------

- :
-6/1
:
-6/1/1 .
-6/1/2 .
-6/1/3 ) ( .
. -6/1/4 ) Machinery and Allied Products Institute System (MAPI

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

209


------

- :


.
Alfred Marshall




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MAPI: Machinery and Allied Products Institute 6/1/4
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220
 -6/2/1 Marginal Productivity Theory :


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100 5 600 325

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1 100
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3 = 30
100 30 280
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The Marginal Efficiency of Capital Theory (M E C ) .

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890 = 0.890 1000
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Net Cash Inflow 6/3/4/1
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= 0.70 - )(c

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10000 + (0.4 -1
= ] 30000 ) (N C F e
10000[ (0.6) + 10000

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The Cash Out flow 6/3/4/2
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6/3/5 :
. Internal Rate of Return for Decision Making



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%18 %16

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18% 16%
3.127 3.274 5 - 1
1.367 1.559 10 - 6



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0 0 5
6835 7795 1.367 1.559 5000 6
10
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6/3/6 :
. Present Value for Decision Evaluation

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Discounting

Discounted Cash Flow
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6/3/6/1
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1000

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0.7 140000 2
0.6 130000 3
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200000
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78 4 43 000
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0
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43 00
37872 0.7 480 0.4 120000 4
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17928 0.7 240 0.3 80000 5
47 00

242
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245


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246
 : -
- Brandt, L.k., Op.Cit., PP. 337-357, 359-387 .
- Emery G.W., Some guidelines for evaluating
Capital investment alternatives with unequal
lives , Financial Management, 11 ( Spring
1982 ) , PP. 14-19.
- Keynes J.M., The General Theory of
Employment Interest and Money, ( New
York : Harcourt, Brace & World, Inc., 1936 ) ,
P.135.
- Lee, Cheng F., Op. Cit., PP. 303-323 .
- Marshall A., Principles of Economics, 8th ed.,
( London : Macmillan and Co. Limited,
1936 ), P. 353 .

247