= 1122.89
10
) (1 + 10%

1 (1 + 10%)10
B0 = 120 *
10%

122.9

%12
%12 %2 = %2 -%12
.%10
):(10
1000 %10 10
%10
.

-274-

:

:
1

1 (1 + 10%)10
B0 = 100 *
10%

1000
+
= 1000
10
) (1 + 10%

%10 %10
.

):(Bonds Valuation

.
).(K

PARV
n
+
n
(
1
+
k
)

1 (1 + K ) n
B0 = CPMT *
K

B0 CPMT PARV K
.
) (K
.

:

) + ( 2

.
-275-

 :
= ) 1 (
):(11
1000 %8 10
877.11 .
.%30
:
877.11 %8 80
1000
%8 .
:
= %9.8 = [10 ( 877.11 - 1000 )] + 80
])[2 (877.11 + 1000
:
= %6.9 = (%30 1) %9.8



.
:
) (1 :

.

.

.
) (2 :

.
-276-

2.5 ):(Bank Loans

.


.


.
.

.

.

.

) ( .
.

.

:
) (Payment - PMT
) (Loan
) (K ) .(n )
-277-

 .... ( .
.

Loan
1

1 (1 + K ) n

= PMT

.
) (K .
.
.
=

) (1 +

=
):(12
40
%8 .
.%30
:
:
5
= ) 2 (
= 10 ) 5 2 (
= 16000 = 5 %8 40000
=

16000 2 2
(1 + 10) 40000

= %14.54

= %10.17 = ( %30 1 ) %14.54

.
-278-

 ) Protective
(Covenants

.

.6 )(Cost of Capital

.
.



.
.


) Weighted Average
.(Cost of Capital - WACC
:
= WACC
) ( ) + ) -1 ((


:
= WACC
) ( ) + (
)+ ( ) + )-1 (( +
) )-1 ((
):(13

.%25

-279-

) (
870

%51.8

%13.4

120

%7.1

%13.4

150

%8.9

%12

**

260

%15.5

%9

**

280

%16.7

%10

1680

%100

* .
** ) (
:
= WACC
) + ( %8.9 %12 ) + ( %7.1 %13.4 ) + ( % 51.8 %13.4
) ( (%25 -1) %16.7 %10 ) + ( (%25 -1) %15.5 %9
%11.26 = WACC
%11.26

.

-280-

 -:
:

.1
. .
. .
. .
. .
. .
.2
.

.
.
.
.
.3 ) (1000 ) (%9 ) (15
) (930
%9.68 .
%9.29 .
%9.81 .
%10.11 .
%10.58 .
.4 %14 %9
,%5
1.55 .
2.25 .
2.125 .
1.85 .
-281-

2.00 .
.5 :
) (I
.
) (II
.
. ) (I
. ) (II
(I) . ) (II
(I) . ) (II
.6
. .
. .
.
.
.
.
.7
. .
. ) (i ).(K
. ) (i ).(K
. ) (i ).(K
.8 150
9 .%8
. .%35
%15.56 .
%10.11 .
%12.24 .
%14.21 .
-282-

 .9 :
.
.
.
.
.
.
.
.
.10 %10 %6
3
%18 .
%24 .
%12 .
%16 .
.11
. .
. .
. .
. .
:

:

:
90 %8
) (7 .
-283-

 :
18 1.10
, .%4
1.45 .
:
%50 %20
%12 %10 %8
.%25

-284-

10

11

:

.

.

.

.

.


.

.


.
.

:

.
-285-




.
.

:
= 7.2 = 90 %8
= 90 7 = 83
=
= 7.2 83 = %8.7

:
=
) ( +
%10.65 = %4 + (1.45 18) 1.10

:
= WACC
) ( ) + ) -1 ((
= ) (0.25 - 1 ( %30 %8 )) + ( %20 %10 ) + ( %50 %12
= %9.8 = %1.8 + %2 + %6

-286-


:

:
.
.

.
.

.
.

-287-

 .1
.

. )
( .
)
(
) (

.


.
.

.

.2 )(Working Capital Terminology

) ( , .
=

. :
=


.
) (Current Ratio
. :
=

.
-288-

.3 )(Working Capital Management

.
.

.

.

.

) (

) ( ,
.

.

.
.

.4 )(Working Capital Investment Policies

.


.
.
-289-


.1
)(1

) :(Relaxed Policy



.
.
.

.

)(2

) :(Restricted Policy

.

.
.


.

)(3

) :(Moderate Policy

.

.
. .

-290-

 )(1

.5 )(Working Capital Financing Policies

)Assets

(Fixed

) (Permanent Current Assets

) .(Temporary Current Assets ) (2 .
)(2

-291-

 :
.
.

.
:

.
.
) .(Core Working Capital


.
.

:


.
.

.
)(1

) :(Conservative Policy


.3

.
. .

-292-

 ) :(3

)(1

) :(Aggressive Policy
) (

.4

.

) ( .
) :(4

-293-

)(2

) :(Moderate Policy


.5

.
) :(5

.6 Cash Management

.
.
.
:

) :(Transaction Motive

.

) :(Precautionary Motive
.

-294-


) (Speculative Motive

.


.

.

.

.


.

1-6 )(Cash Conversion Cycle

) (
.





.6



.

-295-

 )(6

:

) ( :
.
5/20 7/4 45.

:
.
5/20 7/24 65
.

) ( :
.
7/24 8/29 35.


.

-296-

 = +
:

= +

=
:
.
.
:
= 365
:

.

.
55 ) 65 35 + 45( 55
.
6.6 ) 365 55(
6.6
.


:

=

)(1

=

=

)(3

) (1 = 365.
) (2 = 365.
) (3 = 365.

-297-

)(2

 ):(1

2009 .2010 2009 4480958
2010 3861059 . 2009 3037200
2010 2685476 . 2275612
2009 1907941 .2010

(365 1907941) 744824 = 2010

= 142,5

(365 2685476) 1732641 = 2010
= 235.5

(365 3861059) 1062952 = 2010
= 100.5
235.5 = 2010 100.5 + = 336
235.5 = 2010 100.5 + 142,5 - = 193.5 ) 6.5
(
= 365 193.5 = 1.9
:
:
) (

.2009

)( .2009
-298-

)( .2009
)( )( )( )( .2010
)( 2010 .
:

62.1 = (365 2275612) 387159 = 2009

198.7 = (365 3037200) 1653492 = 2009

80.7 = (365 4480958) 991282 = 2009
) (

198.7 = 2009 80.7 + = 279.4

)( 198.7 = 2009 80.7 + 62.1 = 217.3

)( = 365 217.3 = 1.7
)( 2010 2009
2010 2009
.2010
)( 2010
2010 .2009

2.6

.
200
1.9 105 ) 200
1.9( 200 .
%8 ) (95000 7600
).(%8 95000
:
.1 ) (
:
. 180
142.5 37.5 156
) (180-100.5 + 235.5 2.3 ) (156 365
1.9 . 105 87
-299-

 ) 200 (2.3 6960 7600

.
.2 :

) (

.
100.5 80
193.5 173 2.1 1.9
105 95 .
.3

.
.

.
3.6 :
:
) (1 ) :(Synchronization of Cash Flows

.


.
) (2 ) :(Financing Costs
.
) (Transaction Costs

) (Borrowing Costs
.

.

-300-

) (3 ) :(Opportunity Cost
.

.
) (4 ) :(Costs of Managing Cash Balances

.
.
) (5 ) :(Uncertainty

.
.
4.6




. :
)(1

) :(Synchronization of Cash Flows

.
.

)(2

) :(Shorten Cash Conversion Cycle

.

)(3

. )(Baumol
.Model
-301-


,
:
)*( =

)( )( )(
.
):(1
1250000
25
%6 ) (
.
:
)*( =

1250000 25 2
0.06

= 32275

32275

.
.

.7 Managing Accounts Receivable

) (
.
)
(
.

. 5000
5000 10000 15000
-302-

 5000
5000 5000
. 5
25000 ) 5000 5( 5000
5000
5000
25000.

:

=
):(2
30
1,5 .
.
:
=
= ) 123287.7 = 30 (365 1500000

.


)(
)(
.

. :
) (1 .
) (2 .
) (3 .
-303-

) (4 .
) (5 .

1.7
:
) (1 :
.
)(2

:
.

)(3

:
.

2.7 )(Credit Terms

:

:
%2 .
.

: ) 10 (.

: .

:
10 / 2 60

) %2 (
) 10 ( 60
60 ) (.

-304-

%2

50

60
)
(

10

3.7

.

. .
:
)( =

:
=

:

40
%75 30
40 .

.


:
= ) - %100 (
-305-

 :
=
:
.
)(3
10/2 50 3
) ( .
10/2 40 2.800 .
%70 %10
.
:
) (1 :
=
)( = ) 410958.9 = 50 (365 3000000
)( = ) 306849.3 = 40 (365 2800000
) (2 :
=

)( = 28767.1 = %10 %70 410958.9
)( = 21479.5 = %10 %70 306849.3
) (3 :
= ) -%100 (
)( = ) 900000 = 3000000 (%70-%100
)( = ) 840000 = 2800000 (%70-%100
) (4 :
=
)( = 871232.9 = 28767.1 900000
)( = 818520.5 = 21479.5 800000

-306-

10/2 50

10/2 40

3000000

2800000

900000

840000

28767.1

21479.5

871232.9

818520.5

.


.

4.7
)
( . )
(
.

) (Five C's of Credit

:
) :(Character
.
) :(Capacity
.
) :(Capital
.
) :(Collateral
. .
) :(Conditions

-307-

5.7



.

.
:
) (1 :
.
) (
.
=
):(4
6/1 45
2011 225
1.5 .
.
:
= 55 = (365 1500000) 225000
10 ) (45 55
%22.2

.
) (2 :
.

-308-

 .
.
.



.
):(5
6/1 45
.
.
) (1

) (2

10 0

22000

11 30

27

20000

31 45

44

91000

46 60

58

22000

60

90

70000

225000

:
:
) (3
.
) (4 .
).(4
)(1

)(2

) (3

) (4

10 0

22000

%9.8

0.88

11 30

27

20000

%8.9

2.40

31 45

44

91000

%40.4

17.80

)(3) (2

-309-

 46 60

58

22000

%9.8

5.67

60

90

70000

%31.1

28.00

225000

%100

54.75

:
%10 .
%59
45 ) .(%40,4 + %8,9 + %9,8 %59
%41
.
%10
. 58
13 .
%31
90 45 )(
.
) (4 54,75
55 .

10 .

.8 ):(Managing Inventory

.
.
:
.
.
.

.

.
-310-

 ) (

.
.


.

.
:
) (1 .
) (2 ) (
.
.

.

1.8 :
:
) (1 ) :(Inventory Carrying Costs
.


.
100
50 .
300

300

150 .
-311-

:
= ) (2
:
: .
: .
) :(2 ) 300(
) ( 2
)( 1

) :(Order Costs
.

. )
( .
= ) (
:
: .
: ) (.
: .
) ( :
5000 500 10
.

:
= +
= ) + ( 2 ) (
)(
) *(
:

-312-

* =

* : .
: ) (.
: .
: .
):(6
50000 )(
. )( ) (
)( 125 .
) (1
.
) (2 5000 .
) (3 10000 .
:

) (1 = * =

= * =

125 50000 2

= 5000

0.5

)(
2500
5000
10000

) (
20
10
5

) (2/
625
1250
2500

) )(

2500
1250
625

3125
2500
3125

2.8
.

-313-

 .

) (
.
:
= 365


.
=

):(7
) ( 20
.
:
= 365 50000 = 137
= 137 20 = 2740

2740

.

.9

) (Semi cash
.

.

:
.1 :
-314-

 .
.2 :
.
.
.3

.

.

1.9

:
.
.1 :
.
.
.2 :


.
.3 :
.

.
.4 :
.
.

2.9


.
-315-



.

.
:
.

.10 )(Managing Accounts Payable

.
.

.
.
15/2 50
50 .

.50
15 . %2

.15



.

.
.

-316-

 ) 15 ( %2
. 98
15
2 ) 50
15 ( . 2) %2.041 98(
%2 .
) (%2,041 35

10.43 ) 365 35( .:
= %21.3 = 10,43 %2.041

:
=
-1

365

:
= % 2
%98

365 = %21.3
15 - 50

.
%21.3
.

) (EAR :
= ) +1 ( 1
:
=

-1

-317-

 365

:


.
):(8
15/1
45 %14 )(.
:
(1
.
(2 %11 .
(3 .
:
(1 :
=

-1

365

% 1
%99

365 = %12.3
15 - 45

%14
) (45 .
(2 %11
-318-

 %11 %12.3 .
(3 :
= ) +1 ( 1
= )((%991%) +1

30/365

%13 = 1 -

-319-

 -:
:

.1 :
.
.
.
.
.
.2 :
)( I

)(II

.
. ) (I
. ) (II
(I) . ) (II
(I) . ) (II

.3 ) (200
) (950 ) (420
) (%7 .
112453 .
95658 .
106771 .
118696 .
) 550
350 220 .
85 58 125 (
):(8-4

-320-

 .4 :
96.1 .
47.5 .
56.4 .
.
.5 :
139.5 .
130.3 .
107.9 .
.
.6 :
105.4 .
95.2 .
75.8 .
.
.7 :
. 90.5 4
. 150.6 2.4
. 50.5 7.2
.
.8 20
200
%10 :
10959 .
1096 .
12843.8 .
.

-321-

) 15/1 60 2.5
) ( .
10/2 50 2.3 .
%75 (%15
):(11-9

.9 :
46232.9 .
33904.1 .
49278.8 .
35445.2 .
.10 :
46232.9 .
33904.1 .
49278.8 .
35445.2 .
.11 ,:
. 10787.7 .
. 10787.7.
. 62671.2.
. 62671.2.
.12 10/2 70
700 3 .
.
. 70 .
. 15 85 .
. 55 .
.

-322-

.13 6
.
93 .
110 .
104 .
148 .

:

:
.
:
86
46 65
.
:
10/2 70
%11 )( .
.
:
9 )( .
) ( 40
600 . .
:

-323-

10

11

12

13

:



.
.

.1
)( ) :(Relaxed Policy



.
.
.

.
)( ) :(Restricted Policy

.

.
.

-324-


.
)( ) :(Moderate Policy

.

.
. .

:
.

.
)( ) :(Conservative Policy


.
.
.
.
)( ) :(Aggressive Policy
) (

.
.

) ( .
)( ) :(Moderate Policy


.
-325-

:
86
46 65
.
:
=
+
= 67 = 65 46 + 86

:
10/2 70
%11 )( .
.
:
=
-1

365
-

:
=

%2

%98

365 = %12.4
10 - 70

%12.4 .%11

:
9 )( .
) ( 40
600 . .
-326-

:
* =

* =

600 9000 2
40

= 520

:

:
)(1

) :(Inventory Carrying Costs

.



.
100 50 .

300
300

150 .
:
= ) (2
:
: .
: .
) :(2 ) 300(
) ( .2

)(2

) :(Order Costs

-327-

 .
.
) ( .
= ) (
:
: .
: ) (.
: .
) ( :
5000 500 10
.

:
= +
= ) ( 2

+ ) (

-328-


:

:

-329-

 .1


.



.

.

.

.2

.
.


.



.

.


.

.

-330-


.

.
)(

.3 )(General Concepts
.

) :(Capital Budgeting

.

) :(The Project

.


) :(Project Valuation
.

) (.
):(1

%20

%10

.
.

) :(Initial Investment
.

.

.4 )(The Financial Decisions Process

.
.


):(2
-331-


%7 %13 %9
.
.
" "
:

) :(The Existence Of Objectives

.

) :(The Existence Of Alternatives

.

) Valuation Based on the Decision

:(Objective

):(3
""""
"""" .

.
-
-
.

.5 )(Investment Process Stages

:
-1 ) : (Specifying Objectives


) (Risk Tolerance ) .(Risk Aversion
-332-

 .
-2 ) :(Specifying Constrains
"" ""
"" . :
-

) :(Liquidity

) :(Investment Horizon
.

) :(Regulations

.

) :(Tax Considerations


.

) :(Unique Needs
.

-3 ) :(Formulating Policy

.
-4 ) :(Capital Budgeting
.

-5 ) :(Financing
.
-6 ) :(Monitoring and Updating The Investment

.

.6 )(Cash Flows
1-6



-333-

 . 100
)
20 ( .
20

.
):(4

793
.2003


.
1.6
)(
)( 1,6 .


.

.

. ) (Cash Inflow
. ) (Cash Outflow
.

.
.
-334-

 2-6

.
:
= -
)(1

)(Operating Cash Flow

,
:
= +

)(2

)(Net Capital Spendinh

. :
= +

)(3

)(Change in Net Working Capital

.
:
=

):(5

.2011
/

2010/12/31

2011/12/31

86500

95400

198300

172800

118000

123000

23400

21500

24000

26500

:
)(1

= +
-335-

= 118000 = 26500- 21500 + 123000

) (2 =
+
= 4000- = 21500 + 198300 172800
) (3 =

= 8900 = 86500 95400
=
-
= 113100 = 8900 (4000-) 118000

.7 )(Capital Budgeting Techniques

.
) (1 )(Net Present Value



.


.
:
= - +
)NPV = -Initial Investment + PV(Cash Inflows

:
-

:
.

:
.
-336-

 :
CF1
CF2
CFn
+
+ ..... +
1
2
)(1 + K) (1 + K
(1 + K) n

= )PV(Cash Inflows

:
)PV(Cash Inflows

CF1, CF2, CFn

n .

.
.

.
.

.
)(6

100 %10

)(100000

60000

10000

2
3
4
5
6

50000
40000
30000
20000
10000

20000
30000
40000
50000
60000

""

""
)(100000

: .
:
.1 ""
-337-

 = 100000.
= 164474.
60000
50000
40000
30000
20000
10000
+
+
+
+
+
= 164474
1
2
3
4
5
)(1 + 0.10) (1 + 0.10
)(1 + 0.10
)(1 + 0.10
)(1 + 0.10
(1 + 0.10)6

= PV

"" = 64474 = 164474 + 100000 -.

100 64474.
.2 ""
= 100000
= 140394
10000
20000
30000
40000
50000
60000
+
+
+
+
+
= 140394
1
2
3
4
5
(1 + 0.10) (1 + 0.10) (1 + 0.10) (1 + 0.10) (1 + 0.10) (1 + 0.10)6

= PV

"" = 40394 = 140394 + 100000 -

100 40394.
.3

"" .
):(7
"" "" ""
120000 ) (

%11 :

""

""

""

22000

16000

32000

2
3
4
5
6

28000
30500
24000
23000
18000

22000
23000
25000
30000
40000

29000
27000
25000
20000
15000

-338-

:
) (

)(

:
)(
""

""

120000-

120000-

22000

19819.82

28000

22725.43

30500

22301.34

4
5
6

24000
23000
18000

15809.54
13649.38
9623.54
103929

""

""

120000-

120000-

16000

14414.41

22000

17855.69

23000

16817.4

4
5
6

25000
30000
40000

16468.27
17803.54
21385.63

104745

""

""

120000-

120000-

32000

28828.829

29000

23537.05

27000

19742.17
-339-

4
5
6

16468.27
11869.03
8019.61
108465

25000
20000
15000

)(
"" .
) (2 )(Internal Rate of Return

.
:

= 0

CF1
CF2
CFn
NPV = -Initial Investment +
+
+ ..... +
1
2
(1 + IRR ) n
) (1 + IRR ) (1 + IRR

) (IRR
.


.

.
.

%15
%15 .
%15 %12
%12 .%3

) (IRR
.
) (IRR .
-340-

 ) (IRR

.

.

.
.
)(8
20000 4
7000 6000
7500 7000 .
%10 . .
:
: = %5 4346.5
7000
6000
7500
7000
NPV = 20000 +
+
+
+
= 4346.5
1
2
3
)(1 + 0.05
)(1 + 0.05
(1 + 0.05) 4
) (1 + 0.05

.
: %15 442.5
7000
6000
7500
7000
NPV = 20000 +
+
+
+
= 442.5
1
2
3
)(1 + 0.15
)(1 + 0.15
(1 + 0.15) 4
) (1 + 0.15

: %5 = IRR
%15= IRR
%5.%15
%5

IRR

 %15

4346.5

-442.5

:
0 - 4346.5 = IRR - %5
%15 - IRR

442.5- - 0
-341-

:
4346.5 = IRR - %5
442.5

%15 - IRR
:

651.975 - (IRR) 4346.5 = 22.125 + (IRR) 442.5 :

)%14.1 = (IRR
) (%14.1 ) (%10
.
):(9
100000 6
16000 19000 22000 25000 23000
15000 . %7 .
:
= %5 :
= 2945.9 = 102945.9 + 100000 -
%10 :
= 10521.7- = 89478.3 + 100000 -
NPV %5 IRR NPV %10 IRR

%5.%10
%5

2945.92

IRR

-10521.72 %10
IRR %6
) (3 )(The Payback Method
.

.
.
-342-


:
=


.


.

:



.


.


.

.
):(10
80000
25000
.
:
=
= 3.2 = 25000 80000
-343-

 %20 ) 72(
80000.
) 3.2( ) 4(
.
):(11
40000 .
.

12000

13000

9000

12000

:

.
= 40000
:

12000

12000

13000

25000

9000

34000

12000

46000

) (40000
. 34000
6000.
12000 ) 13000 +(1 ) 9000 +(2 ) 6000 +(3 )(4
:
= 3 3 = (12000 6000) + 0.5 + = 3.5
-344-

 :
.
.
:

.

.

.
):(12

100000 . :

)(

)(

)(

25000

40000

10000

25000

30000

20000

25000

20000

30000

25000

10000

40000

25000

80000

.
:
)(

)( = 4 = 25000 100000.

)( )( = 100000
4.
)( )( = 100000
4.

)(

.
-345-


.
):(13

:

)(

)(

7000 -

5000 -

4000

2500

4000

1500

1500

3000

:
) (

)(
.
:
)( :
)( = ( 4000 3000 ) + = 1.75
)( = + (3000 1000) + = 2.33
.
)(
.
) (4 )(The Discounted Payback Method

.
.

.

.
-346-



:
CFn
(1 + K) n

= PV or Discounted Cashflow

:
PV or Discountecd Cashflow .
CFn .n
K

) (.

:

.

.
):(14
40000 .

.%10

12000

13000

9000

12000

:

.

12000

12000
)(0.1+1

-347-

= 10909.1

13000

9000

12000

13000
)(0.1+1
9000
3
)(0.1+1
12000
4
)(0.1+1

= 10743.8

= 6761.8
= 8196.2

= 40000
:

10909.1

10909.1

10743.8

21652.9

6761.8

28414.7

8196.2

36610.9

) (40000
. 36610
.
) (5 )(The Return on Investment
) (The Accounting Method
) (Return on Capital Employed ) The Average
.(Rate Of Return

) ( .
:
=
Average net profit
average Initial Investment

= ROI

:
=
Total net Profit
Economic life of Project

= Average Net Profit

-348-

 = ) ( 2
Initial Investment - Salvage Value
2

= Average Initial Investment

.

:

.
- -
.

.
):(15
500


100 .
)
:(%30

85000

83000

76000

70000

68000

66000

59000

53000

46000

10

42000
-349-

:

:
:
= ) (
= ) 40000 = 10 ( 100000 500000

) (.

) (.
=
= 17360 = 10 173600
= ) ( 2
=) 200000 = 2 (100000 500000
=
= %8.68 = 200000 17360

%30

85000

40000

45000

13500

31500

83000

40000

43000

12900

30100

76000

40000

36000

10800

25200

70000

40000

30000

9000

21000

68000

40000

28000

8400

19600

66000

40000

26000

7800

18200

59000

40000

19000

5700

13300

53000

40000

13000

3900

9100

46000

40000

6000

1800

4200

10

42000

40000

2000

600

1400
173600

-350-

 ):(16

28000
20000

4
:

2000

1000

2000

1500

2000

3000

2000

5000

8000

10500

.
:
= 2000 = 4 8000
= 10000 = 2 20000
= %20 = 10000 2000
= 2625 = 4 10500
= 14000 = 2 28000
= %18.75 = 14000 2625
: ) (%20 )(%18.75 .
) (6 )(Profitability Index

.
.
.
.

-351-

 ) = (PI
)PV( Cash Inflows
Initial Investment

= PI

) ( .

.


.
.
):(17

100 %10

""

""

)(100000

)(100000

60000

10000

2
3
4
5
6

50000
40000
30000
20000
10000

20000
30000
40000
50000
60000

: .
:
.1 "" = 164474
60000
50000
40000
30000
20000
10000
+
+
+
+
+
= 164474
(1 + 0.10)1 (1 + 0.10) 2 (1 + 0.10) 3 (1 + 0.10) 4 (1 + 0.10) 5 (1 + 0.10) 6

= PV

"" = 1 : 1.645 = 100000 164474 %164.5

-352-

 %64.5.
.2 "" = 140394
10000
20000
30000
40000
50000
60000
+
+
+
+
+
= 140394
1
2
3
4
5
(1 + 0.10) (1 + 0.10) (1 + 0.10) (1 + 0.10) (1 + 0.10) (1 + 0.10) 6

= PV

"" = 1 : 1.404 = 100000 140394 %140.4

.%40.4
.3
""
.

.8

.

.


.
.
1-8 )(Sensitivity Analysis

.

.
) (Optimistic
.
) (Expected
.
) (Pessimistic
.
-353-

 :
) (1 ) (
) (2 ) (
) (3 ) (
.%100

.
%60
%30 .%10

:
= ) () +
( )+ (
):(18

.

%30

12000

%40

9000

%30

5000

:
= )(%30 5000) + (%40 9000) + (%30 12000
= 8700 = 1500 + 3600 + 3600
2-8 )(Break-even Analysis
.

.

.

-354-


.
) = (Total Costs +
.1 ) :(Fixed Costs
.
: .
.2 ) :(Variable Costs
.
: .
)(Break-even Point
.

:
) = (Total Revenues )(Total Costs

.
)
( . :
= ) + (
:

: )(Price Per Unit

: )(Number of Sold Units

: )(Fixed Costs

: )(Variable Cost Per Unit

)( :
* = ) -(
) -(
-355-

) (Contribution Margin .
.
)*( .
):(19
2010
:
.

/

2010

600000

130000

350000

120000

55000

65000

- %40

26000

39000

19000

20000

5000

25000

24

14

:
*

=) -(

= 13000 = (14-24) 130000

-356-

 = *
= 312000 = 24 13000

= = 10 = 14 24

.9

:

.
1-9
:
.1 ) :(Blue Chips
.
.
.2 ) :(Growth Stocks
.
.

.
.3 ) :(Stocks Income
.

.

-357-

 .4 ) :(Defensive Stocks
.

.
.5 ) :(Cyclical Stocks

.
.
.6 ) :(speculative Stocks

.

.
2-9

.
)( ) :(Dividends
.
:
= ) ( %100
):(1
14
1.5 .
= )%10.7 = %100 (14 1.5

:
.1
.2 ) :(Cash Dividends
.
-358-

 .
):(2
950
2 4.5
%25
2 %25 = 500 .
) (Dividends Payout Ratio :
=
= %52.6 = 950000 500000
.3 ) :(Stock Dividends
.
.

.
):(3
5 : 1
2 4.5
400
) .(5 2000000 %20
5 .


.
3 , 5 ,
%30 .
:
= ) +1 (
= 3.85 = (0.30+1 ) 5
)( ) :(Capital Gains or Losses ) (
)( )(
-359-

 . 20
22
19 .
) ( .
:
)( = ]) ( [ %100
):(4
8 9.5
)( .
= ] )%18.75 = %100 [ 8000 (8000 -9500
)( ) :(Rate of Return


.
.


).(Holding Period Return
= ] ) - ( + [
):(5
14.6
14.3 1.25
.
= ] )%6.5 = 14.6 [ 1.25+ (14.6 14.3

-360-

 -:
:

.1 :
) (

)(
.
)( .
)( .
.2 :
)( I

) (II
.
)( ) (I.
)( ) (II.
)( ) (I) (II.
)( ) (I) (II .
.3 :
) (

)( .
.
)(
)( .
.4 :
) (

)( .
)( .
)( .

-361-

 .5 :
) (I
.
) (II .
)( ) (I.
)( ) (II.
)( ) (I) (II.
)( ) (I) (II .
.6 :
)( .
)( .
)( .
)( .
.7 200
.%9
:

""

""

50000

50000

2
3
4

60000
80000
60000

70000
70000
60000

)( "" 652.6.
)( "" 1347.5.
)( "" 1347.5.
)( 35421.3.
) (7
.8
.
)( "" .%7.8
)( "" .%7.8
-362-

)( "" .%1.03
)( "" .%1.07
.9 :
. ) (IRR .
. ) (IRR .
. ) (IRR .
. .

.10

1100 ) ( %12
.

) (

500

400

300

4
5
6

100
-

%8.9 .

)( %14.5 .
)( %8.9 .
)( %14.5 .
.11 :
) (

)( .
)( .
)( .
:

.12
) (

)( .
-363-

)( .
)( .
.13 40000 .
4

.%10

12000

13000

9000

12000

12000

)( .
)( .
)( .
)( .
.14 :
) (I
.
) (II .
)(

) (I.

)( ) (II.
)( ) (I) (II.
)( ) (I) (II .
.15
.

%30

6000

%40

3000

-364-


) (

%30

1000-

3300.

)( 2700.
)( 3333.3.
)(

2500.

.16 25
23,5 2,7
.
) (

.%16,8

)( .%17,9
)( .%5.1
)( .%4,8
.17 :
) (I .
) (II
.
)(

) (I.

)( ) (II.
)( ) (I) (II.
)( ) (I) (II .
:
.1 :
.
.
.
.2
.3
-365-


9 .

118000 -

72000 -

19000

12500

20000

11500

18000

10000

17000

9700

16500

9300

14000

8500

12000

8000

9000

7000

30000

.4
38000 3

3000

3400

3500

3500

3400

4500

9900

11400

.5 800
70 450
.

-366-

10

11

12

13

14

15

16

17

:
.1 :

.
.
.

) (IRR
.
) (IRR .
) (IRR

.
.

.

.
.2
:

- -
-367-

.
.3

9 .

118000 -

72000 -

19000

12500

20000

11500

18000

10000

17000

9700

16500

9300

14000

8500

12000

8000

9000

7000

8000

6000

:
)(

19000

19000

20000

39000

18000

57000

17000

74000

16500

90500

14000

104500

12000

116500

9000

125500

8000

133500

118000
-368-

 .116500 1500
) .(9000 1500
= 7.2.
)( =

12500

12500

11500

24000

10000

34000

9700

43700

9300

53000

8500

61500

8000

69500

7000

76500

6000

82500

72000
.69500 2500
) .(7000 2500
= 7.4.
)(
.
30000
.4

38000 3

3000

3400

3500

3500

3400

4500

9900

11400

-369-

:
=
= )%22 = (2 30000) (3 9900
=
= )%20 = (2 38000) (3 11400
.
.5 800
70 450
.
= ) (
= 200 = (450 - 800) 70000

-370-


:

:
.
.
.
.
.
.
.

-371-

 .1

.

.

.
.
.

.2
:
) (1 ) :(Financial Risks
.
.

.
)( ) :(Insurable Risks
.

.
. :
) (1 ) :(Property Risks

.

. .


.
-372-

) (2 ) :(Personal Risks

.

.


.

.
) (3 ) :(Liability Risks
.

) (

.

.
.
)( ) :(Uninsurable Risks
.
.
.
.
.

.
.

.

-373-

) (2 :
. .


.

.3 )(Risk Terminology



. .
.

.

.

.


.

.

:
.1
.
.2 .

. ) (Perils

. ) (Hazards
.
-374-


.
.

.4

.

.

.
.

) .(1
)(1

.
) (Risk Profile
.
.

.
-375-

.
.2
.
.

)(2

.3

.
)(3

-376-

 .5

.


.
.
.1


.


.

.

)( .
.

.
.2

.
:
-

) (
.
-377-

.

.


.
.3
.


.
%10 10
%7
.%10
%3 .

.
.4

.

.

.
):(1
10 5
-378-

 . 3203173.6 30000
) 1 = 106.77( .
60 .
60 1 = 101.5 .
31558.4
1558 . 1558
60
.


.
):(2
10 5 .
45
32142.9 ) 1 = 1.40 ( .
60 .
60 1 = 1.43.
45000 31690.1
. 452.8.


.
) .(Premium
.
.5

.

.
-379-

 .

.
.6

.

.
.
.7

.


.

.
.8


.
.


.

.6 )(Trade off Between Risk and Return

.
.
-380-


.


.
:
) (

) :(Risk Aversion
.

.

)( ) :(Risk Tolerance

.
)( ) :(Risk Indifference


.

.
):(3

.

) (

%11

%11

%11

) (

%4.75

%5.50

%6.25

:

.

-381-

 ):(4

.

) (

%8

%10

%12

) (

%5.25

%5.25

%5.25

:

.

.7
.


,
.
:
)( )(Range

.
=

) (
.

) .(4

-382-

 )(4

):(5
.
.
.

""

""

%20

%16

%15

%15

%10

%14

%15

%15

:
""

= %10 = %10 - %20

"" = %2 = %14 - %16

%2
.
)( ):(Standard deviation And Variance

.

.

-383-



.

) .(5
)(5

=

.

.
: ):(Standard Deviation for Historical Data

.

:
) (

1 -
-384-

) (Value - Average Values

= ) Standard Deviation (

n 1

) (Variance
.
) (

)) = (Variance (= 2
2

) (Value - Average Values

n 1

1 -

= VARIANCE = ( ) 2

):(6

:

2002

%18.18

2003

%4.17-

2004

%13.64

2005

%17.39

2006

%16.00

2007

%14.81-

2008

%23.81

2009

%16.67

2010

%0.00

2011

%12.50

)(

.
-385-

)(
%12 .
:
)(

:
= %9.92 = 10 %99.21 ).(%9.92
. :

2002

%18.18

%8.26

%0.68

2003

%4.17-

%14.09-

%1.99

2004

%13.64

%3.72

%0.14

2005

%17.39

%7.47

%0.56

2006

%16.00

%6.08

%0.37

2007

%14.81-

%24.73-

%6.12

2008

%23.81

%13.89

%1.93

2009

%16.67

%6.75

%0.46

2010

%0.00

%9.92-

%0.98

2011

%12.50

%2.58

%0.07

%99.21

%0.00

%13.28

)
2

:
) (

1 -

%13.28
1 - 10

= %12.15

)) = (Variance (%1.48 = 2(%12.15) = 2

-386-

)(
) (%12 .
: ):(Standard Deviation For Expected Data

)(
:
)= (

* Prob.

) ( 2

) (Values - Average Values

= ) Standard Deviation (

= ) (
) = 2 = (Variance ) ( 2
Variance ( 2 ) = (Actual Return - Expected Return ) 2 * Prob.

):(7


.

%5-

%25

%4

%35

%9

%40

:
:
= ) (
= )= (%40 %9)+(%35 %4)+(%25 %5-
%3.75


-387-

(2

) ( 2

%5-

%25

%8.75-

%0.77

%0.19

%4

%35

%0.25

%0.00

%0.00

%9

%40

%5.25

%0.28

%0.11
%0.30

)= (

%0.30

= %5.49

= )%0.30 = 2(%5.49
)( )(Coefficient of variation
) (
) ( ) ( .

.
.

:
)= (CV
Standard Deviation
Average Values

= )Coefficient of Variation (CV

):(8


.

) (

%10

%12

%14

) (

%4.65

%6.48

%8.75

:
-388-



.
= %46.5 = %10 %4.65
= %54.0 = %12 %6.48
= %62.5 = %14 %8.75

)(
)( .
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)( ):(Beta coefficient


.
.


.
.
.1 ) :(Systematic or Public Risks

.
.
.2 ) :(Unsystematic or Particular Risks



.
.
-389-

)
.(Market Portfolio 6
.
)(6

.
) ( :

) Cov( Ri , Rm
) 2 ( Rm

= i

:
= Bi . i
) = Cov(Ri,Rm i .
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1.7 +
%5 .(1.7 %5) %8.5

-390-

 .8 )(Operating and Financial Leverage

.
.
: ):(Operating Leverage
.
) (Fixed Costs
. ) (Variable Costs
.


.
=

.
=

.
.
.
) (
.
=


.
):(9
2010 %20
.2009 .%50
-391-


:
=

= 2.5 = %50
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: ):(Financial Leverage

.
.

.
.
.

.

.


.

.
=
-

-392-

 ):(10
240 .
80
:
=

240000

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80000 - 240000
%1
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.

.

.

:


=

):(11
2.75 1.80

:
= 4.95 = 1.8 2.75

%1
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.9 )(Risk Management

.
:
-393-

) (1 ) :(Risk Identification
.



.
) (2 ) :(Risk Assessment


.
) (Frequency
) .(Severity
.

=

)( =

=

):(12
100 .
500 .
60 .
150 .
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= %0.5 = 100000 500

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. .
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)
3( .

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-395-

 .

.
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.


.


.

-396-

 -:
:

.1 :
) (

)(

)(

)(

)(

.2 :
)( I

) (II .
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)( ) (I) (II.
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) (

)(

)(

)(

.4 :
) (I )( .
) (II .
)( ) (I.
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)( ) (I) (II.
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-397-

 .5 :
)( )( .
)( .
)( .
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.6
:
)( .
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) (I
.
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)( ) (I) (II .
.8 :
) (

)( .
)(
.
)( .
.9 :
) (I
.
-398-

) (II
.
)(

) (I.

)( ) (II.
)( ) (I) (II.
)(

) (I) (II .

.10
.

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""

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)(

%7.52

-399-

 .12 :
) (

)( .
)( .
)(

)(
.13 %25
.%60

2.4.

) (

)( 4.2.
)( 1.8
)(

3.5

.14 220 .
55
) (

4.

)( 1.3.
)( 2.2
3.7

)(

.15 :
) (I .
) (II .
)(

) (I

)( ) (II
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.16 :
) (I
.
-400-

) (II .
) (

) (I.

)( ) (II.
)( ) (I) (II.
)( ) (I) (II .
.17 :
) (

)( .
)( .
)( .

:

.1
.2
.

) (

%15

%6

%12

) (

%12

%5

%9

.3 2.3 2.2

.4 %5 270
3000
.
.5

-401-

10

11

12

13

14

15

16

17

:
.1 :
) (

) :(Risk Aversion
.

.

)( ) :(Risk Tolerance

.
)( ) :(Risk Indifference

.


.
.2
.

) (

%15

%6

%12

) (

%12

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:

:
)= (CV

-402-

) (

%15

%6

%12

) (

%12

%5

%9

0.80

0.83

0.75

"" .
.3 2.3 2.2

:


=

= 5.06 = 2.3 2.2

.4 %5 270
3000
.
:
=
= 40500 = 270 3000 %5
.5

.
:
.1

) :(Risk Identification
.



.

.2

) :(Risk Assessment

.
-403-

 ) (Frequency

) .(Severity
.

=

)( =

=

.3

) :(Risk Monitoring
.
.
.

.4

:
. .
)(

) :(Risk Avoidance
.

.

.
.

.
.
)( ) :(Risk Shifting


.
.

.
.
-404-


) 3(
.

.
.

.


.
)( ) :(Risk Retention

.

.


.
)( ) :(Risk Reduction
.


.


.

-405-


:

:

-406-

 .1

.


.
.
.

.

.

.
,


.

.

.
:
.1 .
.2 .
.3 .
.4 .
.5
.
-407-

 .2

.
.
.
.



.

.


.


.
:
.1 : static budget
.
.2 :flexible budget

.
:
= + .


.
-408-

 .3 :zero based budget

.

.
.
.4 Rolling budget :

.
.

.


.
.
. )(2
.

.Master budget

-409-

) (2


.
:
.1
.2
.3
.4
.5
.6

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 1.2

.
.





.




.

:
.1 .
.2
.
.3 .
.4
.
.5

.6 .
:
) (

)(

.

-411-

 ):(1
2011
10000 :

3000

4000

2000

1000

20 .
: 2011
1
2011/12/31

3000

4000

2000

1000

10000

20

20

20

20

20

*60000

80000

40000

20000

**200000

* =
60000

3000

20

** =
200000

= 20000 + 40000 + 80000 + 60000

2.2 :

:
= +


.

-412-



.

.
:
.1 ) (.
.2 .
.3

= +
):(2

10% :
2010 300
2012 4000.
: 2011
)(2
2011/12/31

4000
3000

200
*400
+
400
300

3800

3100

2000
100
200

1000
400
100

1900

1300

10000
**400
***300
10100

.
* = %10 .
400
**

= %10

4000

= .
-413-

 = %10 2012
400

= %10

4000

*** = 300
.
3. 2 :



:

):(3
:

2
2
1500 2011
20%
3500 2012
:
.2011
)(3
2011/12/31

3100

6200

7600

1520

760

520

1520

760

520

6840

3560

3480

1500
6220

3800
2

-414-

1900

1300

10100

3800

2600

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1400

*1400
**1500
20100

12440

13680

2
7120

6960

40200

: : .
) (
.
: .

.
* = .
= %20 2012
3500) %20= 1400 2 (
** = .
: .

) (.
4. 2

.

.

.
:
-

-415-

 4
:

3800

3100

1900

1300

10100

3 2.
:
4
2011/12/31

3100

3800

1900

1300

10100

11400

5700

3900

30300

9300

18600

22800

11400

7800

60600

: : .
,
.
: .
.
5.2



.
.
:
)(
)(
-416-



.
2

.
.
, 3000
3000
.

.
):(5
2

3000 .
: .2011
)(5
2011/12/31

3100

3800

1900

1300

10100

6200

7600

3800

2600

20200

3000

3000

3000

3000

*12000

9200

10600

6800

5600

32200

: : .
.
: .
.

-417-

* = .
12000

= 3000 + 3000 + 3000 + 3000

6.2 :


.
.

.
:
) (

.
3% .

.

)( :


.
):(6
%3

2000 .
: .2011

-418-

 )(6
2011/12/31

60000

80000

40000

20000

200000

%3

%3

%3

%3

%3

1800

2400

1200

600

6000

2000

2000

2000

2000

*8000

3800

4400

3200

2600

14000

: .
) (
.
: .

* = .
7. 2





.


:
-419-

)(

)(

)(

)(

)(

)(

)(

)(

)(

)(

)(

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):(7
2011 15000

) %80 (

68750
44000

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20000
:

-420-

 )(7

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55000

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26000

):(8
:
500000
%60 %40 .
150000 .
50000 20000 .
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50000
. 30000.

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)(8

%60 500000

300000

150000
-421-

450000

%70 500000

350000

70000

)(50000
370000

370000

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30000

70000

):(9
-:

40000

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10.
:
.1 .
.2 70%
25% 5%
) (3/31 60000 .
.3 .

-422-

 )(9
.1

40000

100000

60000

200000

10

10

10

10

400000

600000 1000000

2000000

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4

60000

70%
25%

280000

700000
100000

420000
250000

340000

800000

670000

(400000x5%) =20000

(1000000x5%) =50000

(600000x5%) = 30000

.3

150000

%25 600000

30000

%5 600000

180000

):(10
.2012 :
) (

: 2012 240000: .
%25 ,%30 ,%25 ,%20: . 40
50 .
2013 2012 . %25

)( : %15
.
-423-

)( 35000 .2011 5
4 54000 .
.2013
%10 .
)( 8 10
.
)( :
10 :. 5 :. 3 :. :
15000 :. 1800 :.)( :
%2 . %3 . :
20000 1200 .)( .
% 30 %65
% 5 . 2011-12-31 40000
.
)( 2012-1-1 294900 550000
100000 : 350000 100000
.

600000 .

.40000

90000
,%12 .
-424-

:
:
.1 2012
.2
.3
.4
.5
.6
.7
.8
)(10
-1
2012 240000 :

) %20 (

48000

) %25 (

60000

) %30 (

72000

) %25 (

60000

2012

240000

:
2012/12/31

48000

60000

72000

60000

240000

40

40

40

50

3000000

*10200000

)( 1920000

2880000 2400000

* = .

-425-

 -2
2012/12/31

48000

60000

72000

60000

240000

9000

10800

9000

*9000

9000

**7200

9000

10800

9000

7200

49800

61800

70200

60000

241800

* :
60000 = 48000 + ( %25 48000 ) = 2013 = %15 2013= 60000 %15

9000

** 7200 (%15 48000) :

-3
2012/12/31

49800

61800

70200

60000

241800

309000

351000

300000

1209000

249000

30900

35100

30000

35000

30900

35100

*27000
30000

35000

244900

313200

345900

297000

1201000

979600

4804000 1188000 1383600 1252800

* :
05400= 2013 5 = 270000 - 27000 = 270000 %10 = 2012

-426-

27000

 -4
2012/12/31

49800

61800

70200

60000

241800

.25

.25

.25

.25

.25

15450

17550

15000

60450

12450

10

10

99600

123600

175500

150000

*548700

* = .
-5
2012/12/31

15450
12450

17550

15000

60450

:
*

12450

154500

150000 175500

604500

+ **

62250

77250

87750

75000

302250

+ ***

37350

46350

52650

45000

181350

224100

278100

270000 315900

1088100

:

15000
+
1800
= 16800

240900

15000
1800
16800

15000
1800
16800

294900

286800 332700

* = 10
** = 5
***

= 3
-427-

15000
1800
16800

60000
7200
67200
1155300

 -6
2012/12/31

1920000

2400000

2880000

3000000

10200000

:
*

38400

48000

57600

60000

204000

+ **

57600

72000

86400

90000

306000

96000

144000

120000

150000

510000

20000

20000

20000

20000

80000

1200

1200

1200

1200

4800

21200

21200

21200

84800

= 21200

117200

165200

141200

171200

594800

* = %2 .
** = %3 .

-7 2012

960000

1200000

1440000

1500000

5100000

*40000

960000

40000
960000

=%30

=%65

288000

624000

912000

1200000 1200000
=%30

=%65

360000

780000

-428-

1140000

1440000

1440000

=%30

=%65

432000

936000

1368000

1500000
450000

= %30
450000

1288000

2184000

2652000

9010000

2886000

*
-

(960000 %5) =48000

(1200000 %5) =60000

(1440000 %5) =72000

(1500000 %5) =75000

** = 975000
975000 = 1500000 %65

-8

294900

45600

67100

40000

1288000

2184000

2652000

2886000

1582900

2229600

2719100

2926000

979600

1252800

1383600

1188000

99600

123600

175500

150000

...

240900

294900

332700

286800

117200

141200

165200

171200

100000
-

350000
-

100000
600000

1537300

2162500

2757000

1796000

45600

67100

)(37900

1130000

*77900

-429-

)**(77900

)***(4674

45600

67100

40000

1047426

37900 = 77900 40000 +

**
*** = 4674 = (4\2) % 12 77900

-430-

 -:
:
:
.1 8000 14000
8500 .
:
-

10500

14000

14500

15000

.2 2.5 4.

250000
:
-

25500

94350

38250

25000

.3
-:
2012

3800

6800

5400

7200

4600

10%
2011/12/31 400
,2012 :
-

6120

6940 -

7200

5940 -

.4 :
-

460

540

720

680

-431-

 .5 2012
:

40000

32000

48000

56000

%10
. 2012:
-

28800

32000

33600

32800

.6 2012
:

60000

80000

90000

70000

)( 2 )(
25%
. 30000
. 2012 :
-

160000

330000

400000

165000

-432-

 .7
) 2012 (:

800000

700000

600000

640000

2740000

40% 50%
10% .
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-

700000

640000

626000

766000

.8
) 2012 (-:

800000
140000

700000

600000

640000

2740000

180000

160000

140000

620000

)(
40% 50%
10% .
-:
-

700000

640000

626000

766000

-:
.9

500000

420000

444000

430000

-:
.10
-

500000

420000

444000

430000

-433-

 .11 2200,
9500 ,
1000 . :
-

9400

9500

9700

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. :
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96000

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72000

.13 .2011
30000 ,
20000 .
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-

30000

31500

50000

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.14
. :
-

1000

1250

1875

1020

.15 :

200000

250000

90000

100000

80000

90000

...

30000

40000

20000

10000

-434-

 :
-

22000

20000

22000

20000

:
:

850000

10

900000

11

810000

12

780000

%25 %75
.
: 11
:
2012
:

500

400

600

800

700

600

200 .
% 30
%40 % 25 % 5 .

-435-

:
)( .
)( .
:
.2012
:
.16000, 14000, 12000, 10000:
1.5 : .
: .70
1.20.
: 35000 1200
900.
: .2012
:
:

)(1

30,000

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%20 . 15000 4000 .
.
) (3 4000 -436-

 3000 .
)( 1000.:
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:
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128000

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-437-


:
1

11

12

13

14

15

:
11

1
2

) (25% *810000 202500

11
) (75%*900000 675000
877500

:
1

500

400

600

200

200

200

800

700

600

200

200

200

120000 140000 160000 120000 80000 100000

2
.

1
30000
0
0
-

2
40000
24000
0
-

3
25000
32000
36000
5000

4
20000
48000
48000
4000

5
30000
64000
42000
6000

6
40000
56000
36000
8000

126000

-438-

10

 :

1

16000 14000 12000 10000

)(1.5

24000 21000 18000 15000

)(0.7

16800 14700 12600 10500

)(1.2

28800 25200 21600 18000

35000 35000 35000 35000

1200 1200

1200

1200

900

82700 77000 71300 65600

900

900

900

:
.1 )(3
= %70 40000

28000

+ = %30 50000

15000

43000

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= %60 20000

12000

+ %40 28000

11200

23200

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= %20 50000
+

10000

11000

=)(4000 15000

21000

= 11000 + 10000

.4
3/1

4000

43000
-439-

)(23200

)(21000
2800

+ 1000

3800

.5 ) 35000 = %70 50000 = (3

:
5/1

28000

111700
139700

- )(

)(85000

)(40000
14700

+ 10300

25000

-440-

:
.1 .2004
.2 .2002
.3 .1999
.4 .2003
.5 .1994
.6 .2003
.7 .1973
.8 .2009
.9 .1995
.10 .1988
.11 .1997
.12 .1995
.13 .2010
.14 .2005
.15 .2006
.16 .2003
.17 .2002
.18 .2001
.19 .1998

-441-