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RQGH
7* WHPSHUDWXUDGHJORER&
7%6 WHPSHUDWXUDGHEXOERVHFR&
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9 YHORFLGDGHGRDUHPPV
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DFKDGR LQGLFD TXDO HTXDomR XVDU QR FiOFXOR GD 750 $GRWDVH D IyUPXOD GD 750 SDUD D
IRUPDGHFRQYHFomRTXHDSUHVHQWDUR0$,25FRHILFLHQWHKFJ
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750 =
(7* + ) + ⋅ ⋅ 9 ⋅ (7* − 7%6) −
3VLFU{PHWURV
2VSVLFU{PHWURVVmRXWLOL]DGRVSDUDPHGLomRGDXPLGDGHUHODWLYDGRDU2SVLFU{PHWUR
JLUDWyULR )LJXUD SRVVXL GRLV WHUP{PHWURV XP GH EXOER VHFR H XP GH EXOER ~PLGR
FRP YHQWLODomR IRUoDGD 'HYHVH XPHGHFHU FRP iJXD GHVWLODGD R WHFLGR TXH HQYROYH R
EXOERGR WHUP{PHWURGHEXOER~PLGRHJLUDURSVLFU{PHWURSRUXPPLQXWR'XUDQWHHVVH
WHPSR D FLUFXODomR GH DU GHYLGD DR JLUR GR DSDUHOKR LQFUHPHQWD D HYDSRUDomR GD iJXD
FRQWLGD QR WHFLGR UHVIULDQGR R EXOER ~PLGR (VVH UHVIULDPHQWR p HQWmR OLGR SHOR
WHUP{PHWUR GH EXOER ~PLGR H D GLIHUHQoD HQWUH HVWD WHPSHUDWXUD H D WHPSHUDWXUD GH
EXOERVHFRUHVXOWDFRPDX[tOLRGHXPD&DUWD3VLFURPpWULFDQDXPLGDGHUHODWLYDGRDU$
)LJXUD PRVWUD HVWH SURFHGLPHQWR IHLWR VREUH XPD FDUWD SVLFURPpWULFD SDUD SUHVVmR
DWPRVIpULFDDRQtYHOGRPDU
$ FDUWD SVLFURPpWULFD )LJXUD p XPD IHUUDPHQWD LPSRUWDQWH QR HQWHQGLPHQWR GDV
WUDQVIRUPDo}HV GR DU ~PLGR RX VHMD GLIHUHQWHV FRPELQDo}HV GDV YDULDo}HV GH
WHPSHUDWXUDHGHXPLGDGHHDVLQIOXrQFLDVQRVSURFHVVRVGHWUDQVIHUrQFLDGHFDORU
HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD
ODPEHUWVGXWUDHSHUHLUD
)LJXUD&DUWD3VLFURPpWULFDHDVUHODo}HVHQWUHWHPSHUDWXUDHXPLGDGHUHODWLYD
$QHP{PHWURV
$PHGLomRGDYHORFLGDGHGRDUPVpIHLWDFRPDX[tOLRGHDQHP{PHWURV)LJXUD2V
DQHP{PHWURV PDLV FRPXQV VmR R GH FRSRV R GH SDOKHWDV H R GH ILR TXHQWH WDPEpP
FRQKHFLGRFRPRWHUPRDQHP{PHWUR2DQHP{PHWURGHFRSRVpQRUPDOPHQWHXWLOL]DGRHP
HVWDo}HVPHWHRUROyJLFDV2DQHP{PHWURGHSDOKHWDVTXHSRGHVHUWDQWRDQDOyJLFRTXDQWR
GLJLWDO GHYH VHU GLUHFLRQDGR QR VHQWLGR GH RQGH YHP R YHQWR 2 WHUPRDQHP{PHWUR
WDPEpPPHGHRPRYLPHQWRGHDUGLUHFLRQDOVHQGRHQWUHWDQWREHPPDLVSUHFLVRTXHRV
RXWURVGRLVPRGHORVGHDQHP{PHWUR
&RQIRUWtPHWUR
2FRQIRUWtPHWURUH~QHQXP~QLFRDSDUHOKRVHQVRUHVSDUDDPHGLomRGHWRGDVDVYDULiYHLV
DPELHQWDLV FRPR WHPSHUDWXUD GH EXOER VHFR 7%6 WHPSHUDWXUD GH EXOER ~PLGR 7%8
XPLGDGH UHODWLYD 85 WHPSHUDWXUD GH JORER 7* H YHORFLGDGH GR DU 9DU $WUDYpV GD
FRQH[mR GHVWHV VHQVRUHV FRP XP FRPSXWDGRU TXH DFRPSDQKD R DSDUHOKR SRGHPVH
FDOFXODU tQGLFHV GH FRQIRUWR FRPR R 309 GHVHQYROYHU JUiILFRV GH FRPSRUWDPHQWR GDV
YDULiYHLV DPELHQWDLV PHGLGDV H DUPD]HQDU GDGRV GHVWDV YDULiYHLV SDUD IXWXUDV DQiOLVHV H
FRPSDUDo}HV
'DWD/RJJHUVFRPSDFWRV
2V 'DWD /RJJHUV VmR DSDUHOKRV QRUPDOPHQWH EDVWDQWH FRPSDFWRV SDUD PRQLWRUDomR GDV
FRQGLo}HV DPELHQWDLV HP DPELHQWHV H QR H[WHULRU SRU FHUWR SHUtRGR GH WHPSR 3RVVXHP
EDWHULDV LQWHUQDV TXH SHUPLWHP D OHLWXUD H DUPD]HQDJHP GRV GDGRV GHVHMDGRV HP
LQWHUYDORV GH WHPSR SUpGHWHUPLQDGRV 2V GDGRV DUPD]HQDGRV SRGHP VHU IDFLOPHQWH
WUDQVIHULGRVSDUDXPFRPSXWDGRUSDUDSRVWHULRUDQiOLVH
HILFLrQFLDHQHUJpWLFDQDDUTXLWHWXUD