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L* L/
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5 E
5
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5] 5

− −

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L* L/
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5

5

Y* − 5/ Y/

9]
5

− −

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 5 
Y/ = 9]  + 
 5 

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∆Y*
∆L 5 E ≅
5E

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H[FOXVLYDPHQWHSRUHOFROHFWRUGH7\WHQLHQGRHQFXHQWDODVLPLOLWXGHQWUHODVFRUULHQ
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∆Y*
∆L] ≅
5E

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∆Y*
∆Y ] ≅ U]
5E

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∆Y*
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5E KIH

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∆Y*  K 
∆Y % = ∆Y ] + ∆Y %( ≅  U + LH 
 ] 
5E  KIH 

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(
5 KLH + KIH + U]( ) )
Y% = Y/

(
5 + 5 KLH + KIH + U] ( ) )

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69 ≅ U] +  +
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∆Y* KRH + KIH + ∆L% =

GHGRQGH

KRH
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KIH +

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 

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
69 ≅  +   U + LH  +
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 
]
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


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VHDEDMR

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9] − 9 %(
, & ≅
5

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 KIH 
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%

L* L/
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9]

5
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∆L* ϕ ∆L/

KLHL%

5E ϕ KLH 5

ϕ

∆Y* KRH KLHL% KLH ∆L/ ∆Y/

ϕ 5

U]
−

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  KIH
ϕ  KRH +

+ − ϕ − ϕ = ∆Y* KRH + (ϕ − ϕ ) − ∆L/
 KLH 5  5 KLH KLH

 
− ϕ + ϕ  + +  − ϕ =
 5 5 KLH 
5   KLH

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− ϕ + ϕ 
 5E
+ KRH +  − ϕ K
 RH
= − (ϕ − ϕ ) + ∆Y*
KLH  KLH  KLH
5 E

  K
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 
KLH  U] KLH  KLH

5HRUGHQDQGR\DJUXSDQGRVHWLHQH

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ϕ  KRH + +  − ϕ − ϕ IH = ∆Y* KRH − ∆L/

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 
− ϕ + ϕ  + +  − ϕ =
 
5  5 5 KLH  KLH

KIH   K 
− ϕ + ϕ + ϕ  + KRH +  − ϕ  IH + K  = ∆Y
   KLH RH  *
KLH KLH  5E KLH    5E

  K
− ϕ − ϕ KRH + ϕ  KRH + +  = IH (ϕ − ϕ )
 
KLH  U] KLH  KLH

(VWHVLVWHPDSXHGHH[SUHVDUVHHQODIRUPDPDWULFLDO

$ Φ = &

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Φ
69 =
∆Y*

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69

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∆L/
∆L% ≅
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∆L/
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∆L/  KLH 
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

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∆L/  KLH  K 
∆Y % ≅ −  +   U] + LH 
KIH +  5E 
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

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KLH
+
5E  K   5 

6, ≅ −  U + LH  +
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]
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

( ( ) )
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
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6,≅−Ω

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6,≅−Ω

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Φ
6, =
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6, −Ω

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RSHUDFLRQDO

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U]
∆Y ] = ∆Y*
5 + U]

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 

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69 ≅ 
U]
+   + 5 
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5 + U]  5 

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KLH
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KIH +

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KLH  5 
6, = −  + 
KIH + D Y  5 

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