) (

4.............................................................................................................
4....................................................................................................................
4..............................................................................................................
5..................................................................................................................
5.....................................................................................................................
6 .............................................................................................
7.....................................................................................................
7....................................................................................................................
8............................................................................................................................
9.............................................................................................................
10....................................................................................................................
10.............................................................................................................. PE
11.........................................................................................................................
12....................................................................................
14...................................................................................
16 ..................................................................................
18 ......................................................................................................
18..............................................................................................................
21...................................................................................................................
22.............................................................................................................
22 .......................................................................................................
24.............................................................................................................
24................................................................................
24 ......................................................................................................
25................................................................................................................
25 ...........................................................................................................
29...................................................................................................................
29 .....................................................................................................
30 ......................................................................................................
30 ..........................................................................................................
30 ...........................................................................................................
30 .....................................................................................................
30...............................................................................
31 .........................................................................
32..................................................................................

 32 ........................................................................................................
33 ...............................................................................................
34 ........................................................................................................
34...............................................................................................................
34 ..............................................................................................
P 36 ........................................................................................................ F
39.........................................................................................
42 .......................................................................................................
42 ....................................................................................................
44 ......................................................................................................
46 .........................................................................................................
47.................................................................................................
47 ...................................................................................................
50................................................................................
50.........................................................................................
50 ..................................................................................................
)( 54 ........................................................... EUAC , EUAB
59 ..........................................................................
60 ............................................................................................
65 ...................................................................................................
66 ............................................................................................
69 ......................................................................................................................
69 .................................................................................................
69 ............................................................................................................
69 ............................................................................................
73 ................................................................................................
75 ...............................................................
)75.................................................................................................................. (TX
75..................................................
79.................................................................
80.........................................................................................
82..............................................................................................................
83 .......................................................................
85..............................................................................................................
86 ......................................................................................................
93 ...........................................................................................................................
93.................................................................................................
93 .......................................................................................................

 )102 .......................................................................................................... (f
) ( 104 ............................................................
104 ...............................................................................................if
104 ...................................................................................................
108 .............................................................................................................

3 : : 48 : :

...

-1
.
)( . -2
-3
.




-

.
:

-2 -

.

-3
.
:

.
.

-
.

-5

.

6 7.
.

Capital

Labor

Land

Management

Technology

Goods

Services

 .

.

8 .

.
-1
-2
-3
-4

) - (

.
-1
-2
.
-1
-2

.
2 .

Price Theory




:
.

Px -1
T -2
C -3
I -4
Pn -5
R -6

X :
)X= f (Px, T, C, I, Pn, R
- Px
- T
- C
- I
- Pn
- R

X :

X= f(px) ,
)Px= g(x :

Demand

Supply

Market Price

Demand Curve

 : X .

1000 50
2000 40
3000 30
4000 20
5000 10

px
:

:

.

 : x .

1000 10
2000 20
3000 30
4000 40
5000 50

px

)X= h(px
Px= k(x) :

Px
D )(Excess S
P N
M

Pe

P K L

)(Shortage

O X Xe X X
X
x

Ox Ox = xx = MN Pe
Ox Ox = xx = KL Pe

Pe
.

Equilibrium Price

 : x Px= g(x)= - x + 4
px = k(x)= 2x + 1 : . .
.

: .

15
ep .

=ep

/ p x
= e = .
p p / p p
x y .

x
x y
= xy = x
y y x
y

: x .
= .
px
D

Elasticity

Price Elasticity of Demand

 x P
( = E ( = ) (). (). )= = .
Px X

%1 %12
.

dx p
( = Ex px ).( x ) :
dp x x

: x x= 800-100p px=6
.

p = x =

dx p
(=E ).( x ) = =
dp x x

- )(

:
2
x=2px px=2 x - px + 3
.

px =

X = + =

dx
= px
dp x

dx p x p
= Ex px = ( p x ) x
dp x x x

)E x p x = ( = = .

( px = )x =

x
= p x . : x +

3
x +
= px p x = x + x = p x + p x = x =

dx p x
= Ex px = = .
dp x x

: n .

Xn= apn+bpi+cy

= Y

 Pn = n

Pi = i

= C

a= -2 b=0,5 c=0,1 pi =4 y =100.

( .

( .

X n = p n + (. ) + (. ) = p n +
X n = p n +

pn

o
xn

: (TR)16

TR=Px.X

:(AR)17
TR Px X
= AR = = Px
X X

Total Revenue

Average Revenue

 :(MR)18 TR

dTR
= MR
dX

: Px=100-5x+2x2 . 10 (1 .
(2 (3 .
Px x = = + =
TR = Px . X = +
TR x = = =
dTR d
= MR = (x x + x ) = x = x
dx dx

MR>0 .
MR<0 .
MR=0 .

) :(TC
.
TC = Cx .x
) :(AC
.
AC = TC x /
) : (MC TC
.
MC = dTC/dx

) :(
= TR- TC ) (

Marginal Revenue

Total Cost

Average Cost

Marginal Cost


MC = MR

Px =100-4x :
TC = 50+20x .
.
MC = MR
MC =dTC/dx=
TR = Px.x = x-x
MR = dTR/dx= -x
-x= x= px=

: Px=20-x .
TC = x2 + 8x + 2.
.a
.b .
.c .

= TR TC = Px.X- TC= (-X)X- (X+X+) = -X + X- =

:
d/dX= -X+= X=
Px=-X=-=
=-x+x-=+-=
TR=P.X=()=
TC= + *+=


.
.

-1 .
-2

:
. " "
.

-
4 .
.1
.2
.3 ) -
(.......
.4
:

Pure Competition



.
PX

Pl

x
) (

x P
= E x Px =
Px x
Px

.

-
4
:
-2
-

.
: _ _

Perfect Competitio

 )(

px
D

-

.
:

.

) (
.
.

.
(1
(2
(3
(4
(5

-


.


.

.
: )(

.

.
.

.

Px

Px D

.

.

 24


.
)X= f(a,b,c
= X
= a,b,c
: .

: .

: A .
A
.

10 2
20 3
35 4
40 5
43 6
45 7
44 8
40 9

Production Function

The Law of Diminishing Marginal Physical Product

 35 10

50

40

30

20

10

l
1 2 3 4 5 6 7 8 9 10

:26
)(
.
)MP= MPP= dx/d = f (

:
.

)TP= x = f(
:
.
AP= x/ = f()/

Marginal physical product


:
.
.

.
(1
(2

(
: A
A
.

.

(
:
. ...
:
.

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



29 28
.

.
. .

. .

)C = K + f(x
TC TFX TVC

32
31

C/X = K/X + f(x)/X

AC AFX AVC

) = TR TC = f(x) g(x

.
D / dx= f (x) g (x) =
)f(x) = g(x
:
MR=MC

TC = Total Cost

TFX = Total Fixed Cost

TVX = Total Variable Cost

AC = Average Cost

AFX = Average Fixed Cost

AVX = Average Variable Cost

 :

D / dx <


.
:
.
:
... . .

.
.
:


.
: -

.

3 .
.1 .
.2 .
.3 .

 3 :
.1
.2
.3 .

....

-1 ) (
-2 .
)(
-3 )(
.
) (
-3
.
.

" " .
.

.
%100
.
- ) 60 %5 (%4
- ) %0 ( %5/5
.

.


.
.
-1
-2
-3
-4
-5 ) (

.
.

.

.

.
-1
.
-2
.


.
.

.

.

. "
" " " .
.

)E = f (x , y
) = E (
) = X (
) = Y (

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

 (
(

.1
.2

.

.
:
(
(
(
(
(


: 1000 x .
( 1000
( 1100
( 2000
( 10000
1000 1250
1250 1000
.

: .
.

: ) ( 30000 8/5
.

)(

15 29550 23190
20 26050 32520
25 24175 42525
30 23075 53690

 : 24 %6 1626 24
.

1626 24
1676 44208
1726 814324
1776 14999992
1826 276302169
1876 5089528576
1926 93749901511
1976 1726887648438

: A 100000
106000 . .

- =

= 106000 -100000 = 6000

= *100

= = %

: B 200000 %5 .
.
=200000*(%5) =10000
=200000+10000=210000

 .
) *(1+ =

=200000*(1+%5) =210000

.
100 %10 110
.

33

/ = ) / - ( = ROR

ROR .
.
.

34
-1 )(P

-2 (F) 35

)Rate of Return (ROR

Present Worth

Future Worth

 -3 (A) 36

-4 ) ((i) 37

38
)(n -5

+ n

1 2 3 n-1 n

.
.

Uniform Annual Cost

Interest Rate

Number Of Interest Period

 : 1000 4 500
. %10 .
.

?=F
n= 4
i= %10
? =F i= %10

0 1 2 3 4

A=500 A=500 A=500 A=500

P=1000

P F

) F = P + Pi = P( + i

F = F + Fi
F = F ( + i ) = P( + i)( + i ) = P( + i )
F = P( + i )

n
) Fn = Fn ( + i ) = P( + i n

) F = P ( + i ) n ) P=F
( + I ) n

 P =i

n
0 1 2
n -2 n -1
F
( (1+i)n .
( 1 / (1+i)n .

P A
.

?=P
1 2 3 =i n -1 n
0

A A A A A
( + i) n I ( + I ) n
(P = A ) (A = P
i ( + i ) n ( + I ) n

F A

( + i ) n i
(F = A ) (A = F )
i ( + i ) n


)(X / Y , i% , n

:
(F/P, , ) =

:
?= )(A/P,%7/3 , 10
(A/P, %7 , 10) = 0/14238 = 0/1424
(A/P, %8 , 10) = 0/14903 =0/1490

%7 0/1424

a c
b %7/3 ?=X d

%8 0/1490

a/c=b/d a = 7/3 7 = 0/3 ?=c

b= 87=1 d = 0/1490 0/1424
c = 0/00198 X = 0/1424 + 0/00198 = 0/14438 = 0/0066

p F )(P/F , i% , n )P=F(P/F ,i% ,n
F P )(F/P , i% , n )F=P(F/P ,i% ,n
P A )(P/A , i% , n )P=A(P/A ,i% ,n
A P )(A/P , i% , n )A=P(A/P ,i% ,n
A F )(A/F , i% , n )A=F(A/F ,i% ,n
F A )(F/A , i% , n )F=A(F/A ,i% ,n

: %5 .
. 15 50000
15 1,000,000 . .

F=1,000,000
i= %5
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

A=50000

)A= F(A/F, i%, n

F= A(F/A, i%, n) = 50000(F/A, %5 , 15) = 50000(21/578 )= 1078900

) ( .

 : %15 .
= PT

1 2 3 4 5 6 7 8 9 10 11 12 13

A= 1000 A=1500

?=PT
i= %15

1 2 3 4 5 6 7 8 9 10 11 12 13

PA

A= 1000
A=1500
PA
?=PA' ?=PA'

PT =PA + PA
)PA= PA'(P/F, %15 ,2) = PA(P/A, %15 ,3) (P/F, %15 ,2
= 1000 (2/283) (0/756)= 1/726
)PA= PA' (P/F, %15 ,8) = A(P/A, %15 ,5) (P/F, %15 ,8
= 1500(3/352) (0/327)= 1/644
PT= 1/726 + 1/644 = 3/370

 . %10 . x :

x x x x

x x x
x x x

1 2 3 4 5 6 7 8 9 10

100,000

P x x x x

P
P x x x
x x x i=

0
1 2 3 4 5 6 7 8 9 10

PT=100,000

PT = P+ P +P

100000 = x(P/A, %10,3) + 2x(P/A, %10,3)(P/F,%10,3) + 3x(P/A, %10,4)(P/F,%10,6 )

100000 = x ( ) +X( )( )+X( )( )
X=



) (
.

:
250

225

200
175
150 G=25
125
100

0 1 2 3 4 5 6
7

G P

G ( + i ) n n
=P
) i i ( + i n
( + i ) n
)P = G ( P / G, i %, n

G A

n
A = G +
i ( + i )
n

)A = G ( A G , i %, n

 : . %5 .

? = PT

1400
1300
1100 1200
1000
800 900
700
600
500

0 1 2 3 4 5 6 7 8 9 10

? = PA

)( 1
A=500

0 1 2 3 4 5 6 7 8 9 10

 : .
.

? = PG

900
800
700 )( 2
600
500
300 400
100 200
G=100

0 1 2 3 4 5 6 7 8 9 10

PT = PA + PG
)PT = 500 (P /A, %5 , 10) + 100 (P/G ,%5 ,10
PT = 500(7/7217)+100(31/625)=7026/05

An
An-
A
A
A

0 1 2 3 n-1 n

)At = At-(1 + j t = 2 , ... , n

-

 = i
= j
= t
= At t
= A1

At = A ( + j ) t t = ,..., n
( + j ) n ( + i ) n
P = A i j
i j

) (nA
=P i= j
) ( + i

)P = A ( P A, i, j , n

j > 0 j = 0 i # j .

) ( F P, j , n)( P F , i, n
P = A j i j
i j

: %8 .
5
. %10 50000
. .

A= 50000

n = 5 i = %10 j = %8

)P = A (P/A, %10, %8, 5

P = 50000(4/3831) = 219155

%10 .

i = j = %
nA
= P= = .
+ i .

%1*12 = %12 : %1

ie= (1 + r/t)t 1

= ie

= r
41
= t

: %1 .

r = %1 * %12
12
ie = ( 1 + %12 / 12) 1 = 12/68

: 10000 30000
15000 %6
10
.
? =F

0 1 2 3 4 5 6 7 8 9 10

10000
15000

30000

Effective Interest Rate

Nominal Interested Rate

Number Of Compounding Periods

 2
ie = (1 + 0/06 /2) - 1 = 0/0609 = % 6/09

)F = 10000(F/P, % 6/09 ,10) + 30000(F/P, % 6/09 , 6 ) + 15000(F/P, % 6/09 , 4

= 79/837

.

.




:

1 2 3 n

. %12
.
%1
%12
t
r
ie = +
t

.

.

F = P (+ r/t)tn

Continuous Compounding

 = r

= t

= n .

F= P lim (+ r/t)tn =Per.n

F = Per.n e = 2/71828

)F = P(F/P, r, n

P = Fe rn
)P = F(P/F, r, n

ie=er - 1 .

: 10000 %12
15 .

%12 / 12 = %1

15 * 12 = 180

? = )F = A(F/A, %1 ,180) = 10000(F/A, %1 , 180

Ie = (+r/t)t = (1 + %12/12) 1= %12/68

12

)F = A(F/A, ie, 15

= 10,000*12/68

 : 200000 ) %12(
5 ) . (

)F= P(F/P, %12 , 5

F= 200000(1/8221) = 364420


43
-1
44
-2

-3
45
-4

-5

" " .

.

" " NPW

.

NPW<0

NPW>0 NPW=0

PW .

: .

: A B . %10 MARR .

Present Worth Method

44
)Equivalent Uniform Annual Cost (Benefit

Benefit to Cost Method

 A B

2500 3500

900 700

200 350

5 5

PWA = 2500 + 900 (P/A, %10 , 5 ) 200 (P/F, %10 , 5) = 5788

PWB = 3500 + 700 (P/A,%10 , 5 ) - 350 (P/F, %10 , 5 ) = 5936

A .

.
.

.

: . .
. %15

A B

11000 18000

3500 3100

1000 2000

6 9

 9 6 18 .

: A
1000

SV=1000
1000

A=3500

11000 11000 11000

)PWA= 11000 + 11000(P/F, %15 , 6) 1000(P/F, %15 , 6) + 11000(P/F,%15, 12

1000(P/F, %15 , 12) 1000(P/F, %15 , 18) + 3500 (P/A, %15 , 18) = 38559

B :

SV=2000

18
A=3100 A=3100

18000 18000

PWB= 18000 + 18000(P/F, %15 , 9) 2000(P/F, %15 , 9) - 2000(P/F,%15, 18) +

3100(P/A, %15 , 18) = 41384

PWA<PWB A

: .

.... .

n
i ( + i ) n
A=P
( + i ) n

i ( + i ) n
lim A = P lim = Pi
( + i ) n
n
A = Pi P = A i

: .
20000 .
350000
. . %5
.

PWB

A
=P = =
i .

 )( EUAC , EUAB

) (
.

=P

=n

= SV

... .

EUAC= P(A/P, i%, n)-SV(A/F, i%, n) +

: 80000 5000
. 8 . 9000
%6
.

EUAC= 80000(A/P, %6,8) + 9000 5000 (A/F, %6,8 )= 21380

) (A/P,i%,n
.

: EUAC %15 .
.

A B

26000 36000

800 300

11000 9600

2000 3000

6 10

EUACA = 26000(A/P, %15,6) 2000(A/F,%15,6) + 11000 + 800 = 18442

EEUACB = 36000(A/P,%10,10) 3000(A/F,%15,10) + 9600 + 300 = 16925

B EUACB < EUACA.

 )(i

ROR= Rate Of Return

MARR= Minimum Attractive Rate of Return

.:

= MARR > ROR

ROR < MARR

: ROR

NPW=

PWB=PWC PWB PWC = i = ROR

-P +A(P/A, i%,n) + SV(P/F,i%,n) +=

: 1000 500

1500 .

- 1000 + 500(P/F,i%, 3) +1500 (P/F,i%,5)=0

 : i

-1 ) (

-2

-3

. i =%16/95 .

: .

5000 100 10
7000 10 .

P= 5,000

N=10

A= 100

F= 700

F=7000
A=100

1 2 3 4 5 6 7 8 9 10

P = 5000

-5,000+100 (P/A , i% ,10) +7000 (P/F , i% ,10)=0

)
(

F=10*100+7000=8000

)5000=8000 (P/F , i% n,

(P/F , i% n,) = 5000/8000 = 0/625

%4<i<%5

. .

%5 69/46

a i b 0

c d

%6 - 355/19

a c
=
b d
a % %
= a = .
. . .
ROR = i = + . = .%

-2

NEUA=

NUAB=EUAC EUAB-EUAC=

-P(A/P,i%,n)+A+SV(A/F,i%,n) +0000=

= i

= MARR
.

= ROR .

RORMARR . .

MARR<ROR . .

ROR

) NPW ( ) NEUA
( .

ROR ) (A ) (B )(A
) (B .
.

. :

+ =

PWX PWY NPW

-1

Extra Inuestment Analysis

 MARR MARR
.
. <NPW = 0
. 0 >NPW
. <NEUA = 0
. 0 >NEUA

.

.
.
.
4 -2

PWBX PWBY PWBZ PWBW

X Y Z W
PWCX PWCY PWCZ PWCW

.
PWB
:

NPW=
PWBZ Z MARR=a%
PWBY Y

PWBW W

PWBX X

PWCX PWCY PWCZ PWCW PWC

 MARR=a%

45 ROR MARR
45 ROR MARR
X Y Z .
W .

: X,Y XY 45 Y
.
: Z,Y YZ 45 Y
.


.

.
-1
MARR .
-2


.
-3
.
. -4
MARR

.

:
. %10 .

 X Y
200 700
95 120
50 150
6 12

X )PWC= 200 50(P/F,%10,6)+200 (P/F,%10,6) 50(P/F,%10,12

= 269
PWB= 95(P/A,%10,12)= 647
Y PWC= 700 - 150(P/F,%10,12)= 652
PWB= 120(P/A, %10, 12)= 818

PWB
818 Y NPW=
800

700 45
647
600 X

500
400
300
200
100 652
269

100 200 300 400 500 600 700 800 PWC

 XY MARR=10% 45 .
.

:2 . 20
. %6.

PWB=4703
X
PWC=2000

PWB=7329
Y
PWC=4000

PWB=8029
Z
PWC=5000
.

PWB NPW=
= MARR
Z
8000 Y

6000 C

X B
4000
A
2000

2000 4000 6000 PWC

 -1 ) % 6 45 ( .
.
-2 XY 45 . Y .
-3 YZ 45 . Y
.

:3
.
n= 20 , MARR= % 6
.

D B A C E
PWC 1000 2000 4000 6000 9000
PWB 1170 4100 6390 7610 7850

PWB

9000 NPW=
7850 MARR=
8000 E
7000 77610 C

6390 A
6000
5000
4100
4000 B

3000
2000
1000 D

0
1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 PWC
1

A .

 :1 NPW=0 45 MARR .
:2 .
:3 .
:4 PWC=PWB ) . ( NPW=0

. -1
. -2
) (MARR -3
.
-4
.

:
. 20 MARR=6%
.
A B C D E
4000 2000 6000 1000 9000
639 410 761 117 785

: .
D B A C E
1000 2000 4000 6000 9000
117 410 639 761 785

D B .
1000
293
2000-1000=1000 410-117=293
1000= 293(P/A, i%, 20) ROR=%29

 %6 . B .

B : A

2000
ROR=%10
229
%6 A .

A : C
2000
ROR=%2
129
MARR=%6 . A
C .

A : E
5000
ROR~ %0 c
146

A 5 .

)( ) / ( = B / C
.

-
) PW) = (PWB / PWC PW /( =)(B/C
-
EUA = EUAB / EUAC EUA / =B/C


= 0 > B-C = 1 > B/C
.
B-C <0 B/C < 1
.

: .
1000000 )(
1 150000 )(
50000 )(
30000 )(
2 100000 )(

20 %10 .
.
B EUAB +
= = = . .
C EUAC ( A P,%,) +

: .

: .

:
.

.:

B /C =PWB /PWC
B /C =EUAB /EUAC

= 1> ) (B /C .

(B /C)<1 .

 :
.

A B C D E
1000 2000 4000 6000 9000 PWC
1340 4700 7330 8730 9000 PWB
1/34 2/35 1/83 1/46 1 B/C

) ( .
BA
PWC= 1000
PWB= 3360 B / C = 3/36 > 1 B
CB
PWC= 2000
PWB= 2630 B / C = 1/32 > 1 C
CD
PWC= 2000
PWB=1400 B / C = 0/70 < 1 C

CE
PWC= 5000
PWB=1670 B / C = 0/33 < 1 C

C .
.

:

.

) ( -1
) ( -2
) ( -3
)( -4
) ( -5

:
.

-

.
D = (P-SV) / n
= D
= P
= SV
= n ) (
m .
BVm = P-m.D m= 1 , 2 , 3 , , n

Depreciation

Book Value

 : 80,000 )( 10
10000 . 5
.

P SV
=D
n
BV = P D = ( ) =

= m= BV = P
m= n BVn = P- nD = SV
BVm= BVm- D

-

.
n m +
= Dm ) ( P SV
SYD
M = ,,..., n

= Dm m
= n ) (....
= m
= P ) (
= SV

n
)n(n +
= SYD = m
m =

)Sum of the years Digits Method (SOYD

 -
)P m ( n ( m ) + .
= BVm ) ( P SV
SYD

: 80000 10 10000
. )
(
)(SOYD
P =
n =
SV =
n(n + )
= SYD = =

n m +
= Dm ) ( P SV
SYD
+
= D ( ) = .

)m(n (m ) + .
= BVm ) ( P SV
SYD
) ( ( ) + .
= BV ( ) = .

-

.
2/n " "
. .

)Dm = BVm-(d
BVm= P(-d)m
Dm = d.P(-d)m-
= d
.

.

)Declining Balance Method (DB

 .
n
)SV= BVn = P(-d
SV/P = (-d)n
d = - (SV/P)/n
: 0/188
.

P = 80000
n = 10
Dm = d.P(-d)m-
4-1
D = 0/188 * 80,000(1 0/188 ) = 8/909

BVm = P(-d)m
4
BV = 80000(1 0/188) = 34/779

-

.
.

)Dm = (P-SV) (A/F, i%, n) (F/P, i%, m-

)BVm = P-(P-SV) (A/F, i%, n) (F/A,i%,m

n A
) (i% ) (P-SV
.

)A = (P-SV) (A/F, i%, n

: 80000 10000
. 10 %10
.

D4 = ( 80000 10000 ) (A/F, %10 , 10 ) (F/P, %10 , 3) = 5846/42

BV4 = 80000 ( 80000 10000 ) (A/F, %10 , 10) (F/A, %10 ,4 ) =5961440

Sinking Fund Method

 -
.

.

Dm= (P-SV)Um / U
= Um m
= U

-
.
)Dm = (P-SV) (Qm / Q
= Qm m
= Q

.
:

n
)PWD = Dm (P/F, i%, m
m=
:
)EUAD = PWD(A/P, i%, n

.
PWD EUAD .

" " .

: 8 50000 .
10000 .

 ( ) 4(
(
.
(



.
.

)(TX

.

)(GI -
) .(...

)(GFAT -

.

)(OC -

.

)(TR -
.

)Cash Flow After Tax (CFAT

(1
Cash Flow Before Tax

(TX) TAX

Gross Income

Cash Flow After Tax

Operating Costs

Tax Rate

 =
CFBT = GI OC
(2

57
)(TI (3
=
TI = CFBT D
TI = GI OC D

)(Tax (4
* =
TX = TI .TR

)(CFAT (5
- =
CFAT = CFBT TX
CFAT = CFBT (CFBT D) TR
CFAT = CFBT (-TR) + D.TR

.
(1 )(NPW
n
)NPW = - P + CFATj (P/F, i%, j
j=
NPW 0 .

(2 )(NEUA
)NEUA = NPW (A/P, i%, n
NEUA 0 .

(3 ) (
NPW =
n
- P + CFATj (P/F, i%, j)= ?=i
j=
iMARR
i<MARR

Taxable Income

 (4 ) (
NEUA =
NPW(A/P, i%, n) = ?=i
iMARR
i<MARR

: :
P= 50000
SV= 0
N= 5
K= 1, 2, 3, 4, 5
= 28000 1000 K )(GI
= 9500 + 500K )(OC
%40 .
. %7

: CFAT .
.

(a
(b

 GI-OC CFBT-D TI.TR CFBT-TX
)(1 )(2 )(3 )( 4 )( 5 )(6 )( 7
GI OC CFBT D IT TX CFAT
)(3)=(1)-(2 ) (5)=(3)-(4 )(6)=0/4(5 )(7)=(3)-(6
0 - 5000 -5000 - - - -50000
1 27000 10000 17000 10000 7000 2800 14200
2 26000 10500 15500 10000 5500 2200 13300
3 25000 11000 14000 10000 4000 1600 12400
4 24000 11500 12500 10000 2500 1000 11500
5 23000 12000 11000 10000 1000 400 10600

n
)NPW = - P + CFATj (P/F, i%, j
j=
)NEUA=NPW(A/P, i%, n

:
)NPW= - 5000 + 14200 (P/F, %7 , 1) + 13300(P/F, %7 , 2) + 12400 (P/F, %7, 3
)+ 11500 (P/F, %7, 4) + 10600 (P/F, %7, 5
:
NPW= 1340/81
)NEUA= 1340/81 (A/P, %7, 5
NEUA= 327

%7 .

: 100000 10000 .
9 20000
%50
%10 .

 :
.

CFBT D TI TX CFAT

0 -100000 - - - -100000
1-9 20000 10000 10000 5000 15000
9 10000 - - - 10000

.
-100000 + 15000(P/A, i%, 9) + 10000(P/F, i%, 9)=
ROR= %7/7
ROR<MARR : .

- .

-
.
-
.
-
. .

)(TS

.
CFAT=(GI-OC)-(GI-OC-D).TR
=(GI-OC)-(GI-OC)TR+D.TR
)=(CFBT)(-TR)+D(TR

Tax Saving

)TS=D(TR

D .
) D(TR
.



.
:

n
)PWTS = Dm (P/F, i%, m) (TR
m=

) (i
. .
.
59
(1 = PR
60
(2 = I

.
CFBT=GI-OC
TI=CFBT-D-I
TX=TI.TR
CFAT=CFBT-TX-I-PR

.
.

Principle

Interest

: .
15000 (1
0 (2
5 (3
7000 (4
1000 (5
(6
TR =%50 (7
MARR =%15 (8

( .
( %50 ) %10 (PR=1500
I=750 . .
(
-

=D =

Any year = GI-OC = 7000-1000=6000

CFBT D TI TX CFAT

0 -15000 - - - -15000
1-5 6000 3000 3000 1500 4500
7000-1000=6000

-1500 + 4500(P/A, i%, 5)=0 ROR= %15/25

NPW= 84/9
MARR= %15

 (
= 15000 * %50 = 7500
I= 7500 (%10)=750
PR= (7500) / 5 = 1500

CFBT D I PR TI TX CFAT

0 -7500 - - - - - -7500
1-5 6000 3000 750 1/500 2/250 1/125 2/625
CFAT = 6000-(1125+750+1500)=2625
NPW= 0 -7500 + 2/625 (P/A, i%, 5)= 0
i= ROR=%22/22

(
.
. .

) ( .

.
63 .

. 65 .

Replacement Analysis

Retirement

Defender

Replacement

Challenger



. ) n (
) n (
EUAC . EUAC
.

: 5 .
50000 .

%10
.

) ( )(SV

5 0 50000 -
6 1 40000 -
7 2 35000 1000
8 3 30000 2000
9 4 25000 3000
10 5 20000 4000
11 6 20000 5000
12 7 20000 6000
13 8 20000 7000
14 9 20000 8000
15 10 20000 9000
16 11 20000 10000

)50,000 (A/A ,%10 ,1) 40,000 (F/A ,%10 ,1

55,000-40,000=15,000
1000(A/G ,%10 ,2)=480

 : EUAC .

)(

) ( n (A/P,10%,n) 5000 (A/G, 10%,n)1000 EUAC

)SVt(A/F,10%,n
0 - - -
1 15000 - 15000
2 12140 480 12620
3 11040 940 11980
4 10390 1380 11770
5 9910 1810 11720
6 8890 2220 11110
7 8160 2620 10780
8 7620 3000 10620
9 7210 3370 10580
10 6880 3720 10600
11 6620 4060 10680

. 9
5 14 .

= EUACD - EUACC =EDRV

EUACD>EUACC EDRV>

: 3 9500
3500 7 .
28000 14 3000
5500 . %15

 3

EUACD = P(A/P, %15, 7) 3500 (A/F, %15, 7) + 9500 = 0/24036 P + 9/184
=9,184
EUACC = 28000(A/P,%15,14)- 3000(A/F,%15,14)+5500 = 10/342 =10,342

0/24036 P + 9,184 10,342 =0

P= 4/184

.

.

.

.
"
".

.

: 300000 . %10
%10 %5 %10
.
.

Sensivity Analysis



% %

PW= 420000 PW= 300000 PW= 250000

PW= 440000 PW= 310000 PW= 255000 %5
PW= 465000 PW= 325000 PW= 2650000 %10

PW .
PW .

/
.

Isoquant Curve

 :
.
P= 170,000 MARR= %13
= 3000 N= 10
SV= 20,000
= 35,000

- .
-
.
- .

(
NEUA=170,000(A/P ,%13 ,10)-3,000 + 20,000(A/F ,%13 ,10)+35000=9530
(
)NEUA=170,000(A/P ,%13 ,10)-3,000(1+Y) + 20,000(A/F ,%13 ,10) +35000(1+X
=9530
NEUA= 1757+3500X-300Y
NEUA>0
NEUA=0
NEUA<0

) NEUA=0 ( .

35000X- 3000Y+ 1757= 0

X= 0 Y= 1757/ 3000= 0/58
Y= 0 X= 1757/ 35000= 0/05

 ) Y(

NEUA>0
0,5

NEUA<0 0,4

0,3

0,2

0,1
) X(
- - - - -

NEUA=0

) X( .
Y .




.
" .

. .
-1 : (M) 69
.
-2 : (O) 70 .
-3 : (P) 71 .

. 74
" "

O+M+P
=


O-P
=

.
.

:
P, O, M 15
.

Estimate

Most likely

Optimistic

Pessimistic

Mean

Variance

Beta Distribution

 P M O

10520 10000 10000

1900 1980 2000
9 12 12
- - 1000

)O = (P/A, i%, ) + (P/F, i%, ) RORO =

)M = (P/A, i%, ) RORM=

)P = (P/A, i%, ) RORP=

MARR
.

= (+ ()+ ) / =
= (+ ()+ ) / =
= (+ ()+ ) / =
= (+ ()+ ) / =

= (P/A, i, ) + (P/F, i%, ) ROR=

.

.

. .
.... .

.

Point to point

 :
:
:1
= 230,000
= 40,000
= 10
= 120
= 1
= 35,000
= 8

:2
= 80,000
=
= 5
= 80
= 3
= 15,000
= 6

2000
.
:
1 120
( = 120 1 *) ( ( ) *X =) x=15X
8 8

= X

EUACO =230,000 (A/P ,%10 ,10) -40,0000(F/A ,%10 ,10)+35000+15X

= 69/920+15X
1
= 80*3 * *X=40X 2
6

EUACD =80,000 (A/P ,%10 ,5) + 1500+4X
= 36/100+40X
EUACO = EUACD 69/920 + 15x = 36/100 + 40X x= 1352/8
/
1352/8
2000
.



) ( . -
-
.
-
-
-
.

77



78

79

A P1 P2
.

if = ((p P) / P )
)( = if

:
P(t) = t
P(t+t)= t
t :
)P(t+t)= P(t)(+if

Inflation

Price Inflation

Cost Inflation

Inflation Rate

 .
n
)P(t+nt)= P(t)(+if
= n t

K
ifk K .
) * (+ifk = K . K
) ) / (K . + ifk = ( K .
) - ) / (K . ifk = ( K .

n
if1 if2 if3 ...
P1 n :
)Pn= P(+if) (+if) (+if) . (+ifn

) Y(t V ) P(t .
))V= (Y(t)) / (P(t
.

))V= (Y(t)) / (P(t)) = (Y(t)) / (P(t)) = (Y(t)) / (P(t

) . (

) . - - (

t0 . ) Y'(t .
)Y'(t)= (Y(t)) . (P(t)) / P(t

Actual Dollar

Constant Dollar

) Da , n= t - t / t( ) Dc /( = P(t) / P(t) = / (+if)n

D(t) = P(t) / P(t) = Dc / Da

D(t)= / (+if)n = P(t) / P(t) = Rc /Ra

.
)Y'(t)= D(t) Y(t

100
. .
: 3000 1375 1382 12000
. 1375 :
( / ) =
100 .

1n M .

In = ((Pn / PK) + (Pn / PK) + . + (Pnm / PKm)) / M

= K
= n
= M
= Pnm m n
= PKm m )(K

.
.

Price Index

)In = ((PnW / PK) + (PnW / PK) + . + (PnmWm / PKm)) / (W+ W + + Wm

= Wi


- WPI

- - -
- - - - - -
- - - -
.

CPI
.

.
WPI .

IPI

.
.

If(t+)= ((CPI(t+) CPI(t)) / CPI(t))

:
.
: 1365 CPI 272,2 .
.

Wholesale Price Index

Consumer Price Index

Implicit Price Index

 = (/) =

1940 ) 1988
( CPI

CPI CPI CPI

1940 2,381 1960 1,127 1974 0,678
1945 1,855 1961 1,116 1975 0,621
1948 1,387 1962 1,104 1976 0,587
1949 1,401 1963 1,091 1977 0,551
1950 1,387 1964 1,076 1978 0,512
1951 1,285 1965 1,085 1979 0,461
1952 1,285 1966 1,029 1980 0,405
1953 1,248 1967 1,000 1981 0,467
1954 1,242 1968 0,960 1982 0,346
1955 1,247 1969 0,911 1983 0,335
1956 1,229 1970 0,860 1984 0,321
1957 1,186 1971 0,824 1985 0,310
1958 1,155 1972 0,799 1986 0,305
1959 1,145 1973 0,752 1987 0,291
1988 0,278

: 200,000 %14
150
.
16,000 . 5 %18

. .

16,000(150)= 2,400,000
2,400,000- 2,000,000= 400,000
5 )F= P(F/P, 14%, 5
5
F= 2,000,000(f/p, 14%, 5)= 2,000,000(1+./14) = 3,850,829

 150 150(16,000) =2,4000
%18 :
5 F= 2,400,000 (F/P, %18, 5) = 5,491,200
2,400,000(1+if =0/18)5 = 5,491,200
5 5,491,200- 3,850,829= 1,640,371

1,640,371 5
400,000 .

. %15 %15
%15 (if= 15%) :
%15 - (/ )= .
CPI
. 1983 1967
0,335
1/0,335= 2,99 .
:
1980 1967 .
:
= (/) () = (/) ($) = $

2,468= (1+if)13 if 13
) . (1980- 1967 :

(+if)(+if) (+if)(+if)= (+if)

:
1500000
10 . 8% .
5%
.
:
A= (A/P, , ) =
8% 120000
K .

 /(+)k = ()-k
:
(+)- = ()=

.
. 10
1620000
994518 . 10 0,6139
.
.
.
.


.

) ( ) (
114288 (1,05)-1= 0,9524 120000 1
108840 (1,05)-2= 0,9070 120000 2
103656 (1,05)-3= 0,8638 120000 3
98724 (1,05)-4= 0,8227 120000 4
94020 (1,05)-5= 0,7835 120000 5
89544 (1,05)-6= 0,7462 120000 6
85284 (1,05)-7= 0,7107 120000 7
81216 (1,05)-8= 0,6768 120000 8
77352 (1,05)-9= 0,6446 120000 9
994518 (1,05)-10= 0,6139 1620000 10


. .

86 .

.
i .
: i'
. ' i
.
' i=i . .
) : (if
... .

i ) ( .
' i ) (.
F

(+i)n

/ (+i)n

n- n

FC
/ (+if)n

(+if)n

(+i')n

Market Interest Rate / (+i')n

Inflation- Free Rate

n- n
 if i' i
) (
.
) ( ...
.
f fC n ... .

:
20000000
. i= 15% 8
- .
- 6% 5 7%
.

4500 4500

1 2 3 4 5 6 7 8

20,000 i=%15

)P = A(P/A, ,

)P = (P/A, ,

: 6%
.

 aC= / (+ ) =

aC= / (+ ) =
aC= / (+ ) =

6%
7% . :

aC= / (+ ) (+) =
aC= / (+ ) (+) =
aC= / (+ ) (+) =
aC= / (+ ) (+) =
aC= / (+ ) (+) =

20000
. .

)(f
f .
: 200 216 . .

) (b a
= f
a
a

)(
= f = .

 : 3 176 216 . .

( + f ) = + f =

f = % f = .%

) (

) 4(
. .

:
-1
-2

if
if .
P Ft t .

P= Ft / (+f)t (+i)t
P= Ft / (+if)t (+i)t (+f)t = (+if)t
if = i + f + if

: %10 %5 .
If = %10 + %5 + 0/050 = %15/05

) + (. .
= CPI = .
.

= 377000 * 1/098 = 389000 ) (1376


.
.:

= 100

)(Types of Inflation
. )(Demand-Pull Inflation
. )(Cost Push Inflation

.

.

"
" .
1985 800 2500 .
1923 42
.
)(Effects of Inflation
. ) (

.
.1 .
.2 .
.3 .
)(Inefficiency

.
.


.
.
)(Stagflation
.
.
. "
" .
)(Economic growth
.
.
.
)(Business Cycles
)( -
.
91 90 89 88
.1 -2 -3 -4












5 .

Recession

Slump

Expansion

Boom

 )Gross National product (GNP

.
... ....
.... .
.
.
)Gross Domestic Product (GDP
) (
) ( . .
:
. . .
) (GDP
. .
+ =
GNP=GDP+NA

1. G. J. Thuesen, W. J. Fabrychy, Engineering Economy, (Prentice-Hall

international Series in Industrial and Systems Engineering), Prentice-Hall College
Div; ISBN: X; edition, .
2. James L. Riggs, David D. Bedworch, Sabah U. Randhawa, Engineering
Economic, McGraw-Hill, Higher Education, ISBN; , th edition,
.
3. Gerald W. Smit, Engineering Economy: Analysis of Capital Expenditures, Iowa
state university press, ISBN: ; th edition, .
4. Eugene Lodewick Grant, William B. Areson, William G. Ireson, Principle of
Engineering Economy, th edition, John Wiley & Sons; ISBN: X;
.
5. Leland T. Blank, Anothony J. Tarquin, Engineering Economy, McGraw-Hill,
Series in Industrial Engineering and Management science, McGraw-Hill Collage
Div; ISBN; , th edition, .
6. J. C. Sprague, J. D. Whittaker, Economic Analysis for Engineers and Managers,
Prentice-Hall, ISBN; , .