i 31 08 20 HNacrvecorom ia Loymbre: rma Photevo Hadales USO. FASO FL TACEA Fekcicio #4: Mercado A bine y Avviciol : Cz 150 +0, 95 fh V2 CHTtEGE Zs /§0- 950u Ye a sya) +1$0-95014+ £00 £; M90 2 ISPS) tot ooo a 0; 'O. be 1G Gor +0) STt {So -0,859- egsluco $180- 9501 605 Ye 59040))S7~ 9506” Y-O8SJ= SI0—~9S0L Bisys 390-4506 yz 830-9508 Li ost d Os Meecado de diners | Demande = .0,307- 400v 0,.30J- 4004 = 1000 Oferta ~ 1000 0,307. 1009 +9004 Yn {090 +900l 2,30 fs | B5pilibrio «nm la eoonorni’a + (£52 1) 590-950L ~ te f Sook Ore. a (590 - Aebnp set (00-901) 2 177-agst 2 Iso4 185 197-150 = 135¢r+28SL Qe 2 420¢e keemplaze rn ZT5: Jp 890-9501 S00 SOL TS J- S90- 950( 0064) = O15 - §29,29 rr 333 (fz SSor Ne Ce: Cz 130t Ogs Yl Y- GTtG Z- 1O- Aol eh eSeaplic folttica Fiscal exPansiva : Aplory DiiN40 eee os Ae Y= (501 9,35 M)+ lYeo-9501) + 900 ba ¥ 7 Y- {504 9455 (I-T) + If -9901 $900 = poe ots, ~ O35(4100) +180 - 900) + Y= Is0t O3s%-340+4130- %50l +509 Lr bP t0IS7-I50l . 71-2 bS7> $90 ~ 4S50L Olsf = ¥90- 950% a = 9596 y: dag-asst ES) « Nueva Equilibria en la teoromia Is. Y- Yoo-9soi LN. Y-_je00 49000 as’: LM 890-4501 - 1000 +%00t Wi = 0/30 (840 - 9501) 0.30 ~ (jooo +7901) 0,15 267-2856 — 1504 135v 267-180 ~ 135L +2506 Wt 2 Gahfe att. AD © Femplaze on Ds: ~_ J90- 950 / isi || y~ P20 = 930l0 239 He £90- 265,05 OTS Y~ bad 4S a, JS ° Zaph apis y pak feli'hea Plonebaria eager = 0 Dy S001 Oferta = eel a _ Me fe = ge 039-4001, = 1500 ; 2,309 1300 +906 Ys O20 ee KLevo Equilibrio wn lA economia JT 25-7: 1590-49801, OS Lt’. Y. ds02 +5001 0, 30 mss Arf’ ee P= 509 + Fon TS 2,307 ~ 2656 2 | 225 + 135 72-225 - 135¢ Fags Tt -48 > 20 AL: l GE (540 - 9501) 930 - Usoot poo) ous e kermpla3xo 2n FS Js 890-9504 be OMS 7: S30>950(- ofl 4 OS V- FOF (07,39 OIS fe $ a ee e & aplican las 2 poliicas dontes D5'. 7. 89029} ket. {po taoot 77s 7 10.30. ats'=L/M' 390-950, - eee E Eel? Pare i ni ao 2b Fe a3 E Geeiat 78 NCL ER a: AY. od) Go - “yee: G)s0 + 9001) 0, 15@ ° Feemplazo ey IS: - £29 - 2506 Ts FAG er L Y- L00= 250 (0,1, FETT ost + S90 SS Pe pO PRT ~ [7D r ois =e F330) ) ee . a Resmiends he Zguihbis Ticial Zs: % 890-9800 LM - 7- logo peal, O15 G30 BuIA Cz 0064 L GEC 2. folitica fiscal ¢xpantives °. tS = 1 fe-3s0l Ait ~ Y= teope soot raeae gr app iiuies Nonedaria, PS: f599= sat Art. Fp iuotawe 1 fen C: b= -O4 Y= 4655, 33Y, na AOI Poly’ heay Gonjorta. ae Ss = 450 LY tsp Foal far ford > 5300 Yonb | Zevaldaden fe ( x A Zs=Lr4 0,064 \3528 8 ass Ut 279 Seed ec Essie" | O14 455,33 D ZS/eLH! | od '3300 GRAFIERU DOjekcicio 2 : Sin una economia C= 040,30 VA £> 800 -2000¢ yd. (Y-7) fe 9.30 ¥ ~ 20c0l fe. 200 Pesala: T= C+ItE ¥- (190 +0,70%d) + (200-2001) +509 Y= MO +0,70(7-T) + 20-2001 t505 Y= 00 t.0,207- 0,70(800) +300 - 2000 ¢ +500 Y= BO $0,707 - 210 4300 - 20004 +500 ie 770 40,70Y- 2000 £ 1 agi Wieaaeet , = YO ~ 25909 > 270-2005 a 9,30 es) 0; 397-2000 t = 2009 ~ 1D Z 7- eoppamei El) Lé0ALe 15 = LM F¥o- 20001 — 200 42G001 Q30 0,39 (730-20001)0,30- (2005 20001.) 0,39 23/~ 600L - 600 4 6E0L : 43) ~ 600 + 600i 4£00L ~ B94 = 106060,30 tig z . i SS ° Ben. “na fobnca fiscal elpansiva: 7 - (180 40,774) + 30 -20001 4 [000 Lz YOF ORY ~ BO 4.300 - 200% +1000 ve 7290 +0) 707 - 2.000 7-0,70 9 = |2%2-2020¢ Y- Miasgeoi ES) 2 Ln hk equ Libro /230~%001 ~ | 2000 A -2000% (0,30) = i al BEBE BS SO J~ 600 = 12c0L 7 z (202. E i} a 1895 ) ° Kemplae Yo LOB —se00(_ 0/1129) 3 Poo: * Fee 5450 ee 0: Wie Ga ens ayAplica une flaca Monekane ee = 2500 2D0~ 0,307 - 2006 ee 2a 2p I0ba6 | Balik Zw-gapl = 2st 20 0,30 0,30 G7 20001, 230 (2506 +20001)0,30 238/- 600b - 450 + GoD 33). 750 600 (F609 ~S/Q= (ADC ste ee es G2 = 04e3) T5008 oe Remplax 1S ST paet 7 -gpel-a829) ee) y-| fags! | Get saso yy F gl go CET er Tevalar t5'2 Lt 2270 - 2000b - 500 = 20004 (230 e0i)a,30- Ihab 26002) 0,39 Bl 2 780+ 600 381- ae = hoot eS (iio BD) 4 =) ALAN , Renplaro pouaenaanenel 7.4305 283,33) 0,30GLAFICO ZS= foqa- rave at t FeeaCIO #3 2 DAJos- Cr 20049,S1d ys CETPE Ba Bap re Y= Cast0,5 Yd) 00-SOU+ iB boo +95} a (20) | 7- 29 - dvb i Yd- 7-T eee “4 t = r0, ~ 400 +100-20b. Qmandad, Ee. QS. 5000 ee IcO $100-S2Ol D 4 x01 40/5 Oerta A fe - 50D iyi 9 is 72. ‘gol Os oh t 7 ale VB soot 7 2-20. © > 2048000 Gr)Zeus : LS = Lrt 200 = 5000 = §00+ S0i + 0,5) (0-101) 050= [0 #5901) 05 250-2350 b - JOO +250L 250 = ; Be Seaplane ~Hoi- £ = (62-03 500 ~ Wee i « Reermphao : Tat fz sage (-03) Pe ese a8 WD Pca pin extnsiva : &': Yoo Ye IZ: ave + 700 -500{| + Oo f 209 WS (Y-T) + 199-5008 t9090_ = 702 £05 f= eee +100 -500L $900 = 7000 - S006 40/54 7 160-502 aan zs" =hr7r togp - Soo ts Os fe O50 (ooo +5004) 0,50 = (100-5001) 0, 50 Lr 0-250. ~ 400 t2SOU vi S$00-Y¥9O =" BS01 +2501 f Hp a tS a OD foot el TI Ye Oe, 03 Nese © Reernplazo Tor re tong = s02(0,2) Ts 7 Ge (300. j =» hice Nondaria : SP. 10 [200 - 0%),5Y- soot a SOL Y, woos EA) » ellamos pont ck tuiliorig ; 5 = L01' SOO =SOOv - OL. as fo 0,50 = (500 - 509i) 0,5 [1200 + S001) 0/5 Bega ea er 250-600 500¢ [ ia + 350-7 6bO0 | | satel Rnb C. 2 get os 30D = e A) ah ep | a T heemplage, 5 Pay 4a Y- ‘fo as © Aplicaras Jay de polinéao fyntao, T5'= Lr’ 1000 - So0l ~ ade +500) Kw Os (1000 = 5001)0,5= (1200 +5001) 0, 5 Do-. db = 600 +250 L let S00-€09 > SOOV nod) ba Te aD S00) feemplas0 ¢ 7s'; 7200 = S09 (-0,2) ~ Y- 1400 err es: Os fortoR: 72 1300; C= = 0,30" Boeb. 7- foo, ¢- 2 fort: Y= 0a, = =a ¥ foro): fs 220. [== 0)%GEA Fi co CHEE y “(isa rer T4249 -1200¢ 4 ys hioz, Boy dAefs00) + 299 - 1200t +6. MIP = 1100 Fa fo 709107 - “F59 +249 - (2006 tP- ayloy 41000 en o904- cot ete oe -f 2426 N00 -0,10y ~ {fo0i at Ape 14008 +O, QO. Uspeuass .” ¥" Zit) font de ae s2ealo as=Zr1, =a CO. Sop pat = (eg a leet(620 - 1290 4) 0,10 LT iho 202) 62. pots ao ea 2-110 - MMT AG - 44 - 7800 ° Rerrnple2d 47 st J: 620 ideal We Sa Te fos ? ela aphea. pore: OXPANOVA + G's L009 Og $O. +0,90Y~ 450 +240 - (2000 +1000 9 +0 res J2DL tee ji + Didelo Zs5'= Lt 10.1 oe Ot (930 -12000)0,L = (Io0i110) 0/1 97-/20€ - 1041l0¢ a on 13 = 230i eo fh d i--0 O56S onthe. "23 = Cate: ) i Gb) e Reemplaz0 én a V > Fa01200(- 0, 065 2 [034% - ie ee) ©O,10 O10 leet o Witce yronetaria eMansiva : wf = 1500 45002 DEAD 11000 Y> £5004 )100L 0/10© ON OW equilbris ered : 7s= Lert’ "liao eo 100 ct °, Lo Hl IC 620 -12001) 0, 10 - (L500 + 11004) B10 ~~ F G 6 d (Dot sf ile oe ‘ Rnb C Sa (ao = wee £/951 le F 6 = -0,3F26" 230 + Hemplazo en ZS) 2-200 (-9, 3926) - 741,20 Jo Secigog (a.stae)- gayle |7- mi AMlicarnat Jad a ( Paine « ea ery? 0 4 Qo, at (9n- sPYO.10 = (15094 HDi) 0,10 3 3 zh aa Gi 2 TAS. EBnbd) +83 5 2300 cae Meee Bat (a= O 308 } fo 1 ZS‘; Care| Pore (300(-Dao4) « J. Pa Y ‘A640 ) oO] AFICO |Rocio #S PSG @ 14t Si4ko twackne deicribin uns 0) atl mon oe $0" os va r 3e- SOOL te 2/25 $6284 tipo dh pitrto a6 Ae ty ankGimas to decir, eAiVer lead en [Alaa Ly nts einine OL prveleo che eas fay? ea te 7 ihe BOVE 20 2n Ja econom/a.. cpawaan So orev + Jo ~sot ft ¥o S00- %5(Y_T) +90 -swi Ho 445. 4B3(bs0) $40 - S0Ol+ PO. OD Ie BQ-0 S94 fs +7 ~- Sa0k+480 L (Poy 95 - SOL 23 eo 129 0,25 7- b25b = + iso TT 1254. S046 siz So 4695 1 2 sets Gi) © Aellarnos equi Lids1o Ee 295-5006 ~| S04¢25¢ 9. is 0,25 95-001) 925 - (55 #250 1,5 a fa SS ELT TG tones Tt 123 VERS tit » Seng ee: gs ds) 5 Y=. aes - 7 We, Thee Lis‘hitca fiscal asniiva : "= 4a EE Do os Ve 4 (95 - aasaae too @ oP Osy BF FIGS 5001 + Loo 5 95 = si FOS fis (s00 Soo Yi dgsoe @&) les: ZS'= AY IIS ~SDOL at Ss (Ws ~spci) 9.25 = eu i) 4,50 ah “pid S85 or fhe —— PORE.) 08,24 E S64 : Vie x El fGen Gere — 420 2n ZS An a poles So(A.nile) “esyi2 (J. 2944 silos thnelarint nive: pee 400 O25 Tévals ” seria Psooy) + £00 FEQSL SO is as G95- 5001) 6.45 = Goo ga5t) 4 sol is 198,25 - 7251) = [50-4 134501, | Brbo 18, 25- Bee A 7, Bt sp Eyols ? et Be 70 est peer a + Ge 045%) 1062)5 NAL Peppa rl 7s ers 725 soolo.0U553) y- Face AE 1.706) Zeualo TSS LIN" ~ 1o0 #4951 vse 1 | 11 | IVa! (Gis+ 50800, 25 (10044251) 4,50103,75 125¢\ = JS0 4 3 POR IS =150~ IBF SUF 53, 95°- : 2S Keemplaa 4n ZS": J. 15 S20/0.0505)- J - 1 = fle Fico 30 feihaci: Byperviog wae ena a. LN Pz bd; Lon dep usa cee ina hy mecha aegis es una polite. dita! lapse Boe fa oN un Hinde fo pao, P&z de DY 94s0lo, Sv Faleye dpmetse ries fe 0,12. 72) 429 Qué Leese un4 poll fs. Gr iG mnie ee of yuevo SEG SIF, Foy MNO IEEE Fea Co Ar B20 10 BIL Mee O2Y- 70k 00 i, - 4309. fab pave) Tpsaaab 0+ 78 7200 +6, ee # $00 -SOpL + #0 1230 + 0,33 ¥— 130 400-500 + FSO {= 9 307 = 2570-500Y= @3pazaooi ES) ~ 1500+ 700% « Zilbris I=L 25:70 = SOL > 4800 + FOOL 0; 70 0) 3 (2539 55004) 9)0 = 50047001) 0,3 55. "Hote: PSI 745 = 840L oy Ue: t + eee i e Reemnpleto “nr tS. ¥- depssdofOPal Y- Bias = O,F © hha Sbneena seonsive E'=T00 ye 2220 +0, 309 - 130 +800 - SOL 4900 o,3 3955 S00 L (OWS Baesaet GS) ae eens srs Gpigt boot Oe (2729 ~ FOL ty. 0, ip = {ania © iBnb 6 4qbe F3BS5OL mld, Getz 025 ° Reernpheo 40 28". ah cera 30 ~ S00 (4,02) ~ 2 : $e By bys a Ye SS» Politica flendbaria €¥Pansiva (45 2000 O,7 ¥- 729i = 2009 ee ee GP) pli BD finale AES EET Let = 220 a op a topcealer. forza) 7% Berbe\ 17-99-1409 Toe oe ate 399 mae NG BLOWS er ee pla2o en TS eke ees ois) — Ye 2242.0 (Y= 3332,| , Meza poh hea Flucal y ra CMPAVU Va 2720-S00l ~ + Peep 2008 OF 5 Oras 2, Ro pee) > ee 95 aE: 4g5% t3SOL | g | SOY - ig E Sy, ¢ i Oe, LS": Re plaas $73 aa xo oneIECICIO FP: &: es 40,25 1h Ms= 1500 -1900¢, a/P =O 8SY - {000 L - 223 Gee equidibro en el mercado ch bung y eFUJC1 Os 4 (83, easy + Gao- loo) + 700 #390 =lapet wo > ip set Biers cH AOD: =1000 & Tgasy - Text 1000 O7SY = 53 Gat Y~ JOR Lo00L itis AL ee Pee = 70006 ee fies 0 NITES : aE B-/COD. | A509 4/ DOL ras eee et J 5 pi S- (mL cD.lo2s) ane Op Bugis 12S Tsp BSOL Qe. wage exo L2NNRS. =" 75cO : ° oan 1420 en aa Hoe ts apa Sie Lens; Fiscal PXPANI U4 = Oreo 0,25 f - OOD a ~100D.¢ GS) ae : stints Izst ie A an Slope | 3 Ot | & OFF ey HFS(8953 (00) O05 (sv Hoge!) O19 L eh aol PRE = £60 + FOL ea 5 eS MEISE) IVE Hs ‘plac abet rpansifa rislP= (72 y- Eps eel i) ape wh blo: ZS El Z AT Ot ~ (ao-#ieCD) ots luxe. i990 3 = (Roe peveva 2 B06) Sg ee Get ® wemnplaz© I5 Hem pls20 J 0,31). Pe Be ee 7S Thvalo' zs" oie" tt BF 5-(O0OU _ Qa o; a (1325-10099) 0 F-= (1700 #091) 2S FITS W031) 25 39 HELE - fee HS : ‘B \ 2 ¢seo AV): 28 ees c Ahgnplae en TS" 33.51 000(—G,1625) ~ 1532, 5 OAL te OES626Fico as fogs \09 1399 S209 ND 1 900, =9,10 -ons ~320 oar. Tol -935 CIO #8 IS ons, gis hee Fisced C= 90 tO.3%A €= 40D Wea 600 29:D. Ya Ha J We Bs. GES booed , oO ite = ° éunli ibrO afer fonda C+ ‘ “(Sas area: capa pee 2 50-45, 3 (7-300) # (/45~ (p01 4400) ah Foto, 2 7- 90-14. L00LF 49D Ys i ae eco S49 L20L Ft fag : @ e IS=L7 > SY =fp9l — Baottooe 222 OF3 (s40; £901) On = (Jooig00) 0,99 379- oa OHO ft ere prsance oh HF Ya 9040.34 ~ 90 +140 ~ 600 +700 y- ae F940 - 600U 24g ee 5) . Eagibro, 25 cet O0l - 00 We a eee ik (440- set) Bs wD- (Fookbart sea igor © frempla2. 90 f= Jud neg 116) hae ya. 4 Ye 1245, 34) e Mage ft A + 6: A TSE Art BY0=600b = Z20+¢004 OF a> (49-6200 2,7 — Goo+b001) 0,30 379g = 490 + 420%, Spee si O a al 2 Acemplazn en ZS. Feet 540,; spoke 0/33) - Yr 43,20 (- YS, 13)° dag clog ape ios Le’ me a 94 a j 202 oO a OF rar ane ce 4 2) BY (440 36090 0,90. ( F99-+-b091) 0,2 ae 659- 123) Be +4204 Roerplo3o en 2S" “yt epiego (0,2) — 0770 cc ° ARAACAR “3 =O D3 \ \s ° Byaldar 1s eeoneynia cuyo FEB 4 en ospsty yn eee rA2/6 Tis Pe cice Wee faites Fical , pipe deo ef Gasf-er) EO Mapiameas UN PrB le 1243, 49 Y WIA @ LE. yt LS2 PCP OPA O Se caopra ine Poh hea pita 1G Aum DUyINde A 4499, oon KB eda, ee § a8, 3 03 FS he peas ye, adoplarn or AS FOS 9 QQ JEP Set Lb aleamara Wie Y la Kala tohare Ais TEASE #9 E Rote soya M4YP= 0209-1006 atgge to AYP> 1200 es 3 a Tries pba + HOO) + 450 > rs BO AS SoCY. 3 bf aoe d $4: 4450 = ROtosoY¥~ Iss¥ [o- [100U+ 4507-050 = 609 ~Hedl- Y= 60p=Li00L @) Os » ¥ 2 Bopeiane Gy a Four libro zs=4" $2)-HOOL. - = sageg {100 OS 600)00L) 0)a0 - (J200H) Os é DOE) Oya = (ponds : a 4 a> 7 200U II wae a R a fs C= O,54F) ° keemplass ¢ cae : y: 1220 6 Oi) - Y= 13s W- 3b, 3 28) O74 Ral et0 de aflica Rh hca_Lindaria expanjiva = fea 7s opps EM) Oa © gus ES LT eect Barre cae (2020 -$20i) 0,2 ~ (40045201) 0, 029 520% (cop Lt nia E 0 - 4 wets ee BC io rea) G2 op Remplazo a YeaeeE a fs aaigs. 7. 90395 el @nioc ° bquilibro zs! = LM" lag scat iano FsaoL (320, 0 9.2 = foco 4.5000) ‘ 36H Wp0E = Yootacot "| Ho. D, PBB EDE y. tiie. f= Fie) Ca Fico ; * ao a3 t oF onFerqeso j west Cs Hes 25 1~bISC caer HEY. 4 aes 728 ae ° Gehriae (pence ZS =A. Vo = $0" Jy) + (495001) +30 Me spay 3ca S202 = 5001 FO O+0, 6 0,15 -+90- S20 t+ FO ye “OY - et BIg IAs #39 Y- Zia. S06 ZS Oo IS7- shes SO +b25¢ 7= Soppese Eo) 2 Legrmne piye de gigas 55> 204 a5, E Z en, 5001) 0,25 ee 0 A) O45 2 i =e i psol ile (fo A) *. eh es CZ QI > Nett Pape ss2S 5). 1.40 GGG @ lites Fiscal expos, tee 120 - Toate 0,45 F90,- SOOl F120 y OtY - A9F,§5- S006 Y> 2g.f5-s00% &) e ed pro ee LTT oo peas Ao be “SDL = Epes E— eos ene as 2, ~S00t 0,25 ~(so+basc)o, 4 eu Fite Be" “Betoe sae Bae = 2 tes 0,1390 peempla29 ey) Ts fT Bn) : 4) - 549,75 Pie poets expansive. M9p= 90 O25Y - 6 ragga CD) oe mpaeeee sib Sil | 0,4 I SES Hoc, 3 (249,35 porgoer: (40 Peas io4 4 ene 3 et P50 locas be? ee = 0/06 TP ebcctalee Oh TEXT xe 244,35 a SRS & Sree aes Gas) © Squilbro zs’ = tt! Bi 32 5001 eis + Orgs, oP 2 > faopéosidoy Yh E Se soe -* (= 9097 j Sarees eS), int J. 24 35 . saraui oO 4 (sv 9128 20 ols = aa Te 220 so 309 359 Wo ¥59 SHO SED Ww GSo Yo /tS0lekcicio He = o40659aA. Hf = 1200 apace N4/P= 0, 307-1200 T= S90 eT RETO -E Gaeta id) + (200-1004) + 400 7 140 40,65) 1-520 20-1200. +Y00 pe Bee bs ~ Bits #oo- /2ooit YOO y- Gee aaat Le 4SS- 12908 “as @ L200 = 0; bel a # Se wi @ ae Beto Te ap ieo 0,351 Q3a (s5- posi, 0,30 - (200 # 13001) 4.35 Lite 06 5°- Figt = ‘hye + goat” ON Rpts Sd. y= Y- dae 7. 2544,5% ° Dies. expense : Feta 7= AEROS aD f e Teale 1s'=L0t 235 -l2ao4 ~ fag fact (ag. 2020). = (02 #1d00 i) 0, 35 bis BOL ~~ poo 193,5 = “PO E e Remplaze “Yn os . FSS = Ie 35© Aphcara Blihea Nonelarix typaniive M{P= 1500 7 dsgaetaa Gt) ° ‘ Lo dapalo = - epee 20.b a : Peo 2, 1500 #200 | 3S — 5 Bs 237 = C doe” ~3IYS. se fiPer (226 tae sie E a « feemplaxo £0 5 iy 1) ~ 405. Na RT PE ee ASE §000) =0448 Se Pog 3a ae Las 2 pariticecs (25 = ur) ° ss sft 20 12 o O30 Gss- eae 930 - Go ABO) ae 226, 50 - BOL + 429 e GRAFICO: - O10 ~ Oto 7 i 20 woe liso uP Yoo 4509, ‘ eo. Se 38 - 0,30 + O40 9/59