❇♦rr❛❞♦r✿ ❆♣✉♥t❡ ✐♥tr♦❞✉❝❝✐ó♥ ❛ ❧❛

♠✐❝r♦❡❝♦♥♦♠í❛

❉✐❡❣♦ ▼❡♥❛r❡s

✷✶ ❞❡ ❡♥❡r♦ ❞❡ ✷✵✶✺
 ❮◆❉■❈❊ ●❊◆❊❘❆▲

✶✳ ❋✉♥❞❛♠❡♥t♦s ❞❡ ❡❝♦♥♦♠í❛ ✺
✶✳✶✳ ■♥tr♦❞✉❝❝✐ó♥ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺

✶✳✷✳ ▲♦s ♠♦❞❡❧♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻

✶✳✷✳✶✳ ❊❧ ♠♦❞❡❧♦ ❡❝♦♥ó♠✐❝♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼

✶✳✷✳✷✳ ▲♦s s✉♣✉❡st♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼

✶✳✷✳✸✳ ▲❛s ✈❛r✐❛❜❧❡s ❡♥❞ó❣❡♥❛s ② ❡①ó❣❡♥❛s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼

✶✳✸✳ ▼♦❞❡❧♦ ❞❡ ♦❢❡rt❛ ② ❞❡♠❛♥❞❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✽

✶✳✸✳✶✳ ▲❛ ❞❡♠❛♥❞❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✽

✶✳✸✳✷✳ ▲❛ ♦❢❡rt❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✵

✶✳✸✳✸✳ ❊❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✶

✶✳✸✳✹✳ ❉✐♥á♠✐❝❛ ❞❡ ❛ ❥✉st❡ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✸

✶✳✹✳ ❆♥á❧✐s✐s ❞❡ ❜✐❡♥❡st❛r ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✻

✶✳✺✳ ❆♣❧✐❝❛❝✐ó♥✿ P♦❧ít✐❝❛s ♣ú❜❧✐❝❛s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✼

✶✳✺✳✶✳ ■♠♣✉❡st♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✼

✶✳✺✳✶✳✶✳ ■♠♣✉❡st♦ ❛ ❧❛ ❉❡♠❛♥❞❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✽

✶✳✺✳✶✳✷✳ ■♠♣✉❡st♦ ❛ ❧❛ ♦❢❡rt❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✵

✶✳✺✳✶✳✸✳ ❈♦♥❝❧✉s✐♦♥❡s ② ❝♦♥❝❡♣t♦ ❞❡ ❡❧❛st✐❝✐❞❛❞ Pr❡❝✐♦ ✳ ✳ ✳ ✳ ✷✶

✶✳✺✳✷✳ ❙✉❜s✐❞✐♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✹

✶✳✺✳✷✳✶✳ ❙✉❜s✐❞✐♦ ❛ ❧❛ ❞❡♠❛♥❞❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✹

✶✳✺✳✷✳✷✳ ❙✉❜s✐❞✐♦ ❛ ❧❛ ♦❢❡rt❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✼

✶✳✺✳✸✳ ❈♦♠❡r❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✽

✶✳✺✳✸✳✶✳ ❆r❛♥❝❡❧❡s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✵

✶✳✺✳✸✳✷✳ ❈✉♦t❛s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✸

✶✳✻✳ ❊①t❡r♥❛❧✐❞❛❞❡s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✹

✶✳✻✳✶✳ ■♠♣✉❡st♦s ② s✉❜s✐❞✐♦s ♣✐❣♦✉✈✐❛♥♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✻

✶✳✻✳✷✳ ❚❡♦r❡♠❛ ❞❡ ❈♦❛s❡ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✽

✶✳✼✳ ❚✐♣♦s ❞❡ ❜✐❡♥❡s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✵

✶✳✽✳ ❊❥❡r❝✐❝✐♦s r❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✶

✷✳ ▲❛ t❡♦rí❛ ❞❡❧ ❝♦♥s✉♠✐❞♦r ✹✸
✷✳✶✳ ■♥tr♦❞✉❝❝✐ó♥ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✸
✷✳✷✳ ▼♦❞❡❧♦ ❞❡ ❊❧❡❝❝✐ó♥ ❞❡❧ ❈♦♥s✉♠✐❞♦r ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✸
✷✳✷✳✶✳ ❙✉♣✉❡st♦s ❞❡ ▼❊❈ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✸
✷✳✷✳✷✳ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✹
✷✳✷✳✷✳✶✳ ❊stát✐❝❛ ❝♦♠♣❛r❛t✐✈❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✻
✷✳✷✳✸✳ ❈✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✼
✷✳✷✳✹✳ ❋✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✺
✷✳✷✳✹✳✶✳ ▲❛ t❛s❛ ♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥ ❞❡❧ ❝♦♥s✉♠♦ ✭❚▼❙
♦ ❘▼❙✮ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✼
✷✳✸✳ ▲❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♦♣t✐♠❛❧✐❞❛❞ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✽
✷✳✸✳✶✳ ❊❧ ❝♦♥s✉♠♦ ♦♣t✐♠♦ ❣rá✜❝❛♠❡♥t❡ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✽
✷✳✸✳✷✳ ❊❧ ❝♦♥s✉♠♦ ♦♣t✐♠♦ ♠❛t❡♠át✐❝❛♠❡♥t❡ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✶
✷✳✸✳✸✳ ▲❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♦♣t✐♠❛❧✐❞❛❞ ❡♥ ❞✐❢❡r❡♥t❡s ❡s❝❡♥❛r✐♦s ✳ ✳ ✳ ✳ ✳ ✻✷
✷✳✸✳✸✳✶✳ ❖♣t✐♠♦ ❡♥ ❜✐❡♥❡s ❝♦♠♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✻✷
✷✳✸✳✸✳✷✳ ❖♣t✐♠♦ ❡♥ ❜✐❡♥❡s s✉st✐t✉t♦s ♣❡r❢❡❝t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✹
✷✳✹✳ ❊❢❡❝t♦ ✐♥❣r❡s♦ ② ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✻
✷✳✺✳ ❉❡t❡r♠✐♥❛♥❞♦ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼✵
✷✳✺✳✶✳ ❉❡♠❛♥❞❛ ▼❛rs❤❛❧✐❛♥❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼✵
✷✳✺✳✷✳ ❉❡♠❛♥❞❛ ❍✐❝❦s✐❛♥❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼✷
✷✳✺✳✸✳ ▲❛ ❞❡♠❛♥❞❛ ❛❣r❡❣❛❞❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼✸
✷✳✻✳ ▼♦❞❡❧♦ ❞❡ ❝♦♥s✉♠♦ ✐♥t❡rt❡♠♣♦r❛❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼✹
✷✳✻✳✶✳ ❙✉♣✉❡st♦s ❞❡❧ ▼❈■ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼✺
✷✳✻✳✷✳ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✐♥t❡rt❡♠♣♦r❛❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼✺
✷✳✻✳✷✳✶✳ ❊stát✐❝❛ ❝♦♠♣❛r❛t✐✈❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼✽
✷✳✻✳✸✳ ❊❧❡❝❝✐ó♥ ✐♥t❡rt❡♠♣♦r❛❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✽✵
✷✳✼✳ ▼♦❞❡❧♦ ❞❡ ❖❝✐♦ ❈♦♥s✉♠♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✽✸
✷✳✼✳✶✳ ❙✉♣✉❡st♦s ❞❡❧ ▼❖❈ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✽✸
✷✳✼✳✷✳ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✽✹
✷✳✼✳✷✳✶✳ ❊stát✐❝❛ ❝♦♠♣❛r❛t✐✈❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✽✺
✷✳✼✳✸✳ ❊❧❡❝❝✐ó♥ ❞❡ ❖❝✐♦ ② ❈♦♥s✉♠♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✽✽
✷✳✼✳✹✳ ❖❢❡rt❛ ❞❡ tr❛❜❛❥♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✾✶
✷✳✽✳ ❊❥❡r❝✐❝✐♦s r❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✾✷
✷✳✽✳✶✳ ❈♦♠❡♥t❡s ❘❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✾✷
✷✳✽✳✷✳ ▼❛t❡♠át✐❝♦s ❘❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✶✶

✸✳ ▲❛ t❡♦rí❛ ❞❡❧ ♣r♦❞✉❝t♦r ✶✸✼

✸✳✶✳ ■♥tr♦❞✉❝❝✐ó♥ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✸✼
✸✳✷✳ ❚❡♦rí❛ ❞❡ Pr♦❞✉❝❝✐ó♥ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✸✼
✸✳✷✳✶✳ ❙✉♣✉❡st♦s ❞❡ ❧❛ ❋✉♥❝✐ó♥ ❞❡ Pr♦❞✉❝❝✐ó♥ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✸✾
✸✳✷✳✷✳ Pr♦❞✉❝t♦ ▼❛r❣✐♥❛❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✸✾
✸✳✷✳✷✳✶✳ ▲❡② ❞❡ ❘❡♥❞✐♠✐❡♥t♦s ▼❛r❣✐♥❛❧❡s ❉❡❝r❡❝✐❡♥t❡s ✳ ✳ ✳ ✳ ✶✹✵
✸✳✷✳✸✳ Pr♦❞✉❝t♦ ▼❡❞✐♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✹✶
✸✳✷✳✹✳ ❊❧❛st✐❝✐❞❛❞ Pr♦❞✉❝t♦ ❋❛❝t♦r ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✹✷
✸✳✷✳✺✳ ■s♦❝✉❛♥t❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✹✸
 ✸✳✷✳✻✳ ❊❧❛st✐❝✐❞❛❞ ❞❡ ❙✉st✐t✉❝✐ó♥ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✹✸
✸✳✷✳✼✳ ❘❡♥❞✐♠✐❡♥t♦s ❛ ❊s❝❛❧❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✹✺
✸✳✷✳✽✳ ❚❡♠♣♦r❛❧✐❞❛❞ ❡♥ ❊❝♦♥♦♠í❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✹✻
✸✳✸✳ ❋✉♥❝✐ó♥ ❞❡ ❈♦st♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✹✻
✸✳✸✳✶✳ ❈♦st♦ ▼❛r❣✐♥❛❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✹✼
✸✳✸✳✷✳ ❈♦st♦ ▼❡❞✐♦ ❚♦t❛❧ ② ❈♦st♦ ▼❡❞✐♦ ❱❛r✐❛❜❧❡ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✹✽
✸✳✸✳✸✳ ❋✉♥❝✐ó♥ ❞❡ ❈♦st♦s ❞❡ ❈♦rt♦ ② ▲❛r❣♦ P❧❛③♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✺✵
✸✳✹✳ ▼❛①✐♠✐③❛❝✐ó♥ ❞❡ ❇❡♥❡✜❝✐♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✺✷
✸✳✺✳ ❈♦♠♣❡t❡♥❝✐❛ P❡r❢❡❝t❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✺✻
✸✳✺✳✶✳ ❈♦♠♣❡t❡♥❝✐❛ P❡r❢❡❝t❛✿ ❙✉♣✉❡st♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✺✻
✸✳✺✳✷✳ ▼❛①✐♠✐③❛❝✐ó♥ ❞❡ ❇❡♥❡✜❝✐♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✺✻
✸✳✺✳✸✳ ❉❡❝✐s✐♦♥❡s ❞❡ ❈✐❡rr❡ ② ❈✉r✈❛ ❞❡ ❖❢❡rt❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✺✾
✸✳✺✳✹✳ ❖❢❡rt❛ ❞❡ ▼❡r❝❛❞♦ ❞❡ ▲❛r❣♦ P❧❛③♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✻✺
✸✳✻✳ ▲❛ ❝❛♥t✐❞❛❞ ♦♣t✐♠❛ ❞❡ ❢❛❝t♦r ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✻✾
✸✳✼✳ ❊❥❡r❝✐❝✐♦s ❘❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✼✵
✸✳✼✳✶✳ ❈♦♠❡♥t❡s r❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✼✵
✸✳✼✳✷✳ ▼❛t❡♠át✐❝♦s r❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✽✷

✹✳ ❊❧ ♠❡r❝❛❞♦ ❞❡ ❢❛❝t♦r❡s ✶✾✶

✹✳✶✳ ■♥tr♦❞✉❝❝✐ó♥ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾✶
✹✳✷✳ ❊❥❡r❝✐❝✐♦s r❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾✶
✹✳✷✳✶✳ ❈♦♠❡♥t❡s r❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾✶
✹✳✷✳✷✳ ▼❛t❡♠át✐❝♦s r❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾✷

✺✳ ❈♦♠♣❡t❡♥❝✐❛ ✐♠♣❡r❢❡❝t❛ ✶✾✺

✺✳✶✳ ■♥tr♦❞✉❝❝✐ó♥ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾✺
✺✳✷✳ ❊❧ ♠♦♥♦♣♦❧✐♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾✻
✺✳✷✳✶✳ ❊❧ ♠♦♥♦♣♦❧✐♦✿ ❙✉♣✉❡st♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾✻
✺✳✷✳✷✳ ▼❛①✐♠✐③❛❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾✻
✺✳✷✳✸✳ Pér❞✐❞❛ ❞❡ ❊✜❝✐❡♥❝✐❛ ❊❝♦♥ó♠✐❝❛ ❡♥ ▼♦♥♦♣♦❧✐♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾✾
✺✳✸✳ ▼♦♥♦♣♦❧✐♦ ❞✐s❝r✐♠✐♥❛❞♦r ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾✾
✺✳✸✳✶✳ ▼♦♥♦♣♦❧✐♦ ❞✐s❝r✐♠✐♥❛❞♦r✿ ❙✉♣✉❡st♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✵✵
✺✳✸✳✷✳ ❉✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ ♣r✐♠❡r ❣r❛❞♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✵✵
✺✳✸✳✸✳ ❉✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ t❡r❝❡r ❣r❛❞♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✵✶
✺✳✸✳✹✳ ❉✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ s❡❣✉♥❞♦ ❣r❛❞♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✵✷
✺✳✹✳ ❚❡♦rí❛ ❞❡ ❥✉❡❣♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✵✷
✺✳✹✳✶✳ ❊q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✵✹
✺✳✹✳✷✳ ❏✉❡❣♦s ❝♦♥s❡❝✉t✐✈♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✵✼
✺✳✺✳ ❈♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❈♦✉r♥♦t ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✶✵
✺✳✺✳✶✳ ❊❧ ♠♦❞❡❧♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✶✵
✺✳✻✳ ❈♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❙t❛❝❦❡❧❜❡r❣ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✶✹
✺✳✻✳✶✳ ❊❧ ♠♦❞❡❧♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✶✹
✺✳✼✳ ❈♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❇❡rtr❛♥❞ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✶✻
✺✳✼✳✶✳ ❊❧ ♠♦❞❡❧♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✶✼
✺✳✽✳ ❈♦♠♣❛r❛❝✐♦♥❡s ② ❝♦♥❝❧✉s✐♦♥❡s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✶✽
✺✳✾✳ ❊❥❡r❝✐❝✐♦s r❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✷✵

✺✳✾✳✶✳ ❈♦♠❡♥t❡s r❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✷✵

✺✳✾✳✷✳ ▼❛t❡♠át✐❝♦s r❡s✉❡❧t♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✷✺

 ❈❆P❮❚❯▲❖ ✶
❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

✶✳✶ ■♥tr♦❞✉❝❝✐ó♥
▲❛ ❡❝♦♥♦♠í❛ ❡s ✉♥❛ ❝✐❡♥❝✐❛ s♦❝✐❛❧ q✉❡ ❡st✉❞✐❛ ❧❛ ❞✐str✐❜✉❝✐ó♥ ❞❡ r❡❝✉rs♦s ❡s❝❛s♦s
❡♥ ✐♥✜♥✐t❛s ♥❡❝❡s✐❞❛❞❡s✳ ❊❧ ❝ó♠♦ ❤❛❝❡r ❡st❛ ❞✐str✐❜✉❝✐ó♥ ❡s ❧❛ ❜❛s❡ ❞❡❧ ♣r♦❜❧❡♠❛
❡❝♦♥ó♠✐❝♦✱ ❞♦♥❞❡ ♣r❡❣✉♥t❛s ❝♦♠♦ ➽❈✉á❧ ❡s ❡❧ ✉s♦ ♠ás ❡✜❝✐❡♥t❡ ❞❡ ❡st❡ r❡❝✉rs♦❄ ✱
➽❈✉á❧ ❡s ❡❧ ✉s♦ ❛❧t❡r♥❛t✐✈♦ ❞❡ ❡st❡ r❡❝✉rs♦❄ ♦ ➽❈♦♥ ❝✉á♥t♦s r❡❝✉rs♦s ❝♦♥t❛♠♦s❄ s❡rá♥
♣r❡❣✉♥t❛s r❡❝✉rr❡♥t❡s ❞✉r❛♥t❡ ❡❧ tr❛♥s❝✉rs♦ ❞❡❧ r❛♠♦✳

P❛r❛ ♣♦❞❡r r❡s♦❧✈❡r ❡❧ ♣r♦❜❧❡♠❛ ❡❝♦♥ó♠✐❝♦✱ ❞❡❜❡♠♦s ❣❡♥❡r❛r ✉♥ ♠♦❞❡❧♦ ❡❝♦✲

♥ó♠✐❝♦✱ q✉❡ ❡s ✉♥ ♣❧❛♥t❡❛♠✐❡♥t♦ q✉❡ r❡s✉❧t❡ s❡r ❧♦ ♠ás ♦❜❥❡t✐✈♦ ② ❝❧❛r♦ ♣♦s✐❜❧❡✱ s✐♥
t❡♥❡r ♣r❡s❡♥❝✐❛ ❞❡ ❛r❜✐tr❛r✐❡❞❛❞❡s q✉❡ ♣✉❡❞❛♥ ❛❢❡❝t❛r ❡❧ ❡♥t❡♥❞✐♠✐❡♥t♦ ❞❡❧ ♣r♦❜❧❡♠❛
♦ s✉ s♦❧✉❝✐ó♥✳ ❊s ♣♦r ❡st♦ q✉❡✱ ♣❛r❛ r❡s♦❧✈❡r ❡❧ ♣r♦❜❧❡♠❛ ❡❝♦♥ó♠✐❝♦✱ s❡ ✉t✐❧✐③❛♥ ❧❛s
❤❡rr❛♠✐❡♥t❛s q✉❡ ♥♦s ♣r❡s❡♥t❛ ❡❧ ❛♥á❧✐s✐s ♠❛t❡♠át✐❝♦✳ ❉❡ ❡st♦✱ s❡ ♣✉❡❞❡ ❝♦♥❝❧✉✐r ❧❛
❡❝♦♥♦♠í❛ ❡stá ❡str❡❝❤❛♠❡♥t❡ ❧✐❣❛❞❛ ❛ ❧❛ ♠❛t❡♠át✐❝❛✱ ② ♣♦r ❧♦ t❛♥t♦✱ ♠✐❡♥tr❛s ♠❡❥♦r
s❡❛ ♥✉❡str♦ ❡♥t❡♥❞✐♠✐❡♥t♦ ❞❡ ❧❛ ♠❛t❡♠át✐❝❛✱ ♠❡❥♦r s❡rá ♥✉❡str♦ ❡♥t❡♥❞✐♠✐❡♥t♦ ❞❡
❛❧❣✉♥❛s ♣r♦❜❧❡♠át✐❝❛s ❞❡ ❧❛ ❡❝♦♥♦♠í❛✳

❆❤♦r❛ ❜✐❡♥✱ ❡st♦s ♠♦❞❡❧♦s ♣✉❡❞❡♥ t❡♥❡r ❞✐st✐♥t♦s ♣❡rs♣❡❝t✐✈❛s s❡❣ú♥ ❧❛s t❡♠át✐✲
❝❛s q✉❡ ❛❜♦r❞❡♥✳ ❉❡s❞❡ ❡❧ ♣✉♥t♦ ❞❡ ✈✐st❛ ❞❡❧ ❛♥á❧✐s✐s ❡❝♦♥ó♠✐❝♦ ❡①✐st❡♥ ❞♦s ❣r❛♥❞❡s
♣❡rs♣❡❝t✐✈❛s tr❛❞✐❝✐♦♥❛❧❡s✿ ❧❛ ♠✐❝r♦❡❝♦♥♦♠í❛ ② ❧❛ ♠❛❝r♦❡❝♦♥♦♠í❛✳ ▲❛ ♠✐❝r♦❡❝♦✲
♥♦♠í❛ ❡s ✉♥❛ r❛♠❛ ❞❡ ❧❛ ❡❝♦♥♦♠í❛ q✉❡ ❡st✉❞✐❛ ❧❛s ✐♥t❡r❛❝❝✐♦♥❡s q✉❡ s❡ ❞❛♥ ❡♥tr❡ ❧♦s
❛❣❡♥t❡s ❞❡ ❢♦r♠❛ ✐♥❞✐✈✐❞✉❛❧✱ ❝❡♥trá♥❞♦s❡ ❡♥ q✉é ❛s♣❡❝t♦s ❞❡t❡r♠✐♥❛♥ ❡❧ ❝♦♠♣♦rt❛✲
♠✐❡♥t♦ ❞❡ ❡st♦s✳ ❙✉s ♣r✐♥❝✐♣❛❧❡s ❡st✉❞✐♦s s♦♥ ❧❛ t❡♦rí❛ ❞❡❧ ❝♦♥s✉♠✐❞♦r ② ❧❛ t❡♦rí❛ ❞❡
❧❛ ✜r♠❛✳ P♦r ♦tr♦ ❧❛❞♦✱ ❧❛ ♠❛❝r♦❡❝♦♥♦♠í❛ ❡st✉❞✐❛ ❧❛s ✐♥t❡r❛❝❝✐♦♥❡s ❞❡ ❧♦s ❛❣❡♥t❡s ❛
♥✐✈❡❧ ❛❣r❡❣❛❞♦✱ ❝❡♥trá♥❞♦s❡ ❡♥ ❛♥❛❧✐③❛r ❧❛s t❡♥❞❡♥❝✐❛s ② ♣♦s✐❜❧❡s ✐♥t❡r✈❡♥❝✐♦♥❡s✳ ❙✉s
♣r✐♥❝✐♣❛❧❡s ❡st✉❞✐♦s s♦♥ ❧♦s ❡❢❡❝t♦s ❞❡ ❧❛ ♣♦❧ít✐❝❛ ✜s❝❛❧ ② ❧❛ ♣♦❧ít✐❝❛ ♠♦♥❡t❛r✐❛✳ ❋✐✲
♥❛❧♠❡♥t❡ ♣♦❞rí❛♠♦s ❛❞✐❝✐♦♥❛r ✉♥❛ t❡r❝❡r❛ r❛♠❛✱ ❧❛ ❡❝♦♥♦♠❡trí❛✱ q✉❡ ❡s ✉♥❛ r❛♠❛
❞❡ ❧❛ ❡❝♦♥♦♠í❛ q✉❡ s❡ ❞❡❞✐❝❛ ❛ ❡st✉❞✐❛r ❧❛s r❡❧❛❝✐♦♥❡s ❡st❛❞íst✐❝❛s q✉❡ ❡①✐st❡♥ ❡♥tr❡
❧♦s ♠♦❞❡❧♦s ❝♦♠♣r♦❜❛♥❞♦ ♦ r❡❢✉t❛♥❞♦ ❧❛s ❝♦♥❝❧✉s✐♦♥❡s ❞❡ ❡st♦s✳

P❛✁
❣✐♥❛ ✺ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
❈♦♥ r❡s♣❡❝t♦ ❛ ❧♦s ❝♦♥t❡♥✐❞♦s ❞❡ ❡st❡ ❛♣✉♥t❡✱ ❡♥ ✉♥❛ ♣r✐♠❡r❛ ♣❛rt❡ tr❛t❛r❡♠♦s
♠♦❞❡❧♦s q✉❡ s♦♥ ♠ás ❜✐❡♥ ❣❡♥❡r❛❧❡s ❛ ❛♠❜❛s r❛♠❛s ♣r✐♥❝✐♣❛❧❡s✱ ② ❡♥ ✉♥❛ s❡❣✉♥❞❛
♣❛rt❡ ❡st✉❞✐❛r❡♠♦s ❧♦s ♠♦❞❡❧♦s ♠✐❝r♦❡❝♦♥ó♠✐❝♦s ♠ás ❝❧ás✐❝♦s✳

▲❛ ❡❝♦♥♦♠í❛ t✐❡♥❡ ❞♦s ❡♥❢♦q✉❡s✳ ❯♥♦ s❡ ❞❡❞✐❝❛ ❛ ❛♥❛❧✐③❛r ❧♦s á♠❜✐t♦s ❞❡ ❧❛ ❡❝♦✲
♥♦♠í❛ ❞❡s❞❡ ✉♥ ♣✉♥t♦ ❞❡ ✈✐st❛ ♠❡r❛♠❡♥t❡ ❛♥❛❧ít✐❝♦✱ ❡s ❞❡❝✐r✱ só❧♦ s❡ ♣r❡♦❝✉♣❛ ❞❡
❡st✉❞✐❛r ❧♦s ❢❡♥ó♠❡♥♦s ❡❝♦♥ó♠✐❝♦s✱ ✈✐❡♥❞♦ ❝✉❛❧❡s s♦♥ ❧♦s ❢❛❝t♦r❡s q✉❡ ✐♥t❡r✈✐❡♥❡♥
❡♥ ❡st♦s ② ❝♦♠♦ s❡ ❣❡♥❡r❛♥✳ ❊st❡ ❛♥á❧✐s✐s ❞❡ ❧❛ ❡❝♦♥♦♠í❛ ❡stá ❞❡♥tr♦ ❞❡ ❧♦ q✉❡ s❡
❞❡♥♦♠✐♥❛ ❧❛ ❡❝♦♥♦♠í❛ ♣♦s✐t✐✈❛ ✱ ② s❡ ❞❡st❛❝❛ ♣♦r s❡r ✉♥ ❛♥á❧✐s✐s ❜❛st❛♥t❡ ❢♦r♠❛❧
② ♦❜❥❡t✐✈♦✱ ② ❡s ❡❧ q✉❡ ❞❡s❛rr♦❧❧❛ ❧❛ t❡♦rí❛ ❡❝♦♥ó♠✐❝❛✳

P♦r ♦tr♦ ❧❛❞♦✱ ♣♦❞rí❛♠♦s ♣r❡♦❝✉♣❛r♥♦s ❞❡ ❛♥❛❧✐③❛r s✐ ❡s ❝♦rr❡❝t♦ ♦ ♥♦ q✉❡ ♦❝✉rr❛

❡s❡ ❢❡♥ó♠❡♥♦ ❡❝♦♥ó♠✐❝♦✱ ❝♦♠♦ ❧♦ ♣♦❞rí❛♠♦s ❡✈✐t❛r✱ q✉❡ t✐♣♦ ❞❡ ♣♦❧ít✐❝❛s ♣ú❜❧✐❝❛s s❡
♣✉❡❞❡♥ ❤❛❝❡r ♣❛r❛ ❝♦rr❡❣✐r ❡st♦✱ ❝✉á❧ ❡s ❧❛ ♠❡❥♦r ❢♦r♠❛ ❞❡ ❛❢r♦♥t❛r ❡st❡ ♣r♦❜❧❡♠❛✱
❡♥tr❡ ♠✉❝❤❛s ♦tr❛s ♣r❡❣✉♥t❛s✳ ❊st❡ ❛♥á❧✐s✐s ❞❡ ❧❛ ❡❝♦♥♦♠í❛ ❡stá ❞❡♥tr♦ ❞❡ ❧♦ q✉❡
s❡ ❞❡♥♦♠✐♥❛ ❧❛ ❡❝♦♥♦♠í❛ ♥♦r♠❛t✐✈❛ ✱ ② s❡ ❞❡st❛❝❛r ♣♦r s❡r ✉♥ ❛♥á❧✐s✐s ❜❛st❛♥t❡
♠ás ✐♥❢♦r♠❛❧ ② s✉❜❥❡t✐✈♦✱ ② ❡s ❡❧ q✉❡ ❞❡s❛rr♦❧❧❛ ❧❛ ♣♦❧ít✐❝❛ ❡❝♦♥ó♠✐❝❛ ② ❧❛s ♣♦❧ít✐❝❛s
♣ú❜❧✐❝❛s✳

P❛rt✐❝✉❧❛r♠❡♥t❡✱ ❡♥ ❡st❡ ❛♣✉♥t❡ ② ❡❧ r❛♠♦✱ ❡st✉❞✐❛r❡♠♦s ♣r✐♥❝✐♣❛❧♠❡♥t❡ ✉♥ ❛♥á✲

❧✐s✐s ♣♦s✐t✐✈♦ ❞❡ ❧❛ ❡❝♦♥♦♠í❛✱ ❞❛❞♦ q✉❡ ❡s ❡❧ q✉❡ ♥♦s ❡♥tr❡❣❛rá ❧♦s ❝♦♥♦❝✐♠✐❡♥t♦s✱ ❧❛
❢♦r♠❛❝✐ó♥ ② ❧❛s ❤❡rr❛♠✐❡♥t❛s ♥❡❝❡s❛r✐❛s ♣❛r❛ ♣♦❞❡r ❤❛❝❡r✱ ❡♥ ♦tr♦s ❝✉rs♦s s✉♣❡r✐♦r❡s✱
✉♥ ♠✉② ❜✉❡♥ ❞❡❜❛t❡ ♥♦r♠❛t✐✈♦ ❞❡ ❧❛s ❞✐st✐♥t❛s ♣♦❧ít✐❝❛s ❡❝♦♥ó♠✐❝❛s q✉❡ s❡ ♣✉❡❞❡♥
❛♣❧✐❝❛r ❡♥ ❞✐st✐♥t♦s ❝♦♥t❡①t♦s✳

✶✳✷ ▲♦s ♠♦❞❡❧♦s

❊♥ ❧❛ ✐♥tr♦❞✉❝❝✐ó♥ ❤❛❜❧❛♠♦s ❝♦♥ ♠✉❝❤❛ ♥❛t✉r❛❧✐❞❛❞ ❛❝❡r❝❛ ❞❡ ❧❛ ✐♠♣♦rt❛♥❝✐❛ ❞❡
❧♦s ♠♦❞❡❧♦s ❡♥ ❧❛ ❝✐❡♥❝✐❛ ❡❝♦♥ó♠✐❝❛✱ ♣❡r♦ s❡ ♥♦s ✈✐❡♥❡ ❛ ❧❛ ♠❡♥t❡ ➽q✉é ❡s ✉♥ ♠♦❞❡✲
❧♦❄✳ ❯♥ ♠♦❞❡❧♦ ❡s ✉♥❛ ❡①♣r❡s✐ó♥ ❝♦♥❝❡♣t✉❛❧ q✉❡ ♣❡r♠✐t❡ r❡♣r❡s❡♥t❛r ❧❛ r❡❛❧✐❞❛❞✱ s♦♥
❢r❡❝✉❡♥t❡s ❡♥ ❧❛s ❝✐❡♥❝✐❛s ❢ís✐❝❛s ② ❞❡s❞❡ ❛❧❧í ❡♠✐❣ró ❡❧ ❝♦♥❝❡♣t♦ ❛ ❧❛ ❡❝♦♥♦♠í❛✶ ✳ ❊♥
❡st❡ ♣✉♥t♦ ♥♦ ❤❛② q✉❡ ❝♦♥❢✉♥❞✐r ❡❧ r❡♣r❡s❡♥t❛r ❧❛ r❡❛❧✐❞❛❞ ❝♦♥ ❡①♣❧✐❝❛r ♦ ♠♦str❛r ❧❛
r❡❛❧✐❞❛❞✱ ♣❛r❛ ❞✐❢❡r❡♥❝✐❛r ❡st♦ ✈❡❛♠♦s ✉♥ ❡❥❡♠♣❧♦✳ ❙✐ ♥♦s♦tr♦s ❞✐s❡ñ❛♠♦s ✉♥ ♠❛♣❛
❞❡ ❧❛s ❝❛❧❧❡s ✭✈✐st❛s ❞❡s❞❡ ❛rr✐❜❛✮ ♣❛r❛ ❝❛♠✐♥❛r ❞❡s❞❡ ❧❛ ❋❛❝✉❧t❛❞ ❤❛st❛ ❡❧ ♠❡tr♦ ❇❛✲
q✉❡❞❛♥♦✱ ✈❡♠♦s q✉❡ ❡s❡ ♠❛♣❛ ♥♦ ♥♦s ❞✐❝❡ ❡①❛❝t❛♠❡♥t❡ ❝ó♠♦ ❡s ❧❛ r❡❛❧✐❞❛❞✱ ❡s ❞❡❝✐r✱
♥♦ ❧❛ ❡①♣❧✐❝❛ ♦ ♥♦ ❧❛ ♠✉❡str❛✱ ♣❡r♦ ❞❡ t♦❞❛s ❢♦r♠❛s s✐❣✉✐❡♥❞♦ ❡st❡ ♠❛♣❛ ♣♦❞r❡♠♦s
✐r ❛❧ ♠❡tr♦✱ ♣♦r ❧♦ t❛♥t♦✱ ❡st❡ ♠❛♣❛ ♥♦s s✐r✈❡ ♣❛r❛ ❝✉♠♣❧✐r ♥✉❡str♦ ♦❜❥❡t✐✈♦✱ ❡st♦
❞❛❞♦ q✉❡ ❡s ✉♥❛ r❡♣r❡s❡♥t❛❝✐ó♥ ❞❡ ❧❛ r❡❛❧✐❞❛❞✳

✶ ❉❡ ❤❡❝❤♦✱ ♠✉❝❤♦s ❞❡ ❧♦s ♣r✐♠❡r♦s ❡❝♦♥♦♠✐st❛s ❡st❛❜❛♥ ✐♥✢✉✐❞♦s ♣♦r ❡❧ ❡st✉❞✐♦ ❞❡ ❧❛ ❢ís✐❝❛✱ ❧♦
q✉❡ ♣r♦✈♦❝ó q✉❡ s❡ ✉s❛r❛♥ ❝♦♥❝❡♣t♦s ❢ís✐❝♦s ❡♥ ❧❛ ❡❝♦♥♦♠í❛✱ s✐❡♥❞♦ ❡❧ ♠ás ❝❧ás✐❝♦✱ ❝✉❛♥❞♦ s❡ ❤❛❜❧❛
❞❡ ❧❛s ❢✉❡r③❛s ❞❡ ♠❡r❝❛❞♦✳

P❛✁
❣✐♥❛ ✻ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
❆❞❡♠ás ❞❡ ♣♦❞❡r r❡s♦❧✈❡r ❧❛ ♣r♦❜❧❡♠át✐❝❛ ✐♠♣❧í❝✐t❛ ❡♥ ✉♥❛ s✐t✉❛❝✐ó♥✱ ✉♥ ❜✉❡♥
♠♦❞❡❧♦ ❞❡❜❡rí❛ ❡①♣❧✐❝❛r s✐t✉❛❝✐♦♥❡s ❡① ♣♦st ✭❡s ❞❡❝✐r✱ s❡r ❝❛♣❛③ ❞❡ ❡①♣❧✐❝❛r s✐t✉❛✲
❝✐♦♥❡s q✉❡ ②❛ ♦❝✉rr✐❡r♦♥✮ ② ♣r❡❞❡❝✐r s✐t✉❛❝✐♦♥❡s ❡① ❛♥t❡ ✭❡s ❞❡❝✐r✱ s❡r ❝❛♣❛③ ❞❡
♣r♦♥♦st✐❝❛r s✐t✉❛❝✐♦♥❡s q✉❡ ❛ú♥ ♥♦ ♦❝✉rr❡♥✮ ❛♥t❡ ❝❛♠❜✐♦s ❡♥ ❧❛s ✈❛r✐❛❜❧❡s q✉❡ s♦♥
❝♦♥s✐❞❡r❛s ❡♥ ❡❧ ♠♦❞❡❧♦✳

✶✳✷✳✶ ❊❧ ♠♦❞❡❧♦ ❡❝♦♥ó♠✐❝♦

❨❛ t❡♥✐❡♥❞♦ ❡♥ ❝✉❡♥t❛ ❡❧ ❝♦♥❝❡♣t♦ ❞❡ ♠♦❞❡❧♦✱ ❡s ✈á❧✐❞♦ q✉❡ ♥♦s ♣r❡❣✉♥t❡♠♦s ➽◗✉é
❡s ✉♥ ♠♦❞❡❧♦ ❡❝♦♥ó♠✐❝♦❄✳ ❆✉♥q✉❡ s✉❡♥❡ ❡✈✐❞❡♥t❡✱ ❡❧ ♠♦❞❡❧♦ ❡❝♦♥ó♠✐❝♦ ❡s ❛q✉❡❧ q✉❡
r❡s✉❡❧✈❡ ❧❛ ♣r♦❜❧❡♠át✐❝❛ ❡❝♦♥ó♠✐❝❛✳ ❊❥❡♠♣❧♦s ❞❡ ♠♦❞❡❧♦s ❡❝♦♥ó♠✐❝♦s ♣✉❡❞❡♥ s❡r ❡❧
♠♦❞❡❧♦ ❝❧ás✐❝♦ ❞❡ ♦❢❡rt❛ ② ❞❡♠❛♥❞❛✱ ❡❧ ♠♦❞❡❧♦ ❝❧ás✐❝♦ ❞❡ t❡♦rí❛ ❞❡❧ ❝♦♥s✉♠✐❞♦r ② ❡❧
♠♦❞❡❧♦ ❝❧ás✐❝♦ ❞❡ t❡♦rí❛ ❞❡❧ ♣r♦❞✉❝t♦r✳ ❊❥❡♠♣❧♦s ❞❡ ♣r♦❜❧❡♠át✐❝❛s ❡❝♦♥ó♠✐❝❛s s♦♥
➽◗✉é ♦❝✉rr❡ ❝♦♥ ❡❧ ♣r❡❝✐♦ ❞❡ ✉♥ ❤❡❧❛❞♦ s✐ ❡♥tr❛♠♦s ❡♥ ✈❡r❛♥♦❄✱ ➽❙✐ ♥♦ ♠❡ ❣✉stó ❧❛
♣❡❧í❝✉❧❛ ❡♥ ❡❧ ❝✐♥❡✱ ♠❡ ✈♦② s✐♥ ♠ás❄ ② ➽❆ q✉❡ ❡st♦② r❡♥✉♥❝✐❛♥❞♦ ♠✐❡♥tr❛s ❧❡♦ ❡st❡
❛♣✉♥t❡❄✳

✶✳✷✳✷ ▲♦s s✉♣✉❡st♦s

❉❛❞♦ q✉❡ ❧❛ r❡❛❧✐❞❛❞ ❡s ❝♦♠♣❧❡❥❛✱ ② ❧♦s s❡r❡s ❤✉♠❛♥♦s ❧♦ s♦♠♦s ❛ú♥ ♠ás✱ ❡s
❞✐❢í❝✐❧ ♣❡♥s❛r ❡♥ ✉♥ ♠♦❞❡❧♦ q✉❡ s❡❛ ❝❛♣❛③ ❞❡ r❡♣r❡s❡♥t❛r ♣❡r❢❡❝t❛♠❡♥t❡ ❛ ❝❛❞❛ ✉♥♦
❞❡ ❧♦s s❡r❡s ❞❡ ❧❛ ❡❝♦♥♦♠í❛✱ ♣♦r ❡st♦ ❡s q✉❡✱ ♣❛r❛ ♣♦❞❡r r❡❞✉❝✐r ❡st❛ ❝♦♠♣❧❡❥✐❞❛❞✱ s❡
❤❛❝❡♥ s✉♣✉❡st♦s s♦❜r❡ ❤❡❝❤♦s ♦ s✐t✉❛❝✐♦♥❡s q✉❡ s✐♠♣❧✐✜q✉❡♥ ❧❛ ♣r♦❜❧❡♠át✐❝❛✱ ♦ q✉❡
❢❛❝✐❧✐t❡♥ ❧❛ ♠❛t❡♠át✐❝❛ ❛s♦❝✐❛❞❛✳

▲♦s s✉♣✉❡st♦s s♦♥ ❛❧❣♦ ❝♦♠ú♥ ❡♥ ❧❛ ❡❝♦♥♦♠í❛ ② ❤❛② s✉♣✉❡st♦s ❝❧ás✐❝♦s✱ ❝♦♠♦
❡❧ ❞❡ s✉♣♦♥❡r q✉❡ ❧♦s ✐♥❞✐✈✐❞✉♦s ❞❡ ❧❛ ❡❝♦♥♦♠í❛ s♦♥ r❛❝✐♦♥❛❧❡s✱ ♠❛①✐♠✐③❛♥ s✉ ❜❡✲
♥❡✜❝✐♦ ❡♥ ❧❛s ❞✐✈❡rs❛s s✐t✉❛❝✐♦♥❡s✱ ❧♦ ❝✉❛❧✱ ♥♦ ❞❡❥❛ ❞❡ s❡r ✉♥ s✉♣✉❡st♦ ❜❛st❛♥t❡ ❢✉❡rt❡✳

❆❧ ♠♦♠❡♥t♦ ❞❡ ❛❜♦r❞❛r ❧♦s ♠♦❞❡❧♦s ❡❝♦♥ó♠✐❝♦s✱ ♥♦s ❞❡❜❡rí❛♠♦s ❞❡t❡♥❡r s✐❡♠♣r❡

❡♥ ❛♥❛❧✐③❛r s✉s s✉♣✉❡st♦s✱ ❛ ✈❡❝❡s ❡st♦s s♦♥ t❛♥ s♦❧♦ s✐♠♣❧✐✜❝❛❞♦r❡s✱ ♥♦s ❤❛❝❡♥ ♠❡♥♦s
t❡❞✐♦s❛ ❡❧ á❧❣❡❜r❛✱ ♣❡r♦ ♦tr❛ ✈❡❝❡s ✉♥ ♠♦❞❡❧♦ ♣✉❡❞♦ ❝❛❡rs❡ ❝♦♠♣❧❡t❛♠❡♥t❡ ♣♦r ❛s✉♠✐r
s✉♣✉❡st♦s ❞❡♠❛s✐❛❞♦s rí❣✐❞♦s ♦ ♣♦❝♦ r❡❛❧✐st❛s✱ q✉❡ ❣❡♥❡r❛♥ ❝♦♥❝❧✉s✐♦♥❡s ❡rró♥❡❛s✳
❊s ♣♦s✐❜❧❡ t❛♠❜✐é♥ ❛ ✈❡❝❡s ♦❜s❡r✈❛r ❞❡s❞❡ ❧♦s s✉♣✉❡st♦s ❝✐❡rt❛ t❡♥❞❡♥❝✐❛ ✐❞❡♦❧ó❣✐❝❛
♦ ❡❧ ♣r❡❞♦♠✐♥✐♦ ❞❡ ✉♥❛ ❡s❝✉❡❧❛ ❡❝♦♥ó♠✐❝❛ q✉❡ ❡s ✐♥t❡r❡s❛♥t❡ s✐❡♠♣r❡ t❡♥❡r ♣r❡s❡♥t❡✳

✶✳✷✳✸ ▲❛s ✈❛r✐❛❜❧❡s ❡♥❞ó❣❡♥❛s ② ❡①ó❣❡♥❛s

▲♦s ♠♦❞❡❧♦s✱ ❝♦♠♦ ②❛ ❧♦ ❤❡♠♦s ❤❛❜❧❛❞♦✱ ♣r❡t❡♥❞❡♥ r❡♣r❡s❡♥t❛r ♦ r❡s♦❧✈❡r ✉♥❛
❝✐❡rt❛ ♣r♦❜❧❡♠át✐❝❛ s♦❜r❡ ✉♥❛ ✈❛r✐❛❜❧❡ ❡♥ ♣❛rt✐❝✉❧❛r✱ ♣♦r ❡❥❡♠♣❧♦ ♣♦❞❡♠♦s ❣❡♥❡r❛r
✉♥ ♠♦❞❡❧♦ ♣❛r❛ ✈❡r ❝✉á♥t❛s ✉♥✐❞❛❞❡s ❞❡ ✉♥ ❝✐❡rt♦ ❜✐❡♥ ❡st❛rí❛ ❞✐s♣✉❡st♦ ❛ ❝♦♠♣r❛r
✉♥❛ ♣❡rs♦♥❛ ❞❛❞♦ ✉♥ ♣r❡❝✐♦ ❝✉❛❧q✉✐❡r❛✱ s✐❡♥❞♦ ❡♥ ❡st❡ ❝❛s♦ ❧❛ ✈❛r✐❛❜❧❡ q✉❡ ♣r❡t❡♥❞❡✲
♠♦s r❡♣r❡s❡♥t❛r ❧❛ ❝❛♥t✐❞❛❞✳ ❆ ❡st❡ t✐♣♦ ❞❡ ✈❛r✐❛❜❧❡s q✉❡ ♣r❡t❡♥❞❡♠♦s r❡♣r❡s❡♥t❛r
s❡ ❧❡s ❞❡♥♦♠✐♥❛ ✈❛r✐❛❜❧❡s ❡♥❞ó❣❡♥❛s ✱ ❡s ❞❡❝✐r✱ s♦♥ ❧❛s q✉❡ s❡ ❝❛❧❝✉❧❛♥ ❡♥ ❡❧ ♠♦❞❡❧♦✳

P❡r♦ ♣❛r❛ ♣♦❞❡r ❡st✐♠❛r ♥✉❡str❛ ✈❛r✐❛❜❧❡ ❡♥❞ó❣❡♥❛✱ ♥❡❝❡s✐t❛♠♦s t❡♥❡r❧❛ ❡♥ ❢✉♥✲

P❛✁
❣✐♥❛ ✼ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
❝✐ó♥ ❞❡ ♦tr❛s ✈❛r✐❛❜❧❡s q✉❡ ❝♦♥s✐❞❡r❛♠♦s r❡❧❡✈❛♥t❡s ♣❛r❛ ♣♦❞❡r ❡①♣❧✐❝❛r❧❛✱ ❡stá♥
✈❛r✐❛❜❧❡s s♦♥ ❝♦♥s✐❞❡r❛❞❛s ❞❛❞❛s ② s❡ ✉t✐❧✐③❛♥ ❞✐r❡❝t❛♠❡♥t❡ ❡♥ ❡❧ ❝á❧❝✉❧♦ ❞❡ ❧❛ ✈❛r✐❛✲
❜❧❡ ❡♥❞ó❣❡♥❛✳ ❊st❛s ✈❛r✐❛❜❧❡s s❡ ❞❡♥♦♠✐♥❛♥ ✈❛r✐❛❜❧❡s ❡①ó❣❡♥❛s ✱ ❡s ❞❡❝✐r✱ s♦♥ ❧❛s
q✉❡ s♦♥ ❡①t❡r♥❛s ❛❧ ♠♦❞❡❧♦✳

▼❛t❡♠át✐❝❛♠❡♥t❡✱ ❧❛ ✈❛r✐❛❜❧❡ ❡♥❞ó❣❡♥❛ s❡ ❡①♣r❡s❛ ❝♦♠♦ ❢✉♥❝✐ó♥ ❞❡ ❧❛s ✈❛r✐❛❜❧❡s

❡①ó❣❡♥❛s q✉❡ s❡❛♥ ❝♦♥s✐❞❡r❛❞❛s✳ ❊♥ ♥✉❡str♦ ❡❥❡♠♣❧♦ ❛♥t❡r✐♦r✱ s✐ ❝r❡❡♠♦s q✉❡ ❧❛
❝❛♥t✐❞❛❞ ❛ ❝♦♠♣r❛r ❞❡ ✉♥ ❜✐❡♥ ✭❞❡♥♦♠✐♥é♠♦s❧❛ Q✮ ❞❡♣❡♥❞❡ ❞❡❧ ♣r❡❝✐♦ ❞❡ ❡s❡ ♠✐s♠♦
❜✐❡♥ ✭❞❡♥♦♠✐♥é♠♦s❧♦ P ✮✱ ❡st♦ ♣✉❡❞❡ s❡r ❡①♣r❡s❛❞♦ ❝♦♠♦✿

Q = f (P ) ✭✶✳✷✳✸✳✶✮

❈❧❛r❛♠❡♥t❡ ❡st❡ ❡s ✉♥ ♠♦❞❡❧♦ s✐♠♣❧❡ ♣❛r❛ ❡st✐♠❛r ❧❛ ❞❡♠❛♥❞❛ ❞❡ ✉♥ ❜✐❡♥✱ ❛❧

❝✉❛❧ ♣♦❞❡♠♦s ✐♥❝❧✉✐r ♦tr❛s ✈❛r✐❛❜❧❡s ❡①ó❣❡♥❛s ❝♦♠♦ ❡❧ ♣r❡❝✐♦ ❞❡ ♦tr♦s ❜✐❡♥❡s r❡❧❛❝✐♦✲
♥❛❞♦s ✭❞❡♥♦♠✐♥é♠♦s❧♦ Pr ✮ ② ❡❧ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦ ❞❡❧ ✐♥❞✐✈✐❞✉♦ ✭❞❡♥♦♠✐♥é♠♦s❧♦ I ✮✳
❙✐ ❛❣r❡❣❛♠♦s ❡st❛s ✈❛r✐❛❜❧❡s ❛ ♥✉❡str♦ ♠♦❞❡❧♦✱ ♥✉❡str❛ ❡❝✉❛❝✐ó♥ q✉❡❞❛ ❡①♣r❡s❛❞❛
❝♦♠♦✿
Q = f (P, Pr , I) ✭✶✳✷✳✸✳✷✮
❊s út✐❧ ♣❛r❛ ❞✐st✐♥❣✉✐r ❧❛s ✈❛r✐❛❜❧❡s ❡①ó❣❡♥❛s ② ❡♥❞ó❣❡♥❛s ❡♥ tér♠✐♥♦s ❝♦♥❝❡♣t✉❛❧❡s✱
♣❡♥s❛r q✉❡ ❞❡♥tr♦ ❞❡ ❧♦s ♠♦❞❡❧♦s✱ ❧❛s ✈❛r✐❛❜❧❡s q✉❡ s❡ tr❛t❛♥ ❞❡ ❡①♣❧✐❝❛r✱ ② ♣♦r
t❛♥t♦ ♣❛r❛ ❧❛s ❝✉❛❧❡s ❡♥tr❡❣❛♥ ✉♥ r❡s✉❧t❛❞♦ s♦♥ ❧❛s ✈❛r✐❛❜❧❡s ❡♥❞ó❣❡♥❛s ❞❡❧ ♠♦❞❡❧♦✱
♠✐❡♥tr❛s q✉❡✱ ❧❛s ✈❛r✐❛❜❧❡s q✉❡ ❛s✉♠✐♠♦s ❝♦♠♦ ❞❛❞❛s✱ ② ♣❛r❛ ❧❛s ❝✉❛❧❡s t❡♥❡♠♦s ✉♥
✈❛❧♦r ❝♦♥♦❝✐❞♦ s♦♥ ❧❛s ✈❛r✐❛❜❧❡s ❡①ó❣❡♥❛s✳

❊s ✐♠♣♦rt❛♥t❡ ♥♦t❛r t❛♠❜✐é♥ q✉❡ ❧❛ ❡①♣r❡s✐ó♥ ❞❡ ❛rr✐❜❛ ♥♦ ♥♦s ♣❡r♠✐t❡ ♣♦❞❡r

❝❛❧❝✉❧❛r ❧❛ ❝❛♥t✐❞❛❞✱ ❞❛❞♦ q✉❡ s♦❧♦ ♥♦s ❞✐❝❡ r❡s♣❡❝t♦ ❛ ❝✐❡rt♦ ❣r❛❞♦ ❞❡ r❡❧❛❝✐ó♥ ❞❡
❧❛s ✈❛r✐❛❜❧❡s✳ P❛r❛ ♣♦❞❡r ❝❛❧❝✉❧❛r❧❛ ♥❡❝❡s✐t❛♠♦s ❡①♣r❡s❛r ❧❛ ❢♦r♠❛ ❢✉♥❝✐♦♥❛❧ ✭❡♥tr❡✲
❣❛r ❝✐❡rt❛ r❡❧❛❝✐ó♥ ♠❛t❡♠át✐❝❛ ❝♦♥❝r❡t❛✮✱ tó♣✐❝♦ q✉❡ ✈❡r❡♠♦s ❝✉❛♥❞♦ ❡st✉❞✐❡♠♦s ❡❧
▼♦❞❡❧♦ ❞❡ ❖❢❡rt❛ ② ❉❡♠❛♥❞❛✳

✶✳✸ ▼♦❞❡❧♦ ❞❡ ♦❢❡rt❛ ② ❞❡♠❛♥❞❛

❙✐❣✉✐❡♥❞♦ ❡♥ ♥✉❡str♦ ❛♥á❧✐s✐s ❞❡ ♠♦❞❡❧♦s ❡❝♦♥ó♠✐❝♦s✱ ✈❛♠♦s ❛ ✈❡r ✉♥ t❡r❝❡r
♠♦❞❡❧♦ q✉❡ ❡s ❤❛❜✐t✉❛❧♠❡♥t❡ ❝♦♥♦❝✐❞♦ ❝♦♠♦ ▼♦❞❡❧♦ ❞❡ ❖❢❡rt❛ ② ❉❡♠❛♥❞❛✳ ▲❛ ❣r❛♥
❝❛r❛❝t❡ríst✐❝❛ ❞❡ ❡st❡ ♠♦❞❡❧♦ ❡s q✉❡ ❞❛❞❛ ❝✐❡rt❛ ✐♥❢♦r♠❛❝✐ó♥✱ ♥♦s ♣❡r♠✐t✐rá s❛❜❡r
❝✉á❧ s❡rá ❡❧ t♦t❛❧ ❞❡ ✉♥✐❞❛❞❡s tr❛♥s❛❞❛s ❞❡ ✉♥ ❜✐❡♥ ② ❛ q✉é ♣r❡❝✐♦ s❡ tr❛♥s❛rá♥
❡♥ ✉♥ ❞❡t❡r♠✐♥❛❞♦ ♠❡r❝❛❞♦✳ ❊st❡ ♠♦❞❡❧♦ ❝♦♥s✐❞❡r❛ ❞♦s ❛❣❡♥t❡s✱ ✉♥♦ q✉❡ ❝♦♠♣r❛
♦ ❞❡♠❛♥❞❛ ❡❧ ❜✐❡♥✱ ② ♦tr♦ q✉❡ ♦❢r❡❝❡ ✉ ♦❢❡rt❛ ❡❧ ❜✐❡♥✳ ❆ ❝♦♥t✐♥✉❛❝✐ó♥ ✈❡r❡♠♦s ❡♥
❞❡t❛❧❧❡ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s tér♠✐♥♦s✿

✶✳✸✳✶ ▲❛ ❞❡♠❛♥❞❛
❊♥t❡♥❞❡r❡♠♦s ❡❝♦♥ó♠✐❝❛♠❡♥t❡ ❧❛ ❞❡♠❛♥❞❛ ❝♦♠♦ ❧❛ ♠á①✐♠❛ ❞✐s♣♦s✐❝✐ó♥ ❛ ♣❛❣❛r
❞❡ ✉♥ ✐♥❞✐✈✐❞✉♦ ♣♦r ✉♥ ❞❡t❡r♠✐♥❛❞♦ ❜✐❡♥✳ ❆❤♦r❛ ❜✐❡♥✱ ❡st❛ ❞❡♠❛♥❞❛ ❞❡ ✉♥ ❜✐❡♥
❝✉❛❧q✉✐❡r❛ ✭❉✐❣❛♠♦s Q✮ ♣✉❡❞❡ ❡st❛r ❢✉♥❞❛♠❡♥t❛❞❛ ♣♦r ❞✐st✐♥t❛s ❝♦♥❞✐❝✐♦♥❡s✱ ❝♦♠♦

P❛✁
❣✐♥❛ ✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ ✭Pq ✮✱ ❡❧ ♣r❡❝✐♦ ❞❡ ✉♥ ❜✐❡♥ s✉st✐t✉t♦✷ ✭Ps ✮✱ ❡❧ ♣r❡❝✐♦ ❞❡ ✉♥

❜✐❡♥ ❝♦♠♣❧❡♠❡♥t❛r✐♦✸ ✭Pc ✮✱ ❧♦s ❣✉st♦s ♦ ♣r❡❢❡r❡♥❝✐❛s ✭G✮ ♦ ❡❧ ✐♥❣r❡s♦ ✭Y ✮ q✉❡
t✐❡♥❡♥✱ ❡♥tr❡ ♦tr❛s✳

P♦r ♦tr♦ ❧❛❞♦✱ ♣♦❞❡♠♦s ❡♥❢♦❝❛r♥♦s ❡♥ ❛♥❛❧✐③❛r s♦❧❛♠❡♥t❡ ❝♦♠♦ ✈❛rí❛ ❧❛ ❞❡♠❛♥❞❛
❞❡ ✉♥ ❜✐❡♥ ♣♦r ❝❛♠❜✐♦s ❞❡ s✉ ♣r❡❝✐♦ ❝❡t❡r✐s ♣❛r✐❜✉s✹ ✳ ▲❛ ❝✉r✈❛ q✉❡ ♠✉❡str❛ ❡st❛
r❡❧❛❝✐ó♥ s❡ ❞❡♥♦♠✐♥❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛✱ ❝✉②❛ ❢♦r♠❛ ❡s✿

Curva de demanda

❋✐❣✉r❛ ✶✳✶✿ ❈✉r✈❛ ❞❡ ❞❡♠❛♥❞❛

➽P♦r q✉é ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ t✐❡♥❡ ♣❡♥❞✐❡♥t❡ ♥❡❣❛t✐✈❛❄✳ ❈♦♠♦ ❡①♣❧✐❝❛♠♦s ❛♥t❡✲
r✐♦r♠❡♥t❡✱ ❧❛ ❞❡♠❛♥❞❛ ♠✉❡str❛ ❧❛ ♠á①✐♠❛ ❞✐s♣♦s✐❝✐ó♥ ❛ ♣❛❣❛r ♣♦r ✉♥ ❞❡t❡r♠✐♥❛❞♦
❜✐❡♥✱ ❡s ❞❡❝✐r✱ ❧❛ ✈❛❧♦r❛❝✐ó♥ q✉❡ t✐❡♥❡ ♣❛r❛ ❡❧ ✐♥❞✐✈✐❞✉♦ ❡❧ ❜✐❡♥ q✉❡ ❡stá ❛❞q✉✐r✐❡♥❞♦✳
❆❤♦r❛ ❜✐❡♥✱ ♣♦❞❡♠♦s ✈❡r q✉❡ ❡st❛ ✈❛❧♦r❛❝✐ó♥ ❝❛❡ ❛ ♠❡❞✐❞❛ q✉❡ ❛✉♠❡♥t❛♠♦s ♠❛r❣✐✲
♥❛❧♠❡♥t❡✺ ♥✉❡str❛ ❝❛♥t✐❞❛❞ ❞❡❧ ❜✐❡♥✳ ❊st❛ r❡❧❛❝✐ó♥ ♥❡❣❛t✐✈❛ ❡♥tr❡ ♣r❡❝✐♦ ② ❝❛♥t✐❞❛❞
❡♥ ❧❛ ❞❡♠❛♥❞❛ s❡ ❝♦♥♦❝❡ ❝♦♠♦ ▲❡② ❞❡ ❉❡♠❛♥❞❛ ② ♥♦s ❞✐❝❡ q✉❡ ♠❛♥t❡♥✐é♥❞♦s❡ t♦❞♦
❧♦ ❞❡♠ás ❝♦♥st❛♥t❡✱ ❛ ♠❛②♦r ♣r❡❝✐♦ s❡ ❞❡♠❛♥❞❛rá ✉♥❛ ♠❡♥♦r ❝❛♥t✐❞❛❞ ❞❡ ♣r♦❞✉❝t♦✱

❡s ❞❡❝✐r ❧❛ r❡❧❛❝✐ó♥ ❡s ✐♥✈❡rs❛✳

✷ ❯♥❜✐❡♥ s✉st✐t✉t♦ ❡s ❛q✉❡❧ ❜✐❡♥ q✉❡ ✉♥ ✐♥❞✐✈✐❞✉♦ ❝♦♥s✐❞❡r❛ q✉❡ r❡❡♠♣❧❛③❛ ❛ ♦tr♦ ❜✐❡♥✳ P♦r
❡❥❡♠♣❧♦✱ ❧❛ ♠❛♥t❡q✉✐❧❧❛ ② ❧❛ ♠❛r❣❛r✐♥❛ ♣✉❡❞❡♥ s❡r s✉st✐t✉t♦s✳
✸ ❯♥ ❜✐❡♥ ❝♦♠♣❧❡♠❡♥t❛r✐♦ ❡s ❛q✉❡❧ ❜✐❡♥ q✉❡ ✉♥ ✐♥❞✐✈✐❞✉♦ ❝♦♥s✐❞❡r❛ q✉❡ ❝♦♠♣❧❡♠❡♥t❛ ❛ ♦tr♦
❜✐❡♥✳ P♦r ❡❥❡♠♣❧♦✱ ❡❧ ♣❛♥ ② ❧❛ ♠❛♥t❡q✉✐❧❧❛✳
✹ ❈❡t❡r✐s P❛r✐❜✉s ❡s ✉♥❛ ❧♦❝✉❝✐ó♥ ❧❛t✐♥❛ ♠✉② ✉t✐❧✐③❛❞❛ ❡♥ ❡❝♦♥♦♠í❛ q✉❡ s✐❣♥✐✜❝❛ t♦❞♦ ❧♦ ❞❡♠ás
❝♦♥st❛♥t❡ ❛❧✉❞✐❡♥❞♦ ❛❧ r❡st♦ ❞❡ ❧❛s ✈❛r✐❛❜❧❡s ❡①ó❣❡♥❛s✳ ❊♥ ❡❧ ❝❛s♦ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ❧❛s
✈❛r✐❛❜❧❡s q✉❡ q✉❡❞❛♥ ❝♦♥st❛♥t❡ s♦♥✱ ♣♦r ❡❥❡♠♣❧♦✱ ❧♦s ♣r❡❝✐♦s ❞❡ ❧♦s s✉st✐t✉t♦s✱ ❧♦s ♣r❡❝✐♦s ❞❡ ❧♦s
❝♦♠♣❧❡♠❡♥t♦s✱ ❡❧ ✐♥❣r❡s♦ ② ❧❛s ♣r❡❢❡r❡♥❝✐❛s✳
✺ ❊s ❞❡❝✐r✱ ❛✉♠❡♥t❛♠♦s ❡♥ ✉♥❛ ✉♥✐❞❛❞✳

P❛✁
❣✐♥❛ ✾ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
❯♥❛ ❢♦r♠❛ ❞❡ ✈❡r ❡st♦✱ ❡s ♣❡♥s❛r q✉❡ ❡st❛♠♦s ❡♥ ❡❧ ❝❡♥tr♦ ❞❡ ❙❛♥t✐❛❣♦ ② t❡♥❡✲
♠♦s ♠✉❝❤❛ s❡❞✳ ❙❡❣✉r❛♠❡♥t❡ ♥✉❡str❛ ✈❛❧♦r❛❝✐ó♥ ♣♦r ❧❛ ♣r✐♠❡r❛ ❜♦t❡❧❧❛ ❞❡ ❜❡❜✐❞❛ ❡s
❜❛st❛♥t❡ ❣r❛♥❞❡ ✭♣♦r ❡❥❡♠♣❧♦✱ ♣❛❣❛rí❛♠♦s ❤❛st❛ ✩✶✳✺✵✵ ♣♦r ✉♥❛ ❜♦t❡❧❧❛✮✱ ♠✐❡♥tr❛s
q✉❡ ♣♦r ❧❛ s❡❣✉♥❞❛ ❡s ✉♥ ♣♦❝♦ ♠ás ♠♦❞❡r❛❞❛ ✭♣♦r ❡❥❡♠♣❧♦ ✩✶✳✵✵✵✮✱ ② ✜♥❛❧♠❡♥t❡
♣♦r ❧❛ t❡r❝❡r❛ ✉♥✐❞❛❞ ②❛ ♣❛❣❛rí❛♠♦s ♠✉❝❤♦ ♠❡♥♦s ✭♣♦r ❡❥❡♠♣❧♦ ✩✺✵✵✮✳

❉❡ ❡st❛ ❢♦r♠❛✱ s✐ ❣r❛✜❝❛♠♦s ❡❧ ❛♥á❧✐s✐s ❛♥t❡r✐♦r ✈❡r❡♠♦s q✉❡ ❧❛ ❞❡♠❛♥❞❛ ❞❡ ❜❡✲

❜✐❞❛s t❡♥❞rá ✉♥❛ ❞❡♠❛♥❞❛ ❝♦♥ ♣❡♥❞✐❡♥t❡ ♥❡❣❛t✐✈❛✳ ❊❧ ♠✐s♠♦ ❛♥á❧✐s✐s s❡ ♣✉❡❞❡ ❤❛❝❡r
♣❛r❛ t♦❞♦s ❧♦s ♦tr♦s ❜✐❡♥❡s✱ ❞♦♥❞❡ ❧❛ ♣❡♥❞✐❡♥t❡ ♣✉❡❞❡ s❡r ♠ás ♦ ♠❡♥♦s ❡♠♣✐♥❛❞❛✳

✶✳✸✳✷ ▲❛ ♦❢❡rt❛
❊♥t❡♥❞❡r❡♠♦s ❡❝♦♥ó♠✐❝❛♠❡♥t❡ ❧❛ ♦❢❡rt❛ ❝♦♠♦ ❧❛ ♠í♥✐♠❛ ❞✐s♣♦s✐❝✐ó♥ ❛ ❝♦❜r❛r ❞❡
✉♥❛ ✜r♠❛ ♣♦r ✉♥ ❞❡t❡r♠✐♥❛❞♦ ❜✐❡♥✳ ❆❤♦r❛ ❜✐❡♥✱ ❡st❛ ♦❢❡rt❛ ❞❡ ✉♥ ❜✐❡♥ ❝✉❛❧q✉✐❡r❛
✭❞✐❣❛♠♦s Q✮ ♣✉❡❞❡ ❡st❛r ❢✉♥❞❛♠❡♥t❛❞❛ ♣♦r ❞✐st✐♥t❛s ❝♦♥❞✐❝✐♦♥❡s✱ ❝♦♠♦ ❡❧ ♣r❡❝✐♦
❞❡❧ ❜✐❡♥ ✭PQ ✮✱ ❡❧♣r❡❝✐♦ ❞❡❧ ❝❛♣✐t❛❧ ♣r❡❝✐♦ ❞❡❧ tr❛❜❛❥♦
✭r✮✱ ❡❧ ✭w✮✱ ❧❛ ❢✉♥❝✐ó♥
❞❡ ♣r♦❞✉❝❝✐ó♥ ✭f (k, l)✮✱ ❡♥tr❡ ♦tr❛s✳

❉❡ ❡st❛ ❢♦r♠❛✱ ❞✐r❡♠♦s q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ♦❢❡rt❛ ❞❡ ✉♥ ❜✐❡♥✱ ❡s ❛q✉❡❧❧❛ ❢✉♥❝✐ó♥

q✉❡ r❡❧❛❝✐♦♥❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ❞❡ ✉♥ ❜✐❡♥✱ ❡♥ ❢✉♥❝✐ó♥ ❞❡ t♦❞❛s ❧❛s ✈❛r✐❛❜❧❡s
q✉❡ ✐♥✢✉②❡♥ ❡♥ ❧❛ ❞❡❝✐s✐ó♥✳ ❊s ❞❡❝✐r✿

Q = F (PQ , r, w, f, k, l) ✭✶✳✸✳✷✳✶✮

P♦r ♦tr♦ ❧❛❞♦✱ ♣♦❞❡♠♦s ❡♥❢♦❝❛r♥♦s ❡♥ ❛♥❛❧✐③❛r s♦❧❛♠❡♥t❡ ❝♦♠♦ ✈❛rí❛ ❧❛ ♦❢❡rt❛
❞❡ ✉♥ ❜✐❡♥ ♣♦r ❝❛♠❜✐♦s ❞❡ s✉ ♣r❡❝✐♦❝❡t❡r✐s ♣❛r✐❜✉s ✳ ▲❛ ❝✉r✈❛ q✉❡ ♠✉❡str❛ ❡st❛
r❡❧❛❝✐ó♥ s❡ ❞❡♥♦♠✐♥❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ✱ ❝✉②❛ ❢♦r♠❛ ❡s✿

Curva de oferta

❋✐❣✉r❛ ✶✳✷✿ ❈✉r✈❛ ❞❡ ♦❢❡rt❛

P❛✁
❣✐♥❛ ✶✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
➽P♦r q✉é ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ t✐❡♥❡ ♣♦s✐t✐✈❛❄✳ ❈♦♠♦ ❡①♣❧✐❝❛♠♦s ❛♥t❡r✐♦r♠❡♥t❡✱ ❧❛
♦❢❡rt❛ ♠✉❡str❛ ❧❛ ♠í♥✐♠❛ ❞✐s♣♦s✐❝✐ó♥ ❛ ❝♦❜r❛r ♣♦r ✉♥ ❞❡t❡r♠✐♥❛❞♦ ❜✐❡♥✱ ❡s ❞❡❝✐r✱
❡❧ ❝♦st♦ q✉❡ t✐❡♥❡ ♣❛r❛ ❧❛ ✜r♠❛ ❡❧ ❜✐❡♥ q✉❡ ❡stá ❢❛❜r✐❝❛♥❞♦✳ ❆❤♦r❛ ❜✐❡♥✱ ♣♦❞❡♠♦s
✈❡r q✉❡ ❡st❡ ❝♦st♦ ❛✉♠❡♥t❛ ❛ ♠❡❞✐❞❛ q✉❡ ❛✉♠❡♥t❛♠♦s
✻
♠❛r❣✐♥❛❧♠❡♥t❡
♥✉❡str❛
❝❛♥t✐❞❛❞ ❞❡❧ ❜✐❡♥ ✭♣♦r ❧❛ ❧❡② ❞❡ r❡♥❞✐♠✐❡♥t♦s ❞❡❝r❡❝✐❡♥t❡s ✮✳ ❊st❛ r❡❧❛❝✐ó♥ ♣♦s✐t✐✈❛
❡♥tr❡ ♣r❡❝✐♦ ② ❝❛♥t✐❞❛❞ ❡♥ ❧❛ ♦❢❡rt❛ s❡ ❝♦♥♦❝❡ ❝♦♠♦ ▲❡② ❞❡ ❖❢❡rt❛
② ♥♦s ❞✐❝❡
q✉❡ ♠❛♥t❡♥✐é♥❞♦s❡ t♦❞♦ ❧♦ ❞❡♠ás ❝♦♥st❛♥t❡✱ ❛ ♠❛②♦r ♣r❡❝✐♦ s❡ ♦❢r❡❝❡rá ✉♥❛ ♠❛②♦r
❝❛♥t✐❞❛❞ ❞❡ ♣r♦❞✉❝t♦✳

✶✳✸✳✸ ❊❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦

P❛r❛ ♣♦❞❡r ♦❜t❡♥❡r ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦ ❞❡❜❡♠♦s s❛❜❡r ❧❛s ❢♦r♠❛s ❢✉♥❝✐♦♥❛❧❡s
q✉❡ r❡♣r❡s❡♥t❛♥ ❛ ❧❛s ❝✉r✈❛s ❞❡ ♦❢❡rt❛ ② ❞❡♠❛♥❞❛✳ P❛r❛ ❡❢❡❝t♦s ❞❡ ❡st❡ r❛♠♦ ❝♦♥✲
s✐❞❡r❡♠♦s q✉❡ t❛♥t♦ ❧❛ ♦❢❡rt❛ ❝♦♠♦ ❧❛ ❞❡♠❛♥❞❛ s♦♥ ❧✐♥❡❛❧❡s✱ ❡s ❞❡❝✐r✱ ❧❛s s✐❣✉✐❡♥t❡s
❢♦r♠❛s✿

b − cP D
QD = ✭✶✳✸✳✸✳✶✮
a
e + fPO
QO = ✭✶✳✸✳✸✳✷✮
d
❉♦♥❞❡ ✈❡♠♦s q✉❡ ❧❛ ♣r✐♠❡r❛ ❡①♣r❡s✐ó♥ ❡s ✉♥❛ ❞❡♠❛♥❞❛ ✭❞❛❞♦ q✉❡ ❧❛ ❝❛♥t✐❞❛❞ ❞❡✲
♣❡♥❞❡ ♥❡❣❛t✐✈❛♠❡♥t❡ ❞❡❧ ♣r❡❝✐♦✮✱ ♠✐❡♥tr❛s q✉❡ ❧❛ s❡❣✉♥❞❛ ❡①♣r❡s✐ó♥ ❡s ✉♥❛ ♦❢❡rt❛
✭❞❛❞♦ q✉❡ ❞❡♣❡♥❞❡ ♣♦s✐t✐✈❛♠❡♥t❡ ❞❡❧ ♣r❡❝✐♦✮✳

❆❤♦r❛ ❜✐❡♥✱ ♣❛r❛ ❞❛r❧❡ ✉♥❛ ✐♥t❡r♣r❡t❛❝✐ó♥ ♠ás ❝❧❛r❛ ❛ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦
♣❡r♠✐tá♠♦♥♦s ❡s❝r✐❜✐r ❡❧ ♣r❡❝✐♦ ❡♥ ❢✉♥❝✐ó♥ ❞❡ ❧❛ ❝❛♥t✐❞❛❞ ✱ ♣❛r❛ ❧♦ q✉❡ ❞❡❜❡♠♦s
❞❡s♣❡❥❛r ❡❧ ♣r❡❝✐♦ ❞❡ ❧❛s ❡❝✉❛❝✐♦♥❡s✱ ♦❜t❡♥✐❡♥❞♦✿

b − aQ
PD = ✭✶✳✸✳✸✳✸✮
c
dQ − e
PO = ✭✶✳✸✳✸✳✹✮
f
◆♦t❛r t❛♠❜✐é♥ q✉❡ ❡♥ ❧❛ ♥♦t❛❝✐ó♥ ❞❡❥❛♠♦s ✉♥ Q ❣❡♥❡r❛❧ t❛♥t♦ ♣❛r❛ ❧❛ ❞❡♠❛♥❞❛ ❝♦✲
♠♦ ♣❛r❛ ❧❛ ♦❢❡rt❛✱ ❡st♦ ❡s t♦t❛❧♠❡♥t❡ ❢❛❝t✐❜❧❡✱ ♣✉❡s ♣♦❞❡♠♦s ❡♥t❡♥❞❡r ❡st❡ Q ❝♦♠♦
❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♠❡r❝❛❞♦✳ P❛r❛ ❡s❛ ❝❛♥t✐❞❛❞ ❞❡ ♠❡r❝❛❞♦ ❧♦s ♦❢❡r❡♥t❡s ❡stá♥ ❞✐s♣✉❡st♦s
❛ ♦❢❡rt❛r ❛ ❝✐❡rt♦ ♣r❡❝✐♦ ♠í♥✐♠♦ P O ✳ ▼✐❡♥tr❛s q✉❡ ❧❛ ❞❡♠❛♥❞❛ ♣❛r❛ ❡s❛ ❝❛♥t✐❞❛❞ ❞❡
♠❡r❝❛❞♦✱ ❡st❛ ❞✐s♣✉❡st❛ ❛ ♣❛❣❛r ❝♦♠♦ ♠á①✐♠♦ s✉ ✈❛❧♦r❛❝✐ó♥ ♣♦r ❡❧ ❜✐❡♥ P D ✳

❊♥t♦♥❝❡s ♣❛r❛ ❡♥❝♦♥tr❛r ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦✱ ♥♦s q✉❡❞❛ ♠❡♥❝✐♦♥❛r ❧❛ ❝♦♥✲

❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ q✉❡ ✉s❛♠♦s r❡❝✉rr❡♥t❡♠❡♥t❡ ❡♥ ❡❝♦♥♦♠í❛✿
Of erta = Demanda ✭✶✳✸✳✸✳✺✮
✻ ❊st❡❡s ✉♥ ✐♠♣♦rt❛♥t❡ ❝♦♥❝❡♣t♦ ❡♥ ❧❛ t❡♦rí❛ ❞❡ ❧❛ ✜r♠❛✱ ❧❛ ✐♥t✉✐❝✐ó♥ ❞❡trás ❞❡ é❧ ❡s q✉❡ ❡s ❝❛❞❛
✈❡③ ♠ás ❝♦st♦s♦ ♣r♦❞✉❝✐r ✉♥❛ ✉♥✐❞❛❞ ❡①tr❛✱ ♣♦rq✉❡ ❡♥tr❡ ♦tr❛s ❝♦s❛s ❧♦s ❢❛❝t♦r❡s q✉❡ ❡♠♣❧❡❛♠♦s
❡♥ ❧❛ ♣r♦❞✉❝❝✐ó♥ s❡ ❝♦♠✐❡♥③❛♥ ❛ ❡st♦r❜❛r✱ r❡✈✐s❛r❡♠♦s ❡st❡ ❝♦♥❝❡♣t♦ ❝♦♥ ♠❛②♦r r✐❣✉r♦s✐❞❛❞ ❡♥ ❡❧
❝❛♣✐t✉❧♦ ❞❡ t❡♦rí❛ ❞❡ ❧❛ ✜r♠❛✳

P❛✁
❣✐♥❛ ✶✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
❊♥ ❧❛ s✐❣✉✐❡♥t❡ s✉❜s❡❝❝✐ó♥ ❞✐s❝✉t✐r❡♠♦s ❡❧ ♣♦rq✉❡ ❡st❛ ❝♦♥❞✐❝✐ó♥ r❡s✉❧t❛ ❡q✉✐❧✐❜r❛r
❡❧ ♠❡r❝❛❞♦✳
❙✐ ❛♣❧✐❝❛♠♦s ❧❛ ❝♦♥❞✐❝✐ó♥ ❛♥t❡r✐♦r✱ ❛ ♥✉❡str❛s ú❧t✐♠❛s ✷ ❡❝✉❛❝✐♦♥❡s q✉❡ r❡♣r❡s❡♥t❛
❧❛ ❞❡♠❛♥❞❛ ② ♦❢❡rt❛ r❡s♣❡❝t✐✈❛♠❡♥t❡ t❡♥❡♠♦s q✉❡✼

PD = PO
b − aQ dQ − e
=
c f
◆♦t❛r q✉❡ ❛❧ ✐❣✉❛❧❛r ❛♠❜❛s ❡❝✉❛❝✐♦♥❡s ✭❧❛ ❞❡♠❛♥❞❛ ② ♦❢❡rt❛ ✐♥✈❡rs❛s✮✱ ♥♦ ❤❛✲
❝❡♠♦s ♠ás q✉❡ ❡♥❝♦♥tr❛r ✉♥❛ ❝❛♥t✐❞❛❞ ❞❡ ♠❡r❝❛❞♦ ❞♦♥❞❡ ❧❛ ❡❧ ♣r❡❝✐♦ q✉❡ ❡stá♥
❞✐s♣✉❡st♦ ❛ ♣❛❣❛r ❧♦s ❝♦♥s✉♠✐❞♦r❡s s❡ ✐❣✉❛❧❡ ❝♦♥ ❡❧ ♣r❡❝✐♦ q✉❡ ❡stá♥ ❞✐s♣✉❡st♦ ❛
❝♦❜r❛r ❧❛s ✜r♠❛s s❡❣ú♥ ❧❛ ✐♥t❡r♣r❡t❛❝✐ó♥ q✉❡ ②❛ ❧❡ ❞✐♠♦s ❛ ❝❛❞❛ ❡❝✉❛❝✐ó♥✳

❊♥t♦♥❝❡s ♥♦s r❡st❛ ❞❡s♣❡❥❛r Q ♣❛r❛ ❡♥❝♦♥tr❛r ❞✐❝❤❛ ❝❛♥t✐❞❛❞✱ ② q✉❡ ❞❡♥♦♠✐♥❛r❡s
❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❡q✉✐❧✐❜r✐♦ QE ✿
f b + ce
QE = ✭✶✳✸✳✸✳✻✮
cd + af
❋✐♥❛❧♠❡♥t❡✱ t❛♠❜✐é♥ ❡s ❞❡ ♥✉❡str♦ ✐♥t❡rés ❝♦♥♦❝❡r ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ✭P E ✮✱
♣❛r❛ ❡♥❝♦♥tr❛r❧♦ ❡s ♥❡❝❡s❛r✐♦ r❡❡♠♣❧❛③❛r ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡♥ ❧❛ ❞❡♠❛♥❞❛ ✉
♦❢❡rt❛ ✐♥❞✐st✐♥t❛♠❡♥t❡✱ r❡❡♠♣❧❛❝❡♠♦s ❡♥t♦♥❝❡s ❡♥ ❧❛ ❞❡♠❛♥❞❛✱ ❧❛ ❝✉❛❧ ❡s✿

b − aQ
PD =
c
❨ s❛❜❡♠♦s q✉❡✿
b − aQE
PE =
c
f b + ce
b−a
cd + af
PE =
c
◗✉❡ ❛❧ s✐♠♣❧✐✜❝❛r ♦❜t❡♥❡♠♦s✿

bd − ae
PE = ✭✶✳✸✳✸✳✼✮
cd + af
❉❡ ❡st❛ ❢♦r♠❛✱ ❛❝❛❜❛♠♦s ❞❡ ❡♥❝♦♥tr❛r ❞♦s ❢♦r♠✉❧❛s ❣❡♥ér✐❝❛s ♣❛r❛ ❡♥❝♦♥tr❛r ❧❛s
❝❛♥t✐❞❛❞❡s ② ♣r❡❝✐♦s ❞❡ ❡q✉✐❧✐❜r✐♦✱ ❣rá✜❝❛♠❡♥t❡ ✈❡♠♦s q✉❡ ❡st❡ ❡q✉✐❧✐❜r✐♦ q✉❡❞❛✿
✼ ❊♥ r✐❣♦r ❧♦ q✉❡ ❤✐❝✐♠♦s ❢✉❡ ✐❣✉❛❧❛r ❧❛ ❞❡♠❛♥❞❛ ② ♦❢❡rt❛ ✐♥✈❡rs❛s✱ ❡st♦ ♥♦ ❛❧t❡r❛ ❡♥ ♥❛❞❛ ❧♦s
r❡s✉❧t❛❞♦s ② ♥♦s s✐♠♣❧✐✜❝❛ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦

P❛✁
❣✐♥❛ ✶✷ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

oferta

PE

demanda
Q
QE

❋✐❣✉r❛ ✶✳✸✿ ❊q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦

❊❥❡♠♣❧♦ P❛r❛ ❛t❡rr✐③❛r ✐❞❡❛s ❞❡ ❧♦ ❛♥t❡r✐♦r✱ ❞❡s❛rr♦❧❧❡♠♦s ❡❧ s✐❣✉✐❡♥t❡ ❡❥❡♠♣❧♦✳

❙✉♣♦♥❣❛♠♦s q✉❡ ❡♥ ✉♥ ❞❡t❡r♠✐♥❛❞♦ ♠❡r❝❛❞♦ ❧❛s ❝✉r✈❛s ❞❡ ♦❢❡rt❛ ② ❞❡♠❛♥❞❛
✐♥✈❡rs❛s ❡stá♥ ❞❡✜♥✐❞❛s ♣♦r ❧❛s s✐❣✉✐❡♥t❡s ❡❝✉❛❝✐♦♥❡s✿

P D = 100 − Q

P O = 50 + Q
❊♥t♦♥❝❡s ♣❛r❛ ❡♥❝♦♥tr❛r ❡❧ ❡q✉✐❧✐❜r✐♦✱ ✐❣✉❛❧❛♠♦s ❧♦s ♣r❡❝✐♦s✱ ♦❜t❡♥✐❡♥❞♦✿

PD = PO

100 − Q = 50 + Q
❝♦♥ ❧♦ ❝✉❛❧✿
QE = 25 ⇒ P E = 75
◆♦t❛r q✉❡ s✐ s❡ ✐❞❡♥t✐✜❝❛♥ ❧♦s ✈❛❧♦r❡s ❞❡ ❛✱ ❜✱ ❝✱ ❞✱ ❡ ② ❢✳ ❨ r❡❡♠♣❧❛③❛♠♦s ❧♦s ✈❛❧♦r❡s
❡♥ ❧❛ ❢ór♠✉❧❛ ✈❡r❡♠♦s q✉❡ ♥♦s ❡♥tr❡❣❛ ❡❧ ♠✐s♠♦ r❡s✉❧t❛❞♦✳

✶✳✸✳✹ ❉✐♥á♠✐❝❛ ❞❡ ❛❥✉st❡

❊♥ ❧❛ s❡❝❝✐ó♥ ❛♥t❡r✐♦r ❞❡t❡r♠✐♥❛♠♦s ✉♥ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ② ✉♥❛ ❝❛♥t✐❞❛❞ ❞❡
❡q✉✐❧✐❜r✐♦ t❛❧❡s q✉❡ ❧❛ ❞❡♠❛♥❞❛ s❡❛ ✐❣✉❛❧ ❛ ❧❛ ♦❢❡rt❛✳ ➽P❡r♦ q✉é ♦❝✉rr❡ ❢✉❡r❛ ❞❡ ❡st❡
♣r❡❝✐♦❄

P❛✁
❣✐♥❛ ✶✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
❙✉♣♦♥❣❛♠♦s ❡♥ ❡❧ ❡❥❡♠♣❧♦ ❛♥t❡r✐♦r q✉❡ s❡ ✜❥❡ ❝♦♠♦ ♣r❡❝✐♦ ♠á①✐♠♦✽ ❞❡❧ ❜✐❡♥ ❡♥
✩✻✵✳ ❈♦♥ ❡st❡ ♣r❡❝✐♦ ❧❛ ♦❢❡rt❛ q✉❡❞❛ ❞❡t❡r♠✐♥❛❞❛ ♣♦r✿

P O = 50 − Q

❘❡❡♠♣❧❛③❛♥❞♦ ❡❧ ♣r❡❝✐♦ ♠á①✐♠♦✿

60 = 50 + Q ⇒ Q∗ = 10

▼✐❡♥tr❛s q✉❡ ♣❛r❛ ❧❛ ❞❡♠❛♥❞❛✿

P D = 100 − Q

60 = 100 − Q ⇒ Q∗∗ = 40
❊♥ ❡st❡ ❝♦♥t❡①t♦✱ ✈❡r❡♠♦s q✉❡ ❧❛ ❞❡♠❛♥❞❛ ❡s ❞❡ ✹✵ ♠✐❡♥tr❛s q✉❡ ❧❛ ♦❢❡rt❛ ❡s ❞❡ ✶✵✳
P♦r ❧♦ t❛♥t♦✱ ❤❛② ✉♥ ❡①❝❡s♦ ❞❡ ❞❡♠❛♥❞❛✱ ❧♦ q✉❡ ❝♦♥❧❧❡✈❛ ❛ ❧♦s ♦❢❡r❡♥t❡s ❛ t❡♥❡r
✐♥❝❡♥t✐✈♦s ❛ ❛✉♠❡♥t❛r ❧❛ ♣r♦❞✉❝❝✐ó♥✱ ❧♦ ❝✉❛❧ ✈❛ ❛✉♠❡♥t❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❤❛st❛ q✉❡ ❧❛
❞❡♠❛♥❞❛ ❡s ✐❣✉❛❧ ❛ ❧♦ ♦❢r❡❝✐❞♦✳

●rá✜❝❛♠❡♥t❡ t❡♥❡♠♦s✿

oferta

75

Exceso de demanda demanda

Q
10 25 40

❋✐❣✉r❛ ✶✳✹✿ ❊q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦ ❝♦♥ ✉♥ ♣r❡❝✐♦ ♠á①✐♠♦

❉♦♥❞❡ ❡s ♣♦s✐❜❧❡ ♦❜s❡r✈❛r q✉❡ ❧♦s ♣r❡❝✐♦s ❜❛❥♦ ❡❧ ♣✉♥t♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ❣❡♥❡r❛♥
❡s❝❛s❡③ ❞❡❧ ♣r♦❞✉❝t♦ ❡♥ ❝✉❡st✐ó♥✳ ❊st❛ ❝♦♥❝❧✉s✐ó♥ ✐♥❝❧✉②❡ ❛ ❧♦s ♣r❡❝✐♦s ♠á①✐♠♦s ✭❝♦✲
♠♦ ❡❧ ❞❡❧ ❡❥❡♠♣❧♦✮ ② ❡s ♣♦r ❡st♦✱ q✉❡ ♠❡❞✐❞❛s ❡❝♦♥ó♠✐❝❛s ❝♦♠♦ ✜❥❛r ♣r❡❝✐♦s ❜❛❥♦s
❛ ❜✐❡♥❡s ❞❡ ♣r✐♠❡r❛ ♥❡❝❡s✐❞❛❞ ♥♦ s♦♥ ✉♥❛ s♦❧✉❝✐ó♥ ❛ ❧♦s ♣r♦❜❧❡♠❛s✳

✽ P♦♥❡r ❡❧ ♣r❡❝✐♦ ♠í♥✐♠♦ ❞❡ ✩✻✵ ♥♦ t✐❡♥❡ ♥✐♥❣ú♥ ❡❢❡❝t♦ ❞❛❞♦ q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡s ✩✼✺✳

P❛✁
❣✐♥❛ ✶✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
P♦r ♦tr♦ ❧❛❞♦✱ s✉♣♦♥❣❛♠♦s q✉❡ ✜❥❛♠♦s ✉♥ ♣r❡❝✐♦ ♠í♥✐♠♦ ❞❡ ✩✾✵✳ ❈♦♥ ❡st❡ ♣r❡❝✐♦
❧❛ ♦❢❡rt❛ q✉❡❞❛ ❞❡t❡r♠✐♥❛❞❛ ♣♦r✿
P = 50 + Q
90 = 50 + Q ⇒ Q∗ = 40
▼✐❡♥tr❛s q✉❡ ❧❛ ❞❡♠❛♥❞❛ q✉❡❞❛ ❞❡t❡r♠✐♥❛❞❛ ♣♦r✿
P = 100 − Q
90 = 100 − Q ⇒ Q∗∗ = 10
❊♥ ❡st❡ ❝♦♥t❡①t♦✱ ✈❡r❡♠♦s q✉❡ ❧❛ ❞❡♠❛♥❞❛ ❡s ❞❡ ✶✵ ♠✐❡♥tr❛s q✉❡ ❧❛ ♦❢❡rt❛ ❡s ❞❡ ✹✵✳
P♦r ❧♦ t❛♥t♦✱ ❤❛② ✉♥ ❡①❝❡s♦ ❞❡ ♦❢❡rt❛ ✱ ❧♦ ❝✉❛❧ ❣❡♥❡r❛ ✐♥❝❡♥t✐✈♦s ❛ ❧♦s ♦❢❡r❡♥t❡s
❛ ❞✐s♠✐♥✉✐r ❧❛ ♣r♦❞✉❝❝✐ó♥✱ ❧♦ ❝✉❛❧ ❞✐s♠✐♥✉②❡ ❧♦s ♣r❡❝✐♦s ❤❛st❛ q✉❡ ❧❛ ❞❡♠❛♥❞❛ s❡❛
✐❣✉❛❧ ❛ ❧❛ ♦❢❡rt❛✳

●rá✜❝❛♠❡♥t❡ t❡♥❡♠♦s✿

Exceso de oferta
oferta

75

demanda
Q
10 25 40

❋✐❣✉r❛ ✶✳✺✿ ❊q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦ ❝♦♥ ✉♥ ♣r❡❝✐♦ ♠í♥✐♠♦

❉♦♥❞❡ ❡s ♣♦s✐❜❧❡ ♦❜s❡r✈❛r q✉❡ ❧♦s ♣r❡❝✐♦s s♦❜r❡ ❡❧ ♣✉♥t♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ❣❡♥❡r❛♥
❡①❝❡s♦ ❞❡❧ ♣r♦❞✉❝t♦ ❡♥ ❝✉❡st✐ó♥✳ ❊st❛ ❝♦♥❝❧✉s✐ó♥ ✐♥❝❧✉②❡ ❛ ❧♦s ♣r❡❝✐♦s ♠í♥✐♠♦s ✭❝♦✲
♠♦ ❡❧ ❞❡❧ ❡❥❡♠♣❧♦✮ ② ❡s ♣♦r ❡st♦✱ q✉❡ ♠❡❞✐❞❛s ❡❝♦♥ó♠✐❝❛s ❝♦♠♦ ✜❥❛r ❡❧ ♣r❡❝✐♦ ❞❡❧
s❛❧❛r✐♦ ♠í♥✐♠♦ ♣r♦❞✉❝❡✱ s❡❣ú♥ ❧❛ ❡❝♦♥♦♠í❛ ❝❧ás✐❝❛✱ ❡①❝❡s♦ ❞❡ tr❛❜❛❥❛❞♦r❡s✱ ❧♦ q✉❡
s❡ tr❛❞✉❝❡ ❡♥ ❞❡s❡♠♣❧❡♦✳ ❙✐♥ ❡♠❜❛r❣♦✱ ❡st❛ ❡s ✉♥❛ ❢♦r♠❛ ❞❡ ✈❡r ❡❧ ♣r♦❜❧❡♠❛ ② ❤❛②
✉♥ ❞❡❜❛t❡ ✐♥t❡r❡s❛♥t❡ ❛❧ r❡s♣❡❝t♦ ❡♥ ❈❤✐❧❡✱ ❝✉❛♥❞♦ ❝❛❞❛ ❛ñ♦ ❡♥ ❡❧ ❙❡♥❛❞♦ s❡ ✈♦t❛♥
♠♦❞✐✜❝❛❝✐♦♥❡s ❛❧ s❛❧❛r✐♦ ♠í♥✐♠♦✳

P♦r ❧♦ ❝✉❛❧✱ ❝♦♠♦ ❝♦♥❝❧✉s✐ó♥ ♣♦❞❡♠♦s ❡♥t❡♥❞❡r ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦

❝♦♠♦ ✉♥ ♣r❡❝✐♦ t❛❧ q✉❡ ♥♦ ❣❡♥❡r❛ ✐♥❝❡♥t✐✈♦s ❛ ❧♦s ❛❣❡♥t❡s ♣❛r❛ ❝❛♠❜✐❛r s✉s ❞❡❝✐s✐♦♥❡s
❞❡ ❞❡♠❛♥❞❛ ♦ ♣r♦❞✉❝❝✐ó♥✱ ❣❡♥❡r❛♥❞♦ ❡st❛❜✐❧✐❞❛❞ ❡♥ ❡st❡ s❡♥t✐❞♦✳

P❛✁
❣✐♥❛ ✶✺ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
✶✳✹ ❆♥á❧✐s✐s ❞❡ ❜✐❡♥❡st❛r
▲❛ ♠á①✐♠❛ ❞❡ ❧❛ ❡❝♦♥♦♠í❛ ❝♦♠♦ ❝✐❡♥❝✐❛ s♦❝✐❛❧ ❡s ❡st✉❞✐❛r ❡❧ ❜✐❡♥❡st❛r s♦❝✐❛❧ ②
❜✉s❝❛r ❢♦r♠❛s ❞❡ ❛✉♠❡♥t❛r❧♦✳ ❊♥ ❡st❡ s❡♥t✐❞♦✱ ❡❧ ❛♥á❧✐s✐s ❞❡❧ ❜✐❡♥❡st❛r ❡❝♦♥ó♠✐❝♦
❡s ❢✉♥❞❛♠❡♥t❛❧ ② s✉ ❡♥t❡♥❞✐♠✐❡♥t♦ ❡s ✉♥❛ ❞❡ ❧♦s ❜❛s❡s ❞❡ ❧❛ ❡❧❛❜♦r❛❝✐ó♥ ❞❡ ❧❛s ♣♦✲
❧ít✐❝❛s ♣ú❜❧✐❝❛s✳ ❊♥ ❡st❡ s❡♥t✐❞♦✱ ♣♦❞❡♠♦s ❡♥t❡♥❞❡r ❡❧ ❜✐❡♥❡st❛r ❝♦♠♦ ❡❧ ❡st✉❞✐♦ ❞❡
❧♦s ❡①❝❡❞❡♥t❡s q✉❡ s❡ ❣❡♥❡r❛♥ ❞❡ ❧❛s tr❛♥s❛❝❝✐♦♥❡s ❞❡ ♠❡r❝❛❞♦✳ P❛r❛ ❡❧ ❝❛s♦ ❞❡ ❧♦s
❞❡♠❛♥❞❛♥t❡s ✈❡♠♦s q✉❡ ❡❧ ❡①❝❡❞❡♥t❡ ❡s ❧❛ ❞✐❢❡r❡♥❝✐❛ ❡♥tr❡ ❧❛ ❞✐s♣♦s✐❝✐ó♥ ❛ ♣❛❣❛r ②
❧♦ q✉❡ r❡❛❧♠❡♥t❡ s❡ ♣❛❣ó✳ P♦r ❡❥❡♠♣❧♦✱ s✐ ✉♥ ❛❣❡♥t❡ ❡stá ❞✐s♣✉❡st♦ ❛ ♣❛❣❛r ✩✺✵✵ ♣♦r
✉♥ ❝❛❢é ② ✜♥❛❧♠❡♥t❡ ❧♦ ❝♦♠♣r❛ ❛ ✩✸✺✵✱ s❡ ❛❤♦rró ✩✶✺✵✱ ❡s ❞❡❝✐r✱ s✉ ❡①❝❡❞❡♥t❡ ❡s ✩✶✺✵✳

P❛r❛ ❡❧ ❝❛s♦ ❞❡ ❧♦s ♦❢❡r❡♥t❡s ✈❡♠♦s q✉❡ ❡❧ ❡①❝❡❞❡♥t❡ ❡s ❛q✉❡❧❧❛ ❞✐❢❡r❡♥❝✐❛ ❡♥tr❡
❡❧ ❝♦st♦ ❞❡ ♣r♦❞✉❝❝✐ó♥ ② ❧❛ ❝❛♥t✐❞❛❞ ♣❡r❝✐❜✐❞❛✳ P♦r ❡❥❡♠♣❧♦✱ s✐ ❤❛❝❡r ✉♥ ❝❛❢é ❝✉❡st❛
✩✶✺✵ ② s❡ ✈❡♥❞❡ ❡♥ ✩✸✺✵✱ s❡ ❣❛♥❛ ✩✷✵✵✱ ❡s ❞❡❝✐r s✉ ❡①❝❡❞❡♥t❡ ❡s ✩✷✵✵✳

●rá✜❝❛♠❡♥t❡ ❡❧ ❡①❝❡❞❡♥t❡ ❞❡❧ ❝♦♥s✉♠✐❞♦r ❡s ❡❧ ár❡❛ ❡♥tr❡ ❧❛ ❝✉r✈❛ ❞❡ ❞❡✲

♠❛♥❞❛ ② ❧❛ ❧í♥❡❛ ❢♦r♠❛❞❛ ♣♦r ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦✱ ♠✐❡♥tr❛s q✉❡ ❡❧ ❡①❝❡❞❡♥t❡
❞❡❧ ♣r♦❞✉❝t♦r ❡s ❡❧ ár❡❛ ❡♥tr❡ ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ② ❧❛ ❧í♥❡❛ ❢♦r♠❛❞❛ ♣♦r ❡❧ ♣r❡❝✐♦
❞❡ ❡q✉✐❧✐❜r✐♦✳ ❊♥ ❡❧ ❡❥❡♠♣❧♦ ❛♥t❡r✐♦r ✈❡♠♦s✿

oferta
100

Excedente
consumidor

75
Excedente
productor

50 demanda
Q
25

❋✐❣✉r❛ ✶✳✻✿ ❊①❝❡❞❡♥t❡ ❞❡❧ ❝♦♥s✉♠✐❞♦r ② ♣r♦❞✉❝t♦r

❆❞✐❝✐♦♥❛❧♠❡♥t❡ ♣♦❞rí❛♠♦s ❝❛❧❝✉❧❛r ❧♦s ❡①❝❡❞❡♥t❡s ❛ tr❛✈és ❞❡❧ ❝á❧❝✉❧♦ ❞❡ ❧❛s

ár❡❛s✳ ❖❜t❡♥✐❡♥❞♦ ♣❛r❛ ❡❧ ❡①❝❡❞❡♥t❡ ❞❡❧ ❝♦♥s✉♠✐❞♦r✿
(100 − 75) · 25
EC = = 312,5
2
▼✐❡♥tr❛s q✉❡ ❡❧ ❡①❝❡❞❡♥t❡ ❞❡❧ ♣r♦❞✉❝t♦r✿
(75 − 50) · 25
EP =
312,5

P❛✁
❣✐♥❛ ✶✻ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

❈❛❜❡ ❞❡st❛❝❛r q✉❡ ❧♦s ❡①❝❡❞❡♥t❡s s❡ ♠✐❞❡♥ ❡♥ ✉♥✐❞❛❞❡s ♠♦♥❡t❛r✐❛s✱ ❧♦ ❝✉❛❧ ❤❛✲
❝❡ q✉❡ ♣♦❞❛♠♦s ❝♦♠♣❛r❛r ❡①❝❡❞❡♥t❡s ❞❡ ❞✐st✐♥t❛s r❡❣✐♦♥❡s ❛ tr❛✈és ❞❡ ❧♦s t✐♣♦s ❞❡
❝❛♠❜✐♦✳

❋✐♥❛❧♠❡♥t❡✱ ② ♣❛r❛ ❝♦♥❝❧✉✐r ❡❧ t❡♠❛✱ ✉♥❛ ❣r❛♥ ❞❡❢❡♥s❛ ❞❡❧ ♠ét♦❞♦ ❞❡ ❛s✐❣♥❛❝✐ó♥
❞❡ ❧✐❜r❡ ♠❡r❝❛❞♦ ✭❡❧ ♠♦❞❡❧♦ q✉❡ ❡st❛♠♦s ❡st✉❞✐❛♥❞♦✮✱ ❡s q✉❡ ❞❡❥❛ ❛ ❛♠❜♦s ✐♥❞✐✈✐❞✉♦s
❝♦♥ ❡❧ ♠á①✐♠♦ ❜✐❡♥❡st❛r ❞✐s♣♦♥✐❜❧❡✱ ❞❡ ❢♦r♠❛ q✉❡ ♣❛r❛ ❞❛r❧❡ ♠ás ❜✐❡♥❡st❛r ❛ ✉♥
❛❣❡♥t❡✱ ❧❛ ú♥✐❝❛ ❢♦r♠❛ ❡s q✉✐t❛r❧❡ ❜✐❡♥❡st❛r ❛❧ ♦tr♦✾ ✳ ❊st❡ ❝♦♥❝❡♣t♦ ❡❝♦♥ó♠✐❝♦ s❡
❝♦♥♦❝❡ ❝♦♠♦ Ó♣t✐♠♦ ❞❡ P❛r❡t♦✱ ❝♦♥❝❡♣t♦ q✉❡ s❡ ❞✐s❝✉t✐rá ♠ás ❛ ❢♦♥❞♦ ❡♥ ❝✉rs♦s
s✉♣❡r✐♦r❡s ❞❡ ♠✐❝r♦❡❝♦♥♦♠í❛✳

✶✳✺ ❆♣❧✐❝❛❝✐ó♥✿ P♦❧ít✐❝❛s ♣ú❜❧✐❝❛s

❆❤♦r❛ q✉❡ ②❛ ❤❡♠♦s ❛✈❛♥③❛❞♦ ❜❛st❛♥t❡ ❡♥ ❧♦s ❝♦♥❝❡♣t♦s ❜ás✐❝♦s ❞❡ ❧❛ ❡❝♦♥♦♠í❛✱
♣♦❞❡♠♦s ❛❞❡♥tr❛r♥♦s ✉♥ ♣♦❝♦ ❡♥ ❡❧ ❛♥á❧✐s✐s ♣r♦♣✐♦ ❞❡❧ ❡❝♦♥♦♠✐st❛ q✉❡ ❡s ❧❛ ❡❧❛❜♦✲
r❛❝✐ó♥ ❞❡ ♣♦❧ít✐❝❛s ♣ú❜❧✐❝❛s✳

▲❛s ♣♦❧ít✐❝❛s ♣ú❜❧✐❝❛s s♦♥ ❜ás✐❝❛♠❡♥t❡ ✐♥t❡r✈❡♥❝✐♦♥❡s ❡st❛t❛❧❡s q✉❡ t✐❡♥❡♥ ✉♥♦
♦ ♠ás ♦❜❥❡t✐✈♦s✳ ❊st♦s ♣✉❡❞❡♥ s❡r ❡♥tr❡❣❛r ❜✐❡♥❡s ❞❡ ♣r✐♠❡r❛ ♥❡❝❡s✐❞❛❞✱ r❡❝❛✉❞❛r
✐♠♣✉❡st♦s ♣❛r❛ ✜♥❛♥❝✐❛r ♦tr❛s ❛❝t✐✈✐❞❛❞❡s ♦ ❜✐❡♥ ❝♦rr❡❣✐r ❢❛❧❧❛s ❞❡ ♠❡r❝❛❞♦✳

❊♥ ❡st❡ ❝✉rs♦ ❡st✉❞✐❛r❡♠♦s ❝✉❛tr♦ t✐♣♦s ❞❡ ♣♦❧ít✐❝❛s ♣ú❜❧✐❝❛s✱ ❧♦s ✐♠♣✉❡st♦s✱ ❧♦s
s✉❜s✐❞✐♦s✱ ❧♦s ❛r❛♥❝❡❧❡s ② ❧❛s ❝✉♦t❛s✳

✶✳✺✳✶ ■♠♣✉❡st♦s
▲♦s ✐♠♣✉❡st♦s s♦♥ ❝❛r❣❛s ✜s❝❛❧❡s q✉❡ s❡ ✐♠♣♦♥❡♥ ❛ ❞❡t❡r♠✐♥❛❞♦s ♣r♦❞✉❝t♦s✳ ❍❛②
❞♦s t✐♣♦s ❞❡ ✐♠♣✉❡st♦s✿ ❙✉♠❛ ✜❥❛ ♦ Pr♦♣♦r❝✐♦♥❛❧✳ ▲♦s ✐♠♣✉❡st♦s ❞❡ s✉♠❛ ✜❥❛
✭t❛♠❜✐é♥ ❧❧❛♠❛❞♦s ❧✉♠♣ s✉♠ ✮ s♦♥ ✐♠♣✉❡st♦s q✉❡ ❡①✐❣❡♥ ❛ ✉♥❛ ♣❛rt❡ ❞❡❧ ♠❡r❝❛❞♦
✭❝♦♥s✉♠✐❞♦r❡s ✉ ♦❢❡r❡♥t❡s✮ ♣❛❣❛r ✉♥❛ ❝❛♥t✐❞❛❞ ✜❥❛ ♣♦r ❝❛❞❛ ✉♥✐❞❛❞ tr❛♥s❛❞❛ ❡♥ ❡❧
♠❡r❝❛❞♦✱ ♣♦r ❡❥❡♠♣❧♦ ✩✶✵✵ ♣♦r ❝❛❞❛ ✉♥✐❞❛❞ tr❛♥s❛❞❛✳ P♦r ♦tr♦ ❧❛❞♦✱ ❧♦s ✐♠♣✉❡st♦s
♣r♦♣♦r❝✐♦♥❛❧❡s ✭t❛♠❜✐é♥ ❧❧❛♠❛❞♦s ❛❞ ✈❛❧♦r❡♠ ✮ s♦♥ ✐♠♣✉❡st♦s q✉❡ ❡①✐❣❡♥ ❛ ✉♥❛
♣❛rt❡ ❞❡❧ ♠❡r❝❛❞♦ ♣❛❣❛r ✉♥❛ ❝❛♥t✐❞❛❞ ♣♦r❝❡♥t✉❛❧ ❞❡❧ ✈❛❧♦r✱ ♣♦r ❡❥❡♠♣❧♦ ❡❧ ✶✾ ✪ ❞❡
❧❛ ❝♦♠♣r❛ ✭❝♦♠♦ ❡❧ ■❱❆✮✳ ❉✉r❛♥t❡ ❡st❡ ❝✉rs♦ s♦❧♦ ❛♥❛❧✐③❛r❡♠♦s ♠❛t❡♠át✐❝❛♠❡♥t❡
❧♦s ✐♠♣✉❡st♦s ❞❡ s✉♠❛ ✜❥❛✳

❚❡♥✐❡♥❞♦ ❡st♦ ❡♥ ❝✉❡♥t❛✱ ✈❡♠♦s q✉❡ ❧♦s ✐♠♣✉❡st♦s ❤❛❝❡♥ ♠ás ❝❛r♦s ❧♦s ❜✐❡♥❡s ❛
❧♦s ❝✉❛❧❡s s♦♥ ❛♣❧✐❝❛❞♦s✳ ❊♥ ❡st❡ s❡♥t✐❞♦ ♣♦❞❡♠♦s ♣❡♥s❛r q✉❡ ✉♥ ✐♠♣✉❡st♦ ❝♦♥tr❛❡rí❛
❧❛ ❞❡♠❛♥❞❛ ♦ ❧❛ ♦❢❡rt❛ ❞❡♣❡♥❞✐❡♥❞♦ ❞❡ ❛ q✉✐❡♥ s❡ ❛♣❧✐q✉❡ ❡❧ ✐♠♣✉❡st♦✳ P❛r❛ ❛♥❛❧✐③❛r
❡st♦✱ ✈❡r❡♠♦s ✉♥ ❡❥❡♠♣❧♦ ♠❛t❡♠át✐❝♦✱ ❞✐st✐♥❣✉✐❡♥❞♦ ❝✉á♥❞♦ ❡❧ ✐♠♣✉❡st♦ ✈❛ ❛ ❧❛
❞❡♠❛♥❞❛ ② ❝✉á♥❞♦ ❛ ❧❛ ♦❢❡rt❛✳
✾ ❙✐❡♠♣r❡ ② ❝✉❛♥❞♦ ♥♦ ❡①✐st❛♥ ❢❛❧❧❛s ❞❡ ♠❡r❝❛❞♦ ❡♥ ❡❧ q✉❡ s✐ s❡ ❛❧❝❛♥③❛rí❛ ✉♥ ♥✐✈❡❧ s✉❜♦♣t✐♠♦

❡♥ ❡❧ ❡q✉✐❧✐❜r✐♦✱ ✉♥ ❡❥❡♠♣❧♦ ❞❡ ❡st♦ ❡s ❧❛ ❡①✐st❡♥❝✐❛ ❞❡ ❡①t❡r♥❛❧✐❞❛❞❡s

P❛✁
❣✐♥❛ ✶✼ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

✶✳✺✳✶✳✶ ■♠♣✉❡st♦ ❛ ❧❛ ❉❡♠❛♥❞❛

❱♦❧✈❛♠♦s ❛❧ ♠❡r❝❛❞♦ ❝❛r❛❝t❡r✐③❛❞♦ ❛♥t❡r✐♦r♠❡♥t❡✱ r❡♣r❡s❡♥t❛❞♦ ♣♦r ❧❛s ❝✉r✈❛s✿

P D = 100 − Q

P O = 50 + Q
❨ s✉♣♦♥❣❛♠♦s ❛❤♦r❛ q✉❡ ❛♣❧✐❝❛♠♦s ✉♥ ✐♠♣✉❡st♦ ❞❡ ✩✶✵ ❛ ❧❛ ❞❡♠❛♥❞❛✳ ❊♥ ❡st❛
s✐t✉❛❝✐ó♥✱ ✈❡♠♦s q✉❡ ♣❛r❛ ❛♣❧✐❝❛r ❡❧ ✐♠♣✉❡st♦ ❞❡❜❡♠♦s r❡st❛r ❡❧ ✐♠♣✉❡st♦ ❛ ❧❛ ❞❡✲
♠❛♥❞❛ ✭✉♥❛ ✈❡③ ②❛ ❤❡♠♦s ❞❡s♣❡❥❛❞♦ ❡❧ ♣r❡❝✐♦✱ ♣✉❡s ❝♦♠♦ ②❛ ✈❡r❡♠♦s ❧♦ q✉❡ ❤❛❝❡♠♦s
❡s ❝♦♥tr❛❡r ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❞❡♠❛♥❞❛✮✱ ❣❡♥❡r❛♥❞♦✿

P = 100 − Q − T
❊♥ ❡st❡ ❝❛s♦ t❡♥❡♠♦s T = 10✱ ♣♦r t❛♥t♦✿

P = 90 − Q

●rá✜❝❛♠❡♥t❡✿

oferta

75

Demanda
Q
25 Demanda con
impuesto

❋✐❣✉r❛ ✶✳✼✿ ❛♣❧✐❝❛❝✐ó♥ ❞❡ ✉♥ ✐♠♣✉❡st♦ ❛ ❧❛ ❞❡♠❛♥❞❛

❆❤♦r❛✱ s✐ ✐♥t❡r❝❡♣t❛♠♦s ❧❛ ❞❡♠❛♥❞❛ ❝♦♥ ✐♠♣✉❡st♦ ✭❞❞❛ ❝✴✐✮ ❝♦♥ ❧❛ ♦❢❡rt❛ ❡♥❝♦♥✲
tr❛r❡♠♦s ❧❛s ♥✉❡✈❛s ❝❛♥t✐❞❛❞❡s ② ♣r❡❝✐♦s ❞❡ ❡q✉✐❧✐❜r✐♦✱ ♣❡r♦ ❤❛② q✉❡ t❡♥❡r ❡♥ ❝✉❡♥t❛
q✉❡ ❡st❡ ❡s ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡s ❡❧ ♣r❡❝✐♦ q✉❡ ♣❡r❝✐❜❡♥ ❧♦s ♦❢❡r❡♥t❡s✱ s✐❡♥❞♦
❞✐st✐♥t♦ ❛❧ ❞❡ ❧♦s ❝♦♥s✉♠✐❞♦r❡s✱ q✉❡ ❞❡❜❡♥ ♣❛❣❛r ❡❧ ✐♠♣✉❡st♦✳ ❊❧ ♣r❡❝✐♦ q✉❡ ♣❡r✲
❝✐❜❡♥ ❧♦s ❝♦♥s✉♠✐❞♦r❡s s❡ ♣✉❡❞❡ ❝❛❧❝✉❧❛r ❞❡ ❞♦s ❢♦r♠❛s✱ ❧❛ ♣r✐♠❡r❛ ❡s s✉♠❛r ❡❧
✈❛❧♦r ❞❡❧ ✐♠♣✉❡st♦ ❛❧ ♣r❡❝✐♦ ❞❡ ❧♦s ♦❢❡r❡♥t❡s✱ ❧❛ s❡❣✉♥❞❛ ❡s r❡❡♠♣❧❛③❛r ❧❛ ❝❛♥t✐❞❛❞ ❞❡
❡q✉✐❧✐❜r✐♦ ❡♥ ❧❛ ❞❡♠❛♥❞❛ s✐♥ ✐♠♣✉❡st♦ ✭❞❞❛✮✳ ❊♥ ❡st❡ ❝♦♥t❡①t♦✱ ❝❛❧❝✉❧❛♥❞♦ ❡❧ ♥✉❡✈♦
❡q✉✐❧✐❜r✐♦ ♦❜t❡♥❡♠♦s✿
PO = PD

P❛✁
❣✐♥❛ ✶✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

90 − Q = 50 + Q
2Q = 40 ⇒ QE = 20
❙✐❡♥❞♦ ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦✿
P E = 90 − QE
P EC = 70
❉❡ ❧♦ ❝✉❛❧✱ s❡ ♣✉❡❞❡ ❞❡s♣r❡♥❞❡r q✉❡ ❡❧ ♣r❡❝✐♦ ♣❡r❝✐❜✐❞♦ ♣♦r ❧♦s ❝♦♥s✉♠✐❞♦r❡s ❡s✿

P EC = P EP + T

P EC = 70 + 10 = 80
❊♥t♦♥❝❡s ✈❡♠♦s q✉❡ ❣rá✜❝❛♠❡♥t❡ ♦❜t❡♥❡♠♦s✿

P
Oferta con impuesto

Oferta

PEC=80

75
PEO=70

Demanda
Q
20 25

❋✐❣✉r❛ ✶✳✽✿ ❛♣❧✐❝❛❝✐ó♥ ❞❡ ✉♥ ✐♠♣✉❡st♦ ❛ ❧❛ ❞❡♠❛♥❞❛

❆❤♦r❛ ❜✐❡♥✱ ❡♥ ❡st❡ ❝♦♥t❡①t♦ ♣♦❞❡♠♦s ✐❞❡♥t✐✜❝❛r ❝✉❛tr♦ ❝♦♥❝❡♣t♦s✳ ❊♥ ♣r✐♠❡r

❧✉❣❛r✱ ✈❡♠♦s q✉❡ ❤❛② ✉♥ ❡①❝❡❞❡♥t❡ ❞❡❧ ❝♦♥s✉♠✐❞♦r✱ q✉❡ ❡s ❡❧ ár❡❛ ❡♥tr❡ ❧❛
❞❡♠❛♥❞❛ ② ❡❧ ♣r❡❝✐♦ ♣❡r❝✐❜✐❞♦ ♣♦r ❧♦s ❝♦♥s✉♠✐❞♦r❡s ✭✩✽✵✮✳ ❊♥ s❡❣✉♥❞♦ ❧✉❣❛r✱ ✈❡♠♦s
q✉❡ ❤❛② ✉♥ ❡①❝❡❞❡♥t❡ ❞❡❧ ♣r♦❞✉❝t♦r✱ q✉❡ ❡s ❡❧ ár❡❛ ❡♥tr❡ ❧❛ ♦❢❡rt❛ ② ❡❧ ♣r❡❝✐♦
♣❡r❝✐❜✐❞♦ ♣♦r ❧♦s ♦❢❡r❡♥t❡s ✭✩✼✵✮✳ ❊♥ t❡r❝❡r ❧✉❣❛r✱ ❡stá ❧❛ r❡❝❛✉❞❛❝✐ó♥ ✜s❝❛❧ ❞❡❧
✐♠♣✉❡st♦✱ q✉❡ ❝♦♠♣r❡♥❞❡ ❡❧ ár❡❛ ❡♥tr❡ ❧♦s ♣r❡❝✐♦s ♣❡r❝✐❜✐❞♦s ✭✩✼✵ ② ✩✽✵✮ ② ❧❛
❝❛♥t✐❞❛❞ tr❛♥s❛❞❛ ❜❛❥♦ ❡❧ ✐♠♣✉❡st♦ ✭✷✵✮✳ ❨ ✜♥❛❧♠❡♥t❡✱ ✈❡♠♦s q✉❡ ❤❛② ✉♥ ❡①❝❡❞❡♥t❡
q✉❡ ♥♦ s❡ ❧♦ ❧❧❡✈❛ ♥❛❞✐❡✱ q✉❡ ❡s ❡❧ ár❡❛ ❝♦♠♣r❡♥❞✐❞❛ ❡♥tr❡ ❧♦s ♣r❡❝✐♦s ♣❡r❝✐❜✐❞♦s ②
❡♥tr❡ ❧❛s ❝❛♥t✐❞❛❞❡s ❞❡ ❡q✉✐❧✐❜r✐♦✳
❊st❛ ár❡❛ q✉❡ ♥♦ s❡ ❧❛ ❧❧❡✈❛ ♥❛❞✐❡✱ s❡ ❞❡♥♦♠✐♥❛ P❡r❞✐❞❛ ❞❡ ❊✜❝✐❡♥❝✐❛ ❊❝♦✲
♥ó♠✐❝❛ ② s❡ ❞❡♥♦♠✐♥❛ ♣♦r ❧❛ r❛③ó♥ q✉❡ ♥♦ s❡ tr❛♥s❛♥ ✉♥✐❞❛❞❡s ❡♥ ❡❧ ♠❡r❝❛❞♦ q✉❡
s✐ s❡ ❤✉❜✐❡r❛♥ tr❛♥s❛❞♦ ❡♥ ✉♥ ♠❡r❝❛❞♦ s✐♥ ✐♠♣✉❡st♦✱ ❞❛❞♦ q✉❡ s✉ ❝♦st♦ ❡s ♠❡♥♦r ❛

P❛✁
❣✐♥❛ ✶✾ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

s✉ ✈❛❧♦r❛❝✐ó♥ ✭♣❛r❛ ✈❡r ❡st♦ r❡❝♦r❞❛r q✉❡ ❤❛② q✉❡ ❝♦♠♣❛r❛r ❧❛ ❛❧t✉r❛ ❞❡ ❧❛ ❞❡♠❛♥❞❛
s✐♥ ✐♠♣✉❡st♦ ❝♦♥ ❧❛ ❛❧t✉r❛ ❞❡ ❧❛ ♦❢❡rt❛✮✳

❉❡st❛❝❛♥❞♦ ❧❛s ár❡❛s ✈❡♠♦s✿

oferta

EP

PEC=80

75 RT PEE

PEO=70
EC

Demanda
Q
20 25 Demanda con
impuesto

❋✐❣✉r❛ ✶✳✾✿ ❞✐st♦rs✐♦♥❡s ❞❡ ✉♥ ✐♠♣✉❡st♦ ❛ ❧❛ ❞❡♠❛♥❞❛

❉♦♥❞❡ ♣♦❞❡♠♦s ❝❛❧❝✉❧❛r ❝❛❞❛ ✉♥❛ ❞❡ ❧❛s ár❡❛s ② ❝♦♠♣❛r❛r❧❛s ❝♦♥ ❧❛s ❞❡ ❧❛ s✐t✉❛✲
❝✐ó♥ s✐♥ ✐♠♣✉❡st♦✱ ❧♦ q✉❡ q✉❡❞❛ ♣r♦♣✉❡st♦✳ ❙✐♥ ❡♠❜❛r❣♦✱ ❛ ♣r✐♦r✐ ♣♦❞❡♠♦s ♣❡♥s❛r
q✉❡ ❧♦s ❡①❝❡❞❡♥t❡s s❡ ❞❡❜❡♥ ✈❡r ❞✐s♠✐♥✉✐❞♦s ♣♦r ❧❛ ♠❡❞✐❞❛ ② ❛♣❛r❡❝❡ ❧❛ r❡❝❛✉❞❛❝✐ó♥
✜s❝❛❧ ❝♦♠♦ ♥✉❡✈♦ ❡❧❡♠❡♥t♦✱ q✉❡ ♥♦ ❧♦❣r❛ r❡❝♦❧❡❝t❛r t♦❞♦ ❡❧ ❡①❝❡❞❡♥t❡ ♣❡r❞✐❞♦ s✐❡♥❞♦
❧❛ ❞✐❢❡r❡♥❝✐❛ ❧❛ ♣ér❞✐❞❛ ❞❡ ❡✜❝✐❡♥❝✐❛✳

❚❡♥✐❡♥❞♦ ❡st♦ ❡♥ ❝✉❡♥t❛✱ ❆rt❤✉r ▲❛✛❡r ❞❡s❛rr♦❧❧ó ✉♥❛ ❝✉r✈❛ q✉❡ ❧❧❡✈❛ s✉ ♥♦♠❜r❡
② q✉❡ ❡st✉❞✐❛ ❧❛ ❢♦r♠❛ ❞❡ ♠❛①✐♠✐③❛r ❧❛ r❡❝❛✉❞❛❝✐ó♥ ✜s❝❛❧ t❡♥✐❡♥❞♦ ❧❛ ♠í♥✐♠❛ ♣ér❞✐❞❛
❞❡ ❡✜❝✐❡♥❝✐❛ ♣♦s✐❜❧❡✳ ❊❧ ♣r♦❝❡❞✐♠✐❡♥t♦ ♠❛t❡♠át✐❝♦ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ▲❛✛❡r ❡stá ❡♥
❡❧ ❆♥❡①♦✳

✶✳✺✳✶✳✷ ■♠♣✉❡st♦ ❛ ❧❛ ♦❢❡rt❛

❱♦❧✈❛♠♦s ❛❧ ♠❡r❝❛❞♦ ❝❛r❛❝t❡r✐③❛❞♦ ❛♥t❡r✐♦r♠❡♥t❡✱ r❡♣r❡s❡♥t❛❞♦ ♣♦r ❧❛s ❝✉r✈❛s✿

P D = 100 − Q

P O = 50 + Q
❨ s✉♣♦♥❣❛♠♦s ❛❤♦r❛ q✉❡ ❛♣❧✐❝❛♠♦s ✉♥ ✐♠♣✉❡st♦ ❞❡ ✩✶✵ ❛ ❧❛ ♦❢❡rt❛✳ ❊♥ ❡st❛ s✐t✉❛✲
❝✐ó♥✱ ✈❡♠♦s q✉❡ ♣❛r❛ ❛♣❧✐❝❛r ❡❧ ✐♠♣✉❡st♦ ❞❡❜❡♠♦s s✉♠❛r ✭♣♦r q✉❡ ❛✉♠❡♥t❛ ❡❧ ❝♦st♦✮
❡❧ ✐♠♣✉❡st♦ ❛ ❧❛ ♦❢❡rt❛✳

P❛✁
❣✐♥❛ ✷✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

❊st♦ ❣❡♥❡r❛✿
P O = 50 + Q + T
❈♦♠♦ ❡♥ ❡st❡ ❝❛s♦ T = 10✱ t❡♥❡♠♦s✿

P O = 50 + Q + 10

P = 60 + Q
❉♦♥❞❡ ❧♦ q✉❡ t❡♥❡♠♦s s♦♥ ❞♦s ❝✉r✈❛s ❞❡ ♦❢❡rt❛ ② ✉♥❛ ❞❡ ❞❡♠❛♥❞❛ ② q✉❡ t❡♥❡♠♦s
q✉❡ tr❛❜❛❥❛r ❞❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛ q✉❡ ✈✐♠♦s ❡♥ ❧❛ ♣❛rt❡ ❛♥t❡r✐♦r ❝♦♥ ❞♦s ❞❡♠❛♥❞❛s✱
❞♦♥❞❡ ✜♥❛❧♠❡♥t❡ ♦❜t❡♥❡♠♦s ❡❧ s✐❣✉✐❡♥t❡ ❣rá✜❝♦✿

P
Oferta con impuesto

Oferta

PEC=80

75
PEO=70

Demanda
Q
20 25 Demanda con
impuesto

❋✐❣✉r❛ ✶✳✶✵✿ ❛♣❧✐❝❛❝✐ó♥ ❞❡ ✉♥ ✐♠♣✉❡st♦ ❛ ❧❛ ♦❢❡rt❛

✶✳✺✳✶✳✸ ❈♦♥❝❧✉s✐♦♥❡s ② ❝♦♥❝❡♣t♦ ❞❡ ❡❧❛st✐❝✐❞❛❞ Pr❡❝✐♦

❙✐ ♥♦s ✜❥❛♠♦s ❡♥ ❡❧ ❣rá✜❝♦ ❛♥t❡r✐♦r✱ ✈❡♠♦s q✉❡ ❡❧ ♣r❡❝✐♦ q✉❡ ♣❡r❝✐❜❡♥ ❧♦s ❝♦♥✲
s✉♠✐❞♦r❡s ② ❧♦s ♣r♦❞✉❝t♦r❡s s♦♥ ❧♦s ♠✐s♠♦s q✉❡ ❡♥ ❡❧ ❡❥❡♠♣❧♦ ❛♥t❡r✐♦r ❝✉❛♥❞♦ ❡❧
✐♠♣✉❡st♦ ❡r❛ ❛ ❧❛ ❞❡♠❛♥❞❛✳ ❉❡ ❡st♦✱ s❡ ♣✉❡❞❡ ❝♦♥❝❧✉✐r q✉❡ ❞❛ ❧♦ ♠✐s♠♦ ❛ q✉✐❡♥
s❡ ❧❡ ❛♣❧✐q✉❡ ❡❧ ✐♠♣✉❡st♦✱ ❡❧ r❡s✉❧t❛❞♦ s❡rá ❡♥ ❧♦s ♣r❡❝✐♦s ♣❡r❝✐❜✐❞♦s s❡rá
❡❧ ♠✐s♠♦✳ ▲❛ ❞❡♠♦str❛❝✐ó♥ ❞❡ ❡st♦ ❡stá ❛♥❡①❛❞❛✳ P♦r ♦tr♦ ❧❛❞♦✱ ♣♦❞❡♠♦s ✈❡r q✉❡
❡♥ ❡st❡ ❝❛s♦ ❧❛ ❞✐str✐❜✉❝✐ó♥ ❞❡ ❧♦s ✩✶✵ ❞❡ ✐♠♣✉❡st♦ ❡s ❡q✉✐t❛t✐✈❛ ✭❡st♦ s❡ ✈❡ ❝♦♥ ❧❛
❞✐❢❡r❡♥❝✐❛ ❡♥tr❡ ❧♦s ♣r❡❝✐♦s ❞❡ ❧♦s ❛❣❡♥t❡s ② ❞❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦✱ s✐❡♥❞♦ ❛♠❜♦s ❞❡
✩✺✮✳ ❊st♦ ♥♦ s✐❡♠♣r❡ ❡s ❛sí ② ❡♥ ❡st❡ ❝❛s♦ ❡♥ ♣❛rt✐❝✉❧❛r s❡ ❞❡❜❡ ❛ ✉♥❛ ❝❛r❛❝t❡ríst✐❝❛
♣r♦♣✐❛ ❞❡ ❧❛s ❝✉r✈❛s ❧❧❛♠❛❞❛ ❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦✳

▲❛ ❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦✶✵ s❡ ❞❡✜♥❡ ❝♦♠♦ ❧❛ ✈❛r✐❛❝✐ó♥ ♣♦r❝❡♥t✉❛❧ ❞❡ ❧❛ ❝❛♥t✐❞❛❞ ❞❛❞❛

✶✵ ❊♥ ❡st❡ ❝✉rs♦ tr❛❜❛❥❛r❡♠♦s ❧❛ ❡❧❛st✐❝✐❞❛❞ ❡♥ ✈❛❧♦r ❛❜s♦❧✉t♦✳ ❆❞✐❝✐♦♥❛❧♠❡♥t❡ ❝❛❜❡ ❞❡st❛❝❛r q✉❡
❧❛ ❡❧❛st✐❝✐❞❛❞ s❡ ❝❛❧❝✉❧❛ ❡♥ ♣✉♥t♦s✱ ❡s ♣♦r ❡st♦✱ q✉❡ s❡ r❡q✉✐❡r❡ ❡✈❛❧✉❛r ❡♥ ✉♥ ♣✉♥t♦ ✭P, Q✮✳

P❛✁
❣✐♥❛ ✷✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

✈❛r✐❛❝✐♦♥❡s ♣♦r❝❡♥t✉❛❧❡s ❡♥ ❡❧ ♣r❡❝✐♦✳ ▼❛t❡♠át✐❝❛♠❡♥t❡✿

∆Q
∆ %Q Q ∆Q P
ǫ= = = · ✭✶✳✺✳✶✳✶✮
∆ %P ∆P ∆P Q
P
∆Q
❉♦♥❞❡ ❡s ❡❧ ✐♥✈❡rs♦ ❞❡ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❝✉r✈❛ ❛♥❛❧✐③❛❞❛✳
∆P
●rá✜❝❛♠❡♥t❡ ❧❛ ❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦ s❡ ✈❡ r❡✢❡❥❛❞❛ ❡♥ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❝✉r✈❛
❛♥❛❧✐③❛❞❛✳ ❉♦♥❞❡ s✐ ❧❛ ❝✉r✈❛ ♥♦ t✐❡♥❡ ♣❡♥❞✐❡♥t❡ s❡ ❞✐❝❡ q✉❡ ❡s ❝♦♠♣❧❡t❛♠❡♥✲
t❡ ❡❧ást✐❝❛ ✭ǫ ⇒ ∞✮✳ ❙✐ t✐❡♥❡ ♣❡♥❞✐❡♥t❡ ✐♥❞❡✜♥✐❞❛ s❡ ❞✐❝❡ q✉❡ ❡s ❝♦♠♣❧❡t❛♠❡♥t❡
✐♥❡❧ást✐❝❛ ✭ǫ ⇒ 0✮✳ P❛r❛ ❛♠❜♦s ❝❛s♦s✱ t❡♥❡♠♦s q✉❡ ❣rá✜❝❛♠❡♥t❡ s❡ t✐❡♥❡✿

P Completamente elástica P Completamente inelástica

Q Q

❋✐❣✉r❛ ✶✳✶✶✿ ❡❧❛st✐❝✐❞❛❞ ❞❡ ❧❛s ❝✉r✈❛s

❆❤♦r❛ ❜✐❡♥✱ ❛q✉❡❧ ✐♥❞✐✈✐❞✉♦ q✉❡ s❡❛ ♠ás ✐♥❡❧ást✐❝♦✶✶ s❡rá ❛q✉❡❧ q✉❡ ♣❛❣✉❡ ❧❛
♠❛②♦r ♣❛rt❡ ❞❡❧ ✐♠♣✉❡st♦✱ ❞❛❞♦ q✉❡ ❡❧ ❝❛♠❜✐♦ ❞❡ ♣r❡❝✐♦ ❣❡♥❡r❛❞♦ ♣♦r ❡❧ ✐♠♣✉❡s✲
t♦ ❧♦ ❛❢❡❝t❛ ♠❡♥♦s q✉❡ ❛❧ ♦tr♦ ❛❣❡♥t❡✳

❯♥❛ ❢♦r♠❛ ❞❡ ✈❡r ❡st♦✱ ❡s ♣❡♥s❛r ❡♥ ✉♥❛ ❞❡♠❛♥❞❛ ✐♥❡❧ást✐❝❛ ✭q✉❡ s❡ ❞❛♥ ❡♥ s✉
♠❛②♦rí❛ ❡♥ ❜✐❡♥❡s ❞❡ ♣r✐♠❡r❛ ♥❡❝❡s✐❞❛❞✮ ② ❡♥ ✉♥❛ ♦❢❡rt❛ ♥♦r♠❛❧✳ ❆❤♦r❛ ❛♣❧✐q✉❡♠♦s
✉♥ ✐♠♣✉❡st♦ ❛ ❧❛ ♦❢❡rt❛✿
✶✶ ❊s ❞❡❝✐r✱ ♠❡♥♦s s❡♥s✐❜❧❡ ❛ ❧♦s ❝❛♠❜✐♦s ❞❡ ♣r❡❝✐♦s✳

P❛✁
❣✐♥❛ ✷✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

P
Oferta con impuesto

Oferta

PEC

PEO = PEO

Demanda
Q
Qci =Qsi

❋✐❣✉r❛ ✶✳✶✷✿ ■♠♣✉❡st♦ ❝♦♥ ✉♥❛ ❞❡♠❛♥❞❛ t♦t❛❧♠❡♥t❡ ✐♥❡❧ást✐❝❛

●rá✜❝❛♠❡♥t❡ s❡ ♣✉❡❞❡ ❛♣r❡❝✐❛r q✉❡ ❡❧ ♣r❡❝✐♦ q✉❡ ♣❡r❝✐❜❡ ❡❧ ❝♦♥s✉♠✐❞♦r ✭P❈✮

❛❞q✉✐❡r❡ t♦t❛❧♠❡♥t❡ ❡❧ ♠♦♥t♦ ❞❡❧ ✐♠♣✉❡st♦✱ q✉❡ q✉❡❞❛ r❡✢❡❥❛❞♦ ♣♦r ❧❛ ❛❧t✉r❛ q✉❡
❛✉♠❡♥tó ❧❛ ♦❢❡rt❛✳ ❆❞✐❝✐♦♥❛❧♠❡♥t❡ ❡♥ ❡st♦s ❝❛s♦s ♦❝✉rr❡ q✉❡ ♥♦ ❤❛② ♣ér❞✐❞❛ ❞❡ ❡✜✲
❝✐❡♥❝✐❛ ❡❝♦♥ó♠✐❝❛✱ q✉❡❞❛♥❞♦ ♣r♦♣✉❡st♦ ✈❡r ❡❧ ♣♦r q✉é✳

❱♦❧✈✐❡♥❞♦ ❛ ♥✉❡str♦ ❡❥❡♠♣❧♦✱ ✈❡♠♦s q✉❡ ❛♠❜❛s ❝✉r✈❛s t✐❡♥❡♥ ❧❛ ♠✐s♠❛ ♣❡♥❞✐❡♥t❡
✭❡♥ ✈❛❧♦r ❛❜s♦❧✉t♦✮ ② ♣♦r ❧♦ t❛♥t♦✱ ❞❡❜❡rí❛♥ t❡♥❡r ❧❛ ♠✐s♠❛ ❡❧❛st✐❝✐❞❛❞✳ P❛r❛ ✈❡r ❡st♦
❝❛❧❝✉❧❛r❡♠♦s ❧❛ ❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦ ❞❡ ❧❛ ❞❡♠❛♥❞❛ ❡♥ ❡❧ ❡q✉✐❧✐❜r✐♦✶✷ ✱ ❡s ❞❡❝✐r✿
∆ %Q ∆Q P 75
|ǫDda | = | |=| · |=|−1· |=3
∆ %P ∆P Q 25
∆ %Q ∆Q P 75
|ǫDda | = ||=| · | = |1 · | = 3
∆ %P ∆P Q 25
❉♦♥❞❡ ❝♦♠♣r♦❜❛♠♦s q✉❡ ♦❜t✉✈✐♠♦s ❧❛ ♠✐s♠❛ ❡❧❛st✐❝✐❞❛❞✳ ❨ ♣♦r ❧♦ t❛♥t♦ ❡❧ ✐♠✲
♣✉❡st♦ ❡❢❡❝t✐✈❛♠❡♥t❡ ❞❡❜❡ r❡♣❛rt✐rs❡ ❡q✉✐t❛t✐✈❛♠❡♥t❡✳

❋✐♥❛❧♠❡♥t❡ q✉❡❞❛ ♣r♦♣✉❡st♦ ❤❛❝❡r ❡❧ ❡❥❡r❝✐❝✐♦ ❞❡ ❡♥❝♦♥tr❛r q✉❡ ♦❝✉rr❡ ❝♦♥ ✉♥

✐♠♣✉❡st♦ ❞❡ ✩✶✵ ❛ ❧❛s s✐❣✉✐❡♥t❡s ❝✉r✈❛s✿

P D = 100 − 2Q
P O = 50 + Q
❉♦♥❞❡ ✈❡♠♦s q✉❡ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❞❡♠❛♥❞❛ ❤❛ ❛✉♠❡♥t❛❞♦✱ ② ♣♦r ❧♦ t❛♥t♦✱ ❛ ♣r✐♦r✐
♣♦❞❡♠♦s ❞❡❝✐r q✉❡ ❧❛ ♠❛②♦r ♣❛rt❡ ❞❡❧ ✐♠♣✉❡st♦ s❡ ❧❛ ❧❧❡✈❛rá♥ ❧♦s ❝♦♥s✉♠✐❞♦r❡s
✶✷ ❈✉❛♥❞♦ s❡ ❝❛❧❝✉❧❛ ❧❛ ❡❧❛st✐❝✐❞❛❞ s❡ ❝♦♥s✐❞❡r❛ ❡❧ ❡q✉✐❧✐❜r✐♦ s✐♥ ✐♠♣✉❡st♦✱ ❡♥ ❡st❡ ❝❛s♦✱ ❡❧ ♣✉♥t♦
✭✷✺✱✼✺✮✳

P❛✁
❣✐♥❛ ✷✸ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

✶✳✺✳✷ ❙✉❜s✐❞✐♦s
▲♦s s✉❜s✐❞✐♦s s♦♥ ❣❛st♦s ✜s❝❛❧❡s q✉❡ s❡ ✉t✐❧✐③❛♥ ❝♦♥ ❡❧ ✜♥ ❞❡ ✐♥❝❡♥t✐✈❛r ❡❧ ❝♦♥✲
s✉♠♦ ❞❡ ❞❡t❡r♠✐♥❛❞♦s ❜✐❡♥❡s ❝✉②♦ ❝♦♥s✉♠♦ ❡s ❝♦♥s✐❞❡r❛❞♦ r❡❧❡✈❛♥t❡✱ ❝♦♥ ❡❧ ✜♥ ❞❡
❛✉♠❡♥t❛r ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ✉♥✐❞❛❞❡s q✉❡ s❡ tr❛♥s❛♥ ❞❡ ❡st❡ ❜✐❡♥ ❡♥ ❡❧ ♠❡r❝❛❞♦✳ ❊♥
❡st❡ s❡♥t✐❞♦ ✉♥ s✉❜s✐❞✐♦ ❝❧ás✐❝♦ ❡s ❡❧ ❞❡ ❧❛ ❧❡❝❤❡ q✉❡ s❡ ❡♥tr❡❣❛ ❡♥ ❧♦s ❝♦♥s✉❧t♦r✐♦s ❛
❧❛s ♠❛❞r❡s ❞❡ ❧s♦❧❛❝t❛♥t❡s✱ ❊❝♦♥ó♠✐❝❛♠❡♥t❡ ✉♥ s✉❜s✐❞✐♦ ❢✉♥❝✐♦♥❛ ❞❡ ❢♦r♠❛ ♦♣✉❡st❛
❛ ✉♥ ✐♠♣✉❡st♦✱ ❣❡♥❡r❛♥❞♦ ✉♥ ❣❛st♦ ✜s❝❛❧ ❡♥ ✈❡③ ❞❡ ✉♥❛ r❡❝❛✉❞❛❝✐ó♥ ✜s❝❛❧✳

✶✳✺✳✷✳✶ ❙✉❜s✐❞✐♦ ❛ ❧❛ ❞❡♠❛♥❞❛

P❛r❛ ✈❡r ❝♦♠♦ s❡ ❝❛❧❝✉❧❛ ✈♦❧✈❛♠♦s ❛ ♥✉❡str♦ ♠❡r❝❛❞♦ ❝❛r❛❝t❡r✐③❛❞♦ ♣♦r ❧❛s ❝✉r✲
✈❛s✿
P D = 100 − Q
P O = 50 + Q
❨ ❛♣❧✐q✉❡♠♦s ✉♥ s✉❜s✐❞✐♦ ❞❡ ✩✶✵ ❛ ❧❛ ❞❡♠❛♥❞❛✱ ♣❛r❛ ❡st♦ ❞❡s♣❡❥❛♠♦s P ❞❡s❞❡ ❧❛
❞❡♠❛♥❞❛✱ ② s✉♠❛♠♦s ❡❧ s✉❜s✐❞✐♦ ✭♥♦t❛r q✉❡ ❧♦ q✉❡ q✉❡r❡♠♦s ❤❛❝❡r ❡s ❡①♣❛♥❞✐r
❣rá✜❝❛♠❡♥t❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❞❡♠❛♥❞❛✮✿

P DS = 100 − Q + S

❈♦♠♦ S = 10✱ t❡♥❡♠♦s✿

P DS = 110 − Q
❆❤♦r❛ ♣❛r❛ ❡♥❝♦♥tr❛r ❡❧ ♥✉❡✈♦ ❡q✉✐❧✐❜r✐♦✱ ❜❛st❛ ❝♦♥ ✐♥t❡r❝❡♣t❛r ❧❛ ❞❡♠❛♥❞❛ ❝♦♥
s✉❜s✐❞✐♦ ❝♦♥ ❧❛ ♦❢❡rt❛✳

❙✐ ❧♦ ❤❛❝❡♠♦s ♦❜t❡♥❡♠♦s✿
P DS = P O
110 − Q = 50 + Q
2Q = 60 ⇒ QE = 30
❉♦♥❞❡ ❡❧ ♣r❡❝✐♦ q✉❡ ♣❡r❝✐❜❡♥ ❧♦s ♣r♦❞✉❝t♦r❡s s❡ ❞❛ r❡❡♠♣❧❛③❛♥❞♦ ❧❛ ❝❛♥t✐❞❛❞ ❞❡
❡q✉✐❧✐❜r✐♦ ❡♥ ❧❛ ♦❢❡rt❛✱ ♦❜t❡♥✐❡♥❞♦✿

P EP = 50 + QE = 50 + 30 = 80

▼✐❡♥tr❛s q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❝♦♥s✉♠✐❞♦r❡s ❧♦ ♣♦❞❡♠♦s ♦❜t❡♥❡r r❡st❛♥❞♦ ❛❧ ♣r❡❝✐♦

♣❡r❝✐❜✐❞♦ ♣♦r ❧♦s ♣r♦❞✉❝t♦r❡s ❡❧ ♠♦♥t♦ ❞❡❧ s✉❜s✐❞✐♦✱ ♦❜t❡♥✐❡♥❞♦✿

P EC = 70

❨ ❣rá✜❝❛♠❡♥t❡ t❡♥❡♠♦s✿

P❛✁
❣✐♥❛ ✷✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

oferta

PEO=80

75
PEC=70

Demanda con
subsidio
Demanda
Q
25 30

❋✐❣✉r❛ ✶✳✶✸✿ ❛♣❧✐❝❛❝✐ó♥ ❞❡ ✉♥ s✉❜s✐❞✐♦ ❛ ❧❛ ❞❡♠❛♥❞❛

◆♦t❛r q✉❡ ♥✉❡✈❛♠❡♥t❡✱ ❡♥ ❡st❡ ❝♦♥t❡①t♦ ♣♦❞❡♠♦s ✐❞❡♥t✐✜❝❛r ❝✉❛tr♦ ❝♦♥❝❡♣t♦s✳

❊♥ ♣r✐♠❡r ❧✉❣❛r✱ ✈❡♠♦s q✉❡ ❤❛② ✉♥ ❡①❝❡❞❡♥t❡ ❞❡❧ ❝♦♥s✉♠✐❞♦r ✱ q✉❡ ❡s ❡❧ ár❡❛
❡♥tr❡ ❧❛ ❞❡♠❛♥❞❛ ② ❡❧ ♣r❡❝✐♦ ♣❡r❝✐❜✐❞♦ ♣♦r ❧♦s ❝♦♥s✉♠✐❞♦r❡s ✭✩✼✵✮✳ ❊♥ s❡❣✉♥❞♦
❧✉❣❛r✱ ✈❡♠♦s q✉❡ ❤❛② ✉♥ ❡①❝❡❞❡♥t❡ ❞❡❧ ♣r♦❞✉❝t♦r ✱ q✉❡ ❡s ❡❧ ár❡❛ ❡♥tr❡ ❧❛ ♦❢❡rt❛
② ❡❧ ♣r❡❝✐♦ ♣❡r❝✐❜✐❞♦ ♣♦r ❧♦s ♦❢❡r❡♥t❡s ✭✩✽✵✮✳ ❊♥ t❡r❝❡r ❧✉❣❛r✱ ❡stá ❡❧ ❣❛st♦ ✜s❝❛❧ ❞❡❧
s✉❜s✐❞✐♦✱ q✉❡ ❝♦♠♣r❡♥❞❡ ❡❧ ár❡❛ ❡♥tr❡ ❧♦s ♣r❡❝✐♦s ♣❡r❝✐❜✐❞♦s ✭✩✼✵ ② ✩✽✵✮ ② ❧❛ ❝❛♥t✐❞❛❞
tr❛♥s❛❞❛ ❜❛❥♦ ❡❧ s✉❜s✐❞✐♦ ✭✸✵✮✳ ❨ ✜♥❛❧♠❡♥t❡✱ ✈❡♠♦s q✉❡ ❤❛② ✉♥ ❡①❝❡❞❡♥t❡ q✉❡ ♥♦ s❡
❧♦ ❧❧❡✈❛ ♥❛❞✐❡✱ q✉❡ ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ ♣❡r❞✐❞❛ ❞❡ ❡✜❝✐❡♥❝✐❛ s♦❝✐❛❧ ❡❝♦♥ó♠✐❝❛✳
▲♦s ❝♦♥❝❡♣t♦s ❛♥t❡r✐♦r❡s ❣rá✜❝❛♠❡♥t❡ s♦♥ ❝♦♠♦ s✐❣✉❡✿

P❛✁
❣✐♥❛ ✷✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
P P

PEO EC PEO
75 75 EP
PEC PEC

Q Q
P 25 30 P 25 30

PEO PEO
75 GF 75 PEE

PEC PEC

Q Q
25 30 25 30

❋✐❣✉r❛ ✶✳✶✹✿ ❞✐st♦rs✐♦♥❡s ❞❡ ✉♥ s✉❜s✐❞✐♦ ❛ ❧❛ ❞❡♠❛♥❞❛

P♦r t❛♥t♦ t❡♥❡♠♦s q✉❡✿

❊♥ ❡st❡ ❝❛s♦ ❡❧ ❡①❝❡❞❡♥t❡ ❞❡❧ ❝♦♥s✉♠✐❞♦r ❡s ❡❧ ár❡❛ ❜❛❥♦ ❧❛ ❞❡♠❛♥❞❛ ♦r✐❣✐♥❛❧ ②
s♦❜r❡ ❡❧ ♣r❡❝✐♦ ♣❡r❝✐❜✐❞♦ ♣♦r ❡❧ ❝♦♥s✉♠✐❞♦r✿

(100 − 30) · 30
EC = = 450
2
P♦r ♦tr♦ ❧❛❞♦✱ ❡❧ ❡①❝❡❞❡♥t❡ ❞❡❧ ♣r♦❞✉❝t♦r ❡s ❡❧ ár❡❛ s♦❜r❡ ❧❛ ♦❢❡rt❛ ② ❜❛❥♦ ❡❧ ♣r❡❝✐♦
♣❡r❝✐❜✐❞♦ ♣♦r ❡❧ ♦❢❡r❡♥t❡✿

(80 − 50) · 30
EP = = 450
2
▲✉❡❣♦✱ ❡❧ ❣❛st♦ ✜s❝❛❧ ❡s ❡❧ ♠♦♥t♦ ❞❡❧ s✉❜s✐❞✐♦ ♣♦r ❧❛s ✉♥✐❞❛❞❡s tr❛♥s❛❞❛s ❡♥ ❡❧
♠❡r❝❛❞♦✱ s✐❡♥❞♦✿
GF = 10 · 30 = 300
❨ ✜♥❛❧♠❡♥t❡ ❧❛ ♣ér❞✐❞❛ ❞❡ ❡✜❝✐❡♥❝✐❛ ❡❝♦♥ó♠✐❝❛ ❡s ❛q✉❡❧❧❛ ár❡❛ q✉❡ ♥♦s ♠✉❡str❛ q✉❡
s❡ ✈❡♥❞✐❡r♦♥ ✉♥✐❞❛❞❡s q✉❡ ❡r❛♥ ♠❡♥♦s ✈❛❧♦r❛❞❛s q✉❡ s✉ ❝♦st♦✱ s✐❡♥❞♦✿

(80 − 70) · (30 − 25)

P EE = = 25
2

P❛✁
❣✐♥❛ ✷✻ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

✶✳✺✳✷✳✷ ❙✉❜s✐❞✐♦ ❛ ❧❛ ♦❢❡rt❛

❈♦♥t✐♥✉❡♠♦s ❝♦♥ ❡❧ ♠❡r❝❛❞♦ ❝❛r❛❝t❡r✐③❛❞♦ ♣♦r✿

P D = 100 − Q
P O = 50 + Q
❙✉♣♦♥❣❛♠♦s ✉♥ s✉❜s✐❞✐♦ ❞❡ ✩✶✵ ❛ ❧❛ ♦❢❡rt❛✳ ❆❤♦r❛ ❞❡❜❡♠♦s r❡st❛r ❡st❡ ♠♦♥t♦ ❛
❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ✭✉♥❛ ✈❡③ ❞❡s♣❡❥❛❞♦ ❡❧ ♣r❡❝✐♦✱ ♣✉❡s ❧♦s ❝♦st♦s ❝❛❡♥✮✱ ♣♦r t❛♥t♦
t❡♥❡♠♦s✿
P OS = 50 + Q − S = 40 + Q
❆❤♦r❛ ♣❛r❛ ❡♥❝♦♥tr❛r ❡❧ ♥✉❡✈♦ ❡q✉✐❧✐❜r✐♦✱ ❜❛st❛ ❝♦♥ ✐♥t❡r❝❡♣t❛r ❧❛ ❞❡♠❛♥❞❛ ❝♦♥ ❧❛
♦❢❡rt❛ ❝♦♥ s✉❜s✐❞✐♦✳

❙✐ ❧♦ ❤❛❝❡♠♦s ♦❜t❡♥❡♠♦s✿
P D = P OS
100 − Q = 40 + Q
2Q = 60 ⇒ QE = 30
❉♦♥❞❡ ❡❧ ♣r❡❝✐♦ q✉❡ ♣❡r❝✐❜❡♥ ❧♦s ♣r♦❞✉❝t♦r❡s s❡ ❞❛ r❡❡♠♣❧❛③❛♥❞♦ ❧❛ ❝❛♥t✐❞❛❞ ❞❡
❡q✉✐❧✐❜r✐♦ ❡♥ ❧❛ ♦❢❡rt❛✱ ♦❜t❡♥✐❡♥❞♦✿
P EP = 50 + QE = 50 + 30 = 80
▼✐❡♥tr❛s q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❝♦♥s✉♠✐❞♦r❡s ❧♦ ♣♦❞❡♠♦s ♦❜t❡♥❡r r❡st❛♥❞♦ ❛❧ ♣r❡❝✐♦
♣❡r❝✐❜✐❞♦ ♣♦r ❧♦s ♣r♦❞✉❝t♦r❡s ❡❧ ♠♦♥t♦ ❞❡❧ s✉❜s✐❞✐♦✱ ♦❜t❡♥✐❡♥❞♦✿
P EC = 70
●rá✜❝❛♠❡♥t❡✿

oferta

PEO=80

75
PEC=70

Demanda con
subsidio
Demanda
Q
25 30

❋✐❣✉r❛ ✶✳✶✺✿ ❛♣❧✐❝❛❝✐ó♥ ❞❡ ✉♥ s✉❜s✐❞✐♦ ❛ ❧❛ ♦❢❡rt❛

P❛✁
❣✐♥❛ ✷✼ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
✶✳✺✳✸ ❈♦♠❡r❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧
▲♦s ❛r❛♥❝❡❧❡s s♦♥ ♣♦❧ít✐❝❛s ♣ú❜❧✐❝❛s q✉❡ s❡ ❛♣❧✐❝❛♥ ❛❧ ❝♦♠❡r❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧
❡♥tr❡ ❧♦s ♣❛ís❡s✳ P❛r❛ ♣♦❞❡r ❡♥t❡♥❞❡r ❧♦s ❛r❛♥❝❡❧❡s✱ ♣r✐♠❡r♦ ❞❡❜❡♠♦s ♣♦❞❡r ❡♥t❡♥❞❡r
q✉é ♦❝✉rr❡ ❝✉❛♥❞♦ ✉♥ ♣❛ís s❡ ❛❜r❡ ❛❧ ❝♦♠❡r❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧✳ P❛r❛ ✐❧✉str❛r ❡st♦
✈♦❧✈❡r❡♠♦s ❛ ♥✉❡str❛s ❝✉r✈❛s ②❛ ❞❡✜♥✐❞❛s✱ ❡s ❞❡❝✐r✿

P D = 100 − Q

P O = 50 + Q
▲♦ q✉❡ ❣❡♥❡r❛ ✉♥❛ s✐t✉❛❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ❞❡ ❧❛ ❢♦r♠❛✿

oferta

75

demanda
Q
25

❋✐❣✉r❛ ✶✳✶✻✿ ❡q✉✐❧✐❜r✐♦ s✐♥ ❝♦♠❡r❝✐♦

❆❤♦r❛ s✉♣♦♥❣❛♠♦s q✉❡ ❧❛ ❡❝♦♥♦♠í❛ s❡ ❛❜r❡ ❛❧ ❝♦♠❡r❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ② ❡❧ ♣r❡❝✐♦

✐♥t❡r♥❛❝✐♦♥❛❧ ❡s ❞❡ ✩✻✵✳ ❊♥ ❡st❡ ❝❛s♦✱ ❝♦♠♦ ❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ❡s ♠❡♥♦r ❛❧ ♣r❡❝✐♦
✐♠♣♦rt❛rá
❞❡ ♠❡r❝❛❞♦✶✸ ✱ ❧❛ ❡❝♦♥♦♠í❛ ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥✳

P❛r❛ ❝❛❧❝✉❧❛r ❧❛ ❞❡♠❛♥❞❛ ♥❛❝✐♦♥❛❧✱ t❡♥❡♠♦s q✉❡ r❡❡♠♣❧❛③❛r ❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛✲

❝✐♦♥❛❧ ❡♥ ❧❛ ❞❡♠❛♥❞❛✱ ♦❜t❡♥✐❡♥❞♦✿

60 = 100 − QE

QE = 40
P✉❡s ❛❤♦r❛ ❡♥ ❧❛ ❡❝♦♥♦♠í❛ ❡①✐st❡ ✉♥ ♥✉❡✈♦ ♣r❡❝✐♦✱ ❡❧ ✐♥t❡r♥❛❝✐♦♥❛❧✱ ② ♣❛r❛ s❛❜❡r
❝✉❛♥t♦ ❞❡♠❛♥❞❛r❛♥ ❧♦s ❝♦♥s✉♠✐❞♦r❡s ♥❛❝✐♦♥❛❧❡s ❛ ❡st❡ ♣r❡❝✐♦ ❜❛st❛ ❝♦♥ q✉❡ r❡❡♠✲
♣❧❛❝❡♠♦s ❡st❡ ♥✉❡✈♦ ♣r❡❝✐♦ ❡♥ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❞❡♠❛♥❞❛✳

✶✸ ♦ ❡❧ ♣r❡❝✐♦ ♥❛❝✐♦♥❛❧ s✐♥ ❝♦♠❡r❝✐♦

P❛✁
❣✐♥❛ ✷✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
P♦r ♦tr♦ ❧❛❞♦✱ ♣❛r❛ ❝❛❧❝✉❧❛r ❧❛ ♦❢❡rt❛ ♥❛❝✐♦♥❛❧✱ t❡♥❡♠♦s q✉❡ r❡❡♠♣❧❛③❛r ❡❧ ♣r❡❝✐♦
✐♥t❡r♥❛❝✐♦♥❛❧ ❡♥ ❧❛ ♦❢❡rt❛✱ ♦❜t❡♥✐❡♥❞♦✿

60 = 50 + QE
10 = QE
❉❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛ q✉❡ ♣❛r❛ ❧❛ ♦❢❡rt❛✱ ❧♦ q✉❡ ❤✐❝✐♠♦s ❡s ✈❡r ❝✉❛♥t♦ ❡st❛rá ❞✐s♣✉❡st♦
❛ ♣r♦❞✉❝✐r ❧♦s ♣r♦❞✉❝t♦r❡s ♥❛❝✐♦♥❛❧❡s ❛❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧✳

❋✐♥❛❧♠❡♥t❡ ♥♦s ❢❛❧t❛ ❝❛❧❝✉❧❛r ❧❛ ❝❛♥t✐❞❛❞ ✐♠♣♦rt❛❞❛

✱ q✉❡ ❡s ❧❛ ❞✐❢❡r❡♥❝✐❛ ❡♥tr❡
❧❛ ♦❢❡rt❛ ♥❛❝✐♦♥❛❧ ② ❧❛ ❞❡♠❛♥❞❛ ♥❛❝✐♦♥❛❧✱ q✉❡ ❡♥ ❡st❡ ❝❛s♦ ❡s ❞❡ ✸✵ ✉♥✐❞❛❞❡s✳

▲✉❡❣♦ ❞❡ ❝❛❧❝✉❧❛r t♦❞♦s ❧♦s ❢❛❝t♦r❡s r❡❧❡✈❛♥t❡s ♣♦❞❡♠♦s r❡♣r❡s❡♥t❛r ❧❛ s✐t✉❛❝✐ó♥

❣rá✜❝❛♠❡♥t❡ ❝♦♠♦✿

oferta

75

60

Importaciones demanda
Q
10 25 40

❋✐❣✉r❛ ✶✳✶✼✿ ❡q✉✐❧✐❜r✐♦ ❝♦♥ ❝♦♠❡r❝✐♦ ❡ ✐♠♣♦rt❛❝✐♦♥❡s

❆❤♦r❛ s✉♣♦♥❣❛♠♦s q✉❡ ❧❛ ❡❝♦♥♦♠í❛ s❡ ❛❜r❡ ❛❧ ❝♦♠❡r❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ② ❡❧ ♣r❡❝✐♦

✐♥t❡r♥❛❝✐♦♥❛❧ ❡s ❞❡ ✩✾✵✳ ❊♥ ❡st❡ ❝❛s♦✱ ❝♦♠♦ ❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ❡s ♠❛②♦r ❛❧ ♣r❡❝✐♦
❞❡ ♠❡r❝❛❞♦✱ ❧❛ ❡❝♦♥♦♠í❛ ❡①♣♦rt❛rá ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥✳

P❛r❛ ❝❛❧❝✉❧❛r ❧❛ ❞❡♠❛♥❞❛ ♥❛❝✐♦♥❛❧✱ t❡♥❡♠♦s q✉❡ r❡❡♠♣❧❛③❛r ❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛✲

❝✐♦♥❛❧ ❡♥ ❧❛ ❞❡♠❛♥❞❛✱ ♦❜t❡♥✐❡♥❞♦✿

90 = 100 − QE ⇒ QE = 10
P♦r ♦tr♦ ❧❛❞♦✱ ♣❛r❛ ❝❛❧❝✉❧❛r ❧❛ ♦❢❡rt❛ ♥❛❝✐♦♥❛❧✱ t❡♥❡♠♦s q✉❡ r❡❡♠♣❧❛③❛r ❡❧
♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ❡♥ ❧❛ ♦❢❡rt❛✱ ♦❜t❡♥✐❡♥❞♦✿

90 = 100 − QE ⇒ QE = 10

P❛✁
❣✐♥❛ ✷✾ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

❋✐♥❛❧♠❡♥t❡ ♥♦s ❢❛❧t❛ ❝❛❧❝✉❧❛r ❧❛ ❝❛♥t✐❞❛❞ ❡①♣♦rt❛❞❛✱ q✉❡ ❡s ❧❛ ❞✐❢❡r❡♥❝✐❛ ❡♥tr❡

❧❛ ♦❢❡rt❛ ♥❛❝✐♦♥❛❧ ② ❧❛ ❞❡♠❛♥❞❛ ♥❛❝✐♦♥❛❧✱ q✉❡ ❡♥ ❡st❡ ❝❛s♦ ❡s ❞❡ ✸✵ ✉♥✐❞❛❞❡s✳

▲✉❡❣♦ ❞❡ ❝❛❧❝✉❧❛r t♦❞♦s ❧♦s ❢❛❝t♦r❡s r❡❧❡✈❛♥t❡s ♣♦❞❡♠♦s r❡♣r❡s❡♥t❛r ❧❛ s✐t✉❛❝✐ó♥

❣rá✜❝❛♠❡♥t❡ ❝♦♠♦✿

Exportaciones
oferta

75

demanda
Q
10 25 40

❋✐❣✉r❛ ✶✳✶✽✿ ❡q✉✐❧✐❜r✐♦ ❝♦♥ ❝♦♠❡r❝✐♦ ② ❡①♣♦rt❛❝✐♦♥❡s

❋✐♥❛❧♠❡♥t❡✱ ❛ ♠♦❞♦ ❞❡ ❝♦♥❝❧✉s✐ó♥✱ ♥♦t❛r q✉❡ ❝✉❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ♥❛❝✐♦✲

♥❛❧ s✐♥ ❝♦♠❡r❝✐♦ ❡s ♠❡♥♦r ❛❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧✱ ❡♥t♦♥❝❡s s❡ ❡①♣♦rt❛r❛♥ ✉♥✐❞❛❞❡s
❞❡ ❛q✉❡❧ ❜✐❡♥✳ ❈✉❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ♥❛❝✐♦♥❛❧ s✐♥ ❝♦♠❡r❝✐♦ ❡s ♠❛②♦r ❛❧ ♣r❡✲
❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧✱ ❡♥t♦♥❝❡s s❡ ✐♠♣♦rt❛r❛♥ ✉♥✐❞❛❞❡s ❞❡ ❛q✉❡❧ ❜✐❡♥✳

P♦r ❧♦ ❣❡♥❡r❛❧ ❧❛ ❧✐t❡r❛t✉r❛ ❡❝♦♥ó♠✐❝❛ ❛r❣✉♠❡♥t❛ ❛ ❢❛✈♦r ❞❡ q✉❡ ❡❧ ❝♦♠❡r❝✐♦ ✐♥✲

t❡r♥❛❝✐♦♥❛❧ ♠❡❥♦r❛ ❡❧ ❜✐❡♥❡st❛r ❞❡ ❧❛s ♥❛❝✐♦♥❡s✱ ❛ ♣❡s❛r ❞❡ ❧♦ ❛♥t❡r✐♦r✱ ❡s ❝♦♠ú♥
♦❜s❡r✈❛r q✉❡ ❧❛ ♠❛②♦rí❛ ❞❡ ❧♦s ♣❛ís❡s ❛♣❧✐❝❛♥ ❝✐❡rt❛s ♣♦❧ít✐❝❛s ♣❛r❛ r❡❣✉❧❛r✐③❛r ❡❧
❝♦♠❡r❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧✱ ❛ ♣❡s❛r ❞❡ s❡r ❡❝♦♥ó♠✐❝❛♠❡♥t❡ ✐♥❡✜❝✐❡♥t❡✶✹ s❡ ❞✐❝❡ q✉❡ ❡st❛s
♣♦❧ít✐❝❛s s♦♥ ❛♣❧✐❝❛❞❛s ❞❡ t♦❞❛s ❢♦r♠❛s ♣♦r ❝✉❡st✐♦♥❡s ♣♦❧ít✐❝❛s✳

❘❡✈✐s❡♠♦s ❡♥t♦♥❝❡s✱ ❡❧ ❡❢❡❝t♦ ❞❡ ❧❛ r❡❣✉❧❛❝✐ó♥ ❞❡❧ ❝♦♠❡r❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ❡❝♦♥ó✲

♠✐❝❛♠❡♥t❡✿

✶✳✺✳✸✳✶ ❆r❛♥❝❡❧❡s

▲♦s ❛r❛♥❝❡❧❡s s♦♥ ✐♠♣✉❡st♦s q✉❡ ❛❢❡❝t❛♥ ❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ❞❡ ❧♦s ❜✐❡♥❡s ❡♥ ❡❧
♣❛ís ❞♦♥❞❡ s❡ ❛♣❧✐❝❛♥✱ ♣♦r ❝♦♥❝❡♣t♦ ❞❡ ❡♥tr❛r ❛❧ ♣❛ís✱ ❡s ❞❡❝✐r✱ ❧♦s ❛r❛♥❝❡❧❡s s❡ ❛♣❧✐❝❛♥
✶✹ P♦r ❧♦ ❣❡♥❡r❛❧ ❡st♦ ❡s ❝✐❡rt♦✱ s❛❧✈♦ ❝✉❛♥❞♦ ❧♦s ♣❛ís❡s ❝✉❡♥t❛♥ ❝♦♥ ❝✐❡rt♦ ❣r❛❞♦ ❞❡ ♣♦❞❡r ❞❡
♠❡r❝❛❞♦ ❡♥ ❧❛ ♣r♦❞✉❝❝✐ó♥ ♦ ❞❡♠❛♥❞❛ ❞❡❧ ❜✐❡♥✱ ❡♥ ❡st❡ ❝❛s♦ ✉♥❛ ♣♦❧ít✐❝❛ ❛r❛♥❝❡❧❛r✐❛ ♣♦r ❡❥❡♠♣❧♦

s❡rí❛ ✉♥❛ ♣♦❧ít✐❝❛ ó♣t✐♠❛✳

P❛✁
❣✐♥❛ ✸✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
❛ ❧❛s ✐♠♣♦rt❛❝✐♦♥❡s✳ P❛r❛ ❡♥t❡♥❞❡r ❧♦s ❛r❛♥❝❡❧❡s ② s✉s ❝♦♥s❡❝✉❡♥❝✐❛s ✈♦❧✈❡r❡♠♦s ❛
♥✉❡str♦ ❡❥❡♠♣❧♦ ❞❡ ❝♦♠❡r❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧✱ r❡❝♦r❞❛♥❞♦ q✉❡ t❡♥í❛♠♦s ❧❛s s✐❣✉✐❡♥t❡s
❝✉r✈❛s✿
P D = 100 − Q
P O = 50 + Q
❨ ✉♥ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ❡q✉✐✈❛❧❡♥t❡ ❛✿

P I = 60

▲♦ ❝✉❛❧ ❝♦♠♦ ②❛ ✈✐♠♦s ❣❡♥❡r❛ ❧❛ s✐t✉❛❝✐ó♥ ❞❡ ❧❛ ✜❣✉r❛ ✶✼✳

❆❤♦r❛✱ s✉♣♦♥❣❛♠♦s q✉❡ ♣♦♥❡♠♦s ✉♥ ❛r❛♥❝❡❧ ❞❡ ✩✶✵✳ ❊st♦ ❧♦ q✉❡ ❤❛❝❡ ❡s ❛✉♠❡♥t❛r
❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ❛ ✩✼✵✳ ●❡♥❡r❛♥❞♦ ✉♥❛ ♥✉❡✈❛ ❞❡♠❛♥❞❛ ♥❛❝✐♦♥❛❧ ❡q✉✐✈❛❧❡♥t❡
❛✿
70 = 100 − QE ⇒ QE = 30
❨ ✉♥❛ ♥✉❡✈❛ ♦❢❡rt❛ ♥❛❝✐♦♥❛❧ ❞❛❞❛ ♣♦r✿

70 = 50 + QE ⇒ QE = 20

▲♦ q✉❡ tr❛❡ ❝♦♠♦ ❝♦♥s❡❝✉❡♥❝✐❛ q✉❡ ❛❤♦r❛ s♦❧♦ s❡ ✐♠♣♦rt❡♥ ✶✵ ✉♥✐❞❛❞❡s✱ ❞✐s♠✐♥✉✲
②❡♥❞♦ ❞❡s❞❡ ❡❧ ♣✉♥t♦ ❛♥t❡r✐♦r✳ ●rá✜❝❛♠❡♥t❡ ✿

oferta

75

70

60

demanda
Q
20 25 30

❋✐❣✉r❛ ✶✳✶✾✿ ❞✐st♦rs✐♦♥❡s ❞❡ ✉♥ ❛r❛♥❝❡❧

❊s ♣♦s✐❜❧❡ ♦❜s❡r✈❛r ❡❧ ár❡❛ ❞❡❧ r❡❝tá♥❣✉❧♦ ❡s ❧❛ r❡❝❛✉❞❛❝✐ó♥ ✜s❝❛❧ ♣♦r ❡❧ ❛r❛♥❝❡❧✱

♣✉❡s ❝♦rr❡s♣♦♥❞❡ ❛ ❝❛♥t✐❞❛❞ ❞❡ ❜✐❡♥❡s ❡①♣♦rt❛❞♦s ♣♦r ❧❛ ❞✐❢❡r❡♥❝✐❛ ❡♥tr❡ ❡❧ ♣r❡❝✐♦
❝♦♥ ② s✐♥ ❛r❛♥❝❡❧ ✭❡❧ ✐♠♣✉❡st♦✮✳

P❛✁
❣✐♥❛ ✸✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
▼✐❡♥tr❛ q✉❡ ❧♦s ❞♦s tr✐á♥❣✉❧♦s s♦♥ ♣ér❞✐❞❛s ❞❡ ❡✜❝✐❡♥❝✐❛ ❡❝♦♥ó♠✐❝❛✱ ♣✉❡s ❛❤♦r❛
❞❡❥❛♠♦s ❞❡ ❝♦♠♣r❛r ✉♥✐❞❛❞❡s q✉❡ ❡r❛♥ ♠ás ✈❛❧♦r❛❞❛s q✉❡ s✉ ❝♦st♦ r❡❛❧✳

P♦r ♦tr♦ ❧❛❞♦✱ ❧♦s ❡①❝❡❞❡♥t❡s ❝❛♠❜✐❛♥ ❡♥ s❡♥t✐❞♦s ♦♣✉❡st♦s✳ P♦r ✉♥ ❧❛❞♦✱ ❡❧ ❡①✲
❝❡❞❡♥t❡ ❞❡ ❧♦s ❝♦♥s✉♠✐❞♦r❡s ❞✐s♠✐♥✉②❡ ❞❛❞♦ q✉❡ ❛❤♦r❛ ❡❧ ❜✐❡♥ ❛✉♠❡♥tó s✉ ♣r❡❝✐♦ ②
❝♦♠♣r❛♥ ♠❡♥♦s ✉♥✐❞❛❞❡s✳ P♦r ❡❧ ♦tr♦ ❧❛❞♦✱ ❡❧ ❡①❝❡❞❡♥t❡ ❞❡ ❧♦s ♣r♦❞✉❝t♦r❡s ❛✉♠❡♥t❛
❞❛❞♦ q✉❡ ❛♥t❡ ❧❛ ✐♠♣♦s✐❝✐ó♥ ❞❡❧ ❛r❛♥❝❡❧ ♣✉❡❞❡♥ ✈❡♥❞❡r ♠ás ♣r♦❞✉❝t♦s ❞❛❞♦ q✉❡ ❧♦s
♣r♦❞✉❝t♦s ✐♠♣♦rt❛❞♦s ♣✐❡r❞❡♥ ❝♦♠♣❡t✐t✐✈✐❞❛❞ ❝♦♥ ❧❛ ♠❡❞✐❞❛✳ ❙✐❡♥❞♦ ❡❧ ❡❢❡❝t♦ ✜♥❛❧
❞❡ ❛♠❜♦s ❡❢❡❝t♦s q✉❡ ❡❧ ❡①❝❡❞❡♥t❡ s♦❝✐❛❧ s❡ r❡❞✉❝❡✱ s✐❡♥❞♦ ❧❛ ❡①♣❧✐❝❛❝✐ó♥ ❞❡ ❧❛s ❞♦s
♣ér❞✐❞❛s ❞❡ ❡✜❝✐❡♥❝✐❛ ❡❝♦♥ó♠✐❝❛ q✉❡ s❡ ❣❡♥❡r❛♥

●rá✜❝❛♠❡♥t❡ ❧♦s ❡①❝❡❞❡♥t❡s ❡stá♥ ❞❛❞♦s ♣♦r✿

oferta

EC
75

70

60 EP

demanda
Q
20 25 30

❋✐❣✉r❛ ✶✳✷✵✿ ❊①❝❡❞❡♥t❡s ❧✉❡❣♦ ❞❡ ✉♥ ❛r❛♥❝❡❧

❊♥ ❡st❡ ❝♦♥t❡①t♦ s❡ ♣✉❡❞❡ ❞❡st❛❝❛r q✉❡ ❧♦s ❛r❛♥❝❡❧❡s ❢✉❡r♦♥ ✉♥❛ ♠❡❞✐❞❛ ❝❧ás✐❝❛
q✉❡ s❡ t♦♠ó ❡♥ ❧♦s ♣❛ís❡s s✉❞❛♠❡r✐❝❛♥♦s ✭❞❡s❞❡ ❧♦s ❛ñ♦s ✸✵✁s ❤❛st❛ ❡♥tr❛❞♦s ❧♦s
✽✵✁s✮ ❝♦♥ ❧❛ ✜♥❛❧✐❞❛❞ ❞❡ ♣r♦t❡❣❡r ❡ ✐♥❝❡♥t✐✈❛r ❧❛ ✐♥❞✉str✐❛ ♥❛❝✐♦♥❛❧ ♣❛r❛ ✐♥❞✉str✐❛❧✐✲
③❛r ❛ ❧♦s ❞✐st✐♥t♦s ♣❛ís❡s✳ ❊❧ ♣r♦❣r❛♠❛ ■❙■ ✭■♥❞✉str✐❛❧✐③❛❝✐ó♥ ♣♦r ❙✉st✐t✉❝✐ó♥ ❞❡ ❧❛s
■♠♣♦rt❛❝✐♦♥❡s✮ ✐♠♣❧❡♠❡♥t❛❞♦ ❡♥ ❈❤✐❧❡ ❞✉r❛♥t❡ ❧♦s ❣♦❜✐❡r♥♦s r❛❞✐❝❛❧❡s ❡s ✉♥ ❝❧❛r♦
❡❥❡♠♣❧♦ ❞❡ ❡st❛ ✐❞❡❛✳

❖tr❛ ✐❞❡❛ ✐♥t❡r❡s❛♥t❡ ❞❡ ♠❡♥❝✐♦♥❛r✱ ❡s q✉❡ ✉♥ ❛r❛♥❝❡❧ ♥♦ s✐❡♠♣r❡ ❡s ✉♥❛ ♣♦❧ít✐❝❛

s✉❜✲♦♣t✐♠❛✱ ❝✉❛♥❞♦ ✉♥ ♣❛ís ❡s ❧♦ s✉✜❝✐❡♥t❡♠❡♥t❡ ❣r❛♥❞❡ ② t✐❡♥❡ ♣♦❞❡r s♦❜r❡ ❧❛
❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ❞❡ ✉♥ ❞❡t❡r♠✐♥❛❞♦ ❜✐❡♥ q✉❡ s❡ ❡①♣♦rt❛✱ ♣✉❡❞❡ s❡r ♦♣t✐♠♦
❛♣❧✐❝❛r ❛r❛♥❝❡❧❡s s♦❜r❡ ❡st❡ ❜✐❡♥✳ ▲❛ ✐♥t✉✐❝✐ó♥ ❞❡trás ❞❡ ❡st♦ ❡s q✉❡ ❡❧ ♣❛ís ❛❧ r❡❞✉❝✐r
❧❛ ❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛ ♣✉❡❞❡ ✐♥❝✐❞✐r ❡♥ ❧❛ ❝❛♥t✐❞❛❞ t♦t❛❧ tr❛♥s❛❞❛ ❡♥ ❡❧ ♠❡r❝❛❞♦✱
r❡❞✉❝✐❡♥❞♦ ❡♥t♦♥❝❡s ❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧✱ ❝♦♥ ❡st♦ ❧❛ r❡❝❛✉❞❛❝✐ó♥ ✜s❝❛❧ ♣✉❡❞❡

P❛✁
❣✐♥❛ ✸✷ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

♠ás q✉❡ ❝♦♠♣❡♥s❛r ❧❛s ♣❡r❞✐❞❛s ❞❡ ❡①❝❡❞❡♥t❡s✳

✶✳✺✳✸✳✷ ❈✉♦t❛s

❉❡ ❢♦r♠❛ s✐♠✐❧❛r ❛ ❧♦s ❛r❛♥❝❡❧❡s✱ ❧❛s ❝✉♦t❛s ❛ ❧❛s ✐♠♣♦rt❛❝✐♦♥❡s✱ s♦♥ ♣❡r♠✐s♦s
❞❡ ✐♠♣♦rt❛❝✐ó♥ q✉❡ s❡ ❜❛s❛♥ ❡♥ ♣❡r♠✐t✐r q✉❡ ❡♥tr❡ s♦❧♦ ✉♥❛ ♣r♦♣♦r❝✐ó♥ ❞❡ ❜✐❡♥❡s
✐♠♣♦rt❛❞♦s ❡♥ ❧❛ ❡❝♦♥♦♠í❛✳ ❆❤♦r❛ ♠✐❡♥tr❛s ♣♦r ✉♥ ❧❛❞♦ ❧♦s ❛r❛♥❝❡❧❡s ✜❥❛♥ ❛r❜✐tr❛✲
r✐❛♠❡♥t❡ ❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ❞❡❧ ❜✐❡♥ ② ❧✉❡❣♦ ❡❧ ♠❡r❝❛❞♦ ❞❡t❡r♠✐♥❛ ❧❛ ❝❛♥t✐❞❛❞
tr❛♥s❛❞❛ ❞❡ ést♦s✱ ❧❛ ❝✉♦t❛ ❣❡♥❡r❛ ✉♥ ❡❢❡❝t♦ ❛❧ r❡✈és✱ ❡s ❞❡❝✐r✱ ♦t♦r❣❛ ✉♥❛ ❝❛♥t✐❞❛❞
❞❡ ❜✐❡♥❡s ❛❧ ♠❡r❝❛❞♦ ② ést❡ ❞❡❜❡ ♣♦♥❡r❧❡s ♣r❡❝✐♦✳

P❛r❛ ❡❥❡♠♣❧✐✜❝❛r ❡st♦✱ ✈♦❧✈❛♠♦s ❛ ♥✉❡str❛s ❝✉r✈❛s ✉t✐❧✐③❛❞❛s

P D = 100 − QD

P ON = 50 + QON
◗✉❡ ❝♦♠♦ ②❛ s❛❜❡♠♦s ❣❡♥❡r❛♥ ✉♥ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ❞❡ ✩✼✺ ② ✉♥❛ ❝❛♥t✐❞❛❞ ❞❡
❡q✉✐❧✐❜r✐♦ ❞❡ ✷✺ ✉♥✐❞❛❞❡s✳ ❈♦♥ ❡st♦✱ ✈♦❧✈❛♠♦s ❛ s✉♣♦♥❡r q✉❡ ❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧
❡s ❞❡ ✩✻✵✱ ♣❡r♦ ❛❤♦r❛ q✉❡r❡♠♦s ♣❡r♠✐t✐r q✉❡ s❡ ✐♠♣♦rt❡ s♦❧♦ ✉♥❛ ❝❛♥t✐❞❛❞ ❞❡ ❜✐❡✲
♥❡s✱ ♣♦r ❡❥❡♠♣❧♦✱ ❞❡ ❧❛s ♣♦t❡♥❝✐❛❧❡s ✸✵ ✉♥✐❞❛❞❡s q✉❡ s❡ ♣✉❡❞❡♥ ✐♠♣♦rt❛r✱ ✈❛♠♦s ❛
♣❡r♠✐t✐r s♦❧♦ ✶✺✳

P❛r❛ ♣♦❞❡r ❝❛❧❝✉❧❛r ❡st❛ s✐t✉❛❝✐ó♥✱ ❞❡❜❡♠♦s ❡♥❝♦♥tr❛r ✉♥ ♣r❡❝✐♦ t❛❧ q✉❡ ❤❛❣❛ q✉❡
❧❛ ❞❡♠❛♥❞❛ s❡❛ ♠❛②♦r ❛ ❧❛ ♦❢❡rt❛ ♥❛❝✐♦♥❛❧ ❡♥ ✶✺ ✉♥✐❞❛❞❡s✱ ❡s ❞❡❝✐r✱ QD = QON + 15
✳ ❚❡♥✐❡♥❞♦ ❡st♦ ❡♥ ❝✉❡♥t❛✱ ❧♦ ú♥✐❝♦ q✉❡ ♥♦s ❜❛st❛ ❤❛❝❡r ❡s ❝❛❧❝✉❧❛r ❡❧ ♣r❡❝✐♦ q✉❡
❣❡♥❡r❡ ❛q✉❡❧❧❛ s✐t✉❛❝✐ó♥✱ ♣❛rt❛♠♦s ❡♥t♦♥❝❡s ❞❡s❞❡ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦✿

P D = P ON

100 − QD = 50 + QON
100 − QON − 15 = 50 + QON
35 = 2QON ⇒ QO = 17,5
② ♣♦r ❧♦ t❛♥t♦ ❧❛ ❞❡♠❛♥❞❛ s❡r❛ ✶✺ ✉♥✐❞❛❞❡s s✉♣❡r✐♦r✿

QD = 32,5

❆❤♦r❛ ♣❛r❛ ❝❛❧❝✉❧❛r ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦✱ s♦❧♦ t❡♥❡♠♦s q✉❡ r❡❡♠♣❧❛③❛r ❧❛ ❝❛♥t✐❞❛❞
❞❡♠❛♥❞❛❞❛ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡♥ ❧❛ ❞❡♠❛♥❞❛✱ ② ♦❜t❡♥❡♠♦s✿

P D = 100 − QD = 100 − 32,5 = 67,5

◗✉❡ ❡s ❡❧ ♣r❡❝✐♦ q✉❡ s❡ ❞❛rá ❡♥ ❡❧ ♠❡r❝❛❞♦✱ ❝♦♥s✐❞❡r❛♥❞♦ ❧❛s ✐♠♣♦rt❛❝✐♦♥❡s✳ ❉❡ ❡st❛

❢♦r♠❛ t❡♥❡♠♦s ✉♥❛ s✐t✉❛❝✐ó♥ ❞♦♥❞❡ s❡ ❞❡♠❛♥❞❛♥ ✸✷✱✺ ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥✱ ❞♦♥❞❡ ✶✼✱✺
s♦♥ ♣r♦❞✉❝✐❞❛s ❡♥ ❡❧ ♣❛ís ② ✶✺ s♦♥ ✐♠♣♦rt❛❞❛s✱ ② ❞♦♥❞❡ ❡❧ ♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦ ❡s
✩✻✼✱✺✳ ❊st♦ ❣rá✜❝❛♠❡♥t❡ ❡s✿

P❛✁
❣✐♥❛ ✸✸ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

oferta

75

67.5

60

demanda
Q
17.5 25 32.5

❋✐❣✉r❛ ✶✳✷✶✿ ❊q✉✐❧✐❜r✐♦ ❝♦♥ ✉♥❛ ❝✉♦t❛ ❛ ❧❛s ✐♠♣♦rt❛❝✐♦♥❡s

❊❧ ár❡❛ ❞❡❧ ❝✉❛❞r❛❞♦ r❡♣r❡s❡♥t❛ ❧❛s r❡♥t❛s ❞❡❧ ✐♠♣♦rt❛❞♦r✱ q✉❡ ❛❤♦r❛ ♣♦r ✈❡r
r❡❞✉❝✐❞❛ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ✈❡♥❞❡ ❡♥ ❡❧ ♣❛ís✱ ❧❛s ✉♥✐❞❛❞❡s q✉❡ tr❛♥s❛ t✐❡♥❡♥ ✉♥ ♠❛②♦r
✈❛❧♦r✳

▼✐❡♥tr❛s ❧♦s tr✐á♥❣✉❧♦s r❡♣r❡s❡♥t❛♥ ❧❛s ♣ér❞✐❞❛s ❞❡ ❡✜❝✐❡♥❝✐❛ ❣❡♥❡r❛❞❛s✱ ❞❛❞♦

q✉❡ ❛❧ ✐❣✉❛❧ q✉❡ ❡♥ ❡❧ ❛r❛♥❝❡❧ s❡ ❞❡❥❛♥ ❞❡ ❝♦♠♣r❛r ✉♥✐❞❛❞❡s q✉❡ s♦♥ ♠ás ✈❛❧♦r❛❞❛s
q✉❡ s✉ ❝♦st♦ ♦r✐❣✐♥❛❧✳

❋✐♥❛❧♠❡♥t❡✱ ♣♦❞❡♠♦s ✈❡r q✉❡ ❧❛ ❝✉♦t❛ ❢✉♥❝✐♦♥❛ ❞❡ ❢♦r♠❛ ♠✉② ♣❛r❡❝✐❞❛ ❛❧ ❛r❛♥❝❡❧✱
❣❡♥❡r❛♥❞♦ ❞♦s ③♦♥❛s ❞❡ ♣ér❞✐❞❛s ❞❡ ❡✜❝✐❡♥❝✐❛ ② t❡♥✐❡♥❞♦ ❣rá✜❝♦s ♠✉② s✐♠✐❧❛r❡s✳ ❉❡
❤❡❝❤♦✱ s✐ ✜❥❛♠♦s ❧❛ ❝✉♦t❛ ❡♥ ✶✵ ✉♥✐❞❛❞❡s ❧❧❡❣❛r❡♠♦s ❛ ❧❛ s✐t✉❛❝✐ó♥ tr❛❜❛❥❛❞❛ ❡♥ ❡❧
❝❛s♦ ❝✉❛♥❞♦ ❤❛② ❛r❛♥❝❡❧✳ ❊❧ ❡❥❡r❝✐❝✐♦ ❞❡ ❡st♦ q✉❡❞❛ ♣r♦♣✉❡st♦✳

✶✳✻ ❊①t❡r♥❛❧✐❞❛❞❡s
❍❛st❛ ❡❧ ♠♦♠❡♥t♦ ❤❡♠♦s ✈✐st♦ q✉❡ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❧♦s ❜✐❡♥❡s q✉❡ s❡ tr❛♥s❛♥ ❛❢❡❝✲
t❛♥ s♦❧♦ ❛ q✉✐❡♥❡s ❧♦s ✈❡♥❞❡♥ ② ❛ q✉✐❡♥❡s ❧♦s ❝♦♠♣r❛♥✳ ❊♥ ❡st❡ s❡♥t✐❞♦ ❡st❛♠♦s
t❡♥✐❡♥❞♦ ✉♥ ❛♥á❧✐s✐s ♠✐♦♣❡ ❞❡ ❧❛ s✐t✉❛❝✐ó♥✱ ❞❛❞♦ q✉❡ ❤❛② ❝✐❡rt❛s tr❛♥s❛❝❝✐♦♥❡s ❞♦♥✲
❞❡ ❡❢❡❝t✐✈❛♠❡♥t❡ ❤❛② t❡r❝❡r♦s q✉❡ s❡ ✈❡♥ ❛❢❡❝t❛❞♦s ♣♦r ❡❧ ✐♥t❡r❝❛♠❜✐♦✱ ♣♦r ❡❥❡♠♣❧♦✱
♣♦❞rí❛♠♦s ❛r❣✉♠❡♥t❛r q✉❡ ❧❛ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❡♥❡r❣í❛ ❛ tr❛✈és ❞❡ ❝❡♥tr❛❧❡s t❡r♠♦✲
❡❧étr✐❝❛s ❛❢❡❝t❛♥ t❛♠❜✐é♥ ❛ ❧❛s ❝♦♠✉♥✐❞❛❞❡s ❝❡r❝❛♥❛s ❛ ❧❛ ✐♥st❛❧❛❝✐ó♥ ❞❡ ❡st❛s q✉❡
❞❡❜❡♥ ❧✐❞✐❛r ❝♦♥ ❧❛ ❝♦♥t❛♠✐♥❛❝✐ó♥ q✉❡ ❡st❛s ❣❡♥❡r❛♥✳ P♦❞rí❛♠♦s ❡♥t♦♥❝❡s r❡❢❡r✐r♥♦s
❛ ❧❛s ❡①t❡r♥❛❧✐❞❛❞❡s✱ ❝♦♠♦ ❧♦s ❡❢❡❝t♦s ❡❝♦♥♦♠✐❝♦s q✉❡ ❧♦s ❛❣❡♥t❡s ❞❡❧ ♠❡r❝❛❞♦ ♥♦
✐♥t❡r♥❛❧✐③❛♥✳

P❛✁
❣✐♥❛ ✸✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

P❛r❛ ♣♦❞❡r ✐♥❝♦r♣♦r❛r ❡st♦ ❛ ❧♦ ❡st✉❞✐❛❞♦✱ ❣❡♥❡r❛r❡♠♦s ✉♥❛ ♥✉❡✈❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛
② ❞❡♠❛♥❞❛✱ q✉❡ ✐♥t❡r♥❛❧✐❝❡♥ ❧♦s ❡❢❡❝t♦s ♣r♦✈♦❝❛❞♦s ❛ t❡r❝❡r♦s✱ ❡st❛s s❡rá♥ ❧❛s ❝✉r✈❛s
s♦❝✐❛❧❡s ② ♥♦s ❞✐rá♥ ❝✉❛❧ ❡s ❡❧ ✈❡r❞❛❞❡r♦ ❡❢❡❝t♦ q✉❡ ♣r♦✈♦❝❛ tr❛♥s❛r ✉♥ ❞❡t❡r♠✐♥❛❞♦
❜✐❡♥ ❝♦♥ ❡①t❡r♥❛❧✐❞❛❞❡s ❡♥ ❡❧ ♠❡r❝❛❞♦✳ ❉❡ ❡st❛ ❢♦r♠❛✱ ❧❛ ❞❡♠❛♥❞❛ s♦❝✐❛❧ r❡♣r❡s❡♥✲
t❛rá ❧❛ ✈❛❧♦r❛❝✐ó♥ ❞❡ ❧❛ s♦❝✐❡❞❛❞ ♣♦r ❧❛s ❞✐st✐♥t❛s ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥✱ ♠✐❡♥tr❛s q✉❡ ❧❛
♦❢❡rt❛ s♦❝✐❛❧ r❡♣r❡s❡♥t❛rá ❡❧ ❝♦st♦ ❞❡ ❧❛ s♦❝✐❡❞❛❞ ♣♦r ❧❛s ❞✐st✐♥t❛s ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥✳

❈♦♥ ❡st♦s ❝♦♥❝❡♣t♦s✱ ❞✐r❡♠♦s q✉❡ ❧❛ ❞❡♠❛♥❞❛ ❡stá ❛❧✐♥❡❛❞❛ ❝✉❛♥❞♦ ❧❛ ❞❡♠❛♥✲
❞❛ ♣r✐✈❛❞❛ ✭❧❛ ❞❡♠❛♥❞❛ tr❛❞✐❝✐♦♥❛❧ q✉❡ ❤❡♠♦s ❡st✉❞✐❛❞♦✮ s❡❛ ✐❣✉❛❧ ❛ ❧❛ ❞❡♠❛♥❞❛
s♦❝✐❛❧✳ ❉❡ ❢♦r♠❛ ❡q✉✐✈❛❧❡♥t❡✱ ❞✐r❡♠♦s q✉❡ ❧❛ ♦❢❡rt❛ ❡stá ❛❧✐♥❡❛❞❛ ❝✉❛♥❞♦ ❧❛ ♦❢❡rt❛
♣r✐✈❛❞❛ ✭❧❛ ♦❢❡rt❛ tr❛❞✐❝✐♦♥❛❧ q✉❡ ❤❡♠♦s ❡st✉❞✐❛❞♦✮ s❡❛ ✐❣✉❛❧ ❛ ❧❛ ♦❢❡rt❛ s♦❝✐❛❧✳
▼✐❡♥tr❛s ❛♠❜❛s ❝✉r✈❛s ❡sté♥ ❛❧✐♥❡❛❞❛s s❡ s❡❣✉✐rá ❝✉♠♣❧✐❡♥❞♦ ❡❧ ó♣t✐♠♦ ❞❡ P❛r❡t♦ ②
✱♣♦r ❧♦ t❛♥t♦✱ ❡❧ ♠❡r❝❛❞♦ s❡rá ❡✜❝✐❡♥t❡✳

➽P❡r♦ q✉é ♦❝✉rr❡ ❝✉❛♥❞♦ ♥♦ ❡stá♥ ❛❧✐♥❡❛❞❛s❄✳ P❛r❛ ❡st♦ ✈❡❛♠♦s ✉♥ ❡❥❡♠♣❧♦✿
❙✉♣♦♥❣❛♠♦s q✉❡ ❡st❛♠♦s ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❡♥❡r❣í❛ t❡r♠♦❡❧é❝tr✐❝❛✳
❊♥ ❡st❡ ♠❡r❝❛❞♦ t❡♥❡♠♦s ✉♥❛ ♦❢❡rt❛ ② ✉♥❛ ❞❡♠❛♥❞❛ tr❛❞✐❝✐♦♥❛❧❡s q✉❡ ❣❡♥❡r❛♥ ✉♥
❡q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦ ❞❛❞♦ ♣♦r ❧❛ ✐♥t❡rs❡❝❝✐ó♥ ❞❡ ❛♠❜❛s✳

❙✉♣♦♥❣❛♠♦s q✉❡ ❡stás ❡♠♣r❡s❛s t❡r♠♦❡❧é❝tr✐❝❛s ❣❡♥❡r❛♥ ♥✐✈❡❧❡s ❞❡ ❝♦♥t❛♠✐♥❛✲

❝✐ó♥ q✉❡ ❛❢❡❝t❛ ❛ ❧❛s ❝♦♠✉♥✐❞❛❞❡s ❛❧❡❞❛ñ❛s ❛ ❧❛ ✐♥st❛❧❛❝✐ó♥ ❞❡ ❧❛s ♣❧❛♥t❛s ❞❡ ♣r♦✲
❞✉❝❝✐ó♥✱ q✉❡ s♦♥ ❝❛❞❛ ✈❡③ ♠ás ❛❧t♦s ❛ ♠❡❞✐❞❛ q✉❡ s❡ ✐♥❝r❡♠❡♥t❛♥ ❧♦s ♥✐✈❡❧❡s ❞❡
♣r♦❞✉❝❝✐ó♥ ❞❡ ❡♥❡r❣í❛✳ ❊♥ ❡st❡ ❝❛s♦✱ ❧❛ s♦❝✐❡❞❛❞ ❧❡ ❛s✐❣♥❛ ✉♥ ❝♦st♦ ❡①tr❛ ❛ ❧❛ ♣r♦✲
❞✉❝❝✐ó♥ ❞❡ ❡♥❡r❣í❛ ❞❡ ❡st❛r ❝❡♥tr❛❧❡s✱ q✉❡ ❡st❛ ❞❛❞♦ ♣♦r ❧❛ ❝✉❛♥t✐✜❝❛❝✐ó♥ ❞❡❧ ❞❛ñ♦
q✉❡ ❣❡♥❡r❛ ❧❛ ❝♦♥t❛♠✐♥❛❝✐ó♥ ❡♥ ❧❛s ❝♦♠✉♥✐❞❛❞❡s✳

❊s ❢á❝✐❧ ❛❤♦r❛ ♦❜s❡r✈❛r q✉❡ ❡❧ ❝♦st♦ ♣r✐✈❛❞♦✱ ❡❧ q✉❡ ❧❛ ❡♠♣r❡s❛ ❧❡ ❛s✐❣♥❛ ❛ ❧❛ ♣r♦✲
❞✉❝❝✐ó♥ ❞❡ ❧❛ ❡♥❡r❣í❛✱ ♥♦ ❝♦✐♥❝✐❞❡ ❝♦♥ ❡❧ ❝♦st♦ s♦❝✐❛❧✱ ♣✉❡s ❧❛ ❡♠♣r❡s❛ ♥♦ ❡s ❝❛♣❛s ❞❡
✐♥t❡r♥❛❧✐③❛r ❡❧ ❝♦st♦ ❞❡❧ ❞❛ñ♦ q✉❡ ❣❡♥❡r❛ ❧❛ ❝♦♥t❛♠✐♥❛❝✐ó♥✱ ❡s ❞❡❝✐r✱ ❡❧ ❝♦st♦ ♣r✐✈❛❞♦
❡s ♠❡♥♦r q✉❡ ❡❧ ❝♦st♦ s♦❝✐❛❧ ❡♥ ❧❛ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❡♥❡r❣í❛✳

❊st♦ s❡ ✈❛ ❛ ❣❡♥❡r❛r ✉♥ ❞❡s❢❛s❡✱ ② ♣♦r ❧♦ t❛♥t♦✱ ✉♥❛ ♣ér❞✐❞❛ ❞❡ ❡✜❝✐❡♥❝✐❛ ❡❝♦♥ó♠✐✲

❝❛ ❞❛❞♦ q✉❡ s❡ tr❛♥s❛♥ ✉♥✐❞❛❞❡s q✉❡ s♦❝✐❛❧♠❡♥t❡ s♦♥ ♠ás ❝♦st♦s❛s q✉❡ s✉ ✈❛❧♦r❛❝✐ó♥✳
❊st♦ r❡✢❡❥❛ q✉❡ s♦❝✐❛❧♠❡♥t❡ s❡ ❞❡s❡❛rí❛ q✉❡ s❡ ♣r♦❞✉③❝❛♥ ♠❡♥♦s ✉♥✐❞❛❞❡s ❞❡ ❡♥❡r❣í❛✱
♣✉❡s ♥♦ ❡stá♥ ❞✐s♣✉❡st♦s ❛ ❧✐❞✐❛r ❝♦♥ ❛❧t♦s ♥✐✈❡❧❡s ❞❡ ❝♦♥t❛♠✐♥❛❝✐ó♥✳ ●rá✜❝❛♠❡♥t❡✿

P❛✁
❣✐♥❛ ✸✺ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

PS

PP

demanda
Q
QS QP

❋✐❣✉r❛ ✶✳✷✷✿ ❊①t❡r♥❛❧✐❞❛❞ ♥❡❣❛t✐✈❛ ❡♥ ❧❛ ♦❢❡rt❛

❈✉❛♥❞♦ ❧❛ ♦❢❡rt❛ s♦❝✐❛❧ ❡s ♠❛②♦r ❛ ❧❛ ♣r✐✈❛❞❛✱ ♥♦s ❡♥❝♦♥tr❛♠♦s ❡♥ ❧♦ q✉❡ s❡

❞❡♥♦♠✐♥❛ ❡①t❡r♥❛❧✐❞❛❞ ♥❡❣❛t✐✈❛ ❛ ❧❛ ♣r♦❞✉❝❝✐ó♥✳ ❨ ❞❡❜✐❞♦ ❛ ❧❛ ♣ér❞✐❞❛ ❞❡
❡✜❝✐❡♥❝✐❛ ♥♦ ❡st❛♠♦s ❡♥ ✉♥ ♠❡r❝❛❞♦ ❡✜❝✐❡♥t❡✱ ♣♦r ❧♦ t❛♥t♦✱ ♥♦ s❡ ❝✉♠♣❧❡ ❡❧ ó♣t✐♠♦
❞❡ P❛r❡t♦✳ ❈✉❛♥❞♦ ❡st♦ ♦❝✉rr❡ s❡ ❞✐❝❡ q✉❡ ❡st❛♠♦s ❡♥ ✉♥❛ ❢❛❧❧❛ ❞❡ ♠❡r❝❛❞♦✳

❉❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛ ♣♦❞❡♠♦s ❡st❛r ❡♥ ♦❝❛s✐♦♥❡s ❡♥ ♣r❡s❡♥❝✐❛ ❞❡✿ ❊①t❡r♥❛❧✐❞❛✲

❞❡s ♣♦s✐t✐✈❛s ❛ ❧❛ ♣r♦❞✉❝❝✐ó♥✱ ❝✉❛♥❞♦ ❡❧ ❝♦st♦ s♦❝✐❛❧ ❡s ♠ás ❜❛❥♦ q✉❡ ❡❧ ❝♦st♦
♣r✐✈❛❞♦✳ ❊①t❡r♥❛❧✐❞❛❞❡s ♥❡❣❛t✐✈❛s ❛❧ ❝♦♥s✉♠♦✱ ❝✉❛♥❞♦ ❧❛ ✈❛❧♦r❛❝✐ó♥ ♣r✐✈❛❞❛ ❡s
♠ás ❜❛❥❛ q✉❡ ❧❛ ✈❛❧♦r❛❝✐ó♥ s♦❝✐❛❧✳ ❖ ❡♥ ❊①t❡r♥❛❧✐❞❛❞❡s ♣♦s✐t✐✈❛s ❛❧ ❝♦♥s✉♠♦✱
❝✉❛♥❞♦ ❧❛ ✈❛❧♦r❛❝✐ó♥ s♦❝✐❛❧ ❡s ♠ás ❛❧t❛ q✉❡ ❧❛ ♣r✐✈❛❞❛✳

❊♥ ❡st❡ ❝♦♥t❡①t♦✱ s✐♥ ❡♠❜❛r❣♦✱ ❤❛② s♦❧✉❝✐♦♥❡s ❛ ❧❛ ❢❛❧❧❛s ❞❡ ♠❡r❝❛❞♦ ❡♥ ♣r❡✲

s❡♥❝✐❛ ❞❡ ❡①t❡r♥❛❧✐❞❛❞❡s✳ ❊♥tr❡ ❡❧❧♦s ❡st✉❞✐❛r❡♠♦s ❡❧ ❡❧ ❚❡♦r❡♠❛ ❞❡ ❈♦❛s❡ ② ❧♦s
✐♠♣✉❡st♦s ♣✐❣♦✉✈✐❛♥♦s✳

✶✳✻✳✶ ■♠♣✉❡st♦s ② s✉❜s✐❞✐♦s ♣✐❣♦✉✈✐❛♥♦s

❯♥❛ ❢♦r♠❛ ❞❡ s♦❧✉❝✐♦♥❛r ❧♦s ♣r♦❜❧❡♠❛s ❞❡ ❡①t❡r♥❛❧✐❞❛❞❡s ❡s ❛ tr❛✈és ❞❡ ❧♦s ✐♠✲
♣✉❡st♦s ② s✉❜s✐❞✐♦s ♣✐❣♦✉✈✐❛♥♦s✱ ❧❛ ✐♥t✉✐❝✐ó♥ ❞❡trás ❞❡ ❡st❛ s♦❧✉❝✐ó♥✱ ❡s ❝♦♥s❡❣✉✐r
tr❛s ❧❛ ❛♣❧✐❝❛❝✐ó♥ ❞❡ ✐♠♣✉❡st♦s ♦ s✉❜s✐❞✐♦s ✭ ❛ ✉♥❛ ❡①t❡r♥❛❧✐❞❛❞ ♥❡❣❛t✐✈❛ ♦
♣♦s✐t✐✈❛ ❝♦rr❡s♣♦❞✐❡♥t❡♠❡♥t❡✮✱ q✉❡ ❧♦s ❛❣❡♥t❡s ❞❡❧ ♠❡r❝❛❞♦ ✐♥t❡r♥❛❧✐❝❡♥ ❧♦s
❡❢❡❝t♦s ❡❝♦♥ó♠✐❝♦s ♣r♦✈♦❝❛❞♦s ❛ t❡r❝❡r♦s✳

P❛r❛ ✐❧✉str❛r ✐❞❡❛s✱ ❡st✉❞✐❡♠♦s ❡❧ s✐❣✉✐❡♥t❡ ♠❡r❝❛❞♦ ❞♦♥❞❡ ❡①✐st❡ ✉♥❛ ❡①t❡r♥❛❧✐✲
❞❛❞ ♥❡❣❛t✐✈❛ ❛ ❧❛ ♣r♦❞✉❝❝✐ó♥✱ ♣♦r t❛♥t♦ s✉s ❝✉r✈❛s ❞❡ ♦❢❡rt❛ ♣r✐✈❛❞❛ ② s♦❝✐❛❧ ❡st❛♥
❞❛❞❛s ♣♦r✿ P OP = 40Q ② P OS = 40Q + 50✱ ❞♦♥❞❡ ❡s ❢á❝✐❧ ♦❜s❡r✈❛r q✉❡ ❡❧ ✈❛❧♦r ❞❡ ❧❛

P❛✁
❣✐♥❛ ✸✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
❞❛ñ♦ ♠❛r❣✐♥❛❧✶✺ ❡st❛ ❞❛❞♦ ♣♦r ✩✺✵ q✉❡ ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ ❞✐❢❡r❡♥❝✐❛
❡①t❡r♥❛❧✐❞❛❞ ♦
❞❡ ❛♠❜❛s ❝✉r✈❛s✳ ▼✐❡♥tr❛s q✉❡ ❧❛ ❞❡♠❛♥❞❛ ❞❡ ❡st❡ ♠❡r❝❛❞♦ ❡s✿ P = 100 − 10Q✳ D

❈♦♠❡♥❝❡♠♦s ❝❛❧❝✉❧❛♥❞♦ ❡❧ ❡q✉✐❧✐❜r✐♦ ♣r✐✈❛❞♦✱ ❡s ❞❡❝✐r ❛q✉❡❧ q✉❡ s✐♥ ✐♥t❡r✈❡♥✲

❝✐ó♥ ❛❧❣✉♥❛ ❛s✐❣♥❛ ❡❧ ♠❡r❝❛❞♦✱ ♣❛r❛ ❡st♦ t❛♥ s♦❧♦ ✐♥t❡r❝❡♣t❛♠♦s ❧❛s ❝✉r✈❛s ❞❡ ♦❢❡rt❛
② ❞❡♠❛♥❞❛ ♣r✐✈❛❞❛✶✻
P OP = P D
40Q = 100 − 10Q
❉❡ ❞♦♥❞❡ ♦❜t❡♥❡♠♦s q✉❡ ❧♦s ✈❛❧♦r❡s ❞❡ ❡q✉✐❧✐❜r✐♦ ♣r✐✈❛❞♦ s♦♥✿

QP = 2 ⇒ P P = 80

❈❛❧❝✉❧❡♠♦s ❛❤♦r❛ ❡❧ ❡q✉✐❧✐❜r✐♦ s♦❝✐❛❧ ♣❛r❛ ❡st♦ t❛♥ s♦❧♦ ✐♥t❡r❝❡♣t❛♠♦s ❧❛s ❝✉r✲
✈❛s ❞❡ ♦❢❡rt❛ ② ❞❡♠❛♥❞❛ s♦❝✐❛❧❡s✿

P OS = P D

40Q + 50 = 100 − 10Q

❉❡ ❞♦♥❞❡ ♦❜t❡♥❡♠♦s q✉❡ ❧♦s ✈❛❧♦r❡s ❞❡ ❡q✉✐❧✐❜r✐♦ s♦❝✐❛❧ s♦♥✿

QS = 1 ⇒ P S = 90

❊s ❞✐r❡❝t♦ ♦❜s❡r✈❛r ❛❤♦r❛✱ q✉❡ ❡❧ ❡q✉✐❧✐❜r✐♦ ♣r✐✈❛❞♦ ② s♦❝✐❛❧ s♦♥ ❞✐❢❡r❡♥t❡s✱ ❡♥ ❡❧

♠❡r❝❛❞♦ s❡ tr❛♥s❛♥ ♠ás ❞❡ ❧❛s ✉♥✐❞❛❞❡s q✉❡ s♦♥ s♦❝✐❛❧♠❡♥t❡ ♦♣t✐♠❛s✱ ❡st❛♠♦s ❡♥
❧❛ ♣r❡s❡♥❝✐❛ ❞❡ ❝♦♠♦ ②❛ ♠❡♥❝✐♦♥❛♠♦s ✉♥❛ ❢❛❧❧❛ ❞❡ ♠❡r❝❛❞♦✳

❚r❛t❡♠♦s ❡♥t♦♥❝❡s ❝♦rr❡❣✐r ❧❛ ❢❛❧❧❛ ❞❡ ♠❡r❝❛❞♦✱ ❞❡ t❛❧ ❢♦r♠❛ q✉❡ tr❛s ❧❛ ❛♣❧✐❝❛❝✐ó♥
❞❡ ✉♥ ✐♠♣✉❡st♦ ❧❧❡✈❛r ❡❧ ❡q✉✐❧✐❜r✐♦ ♣r✐✈❛❞♦ ❛❧ ❡q✉✐❧✐❜r✐♦ s♦❝✐❛❧✱ ♥♦t❛r q✉❡ ♣❛r❛ ♥✉❡str♦
❡❥❡♠♣❧♦✱ ❜❛st❛ t❛♥ s♦❧♦ ❝♦♥ ❡♥❝♦♥tr❛r ✉♥ ✐♠♣✉❡st♦ q✉❡ ✐❣✉❛❧❡ ❧❛ ♦❢❡rt❛ s♦❝✐❛❧ ✭P OS ✮
❛ ❧❛ ♣r✐✈❛❞♦ ✭P OP = 80✮✱ ♣♦r t❛♥t♦ ❡❧ ♠♦♥t♦ ❞❡ ♥✉❡str♦ ✐♠♣✉❡st♦ ❞❡❜❡ s❡r✿

P OS − P OP = T ✭✶✳✻✳✶✳✶✮

❊♥ ♥✉❡str♦ ❡❥❡♠♣❧♦✿
T = 50.
❋✐♥❛❧♠❡♥t❡ ♣r♦❝❡❞❛♠♦s ❛ ✈❡r✐✜❝❛r✱ s✐ ❡st❡ ✐♠♣✉❡st♦ ❝♦rr✐❣❡ ❧❛ ❢❛❧❧❛ ❞❡ ♠❡r❝❛❞♦✱
❡s ❞❡❝✐r✱ ❧❧❡✈❛ ❡❧ ❡q✉✐❧✐❜r✐♦ ♣r✐✈❛❞♦ q✉❡ ❛s✐❣♥❛ ❡❧ ♠❡r❝❛❞♦✱ ❛❧ ❡q✉✐❧✐❜r✐♦ s♦❝✐❛❧♠❡♥t❡
♦♣t✐♠♦ q✉❡ ❞❡s❡❛♠♦s✳

✶✺ P❛r❛ ❡❧ ❝❛s♦ ❞❡ ✉♥❛ ❡①t❡r♥❛❧✐❞❛❞ ♣♦s✐t✐✈❛✱ ♣♦❞rí❛♠♦s r❡❢❡r✐r♥♦s ❛ ❡st❛ ❞✐❢❡r❡♥❝✐❛ ❝♦♠♦ ❡❧

❜❡♥❡✜❝✐♦ ♠❛r❣✐♥❛❧✳
✶✻ ◆♦t❛r q✉❡ ♣❛r❛ ♥✉❡str♦ ❡❥❡♠♣❧♦✱ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ s♦❝✐❛❧ ❡s ✐❣✉❛❧ ❛ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛

♣r✐✈❛❞❛✳

P❛✁
❣✐♥❛ ✸✼ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
❘❡❝♦r❞❡♠♦s q✉❡ P OP = 40Q✱ ❛♣❧✐q✉❡♠♦s ❡❧ ✐♠♣✉❡st♦ T = 50✱ ❝♦♥ ❧♦ q✉❡ ❣❡♥❡✲
r❛♠♦s ✉♥❛ ♥✉❡✈❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ❝♦♥ ✐♠♣✉❡st♦✿ P OT = 40Q + T = 40Q + 50✱ ❧♦ q✉❡
❛❧ ✐♥t❡r❝❡♣t❛r❧❛ ❝♦♥ ❧❛ ❞❡♠❛♥❞❛ ♦❜t❡♥❡♠♦s✿

P OT = P D

40Q + 50 = 100 − 10Q

❉❡ ❞♦♥❞❡ ♦❜t❡♥❡♠♦s q✉❡ ❧♦s ✈❛❧♦r❡s ❞❡ ❡q✉✐❧✐❜r✐♦ tr❛s ❧❛ ❛♣❧✐❝❛❝✐ó♥ ❞❡❧ ✐♠♣✉❡st♦
s♦♥✿
QT = 1 ⇒ P T = 90
◗✉❡ r❡s✉❧t❛♥ ❝♦✐♥❝✐❞✐r ❝♦♥ ❧❛s ❝❛♥t✐❞❛❞❡s s♦❝✐❛❧♠❡♥t❡ ♦♣t✐♠❛s✱ ♣♦r t❛♥t♦ ❝♦rr✐❣❡♥ ❧❛
❢❛❧❧❛ ❞❡ ♠❡r❝❛❞♦ q✉❡ s✉r❣❡ ❛ ♣❛rt✐r ❞❡ ❧❛ ❡①t❡r♥❛❧✐❞❛❞✳ ●r❛✜❝❛♠❡♥t❡ ♦❜t❡♥❡♠♦s✿

90

80

demanda
Q
1 2

❋✐❣✉r❛ ✶✳✷✸✿ ❊①t❡r♥❛❧✐❞❛❞ ② ✉♥ ✐♠♣✉❡st♦ ♣✐❣♦✉✈✐❛♥♦

P♦❞❡♠♦s ❡♥t♦♥❝❡s ❝♦♥❝❧✉✐r q✉❡ ❧❛ ❛♣❧✐❝❛❝✐ó♥ ❞❡ ✐♠♣✉❡st♦s ♦ s✉❜s✐❞✐♦s ♣✐❣♦✉✈✐❛✲

♥♦s s♦♥ ❝❛♣❛❝❡s ❞❡ ❝♦rr❡❣✐r ❧❛s ❢❛❧❧❛s ❞❡ ♠❡r❝❛❞♦s ❣❡♥❡r❛❞❛s ♣♦r ❧❛s ❡①t❡r♥❛❧✐❞❛❞❡s✱
❡st♦s ♣✉❡❞❡♥ ❧❧❡✈❛r ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ♣r♦❞✉❝❡ ❧❛ ❛s✐❣♥❛❝✐ó♥ ♣r✐✈❛❞❛ ❛ ❧❛ ❝❛♥t✐❞❛❞ s♦✲
❝✐❛❧♠❡♥t❡ ♦♣t✐♠❛✳ ❊s ✐♥t❡r❡s❛♥t❡ s❡ñ❛❧❛r q✉❡ ❛ tr❛✈és ❞❡ ❧❛ ✜❥❛❝✐ó♥ ❞❡ ✉♥❛ ❝✉♦t❛✱
❝♦♠♦ ②❛ ❧♦ ❡st✉❞✐❛♠♦s✱ s❡ ♣♦❞rí❛ ❣❡♥❡r❛r ❧♦s ♠✐s♠♦s r❡s✉❧t❛❞♦s✱ ❡❧✐♠✐♥❛♥❞♦ ❧❛ r❡❝❛✉✲
❞❛❝✐ó♥ ♦ ❣❛st♦ ✜s❝❛❧✱ ❡st❛ ú❧t✐♠❛ ❛❧t❡r♥❛t✐✈❛ ❡s ♣r❡❢❡r✐❞❛ ❝✉❛♥❞♦ ♥♦ s❡ t✐❡♥❡♥ ❜✉❡♥❛s
❡st✐♠❛❝✐♦♥❡s ❞❡ ❧❛ ❞❡♠❛♥❞❛ ② ♦❢❡rt❛ ❡♥ ✉♥ ♠❡r❝❛❞♦ ✭② ❡❧ ♣r♦❝❡s♦ q✉❡ ❞❡s❛rr♦❧❧❛♠♦s
❡s ✐♠♣♦s✐❜❧❡ ❞❡ ❝❛❧❝✉❧❛r✮✳

✶✳✻✳✷ ❚❡♦r❡♠❛ ❞❡ ❈♦❛s❡

❈♦❛s❡ ✭✶✾✻✵✮ ♣r♦♣✉s♦ q✉❡ ❡s ♣♦s✐❜❧❡ q✉❡ ❧♦s ♣r✐✈❛❞♦s s♦❧✉❝✐♦♥❡♥ ❡❧ ♣r♦❜❧❡♠❛ ❞❡
❧❛s ❡①t❡r♥❛❧✐❞❛❞❡s s✐♥ ✐♥t❡r✈❡♥❝✐ó♥✱ ❜❛❥♦s ❝✐❡rt♦s s✉♣✉❡st♦s✱ ❡st♦s ♣♦❞rí❛♥ ✐♥t❡r♥❛❧✐✲

P❛✁
❣✐♥❛ ✸✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
s❛r ❧♦s ❝♦st♦s ❞❡ ❧❛s ❡①t❡r♥❛❧✐❞❛❞❡s✳

❊❧ t❡♦r❡♠❛ ❞❡ ❈♦❛s❡ ♣r♦♣♦♥❡ ❡♥t♦♥❝❡s✱ q✉❡ ❛ú♥ ❜❛❥♦ ❧❛ ❡①✐st❡♥❝✐❛ ❞❡ ❡①t❡r♥❛❧✐✲

❞❛❞❡s ❡♥ ✉♥ ♠❡r❝❛❞♦✱ s✐ ❡①✐st❡♥ ❞❡r❡❝❤♦s ❞❡ ♣r♦♣✐❡❞❛❞ ❜✐❡♥ ❡st❛❜❧❡❝✐❞♦s ✭s♦❜r❡
❝♦st♦s ❞❡ tr❛♥s❛❝❝✐ó♥
❧❛s ❡①t❡r♥❛❧✐❞❛❞❡s✮✱ ② ♥♦ ❡①✐st❡♥ ✱ ❧♦s ❛❣❡♥t❡s ❞❡❧ ♠❡r❝❛❞♦
♣✉❡❞❡♥ ❧❧❡❣❛r ❛ ❧❛ s♦❧✉❝✐ó♥ s♦❝✐❛❧♠❡♥t❡ ♦♣t✐♠❛ s✐♥ ❧❛ ♥❡❝❡s✐❞❛❞ ❞❡ ✐♥t❡r✈❡♥❝✐ó♥
❡♥ ❡❧ ♠❡r❝❛❞♦✳

P❡r♠✐tá♠♦♥♦s ❡❧ s✐❣✉✐❡♥t❡ ❡❥❡♠♣❧♦✱ ✉♥❛ ❡♠♣r❡s❛ t❡r♠♦❡❧é❝tr✐❝❛ t✐❡♥❡ ✉♥ ❝♦st♦

♠❛r❣✐♥❛❧ ❝♦♥st❛♥t❡ ❞❡ ♣r♦❞✉❝❝✐ó♥ ✐❣✉❛❧ ❛ ✩✹✵✱ ♣♦r t❛♥t♦ ❧❛ ♦❢❡rt❛ ♣r✐✈❛❞❛ r❡s✉❧t❛
s❡r P OP = 40Q✱ ♠✐❡♥tr❛s q✉❡ ❧❛ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❡♥❡r❣í❛ ❣❡♥❡r❛ ✉♥ ❞❛ñ♦ ❝♦♥st❛♥t❡ ❛
❧❛s ❝♦♠✉♥✐❞❛❞❡s q✉❡ s❡ ♣✉❡❞❡ ✈❛❧♦r✐③❛r ❡♥ ✩✺✵✱ ❝♦♥ ❡st♦ ❧❛ ♦❢❡rt❛ s♦❝✐❛❧ ❡st❛ ❞❛❞❛
♣♦r✿ P OP = 40Q + 50✳ ❈♦♥s✐❞❡r❡♠♦s ❛❞❡♠❛s q✉❡ ♥♦ ❡①✐st❡♥ ❝♦st♦s ❞❡ tr❛♥s❛❝❝✐ó♥✱
② q✉❡ ❧♦s ❞❡r❡❝❤♦s ❞❡ ♣r♦♣✐❡❞❛❞ ❡stá♥ ❡st❛❜❧❡❝✐❞♦s ❞❡ t❛❧ ❢♦r♠❛✱ q✉❡ ❧❡ ❛tr✐❜✉②❡♥ ❡❧
❞❡r❡❝❤♦ ❛ ❧♦s ❤❛❜✐t❛♥t❡s ❞❡ ❧❛s ❝♦♠✉♥✐❞❛❞❡s ❞❡ ✈✐✈✐r ❡①❡♥t♦s ❞❡ ✉♥ ❛♠❜✐❡♥t❡ ❝♦♥t❛✲
♠✐♥❛❞♦✳

❋✐♥❛❧♠❡♥t❡ ❝♦♥s✐❞❡r❡♠♦s ✉♥❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ♣♦r ❡♥❡r❣í❛ ❞❛❞❛ ♣♦r P D =

100 − 10Q✳ ❙❛❜❡♠♦s q✉❡ s✐ ♥♦ ❡①✐st✐❡s❡ ❡①t❡r♥❛❧✐❞❛❞❡s ❡❧ ❡q✉✐❧✐❜r✐♦ ❡st❛rí❛ ❞❛❞♦ ♣♦r✿

PD = PO

100 − 10Q = 40Q

❧♦ q✉❡ ❣❡♥❡r❛✿
Q = 2 ⇒ P = 80
P❡r♦ ❧❛ ❡♠♣r❡s❛ ♥♦ ♣✉❡❞❡ ❣❡♥❡r❛r❧❛ ❝❛♥t✐❞❛❞ ❛♥t❡r✐♦r✱ ♣✉❡s s✉ ♣r♦❞✉❝❝✐ó♥ ❝♦♥t❛♠✐♥❛
❧♦ q✉❡ ❣❡♥❡r❛ ✉♥ ❞❛ñ♦ ❛ ❧❛s ❝♦♠✉♥✐❞❛❞❡s✱ q✉❡ ♣♦r ❝♦♠♦ ❡st❛❜❧❡❝✐♠♦s ❧♦s ❞❡r❡❝❤♦s
❞❡ ♣r♦♣✐❡❞❛❞ ♥♦ ❡s ♣♦s✐❜❧❡ q✉❡ ♦❝✉rr❛✳

P❡r♦ ✐♠❛❣✐♥❡♠♦s ❧❛ s✐❣✉✐❡♥t❡ s✐t✉❛❝✐ó♥✱ ❧❛s ❝♦♥s✉♠✐❞♦r❡s ❡stá♥ ❞✐s♣✉❡st♦s ❛ tr❛♥✲

③❛r s✉s ❞❡r❡❝❤♦s ❞❡ ✈✐✈✐r ❡♥ ✉♥❛ ❝♦♠✉♥✐❞❛❞ ♥♦ ❝♦♥t❛♠✐♥❛❞❛✱ ❞❡ t❛❧ ❢♦r♠❛ q✉❡ ❧❛
❡♠♣r❡s❛ ❧❡s ♣❛❣✉❡ ♣♦r ❡st♦s ② ♣✉❡❞❛ ♣r♦❞✉❝✐r✱ ➽❝✉á♥t♦ ❡s ❧❛ ♠í♥✐♠❛ ❝❛♥t✐❞❛❞ q✉❡
❡stá♥ ❞✐s♣✉❡st♦s ❧♦s ❤❛❜✐t❛♥t❡s ❞❡ ❧❛s ❝♦♠✉♥✐❞❛❞❡s ❛ ❝♦❜r❛r ♣❛r❛ ❛❝❡♣t❛r ❧❛ ❝♦♥t❛✲
♠✐♥❛❝✐ó♥❄✱ ❡st♦ ❝♦rr❡s♣♦♥❞❡rá ❛ ❧❛ ✈❛❧♦r❛❝✐ó♥ ❡❝♦♥ó♠✐❝❛ ❞❡❧ ❞❛ñ♦ ❛ ❧❛ ❡st♦s s❡ ✈❡♥
s♦♠❡t✐❞♦s ♣♦r ❡❧ ❝♦♥❝❡♣t♦ ❞❡ ❝♦♥t❛♠✐♥❛❝✐ó♥✱ ❡s ❞❡❝✐r✱ ✩✺✵✳ ◆♦t❛r ❡♥t♦♥❝❡s q✉❡ ❧❛
✜r♠❛ ♦❜s❡r✈❛ ✉♥ ♥✉❡✈♦ ❝♦st♦ ❞❡ ♣r♦❞✉❝❝✐ó♥✱ q✉❡ ❝♦rr❡s♣♦♥❞❡ ❛ ❧♦s ✩✺✵ q✉❡ ❞❡❜❡
♣❛❣❛r ❛ ❧❛ ❝♦♠✉♥✐❞❛❞ ♣❛r❛ ♣❡r♠✐t✐r q✉❡ ❡st♦s ❞❡❥❡♥ q✉❡ ❧❛ ❡♠♣r❡s❛ ♣r♦❞✉③❝❛✱ ♣♦r
t❛♥t♦ ❧❛ ❡♠♣r❡s❛ ♦❜s❡r✈❛ q✉❡ s✉ ♥✉❡✈❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ✭q✉❡ r❡♣r❡s❡♥t❛ s✉s ❝♦st♦s✮✱
❡st❛ ❞❛❞❛ ♣♦r✿ P ON = 40Q + 50 ✭q✉❡ ♥♦ ❡s ♠ás q✉❡ ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ s♦❝✐❛❧✮✱ ② ♣♦r
t❛♥t♦ ❡❧ ♥✉❡✈♦ ❡q✉✐❧✐❜r✐♦ ❞❡❧ ♠❡r❝❛❞♦ s❡rá✿

P ON = P D

40Q + 50 = 100 − 10Q

Q = 1 ⇒ P = 90

P❛✁
❣✐♥❛ ✸✾ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
❉♦♥❞❡ ❡s ❞✐r❡❝t♦ ♦❜s❡r✈❛r q✉❡ ❝♦✐♥❝✐❞❡ ❝♦♥ ❧❛ ❝❛♥t✐❞❛❞ s♦❝✐❛❧♠❡♥t❡ ♦♣t✐♠❛✳ ●rá✜✲
❝❛♠❡♥t❡ t❡♥❡♠♦s✿

90

80

demanda
Q
1 2

❋✐❣✉r❛ ✶✳✷✹✿ ❊①t❡r♥❛❧✐❞❛❞ ② ❡❧ t❡♦r❡♠❛ ❞❡ ❈♦❛s❡

▲♦ ✐♥t❡r❡s❛♥t❡ ❞❡❧ t❡♦r❡♠❛ ❞❡ ❈♦❛s❡ ❡s q✉❡ ♥♦ ♥❡❝❡s✐t❛ ✐♥t❡r✈❡♥❝✐ó♥ ❡♥ ❧♦s ♠❡r✲

❝❛❞♦s ♣❛r❛ ❝♦rr❡❣✐r ❧❛s ❢❛❧❧❛s ❞❡ ♠❡r❝❛❞♦✱ ♣❡r♦ s✉ ❞❡❜✐❧✐❞❛❞ ❡st❛ ❡♥ ❧❛ r✐❣✉r♦s✐❞❛❞
❞❡ s✉s s✉♣✉❡st♦s✱ ♣✉❡s ❡s ♠✉② ♣♦❝♦ ♣r♦❜❛❜❧❡ ♦❜s❡r✈❛r ❧❛ ✐♥❡①✐st❡♥❝✐❛ ❞❡ ❧♦s ❝♦st♦s
❞❡ tr❛♥s❛❝❝✐ó♥✱ q✉❡ ❞❡ ❡①✐st✐r ♥♦ ♣♦❞rí❛♠♦s ❛✜r♠❛r ❧❛s ♠✐s♠❛s ❝♦♥❝❧✉s✐♦♥❡s✳

✶✳✼ ❚✐♣♦s ❞❡ ❜✐❡♥❡s

❉✉r❛♥t❡ ❡❧ tr❛♥s❝✉rs♦ ❞❡❧ ❛♣✉♥t❡ ❤❡♠♦s ❤❛❜❧❛❞♦ ❝♦♥ ♠✉❝❤❛ ♥❛t✉r❛❧✐❞❛❞ ❛❝❡r❝❛
❞❡ ❧♦s ❜✐❡♥❡s✱ ➽♣❡r♦ q✉❡ s♦♥ ❧♦s ❜✐❡♥❡s ② ❞❡ ❝✉❛❧❡s t✐♣♦s ❤❛②❄✳ P❛rt❛♠♦s ♣♦r ❧❛ ❞❡✜✲
♥✐❝✐ó♥ ✱ ♣❛r❛ ❡❢❡❝t♦s ❞❡ ❡st❡ ❝✉rs♦ ✉♥ ❜✐❡♥ ❡s ❛❧❣♦ ❞♦♥❞❡ ♠ás ❡s ♣r❡❢❡r✐❞♦ ❛ ♠❡♥♦s✱
❡s ❞❡❝✐r✱ ♣✉❡❞❡ ✉♥ ❜✐❡♥ ♣✉❡❞❡ s❡r ✉♥ ❤❡❧❛❞♦✱ ✉♥❛ ❜❡❜✐❞❛✱ ✉♥❛ ♣❧❛③❛✱ ❡t❝✳

▲♦s ❜✐❡♥❡s ❡♥ s✐ t✐❡♥❡♥ ❞♦s ♣♦s✐❜❧❡s ❝❛r❛❝t❡ríst✐❝❛s✳ P♦r ✉♥ ❧❛❞♦ ♣✉❡❞❡♥ s❡r ❡①❝❧✉✲
②❡♥t❡s✱ ❡s ❞❡❝✐r✱ s✉ ✉s♦ ♣✉❡❞❡ s❡r ♣r♦❤✐❜✐❞♦ ❞❡ ❛❧❣✉♥❛ ♠❛♥❡r❛✱ ♣♦r ❡❥❡♠♣❧♦ ❛ tr❛✈és
❞❡ ✉♥ ♣r❡❝✐♦✳ P♦r ♦tr♦ ❧❛❞♦✱ ♣✉❡❞❡♥ s❡r r✐✈❛❧❡s✱ ❡s ❞❡❝✐r✱ q✉❡ s✉ ✉s♦ ♣♦r ♣❛rt❡ ❞❡
✉♥❛ ♣❡rs♦♥❛ ❧✐♠✐t❛ ❡❧ ✉s♦ ❞❡ ♦tr❛✱ ♣♦r ❡❥❡♠♣❧♦ s✐ ✉♥♦ ❝♦♠❡ ✉♥ ❤❡❧❛❞♦ ❡s❡ ❤❡❧❛❞♦ ♥♦
♣✉❡❞❡ s❡r ❝♦♠✐❞♦ ♣♦r ♦tr♦✳

❉❡ ❡st❛ ❢♦r♠❛✱ t❡♥❡♠♦s ❝✉❛tr♦ t✐♣♦s ❞❡ ❜✐❡♥❡s✳ ◗✉❡ q✉❡❞❛♥ r❡♣r❡s❡♥t❛❞♦s ❡♥ ❧❛

s✐❣✉✐❡♥t❡ ♠❛tr✐③✿

P❛✁
❣✐♥❛ ✹✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆

Excluyente
Sí No
Sí Bien Privado Bien Común

Rival
No Bien Club Bien Público

❋✐❣✉r❛ ✶✳✷✺✿ ▼❛tr✐③ t✐♣♦ ❞❡ ❜✐❡♥❡s

❆q✉❡❧❧♦s ❜✐❡♥❡s q✉❡ s♦♥ ❡①❝❧✉②❡♥t❡s ② r✐✈❛❧❡s s❡ ❞❡♥♦♠✐♥❛♥ ❇✐❡♥❡s Pr✐✈❛❞♦s✳

❊st♦s t✐♣♦s ❞❡ ❜✐❡♥❡s s♦♥ ❧♦s ú♥✐❝♦s q✉❡ ♥♦ ❣❡♥❡r❛♥ ❢❛❧❧❛s ❞❡ ♠❡r❝❛❞♦ ❡♥ s✉ ❞✐str✐❜✉✲
❝✐ó♥✱ ❞❛❞♦ q✉❡ s♦♥ ❝♦♥s✉♠✐❞♦s ❡♥ ❡❧ ♣✉♥t♦ q✉❡ ❝✉♠♣❧❡ q✉❡ s✉ ✈❛❧♦r❛❝✐ó♥ s❡❛ ✐❣✉❛❧
❛ s✉ ❝♦st♦✳

❆q✉❡❧❧♦s ❜✐❡♥❡s q✉❡ s♦♥ ❡①❝❧✉②❡♥t❡s ② ♥♦ r✐✈❛❧❡s s❡ ❞❡♥♦♠✐♥❛♥ ❇✐❡♥❡s ❞❡ ❈❧✉❜✳

❊st♦s t✐♣♦s ❞❡ ❜✐❡♥❡s s♦♥ ❜✐❡♥❡s q✉❡ s♦♥ ❛q✉❡❧❧♦s q✉❡ s♦♥ ♣r♦♣✐❡❞❛❞ ❝♦❧❡❝t✐✈❛ ❞❡
✉♥ ❣r✉♣♦ ✭♦ ✉♥ ❝❧✉❜✮✱ ② ♣♦r ❧♦ t❛♥t♦✱ t✐❡♥❡♥ t♦❞♦s ❞❡r❡❝❤♦ ❛ ✉s❛r❧♦✱ s✐♥ ❡♠❜❛r❣♦✱
❧❛ ❡①♣❡r✐❡♥❝✐❛ ♠✉❡str❛ q✉❡ ♥♦ t♦❞♦s ❧♦s ♠✐❡♠❜r♦s ❞❡❧ ❝❧✉❜ tr❛❜❛❥❛♥ ♣♦r ❡❧ ❜✐❡♥✱
❣❡♥❡r❛♥❞♦ ❡❧ ❝♦♥❝❡♣t♦ ❞❡ ❢r❡❡ r✐❞❡r✱ ❡s ❞❡❝✐r✱ ✉♥ s✉❥❡t♦ q✉❡ ♥♦ tr❛❜❛❥❛ ♣♦r ✉♥
♦❜❥❡t✐✈♦ ♣❡r♦ ♦❜t✐❡♥❡ s✉s ❜❡♥❡✜❝✐♦s✳ ❊st♦ ❤❛❝❡ q✉❡ ❧❛ ❛s✐❣♥❛❝✐ó♥ ❞❡ ❧♦s ❜✐❡♥❡s ❞❡
❝❧✉❜ ♥♦ s❡❛ ❡✜❝✐❡♥t❡✱ ❞❛❞♦ q✉❡ t♦❞♦s ❧♦s ♠✐❡♠❜r♦s ❞❡❧ ❝❧✉❜ t✐❡♥❡♥ ✐♥❝❡♥t✐✈♦s ❛
❡s♣❡r❛r ❛ q✉❡ ♦tr♦ ❝✉♠♣❧❛ ❧♦s ♦❜❥❡t✐✈♦s ♣❛r❛ ♣♦❞❡r ❞✐s❢r✉t❛r ❡❧ r❡s✉❧t❛❞♦✳
❆q✉❡❧❧♦s ❜✐❡♥❡s q✉❡ s♦♥ ♥♦ ❡①❝❧✉②❡♥t❡s ② r✐✈❛❧❡s s❡ ❞❡♥♦♠✐♥❛♥ ❇✐❡♥❡s ❈♦♠✉✲
♥❡s✳ ❊st♦s t✐♣♦s ❞❡ ❜✐❡♥❡s ❛❧ ❝♦♥tr❛r✐♦ ❞❡ ❧♦ ❜✐❡♥❡s ♣r✐✈❛❞♦s ② ❞❡ ❝❧✉❜✱ s♦♥ ♥♦
❡①❝❧✉②❡♥t❡s ② ♣♦r ❧♦ t❛♥t♦ ❝✉❛❧q✉✐❡r ♣❡rs♦♥❛ ♣✉❡❞❡ ✉s❛r ❞❡ ❡❧❧♦s✱ s✐♥ ❡♠❜❛r❣♦✱ ❝✉♠✲
♣❧❡♥ ❧❛ ♣r♦♣✐❡❞❛❞ ❞❡ s❡r r✐✈❛❧❡s✱ ❡♥t♦♥❝❡s✱ ❧♦s ❛❣❡♥t❡s t✐❡♥❡♥ ✐♥❝❡♥t✐✈♦s ❛ ❝♦♥s✉♠✐r
t♦❞♦ ❧♦ q✉❡ ♣✉❡❞❛♥ ❞❡ ❡st♦s t✐♣♦s ❞❡ ❜✐❡♥❡s✱ ②❛ q✉❡ ❞❡ ❧♦ ❝♦♥tr❛r✐♦✱ ❧❧❡❣❛rá ♦tr♦ q✉❡
❧♦ ❤❛❣❛✳ ❊st❛ s✐t✉❛❝✐ó♥ s❡ ❝♦♥♦❝❡ ❝♦♠♦ ❧❛ ❚r❛❣❡❞✐❛ ❞❡ ❧♦s ❇✐❡♥❡s ❈♦♠✉♥❡s ②
❡s ♣r❡❝✐s❛♠❡♥t❡ ❧♦ q✉❡ ❤❛❝❡ q✉❡ ❧❛ ❛s✐❣♥❛❝✐ó♥ ❞❡ ❡st♦s ❜✐❡♥❡s ♥♦ s❡❛ ❡✜❝✐❡♥t❡✳

❋✐♥❛❧♠❡♥t❡ ❛q✉❡❧❧♦s ❜✐❡♥❡s q✉❡ s♦♥ ♥♦ ❡①❝❧✉②❡♥t❡s ② ♥♦ r✐✈❛❧❡s s❡ ❞❡♥♦♠✐♥❛♥ ❇✐❡✲

♥❡s Pú❜❧✐❝♦s✳ ❊st♦s ❜✐❡♥❡s t✐❡♥❡♥ ❧❛ ♣r♦♣✐❡❞❛❞ ❞❡ ♣♦❞❡r s❡r ✉s❛❞♦s ♣♦r ❝✉❛❧q✉✐❡r
♣❡rs♦♥❛ ② q✉❡ ❛❞❡♠ás ♣❡r♠✐t❛ ❛ ♦tr❛ ✉s❛r❧♦ ❛❧ ♠✐s♠♦ t✐❡♠♣♦✱ ❝♦♠♦ ♣♦r ❡❥❡♠♣❧♦
✉♥❛ ♣❧❛③❛✳ ❙✐♥ ❡♠❜❛r❣♦✱ ❞❛❞♦ q✉❡ ❡❧ ❜✐❡♥ ❡s ♥♦ ❡①❝❧✉②❡♥t❡ ❧❛s ♣❡rs♦♥❛s ❧♦ ✉s❛r❛♥
♠ás ❞❡ q✉❡ ❧♦ ✉s❛rí❛♥ s✐ t✉✈✐❡r❛♥ q✉❡ ♣❛❣❛r ♣♦r ❡❧❧♦✱ ❡♥ ♦tr❛s ♣❛❧❛❜r❛s✱ s✉ ✈❛❧♦r❛❝✐ó♥
♥♦ ❡s t❛♥t❛ ❝♦♠♦ ❡❧ ❝♦st♦ ❞❡❧ ♦❜❥❡t♦ ♣ú❜❧✐❝♦✱ ② ♣♦r ❧♦ t❛♥t♦ ❧❛ ❛s✐❣♥❛❝✐ó♥ ❞❡ ❡st♦s
❜✐❡♥❡s ♥♦ ❡s ❡✜❝✐❡♥t❡✳

✶✳✽ ❊❥❡r❝✐❝✐♦s r❡s✉❡❧t♦s

❈♦♥ ❧❛ ✜♥❛❧✐❞❛❞ ❞❡ ❞❛r ✢✉✐❞❡③ ❡♥ ❧❛ r❡s♦❧✉❝✐ó♥ ❡❥❡r❝✐❝✐♦s✱ ❧♦s ♣r♦❜❧❡♠❛s ♣❡rt✐✲
♥❡♥t❡s ❛ ❡st❛ ❝❛♣✐t✉❧♦ s❡ ❡♥❝✉❡♥tr❛♥ ❛♥❡①❛❞♦s ❝♦♥ ❧♦s ❡❥❡r❝✐❝✐♦s r❡s✉❡❧t♦s ❞❡❧ s❡❧

P❛✁
❣✐♥❛ ✹✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✶✳ ❋❯◆❉❆▼❊◆❚❖❙ ❉❊ ❊❈❖◆❖▼❮❆
s✐❣✉✐❡♥t❡ ❝❛♣✐t✉❧♦✱ ❡♥ ❧❛ s❡❝❝✐ó♥ ✷✳✽

P❛✁
❣✐♥❛ ✹✷ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷
▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

✷✳✶ ■♥tr♦❞✉❝❝✐ó♥
❊♥ ❡❧ ❝❛♣ít✉❧♦ ❛♥t❡r✐♦r ❛♥❛❧✐③❛♠♦s ❛s♣❡❝t♦s ❜ás✐❝♦s ❞❡ ❧❛ ❡❝♦♥♦♠í❛✱ ❝❡♥trá♥❞♦♥♦s
❡♥ ❡st✉❞✐❛r ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦ ② ❞✐st✐♥t❛s ❛❝❝✐♦♥❡s q✉❡ s❡ ♣✉❡❞❡♥ ❡♠♣r❡♥❞❡r
♣❛r❛ ❛❧t❡r❛r❧♦✳ ❊♥ ❡st❡ ❝❛♣ít✉❧♦ ♥♦s ❝❡♥tr❛r❡♠♦s ❡♥ ❧❛ ♠✐❝r♦❡❝♦♥♦♠í❛✱ ② ❡♥ ♣❛rt✐❝✉❧❛r
❡♥ ❡st✉❞✐❛r ❛ ❧♦s ❝♦♥s✉♠✐❞♦r❡s✱ s✐❡♥❞♦ ✉♥♦ ❞❡ ♥✉❡str♦s ♦❜❥❡t✐✈♦s ♣r✐♥❝✐♣❛❧❡s ❞❡t❡r✲
♠✐♥❛r ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ❞❡ ❢♦r♠❛ ✐♥t✉✐t✐✈❛✳ ❆ ❡st❛ r❛♠❛ ❞❡ ❧❛ ♠✐❝r♦❡❝♦♥♦♠í❛
s❡ ❧❡ ❝♦♥♦❝❡ ❝♦♠♦ ❧❛ ❚❡♦rí❛ ❞❡❧ ❈♦♥s✉♠✐❞♦r✳

✷✳✷ ▼♦❞❡❧♦ ❞❡ ❊❧❡❝❝✐ó♥ ❞❡❧ ❈♦♥s✉♠✐❞♦r

❊❧ ♠♦❞❡❧♦ q✉❡ ♣r❡s❡♥t❛r❡♠♦s ❛ ❝♦♥t✐♥✉❛❝✐ó♥ s❡ ❞❡♥♦♠✐♥❛ ▼♦❞❡❧♦ ❞❡ ❊❧❡❝❝✐ó♥
❞❡❧ ❈♦♥s✉♠✐❞♦r ② t✐❡♥❡ ♣♦r ✜♥❛❧✐❞❛❞ ❡①♣❧✐❝❛r q✉é ❝♦♠❜✐♥❛❝✐ó♥ ❞❡ ❜✐❡♥❡s ❝♦♥s✉✲
♠✐rá ✉♥ ❛❣❡♥t❡✱ ❞❛❞❛ ✉♥ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦✱ ♣r❡❝✐♦ ❞❡ ❧♦s ♣r♦❞✉❝t♦s ② ❞❡t❡r♠✐♥❛❞♦s
❣✉st♦s ♦ ♣r❡❢❡r❡♥❝✐❛s✳

✷✳✷✳✶ ❙✉♣✉❡st♦s ❞❡ ▼❊❈

❈♦♠♦ ✈✐♠♦s ❡♥ ❡❧ ❝❛♣ít✉❧♦ ■ ❧♦s s✉♣✉❡st♦s ❞❡ ✉♥ ♠♦❞❡❧♦ s♦♥ ❢✉♥❞❛♠❡♥t❛❧❡s ② ♥♦s
❛②✉❞❛♥ ❛ ❝r❡❛r ✉♥ ♠❛r❝♦ t❡ór✐❝♦ s♦❜r❡ ❡❧ ❝✉❛❧ ♣♦❞❡r tr❛❜❛❥❛r ♥✉❡str♦ ♠♦❞❡❧♦✳ ❊♥ ❡❧
❝❛s♦ ❞❡❧ ▼♦❞❡❧♦ ❞❡ ❊❧❡❝❝✐ó♥ ❞❡❧ ❈♦♥s✉♠✐❞♦r✱ t❡♥❞r❡♠♦s ❧♦s s✐❣✉✐❡♥t❡s s✉♣✉❡st♦s✿

❊❧ ❛❣❡♥t❡ q✉❡ ❡st✉❞✐❛r❡♠♦s ❡s r❡♣r❡s❡♥t❛t✐✈♦✱ ❡s ❞❡❝✐r✱ s✉s ❡❧❡❝❝✐♦♥❡s r❡♣r❡✲

s❡♥t❛rá♥ ❧❛s ❡❧❡❝❝✐♦♥❡s ❞❡ ✉♥ ❞❡t❡r♠✐♥❛❞♦ ❣r✉♣♦ ② ♥♦ ❡❧❡❝❝✐♦♥❡s ✐♥❞✐✈✐❞✉❛❧❡s✳

❊♥ ❡❧ ♠❡r❝❛❞♦ ❛❧ q✉❡ ♣✉❡❞❡ ❛❝❝❡❞❡r ❡st❡ ❛❣❡♥t❡ s♦❧♦ ❡①✐st❡s ❞♦s ❜✐❡♥❡s✱ ❡s
❞❡❝✐r✱ ❡❧ ❛❣❡♥t❡ ♣✉❡❞❡ ❝♦♠♣r❛r s♦❧♦ ❞♦s ❜✐❡♥❡s ❞✐st✐♥t♦s✳

❊❧ ❛❣❡♥t❡ ❞✐s♣♦♥❡ ❞❡ ✉♥❛ ❞♦t❛❝✐ó♥ ❞❡ ❞✐♥❡r♦✱ ② ♣♦r ❧♦ t❛♥t♦✱ t✐❡♥❡ ✉♥❛ r❡s✲
tr✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✳

P❛✁
❣✐♥❛ ✹✸ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
▲♦s ♣r❡❝✐♦s ❡stá♥ ❞❛❞♦s✱ ❡s ❞❡❝✐r✱ ❡❧ ❛❣❡♥t❡ ❛❝❡♣t❛ ❧♦s ♣r❡❝✐♦s ❞❡ ♠❡r❝❛❞♦✳
❊❧ ❛❣❡♥t❡ ❡s ❝❛♣❛③ ❞❡ r❡❧❡✈❛r♥♦s s✉s ♣r❡❢❡r❡♥❝✐❛s✱ ❡s ❞❡❝✐r✱ ❡s ❝❛♣❛③ ❞❡
❞❡❝✐r♥♦s q✉❡ ❝❛♥❛st❛ ♣r❡✜❡r❡ ❞❡ ✉♥ ❣r✉♣♦ ❞❡ ést❛s✳

❋✐♥❛❧♠❡♥t❡✱ ❛s✉♠✐r❡♠♦s q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❡s r❛❝✐♦♥❛❧✱ ❡s ❞❡❝✐r✱ ❝✉♠♣❧❡ ❝♦♥✿

• ♣r❡❢❡r❡♥❝✐❛s ❝♦♠♣❧❡t❛s✱ ❡s ❞❡❝✐r✱ ❡s ❝❛♣❛③ ❞❡ ❛s✐❣♥❛r❧❡ ✉♥❛ ♣r❡❢❡r❡♥❝✐❛
❛ t♦❞❛s ❧❛s ❝❛♥❛st❛s ❡①✐st❡♥t❡s✳
• ♣r❡❢❡r❡♥❝✐❛s tr❛♥s✐t✐✈❛s ✱ ❡s ❞❡❝✐r✱ s✐ ♣r❡✜❡r❡ ✉♥❛ ❝❛♥❛st❛ A ❛♥t❡ ✉♥❛
❝❛♥❛st❛ B ✱ ② ❧❛ ❝❛♥❛st❛ B ❛♥t❡ ❧❛ ❝❛♥❛st❛ C ✱ ❡♥t♦♥❝❡s✱ ♥❡❝❡s❛r✐❛♠❡♥t❡
❞❡❜❡ ♣r❡❢❡r✐r ❧❛ ❝❛♥❛st❛ A ❛♥t❡ ❧❛ ❝❛♥❛st❛ C ✳

✷✳✷✳✷ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛

▲❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❡s ✉♥❛ r❡❝t❛✱ ❝✉②❛ ár❡❛ ♥♦s ♠✉❡str❛ t♦❞❛s ❧❛s ♣♦✲
s✐❜❧❡s ❝❛♥❛st❛s q✉❡ ♣♦❞❡♠♦s ❝♦♠♣r❛r ✱ ❞❛❞❛ ✉♥❛ ❝❛♥t✐❞❛❞ ❞❡ ❞✐♥❡r♦✳ P❛r❛ ♠♦❞❡❧❛r
✉♥❛ s❡ ❝♦♥s✐❞❡r❛♥ ❧❛s s✐❣✉✐❡♥t❡s ❝♦♥s✐❞❡r❛❝✐♦♥❡s✿

❊❧ ❛❣❡♥t❡ t✐❡♥❡ ✉♥ ✐♥❣r❡s♦ I

❍❛② ❞♦s ❜✐❡♥❡s✱ ❳ ❡ ❨✱ ❝✉②♦s ♣r❡❝✐♦s s♦♥ PX ② PY r❡s♣❡❝t✐✈❛♠❡♥t❡✳

❊♥t♦♥❝❡s✱ ♣♦❞❡♠♦s ✈❡r q✉❡ ♥✉❡str♦ ❣❛st♦ t✐❡♥❡ q✉❡ ❝✉♠♣❧✐r ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ s❡r ✐❣✉❛❧
♦ ♠❡♥♦r ❛❧ ✐♥❣r❡s♦✳ ❊s ❞❡❝✐r✿
G≤I
◗✉❡ ❧♦ ♣♦❞❡♠♦s r❡❡s❝r✐❜✐r ❝♦♠♦✿

P X +P Y ≤I ✭✷✳✷✳✷✳✶✮
| X {z Y }
●❛st♦ ❞❡❧ ❛❣❡♥t❡
❉❡s♣❡❥❛♥❞♦ ❞❡ ❧♦ ❛♥t❡r✐♦r ❡❧ ❜✐❡♥ Y ✱ ♣❛r❛ ❣r❛✜❝❛r❧♦ ❡♥ ✉♥ ♠❛♣❛ ❞❡ ❝♦♦r❞❡♥❛❞❛s
(X, Y ) t❡♥❡♠♦s✿
I PX
Y ≤ − ·X ✭✷✳✷✳✷✳✷✮
PY PY
❉❡ ❧♦ ❛♥t❡r✐♦r ♣♦❞❡♠♦s ♦❜s❡r✈❛r ✸ ❝♦s❛s✿
PX
▲❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ r❡s✉❧t❛ s❡r✿ − ✱ q✉❡ r❡♣r❡s❡♥t❛
PY
❧♦s ♣r❡❝✐♦s r❡❧❛t✐✈♦s✳
❈✉❛♥❞♦ ❡❧ ✐♥❞✐✈✐❞✉♦ ❝♦♥s✉♠♦ 0 ❞❡❧ ❜✐❡♥ X ✱ ❧❛ ❝❛♥t✐❞❛❞ ♠á①✐♠❛ q✉❡ ♣✉❡❞❡
I
❝♦♥s✉♠✐r ❞❡❧ ❜✐❡♥ Y ❡s ✳
PY
❈✉❛♥❞♦ ❡❧ ✐♥❞✐✈✐❞✉♦ ❝♦♥s✉♠♦ 0 ❞❡❧ ❜✐❡♥ Y ✱ ❧❛ ❝❛♥t✐❞❛❞ ♠á①✐♠❛ q✉❡ ♣✉❡❞❡
I
❝♦♥s✉♠✐r ❞❡❧ ❜✐❡♥ X ❡s
PX

P❛✁
❣✐♥❛ ✹✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
●rá✜❝❛♠❡♥t❡ ♣♦❞❡♠♦s ♦❜s❡r✈❛r ❧♦ s✐❣✉✐❡♥t❡✿

I/PY

A3

A2

A1

X
I/PX

❋✐❣✉r❛ ✷✳✶✿ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛rí❛

❉♦♥❞❡ ♦❜s❡r✈❛♠♦s q✉❡ ❛❧ ❧❧❡✈❛r ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❛❧ ♣❧❛♥♦ ❞❡ ❜✐❡♥❡s

❡♥ ❝♦♦r❞❡♥❛❞❛s (X, Y )✱ ❡st❛ ♥♦s ✐♥❞✐❝❛ ❝✉❛❧❡s s♦♥ ❧❛s ❝❛♥❛st❛s ✶ ❢❛❝t✐❜❧❡s q✉❡ ❝♦♥ ✉♥
❞❡t❡r♠✐♥❛❞♦ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦ I ✱ ♣✉❡❞❡ ❛❧❝❛♥③❛r ❡❧ ✐♥❞✐✈✐❞✉♦✳
❊♥ ❧❛ ✜❣✉r❛ ♣♦❞❡♠♦s ♦❜s❡r✈❛r ❧♦s s✐❣✉✐❡♥t❡s ♣✉♥t♦s ♣♦s✐❜❧❡s✿

P✉♥t♦s ❜❛❥♦ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ♣♦r ❡❥❡♠♣❧♦ ❡❧ ♣✉♥t♦ A1 ✱ ❡st♦s ♣✉♥✲

t♦s ❝✉♠♣❧❡ ❝♦♥ q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ♥♦ ❛❣♦t❛ s✉ ♣r❡s✉♣✉❡st♦✱ ❡s ❞❡❝✐r G < I ⇒
PX X + PY Y < I ✱ ❧♦s ❝✉❛❧❡s s♦♥ ❢❛❝t✐❜❧❡s ❞❡ ❛❧❝❛♥③❛r✳

P✉♥t♦s ❡♥ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ♣♦r ❡❥❡♠♣❧♦ ❡❧ ♣✉♥t♦ A2 ✱ ❡st♦s ♣✉♥t♦s

❝✉♠♣❧❡ ❝♦♥ q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❛❣♦t❛ ❥✉st♦ s✉ ♣r❡s✉♣✉❡st♦✱ ❡s ❞❡❝✐r G = I ⇒
PX X + PY Y = I ✱ ❧♦s ❝✉❛❧❡s s♦♥ ❢❛❝t✐❜❧❡s ❞❡ ❛❧❝❛♥③❛r✳

P✉♥t♦s s♦❜r❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ♣♦r ❡❥❡♠♣❧♦ ❡❧ ♣✉♥t♦ A3 ✱ ❡st♦s

♣✉♥t♦s ❝✉♠♣❧❡ ❝♦♥ q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ s♦❜r❡♣❛s❛ s✉ ♣r❡s✉♣✉❡st♦✱ ❡s ❞❡❝✐r G >
I ⇒ PX X + PY Y > I ✱ ❧♦s ❝✉❛❧❡s ♥♦ s♦♥ ❢❛❝t✐❜❧❡s ❞❡ ❛❧❝❛♥③❛r✳

P❡r♠✐t❛♠♦s ❛❤♦r❛ r❡❢❡r✐r♥♦s ❛ t♦❞♦s ❛q✉❡❧❧♦s ♣✉♥t♦s ❡♥ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉✲

♣✉❡st❛r✐❛ ② ❜❛❥♦ ❡st❛ ❝♦♠♦ ❡❧ ❈♦♥❥✉♥t♦ ❞❡ ❢❛❝t✐❜✐❧✐❞❛❞
✱ ❡s ❢á❝✐❧ ♦❜s❡r✈❛r q✉❡ ❡st❡
❝♦♥❥✉♥t♦ ❝♦♥❝❡♥tr❛ t♦❞♦s ❧❛s ❝♦♠❜✐♥❛❝✐♦♥❡s q✉❡ ❞❛❞♦ ✉♥ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦ ② ♣r❡❝✐♦s ❡❧
✐♥❞✐✈✐❞✉♦ ♣✉❡❞❡ ❛❝❝❡❞❡r✱ ❡s ❧ó❣✐❝♦ ♣❡♥s❛r q✉❡ ❧♦s ✐♥❞✐✈✐❞✉♦s ♣r❡❢❡r✐rá♥ ❡st❛r s✉❥❡t♦s ❛
❝♦♥❥✉♥t♦s ❞❡ ❢❛❝t✐❜✐❧✐❞❛❞ ♠ás ❣r❛♥❞❡✱ ♣✉❡s ❡❧❧♦ ❧❡s ♣❡r♠✐t❡ ♠❛②♦r❡s ♣♦s✐❜✐❧✐❞❛❞❡s
❞❡ ❝♦♥s✉♠♦ ✳
✶ ❈♦♠❜✐♥❛❝✐ó♥ ❞❡ ❜✐❡♥❡s X ❡ Y

P❛✁
❣✐♥❛ ✹✺ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

✷✳✷✳✷✳✶ ❊stát✐❝❛ ❝♦♠♣❛r❛t✐✈❛

❊s ✐♥t❡r❡s❛♥t❡ ❛♥❛❧✐③❛r ❧❛s r❡♣❡r❝✉s✐♦♥❡s ❡♥ ❝❛♠❜✐♦s ❡♥ ❡❧ ✐♥❣r❡s♦ ② ♣r❡❝✐♦s ❞❡
❧♦s ❜✐❡♥❡s ❡♥ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ② ❝♦♠♦ ❡❧❧♦ ❛❢❡❝t❛ ❧❛s ❞❡❝✐s✐♦♥❡s ❞❡ ❧♦s
✐♥❞✐✈✐❞✉♦s✱ tr❛s ❝❛♠❜✐❛r ❡❧ ❝♦♥❥✉♥t♦ ❞❡ ❢❛❝t✐❜✐❧✐❞❛❞ ❞❡ ❝❛♥❛st❛s✳

❈♦♠❡♥❝❡♠♦s ❡st✉❞✐❛♥❞♦✱ ❝♦♠♦ ❝❛♠❜✐❛ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ tr❛s ❝❛♠✲

❜✐♦s ❡♥ ❡❧ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦s I ✱ r❡❝♦r❞❡♠♦s q✉❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❧❛
I PX
♣♦❞❡♠♦s r❡♣r❡s❡♥t❛r ❝♦♠♦ ✉♥❛ ❡❝✉❛❝✐ó♥ ❧✐♥❡❛❧ ❞❡ ❧❛ ❢♦r♠❛ Y = − · X✱
PY PY
♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ ❡❧ t❡r♠✐♥♦ I r❡♣r❡s❡♥t❛ ❡❧ ❝♦❡✜❝✐❡♥t❡ ❞❡ ♣♦s✐❝✐ó♥ ❡♥ ❛q✉❡❧❧❛
❡❝✉❛❝✐ó♥✳ ❊♥t♦♥❝❡s s✐ ❡❧ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦s ❝r❡❝❡✱ ❛ ✉♥ ♥✐✈❡❧ ❞✐❣❛♠♦s I ∗∗ ✱ ♦❜s❡r✈❛r❡✲
♠♦s q✉❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ s❡ ❞❡s♣❧❛③❛ ♣❛r❛❧❡❧❛♠❡♥t❡ ❤❛❝✐❛ ❛❢✉❡r❛
✭♣✉❡s ♥♦ ❝❛♠❜✐❛ s✉ ♣❡♥❞✐❡♥t❡✮✳ ❙✐ ❡❧ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦s ❝❛❡✱ ❛ ✉♥ ♥✐✈❡❧ ❞✐❣❛♠♦s I ∗ ✱
♦❜s❡r✈❛r❡♠♦s q✉❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛rí❛ s❡ ❞❡s♣❧❛③❛ ♣❛r❛❧❡❧❛♠❡♥t❡ ❤❛❝✐❛
❞❡♥tr♦✳ ●rá✜❝❛♠❡♥t❡ t❡♥❡♠♦s✿

I**/PY

I/PY Con I*< I < I * *

I*/PY

X
I*/PX I/PX I**/PX

❋✐❣✉r❛ ✷✳✷✿ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛rí❛ tr❛s ❝❛♠❜✐♦s ❡♥ I

P♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ tr❛s ✐♥❝r❡♠❡♥t♦s ❞❡❧ ✐♥❣r❡s♦ ❛✉♠❡♥t❛ ❡❧ ❝♦♥❥✉♥t♦ ❞❡ ❢❛❝✲
t✐❜✐❧✐❞❛❞✱ ❧♦s ✐♥❞✐✈✐❞✉♦s ❛❤♦r❛ ❛❧ t❡♥❡r ✉♥ ♠❛②♦r ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦ ② ♠❛♥t❡♥❡rs❡ ❧♦
❞❡♠ás ❝♦♥st❛♥t❡✱ ♣✉❡❞❡♥ ❛❝❝❡❞❡r ❛ ❝♦♠♣r❛r ✉♥ ♠❛②♦r ❝♦♥❥✉♥t♦ ❞❡ ❝❛♥❛st❛s q✉❡
❛♥t❡s✳ ❙❡ ♣✉❡❞❡ r❡❛❧✐③❛r ❡❧ ♠✐s♠♦ ❛♥á❧✐s✐s tr❛s ✉♥❛ ❝❛í❞❛ ❡♥ ❡❧ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦s ②
♠❛♥t❡♥❡rs❡ ❧♦ ❞❡♠ás ❝♦♥st❛♥t❡✱ ❛❤♦r❛ ❡❧ ❝♦♥❥✉♥t♦ ❞❡ ❢❛❝t✐❜✐❧✐❞❛❞ s❡ r❡❞✉❝❡✱ ❧♦s ✐♥✲
❞✐✈✐❞✉♦s t✐❡♥❡♥ ♠❡♥♦s ✐♥❣r❡s♦s✱ ② ♣✉❡❞❡♥ ❛❝❝❡❞❡r ❛ ❝♦♠♣r❛r ✉♥ ♠❡♥♦r ❝♦♥❥✉♥t♦ ❞❡
❝❛♥❛st❛s✳

❱❡❛♠♦s ❛❤♦r❛ ❝♦♠♦ ❝❛♠❜✐❛ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ tr❛s ❝❛♠❜✐♦s ❡♥ ✉♥♦

❞❡ ❧♦s ♣r❡❝✐♦s✱ ❧♦s ♣r❡❝✐♦s ❝♦♠♦ ✈✐♠♦s s♦♥ ♣❛rt❡ ❞❡ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥

P❛✁
❣✐♥❛ ✹✻ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
♣r❡s✉♣✉❡st❛r✐❛✱ ♣♦r ❧♦ t❛♥t♦ ✉♥ ❝❛♠❜✐♦ ❡♥ ✉♥ ♣r❡❝✐♦ ❛❧t❡r❛rá ❧❛ ♣❡♥❞✐❡♥t❡✱ ♠❛♥✲
t❡♥✐❡♥❞♦ ❝♦♠♦ ♣✐✈♦t❡ ❡❧ ❡①tr❡♠♦ ❞❡❧ ♣r❡❝✐♦ q✉❡ ♥♦ ❢✉❡ ❛❧t❡r❛❞♦✳

P❛r❛ ♦❜s❡r✈❛r ❡st♦ ❝♦♥ ♠❛s ❝❧❛r✐❞❛❞✱ ✈♦❧✈❛♠♦s ❛ ❧❛ ❡❝✉❛❝✐ó♥ q✉❡ r❡♣r❡s❡♥t❛
I PX
❛ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❡♥ ♥✉❡str♦ ♣❧❛♥♦✿ Y = − · X ✱ ❛❤♦r❛ s✐♥
PY PY
♣❡r❞✐❞❛ ❞❡ ❣❡♥❡r❛❧✐❞❛❞ ❛s✉♠❛♠♦s ❝❛♠❜✐♦s s♦❜r❡ ❡❧ ♥✐✈❡❧ ❞❡ ♣r❡❝✐♦s ❞❡❧ ❜✐❡♥ Y ✱
♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ ❡❧ t❡r♠✐♥♦ PY r❡♣r❡s❡♥t❛ ♣❛rt❡ ❞❡ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥
♣r❡s✉♣✉❡st❛r✐❛✳ ❊♥t♦♥❝❡s s✐ ❡❧ ♣r❡❝✐♦s ❞❡❧ ❜✐❡♥ Y ❝r❡❝❡✱ ❛ ✉♥ ♥✐✈❡❧ ❞✐❣❛♠♦s PY∗∗ ✱
♦❜s❡r✈❛r❡♠♦s q✉❡ ❧❛ r❡str✐❝❝✐ó♥ r❡❞✉❝❡ s✉ ♣❡♥❞✐❡♥t❡✳ ❙✐ ❡❧ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦s ❝❛❡✱ ❛
✉♥ ♥✐✈❡❧ ❞✐❣❛♠♦s PY∗ ✱ ♦❜s❡r✈❛r❡♠♦s q✉❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛rí❛ ❛✉♠❡♥t❛ s✉
♣❡♥❞✐❡♥t❡✳ ●rá✜❝❛♠❡♥t❡ t❡♥❡♠♦s✿

I/P*Y

I/PY Con P* Y < P Y < P Y * *

I/P**Y

X
I/PX

❋✐❣✉r❛ ✷✳✸✿ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛rí❛ tr❛s ❝❛♠❜✐♦s ❡♥ PY

P♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ tr❛s ✐♥❝r❡♠❡♥t♦s ❞❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ Y ❡❧ ❝♦♥❥✉♥t♦ ❞❡ ❢❛❝✲
t✐❜✐❧✐❞❛❞ s❡ r❡❞✉❝❡✱ ❧♦s ✐♥❞✐✈✐❞✉♦s ❛❤♦r❛ ❛❧ t❡♥❡r q✉❡ ♣❛❣❛r ✉♥ ♠❛②♦r ♣r❡❝✐♦ ♣♦r ❡st❡
❜✐❡♥ ② ♠❛♥t❡♥❡rs❡ ❧♦ ❞❡♠ás ❝♦♥st❛♥t❡✱ ♣✉❡❞❡♥ ❛❝❝❡❞❡r ❛ ❝♦♠♣r❛r ✉♥ ♠❡♥♦r ❝♦♥❥✉♥t♦
❞❡ ❝❛♥❛st❛s q✉❡ ❛♥t❡s✳ ❙❡ ♣✉❡❞❡ r❡❛❧✐③❛r ❡❧ ♠✐s♠♦ ❛♥á❧✐s✐s tr❛s ✉♥❛ ❝❛í❞❛ ❡♥ ❡❧ ♣r❡❝✐♦
❞❡❧ ❜✐❡♥ Y ② ♠❛♥t❡♥❡rs❡ ❧♦ ❞❡♠ás ❝♦♥st❛♥t❡✱ ❛❤♦r❛ ❡❧ ❝♦♥❥✉♥t♦ ❞❡ ❢❛❝t✐❜✐❧✐❞❛❞ s❡
❝r❡❝❡✱ ❧♦s ✐♥❞✐✈✐❞✉♦s t✐❡♥❡♥ q✉❡ ♣❛❣❛r ✉♥ ♠❡♥♦r ♣r❡❝✐♦ ♣♦r Y ✱ ② ♣✉❡❞❡♥ ❛❝❝❡❞❡r ❛
❝♦♠♣r❛r ✉♥ ♠❛②♦r ❝♦♥❥✉♥t♦ ❞❡ ❝❛♥❛st❛s✳

✷✳✷✳✸ ❈✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛

❆❤♦r❛ q✉❡ t❡♥❡♠♦s ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ② ❝♦♥♦❝❡♠♦s ❧❛s ❝♦♠❜✐♥❛❝✐♦♥❡s
❢❛❝t✐❜❧❡s ❞❡ ❝❛♥❛st❛s ❛ ❧❛ q✉❡ ♣✉❡❞❡ ❛❝❝❡❞❡r ❝❛❞❛ ✐♥❞✐✈✐❞✉♦✱ ✈❡❛♠♦s ❧❛s ♣r❡❢❡r❡♥❝✐❛s
❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s ♣♦r ❡st❛s ❝❛♥❛st❛s ❛ ❧❛s q✉❡ ♣✉❡❞❡♥ ❛❝❝❡❞❡r✳ P❛r❛ ❡♠♣❡③❛r ❝♦♥

P❛✁
❣✐♥❛ ✹✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❡st♦✱ ❞❡✜♥✐r❡♠♦s ❡❧ ❝♦♥❝❡♣t♦ ❞❡ ❈✉r✈❛ ❞❡ ■♥❞✐❢❡r❡♥❝✐❛✱ q✉❡ s❡rá♥ ❡❧ ❝♦♥❥✉♥t♦ ❞❡

t♦❞❛s ❛q✉❡❧❧❛s ❝❛♥❛st❛s ❞❡ ❜✐❡♥❡s (X, Y ) q✉❡ ❧❡ s♦♥ ✐♥❞✐❢❡r❡♥t❡ ❛❧ ✐♥❞✐✈✐❞✉♦✷ ❡s❝♦❣❡r✳

❊s ✐♠♣♦rt❛♥t❡ ❞❡st❛❝❛r q✉❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛s ♥❛❝❡♥ ❞❡s❞❡ ❧❛s ♣r❡❢❡✲
r❡♥❝✐❛s ❞❡ ❧♦s ❝♦♥s✉♠✐❞♦r❡s✱ ❡♥t♦♥❝❡s ♣❛r❛ ❞❛r❧❡ ❢♦r♠❛ ❛ ❡st❛s ❝✉r✈❛s ❞❡❜❡♠♦s
♣r✐♠❡r♦ ❞❛r❧❡ ❝✐❡rt❛ ❤❛❜❧❛r r❡s♣❡❝t♦ ❛ ❧❛s ♣r❡❢❡r❡♥❝✐❛s✱ ❝♦♠♦ s✉♣✉❡st♦ ❞✐r❡♠♦s q✉❡
❡st❛s ❝✉♠♣❧❡♥ ❝♦♥ tr❡s ❝♦♥❞✐❝✐♦♥❡s✿

✶✳ ❖r❞❡♥✱ q✉❡ s❡ r❡✜❡r❡ ❛ q✉❡ s✐ t❡♥❡♠♦s ❞♦s ❝❛♥❛st❛s C1 ② C2 ✱ ❡stá♥ ❞❡❜❡♥

❝✉♠♣❧✐r ❝♦♥ ✉♥❛ ❞❡ tr❡s ❝♦♥❞✐❝✐♦♥❡s✳

◗✉❡ C1 s❡❛ ♠ás ♣r❡❢❡r✐❞❛ ❛ C2 ✳ ❊st♦ s❡ ❡①♣r❡s❛ ❝ó♠♦✿

C1 ≻ C2

❖ q✉❡✱
C1 s❡❛ ♠❡♥♦s ♣r❡❢❡r✐❞❛ ❛ C2 ✳ ❊st♦ s❡ ❡①♣r❡s❛ ❝ó♠♦✿

C1 ≺ C2

❖ q✉❡✱
C1 s❡❛ ✐❣✉❛❧♠❡♥t❡ ♣r❡❢❡rí❛ ❛ C2 ✳ ❊st♦ s❡ ❡①♣r❡s❛ ❝♦♠♦✿

C1 ∼ C2

✷✳ ❚r❛♥s✐t✐✈✐❞❛❞✱ q✉❡ s❡ r❡✜❡r❡ ❛ q✉❡ s✐ ✉♥❛ ❝❛♥❛st❛ C3 ❡s ♠ás ♣r❡❢❡r✐❞❛ ❛ ✉♥❛

❝❛♥❛st❛ C2 ✱ ② ❧❛ ❝❛♥❛st❛ C2 ❡s ♠ás ♣r❡❢❡r✐❞❛ ❛ ❧❛ ❝❛♥❛st❛ C1 ✱ ❡♥t♦♥❝❡s C3 ❡s
♠ás ♣r❡❢❡r✐❞❛ ❛ C1 ✳ ❊st♦ q✉❡❞❛ ❡①♣r❡s❛❞♦ ♣♦r✿

(C3 ≻ C2 ) ∧ (C2 ≻ C1 ) ⇒ (C3 ≻ C1 )

✸✳ ■♥s❛❝✐❛❜✐❧✐❞❛❞✱ q✉❡ s❡ r❡✜❡r❡ ❛ q✉❡ s✐ t❡♥❡♠♦s ❞♦s ❝❛♥❛st❛s✱ C1 ② C2 ✱ t❛❧ q✉❡

C1 t❡♥❣❛ ✉♥❛ ❝❛♥t✐❞❛❞ ♠✉② ♣❡q✉❡ñ❛ ❛❞✐❝✐♦♥❛❧ ❞❡ ✉♥ ❜✐❡♥ ❝♦♥ r❡s♣❡❝t♦ ❛ C1 ✱
s❡ ❞❛rá q✉❡ C2 s❡rá ♠ás ♣r❡❢❡r✐❞❛ ❛ C1 ✱ ❡s ❞❡❝✐r✿

(C2 = C1 + ∆) ⇒ (C2 ≻ C1 )

❆❧ ❝♦♥s✐❞❡r❛r ❧❛s ❛♥t❡r✐♦r❡s ❝♦♥❞✐❝✐♦♥❡s s♦❜r❡ ❧❛s ♣r❡❢❡r❡♥❝✐❛s✱❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡✲

r❡♥❝✐❛s t♦♠❛♥ ✉♥❛ ❢♦r♠❛ ❈♦♥✈❡①❛✸ ❡♥ ❡❧ ♣❧❛♥♦ ❝♦♥ ❝♦♦r❞❡♥❛❞❛s (X, Y ) q✉❡ ❝♦♠♦
②❛ ❤❡♠♦s tr❛❜❛❥❛❞♦✱ ❡s ❡❧ ♣❧❛♥♦ q✉❡ ♠✉❡str❛ ❧❛ ❝♦♠❜✐♥❛❝✐ó♥ ❞❡ ❝❛♥❛st❛s ❛ ❧❛s q✉❡
♣✉❡❞❡ ❛❝❝❡❞❡r ✉♥ ✐♥❞✐✈✐❞✉♦✳

●rá✜❝❛♠❡♥t❡ ♣♦❞❡♠♦s ♦❜s❡r✈❛r ❧♦ s✐❣✉✐❡♥t❡✿

✷ ❊♥t✐é♥❞❛s❡q✉❡ ❧❡ r❡♣♦rt❛♥ ❡ ♠✐s♠♦ ♥✐✈❡❧ ❞❡ ❢❡❧✐❝✐❞❛❞ ♦ ✉t✐❧✐❞❛❞✱
✸ P♦❞rí❛♠♦s✢❡①✐❜✐❧✐③❛r ❡st❛ ❛✜r♠❛❝✐ó♥ ② ❞❡❝✐r q✉❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ♣✉❡❞❡♥ t♦♠❛r ✉♥❛
❢♦r♠❛ ❈✉❛s✐✲❝♦♥✈❡①❛✳

P❛✁
❣✐♥❛ ✹✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

Curva de indiferencia

❋✐❣✉r❛ ✷✳✹✿ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛

❈♦♠♦ ♠❡♥❝✐♦♥❛♠♦s ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❡s ❝♦♥✈❡①❛

❧❛ ✐♥t✉✐❝✐ó♥ ❞❡trás
❞❡ ❡st♦ ❡s q✉❡ ❧♦s ✐♥❞✐✈✐❞✉♦s ♣r❡✜❡r❡♥ ❝❛♥❛st❛s ✐♥t❡r♠❡❞✐❛s✱ ♣✉❡s ♥♦t❛r q✉❡ s✐ ♥♦s
s✐t✉❛♠♦s ❡♥ ✉♥ ♣✉♥t♦ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❞❡ ❧❛ ✜❣✉r❛✱ ❞♦♥❞❡ ❝♦♥s✉♠✐♠♦s
♠✉❝❤♦ ❞❡❧ ❜✐❡♥ X ② ♣♦❝♦ ❞❡❧ ❜✐❡♥ Y ✱ ② q✉✐s✐ér❛♠♦s ✐♥t❡r❝❛♠❜✐❛r ✉♥✐❞❛❞❡s ❞❡ X ♣♦r
✉♥✐❞❛❞❡s ❞❡ Y ♠❛♥t❡♥✐❡♥❞♦ ❡❧ ♠✐s♠♦ ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞ ✭❡s ❞❡❝✐r ♠❛♥t❡♥✐❡♥❞♦♥♦s ❡♥
❧❛ ♠✐s♠❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✮✱ ❡st❛rí❛♠♦s ❛ ❞❛r ♠✉❝❤❛s ✉♥✐❞❛❞❡s ❞❡ X ♣♦r ✉♥✐❞❛❞
❞❡ Y ✱ ❡❧ ✐♥❞✐✈✐❞✉♦ ♣♦r t❛♥t♦ t❡♥❞❡rá ❛ ♣r❡❢❡r✐r ❝❛♥❛st❛s ✐♥t❡r♠❡❞✐❛s✹ ♣✉❡s ♦❜t✐❡♥❡
♠❛s ✉t✐❧✐❞❛❞ ♣♦r ❡❧ ❝♦♥s✉♠♦ ❞❡ ❝❛❞❛ ❜✐❡♥✳
❘❡✈✐s❡♠♦s ❛❧❣✉♥❛s ♣r♦♣✐❡❞❛❞❡s ❞❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✿

▲❛ ❡①✐st❡♥❝✐❛ ❞❡ ✉♥ ♠❛♣❛ ❞❡ ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛

✺
✳ ❊st♦ ♥♦s ❞✐❝❡ q✉❡
♥♦ ✐♠♣♦rt❛ ❡❧ ❧✉❣❛r ❞❡❧ ♠❛♣❛ ❡♥ ❡❧ q✉❡ ♥♦s ❡♥❝♦♥tr❡♠♦s s✐❡♠♣r❡ ♣♦❞r❡♠♦s
❡♥❝♦♥tr❛r ✉♥❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✳ ❯♥ ❡❥❡♠♣❧♦ ❡s ✈❡r ❧❛ s✐❣✉✐❡♥t❡ ✜❣✉r❛✿
✹ ❊st♦ s❡ ❝✉♠♣❧✐rá s♦❧♦ ❜❛❥♦ ❝✐❡rt❛s ❝♦♥❞✐❝✐♦♥❡s✱ ❡♥ ❝✐❡rt♦s ❝♦♥t❡①t♦s ❧♦s ✐♥❞✐✈✐❞✉♦s ♣r❡❢❡r✐rá♥
❝❛♥❛st❛s s✐t✉❛❞❛s ❡♥ ❧♦s ❡①tr❡♠♦s ✭❜✐❡♥❡s s✉st✐t✉t♦s ♣❡r❢❡❝t♦s✮✱ ❡st♦ ❧♦ r❡✈✐s❛r❡♠♦s ❡♥ ❧❛s ♣ró①✐♠❛s
s❡❝❝✐♦♥❡s✳
✺ ❙✐❡♠♣r❡ ② ❝✉❛♥❞♦ ❧❛s ♣r❡❢❡r❡♥❝✐❛s ❞❡❧ ✐♥❞✐✈✐❞✉♦ ❝✉♠♣❧❛ ❝♦♥ ❧❛ ✐♥s❛❝✐❛❜✐❧✐❞❛❞✳

P❛✁
❣✐♥❛ ✹✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❋✐❣✉r❛ ✷✳✺✿ ▼❛♣❛ ❞❡ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛

❈✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ♠ás ❧❡❥❛♥❛s ❛❧ ♦r✐❣❡♥ r❡♣r❡s❡♥t❛♥ ♠❛②♦r ✉t✐✲

❧✐❞❛❞✱ ❧❛s ❝✉r✈❛s q✉❡ ❡stá♥ ♠ás ❞✐st❛♥t❡s ❛❧ ♦r✐❣❡♥ ❡♥tr❡❣❛♥ ✉♥ ♠❛②♦r ♥✐✈❡❧
❞❡ ✉t✐❧✐❞❛❞✱ ❡st♦ ♣✉❡s ❝♦♥t✐❡♥❡♥ ✉♥❛ ♠❛②♦r ❝❛♥t✐❞❛❞ ❞❡ ❜✐❡♥❡s✳ ❣rá✜❝❛♠❡♥t❡✿

Con u1<u2 <u3

u3

u2
u1

❋✐❣✉r❛ ✷✳✻✿ ❈✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❝♦♥ ♠❛②♦r ✉t✐❧✐❞❛❞

▲❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ♥♦ s❡ ♣✉❡❞❡♥ ❝♦rt❛r✳ ❊st♦ ❞❛❞♦ q✉❡ s❡ ✈✐♦❧❛ ❧❛

♣r♦♣✐❡❞❛❞ ❞❡ tr❛♥s✐t✐✈✐❞❛❞✳ P❛r❛ ✈❡r ❡st♦ ✈❡❛♠♦s ✉♥ ❡❥❡♠♣❧♦✿ s✉♣♦♥❣❛♠♦s q✉❡
t❡♥❡♠♦s ❧❛ s✐❣✉✐❡♥t❡ s✐t✉❛❝✐ó♥ ❞♦♥❞❡ ❞♦s ❝✉r✈❛s s❡ ❝♦rt❛♥✿

P❛✁
❣✐♥❛ ✺✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

B
C

❋✐❣✉r❛ ✷✳✼✿ ❈✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ q✉❡ s❡ ❝♦rt❛♥

❙✐ ❡st♦ ♦❝✉rr✐❡r❛✱ ✈❡♠♦s q✉❡ A ∼ B ② q✉❡ A ∼ C ✱ ② ♣♦r ❝♦♥s✐❣✉✐❡♥t❡✱ ❞❡❜❡rí❛

❞❛rs❡ q✉é B ∼ C ✱ ♣❡r♦ ❡s ❢á❝✐❧ ♦❜s❡r✈❛r q✉❡ ❧❛ ❝❛♥❛st❛ B ❝♦♥t✐❡♥❡ ♠❛s
✉♥✐❞❛❞❡s ❞❡ ❜✐❡♥❡s q✉❡ ❧❛ ❝❛♥❛st❛ C ♣♦r ❧♦ t❛♥t♦ B ≻ C ♣♦r ❧♦ t❛♥t♦✱ ♥♦s
❡♥❢r❡♥t❛♠♦s ❝♦♥ ✉♥❛ ❝♦♥tr❛❞✐❝❝✐ó♥ ❞❡ ❡♥❝♦♥tr❛r♥♦s ❡♥ ❡st❛ s✐t✉❛❝✐ó♥✳

t✐❡♥❡♥ ♣❡♥❞✐❡♥t❡ ♥❡❣❛t✐✈❛

▲❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ✱ ❝♦♠♦ ✈✐♠♦s ❡♥ ❡❧
❝❛s♦ ❛♥t❡r✐♦r✳ ▲❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ t❛♠❜✐é♥ s❡ ❞❡♥♦♠✐♥❛
❚❛s❛ ▼❛r❣✐♥❛❧ ❞❡ ❙✉st✐t✉❝✐ó♥ ❞❡❧ ❈♦♥s✉♠♦ ✱ ②❛ ❡♥tr❛r❡♠♦s ❛ r❡✈✐s❛r ❡st❡
ú❧t✐♠♦ ❝♦♥❝❡♣t♦ ❡♥ ❞❡t❛❧❧❡✳ ▲❛ ✐♥t✉✐❝✐ó♥ ❞❡trás ❞❡ ❡st♦ ❡s ❞✐r❡❝t❛ s✐ r❡❝♦r❞❛♠♦s
❧❛ ❞❡✜♥✐❝✐ó♥ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ ❧❛s ❝❛♥❛st❛s q✉❡ ❡♥tr❡❣❛♥ ❡❧ ♠✐s♠♦
♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞✱ ❡st❛ r❡❧❛❝✐ó♥ ♥❡❣❛t✐✈❛ ♥♦s ❞✐❝❡ q✉❡ tr❛s ✈❡r ✐♥❝r❡♠❡♥t❛❞❛s
❧❛s ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥ X ❞❡❜❡♠♦s r❡♥✉♥❝✐❛r ❛ ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥ Y ♣❛r❛ ♠❛♥t❡✲
♥❡r♥♦s ❞❡♥tr♦ ❞❡ ❧❛ ♠✐s♠❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ② ♣♦r t❛♥t♦ r❡❝✐❜✐r ❡❧ ♠✐s♠♦
♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞✱ ❧♦ q✉❡ r❡s✉❧t❛ s❡r ❜❛st❛♥t❡ ❧ó❣✐❝♦✳

❆❤♦r❛ ❜✐❡♥✱ ❧❛ ❢♦r♠❛ ❝♦♥✈❡①❛ ❞❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ q✉❡ ❞❡t❡r♠✐♥❛♠♦s

❛♥t❡r✐♦r♠❡♥t❡ s❡ ❝✉♠♣❧❡ ♣❛r❛ s✐t✉❛❝✐♦♥❡s ❡♥ ❞♦♥❞❡ ❧♦s ♣r♦❞✉❝t♦s ❞✐s♣♦♥✐❜❧❡s ♣❛✲
r❛ ❝♦♠♣r❛r s♦♥ ❜✐❡♥❡s
✻
✳ P❡r♦ ♣❡r❢❡❝t❛♠❡♥t❡ ♣✉❡❞❡♥ ❞❛rs❡ ♦tr❛s s✐t✉❛❝✐♦♥❡s✱ q✉❡
♣r❡❝❡❞❡r❡♠♦s ❛ ♠❡♥❝✐♦♥❛r✿

❯♥ ❜✐❡♥ ② ✉♥ ♠❛❧ ✱ ❞♦♥❞❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ t❡♥❞rí❛♥ ❧❛ s✐❣✉✐❡♥t❡

❢♦r♠❛✿
✻ ❘❡❝♦r❞❛r q✉❡ ✉♥ ❜✐❡♥ ❡s ❛❧❣♦ ❞♦♥❞❡ ♠ás ❡s ♣r❡❢❡r✐❞♦ ❛ ♠❡♥♦s✳

P❛✁
❣✐♥❛ ✺✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❋✐❣✉r❛ ✷✳✽✿ ❈✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ ✉♥ ❜✐❡♥ ② ✉♥ ♠❛❧

❉♦♥❞❡ ❡♥ ❡❧ ❣rá✜❝♦✱ Y r❡♣r❡s❡♥t❛ ✉♥ ❜✐❡♥ ② X ✉♥ ♠❛❧✳ P♦r ❧♦ t❛♥t♦ ❡❧ ❜❡♥❡✜❝✐♦

❛✉♠❡♥t❛ ❤❛❝✐❛ ❧❛s ✉♥✐❞❛❞❡s ❞❡ Y ✳

❉♦s ♠❛❧❡s✱ ❞♦♥❞❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❢❡r❡♥❝✐❛ t❡♥❞rá♥ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

Y

❋✐❣✉r❛ ✷✳✾✿ ❈✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ ❞♦s ♠❛❧❡s

❊s ♣♦s✐❜❧❡ ♦❜s❡r✈❛r q✉❡ ❧❛ ✉t✐❧✐❞❛❞ ❛✉♠❡♥t❛ ❛ ♠❡♥♦r ❝❛♥t✐❞❛❞ ❞❡ ❛♠❜♦s ♠❛❧❡s✳

P❛✁
❣✐♥❛ ✺✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❯♥ ❜✐❡♥ ② ✉♥ ♥❡✉tr♦✼✱ ❞♦♥❞❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ t❡♥❞rá♥ ❧❛ s✐❣✉✐❡♥t❡
❢♦r♠❛✿

❋✐❣✉r❛ ✷✳✶✵✿ ❈✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ ✉♥ ❜✐❡♥ ② ✉♥ ♥❡✉tr♦

❉♦♥❞❡ ❧❛ ✉t✐❧✐❞❛❞ ❛✉♠❡♥t❛rá ♠✐❡♥tr❛s ♠❛②♦r s❡❛ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ t❡♥❡♠♦s ❞❡❧
❜✐❡♥ Y ✱ s✐❡♥❞♦ X ♥❡✉tr♦✳ ❚❛♠❜✐é♥ s❡ ♣✉❡❞❡ ❞❛r ❡❧ ❝❛s♦ ❞❡ ✉♥ ♣r♦❞✉❝t♦ ♥❡✉tr♦
② ✉♥ ♠❛❧✱ ❞♦♥❞❡ ❡❧ ❣rá✜❝♦ ❡s ❡❧ ♠✐s♠♦ ♣❡r♦ ❧❛ ✢❡❝❤❛ r♦❥❛ t❡♥❞rá ❡❧ s✐❣♥♦
❝♦♥tr❛r✐♦✳

❊♥ ♥✉❡str♦ ❡❥❡♠♣❧♦ ✐♥✐❝✐❛❧✱ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ t♦♠❛❜❛ ❡s❛ ❝✉r✈❛t✉r❛ ♣♦rq✉❡

r❡♣r❡s❡♥t❛❜❛ ✷ ❜✐❡♥❡s ❝♦♥ ✉♥ ❣r❛❞♦ ❞❡ s✉st✐t✉❜✐❧✐❞❛❞ ♥♦r♠❛❧✱ ❡st♦ ♥♦ s✐❡♠♣r❡ ❞❡❜❡
s❡r ❛sí✱ ✈❡❛♠♦s ❡♥t♦♥❝❡s ❝♦♠♦ s❡ ✈❡♥ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❝✉❛♥❞♦ ❝♦♥s✐❞❡r❛♠♦s
✷ ❜✐❡♥❡s q✉❡ t✐❡♥❡♥ ❣r❛❞♦s ❞❡ s✉st✐t✉❜✐❧✐❞❛❞ ❡①tr❡♠♦s✿

❇✐❡♥❡s ❝♦♠♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s✱ ❡s ❞❡❝✐r✱ q✉❡ ♣❛r❛ ❞❛r ❜❡♥❡✜❝✐♦ ❛❧ ❛❣❡♥t❡

❞❡❜❡♥ s❡r ❝♦♥s✉♠✐❞♦s ❡♥ ✉♥❛ ♣r♦♣♦r❝✐ó♥ ❞❡t❡r♠✐♥❛❞❛✱ ♣♦r ❡❥❡♠♣❧♦ ❡❧ ♣❛♥ ② ❧❛
♠❛♥t❡q✉✐❧❧❛✳ ❊st♦s ❜✐❡♥❡s ❣❡♥❡r❛♥ ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿
✼ ❯♥ ❜✐❡♥ ❡s ♥❡✉tr♦ ❝✉❛♥❞♦ ♠ás ❡s ✐♥❞✐❢❡r❡♥t❡ ❛ ♠❡♥♦s

P❛✁
❣✐♥❛ ✺✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❋✐❣✉r❛ ✷✳✶✶✿ ❈✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ ❜✐❡♥❡s ❝♦♠♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s

➽♣♦r q✉é ❧❛ ❝✉r✈❛ t♦♠❛ ❡st❛ ❢♦r♠❛❄✱ ❡s ❢á❝✐❧ ♦❜s❡r✈❛r q✉❡ ❡♥ ❧❛ ✜❣✉r❛ s✐ ♥♦s
s✐t✉❛♠♦s ❡♥ ❡❧ ✈ért✐❝❡ ❞❡ ❛❧❣✉♥❛s ❞❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ② ❧✉❡❣♦ ❛✉♠❡♥✲
t❛♠♦s ✉♥✐❧❛t❡r❛❧♠❡♥t❡ ❡❧ ❝♦♥s✉♠♦ ❞❡ ✶ ❞❡ ❧♦s ❜✐❡♥❡s✱ ♣♦r ❡❥❡♠♣❧♦ ❞❡❧ ❜✐❡♥ X ✱
♥♦s ♠❛♥t❡♥❞r❡♠♦s ❞❡♥tr♦ ❞❡ ❧❛ ♠✐s♠❛ ❝✉r✈❛ ♣♦r t❛♥t♦ ❞❡♥tr♦ ❞❡❧ ♠✐s♠♦ ♥✐✈❡❧
❞❡ ✉t✐❧✐❞❛❞✱ ❡st♦ ♥♦ ❞✐❝❡ ♠❛s q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❝✉❛♥❞♦ ♣r❡s❡♥t❛ ❛q✉❡❧❧❛s ❝✉r✲
✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ♣❛r❛ ❛✉♠❡♥t❛r s✉ ✉t✐❧✐❞❛❞ ❞❡❜❡ ❝♦♥s✉♠✐r ❞❡ ❛♠❜♦s ❜✐❡♥❡s
♥❡❝❡s❛r✐❛♠❡♥t❡✱ ❡s ❞❡❝✐r t✐❡♥❡ ♣r❡❢❡r❡♥❝✐❛ ♣♦r ❜✐❡♥❡s ❝♦♠♣❧❡♠❡♥t❛r✐♦s✳

❇✐❡♥❡s s✉st✐t✉t♦s ♣❡r❢❡❝t♦s✱ ❡s ❞❡❝✐r✱ q✉❡ ❞♦s ❜✐❡♥❡s s❡❛♥ ❝❛♣❛❝❡s ❞❡ s✉♣❧✐r
❧❛ ♠✐s♠❛ ♥❡❝❡s✐❞❛❞✱ ♣♦r ❡❥❡♠♣❧♦ ❧❛ ♠❛♥t❡q✉✐❧❧❛ ② ❧❛ ♠❛r❣❛r✐♥❛✳ ❊st♦s ❜✐❡♥❡s
❣❡♥❡r❛♥ ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

P❛✁
❣✐♥❛ ✺✹ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❋✐❣✉r❛ ✷✳✶✷✿ ❈✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ s✉st✐t✉t♦s ♣❡r❢❡❝t♦s

➽♣♦r q✉é ❧❛ ❝✉r✈❛ t♦♠❛ ❡st❛ ❢♦r♠❛❄✱ ♣❛r❛ ❡❧❧♦ ♦❜s❡r✈❡♠♦s q✉❡ ❛ ❧♦ ❧❛r❣♦ ❞❡
t♦❞❛ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❧❛ ♣❡♥❞✐❡♥t❡✱ ② ❝♦♥ ❡❧❧♦ ❧❛ r❡❧❛❝✐ó♥ ♣♦r ❧❛ q✉❡
s✉st✐t✉✐rí❛ ✉♥ ❜✐❡♥ ♣♦r ❡❧ ♦tr♦✱ ❡s s✐❡♠♣r❡ ❧❛ ♠✐s♠❛✱ ❡s ❞❡❝✐r s♦♥ s✉st✐t✉t♦s
♣❡r❢❡❝t♦s✳

✷✳✷✳✹ ❋✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞

▲❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ ❡s ✉♥❛ ❢✉♥❝✐ó♥ q✉❡ s✐♠♣❧❡♠❡♥t❡ ♥♦s ❡♥tr❡❣❛ ✉♥ ✈❛❧♦r ♥✉✲
♠ér✐❝♦ ♣❛r❛ ❝❛❞❛ ❝♦♠❜✐♥❛❝✐ó♥ ❞❡ ❝❛♥❛st❛s✱ ❝♦♥ ❡❧ ✜♥ ❞❡ ❝❧❛s✐✜❝❛r❧❛s ❞❡s❞❡ ❧❛ ♠ás
♣r❡❢❡r✐❞❛ ❛ ❧❛ ♠❡♥♦s ♣r❡❢❡r✐❞❛✱ ❛s✉♠✐❡♥❞♦ q✉❡ s✐❡♠♣r❡ ♠ás ❡s ♣r❡❢❡r✐❞♦ ❛ ♠❡♥♦s✳

❈♦♠♦ s❡ ♣✉❡❞❡ ✐♥t✉✐r ❧❛ ✉t✐❧✐❞❛❞ ❞❡♣❡♥❞❡rá ❞❡ ❧❛s ❝❛♥t✐❞❛❞❡s ❞❡ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s
❜✐❡♥❡s ✭ x ❡ y ✮ q✉❡ t❡♥❣❛♠♦s✱ ❞❡♣❡♥❞✐❡♥❞♦ ❞❡ ❡st♦s✳ ▼❛t❡♠át✐❝❛♠❡♥t❡ ❧❛ ✉t✐❧✐❞❛❞
q✉❡❞❛rá ❞❡✜♥✐❞❛ ❝♦♠♦✿
U = U (x, y) ✭✷✳✷✳✹✳✶✮
▲♦ ❛♥t❡r✐♦r ♥♦ ❡s ♠ás q✉❡ ✉♥❛ ❢♦r♠❛❧✐③❛❝✐ó♥ ♠❛t❡♠át✐❝❛ ❞❡ ❝♦♠♦ r❡♣r❡s❡♥t❛r ❧❛ ✉t✐✲
❧✐❞❛❞ ❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s✱ ♣♦r t❛♥t♦ ❡st❛s ❢✉♥❝✐♦♥❡s ❞❡❜❡rá♥ ❝✉♠♣❧✐r ❝♦♥ r❡♣r❡s❡♥t❛r
❢❡❤❛❝✐❡♥t❡♠❡♥t❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛s ② ❧♦s ❛①✐♦♠❛s q✉❡ r❡♣r❡s❡♥t❛♠♦s ❞❡s❞❡
✉♥ ❝♦♠✐❡♥③♦✳

❊♥ ♥✉❡str❛ ❢✉♥❝✐ó♥ ❡♥t♦♥❝❡s✱ U r❡♣r❡s❡♥t❛ ❡❧ ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞ q✉❡ ❛❧❝❛♥③❛ ❡❧

✐♥❞✐✈✐❞✉♦✱ q✉❡ ❞❡♣❡♥❞❡ ❞❡ ❧❛ ❝❛♥t✐❞❛❞ ❝♦♥s✉♠✐❞❛ ❞❡❧ ❜✐❡♥ x ❡ y ✱ ② ❞❡ ❧❛ ♣r❡❢❡r❡♥❝✐❛
❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s ❞❛❞❛s ♣♦r ❧❛ ❢♦r♠❛ ❢✉♥❝✐♦♥❛❧ U ()✳

❆❤♦r❛ q✉❡ ②❛ ✐♥tr♦❞✉❝✐♠♦s ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ ♣❡r♠✐tá♠♦♥♦s ✈♦❧✈❡r ❛ ✉♥

♣❛r ❞❡ ❧♦s ❝♦♥❝❡♣t♦s ❞❡✜♥✐❞♦s ❛♥t❡r✐♦r♠❡♥t❡✱ ② ❢♦r♠❛❧✐③❛r❧♦s ✉♥ ♣♦❝♦ ♠❛s✳

P❛✁
❣✐♥❛ ✺✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

▲❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ♥♦t❛r q✉❡ ❞❡s❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ ♣♦❞❡♠♦s

♦❜t❡♥❡r ✉♥❛ ❡①♣r❡s✐ó♥ t❛♠❜✐é♥ ♣❛r❛ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ q✉❡ ♥♦s s✐r✈❡
♣❛r❛ ❛t❡rr✐③❛r ❡st❡ ❝♦♥❝❡♣t♦✱ s✉♣♦♥❣❛♠♦s ❧❛ s✐❣✉✐❡♥t❡ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞✿

U (x, y) = αx + βy

❙✐ q✉✐s✐ér❛♠♦s ♦❜t❡♥❡r ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ q✉❡ ❡♥tr❡❣❛ ✉♥ ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞

✐❣✉❛❧ ❛ ✶✵✱ ❡♥t♦♥❝❡s ❞❡❜❡♠♦s ✜❥❛r ❡❧ ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞ ❡♥ ❛q✉❡❧ ♥✉♠❡r♦✱ ②
❞❡s♣❡❥❛r y ♦ x✱ ❡♥t♦♥❝❡s✿
10 = αx + βy
10 − αx
y=
β
❉♦♥❞❡ ❡st❛ ú❧t✐♠❛ ❡①♣r❡s✐ó♥ ♥♦s ❡♥tr❡❣❛ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ♣❛r❛ ❛❧❝❛♥✲
③❛r ✉♥ ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞ ✶✵✱ ♣♦❞rí❛♠♦s ❣❡♥❡r❛❧✐③❛r ❛❧❣♦ ♠ás ❡st❛ ❡①♣r❡s✐ó♥✱
② ❝♦♥str✉✐r ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ♣❛r❛ ✉♥ ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞ ❣❡♥❡r❛❧ ū✱ q✉❡
❝♦rr❡s♣♦♥❞❡rí❛ ❛✿
ū − αx
y=
β
◆♦t❛r q✉❡ ❧♦ ❛♥t❡r✐♦r ✐♥❞✐❝❛ ❝♦♠♦ ❞❡❜❡ ❝❛♠❜✐❛r ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ✉♥✐❞❛❞❡s ❝♦♥✲
s✉♠✐❞❛s ❞❡❧ ❜✐❡♥ y tr❛s ❝❛♠❜✐♦s ❡♥ ❡❧ ❝♦♥s✉♠♦ ❞❡❧ ❜✐❡♥ x ♠❛♥t❡♥✐❡♥❞♦♥♦s ❡♥
✉♥ ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞ ū✱ ♣❛r❛ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ ♣❛rt✐❝✉❧❛r q✉❡ ❞❡✜♥✐♠♦s✳

❈✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❝♦♥ ❞✐❢❡r❡♥t❡ ❣r❛❞♦ ❞❡ s✉st✐t✉❜✐❧✐❞❛❞✱ t❛♠❜✐é♥

✽
♣♦❞❡♠♦s ❞❛r❧❡ ✉♥❛ ❢♦r♠❛ ❢✉♥❝✐♦♥❛❧ ❛ ❝❛❞❛ ✉♥❛ ❞❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛
q✉❡ ❞❡✜♥✐♠♦s ❛♥t❡r✐♦r♠❡♥t❡✿

• ●r❛❞♦ s✉st✐t✉❜✐❧✐❞❛❞ ✐♥t❡r♠❡❞✐♦✱ q✉❡ ❢✉❡ ♥✉❡str♦ ♣r✐♠❡r ❡❥❡♠♣❧♦✱

❡s r❡♣r❡s❡♥t❛❞♦ ♣♦r ✉♥❛ ❞❡ ❧❛s ❢✉♥❝✐♦♥❛s ♠ás ✉t✐❧✐③❛❞❛s ❡♥ ❧❛ ❡❝♦♥♦♠í❛
❞❡♥♦♠✐♥❛❞❛ ❈♦❜❜✲ ❉♦✉❣❧❛s✱ q✉❡ s♦♥ ❞❡ ❧❛ ❢♦r♠❛✿

U (x, y) = xα y β

• ❙✉st✐t✉t♦s P❡r❢❡❝t♦s✱ q✉❡ s♦♥ r❡♣r❡s❡♥t❛❞♦s ♣♦r ✉♥❛ ❢✉♥❝✐ó♥ ❧✐♥❡❛❧

❞❡ ❧❛ ❢♦r♠❛✿
U (x, y) = αx + βy
• ❈♦♠♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s✱ q✉❡ s♦♥ r❡♣r❡s❡♥t❛❞♦s ♣♦r ✉♥❛ ❧❡♦♥t✐❡❢ ❞❡
❧❛ ❢♦r♠❛✿
U (x, y) = M in[αx, βy]

❋✐♥❛❧♠❡♥t❡✱ r❡✈✐s❡♠♦s ❝♦♥ ❧❛ ❞❡❜✐❞❛ ❞❡♥t❡♥❝✐ó♥ ❧❛ ❚▼❙✳

✽ ❊st❛s s❡ ❞❡s♣r❡♥❞❡r ❞❡s❞❡ q✉❡ s♦♥ ❧❛s ❢✉♥❝✐♦♥❡s q✉❡ s✉s ❝✉r✈❛s ❞❡ ♥✐✈❡❧ r❡♣r❡s❡♥t❛♥ ❝❛❞❛ ✉♥❛

❞❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ q✉❡ ②❛ ❞✐s❝✉t✐♠♦s✱ ❧❛ ❝♦♠♣r❡♥s✐ó♥ ❞❡ ❡st❡ ♣✉♥t♦ ❡s❝❛♣❛ ❞❡ ❧♦s ❛❧❝❛♥❝❡s

❞❡ ❡st❡ ❛♣✉♥t❡✳

P❛✁
❣✐♥❛ ✺✻ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

✷✳✷✳✹✳✶ ▲❛ t❛s❛ ♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥ ❞❡❧ ❝♦♥s✉♠♦ ✭❚▼❙ ♦ ❘▼❙✮

❨❛ ♥♦s ❛✈❡♥t✉r❛♠♦s ❛ ❞❡❝✐r q✉❡ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛
❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ t❛s❛ ♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥ ❞❡ ❝♦♥s✉♠♦ ✭T M S ✮ ♦ r❡❧❛✲
❝✐ó♥ ♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥ ✭RM S ✮ ✱ ♣❡r♠✐tá♠♦♥♦s r❡✈✐s❛r ❡st❡ ❝♦♥❝❡♣t♦ ❝♦♥
❛❧❣♦ ♠❛s ❞❡ ♣r♦❢✉♥❞✐❞❛❞✳

▲❛ t❛s❛ ♠❛r❣✐♥❛❧ ♥♦s ❞✐❝❡ ♣♦r t❛♥t♦ ❡❧ ♥ú♠❡r♦ ❞❡ ✉♥✐❞❛❞❡s ❞❡ ✉♥ ❜✐❡♥ ❛ ❧❛s q✉❡

❡stá ❞✐s♣✉❡st♦ ❛ r❡♥✉♥❝✐❛r ✉♥ ❝♦♥s✉♠✐❞♦r ❛ ❝❛♠❜✐♦ ❞❡ ✉♥❛ ✉♥✐❞❛❞ ❛❞✐❝✐♦♥❛❧ ❞❡❧ ♦tr♦

❜✐❡♥✱ ♠❛♥t❡♥✐❡♥❞♦♥♦s ❡♥ ❡❧ ♠✐s♠♦ ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞✳

❊s ♥❡❝❡s❛r✐♦ ❛♥t❡s ❞❡❧ ❝♦♠♣r❡♥❞❡r ❞❡❧ t♦❞♦ ❡st❡ ❝♦♥❝❡♣t♦✱ r❡❝♦r❞❛r ❧♦ q✉❡ ❡s ❧❛
❯t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧✱ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ❝♦rr❡s♣♦♥❞❡ ❛❧ ✐♥❝r❡♠❡♥t♦ ❞❡ ❧❛ ✉t✐❧✐❞❛❞

tr❛s ❛✉♠❡♥t❛r ❡♥ ✶ ✉♥✐❞❛❞ ❡❧ ❝♦♥s✉♠♦ ❞❡ ✉♥♦ ❞❡ ❧♦s ❜✐❡♥❡s ✱ ♣♦❞❡♠♦s ❡①♣r❡s❛r

❡♥t♦♥❝❡s ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧✱ ❞✐❣❛♠♦s s♦❜r❡ ❡❧ ❜✐❡♥ x✱ ♠❛t❡♠át✐❝❛♠❡♥t❡ ❝♦♠♦✿

∆U (x, y)
U mgx = ✭✷✳✷✳✹✳✷✮
∆x
❈♦♠♦ ❡❧ ❝❛♠❜✐♦ s♦❜r❡ x ❡s ♠❛r❣✐♥❛❧✱ ❡♥t♦♥❝❡s ❧♦ ❛♥t❡r✐♦r ❧♦ ♣♦❞❡♠♦s r❡❡s❝r✐❜✐r
❝♦♠♦✿
∂U (x, y)
U mgx = ✭✷✳✷✳✹✳✸✮
∂x
◗✉❡ ♥♦ ❡s ♠ás q✉❡ ❧❛ ❞❡r✐✈❛❞❛ ♣❛r❝✐❛❧ ❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ r❡s♣❡❝t♦ ❛❧ ❜✐❡♥ x✳
❆♥á❧♦❣❛♠❡♥t❡ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ♣❛r❛ ❡❧ ❜✐❡♥ ② r❡s✉❧t❛ s❡r✿

∂U (x, y)
U mgy = ✭✷✳✷✳✹✳✹✮
∂y
❈♦♥ ❡st♦ ❡♥ ♠❡♥t❡✱ ❢♦r♠❛❧✐❝❡♠♦s ♠❛t❡♠át✐❝❛♠❡♥t❡ ❧❛ t❛s❛ ♠❛r❣✐♥❛❧ ❞❡ x r❡s♣❡❝t♦
❛ y ✭T M Sx,y ✮✱ q✉❡ ❝♦rr❡s♣♦♥❞❡rá ❛ ❝✉❛♥t♦ ❡st♦② ❞✐s♣✉❡st♦ ❛ r❡♥✉♥❝✐❛r ❞❡❧ ❜✐❡♥ y ✭❡s
❞❡❝✐r ❧❛ ✉t✐❧✐❞❛❞ ❝♦rr❡s♣♦♥❞✐❡♥t❡ ♣♦r ❞❡❥❛r ❞❡ ❝♦♥s✉♠✐r ✉♥✐❞❛❞❡s ❞❡ y ✱ −U mgy =
∂U (x,y)
∂y
✱ tr❛s r❡❝✐❜✐r ✉♥❛ ✉♥✐❞❛❞ ❞❡❧ ❜✐❡♥ x ✭❡s ❞❡❝✐r ❧❛ ✉t✐❧✐❞❛❞ q✉❡ r❡❝✐❜♦ ♣♦r ❡❧❧♦✱
∂U (x,y)
U mgx = ∂x
✮✱ ♣❛r❛ ♠❛♥t❡♥❡r ♠✐ ✉t✐❧✐❞❛❞ ❝♦♥st❛♥t❡✳ ❊st♦ ❡s✿
∂U (x,y)
U mgx
T M Sx,y = − ∂x
∂U (x,y)
=− ✭✷✳✷✳✹✳✺✮
U mgy
∂y

❈♦♠♦ s❡ ♦❜s❡r✈❛ ❧❛ T M Sx,y ✾ ❡s ❡♥t♦♥❝❡s ❧❛ ❞✐✈✐s✐ó♥ ❞❡ ❧❛s ✉t✐❧✐❞❛❞❡s ♠❛r❣✐♥❛❧❡s✳ ❊st❡

❡s ✉♥ ✐♠♣♦rt❛♥t✐s✐♠♦ ❝♦♥❝❡♣t♦✱ q✉❡ ❝♦♥ ❧❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s q✉❡ ②❛ ❞❡✜♥✐♠♦s✱
♥♦s ❛②✉❞❛♥ ❛ ❝♦♠♣r❡♥❞❡r ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ❞❡❧ ❝♦♥s✉♠♦ ❞❡ ❧♦s ❛❣❡♥t❡s✱ q✉❡
❞❡t❡r♠✐♥❛rá ❝✉❛♥t♦ ❞❡♠❛♥❞❛ ❝❛❞❛ ✐♥❞✐✈✐❞✉♦ ❞❡ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s ❜✐❡♥❡s✳
✾ P♦❞rí❛♠♦s ❤❛❜❡r ❞❡s♣r❡♥❞✐❞♦ ❡st❛ ❞❡✜♥✐❝✐ó♥ ❞❡ ✉♥❛ ♠❛♥❡r❛ ♠❛s ❢♦r♠❛❧✱ tr❛s ❞✐❢❡r❡♥❝✐❛r ❧❛
❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ r❡s♣❡❝t♦ ❛ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s ❜✐❡♥❡s✱ ② ❤❛❝❡r ❡❧ ❝❛♠❜✐♦ ❡♥ ❧❛ ✉t✐❧✐❞❛❞ ✵✱ ♣❡r♦ ❡st♦
r❡q✉✐❡r❡ ❝♦♥♦❝✐♠✐❡♥t♦ ❞❡ ❤❡rr❛♠✐❡♥t❛s ♠❛t❡♠át✐❝❛s ❛ú♥ ♥♦ r❡✈✐s❛❞❛s✳

P❛✁
❣✐♥❛ ✺✼ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
✷✳✸ ▲❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♦♣t✐♠❛❧✐❞❛❞
❆ ❝♦♥t✐♥✉❛❝✐ó♥ ❡st✉❞✐❛r❡♠♦s ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♦♣t✐♠❛❧✐❞❛❞✱ ❞❡s♣r❡♥❞❡r❡♠♦s ❡s✲
t❛ ♣r✐♠❡r♦ ❣r❛✜❝❛♠❡♥t❡✱ ♣❛r❛ ❧✉❡❣♦ ✐♥❢❡r✐♦r s✉ r❡♣r❡s❡♥t❛❝✐ó♥ ♠❛t❡♠át✐❝❛✱ ❧✉❡❣♦
r❡✈✐s❛r❡♠♦s ❧♦s ❝❛s♦s ♣❛rt✐❝✉❧❛r❡s ❞❡ ❢✉♥❝✐♦♥❡s✳

✷✳✸✳✶ ❊❧ ❝♦♥s✉♠♦ ♦♣t✐♠♦ ❣rá✜❝❛♠❡♥t❡

❈♦♥s✐❞❡r❡♠♦s ✉♥ ✐♥❞✐✈✐❞✉♦ q✉❡ ❝♦♥s✉♠♦ ✷ ❜✐❡♥❡s✱ x ❡ y ✱ ❝✉②❛s ♣r❡❢❡r❡♥❝✐❛s ♣♦r
❡st♦s ❜✐❡♥❡s ❡stá♥ ♦r❞❡♥❛❞❛s ♣♦r ❧❛ ❢✉♥❝✐ó♥ u(x, y)✱ ❛❞❡♠❛s ❧♦s ♣r❡❝✐♦s ❞❡ x ❡ y s♦♥
px ② py r❡s♣❡❝t✐✈❛♠❡♥t❡✱ ✜♥❛❧♠❡♥t❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❝✉❡♥t❛ ❝♦♥ ✉♥ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦ I ✳

❈♦♥ ❧❛ ✐♥❢♦r♠❛❝✐ó♥ ❛♥t❡r✐♦r✱ ♣♦❞❡♠♦s ❝♦♥str✉✐r ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❞❡❧

✐♥❞✐✈✐❞✉♦✱ ❡♥ ❧❛ ❝✉❛❧ ♣♦❞❡♠♦s ✈❡r ❡❧ ❝♦♥❥✉♥t♦ ❞❡ ❢❛❝t✐❜✐❧✐❞❛❞ ❞❡ ❝❛♥❛st❛s ❛ ❧❛ q✉❡
❡st❡ ♣✉❡❞❡ ❛❝❝❡❞❡r✿

Conjunto de
factibilidad

❋✐❣✉r❛ ✷✳✶✸✿ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ② ❝♦♥❥✉♥t♦ ❞❡ ❝❛♥❛st❛s ❢❛❝t✐❜❧❡s

❉❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛✱ ❧❛s ♣r❡❢❡r❡♥❝✐❛s r❡♣r❡s❡♥t❛❞❛s ❡♥ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ ♥♦s

❡♥tr❡❣❛♥ ✉♥ ♠❛♣❛ ❞❡ ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛s ❞❡❧ ✐♥❞✐✈✐❞✉♦✿

P❛✁
❣✐♥❛ ✺✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

Con u1<u2 <u3

u3

u2
u1

❋✐❣✉r❛ ✷✳✶✹✿ ♠❛♣❛ ❞❡ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛

❈♦♥ ❡st❛ ✐♥❢♦r♠❛❝✐ó♥✱ ♣♦❞❡♠♦s ②❛ ✐♥t✉✐r q✉❡ ❡❧ ♣✉♥t♦ ♦♣t✐♠♦ ❞❡ ❝♦♥s✉♠♦✱ s❡

❞❡❜❡ ❞❛r s♦❜r❡ ❧❛ ❡❝✉❛❝✐ó♥ ❞❡ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛rí❛ ✱ ♣✐❡s s♦❜r❡ ❡❧❧❛ s❡
♣✉❡❞❡ ❛❝❝❡❞❡r✱ ❞❛❞♦ ✉♥ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦✱ ❛ ❧❛ ♠❛②♦r ❝❛♥t✐❞❛❞ ❞❡ ❜✐❡♥❡s ② ♣♦r t❛♥t♦
❛ ❧❛ ♠❛②♦r ✉t✐❧✐❞❛❞✳

▲❛ ♣r❡❣✉♥t❛ q✉❡ ♥♦s ❝❛❜❡ ❤❛❝❡r ❛❤♦r❛✱ ❡s ➽❝✉á❧ ❡s ❡❧ ♣✉♥t♦ s♦❜r❡ ❧❛ r❡str✐❝❝✐ó♥
♣r❡s✉♣✉❡st❛r✐❛ q✉❡ ♥♦s ❡♥tr❡❣❛r❛ ❡❧ ♥✐✈❡❧ ó♣t✐♠♦ ❞❡ ❝♦♥s✉♠♦❄✳ ▲❛ r❡s♣✉❡st❛ ❛ ❡st❛
s❡rá ❛q✉❡❧ ♣✉♥t♦ ❡♥ q✉❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❝♦rt❡ t❛♥
♣r❡❣✉♥t❛✱ ❡s q✉❡
s♦❧♦ ✉♥❛ ✈❡③ ❛ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✳ ●rá✜❝❛♠❡♥t❡✿

P❛✁
❣✐♥❛ ✺✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

Y*

X
X*

❋✐❣✉r❛ ✷✳✶✺✿ ❈❛♥❛st❛ ♦♣t✐♠❛ ❞❡ ❝♦♥s✉♠♦

P❡r♦ ➽♣♦r q✉é s❡ ❞❛ s♦❜r❡ ❡st❡ ♣✉♥t♦ ② ♥♦ ♦tr♦❄✱ ♣❛r❛ ❡❧❧♦ ♣❡r♠✐tá♠♦♥♦s ✉♥❛
s✐t✉❛❝✐ó♥ ❣rá✜❝❛ ✐♥✐❝✐❛❧ q✉❡ ♥♦ ❝✉♠♣❧❛ ❝♦♥ ❧♦ q✉❡ ❛❝❛❜❛♠♦s ❞❡ ❞❡✜♥✐r✱ ♣♦r ❡❥❡♠♣❧♦
❝♦♠♦ ❧❛ s✐❣✉✐❡♥t❡ ✜❣✉r❛✿

❋✐❣✉r❛ ✷✳✶✻✿ ❈❛♥❛st❛s s✉❜✲♦♣t✐♠❛ ❞❡ ❝♦♥s✉♠♦

➽P♦r q✉é ♥♦ ❝♦♥s✉♠✐r ❧❛ ❝❛♥❛st❛ a ♦ b ❞❡ ❧❛ ✜❣✉r❛❄✱ ♥♦ ❧❛ ❝♦♥s✉♠✐rí❛♠♦s ♣✉❡s ❡s

♣♦s✐❜❧❡ ❛❝❝❡❞❡r ❝♦♥ ❛q✉❡❧❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❛ ❝✉r✈❛s ❞❡ ♥✐✈❡❧ ♠❛s ❧❡❥❛♥❛s
❞❡❧ ♦r✐❣❡♥✱ q✉❡ ❡♥tr❡❣❛♥ ♣♦r t❛♥t♦ ✉♥ ♠❛②♦r ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞✱ ② q✉❡ ❛ú♥ ❡sté♥
❞❡♥tr♦ ❞❡ ♥✉❡str♦ ♣r❡s✉♣✉❡st♦✳ P♦r ❧♦ t❛♥t♦ ❡❧ ✐♥❞✐✈✐❞✉♦ q✉❡rrá ❧❧❡✈❛r ❧❛ ❝✉r✈❛ ❞❡

P❛✁
❣✐♥❛ ✻✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
✐♥❞✐❢❡r❡♥❝✐❛✱ ② ❝♦♥ ❡❧❧♦ s✉ ✉t✐❧✐❞❛❞✱ ❧♦ ♠❛s ❧❡❥❛♥❛ ❞❡❧ ♦r✐❣❡♥✱ ② ❡st♦ s❡ ❞❛ ❥✉st❛♠❡♥t❡
❝✉❛♥❞♦ ❧❛ ❝✉r✈❛ ❝♦rt❛ ❡♥ ✉♥ s♦❧♦ ♣✉♥t♦ ❛ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ❣rá✜❝❛♠❡♥t❡
❡st♦ ❡s✿

Con u1<u2 <u3

u3
u2
u1
X

❋✐❣✉r❛ ✷✳✶✼✿ ❈✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❝♦♥ ♠❛②♦r ✉t✐❧✐❞❛❞

✳ P♦r t❛♥t♦✱ tr❛s ✉♥ ✐♥s♣❡❝❝✐ó♥ ❣rá✜❝❛ ♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡

♦♣t✐♠❛❧✐❞❛❞ ✱ s❡ ❞❛ s♦❜r❡ ❧❛ ❝❛♥❛st❛ q✉❡ ❝✉♠♣❧❡ ❝♦♥ q✉❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛
❡s t❛♥❣❡♥t❡ ❛ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✱ ❡s ❞❡❝✐r✱ ❝✉❛♥❞♦ s✉s ♣❡♥❞✐❡♥t❡s
s♦♥ ✐❣✉❛❧❡s ✳
P❛r❛ s❡❣✉✐r ✐♥t❡r✐♦r✐③❛♥❞♦ ❡♥ ❡st❛ ❝♦♥❞✐❝✐ó♥✱ ❤❛❣❛♠♦s ✉♥❛ r❡✈✐s✐ó♥ ♠❛t❡♠át✐❝❛
❞❡ ❡st❡ ❡q✉✐❧✐❜r✐♦✱ ❝♦♥ ❧❛s ❤❡rr❛♠✐❡♥t❛s q✉❡ ②❛ ❤❡♠♦s ❞❡✜♥✐❞♦✳

✷✳✸✳✷ ❊❧ ❝♦♥s✉♠♦ ♦♣t✐♠♦ ♠❛t❡♠át✐❝❛♠❡♥t❡

❈♦♠♦ ❛❝❛❜❛♠♦s ❞❡ ❞❡s♣r❡♥❞❡r ❡♥ ❡❧ ♦♣t✐♠♦ s❡ ❞❛ q✉❡✿ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛
❡s t❛♥❣❡♥t❡ ❛ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✱ ❡s ❞❡❝✐r✱ ❝✉❛♥❞♦ s✉s ♣❡♥❞✐❡♥t❡s
s♦♥ ✐❣✉❛❧❡s ✱ ♥♦t❡♠♦s ❛❤♦r❛ q✉❡ ②❛ ❤❡♠♦s ❞❡✜♥✐❞♦ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡
✉t✐❧✐❞❛❞✱ T M S ✱ ② ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ❧❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡✲
❝✐♦s✳ ❊♥t♦♥❝❡s✱ t❡♥❞r❡♠♦s q✉❡ ❡♥ ❡❧ ❡q✉✐❧✐❜r✐♦ s❡ ❝✉♠♣❧❡ ❧❛ s✐❣✉✐❡♥t❡ ❝♦♥❞✐❝✐ó♥ ❞❡
♦♣t✐♠❛❧✐❞❛❞ ✿
px
T M Sxy = ✭✷✳✸✳✷✳✶✮
py
❉❡ ❧♦ q✉❡ ♦❜t❡♥❡♠♦s✿
U mgx px
= ✭✷✳✸✳✷✳✷✮
U mgy py
❉❡ ❡st❛ ú❧t✐♠❛ r❡❧❛❝✐ó♥✱ ♣♦❞❡♠♦s r❡❡s❝r✐❜✐r❧❛ ♣❛r❛ ✐♥t❡r♣r❡t❛r ❡❧ ó♣t✐♠♦ ❞❡ ✉♥❛
✐♥t❡r❡s❛♥t❡ ❢♦r♠❛✿
U mgx U mgy
= ✭✷✳✸✳✷✳✸✮
px py

P❛✁
❣✐♥❛ ✻✶ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❡♥ ❡❧ ♦♣t✐♠♦ s❡ ❝✉♠♣❧❡ q✉❡ ❧❛

▲❡②❡♥❞♦ ❡st❛ ú❧t✐♠❛ ❡❝✉❛❝✐ó♥✱ ♥♦s ❞✐❝❡ q✉❡✿
✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ♣♦r ♣❡s♦ ❣❛st❛❞♦ ❡♥ ❡❧ ❜✐❡♥ ①✱ s❡ ✐❣✉❛❧❛ ❛ ❧❛ ✉t✐❧✐❞❛❞
♠❛r❣✐♥❛❧ ♣♦r ♣❡s♦ ❣❛st❛❞♦ ❡♥ ❡❧ ❜✐❡♥ ②✳
❉✐s❝✉t❛♠♦s ♣♦rq✉❡ ❡st❛ ❝♦♥❞✐❝✐ó♥ r❡s✉❧t❛ s❡r ❞❡ ❡q✉✐❧✐❜r✐♦✱ ♣❛r❛ ❡❧❧♦ s✐t✉é♠♦♥♦s ❡♥
❧❛s s✐❣✉✐❡♥t❡s ✷ s✐t✉❛❝✐♦♥❡s✿
U mgx U mgy
✶✳ > ✱ ❡♥ ❡st❡ ❝❛s♦ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ♣♦r ♣❡s♦ ❣❛st❛❞♦ ❡♥ ❡❧ ❜✐❡♥
px py
x ❡s ♠❛②♦r ❛ ❧❛ ❞❡❧ ❜✐❡♥ y ✱ ➽❝✉á❧ s❡r✐❛ ❡❧ ❝♦♠♣♦rt❛♠✐❡♥t♦ ♦♣t✐♠♦ ❞❡❧ ❛❣❡♥t❡❄✱
❡♥ ❡st❡ ❝❛s♦ ❡❧ ❛❣❡♥t❡ t❡♥❞rí❛ ✐♥❝❡♥t✐✈♦s ❛ ❛✉♠❡♥t❛r s✉ ❝♦♥s✉♠♦ ♣♦r ❡❧ ❜✐❡♥
x ✭♣✉❡s ❝♦♠♣r❛r ✉t✐❧✐❞❛❞ ❛ tr❛✈és ❞❡ ❡s❡ ❜✐❡♥ ❧❡ ❡s ♠ás ❜❛r❛t♦✮✱ ❡♥t♦♥❝❡s s✐
❛✉♠❡♥t❛ ❡❧ ❝♦♥s✉♠♦ ❞❡❧ ❜✐❡♥ x✱ ❡♥ ♥✉❡str❛ ❡❝✉❛❝✐ó♥ ❡❧ t❡r♠✐♥♦ U mgx s❡ ❤❛rí❛
♠❛s ♣❡q✉❡ñ♦✶✵ ✱ ❝♦♥ ❡st♦ ❝❛r ❡❧ ❧❛❞♦ ✐③q✉✐❡r❞♦✱ ➽❤❛st❛ ❝✉❛♥❞♦ ❡❧ ✐♥❞✐✈✐❞✉♦
s✉st✐t✉✐rá ❞❡❧ ❜✐❡♥ y ♣♦r ❡❧ ❜✐❡♥ x❄✱ ❧❛ r❡s♣✉❡st❛ ❤❛ ❡st♦ ❡s✱ ❤❛st❛ q✉❡ ❧❛
❝♦♥❞✐❝✐ó♥ ❛♥t❡r✐♦r s❡ ✐❣✉❛❧❡✱ ♣✉❡s ❛❤í ❧❡ ❡s ✐❣✉❛❧ ❞❡ ❜❛r❛t♦ ❝♦♠♣r❛r ✉t✐❧✐❞❛❞ ❛
tr❛✈és ❞❡ ❝✉❛❧q✉✐❡r❛ ❞❡ ❧♦s ❜✐❡♥❡s
U mgx U mgy
✷✳ > ✱ ❡♥ ❡st❡ ❝❛s♦ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ♣♦r ♣❡s♦ ❣❛st❛❞♦ ❡♥ ❡❧ ❜✐❡♥ y
px py
❡s ♠❛②♦r ❛ ❧❛ ❞❡❧ ❜✐❡♥ x✱ ❛♥á❧♦❣❛♠❡♥t❡ ❛❧ ❝❛s♦ ❛♥t❡r✐♦r✱ ❡❧ ✐♥❞✐✈✐❞✉♦ s✉st✐t✉✐rá
❞❡❧ ❜✐❡♥ x ♣♦r ❡❧ ❜✐❡♥ y ❤❛st❛ q✉❡ ❧❛ ❝♦♥❞✐❝✐ó♥ ❛♥t❡r✐♦r s❡ ✐❣✉❛❧❡✳

❈♦♥ ❡st❡ ❡❥❡r❝✐❝✐♦ q✉❡❞❛ ❞❡♠♦str❛❞♦ q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ t✐❡♥❡ ✐♥❝❡♥t✐✈♦s ♣❛r❛ ❝♦♥s✉♠✐r
U mgx U mgy
❤❛st❛ ❡❧ ♣✉♥t♦ q✉❡ ♥♦s ✐♥❞✐❝❛ ♥✉❡str❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♦♣t✐♠❛❧✐❞❛❞✿ = ✳
px py

✷✳✸✳✸ ▲❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♦♣t✐♠❛❧✐❞❛❞ ❡♥ ❞✐❢❡r❡♥t❡s ❡s❝❡♥❛r✐♦s

▲❛ ❝♦♥❞✐❝✐ó♥ q✉❡ ❛❝❛❜❛♠♦s ❞❡ ❞❡s♣r❡♥❞❡r s❡ ❝✉♠♣❧❡ ♣♦r ❧♦ ❣❡♥❡r❛❧✱ s❛❧✈♦ ❡①❝❡♣✲
❝✐♦♥❡s q✉❡ ♥♦ ❡s ♣♦s✐❜❧❡ ❛♣❧✐❝❛r❧❛ ♣♦r ❧✐♠✐t❛❝✐♦♥❡s ❞❡ ❧❛s ❤❡rr❛♠✐❡♥t❛s ♠❛t❡♠át✐❝❛s
♦ ♣♦r ♥♦ s❡r ❝♦rr❡❝t❛ ❝♦♥❝❡♣t✉❛❧♠❡♥t❡✱ ❡st♦s ❝❛s♦s ❝♦rr❡s♣♦♥❞❡♥ ❛ ❧♦s ❜✐❡♥❡s ❝♦♠✲
♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s ✭❝♦♥ ❧❛ ❢✉♥❝✐ó♥ ❧❡♦♥t✐❡❢✮ ② ❧♦s ❜✐❡♥❡s s✉st✐t✉t♦s ♣❡r❢❡❝t♦s ✭❝♦♥
❧❛ ❢✉♥❝✐ó♥ ❧✐♥❡❛❧✮ ❝♦rr❡s♣♦♥❞✐❡♥t❡♠❡♥t❡✳
❘❡✈✐s❛r❡♠♦s ❛♠❜♦s ❝❛s♦s ❛ ❝♦♥t✐♥✉❛❝✐ó♥✿

✷✳✸✳✸✳✶ ❖♣t✐♠♦ ❡♥ ❜✐❡♥❡s ❝♦♠♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s

▲❛ ❞✐✜❝✉❧t❛❞ ❞❡ ❡♥❝♦♥tr❛r ❡❧ ♦♣t✐♠♦ ❡♥ ❡st♦s ❝❛s♦s✱ ❡s ❞❛❞❛ ♣♦r q✉❡ ♥♦ ♣♦❞❡♠♦s
❞❡✜♥✐r ❧❛ T M S ❡♥ ❢✉♥❝✐♦♥❡s ❧❡♦♥t✐❡❢ ✭q✉❡ ❡s ❧❛ q✉❡ r❡♣r❡s❡♥t❛ ❡st❡ t✐♣♦ ❞❡
♣r❡❢❡r❡♥❝✐❛s✮✱ ❛ ♣❡s❛r ❞❡ ❡st♦✱ ♥♦ ❡st❛♠♦s ❞❡❧ t♦❞♦ ♣❡r❞✐❞♦s✱ s❛❜❡♠♦s q✉❡ ❞❡ t♦❞❛s
❢♦r♠❛s ❡①✐st❡ ✉♥ ♣✉♥t♦ ♦♣t✐♠♦✱ ❣rá✜❝❛♠❡♥t❡✿
✶✵ P✉❡s ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ❡s ❞❡❝r❡❝✐❡♥t❡ ❡♥ ❡❧ ❜✐❡♥✱ ❡st♦ s❡ ❞❡s♣r❡♥❞❡ ❞❡❧ ❤❡❝❤♦ ❞❡ q✉❡ ❤❛

♠❡❞✐❞❛ q✉❡ ✈♦② ❛✉♠❡♥t❛♥❞♦ ❡❧ ❝♦♥s✉♠♦ ❞❡ ✉♥ ❜✐❡♥✱ ❡st❡ ♠❡ ❡♥tr❡❣❛ ❝❛❞❛ ✈❡③ ♠❡♥♦s ✉t✐❧✐❞❛❞✱ ♣✉❡s

②❛ t❡♥❣♦ ♠✉❝❤♦ ❞❡ é❧✳

P❛✁
❣✐♥❛ ✻✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

Y*

X
X*

❋✐❣✉r❛ ✷✳✶✽✿ ❈♦♥s✉♠♦ ♦♣t✐♠♦ ❝♦♥ ❜✐❡♥❡s ❝♦♠♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s

P❛r❛ ♦❜t❡♥❡r ❡♥t♦♥❝❡s ❞✐❝❤❛ ❝❛♥❛st❛✱ ♣r♦❝❡❞❡♠♦s ❛ ❝❛❧❝✉❧❛r❧❛ ❞❡ ❧❛ s✐❣✉✐❡♥t❡

❢♦r♠❛✱ s✉♣♦♥❣❛♠♦s ❧♦s ♠✐s♠♦s ♣❛rá♠❡tr♦s ②❛ ❞❡✜♥✐❞♦s✱ ② ❧❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞
❧❡♦♥t✐❡❢✿
M in[αx, βy]
▲♦ q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❤❛rá ♣❛r❛ ♠❛①✐♠✐③❛r s✉ ✉t✐❧✐❞❛❞✱ ❡s ❣❛st❛r s✉ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦ ❞❡
t❛❧ ❢♦r♠❛ q✉❡ ❝♦♥s✉♠❛ ❡♥ ❧❛s ♣r♦♣♦r❝✐♦♥❡s ❡♥ q✉❡ r❡❝✐❜❡ ✉t✐❧✐❞❛❞✱ ❡st❛ ♣r♦♣♦r❝✐ó♥
❧❛ ♣♦❞❡♠♦s ♦❜t❡♥❡r ❞❡s❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞✱ ② ❡st❛ ❞❛❞❛ ♣♦r✿

αx = βy
x β
=
y α
❙❛❜❡♠♦s ❡♥t♦♥❝❡s q✉❡ ❡❧ ❝♦♠♣♦rt❛♠✐❡♥t♦ ♦♣t✐♠♦ ❞❡❧ ✐♥❞✐✈✐❞✉♦ s❡r❛ ❝♦♥s✉♠✐r ❡♥ ❡s✲
t❛s ♣r♦♣♦r❝✐♦♥❡s✱ ♣❛r❛ ❡♥❝♦♥tr❛r ❡♥t♦♥❝❡s ❧❛ ❝❛♥t✐❞❛❞ ♦♣t✐♠❛✱ ✉s❡♠♦s ❡s❛ ❝♦♥❞✐❝✐ó♥
② r❡❡♠♣❧❛❝❡♠♦s❧❛ ❡♥ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✭❡st♦ ú❧t✐♠♦ ♣❛r❛ ❡♥❝♦♥tr❛r ✉♥❛
❡①♣r❡s✐ó♥ ♣❛r❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ❞❡ ❝❛❞❛ ❜✐❡♥✱ ❡♥ ❢✉♥❝✐ó♥ ❞❡ ❧♦s ✐♥❣r❡s♦s ② ❧♦s
♣r❡❝✐♦s✮✳ ❊♥t♦♥❝❡s t❡♥❡♠♦s✿
x β
=
y α
yβ
x=
α
② ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ t❡♥❡♠♦s✿

px x + py y = I

P❛✁
❣✐♥❛ ✻✸ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

r❡❡♠♣❧❛③❛♥❞♦ ❧❛ ❡❝✉❛❝✐ó♥ ❛♥t❡r✐♦r✿

yβ
px + py y = I
α
❞❡ ❧♦ q✉❡ ♦❜t❡♥❡♠♦s✿
pxβ
y( + py ) = I
alpha
px β + py α
y =I
α
Iα
y∗ =
px β + py α
② ❝♦♠♦✿
αx = βy
❊♥t♦♥❝❡s✿
Iβ
x∗ =
px β + py α
❉♦♥❞❡ x∗ ❡ y ∗ ❝♦rr❡s♣♦♥❞❡♥ ❛ ❧❛s ❝❛♥t✐❞❛❞❡s ♦♣t✐♠❛s ❞❡ ❝♦♥s✉♠♦ ❞❡ ❝❛❞❛ ✉♥♦ ❞❡
❧♦s ❜✐❡♥❡s✳

✷✳✸✳✸✳✷ ❖♣t✐♠♦ ❡♥ ❜✐❡♥❡s s✉st✐t✉t♦s ♣❡r❢❡❝t♦s

❈✉❛♥❞♦ ❡st❛♠♦s ❜❛❥♦ ♣r❡❢❡r❡♥❝✐❛s ❞❡ s✉st✐t✉t♦s ♣❡r❢❡❝t♦s✱ ❡♥❝♦♥tr❛r❡♠♦s ❤❛✲

❜✐t✉❛❧♠❡♥t❡ s♦❧✉❝✐♦♥❡s ❡sq✉✐♥❛s✱ ❡♥ r✐❣♦r ♣♦❞❡♠♦s ♦❜s❡r✈❛r ✸ ❝❛s♦s✱ ❝✉❛♥❞♦ só❧♦
❝♦♥s✉♠♦ ❞❡❧ ❜✐❡♥ x✱ ❝✉❛♥❞♦ s♦❧♦ ❝♦♥s✉♠♦ ❞❡❧ ❜✐❡♥ y ✱ ♦ ❝✉❛♥❞♦ ❤❛② ✐♥✜♥✐t❛s ❝♦♠❜✐✲
♥❛❝✐♦♥❡s ❞❡ ❝❛♥❛st❛s✳
❘❡♣✐t❛♠♦s ❡❧ ❡❥❡r❝✐❝✐♦ ❞❡ ❡♥❝♦♥tr❛r ❧❛s ❝❛♥❛st❛s ♦♣t✐♠❛s ❣rá✜❝❛♠❡♥t❡✱ ♣❡r♦ ❝♦♥
❡st❡ t✐♣♦ ❞❡ ♣r❡❢❡r❡♥❝✐❛s✱ ❝♦♥ ❡st♦ ♦❜t❡♥❞r❡♠♦s rá♣✐❞❛♠❡♥t❡ q✉❡ ❧❛s ♣♦s✐❜❧❡s s♦❧✉✲
❝✐♦♥❡s✱ ❞❡♣r❡♥❞✐❡♥❞♦ ❞❡ ❧❛ r❡❧❛❝✐ó♥ q✉❡ ❡①✐st❡ ❡♥tr❡ ❧❛s ♣❡♥❞✐❡♥t❡s ❞❡ ❧❛ ❝✉r✈❛ ❞❡
✐♥❞✐❢❡r❡♥❝✐❛ ② ❧❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s✱ ❡stá♥ ❞❛❞❛s ♣♦r✿

P❛✁
❣✐♥❛ ✻✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
Y Y

Solo consumo X Solo consumo Y

Y*

X X
X*
Caso (1) Y Caso (2)

Existen infinitas soluciones

X
Caso (3)

❋✐❣✉r❛ ✷✳✶✾✿ ❈❛s♦s ♣♦s✐❜❧❡s ❞❡ ❝❛♥❛st❛s ♦♣t✐♠❛s✱ ❝♦♥ ❜✐❡♥❡s s✉st✐t✉t♦s ♣❡r❢❡❝t♦s

❊♥t♦♥❝❡s t❡♥❡♠♦s ❧♦s ✸ ❝❛s♦s✱ ❞♦♥❞❡✿

✶✳ ❝✉❛♥❞♦ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ t✐❡♥❡ ♠❛②♦r ♣❡♥❞✐❡♥t❡ q✉❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡✲

s✉♣✉❡st❛r✐❛✱ ♥♦s ✉❜✐❝❛♠♦s ❡♥ ❡❧ ❝❛s♦ ✶✱ ② s♦❧♦ ❝♦♥s✉♠✐♠♦s ❞❡❧ ❜✐❡♥ x

✷✳ ❝✉❛♥❞♦ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ t✐❡♥❡ ♠❡♥♦r ♣❡♥❞✐❡♥t❡ q✉❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡✲

s✉♣✉❡st❛r✐❛✱ ♥♦s ✉❜✐❝❛♠♦s ❡♥ ❡❧ ❝❛s♦ ✷✱ ② s♦❧♦ ❝♦♥s✉♠✐♠♦s ❞❡❧ ❜✐❡♥ y

✸✳ ❝✉❛♥❞♦ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ t✐❡♥❡ ❧❛ ♠✐s♠❛ ♣❡♥❞✐❡♥t❡ q✉❡ ❧❛ r❡str✐❝❝✐ó♥

♣r❡s✉♣✉❡st❛r✐❛✱ ♥♦s ✉❜✐❝❛♠♦s ❡♥ ❡❧ ❝❛s♦ ✸✱ ② ♥♦s ❡s ✐♥❞✐❢❡r❡♥t❡ ❡♥tr❡ ❡s❝♦❣❡r
❝✉❛❧q✉✐❡r ❝❛♥❛st❛ s♦❜r❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✳

❯♥❛ ❢♦r♠❛ ♠❛s ✐♥t✉✐t✐✈❛ ❞❡ ✈❡r ❡st❛s s♦❧✉❝✐♦♥❡s ❡s ❧❛ s✐❣✉✐❡♥t❡✿

 U mgx px U mgx U mgy

 s✐ > ⇔ > ⇒ só❧♦ ❝♦♥s✉♠♦ ❞❡❧ ❜✐❡♥ ①


 U mgy py px py




 U mgx px U mgx U mgy
s✐ < ⇔ < ⇒ só❧♦ ❝♦♥s✉♠♦ ❞❡❧ ❜✐❡♥ ②

 U mgy py px py





 U mgx px U mgx U mgy
 s✐
 = ⇔ = ⇒ s♦② ✐♥❞✐❢❡r❡♥t❡ ❡♥tr❡ ❧❛s ❝❛♥❛st❛s
U mgy py px py

❧♦ ❛♥t❡r✐♦r ♥♦s ✐♥❞✐❝❛✱ ♣♦r ❡❥❡♠♣❧♦ ❡❧ ♣r✐♠❡r ❝❛s♦✱ ❝✉❛♥❞♦ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❝✉r✈❛ ❞❡
✐♥❞✐❢❡r❡♥❝✐❛ ❡s ♠❛②♦r ❛ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ❡s ❡q✉✐✈❛❧❡♥t❡
❛❧ ♦❜s❡r✈❛r✱ q✉❡ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ♣♦r ♣❡s♦ ❣❛st❛❞♦ ❡♥ ❡❧ ❜✐❡♥ x ❡s ♠❛②♦r✱ ② ❝♦♠♦
❧♦s ❜✐❡♥❡s s♦♥ s✉st✐t✉t♦s ♣❡r❢❡❝t♦s✱ ❝♦♥s✉♠♦ s♦❧♦ ❞❡❧ ❜✐❡♥ x✳

P❛✁
❣✐♥❛ ✻✺ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
✷✳✹ ❊❢❡❝t♦ ✐♥❣r❡s♦ ② ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥
❨❛ q✉❡ s❛❜❡♠♦s ❝ó♠♦ ❡♥❝♦♥tr❛r ❡❧ ó♣t✐♠♦ ❞❡ ❧❛ ❞❡❝✐s✐ó♥ ❞❡ ❝♦♥s✉♠♦✱ ✈❛♠♦s ❛
❛♥❛❧✐③❛r q✉é ♦❝✉rr❡ ❝✉❛♥❞♦ ❤❛② ✉♥ ❝❛♠❜✐♦ ❡♥ ♣r❡❝✐♦s✳ P❛r❛ ❡st♦ ✐♠❛❣✐♥❡♠♦s q✉❡
t❡♥❡♠♦s ✉♥❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ② ✉♥❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ q✉❡ ❡s t❛♥❣❡♥t❡
✭❡st❛♠♦s ❡♥ ❡❧ ♦♣t✐♠♦✮✳ ❆❤♦r❛ ➽◗✉é ♦❝✉rr❡ ❝✉❛♥❞♦ ❞✐s♠✐♥✉②❡ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ x
❄✱ s❡ ♣r♦❞✉❝❡♥ ❞♦s ❡❢❡❝t♦s✳ P♦r ✉♥ ❧❛❞♦✱ ❡❧ ❜✐❡♥ y ❡s r❡❧❛t✐✈❛♠❡♥t❡ ♠ás ❝❛r♦✱ ② ♣♦r
❧♦ t❛♥t♦✱ t❡♥❞❡r❡♠♦s ❛ s✉st✐t✉✐r❧♦ ♣♦r ❡❧ ❜✐❡♥ x✳ ❊st❡ ❡❢❡❝t♦ s❡ ❞❡♥♦♠✐♥❛ ❊❢❡❝t♦
❙✉st✐t✉❝✐ó♥ ✳

P♦r ♦tr♦ ❧❛❞♦✱ ❧❛ ❞✐s♠✐♥✉❝✐ó♥ ❞❡❧ ♣r❡❝✐♦ ❛♠♣❧✐❛ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱

❛✉♠❡♥t❛♥❞♦ ♥✉❡str♦ ✐♥❣r❡s♦ r❡❛❧
✶✶
✱ ② ❡♥t♦♥❝❡s ♣♦❞❡♠♦s ❝♦♠♣r❛r ♠ás ❞❡ ❛♠❜♦s
❜✐❡♥❡s✳ ❊st❡ ❡❢❡❝t♦ s❡ ❞❡♥♦♠✐♥❛ ❊❢❡❝t♦ ■♥❣r❡s♦
✳

❊♥t♦♥❝❡s ♣❛r❛ ❡♥❝♦♥tr❛r ❧❛s ♠❛❣♥✐t✉❞❡s ❞❡ ❡st♦s ❞♦s ❡❢❡❝t♦s✱ ❞❡❜❡♠♦s ♠❛♥t❡✲
♥❡r ❡❧ ✐♥❣r❡s♦ r❡❛❧ ❝♦♥st❛♥t❡✱ ② ♣❛r❛ ❡st♦ ❞❡❜❡♠♦s ❞❛r ♦ q✉✐t❛r ✐♥❣r❡s♦ ❞❡ ♠♦❞♦
q✉❡ ❡♥ ❧❛ ♥✉❡✈❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s✱ ❡❧ ❝♦♥s✉♠✐❞♦r ♣✉❡❞❛ ❛❧❝❛♥③❛r ❡❧ ♥✐✈❡❧ ❞❡ ✉t✐✲
❧✐❞❛❞ ✐♥✐❝✐❛❧✱ ❡s ❞❡❝✐r✱ ❡sté ✐♥❞✐❢❡r❡♥t❡ ❛❧ ♥✐✈❡❧ ✐♥✐❝✐❛❧ ❞❡ ✉t✐❧✐❞❛❞✳ ❉❡ ❡st❛ ❢♦r♠❛✱ ❧❛
❞✐st❛♥❝✐❛ ❡♥tr❡ ❧❛ ❝❛♥t✐❞❛❞ ✐♥✐❝✐❛❧ ② ❧❛ ♥✉❡✈❛ ❝❛♥❛st❛ ✐♥❞✐❢❡r❡♥t❡ s❡rá ❡❧ ❡❢❡❝t♦ s✉st✐✲
t✉❝✐ó♥✱ ② ❧❛ ❞✐st❛♥❝✐❛ ❡♥tr❡ ❧❛ ♥✉❡✈❛ ❝❛♥❛st❛ ② ❧❛ ❝❛♥❛st❛ ✐♥✐❝✐❛❧ s❡rá ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦✳

P❛r❛ ❢❛❝✐❧✐t❛r ❧❛ ❝♦♠♣r❡♥s✐ó♥ ❞❡ ❡st♦✱ ❞❡s❛rr♦❧❧❡♠♦s ❡❧ ♣r♦❝❡s♦ ❣rá✜❝♦ ❝♦♥ ♠ás

❞❡t❡♥❝✐ó♥✿

P❛rt❛♠♦♥♦s ❞❛♥❞♦ ✉♥ ❡q✉✐❧✐❜r✐♦ ✐♥✐❝✐❛❧✿

✶✶ ❊❧ ✐♥❣r❡s♦ r❡❛❧ s❡ r❡✜❡r❡ ❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❜✐❡♥❡s q✉❡ ♣♦❞❡♠♦s ❝♦♠♣r❛r ❝♦♥ ❡❧ ❞✐♥❡r♦✱ ♠✐❡♥tr❛s
❡❧ ✐♥❣r❡s♦ ♥♦♠✐♥❛❧ s❡ r❡✜❡r❡ ❛ ❧❛ ❝❛♥t✐❞❛❞ ♥♦♠✐♥❛❧ ❞❡ ❞✐♥❡r♦ ❝♦♥ ❧❛ q✉❡ ❝♦♥t❛♠♦s✳

P❛✁
❣✐♥❛ ✻✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

EI
Y*

UI

X
X*

❋✐❣✉r❛ ✷✳✷✵✿ ❡q✉✐❧✐❜r✐♦ ✐♥✐❝✐❛❧

▲✉❡❣♦ ❜❛❥❡♠♦s ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥✱ ❧♦ q✉❡ ❝♦♠♦ ②❛ ✈✐♠♦s ❝❛♠❜✐❛ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡
❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛rí❛✱ ❞❛❞❛ ❧❛ ♥✉❡✈❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❛❧❝❛♥③❛♠♦s
✉♥ ♥✉❡✈♦ ♥✐✈❡❧ ❞❡ ♦♣t✐♠♦✱ ❧♦ q✉❡ ♥♦s ✐♥t❡r❡s❛ ❛❤♦r❛✱ ❡s ❡st✉❞✐❛r ❧♦s ❡❢❡❝t♦s ✐♥❣r❡s♦
② s✉st✐t✉❝✐ó♥ q✉❡ s❡ ❡s❝♦♥❞❡♥ ❞❡trás ❞❡ ❡st❡ ❝❛♠❜✐♦✳

Y* EI
EF
Y**
UF
UI

X
X* X**

❋✐❣✉r❛ ✷✳✷✶✿ ◆✉❡✈♦ ❡q✉✐❧✐❜r✐♦

❈♦♠♦ ✐♥❞✐❝❛♠♦s ❛♥t❡r✐♦r♠❡♥t❡✱ ♣❛r❛ s❡♣❛r❛r ❡st♦s ❡❢❡❝t♦s✱ ❞❡❜❡♠♦s ❜❛❥❛r✶✷ ❧❛

✶✷ ❊♥ ❡st❡ ❝❛s♦ ♣❛rt✐❝✉❧❛r ❧❛ ❜❛❥❛♠♦s ♣✉❡s ♣❛rt✐♠♦s ❞❡s❞❡ ❧❛ s✐t✉❛❝✐ó♥ ✐♥✐❝✐❛❧ ❡♥ q✉❡ ❝❛í❛ ❡❧ ♣r❡❝✐♦

P❛✁
❣✐♥❛ ✻✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
♥✉❡✈❛ r❡str✐❝❝✐ó♥ ♣❛r❛❧❡❧❛✶✸ ❤❛st❛ q✉❡ s❡❛ t❛♥❣❡♥t❡ ❛❧ ♣r✐♠❡r ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞✱ q✉❡✲
❞❛♥❞♦ ✜♥❛❧♠❡♥t❡✿

EI
ES EF
UF
UI

X
E.S E.I

❋✐❣✉r❛ ✷✳✷✷✿ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ② ❡❢❡❝t♦ ✐♥❣r❡s♦

❊♥ ❧❛ ✐♠❛❣❡♥ s❡ ♦❜s❡r✈❛r q✉❡ ❞❡s❞❡ ❡❧ ♣✉♥t♦ a ❛❧ ♣✉♥t♦ b ❛✐s❧❛♠♦s ❡❧ ❡❢❡❝t♦ s✉s✲

t✐t✉❝✐ó♥✱ ② ❞❡❧ ♣✉♥t♦ b ❛❧ ♣✉♥t♦ c ♦❜t❡♥❡♠♦s ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦✳

❉❡ ❡st❡ ❡❥❡♠♣❧♦ ♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ tr❛s ✉♥❛ ❝❛í❞❛ ❞❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ x✱ ❡❧
❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ❡ ✐♥❣r❡s♦ s♦♥ ♣♦s✐t✐✈♦s✳ P♦❞❡♠♦s ❞❡❝✐r q✉❡ ♣♦r ❡❧ s✐❣♥♦ ❞❡ ❡st❡
ú❧t✐♠♦ ❡❢❡❝t♦✱ q✉❡ ❡❧ ❜✐❡♥ q✉❡ ❡st❛♠♦s ❛♥❛❧✐③❛♥❞♦ ❡s ✉♥ ❜✐❡♥ ♥♦r♠❛❧
❘❡s♣❡❝t♦ ❛❧
s✐❣♥♦ ❞❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ♥♦ ♣♦❞❡♠♦s ❞❡❝✐r ♠✉❝❤♦ r❡s♣❡❝t♦ ❛❧ t✐♣♦ ❞❡ ❜✐❡♥✱
s✐❡♠♣r❡ ✐❣✉❛❧
♣✉❡s ❡st❡ ❡s ✭s✐ ❝❛❡ ❡❧ ♣r❡❝✐♦ ❞❡ ❜✐❡♥ x✱ s✐❡♠♣r❡ ❝♦♥s✉♠✐ré ♠ás ❞❡
é❧ ♣♦r ❡st❡ ❡❢❡❝t♦✱ ✐♥❞❡♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ♥❛t✉r❛❧❡③❛ ❜✐❡♥✮✶✹ ✳
❉❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛✱ ♣♦❞❡♠♦s ❝❧❛s✐✜❝❛r ❛ ❧♦s ❜✐❡♥❡s ✐♥❢❡r✐♦r❡s
✱ ❝♦♠♦ ❛q✉❡❧❧♦s
q✉❡ s✉ ❡❢❡❝t♦ ✐♥❣r❡s♦ ❡s ♥❡❣❛t✐✈♦ ✱ ♦❜s❡r✈❡♠♦s ❡❧ s✐❣✉✐❡♥t❡ ❡❥❡♠♣❧♦ ❣rá✜❝♦ ❞♦♥❞❡
❡❧ ❜✐❡♥ x r❡s✉❧t❛ s❡r ✉♥ ❜✐❡♥ ✐♥❢❡r✐♦r✿
❞❡❧ ❜✐❡♥ x✳
✶✸ P❛r❛ ♠❛♥t❡♥❡r ❡❧ ✐♥❣r❡s♦ r❡❛❧ ❝♦♥st❛♥t❡✳
✶✹ ❊♥ r✐❣♦r ❡s ♥✉♥❝❛ ❝♦♥s✉♠✐ré ♠❡♥♦s ❞❡ ❛q✉❡❧ ❜✐❡♥✱ ♣✉❡s s❡ ♣✉❡❞❡ ❞❛r ❡❧ ❝❛s♦ ❞❡ q✉❡ ❡st❡ ❡❢❡❝t♦

s❡❛ ✵ ❡♥ ❧♦s s✉st✐t✉t♦s ♣❡r❢❡❝t♦s✳

P❛✁
❣✐♥❛ ✻✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

EI EF

ES
UF
UI

X
E.S
E.I

❋✐❣✉r❛ ✷✳✷✸✿ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ❡ ✐♥❣r❡s♦✱ ❞❡ ✉♥ ❜✐❡♥ ✐♥❢❡r✐♦r

✳
▲♦ ♣r✐♠❡r♦ q✉❡ ❝❛❜❡ ❞❡st❛❝❛r ❡s q✉❡ ❡♥ ❡st♦ t✐♣♦ ❞❡ ❜✐❡♥❡s ✐♥❢❡r✐♦r❡s✱ ❡❧ ❡❢❡❝t♦
s✉st✐t✉❝✐ó♥ ✈❛ ❡♥ ❞✐r❡❝❝✐ó♥ ❝♦♥tr❛r✐❛ ❛❧ ❡❢❡❝t♦ ✐♥❣r❡s♦✱ ❡s ✐♥t❡r❡s❛♥t❡ ♥♦t❛r
t❛♠❜✐é♥ q✉❡✱ ❡♥ ❧♦s ❜✐❡♥❡s ♥♦r♠❛❧❡s✱ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ r❡❢✉❡r③❛ ❛❧ ❡❢❡❝t♦
✐♥❣r❡s♦✳
❆❤♦r❛ ❡s ✐♥t❡r❡s❛♥t❡ ❢♦r♠✉❧❛r ❧❛ s✐❣✉✐❡♥t❡ ♣r❡❣✉♥t❛✱ ➽♣✉❡❞❡ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥
✐♥❣r❡s♦ s❡r ♠ás ❣r❛♥❞❡ q✉❡ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥❄✱ ❡st❛ ♣r❡❣✉♥t❛ ❡s ✐♥t❡r❡s❛♥t❡ ❡♥
❝✉❛♥t♦ q✉❡ s✐ s❡ ❧❧❡❣❛s❡ ❛ ❝✉♠♣❧✐r✱ ❡st❛rí❛♠♦s ❜❛❥♦ ❡❧ ❡s❝❡♥❛r✐♦ ❡♥ q✉❡✱ tr❛s ✉♥❛ ❝❛í❞❛
❞❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ x t❡r♠✐♥❛rí❛ ❞❡♠❛♥❞❛♥❞♦ ♠❡♥♦s ❞❡ ❛q✉❡❧ ❜✐❡♥✱ ❧♦ q✉❡ r❡s✉❧t❛ s❡r
❜❛st❛♥t❡ ♣♦❝♦ ✐♥t✉✐t✐✈♦✳

▲❛ r❡s♣✉❡st❛ ❛ ❧❛ ♣r❡❣✉♥t❛ q✉❡ ❢♦r♠✉❧❛♠♦s r❡s✉❧t❛ s❡r ❛✜r♠❛t✐✈❛✱ ❡s ♠ás✱ ❛q✉❡✲

❧❧♦s ❜✐❡♥❡s ✐♥❢❡r✐♦r❡s q✉❡ ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ✐♥❣r❡s♦ ❡s ♠ás ❣r❛♥❞❡ q✉❡ ❡❧
❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ s❡ ❞❡✜♥❡♥ ❝♦♠♦ ❜✐❡♥❡s ❣✐✛❡♥✱ ❛ ♣❡s❛r ❞❡ ❢❛❝t✐❜✐❧✐❞❛❞ t❡ór✐❝❛
❡♥ ❧❛ ♣r❛❝t✐❝❛ r❡s✉❧t❛ ♥♦ ♣r❡s❡♥t❛rs❡ ❡✈✐❞❡♥❝✐❛ r❡s♣❡❝t♦ ❛ ❡st♦s ✈✐❡♥❡s✳

●r❛✜❝❛♠❡♥t❡✱ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ② ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ❞❡ ✉♥ ❜✐❡♥ ❣✐✛❡♥ s❡ ✈❡

❝♦♠♦ s✐❣✉❡✿

P❛✁
❣✐♥❛ ✻✾ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

EF

EI

ES
UF
UI

X
E.S
E.I

❋✐❣✉r❛ ✷✳✷✹✿ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ❡ ✐♥❣r❡s♦✱ ❜✐❡♥ ❣✐✛❡♥

✳
P❛r❛ ❝❡rr❛r ✐❞❡❛s ❞❡ ❧♦s ❝♦♥❝❡♣t♦s ♣r❡s❡♥t❛❞♦s✱ ♣♦❞❡♠♦s r❡s✉♠✐r ❧❛ ♥✉❡✈❛ ❝❧❛s✐✲
✜❝❛❝✐ó♥ ❞❡ ❜✐♥❡s ❝♦♥❞✐❝✐♦♥❛❞♦ ❛ ❧❛ ♥❛t✉r❛❧❡③❛ ❞❡ s✉s ❡❢❡❝t♦s ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✱
tr❛s ✉♥❛ ❝❛í❞❛ ❞❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ x✿

❚✐♣♦ ❞❡ ❇✐❡♥ ❊❢❡❝t♦ ❙✉st✐t✉❝✐ó♥ ❊❢❡❝t♦ ■♥❣r❡s♦ ❊✳❙ ✈✴s ❊✳■

❇✐❡♥ ♥♦r♠❛❧ ✰ ✰ ✲
❇✐❡♥ ✐♥❢❡r✐♦r ✰ ✲ ❊✳❙ ❃❊✳■
❇✐❡♥ ❣✐✛❡♥ ✰ ✲ ❊✳❙ ❁❊✳■

❚❛❜❧❛ ✷✳✶✿ ❚❛❜❧❛ r❡s✉♠❡♥✱ t✐♣♦ ❞❡ ❜✐❡♥❡s

❚❛♠❜✐é♥ ♣♦❞rí❛♠♦s ❛❣r❡❣❛r ❛ ❧♦s ❜✐❡♥❡s s✉♣❡r✐♦r❡s✱ q✉❡ s♦♥ ❛q✉❡❧❧♦s q✉❡
s✉ ❞❡♠❛♥❞❛ ❝r❡❝❡ ♠ás q✉❡ ♣r♦♣♦r❝✐♦♥❛❧♠❡♥t❡ ❛❧ ✐♥❝r❡♠❡♥t♦ ❞❡❧ ✐♥❣r❡s♦✳

✷✳✺ ❉❡t❡r♠✐♥❛♥❞♦ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛

❨❛ ❤✐❝✐♠♦s ✉♥ r❡♣❛s♦ ♣♦r t♦❞♦s ❧♦s ❝♦♥❝❡♣t♦s ❝❧❛✈❡s ♥❡❝❡s❛r✐♦s ♣❛r❛ ♣♦❞❡r ❞❡s✲
♣r❡♥❞❡r ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛✱ ❝❛❜❡ ❞❡st❛❝❛r q✉❡ ❡①✐st❡♥ ✷ t✐♣♦s ❞❡ ❞❡♠❛♥❞❛ q✉❡
♣r♦❝❡❞❡r❡♠♦s ❛ ❞❡s♣r❡♥❞❡r✱ ❧❛ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧✐❛♥❛✱ q✉❡ ❝♦♥s✐❞❡r❛ ❡❧ ❡❢❡❝t♦
s✉st✐t✉❝✐ó♥ ② ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦✳ ❨ ❧❛ ❞❡♠❛♥s❛ ❍✐❝❦s✐❛♥❛ q✉❡ só❧♦ ❝♦♥s✐❞❡r❛
❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥✳

✷✳✺✳✶ ❉❡♠❛♥❞❛ ▼❛rs❤❛❧✐❛♥❛

❊♥t♦♥❝❡s ❧❛ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧✐❛♥❛ ❡s ❛q✉❡❧❧❛ ❢✉♥❝✐ó♥ ❞❡ ❞❡♠❛♥❞❛ q✉❡ r❡❧❛❝✐♦♥❛
❧❛ ❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ❞❡ ✉♥ ❜✐❡♥✱ ❛♥t❡ ✈❛r✐❛❝✐♦♥❡s ❞❡ ❧♦s ♣r❡❝✐♦s r❡❧❛t✐✈♦s ② ❡❧

P❛✁
❣✐♥❛ ✼✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
✐♥❣r❡s♦ r❡❛❧ ❞❡❧ ✐♥❞✐✈✐❞✉♦✳

❈ó♠♦ ②❛ ♠❡♥❝✐♦♥❛♠♦s✱ ❡st❛ ❞❡♠❛♥❞❛ ❡♥t♦♥❝❡s ❝♦♥s✐❞❡r❛ ❡❧ ❡❢❡❝t♦ t♦t❛❧✱ ❡s ❞❡✲

❝✐r ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ♠ás ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥✱ ❡♥ ❡❧ ❝❛❧❝✉❧♦ ❞❡ ❧❛s ✈❛r✐❛❝✐♦♥❡s ❞❡ ❧❛
❝❛♥t✐❞❛❞ ✜♥❛❧ ❞❡♠❛♥❞❛❞❛✳

▼❛t❡♠át✐❝❛♠❡♥t❡ t❡♥❞r❡♠♦s q✉❡ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ❞❡♠❛♥❞❛s ♠❛rs❤❛❧✐❛♥❛s s❡

♣r❡s❡♥t❛♥ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿ xm = (px , py , I)✱ ❡s ❞❡❝✐r ❝♦♠♦ ❢✉♥❝✐♦♥❡s q✉❡ ❧❛
❝❛♥t✐❞❛❞ ❞❡♣❡♥❞❡ ❞❡❧ ♣r❡❝✐♦ ❞❡ ❛q✉❡❧ ❜✐❡♥ ✭px ✮✱ ❞❡ ❧♦s ❜✐❡♥❡s ❛s♦❝✐❛❞♦s ✭py ✮✱ ② ❞❡❧
♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦ ✭I ✮
Pr♦❝❡❞❛♠♦s ❞❡s♣r❡♥❞✐❡♥❞♦ ❞✐❝❤❛ ❞❡♠❛♥❞❛ ❣rá✜❝❛♠❡♥t❡✱ ❝♦♠♦ ②❛ ❧♦ ❤❡♠♦s r❡❛❧✐✲
③❛❞♦s✱ ♣❛rt❛♠♦s ❞❡ ✉♥ ❡q✉✐❧✐❜r✐♦ ✐♥✐❝✐❛❧✱ ❧✉❡❣♦ r❡❞✉③❝❛♠♦s s✐st❡♠át✐❝❛♠❡♥t❡ ❡❧ ♣r❡❝✐♦
❞❡❧ ❜✐❡♥ x✱ ② ✈❡❛♠♦s ❝♦♠♦ ❝❛♠❜✐❛ ♣❛r❛ ❝❛❞❛ ♥✉❡✈❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s r❡❧❛t✐✈♦s ❧❛
❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ♣❛r❛ ❡❧ ❜✐❡♥ x✳

Con P1x > P2x > P3x

E1 E2
E3

Py/P1x Py/P2x Py/P3x

X
X1 X2 X3

❋✐❣✉r❛ ✷✳✷✺✿ ❈❛♠❜✐♦s ❡♥ ❧❛ ❞❡♠❛♥❞❛ ❞❡ x✱ tr❛s ❝❛♠❜✐♦s ❡♥ s✉ ♣r❡❝✐♦

❆❤♦r❛✱ ♥♦s ❜❛st❛ ❝♦♥ t❛♥ s♦❧♦ ❧❧❡✈❛r ❞✐❝❤♦s r❡s✉❧t❛❞♦s ❛ ✉♥ ♣❧❛♥♦ (Px , x) ❡♥
❞♦♥❞❡ r❡♣r❡s❡♥t❛♠♦s ❧❛ ❞❡♠❛♥❞❛ q✉❡ ❡st❛♠♦s ❛❝♦st✉♠❜r❛❞♦s ❛ ♦❜s❡r✈❛r✱ ♣❛r❛ ❡❧❧♦
❧❧❡✈❡♠♦s ❣r❛✜❝❛♠♦s ♦r❞❡♥❛❞❛♠❡♥t❡✱ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ x ② ❧❛ ❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ❛
❡s❡ ♣r❡❝✐♦ ❛ ❡st❡ ♥✉❡✈♦ ♣❧❛♥♦✱ ❡s ❞❡❝✐r ❣r❛✜❝❛r❡♠♦s ❧❛s ❝♦♦r❞❡♥❛❞❛s (Px1 , x1 )✱ (Px2 , x2 )✱
(Px3 , x3 )...✱ ❞❡ ❧♦ q✉❡ ♦❜t❡♥❡♠♦s ❧❛ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧✐❛♥❛✿

P❛✁
❣✐♥❛ ✼✶ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
Y

E1 E2 E3

Px X1 X2 X3 X

P1 x
P2 x
P3 x

X
X*

❋✐❣✉r❛ ✷✳✷✻✿ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧✐❛♥❛

❈♦♠♦ ♣♦❞❡♠♦s ♦❜s❡r✈❛r ❧❛ ❞❡♠❛♥❞❛ ♦❜t❡♥✐❞❛ t✐❡♥❡ ♣❡♥❞✐❡♥t❡ ♥❡❣❛t✐✈❛✱ ♣✉❡s

r❡♣r❡s❡♥t❛ ❧❛s ♣r❡❢❡r❡♥❝✐❛s ♣♦r ❜✐❡♥❡s ♥♦r♠❛❧❡s✳ ❯♥ ❡❥❡r❝✐❝✐♦ ✐♥t❡r❡s❛♥t❡ ♣r♦♣✉❡st♦
♣❛r❛ ❡❧ ❧❡❝t♦r✱ ❡s ❞❡s♣r❡♥❞❡r ❧❛s ❞❡♠❛♥❞❛s ♠❛rs❤❛❧✐❛♥❛s ❞❡ ✉♥ ❜✐❡♥ ❣✐✛❡♥✱ ② ♦❜s❡r✈❛r
q✉❡ ❡st❛s ❝✉♠♣❧❡♥ ❝♦♥ ❧❛ ♣❛rt✐❝✉❧❛r✐❞❛❞ ❞❡ t❡♥❡r ♣❡♥❞✐❡♥t❡ ♣♦s✐t✐✈❛✳

✷✳✺✳✷ ❉❡♠❛♥❞❛ ❍✐❝❦s✐❛♥❛

❊♥t♦♥❝❡s ❧❛ ❞❡♠❛♥❞❛ ❤✐❝❦s✐❛♥❛ ❡s ❛q✉❡❧❧❛ ❢✉♥❝✐ó♥ ❞❡ ❞❡♠❛♥❞❛ q✉❡ r❡❧❛❝✐♦♥❛ ❧❛
❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ❞❡ ✉♥ ❜✐❡♥✱ ❛♥t❡ ✈❛r✐❛❝✐♦♥❡s ❞❡ ❧♦s ♣r❡❝✐♦s r❡❧❛t✐✈♦s ② ❡❧ ✐♥❣r❡s♦
r❡❛❧ ❞❡❧ ✐♥❞✐✈✐❞✉♦✳

❈ó♠♦ ②❛ ♠❡♥❝✐♦♥❛♠♦s✱ ❡st❛ ❞❡♠❛♥❞❛ ❡♥t♦♥❝❡s ❝♦♥s✐❞❡r❛ s♦❧♦ ❡❧ ❡❢❡❝t♦ s✉st✐t✉✲

❝✐ó♥ ✭✐❣♥♦r❛ ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦✮✱ ❡♥ ❡❧ ❝❛❧❝✉❧♦ ❞❡ ❧❛s ✈❛r✐❛❝✐♦♥❡s ❞❡ ❧❛ ❝❛♥t✐❞❛❞ ✜♥❛❧
❞❡♠❛♥❞❛❞❛✳

▼❛t❡♠át✐❝❛♠❡♥t❡ t❡♥❞r❡♠♦s q✉❡ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ❞❡♠❛♥❞❛s ❤✐s❝❦s✐❛♥❛s s❡ ♣r❡✲

s❡♥t❛♥ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿ xh = (px , py , u)✱ ❡s ❞❡❝✐r ❝♦♠♦ ❢✉♥❝✐♦♥❡s q✉❡ ❧❛ ❝❛♥t✐❞❛❞
❞❡♣❡♥❞❡ ❞❡❧ ♣r❡❝✐♦ ❞❡ ❛q✉❡❧ ❜✐❡♥ ✭px ✮✱ ❞❡ ❧♦s ❜✐❡♥❡s ❛s♦❝✐❛❞♦s ✭py ✮✱ ② ❞❡❧ ♥✐✈❡❧ ❞❡
✉t✐❧✐❞❛❞ ✭u✮
Pr♦❝❡❞❛♠♦s ❞❡s♣r❡♥❞✐❡♥❞♦ ❞✐❝❤❛ ❞❡♠❛♥❞❛ ❣rá✜❝❛♠❡♥t❡✱ ❝♦♠♦ ❧♦ r❡❛❧✐③❛♠♦s ❡♥
❡❧ ❡❥❡♠♣❧♦ ❛♥t❡r✐♦r✱ r❡❞✉③❝❛♠♦s ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ x s✐st❡♠át✐❝❛♠❡♥t❡✱ ② ♦r❞❡♥❡✲
♠♦s ❧♦s ♣✉♥t♦s ❞❡ ❡q✉✐❧✐❜r✐♦ q✉❡ ♦❜t❡♥❡♠♦s ❡♥ ✉♥ ♣❧❛♥♦ (Px , x)✱ ❞❡ ❡st❡ ♣r♦❝❡s♦
♦❜t❡♥❡♠♦s✿

P❛✁
❣✐♥❛ ✼✷ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
Y

EI EF
ES
UF
UI
X
Px

P1 x
P2 x

X
X*

❋✐❣✉r❛ ✷✳✷✼✿ ❞❡♠❛♥❞❛ ❤✐❝❦s✐❛♥❛

❈♦♠♦ ♣♦❞❡♠♦s ♦❜s❡r✈❛r ❧❛ ❞❡♠❛♥❞❛ ♦❜t❡♥✐❞❛ t✐❡♥❡ ♣❡♥❞✐❡♥t❡ ♥❡❣❛t✐✈❛ ✭ ② s✐❡♠✲

♣r❡ ❧❛ t❡♥❞rá✮✳ ❯♥ ❡❥❡r❝✐❝✐♦ ✐♥t❡r❡s❛♥t❡ ♣r♦♣✉❡st♦ ♣❛r❛ ❡❧ ❧❡❝t♦r✱ ❡s ❞❡s♣r❡♥❞❡r ❧❛s
❞❡♠❛♥❞❛s ♠❛rs❤❛❧✐❛♥❛s ❞❡ ✉♥ ❜✐❡♥ ❝♦♠♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s✱ ② ♦❜s❡r✈❛r q✉❡ ❡st❛s
❝✉♠♣❧❡♥ ❝♦♥ ❧❛ ♣❛rt✐❝✉❧❛r✐❞❛❞ ❞❡ s❡r ❝♦♠♣❧❡♠❡♥t♦s ✐♥❡❧❛st✐❝❛s✱ ❡s♦ ♣✉❡st♦ ❧❛ s✉st✐✲
t✉❝✐ó♥ ❡♥tr❡ ❜✐❡♥❡s ❝♦♠♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s ❡s s✐❡♠♣r❡ ✐❣✉❛❧ ❛ ✵✳

✷✳✺✳✸ ▲❛ ❞❡♠❛♥❞❛ ❛❣r❡❣❛❞❛

❍❛st❛ ❡❧ ♠♦♠❡♥t♦ ❤❡♠♦s ❞❡s♣r❡♥❞✐❞♦ ❧❛ ❞❡♠❛♥❞❛ ✐♥❞✐✈✐❞✉❛❧ ❞❡ ❝❛❞❛ ♠❡r❝❛❞♦✱
♣❡r♦ ❧♦ ❝✐❡rt♦ ❡s q✉❡ ❝✉❛♥❞♦ s❡ ♥♦s ♣r❡s❡♥t❛ ✉♥❛ ❞❡♠❛♥❞❛ ❞❡ ✉♥ ♠❡r❝❛❞♦ ❡st❛ ❝♦✲
rr❡s♣♦♥❞❡ ❛ ❧❛ s✉♠❛ ❞❡ t♦❞❛s ❧❛s ❞❡♠❛♥❞❛s ✐♥❞✐✈✐❞✉❛❧❡s ❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s ♣♦r ❡❧
❜✐❡♥ ❞❡ ✐♥t❡rés✱ ♣♦r t❛♥t♦ ❛♣r❡♥❞❡r❡♠♦s ❛❤♦r❛ ❝♦♠♦ ❝♦♥s❡❣✉✐r ❧❛ ❞❡♠❛♥❞❛ ❛❣r❡❣❛❞❛
❛ ♣❛rt✐r ❞❡ ❧❛s ❞❡♠❛♥❞❛s ✐♥❞✐✈✐❞✉❛❧❡s✳

❈♦♠❡♥❝❡♠♦s ♣r✐♠❡r♦ ❝♦♥s✐❣✉✐❡♥❞♦ ❡st❛ ❞❡♠❛♥❞❛ ❞❡ ❢♦r♠❛ ❣rá✜❝❛✱ s✉♣♦♥❣❛♠♦s

q✉❡ ❡①✐st❡♥ ❞♦s ❞❡♠❛♥❞❛s ✐♥❞✐✈✐❞✉❛❧❡s q✉❡ ❝♦♥❢♦r♠❛♥ ❧❛ ❞❡♠❛♥❞❛ ❛❣r❡❣❛❞❛ ❞❡ ✉♥
❞❡t❡r♠✐♥❛❞♦ ♠❡r❝❛❞♦✱ ♣❛r❛ ♦❜t❡♥❡r ❡st❛ ú❧t✐♠❛ ❡♥t♦♥❝❡s ❞❡❜❡♠♦s s❛❜❡r ❝✉❛♥t♦ ❡s✲
t❛rá♥ ❞✐s♣✉❡st♦ ❛ ❞❡♠❛♥❞❛r ❡st♦s ✐♥❞✐✈✐❞✉♦s ❝✉❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ t✐❡♥❡ ❝✐❡rt♦
✈❛❧♦r✱ ② ❡st♦ ♥♦ s❡rá ♠ás q✉❡ ❧❛ s✉♠❛ ❞❡ ❧❛s ❝❛♥t✐❞❛❞❡s ✐♥❞✐✈✐❞✉❛❧❡s q✉❡ ❡st❛ ❞✐s♣✉❡s✲
❧❛ ❞❡♠❛♥❞❛
t❛ ❛ ❞❡♠❛♥❞❛r ❝❛❞❛ ✐♥❞✐✈✐❞✉♦ ❛ ❡s❡ ❞❡t❡r♠✐♥❛❞♦ ♣r❡❝✐♦✱ ❞❡ ❡st❛ ❢♦r♠❛
❛❣r❡❣❛❞❛ ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ s✉♠❛ ❤♦r✐③♦♥t❛❧ ❞❡ ❧❛s ❞❡♠❛♥❞❛s ✐♥❞✐✈✐❞✉❛❧❡s ✱
❣rá✜❝❛♠❡♥t❡ ❡st♦ ❝♦rr❡s♣♦♥❞❡ ❛ ❧♦ s✐❣✉✐❡♥t❡✿

P❛✁
❣✐♥❛ ✼✸ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

Demanda individuo 1 Demanda individuo 2 Demanda Agregada

Px Px Px

Px
+ =

X1 X X2 X X
X1 +X2

❋✐❣✉r❛ ✷✳✷✽✿ ▲❛ ❞❡♠❛♥❞❛ ❛❣r❡❣❛❞❛

P❡r♠✐tá♠♦♥♦s ❢♦r♠❛❧✐③❛r ❧❛ ❞❡♠❛♥❞❛ ❛❣r❡❣❛❞❛ ♠❛t❡♠át✐❝❛♠❡♥t❡✱ s✉♣♦♥❣❛♠♦s

q✉❡ ❧❛s ❞❡♠❛♥❞❛s ♠❛rs❤❛❧✐❛♥❛s ❞❡ ❝❛❞❛ ✐♥❞✐✈✐❞✉♦ k ♣♦r ❧♦s i ❜✐❡♥❡s ❡①✐st❡♥t❡s ❡♥ ❧❛
❡❝♦♥♦♠í❛ ❡stá♥ ❞❛❞❛s ♣♦r ✉♥❛ ❢❛♠✐❧✐❛ ❞❡ ❢✉♥❝✐♦♥❡s ❞❡ ❧❛ ❢♦r♠❛ xki (p1 , p2 , ..., pm , I)✱
❞♦♥❞❡ ❡①✐st❡♥ n ✐♥❞✐✈✐❞✉♦s ② m ❜✐❡♥❡s✱ ❡♥t♦♥❝❡s ❧❛ ❞❡♠❛♥❞❛ ❛❣r❡❣❛❞❛ ♣❛r❛ ❛❧❣✉♥♦
❞❡ ❧♦s ❜✐❡♥❡s✱ ❞✐❣❛♠♦s i = 1✱ ❡s✿
n
X
X1 (p1 , p2 , ..., p i=m
, I) = xki (p1 , p2 , ..., pi=m , I) ✭✷✳✺✳✸✳✶✮
k=1

▲♦ ❛♥t❡r✐♦r ♥♦s ❞✐❝❡ ❡♥t♦♥❝❡s✱ q✉❡ ♣❛r❛ ❡♥❝♦♥tr❛r ❧❛ ❞❡♠❛♥❞❛ ❛❣r❡❣❛❞❛ ❛ ♣❛rt✐r
❞❡ ❧❛s ❞❡♠❛♥❞❛s ✐♥❞✐✈✐❞✉❛❧❡s✱ ❞❡s♣❡❥❛♠♦s ❞❡ ❡st❛s ú❧t✐♠❛s ❧❛ ❝❛♥t✐❞❛❞ ❡♥ ❢✉♥❝✐ó♥
❞❡❧ ♣r❡❝✐♦ ② s✉♠❛♠♦s✱ ✈❡❛♠♦s ✉♥ ❡❥❡♠♣❧♦ ♣❛r❛ ❛t❡rr✐③❛r ❡st❛ ✐❞❡❛✳

❙✉♣♦♥❣❛♠♦s ✉♥ ❜✐❡♥ q✉❡ ♣r❡s❡♥t❛ ❧❛ ❞❡♠❛♥❞❛ ❞❡ ✷ ✐♥❞✐✈✐❞✉♦s✱ ❧❛s ❝✉❛❧❡s s♦♥

x = 10 − p ② x2 = 20 − p✱ ❡♥t♦♥❝❡s ❧❛ ❞❡♠❛♥❞❛ ❞❡ ♠❡r❝❛❞♦ s❡rá✿
1

x1 = 10 − p
x2 = 20 − p
= X = 30 − 2p

✷✳✻ ▼♦❞❡❧♦ ❞❡ ❝♦♥s✉♠♦ ✐♥t❡rt❡♠♣♦r❛❧

❊❧ ♠♦❞❡❧♦ ❞❡❧ ❝♦♥s✉♠✐❞♦r q✉❡ ♣r❡s❡♥t❛♠♦s ❛♥t❡r✐♦r♠❡♥t❡ ❡s út✐❧ ❡♥ ❝✉❛♥t♦ ♥♦s
❞✐❝❡ ❡♥ ✉♥ ♠♦♠❡♥t♦ ❞❡t❡r♠✐♥❛❞♦ ❝✉❛♥t♦ ❝♦♥s✉♠✐rá ❝❛❞❛ ✐♥❞✐✈✐❞✉♦ ❞❡ ❝❛❞❛ ❜✐❡♥✱ ♦
❛❧ ♠❡♥♦s ♥♦s ❛②✉❞❛ ❛ ✈❡r ❝♦♠♦ ❧♦s ❛❣❡♥t❡s s✐st❡♠❛t✐③❛♥ s✉ ❞❡❝✐s✐ó♥ ❞❡ ❝♦♥s✉♠♦✳ ❉❡
t♦❞❛s ❢♦r♠❛s ❡❧ ♠♦❞❡❧♦ ❛♥t❡r✐♦r♠❡♥t❡ ❛s✉♠❡ ✐♠♣❧í❝✐t❛♠❡♥t❡ ✉♥ ❡s❝❡♥❛r✐♦ ❡stát✐❝♦✱

P❛✁
❣✐♥❛ ✼✹ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❡❧ ❛❣❡♥t❡ ❞❡❝✐❞❡ ❡♥ ✉♥ ♠♦♠❡♥t♦ ❞❡t❡r♠✐♥❛❞♦ ❞❡❧ t✐❡♠♣♦ s✐♥ ❝♦♥s✐❞❡r❛r ♣♦r ❡❥❡♠♣❧♦
❝♦♠♦ ❝❛♠❜✐❛rí❛ s✉ ❝♦♥s✉♠♦ s✐ s❛❜❡ q✉❡ ❡♥ ✉♥ ♣❛r ❞❡ ♠❡s❡s r❡❝✐❜✐rá ✉♥ s❤♦❝❦ ❞❡
✐♥❣r❡s♦s✳

❊♥t♦♥❝❡s ♣❛r❛ r❡s♣♦♥❞❡r ❛ ♣r❡❣✉♥t❛s q✉❡ ♥❛❝❡♥ ❞❡s❞❡ ❡❧ tr❛t❛r ❞❡ ❝♦♠♣r❡♥❞❡r ❧❛

❞❡❝✐s✐ó♥ ❞❡ ❝♦♥s✉♠♦ ❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s ❞❡s❞❡ ✉♥ ❡s❝❡♥❛r✐♦ t❡♠♣♦r❛❧✱ s❡ ♥♦s ♣r❡s❡♥t❛
❡❧ ♠♦❞❡❧♦ ❞❡ ❝♦♥s✉♠♦ ✐♥t❡rt❡♠♣♦r❛❧✱ q✉❡ ♥♦ ❡s ♠ás q✉❡ ✉♥❛ ❡①t❡♥s✐ó♥ ❞❡ ❧♦ ②❛
❡st✉❞✐❛❞♦ ❤❛st❛ ❡❧ ♠♦♠❡♥t♦✱ ❞♦♥❞❡ ❛❤♦r❛ ♥✉❡str♦ ❛❣❡♥t❡ ❡s❝♦❣❡rá ❡♥tr❡ ❝♦♥s✉♠♦
♣r❡s❡♥t❡ ❝♦♥s✉♠♦ ❢✉t✉r♦
② ✳

P❛rt❛♠♦s ❡♥t♦♥❝❡s r❡✈✐s❛♥❞♦ ❧♦s s✉♣✉❡st♦s ❞❡ ❡st❡ ♥✉❡✈♦ ♠♦❞❡❧♦✳

✷✳✻✳✶ ❙✉♣✉❡st♦s ❞❡❧ ▼❈■

❊♥ ❡❧ ❝❛s♦ ❞❡❧ ▼♦❞❡❧♦ ❞❡ ❈♦♥s✉♠♦ ■♥t❡rt❡♠♣♦r❛❧✱ t❡♥❞r❡♠♦s ❧♦s s✐❣✉✐❡♥t❡s s✉✲
♣✉❡st♦s✿

❊❧ ❛❣❡♥t❡ q✉❡ ❡st✉❞✐❛r❡♠♦s ❡s ✉♥ ❛❣❡♥t❡ r❡♣r❡s❡♥t❛t✐✈♦ ✱ ❡s ❞❡❝✐r✱ s✉s ❡❧❡❝✲

❝✐♦♥❡s r❡♣r❡s❡♥t❛rá♥ ❧❛s ❡❧❡❝❝✐♦♥❡s ❞❡ ✉♥ ❞❡t❡r♠✐♥❛❞♦ ❣r✉♣♦ ② ♥♦ ❡❧❡❝❝✐♦♥❡s
✐♥❞✐✈✐❞✉❛❧❡s✳

❊❧ ✐♥❞✐✈✐❞✉♦ s♦❧♦ ✈✐✈❡ ❞♦s ♣❡r✐♦❞♦s✿ T1 ② T2 ✳ ▲♦s ❝✉❛❧❡s ✈❛♥ ❛ ❛s♦❝✐❛❞♦s ❛ ❞♦s
♥✐✈❡❧❡s ❞❡ ❝♦♥s✉♠♦ C1 ② C1 r❡s♣❡❝t✐✈❛♠❡♥t❡✳

❊❧ ❛❣❡♥t❡ ❞✐s♣♦♥❡ ❞❡ ✉♥❛ ❞♦t❛❝✐ó♥ ❞❡ ❞✐♥❡r♦ ❡♥ ❝❛❞❛ ♣❡r✐♦❞♦✱ Y1 ✱ Y2 r❡s♣❡❝t✐✲

✈❛♠❡♥t❡✳

▲♦s ♣r❡❝✐♦s ❡stá♥ ❞❛❞♦s ✱ ❡s ❞❡❝✐r✱ ❡❧ ❛❣❡♥t❡ ❛❝❡♣t❛ ❧♦s ♣r❡❝✐♦s ❞❡ ♠❡r❝❛❞♦✱
❧♦ ❛s✉♠✐r❡♠♦s ♣♦r ❛❤♦r❛ ❝♦♠♦ Pt=1 = 1 ② Pt=2 = 2✳

❊❧ ❛❣❡♥t❡ ❡s ❝❛♣❛③ ❞❡ r❡❧❡✈❛r♥♦s s✉s♣r❡❢❡r❡♥❝✐❛s ✱ ❡s ❞❡❝✐r✱ ❡s ❝❛♣❛③ ❞❡ ❞❡❝✐r✲

♥♦s q✉é ❝❛♥❛st❛ ♣r❡✜❡r❡ ❡♥tr❡ ✉♥ ❣r✉♣♦ ❞❡ ❡st❛s✳

❋✐♥❛❧♠❡♥t❡✱ ❛s✉♠✐r❡♠♦s q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❡s r❛❝✐♦♥❛❧✳ P❛r❛ s❡r r❛❝✐♦♥❛❧ ✉♥

✐♥❞✐✈✐❞✉♦ ❞❡❜❡ ❝✉♠♣❧✐r ❞♦s ❝♦♥❞✐❝✐♦♥❡s✿

✶✳ ❉❡❜❡ t❡♥❡r ♣r❡❢❡r❡♥❝✐❛s ❝♦♠♣❧❡t❛s

✷✳ ❉❡❜❡ t❡♥❡r ♣r❡❢❡r❡♥❝✐❛s tr❛♥s✐t✐✈❛s

✷✳✻✳✷ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✐♥t❡rt❡♠♣♦r❛❧

❆❧ ✐❣✉❛❧ ❝♦♠♦ ❧♦ ❡st✉❞✐❛♠♦s ❡♥ ❧❛ t❡♦rí❛ ❞❡❧ ❝♦♥s✉♠✐❞♦r ❞❡ ❡❧❡❝❝✐ó♥ ❞❡ ❝♦♥s✉♠♦
❞❡ ✷ ❜✐❡♥❡s✱ ❡♥ ❡st❡ ♠♦❞❡❧♦ ❞❡✜♥✐♠♦s ✉♥❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ q✉❡ r❡♣r❡✲
s❡♥t❛rá t♦❞❛s ❧❛s ❝❛♥❛st❛s ❞❡ ❝♦♥s✉♠♦ ♣r❡s❡♥t❡ ② ❢✉t✉r♦ ❛ ❧❛s q✉❡ ♣✉❡❞❡ ❛❝❝❡❞❡r
❡❧ ❝♦♥s✉♠✐❞♦r ❞❛❞♦ ❞❡t❡r♠✐♥❛❞♦s ♣❛rá♠❡tr♦s✱ s✉ ❝♦♠♣r❡♥s✐ó♥ ♥♦ ❞❡❜❡rí❛ s❡r ❛❧❣♦
❝♦♠♣❧❡t❛♠❡♥t❡ ♥✉❡✈♦✳

P❛✁
❣✐♥❛ ✼✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❆s✉♠❛♠♦s ♣r✐♠❡r♦ ❧❛ ❛✉s❡♥❝✐❛ ❞❡ ✉♥ s✐st❡♠❛ ✜♥❛♥❝✐❡r♦ q✉❡ ♥♦s ♣❡r♠✐t❛ ❛❤♦rr❛r

♦ ❡♥❞❡✉❞❛r♥♦s✱ ❞❡❜❡r❡♠♦s ❝♦♥s✉♠✐r ❡♥ ❝❛❞❛ ♣❡r✐♦❞♦ ❡❧ ✐♥❣r❡s♦ q✉❡ t❡♥❡♠♦s ❛s✐❣♥❛✲
❞♦✱ ❡s ❞❡❝✐r✱ ❡♥ T1 ♥✉❡str♦ ❝♦♥s✉♠♦ ✭C1 ✮ s❡rá Y1 ✱ ♠✐❡♥tr❛s q✉❡ ❡♥ T2 ♥✉❡str♦ ❝♦♥s✉♠♦
✭C2 ✮ s❡rá Y2 ✱ ❡s ❞❡❝✐r✱ ❝♦♥s✉♠✐r❡♠♦s ♥✉❡str❛ ❞♦t❛❝✐ó♥ ✐♥✐❝✐❛❧✳ ●rá✜❝❛♠❡♥t❡✿

C2

Y* 2

C1
Y*1

❋✐❣✉r❛ ✷✳✷✾✿ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ s✐♥ ♠❡r❝❛❞♦ ✜♥❛♥❝✐❡r♦

❙✉♣♦♥❣❛♠♦s ❛❤♦r❛ q✉❡ ❤❛② ✉♥ s✐st❡♠❛ ✜♥❛♥❝✐❡r♦ q✉❡ ♥♦s ♣❡r♠✐t❡ ❛❤♦rr❛r
♦ ❡♥❞❡✉❞❛r♥♦s ❛ ✉♥❛ t❛s❛ ❞❡ ✐♥t❡rés r✳ ❊st♦ s✐❣♥✐✜❝❛✱ q✉❡ ♥✉❡str♦ ❛❣❡♥t❡ ♣✉❡❞❡
❛❤♦rr❛r t♦❞♦ s✉ ✐♥❣r❡s♦ Y1 ❡♥ ❡❧ ♣❡r✐♦❞♦ T1 ② ❡♥ ❡❧ ♣❡r✐♦❞♦ T2 t❡♥❞rá ✉♥ ✐♥❣r❡s♦ ❞❡
(1 + r)Y1 + Y2 ✱ ♦ ❜✐❡♥✱ ♣✉❡❞❡ ❡♥❞❡✉❞❛rs❡ ♣♦r ❡❧ ✈❛❧♦r ♣r❡s❡♥t❡ ❞❡ s✉s ✐♥❣r❡s♦s ❢✉t✉r♦s✱
Y2
❡s ❞❡❝✐r✱ t❡♥❡r ✉♥ ✐♥❣r❡s♦ ❡♥ ❡❧ ♣❡r✐♦❞♦ T1 ❞❡ Y1 + ✳ ❉❡ ❡st❛ ❢♦r♠❛✱ s✐ ✉♥✐✲
(1 + r)
♠♦s ❡st♦s ❞♦s ♣✉♥t♦s✱ ❢♦r♠❛r❡♠♦s ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✐♥t❡rt❡♠♣♦r❛❧✳

P❛r❛ ♦❜t❡♥❡r ♠❛t❡♠át✐❝❛♠❡♥t❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ❝♦♥s✐❞❡r❡♠♦s q✉❡

❡♥ ❡❧ ♣❡r✐♦❞♦ T1 ✱ ♥✉❡str♦ ✐♥❣r❡s♦ Y1 ❧♦ ♣♦❞❡♠♦s ❞❡st✐♥❛r ❛ ❝♦♥s✉♠♦ C1 ♦ ❜✐❡♥ ❛
❛❤♦rr♦ S ✶✺ ✳ ❊s ❞❡❝✐r✿
Y1 = C 1 + S ✭✷✳✻✳✷✳✶✮
P♦r ♦tr♦ ❧❛❞♦✱ s❛❜❡♠♦s q✉❡ ❡❧ ✐♥❣r❡s♦ q✉❡ ♥♦s q✉❡❞❡ ❡♥ T2 s❡rá t♦t❛❧♠❡♥t❡ ❞❡s✲
t✐♥❛❞♦ ❛❧ ❝♦♥s✉♠♦ C2 ✭ ②❛ q✉❡ t♦❞♦ ❡❧ ✐♥❣r❡s♦ ❞❡❜❡ s❡r ❝♦♥s✉♠✐❞♦✱ ♥❛❞❛ s❡ ♣✐❡r❞❡✮✳
❊st❡ ✐♥❣r❡s♦ ❡♥ T2 ❡q✉✐✈❛❧❡ ❛❧ ✐♥❣r❡s♦ ❞❡❧ ♣❡r✐♦❞♦ Y1 ♠ás ❡❧ ❛❤♦rr♦ ❛❝t✉❛❧✐③❛❞♦ ♣♦r
❧♦s ✐♥t❡r❡s❡s✳ ❊s ❞❡❝✐r✿
C2 = Y2 + (1 + r)S ✭✷✳✻✳✷✳✷✮
✶✺ ❊st❡ tér♠✐♥♦ r❡♣r❡s❡♥t❛ t❛♥t♦ ❞❡✉❞❛ ❝♦♠♦ ❛❤♦rr♦✱ ❞❡♣❡♥❞✐❡♥❞♦ ❞❡❧ s✐❣♥♦✳ P♦r ❝♦♥✈❡♥❝✐ó♥ s✐
❡s ♣♦s✐t✐✈♦ s✐❣♥✐✜❝❛rá ❛❤♦rr♦ ② s✐ ❡s ♥❡❣❛t✐✈♦ s✐❣♥✐✜❝❛rá ❞❡✉❞❛✳

P❛✁
❣✐♥❛ ✼✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❆❤♦r❛✱ s✐ ❞❡s♣❡❥❛♠♦s ❡❧ ❛❤♦rr♦ ❞❡ ❛♠❜❛s ❡❝✉❛❝✐♦♥❡s ♣♦❞❡♠♦s ❥✉♥t❛r❧❛s ② ❤❛❝❡r ✉♥❛
s♦❧❛ r❡str✐❝❝✐ó♥ ✐♥t❡rt❡♠♣♦r❛❧✳ ❊♥t♦♥❝❡s✱ ❞❡ ❛♠❜❛s ❡❝✉❛❝✐♦♥❡s s❡ ❞❡❞✉❝❡ q✉❡✿

S = Y1 − C 1 ✭✷✳✻✳✷✳✸✮

C2 Y2
S= − ✭✷✳✻✳✷✳✹✮
(1 + r) (1 + r)
■❣✉❛❧❛♥❞♦ ❛♠❜❛s ❡❝✉❛❝✐♦♥❡s t❡♥❡♠♦s✿

S=S
C2 Y2
Y1 − C 1 = −
(1 + r) (1 + r)
② ♦r❞❡♥❛♥❞♦ ❧❧❡❣❛♠♦s ✜♥❛❧♠❡♥t❡ ❛ ❧❛ ❡①♣r❡s✐ó♥ ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛rí❛✿

Y2 C2
Y1 + = C1 + ✭✷✳✻✳✷✳✺✮
(1 + r) (1 + r)
| {z } | {z }
■♥❣r❡s♦ ❡♥ ✈❛❧♦r ♣r❡s❡♥t❡ ❈♦♥s✉♠♦ ❡♥ ✈❛❧♦r ♣r❡s❡♥t❡

❉♦♥❞❡ ❧❛ ✐♥t❡r♣r❡t❛❝✐ó♥ ❡s ❧❛ ♠✐s♠❛ q✉❡ ②❛ ❡st✉❞✐❛♠♦s ❡♥ ❡❧ ♠♦❞❡❧♦s ❛♥t❡r✐♦r✱ ❡❧

❧❛❞♦ ✐③q✉✐❡r❞♦ r❡♣r❡s❡♥t❛ t♦❞♦ ❡❧ ✐♥❣r❡s♦ q✉❡ t✐❡♥❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❡♥ ❛♠❜♦s ♣❡r✐♦❞♦s
❡♥ ✈❛❧♦r ♣r❡s❡♥t❡✱ ♠✐❡♥tr❛s q✉❡ ❡❧ ❧❛❞♦ ❞❡r❡❝❤♦ ❡❧ ❣❛st♦ t♦t❛❧ ❡♥ ❝♦♥s✉♠♦ q✉❡ ❡❧
✐♥❞✐✈✐❞✉♦ ❞❡st✐♥❛ ❡♥ ❛♠♦s ♣❡r✐♦❞♦s✳

❊st♦ ♥♦s ❞✐❝❡ ✉♥❛ ✐♠♣♦rt❛♥t❡ ❝♦♥❝❧✉s✐ó♥✿ ❡❧ ✈❛❧♦r ❞❡❧ ✐♥❣r❡s♦ ♣r❡s❡♥t❡ ❞❡❜❡ s❡r
❡q✉✐✈❛❧❡♥t❡ ❛❧ ✈❛❧♦r ❞❡❧ ❝♦♥s✉♠♦ ♣r❡s❡♥t❡✱ ❡s ❞❡❝✐r✱ ❡❧ ✐♥❞✐✈✐❞✉♦ ♥✉♥❝❛ ❛✉♠❡♥t❛ ♦
❞✐s♠✐♥✉②❡ s✉ r✐q✉❡③❛ ❛ ❧♦ ❧❛r❣♦ ❞❡❧ t✐❡♠♣♦✱ s♦❧♦ ❧❛ ❞✐str✐❜✉②❡✳
❆❤♦r❛✱ ♣❛r❛ ♣♦❞❡r ❣r❛✜❝❛r ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✐♥t❡rt❡♠♣♦r❛❧ s♦❧♦ ❞❡✲
❜❡♠♦s ❞❡s♣❡❥❛r C2 ❞❡ ❧❛ ❡❝✉❛❝✐ó♥ ✱ ♦❜t❡♥✐❡♥❞♦✿

C2 = (1 + r)Y1 + Y2 − (1 + r)C1 ✭✷✳✻✳✷✳✻✮

❉♦♥❞❡ ✈❡♠♦s q✉❡ ❡❧ tér♠✐♥♦ q✉❡ ❛❝♦♠♣❛ñ❛ ❛ C1 ♥♦s ❞✐❝❡ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛

r❡❝t❛✱ s✐❡♥❞♦ ❡st❛ ♥❡❣❛t✐✈❛ ② ❞❡ ✈❛❧♦r −(1 + r)✶✻ ✳
●rá✜❝❛♠❡♥t❡✿
✶✻ ❉❡ ❡st♦ s❡ ❝♦♥❝❧✉②❡ q✉❡ ♠❛②♦r❡s t❛s❛s ❞❡ ✐♥t❡rés ❣❡♥❡r❛♥ r❡str✐❝❝✐♦♥❡s ♣r❡s✉♣✉❡st❛r✐❛s ✐♥t❡r✲

t❡♠♣♦r❛❧❡s ♠ás ❡♠♣✐♥❛❞❛s✱ ♠✐❡♥tr❛s q✉❡ ♠❡♥♦r❡s t❛s❛s ❣❡♥❡r❛♥ r❡str✐❝❝✐♦♥❡s ♠ás ♣❧❛♥❛s

P❛✁
❣✐♥❛ ✼✼ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

C2

(1  r )Y1  Y2

(1  r )Y1  Y2  (1  r )C1

Y2
Conjunto de
factibilidad

C1
Y1 
Y1 Y2
(1  r )

❋✐❣✉r❛ ✷✳✸✵✿ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❝♦♥ ♠❡r❝❛❞♦ ✜♥❛♥❝✐❡r♦

✷✳✻✳✷✳✶ ❊stát✐❝❛ ❝♦♠♣❛r❛t✐✈❛

P❡r♠✐t❛♠♦♥♦s ❤❛❝❡r ✉♥ ♣♦❝♦ ❞❡ ❡stát✐❝❛ ❝♦♠♣❛r❛t✐✈❛ ❝♦♥ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉✲

♣✉❡st❛r✐❛ ✐♥t❡rt❡♠♣♦r❛❧✱ ✈❡❛♠♦s ❝♦♠♦ ❝❛♠❜✐❛ ❡st❛ tr❛s ❝❛♠❜✐♦s ❡♥ ❧❛ t❛s❛ ❞❡ ✐♥t❡rés
r ♦ ❡♥ ❛❧❣✉♥♦ ❞❡ ❧♦s ♥✐✈❡❧❡s ❞❡ ✐♥❣r❡s♦ ❞❡ ❛❧❣ú♥ ♣❡r✐♦❞♦✳

❈❛♠❜✐♦s ❡♥ r✱ ❡s ❢á❝✐❧ ♦❜s❡r✈❛r q✉❡ −(1 + r) ❡s ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❡❝✉❛❝✐ó♥

q✉❡ ❞❡✜♥❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ➽q✉é ♣❛s❛ s✐ ❛✉♠❡♥t❛ r❄✱ s✐ ❛✉♠❡♥t❛
r ❡♥t♦♥❝❡s ❝❛♠❜✐❛r❛ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥✱ ♣❡r♦ ♥♦t❡♠♦s q✉❡ ❡❧ ♣✉♥t♦
❞❡♥tr♦ ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ (Y1 , Y2 ) ♥♦ ❝❛♠❜✐❛✱ ♣✉❡s ✐♥❞❡♣❡♥❞✐❡♥t❡
❞❡ ❧❛ t❛s❛ ❞❡ ✐♥t❡rés s✐ ♥♦ ♠❡ ❡♥❞❡✉❞♦ ♥♦ ❛❤♦rr♦ ♣♦❞ré ❛❝❝❡❞❡r ❝♦♠♦ ♠á①✐♠♦
❛ ❛q✉❡❧ ♣✉♥t♦✱ ❡♥t♦♥❝❡s ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❝❛♠❜✐❛r❛ s✉ ♣❡♥❞✐❡♥t❡
♣✐✈♦t❡❛♥❞♦ ❡♥t♦r♥♦ ❛ ❡st❡ ♣✉♥t♦✱ ❛♠♣❧✐❛♥❞♦ ❧❛s ♣♦s✐❜✐❧✐❞❛❞❡s ❞❡ ❝♦♥s✉♠♦ ❞❡❧
❢✉t✉r♦ ② r❡❞✉❝✐❡♥❞♦ ❧❛s ❞❡❧ ♣r❡s❡♥t❡
●rá✜❝❛♠❡♥t❡✿

P❛✁
❣✐♥❛ ✼✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

C2

(1  r*)Y1  Y2

(1  r )Y1  Y2

Con r*>r

Y2

C1
Y1 Y 
Y1 
Y2
(1  r*)
Y2
(1  r )
1

❋✐❣✉r❛ ✷✳✸✶✿ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ tr❛s ❝❛♠❜✐♦s ❡♥ r

❈❛♠❜✐♦s ❡♥ ❧♦s ♥✐✈❡❧❡s ❞❡ Yi ✱ ♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ ❧♦s ♥✐✈❡❧❡s ❞❡ ✐♥❣r❡s♦

r❡♣r❡s❡♥t❛♥ ❡❧ ❝♦❡✜❝✐❡♥t❡ ❞❡ ♣♦s✐❝✐ó♥ ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ② ♥♦
❛❢❡❝t❛♥ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❡st❛✱ ♣♦r t❛♥t♦ tr❛s ❝❛♠❜✐♦s ❡♥ ❡❧ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦✱
❡s♣❡r❛♠♦s q✉❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛ s❡ ♠✉❡✈❛ ♣❛r❛❧❡❧❛♠❡♥t❡✱ ♣♦r ❡❥❡♠♣❧♦
✉♥ ✐♥❝r❡♠❡♥t♦ ❡♥ Y1 ❝❛♠❜✐❛rí❛ ❣r❛✜❝❛♠❡♥t❡ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

C2

(1  r )Y1 * Y2

(1  r )Y1  Y2 Con Y1*>Y1

C1
Y1  Y1 *  2
Y2
(1  r )
Y
(1  r )

❋✐❣✉r❛ ✷✳✸✷✿ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ tr❛s ❝❛♠❜✐♦s ❡♥ Y1

P❛✁
❣✐♥❛ ✼✾ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
✷✳✻✳✸ ❊❧❡❝❝✐ó♥ ✐♥t❡rt❡♠♣♦r❛❧
➽P❡r♦ q✉é ♥✐✈❡❧ ❞❡ ❝♦♥s✉♠♦ ❞❡❝✐❞✐rá ❡❧ ❛❣❡♥t❡❄✳ P❛r❛ ✈❡r ❡st♦✱ s♦❧♦ ❜❛st❛ ❡♥❝♦♥✲
tr❛r ❡♥ q✉é ♣✉♥t♦ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✐♥t❡rt❡♠♣♦r❛❧ ❡s t❛♥❣❡♥t❡ ❛ ❧❛ ❝✉r✈❛
❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❞❡❧ ❛❣❡♥t❡✳

❆ ♠♦❞♦ ❣❡♥❡r❛❧ ♣✉❡❞❡♥ ❞❛r tr❡s ❝❛s♦s✿

◗✉❡ ❡❧ ❡q✉✐❧✐❜r✐♦ s❡ ❞é ❡♥ ❧❛ ❞♦t❛❝✐ó♥ ✐♥✐❝✐❛❧✱ ❞♦♥❞❡ ♥♦ ❤❛② ❛❤♦rr♦ ♦ ❞❡✉❞❛✳

●rá✜❝❛♠❡♥t❡✿

C2

(1  r )Y1  Y2

(1  r )Y1  Y2  (1  r )C1

Y2

C1
Y1 
Y1 Y2
(1  r )

❋✐❣✉r❛ ✷✳✸✸✿ ❊q✉✐❧✐❜r✐♦ s✐♥ ❛❤♦rr♦ ♥✐ ❞❡✉❞❛

◗✉❡ ❡❧ ❡q✉✐❧✐❜r✐♦ s❡ ❞é ❛ ❧❛ ✐③q✉✐❡r❞❛ ❞❡ ❧❛ ❞♦t❛❝✐ó♥ ✐♥✐❝✐❛❧✳ ❉❡ ❡st❛ ❢♦r♠❛ ❡❧

✐♥❞✐✈✐❞✉♦ ❛❤♦rr❛ ❡♥ ❡❧ ♣r✐♠❡r ♣❡r✐♦❞♦✱ ❡♥t♦♥❝❡s ❡❧ ✐♥❞✐✈✐❞✉♦ ❡s ✳ ❛❝r❡❡❞♦r
●rá✜❝❛♠❡♥t❡✿

P❛✁
❣✐♥❛ ✽✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

C2

(1  r )Y1  Y2

(1  r )Y1  Y2  (1  r )C1
C*2
Desahorro

Y2

C1
Y1 
C*1 Y1 Y2
Ahorro (1  r )

❋✐❣✉r❛ ✷✳✸✹✿ ❊q✉✐❧✐❜r✐♦ ❝♦♥ ❛❤♦rr♦

◗✉❡ ❡❧ ❡q✉✐❧✐❜r✐♦ s❡ ❞é ❛ ❧❛ ❞❡r❡❝❤❛ ❞❡ ❧❛ ❞♦t❛❝✐ó♥ ✐♥✐❝✐❛❧✳ ❉❡ ❡st❛ ❢♦r♠❛✱ ❡❧

✐♥❞✐✈✐❞✉♦ s❡ ❡♥❞❡✉❞❛ ❡♥ ❡❧ ♣r✐♠❡r ♣❡r✐♦❞♦✱ ❡♥t♦♥❝❡s ❡❧ ✐♥❞✐✈✐❞✉♦ ❡s ✳ ❞❡✉❞♦r
●rá✜❝❛♠❡♥t❡✿

C2

(1  r )Y1  Y2

(1  r )Y1  Y2  (1  r )C1
Paga deuda

Y2

C*2

C1
Y1 
Y1 C*1 Y2
Deudo (1  r )

❋✐❣✉r❛ ✷✳✸✺✿ ❊q✉✐❧✐❜r✐♦ ❝♦♥ ❞❡✉❞❛

❋♦r♠❛❧✐❝❡♠♦s ✉♥ ♣♦❝♦ ♠ás ❡st❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦✱ t❛❧ ❝♦♠♦ ❧♦ ❤✐❝✐♠♦s ♣❛r❛
❡❧ ♠♦❞❡❧♦ ❛♥t❡r✐♦r✱ ✉s❛♠♦s q✉❡ ❡①✐st❡ ✉♥❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ ❞♦♥❞❡ r❡♣r❡s❡♥t❛ ❧❛s
♣r❡❢❡r❡♥❝✐❛s ❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s ♣♦r ❡❧ ❝♦♥s✉♠♦ ❡♥ ❡❧ ♣❡r✐♦❞♦ ✶ c1 ② ♣♦r ❡❧ ❝♦♥s✉♠♦

P❛✁
❣✐♥❛ ✽✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❞❡❧ ♣❡r✐♦❞♦ ✷ c2 ✱ ❡st❛ ❡s✿
u(c1 , c2 ) ✭✷✳✻✳✸✳✶✮
P♦❞❡♠♦s ❡♥t♦♥❝❡s✱ ❞❡s❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ ❝♦♥♦❝❡r ❧❛s ✉t✐❧✐❞❛❞❡s ♠❛r❣✐♥❛❧❡s ❞❡
❝♦♥s✉♠✐r ❡♥ ❝❛❞❛ ♣❡r✐♦❞♦✱ ❡st♦ ❞❡s❞❡ ❞❡r✐✈❛r r❡s♣❡❝t♦ ❛ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s ❝♦♥s✉♠♦s
❧❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ ❞❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛ q✉❡ ❧♦ ❤✐❝✐♠♦s ♣❛r❛ ❡❧ ♠♦❞❡❧♦ ❞❡ ❝♦♥s✉♠♦
❛♥t❡r✐♦r♠❡♥t❡✱ ❡♥t♦♥❝❡s t❡♥❞r❡♠♦s✿

∂u(c1 , c2 )
= U mgc1 ✭✷✳✻✳✸✳✷✮
∂c1
②
∂u(c1 , c2 )
= U mgc2 ✭✷✳✻✳✸✳✸✮
∂c2
❨ t❛❧ ❝♦♠♦ ②❛ ❧♦ ❤✐❝✐♠♦s✱ ♣♦❞❡♠♦s ❡①♣r❡s❛r ❧❛ T M Sc1 ,c2 ✱ q✉❡ ❡s ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡
❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ ❝♦♠♦ ❧❛ ❞✐✈✐s✐ó♥ ❞❡ ❧❛s ✉t✐❧✐❞❛❞❡s ♠❛r❣✐♥❛❧❡s✱ ❞❡ t❛❧ ❢♦r♠❛
t❡♥❡♠♦s✿
U mgc1
T M Sc1 ,c2 = ✭✷✳✻✳✸✳✹✮
U mgc2
❋✐♥❛❧♠❡♥t❡✱ ♣♦❞❡♠♦s ♦❜s❡r✈❛r ❣rá✜❝❛♠❡♥t❡ q✉❡ ❧❛ ❡♥ ❡q✉✐❧✐❜r✐♦ s❡ ❝✉♠♣❧❡ q✉❡ ❧❛
♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✐♥t❡rt❡♠♣♦r❛❧ (1 + r)✱ ❡s t❛♥❣❡♥t❡ ❛ ❧❛
♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ T M Sc1 ,c2 ✱ ♣♦r t❛♥t♦ ❡♥ ❡❧ ♠♦❞❡❧♦ ❞❡ ❝♦♥s✉♠♦
✐♥t❡rt❡♠♣♦r❛❧✱ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡s ✿

(1 + r) = T M Sc1 ,c2 ✭✷✳✻✳✸✳✺✮

q✉❡ ❧❛ ♣♦❞❡♠♦s ❡①♣r❡s❛r ❝♦♠♦✿

U mgc1
(1 + r) = ✭✷✳✻✳✸✳✻✮
U mgc2
❈♦♥❞✐❝✐ó♥ q✉❡ ♣♦❞❡♠♦s ❡s❝r✐❜✐r ♣❛r❛ ❢❛❝✐❧✐t❛r s✉ ❝♦♠♣r❡s✐ó♥ ❞❡ ❧❛ ❢♦r♠❛✿
U mgc1
U mgc2 = ✭✷✳✻✳✸✳✼✮
(1 + r)

❘❡❝♦r❞❡♠♦s q✉❡ ❛s✉♠✐♠♦s ❧♦s ♣r❡❝✐♦s ❞❡ ❝❛❞❛ ♣❡r✐♦❞♦ ✐❣✉❛❧❡s ❛ ✶✱ t❛♠❜✐é♥ ❡s út✐❧ r❡✲
U mgx1 U mgx2
❝♦r❞❛r q✉❡ ❛♥t❡r✐♦r♠❡♥t❡ ❧❧❡❣❛♠♦s ❛ q✉❡ ❡♥ ❡q✉✐❧✐❜r✐♦ s❡ ❝✉♠♣❧✐❛✿ = ✳
p1 p2
❊♥ ❡s❡♥❝✐❛ ❧❛ ♥✉❡✈❛ ❝♦♥❞✐❝✐ó♥ q✉❡ ❡♥❝♦♥tr❛♠♦s ❡s ✐❞é♥t✐❝❛ ❛ ❧❛ ❛♥t❡r✐♦r✳

❊st❛ ♥✉❡✈❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ♥♦s ❞✐❝❡ q✉❡✿ ❡❧ ❛❣❡♥t❡ ❞✐str✐❜✉✐rá s✉ ❝♦♥s✉♠♦

❡♥tr❡ ❡❧ ♣❡r✐♦❞♦ ✶ ② ✷✱ ❞❡ t❛❧ ❢♦r♠❛ q✉❡ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ♣♦r ♣❡s♦ ❣❛st❛❞♦ ❞❡

❝♦♥s✉♠✐r ❡♥ ❡❧ ♣❡r✐♦❞♦ ✷✱ s❡ ✐❣✉❛❧❡ ❛ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ❞❡ ❝♦♥s✉♠✐r ❡♥ ❡❧ ♣❡r✐♦❞♦

✶ ✳

❊s ✐♠♣♦rt❛♥t❡ ♦❜s❡r✈❛r q✉❡ ♣♦❞❡♠♦s ✈❡r ❧❛ t❛s❛ ❞❡ ✐♥t❡rés ❝♦♠♦ ✉♥ ❝♦st♦ ❞❡

♦♣♦rt✉♥✐❞❛❞ ❛s♦❝✐❛❞♦ ❛ ❝♦♥s✉♠✐r ❡♥ ❡❧ ♣r✐♠❡r ♣❡r✐♦❞♦✱ ♣✉❡s s✐ ②♦ ❝♦♥s✉♠♦ ❡♥ ❡❧

P❛✁
❣✐♥❛ ✽✷ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
♣r❡s❡♥t❡ ❡st♦② ♣❡r❞✐❡♥❞♦ ❧❛ ♦♣♦rt✉♥✐❞❛❞ ❞❡ ❛❤♦rr❛r ❡s❡ ❞✐♥❡r♦ ② r❡❝✐❜✐r ❡♥ ❡❧ ❢✉t✉r♦
❡❧ r❡t♦r♥♦ ❞❛❞♦ ♣♦r ❧❛ t❛s❛ ❞❡ ✐♥t❡rés✱ ❧♦ ♣♦❞❡♠♦s ❡♥t❡♥❞❡r ❡♥t♦♥❝❡s ❝♦♠♦ ❡❧ ♣r❡❝✐♦
❞❡ ❝♦♥s✉♠✐r ❡♥ ❡s❡ ♣❡r✐♦❞♦✳

❋✐♥❛❧♠❡♥t❡ ❡s ✐♠♣♦rt❛♥t❡ ♠❡♥❝✐♦♥❛r q✉❡ ❡♥ ❡st❡ ♠♦❞❡❧♦ ✐❣✉❛❧ ♣♦❞❡♠♦s ♦❜s❡r✈❛r

✐♥❞✐✈✐❞✉♦s ❝♦♥ ♣r❡❢❡r❡♥❝✐❛s ♣♦r ❡❧ ❝♦♥s✉♠♦ ♣r❡s❡♥t❡ ♦ ❢✉t✉r♦ ❝♦♠♦ ❝♦♠♣❧❡♠❡♥t♦s
♣❡r❢❡❝t♦s ♦ s✉st✐t✉t♦s ♣❡r❢❡❝t♦s✱ ❡s ❡st❡ ❡s❝❡♥❛r✐♦ ♣❛r❛ ❡♥❝♦♥tr❛r ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡
♦♣t✐♠❛❧✐❞❛❞ ❜❛st❛rí❛ ❝♦♥ ❛♣❧✐❝❛r ❧❛ ♠❡t♦❞♦❧♦❣í❛ q✉❡ ②❛ ❛♣r❡♥❞✐♠♦s ❡♥ ❧❛ s❡❝❝✐ó♥
✷✳✸✳✸✳

✷✳✼ ▼♦❞❡❧♦ ❞❡ ❖❝✐♦ ❈♦♥s✉♠♦

❊❧ ▼♦❞❡❧♦ ❞❡ ❖❝✐♦ ❈♦♥s✉♠♦ ❡s ♦tr❛ ❛♣❧✐❝❛❝✐ó♥ ❞❡❧ ▼♦❞❡❧♦ ❞❡ ❊❧❡❝❝✐ó♥ ❞❡❧ ❈♦♥✲
s✉♠✐❞♦r✱✳ ❞♦♥❞❡ s❡ ❜✉s❝❛ ❞❡t❡r♠✐♥❛r ❧❛ ♦❢❡rt❛ ❧❛❜♦r❛❧ ❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s✳

▲❛ ✐♥t✉✐❝✐ó♥ ❞❡trás ❞❡ ❡st❡ ♠♦❞❡❧♦ ❡s q✉❡ ❧❛s ♣❡rs♦♥❛s ❞❡st✐♥❛♥ s✉ ❤♦r❛ ❛ tr❛✲
❜❛❥❛r ♦ ❛ ❝♦♥s✉♠✐r ♦❝✐♦✱ ❡st❡ ú❧t✐♠♦ ❧♦ ♣♦❞❡♠♦s ❡♥t❡♥❞❡r ❝♦♠♦ ✉♥ ❜✐❡♥✱ s♦❜r❡ ❡❧
❝✉❛❧ ❡❧ ✐♥❞✐✈✐❞✉♦ ♣✉❡❞❡ ❞❡❝✐❞✐r ❝✉❛♥t♦ ❝♦♥s✉♠✐r ❞❡ é❧✱ ✉♥❛ ✈❡③ ❝♦♥♦❝❡♠♦s ❝✉❛♥t♦ ❡❧
✐♥❞✐✈✐❞✉♦ ❞❡♠❛♥❞❛ ❞❡ ♦❝✐♦ ❡♥t♦♥❝❡s ♣♦r ❞✐❢❡r❡♥❝✐❛ ♣♦❞❡♠♦s ♦❜t❡♥❡r ❝✉❛♥t♦ ❤♦r❛s
❞❡❞✐❝❛ ❛ tr❛❜❛❥❛r✳

❉❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛ q✉❡ ❡♥ ❧❛s s❡❝❝✐♦♥❡s ❛♥t❡r✐♦r❡s✱ ✈❡r❡♠♦s ❧♦s s✉♣✉❡st♦s ❞❡ ❡st❡
♠♦❞❡❧♦✱ ❝♦♥str✉✐r❡♠♦s ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ② ❧✉❡❣♦ ✈❡r❡♠♦s ❧❛ ❡❧❡❝❝✐ó♥ ❞❡
♦❝✐♦ ② ❝♦♥s✉♠♦ ♦♣t✐♠❛✳

✷✳✼✳✶ ❙✉♣✉❡st♦s ❞❡❧ ▼❖❈

❊❧ ▼♦❞❡❧♦ ❞❡ ❖❝✐♦ ❈♦♥s✉♠♦ t✐❡♥❡ ❧♦s s✐❣✉✐❡♥t❡s s✉♣✉❡st♦s✿

❊❧ ❛❣❡♥t❡ q✉❡ ❡s ❡st✉❞✐❛r❡♠♦s ❡s ✉♥ ❛❣❡♥t❡ r❡♣r❡s❡♥t❛t✐✈♦ ✱ ❡s ❞❡❝✐r✱ s✉s

❡❧❡❝❝✐♦♥❡s r❡♣r❡s❡♥t❛rá♥ ❧❛s ❡❧❡❝❝✐♦♥❡s ❞❡ ✉♥ ❞❡t❡r♠✐♥❛❞♦ ❣r✉♣♦ ② ♥♦ ❡❧❡❝❝✐♦♥❡s
✐♥❞✐✈✐❞✉❛❧❡s✳

❊❧ ❛❣❡♥t❡ ❞✐s♣♦♥❡ ❞❡ ✉♥❛ ❝❛♥t✐❞❛❞ ❞❡ t✐❡♠♣♦ T ✭♠❡❞✐❞❛ ❡♥ ❤♦r❛s✮ q✉❡ ❞❡❜❡

❞✐str✐❜✉✐r ❡♥tr❡ ❞❡❞✐❝❛r❧♦s ❛❧ ❖❝✐♦ ✭θ ✮ ♦ ❜✐❡♥ ❛❧ ❚r❛❜❛❥♦ ✭L✮✳ ❆❞❡♠ás✱ s❛❜❡♠♦s
q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❝♦♥s✉♠❡ ❜✐❡♥❡s q✉❡ t✐❡♥❡♥ ✉♥ ♣r❡❝✐♦✳

▲♦s ♣r❡❝✐♦s ❞❡ ❧♦s ❜✐❡♥❡s ❡stá♥ ❞❛❞♦s ✭❞✐❣❛♠♦s p ✮✱ ❡s ❞❡❝✐r✱ ❡❧ ❛❣❡♥t❡

❛❝❡♣t❛ ❧♦s ♣r❡❝✐♦s ❞❡ ♠❡r❝❛❞♦✳ ❆❞❡♠ás s❛❜❡♠♦s q✉❡ r❡❝✐❜❡ ✉♥ s❛❧❛r✐♦ w ♣♦r
❤♦r❛ ❞❡ tr❛❜❛❥♦✳

❊❧ ❛❣❡♥t❡ ❞✐s♣♦♥❡ ❛❞❡♠ás ❞❡ ✉♥ ✐♥❣r❡s♦ ♥♦ ❧❛❜♦r❛❧ ✭Y nl ✮✱ ❡❧ ❝✉❛❧ ♣r♦✈✐❡♥❡

❞❡ ❞✐✈❡rs❛s ❢✉❡♥t❡s ♥♦ r❡❧❛❝✐♦♥❛❞❛s ❝♦♥ ❡❧ tr❛❜❛❥♦✳

r❡❧❡✈❛r♥♦s s✉s ♣r❡❢❡r❡♥❝✐❛s✳

❊❧ ❛❣❡♥t❡ ❡s ❝❛♣❛③ ❞❡

❋✐♥❛❧♠❡♥t❡✱ ❛s✉♠✐r❡♠♦s q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❡s r❛❝✐♦♥❛❧✳

P❛✁
❣✐♥❛ ✽✸ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

✷✳✼✳✷ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛

P❛r❛ ❝♦♥str✉✐r ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❞❡ ♠♦❞❡❧♦ ❞❡ ♦❝✐♦ ② ❝♦♥s✉♠♦ ❞❡✲
❜❡♠♦s ❝♦♥s✐❞❡r❛r ✷ ❢❛♠✐❧✐❛s ❞❡ r❡str✐❝❝✐♦♥❡s q✉❡ t✐❡♥❡ ❡❧ ❛❣❡♥t❡✱ ✉♥❛ r❡str✐❝❝✐ó♥
♠♦♥❡t❛r✐♦✱ ❡❧ ❛❣❡♥t❡ ♥♦ ♣✉❡❞❡ ❣❛st❛r ♠❛s ❞✐♥❡r♦ ❞❡❧ q✉❡ ❣❡♥❡r❛ ❝♦♠♦ ✐♥❣r❡s♦s✱ ②
✉♥❛ r❡str✐❝❝✐ó♥ t❡♠♣♦r❛❧✱ ❡♥tr❡ ♦❝✐♦ ② ❝♦♥s✉♠♦ ❡❧ ✐♥❞✐✈✐❞✉♦ ♥♦ ♣✉❡❞❡ ❣❛st❛r ♠ás
❤♦r❛s q✉❡ ❡❧ t♦t❛❧ ❞❡ t✐❡♠♣♦ q✉❡ t✐❡♥❡ T ✳

❈♦♥str✉②❛♠♦s ❡♥t♦♥❝❡s ❝❛❞❛ ✉♥❛ ❞❡ ❡st❛s r❡str✐❝❝✐♦♥❡s✿

❘❡str✐❝❝✐ó♥ ♠♦♥❡t❛r✐❛✿ ❊❧ ✐♥❞✐✈✐❞✉♦ ❡♥t♦♥❡s ♥♦ ♣✉❡❞❡ ❣❛st❛r ❡♥ ❝♦♥s✉♠✐r

♠❛s ❞❡ q✉❡ ❣❡♥❡r❛ ❝♦♠♦ ✐♥❣r❡s♦s✱ s❛❜❡♠♦s q✉❡ ✉♥❛ ♣❛rt❡ ❞❡ ❧♦s ✐♥❣r❡s♦s ❡s
✐♥❞❡♣❡♥❞✐❡♥t❡ ❞❡ ❧❛s ❤♦r❛s ♥♦ tr❛❜❛❥❛❞❛s ② ❝♦rr❡s♣♦♥❞❡ ❛❧ ✐♥❣r❡s♦ ♥♦ ❧❛❜♦r❛❧
Ynl ✱ ② ❣❡♥❡r❛ ✐♥❣r❡s♦s ♣♦r ❧❛s ❤♦r❛s tr❛❜❛❥❛❞❛s✱ ♣♦r t❛♥t♦ s✐ tr❛❜❛❥❛ L ❤♦r❛s ② ❡❧
♠❡r❝❛❞♦ r❡♠✉♥❡r❛ ❧❛ ❤♦r❛ tr❛❜❛❥❛ ❡♥ w✱ s✉ s❛❧❛r✐♦ ❧❛❜♦r❛❧ s❡rá Lw✱ ✜♥❛❧♠❡♥t❡
s❛❜❡♠♦s q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❣❛st❛ ❡♥ ❝♦♥s✉♠✐r ❜✐❡♥❡s C ❛ ✉♥ ♣r❡❝✐♦ p✱ s✉ ❣❛st♦
❡s ❡♥t♦♥❝❡s pC ✱ ❧♦ ❛♥t❡r✐♦r ❣❡♥❡r❛ ❧❛ s✐❣✉✐❡♥t❡ r❡str✐❝❝✐ó♥ ♠♦♥❡t❛r✐❛✿

wL + Y = pC ✭✷✳✼✳✷✳✶✮
| {z nl} |{z}
Ingresos Gasto

❘❡str✐❝❝✐ó♥ t❡♠♣♦r❛❧✿ ❙❛❜❡♠♦s ❛❞❡♠❛s q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ r❡♣❛rt❡ s✉s ❤♦r❛s

T ❡♥tr❡ tr❛❜❛❥❛r l ② ❝♦♥s✉♠✐r ♦❝✐♦ θ✱ ♣♦r ❧♦ q✉❡ ❞❡❜❡ ❝✉♠♣❧✐rs❡✿

T =l+ω ✭✷✳✼✳✷✳✷✮

❉❡ ❧❛ r❡str✐❝❝✐ó♥ t❡♠♣♦r❛❧ ♣♦❞❡♠♦s ❞❡s♣❡❥❛r l✱ ♦❜t❡♥✐❡♥❞♦✿

l =T +θ

r❡❡♠♣❧❛③❛♥❞♦ ❡st♦ ú❧t✐♠♦ ❡♥ ❧❛ r❡str✐❝❝✐ó♥ ♠♦♥❡t❛r✐❛ ♦❜t❡♥❡♠♦s ❧❛ r❡str✐❝❝✐ó♥ ❞❡❧

♠♦❞❡❧♦ ♦❝✐♦ ② ❝♦♥s✉♠♦ ❝♦♥s♦❧✐❞❛❞❛✿

w(t − θ) + Ynl = pC

② r❡♦r❞❡♥❛♥❞♦ t❡♥❡♠♦s✿
wt + Ynl = pC + wθ ✭✷✳✼✳✷✳✸✮
❊st❛ ú❧t✐♠❛ ❡❝✉❛❝✐ó♥ ❡s s✐♠✐❧❛r ❛ ❧❛s r❡str✐❝❝✐♦♥❡s ♣r❡s✉♣✉❡st❛r✐❛s ②❛ ❝♦♥str✉✐❞❛s
❛♥t❡r✐♦r♠❡♥t❡✱ ❡s ❞✐r❡❝t♦ ♦❜s❡r✈❛r q✉❡ ❡❧ ❧❛❞♦ ✐③q✉✐❡r❞♦ ❝♦rr❡s♣♦♥❞❡ ❛❧ ♥✐✈❡❧ ❞❡
✐♥❣r❡s♦s q✉❡ ♣✉❡❞❡ ❛❝❝❡❞❡r ❡❧ ✐♥❞✐✈✐❞✉♦✱ ♠✐❡♥tr❛s ❡❧ ❧❛❞♦ ❞❡r❡❝❤♦ ❝♦rr❡s♣♦♥❞❡ ❛ ❧♦s
❜✐❡♥❡s ❡♥tr❡ ❧♦s ❝✉❛❧❡s ❞❡❜❡ ❡s❝♦❣❡r ❡❧ ✐♥❞✐✈✐❞✉♦ ♠✉❧t✐♣❧✐❝❛❞♦ ♣♦r s✉s r❡s♣❡❝t✐✈♦s
♣r❡❝✐♦s✳ ◆♦t❛r q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡❧ ♦❝✐♦ ❝♦rr❡s♣♦♥❞❡ ❛❧ ♥✐✈❡❧ ❞❡ s❛❧❛r✐♦s✱ ➽♣♦r
q✉é❄✱ ❡st♦ s❡ ❞❡❜❡ ❛ q✉❡ ❡❧ s❛❧❛r✐♦ r❡♣r❡s❡♥t❛ ❡❧ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞ ❞❡ ♥♦
tr❛❜❛❥❛r✱ ❝✉❛♥❞♦ ❝♦♥s✉♠♦ ♦❝✐♦ ❞❡❥♦ ❞❡ tr❛❜❛❥❛r✱ ② ❝✉❛♥❞♦ ❞❡❥♦ ❞❡ tr❛❜❛❥❛r ❞❡❥♦ ❞❡
r❡❝✐❜✐r ❡❧ s❛❧❛r✐♦ q✉❡ ♣❛❣❛ ❡❧ ♠❡r❝❛❞♦✱ ❡s ❞❡❝✐r s✉ ❝♦st♦✳
❆❤♦r❛ ♣♦❞❡♠♦s ❣r❛✜❝❛r ❧❛ r❡str✐❝❝✐ó♥ q✉❡ ♦❜t✉✈✐♠♦s ❡♥ ✉♥ ♣❧❛♥♦ (θ, C)✱ ♣❛r❛
❡❧❧♦ ❞❡s♣❡❥❛♠♦s C ❞❡ ♥✉❡str❛ r❡str✐❝❝✐ó♥ ♦❜t❡♥✐❡♥❞♦✿

P❛✁
❣✐♥❛ ✽✹ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

wT − wθ + Ynl
C=
p
❆❤♦r❛ ❜✐❡♥✱ ❝♦♠♦ ✉♥ s✉♣✉❡st♦ ❛❞✐❝✐♦♥❛❧✱ s❡ t✐❡♥❞❡ ❛ ❝♦♥s✐❞❡r❛r q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡
❧♦s ❜✐❡♥❡s ❞❡ ❝♦♥s✉♠♦ ❡s ✶✳ ❊st♦✱ ♠ás q✉❡ ✉♥ s✉♣✉❡st♦ ❡❝♦♥ó♠✐❝♦✱ ❡s ✉♥ s✉♣✉❡st♦
q✉❡ ❛②✉❞❛ ❛ s✐♠♣❧✐✜❝❛r ❧❛ ♠❛t❡♠át✐❝❛ r❡❧❛❝✐♦♥❛❞❛✳ ❊♥t♦♥❝❡s t❡♥❡♠♦s q✉❡✿

C = wT − wθ + Ynl ✭✷✳✼✳✷✳✹✮

❉❡ ❡st❛ ú❧t✐♠❛ ❡❝✉❛❝✐ó♥ ♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ q✉❡ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥

♣r❡s✉♣✉❡st❛r✐❛ ❝♦rr❡s♣♦♥❞❡ ❛ −w✶✼ ✳

●rá✜❝❛♠❡♥t❡ t❡♥❡♠♦s✿

Ynl + wT

Conjunto de
factibilidad
Ynl

O
T

❋✐❣✉r❛ ✷✳✸✻✿ ❘❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❞❡ ♠♦❞❡❧♦ ♦❝✐♦ ❝♦♥s✉♠♦

❊❧ ♠á①✐♠♦ ❝♦♥s✉♠♦ s❡ ❞❡t❡r♠✐♥❛ tr❛❜❛❥❛♥❞♦ ❝♦♥ ❧❛ ❡❝✉❛❝✐ó♥ ❞❡ ❧❛ r❡❝t❛✱ ❤❛✲

❝✐❡♥❞♦ ❡❧ ♦❝✐♦ ✐❣✉❛❧ ❛ ❝❡r♦✱ ❛❞❡♠ás✱ ❡s ❢á❝✐❧ ✐♥t✉✐r q✉❡ ❡❧ ♠á①✐♠♦ ❡s T ✱ ❞❛❞♦ q✉❡ ♥♦
❡s ♣♦s✐❜❧❡ tr❛❜❛❥❛r ♠ás q✉❡ T ✶✽ ✳ ◆♦t❛r q✉❡ ✉♥❛ ❞❡ ❧❛s ❝❛r❛❝t❡ríst✐❝❛s ❞❡❧ ✐♥❣r❡s♦ ♥♦
❧❛❜♦r❛❧ ✭Ynl ✮ ❡s q✉❡ ♥♦s ♣❡r♠✐t✐rá ❝♦♥s✉♠✐r s✐♥ t❡♥❡r q✉❡ tr❛❜❛❥❛r✳

✷✳✼✳✷✳✶ ❊stát✐❝❛ ❝♦♠♣❛r❛t✐✈❛

❘❡❛❧✐❝❡♠♦s ✷ ❡❥❡r❝✐❝✐♦s ❞❡ ❡stát✐❝❛ ❝♦♠♣❛r❛t✐✈❛ ♣❛r❛ ❡st✉❞✐❛r ❝♦♠♦ s❡ ❝♦♠♣♦rt❛

❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ tr❛s ❝❛♠❜✐♦s ❡♥ ❧♦s ♣❛rá♠❡tr♦s✱ ♣❛r❛ ❡❧❧♦ r❡✈✐s❡♠♦s
❝❛♠❜✐♦s ❡♥ ❡❧ ♥✐✈❡❧ s❛❧❛r✐❛❧ w✱ ② ❡❧ ✐♥❣r❡s♦ ♥♦ ❧❛❜♦r❛❧ Ynl ✳
✶✼ ❊♥ w
r✐❣♦r s❡rí❛ − ✱ ♣✉❡s ❡♥ ♥✉❡str♦ ❝❛s♦ ❛s✉♠✐♠♦s ❡❧ ♣r❡❝✐♦ ✐❣✉❛❧ ❛ ✶✳
p
✶✽ ❉❛❞♦ q✉❡ ❧❛ r❡str✐❝❝✐ó♥ ♥♦ ❡s ✉♥❛ ❧í♥❡❛ r❡❝t❛✱ s✐♥♦ q✉❡ ❡stá ❛❝♦t❛❞❛✱ ♥♦ ❡s ♣♦s✐❜❧❡ ❞❡t❡r♠✐♥❛r

❡❧ ♠á①✐♠♦ ♥✐✈❡❧ ❞❡ ♦❝✐♦ ❤❛❝✐❡♥❞♦ ❡❧ ❝♦♥s✉♠♦ ❝❡r♦✳

P❛✁
❣✐♥❛ ✽✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❈❛♠❜✐♦s ❡♥ w✱ ❝♦♠♦ ②❛ ❝♦♠❡♥t❛♠♦s ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉✲
♣✉❡st❛r✐❛ ❡s −w✱ ❡♥t♦♥❝❡s ❝❛♠❜✐♦s ❡♥ ❡st❡ ♣❛rá♠❡tr♦ ❝❛♠❜✐❛r❛♥ ❧❛ ✐♥❝❧✐♥❛❝✐ó♥
❞❡ ♥✉❡str❛ r❡str✐❝❝✐ó♥✱ ❧❛ ♣❛rt✐❝✉❧❛r✐❞❛❞ r❡s✉❧t❛ s❡r q✉❡ ❧❛ s❡❝❝✐ó♥ ❞❡ ❧❛ r❡str✐❝✲
❝✐ó♥ q✉❡ ✈❛ ❞❡s❞❡ ✵ ❛❧ Ynl ♥♦ ❝❛♠❜✐❛✱ s✉♣♦♥❣❛♠♦s ✉♥ ✐♥❝r❡♠❡♥t♦ ❞❡❧ s❛❧❛r✐♦✱
❡♥t♦♥❝❡s ❣rá✜❝❛♠❡♥t❡ ❡st❡ ❝❛♠❜✐♦ ❡s ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

Ynl + w*T

Ynl + wT

Con w*>w

Ynl

❋✐❣✉r❛ ✷✳✸✼✿ ❈❛♠❜✐♦s ❡♥ ❧❛ r❡str✐❝❝✐ó♥ tr❛s ✐♥❝r❡♠❡♥t♦s ❞❡ w

❈❛♠❜✐♦s ❡♥ Y nl ✱ ❡❧ ✐♥❣r❡s♦ ♥♦ ❧❛❜♦r❛❧ r❡♣r❡s❡♥t❛ ❣rá✜❝❛♠❡♥t❡ ❧❛ ❝❛♥t✐❞❛❞

❞❡ ❝♦♥s✉♠♦ ❛ ❧❛ q✉❡ ♣✉❡❞❡ ❛❝❝❡❞❡r ❡❧ ✐♥❞✐✈✐❞✉♦ ✐♥❞❡♣❡♥❞✐❡♥t❡ ❞❡ ❧❛s ❤♦r❛s
❞❡st✐♥❛s ❛ tr❛❜❛❥❛r✱ ♣❡r♠✐tá♠♦♥♦s ✷ ❡❥❡r❝✐❝✐♦s✱ ➽❝ó♠♦ ❧✉❝✐rí❛ ❧❛ r❡str✐❝❝✐ó♥
♣r❡s✉♣✉❡st❛r✐❛ s✐ Ynl = 0❄✱ ❞❡ ♦❝✉rr✐r ❡st♦ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛rí❛ ♥♦
t❡♥❞rí❛ ✉♥❛ s❡❝❝✐ó♥ ✈❡rt✐❝❛❧✱ ❣rá✜❝❛♠❡♥t❡✿

P❛✁
❣✐♥❛ ✽✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

Ynl + wT

Con Ynl = 0

O
T

❋✐❣✉r❛ ✷✳✸✽✿ ❘❡str✐❝❝✐ó♥ ❝♦♥ Ynl = 0

❋✐♥❛❧♠❡♥t❡✱ ❛s✉♠❛♠♦s ✉♥ ✐♥❝r❡♠❡♥t♦ ❞❡❧ ✐♥❣r❡s♦ ♥♦ ❧❛❜♦r❛❧✱ ❣rá✜❝❛♠❡♥t❡ ❡st♦

s❡ ✈❡rí❛ ❝♦♠♦ ✉♥❛ ❡①t❡♥s✐ó♥ ❞❡ ❧❛ s❡❝❝✐ó♥ ✈❡rt✐❝❛❧ ❞❡ ❧❛ r❡str✐❝❝✐ó♥✱ ♣✉❡s ❛❤♦r❛
s✐♥ tr❛❜❛❥❛r ♣✉❡❞❡ ❛❝❝❡❞❡r ❛ ✉♥❛ ♠❛②♦r ❝❛♥❛st❛ ❞❡ ❝♦♥s✉♠♦ q✉❡ ❛♥t❡s✱ ❡st♦
❣rá✜❝❛♠❡♥t❡ ❡s✿

Ynl* + wT

Ynl + wT

Con Ynl *> Ynl

Ynl*

Ynl

O
T

❋✐❣✉r❛ ✷✳✸✾✿ ❈❛♠❜✐♦s ❡♥ ❧❛ r❡str✐❝❝✐ó♥ tr❛s ✐♥❝r❡♠❡♥t♦s ❞❡ Ynl

P❛✁
❣✐♥❛ ✽✼ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
✷✳✼✳✸ ❊❧❡❝❝✐ó♥ ❞❡ ❖❝✐♦ ② ❈♦♥s✉♠♦
P❛r❛ ❡♥❝♦♥tr❛r ❡❧ ó♣t✐♠♦ ❞❡ ♦❝✐♦ ② ❝♦♥s✉♠♦ q✉❡ ❡❧ ❛❣❡♥t❡ ❝♦♥s✉♠✐rá✱ ❝♦♠♦
②❛ ❧♦ ❤❡♠♦s r❡s✉❡❧t♦ ❡♥ ❧❛s s❡❝❝✐♦♥❡s ❛♥t❡r✐♦r❡s✱ s♦❧♦ ❞❡❜❡♠♦s ❡♥❝♦♥tr❛r ❡❧ ♣✉♥t♦ ❞❡
t❛♥❣❡♥❝✐❛ ❡♥tr❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ② ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✳ ●rá✜❝❛♠❡♥t❡✿

Ynl + wT

C*
Ynl

O
O* T

❋✐❣✉r❛ ✷✳✹✵✿ ❖♣t✐♠♦ ❞❡ ❝♦♥s✉♠♦ ② ♦❝✐♦

❉♦♥❞❡ ✈❡♠♦s q✉❡ C ∗ ❡s ❡❧ ♥✐✈❡❧ ó♣t✐♠♦ ❞❡ ❝♦♥s✉♠♦ ② θ∗ ❡s ❡❧ ♥✐✈❡❧ ó♣t✐♠♦ ❞❡ ♦❝✐♦✳

P❡r♦ ♥♦s q✉❡❞❛ r❡s♦❧✈❡r ❛❧❣♦✱ ➽❝✉á♥t♦ s❡ tr❛❜❛❥❛❄✳ ❊❧ ♥✐✈❡❧ ❞❡ tr❛❜❛❥♦ ❧♦ ♣♦❞❡♠♦s
❞❡t❡r♠✐♥❛r ❛ tr❛✈és ❞❡ ❧❛ r❡str✐❝❝✐ó♥ t❡♠♣♦r❛❧✱ ❞❛❞♦ q✉❡ ❧♦ q✉❡ ♥♦ s❡ ✉t✐❧✐③❛ ♣❛r❛
♦❝✐♦ s❡ tr❛❜❛❥❛✱ ❡s ❞❡❝✐r✱ ❡❧ tr❛❜❛❥♦ ❡stá ❞❛❞♦ ♣♦r✿

L∗ = T − θ ∗ ✭✷✳✼✳✸✳✶✮

P♦r ♦tr♦ ❧❛❞♦✱ s❛❜❡♠♦s q✉❡ C ∗ ❡s ❡❧ ❡q✉✐✈❛❧❡♥t❡ ❛❧ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦ q✉❡ t❡♥❡♠♦s
✭❞❛❞♦ q✉❡ ❝♦♥s✉♠✐♠♦s t♦❞♦ ♥✉❡str♦ ✐♥❣r❡s♦✮✱ ② ❡♥ ❡st❛ s✐t✉❛❝✐ó♥ ❡❧ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦
❝♦rr❡s♣♦♥❞❡ ❛ ❧♦ q✉❡ r❡❝✐❜✐♠♦s ♣♦r tr❛❜❛❥❛r ♠ás ❡❧ ✐♥❣r❡s♦ ♥♦ ❧❛❜♦r❛❧✱ ❡s ❞❡❝✐r✿

C ∗ = wL∗ + Ynl

❊♥t♦♥❝❡s✱ ♣♦❞❡♠♦s ❡①♣r❡s❛r ♥✉❡str♦ ❣rá✜❝♦ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

P❛✁
❣✐♥❛ ✽✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

Ynl + wT

C*
Ynl

O
O* T
L
L*

❋✐❣✉r❛ ✷✳✹✶✿ ❖♣t✐♠♦ ❞❡ ❝♦♥s✉♠♦✱ ♦❝✐♦ ② tr❛❜❛❥♦

◆♦t❡♠♦s t❛♠❜✐é♥✱ q✉❡ ❝✉❛♥❞♦ ❡❧ ✐♥❞✐✈✐❞✉♦ ♣♦s❡❡ ✉♥ ✐♥❣r❡s♦ ♥♦ ❧❛❜♦r❛❧✱ ♣✉❡❞❡

❝♦♥s✉♠✐r ② ♥♦ tr❛❜❛❥❛r✱ ❞á♥❞♦s❡ ❧❛ s✐❣✉✐❡♥t❡ s✐t✉❛❝✐ó♥✿

Ynl + wT

-WR
C*=Ynl

O
O* = T
L
L*=O

❋✐❣✉r❛ ✷✳✹✷✿ ❙❛❧❛r✐♦ ❞❡ r❡s❡r✈❛

❊♥ ❡st❡ ❝❛s♦✱ ❛q✉❡❧❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ t✐❡♥❡ ✉♥ s❛❧❛r✐♦ t❛❧ q✉❡ ❞❡❥❡ ✐♥✲
❞✐❢❡r❡♥t❡ ❛❧ ✐♥❞✐✈✐❞✉♦ ❡♥tr❡ tr❛❜❛❥❛r ♦ ❞❡❞✐❝❛rs❡ ❛❧ ♦❝✐♦✱ ❡st❡ s❡ ❞❡♥♦♠✐♥❛ s❛❧❛r✐♦
❞❡ r❡s❡r✈❛ ✳

P❛✁
❣✐♥❛ ✽✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❋✐♥❛❧♠❡♥t❡ ♣❛r❛ ❝❡rr❛r ❧❛ ❡❧❡❝❝✐ó♥ ❞❡❧ ♦♣t✐♠♦✱ ❢♦r♠❛❧✐❝❡♠♦s ❡❧ ❡q✉✐❧✐❜r✐♦ ♠❛t❡✲
♠át✐❝❛♠❡♥t❡ ❝♦♠♦ ②❛ ❧♦ ❤❡♠♦s ❤❡❝❤♦✱ ❡♥t♦♥❝❡s P❛rt❛♠♦s ❞❡✜♥✐❡♥❞♦ ✉♥❛ ❢✉♥❝✐ó♥
❞❡ ✉t✐❧✐❞❛❞ q✉❡ r❡♣r❡s❡♥t❛ ❧❛s ♣r❡❢❡r❡♥❝✐❛s ❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s ♣♦r ❡❧ ❝♦♥s✉♠♦ C ② ❡❧
♦❝✐♦ θ✱ ❡st❛ ❡s✿
u(C, θ) ✭✷✳✼✳✸✳✷✮
P♦❞❡♠♦s ❡♥t♦♥❝❡s✱ ❞❡s❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ ❝♦♥♦❝❡r ❧❛s ✉t✐❧✐❞❛❞❡s ♠❛r❣✐♥❛❧❡s
❞❡❧ ❝♦♥s✉♠♦ ② ❡❧ ♦❝✐♦✱ ❡st♦ ❞❡s❞❡ ❞❡r✐✈❛r r❡s♣❡❝t♦ ❛ ❝❛❞❛ ❞❡ ❡st♦s ♣❛rá♠❡tr♦s ❧❛
❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞✱ ❡♥t♦♥❝❡s t❡♥❞r❡♠♦s✿

∂u(C, θ)
= U mgC ✭✷✳✼✳✸✳✸✮
∂C
②
∂u(C, θ)
= U mgθ ✭✷✳✼✳✸✳✹✮
∂θ
❆❤♦r❛ ♣♦❞❡♠♦s ❡①♣r❡s❛r ❧❛ T M SC,θ ✱ q✉❡ ❡s ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱
❝♦♠♦ ❧❛ ❞✐✈✐s✐ó♥ ❞❡ ❧❛s ✉t✐❧✐❞❛❞❡s ♠❛r❣✐♥❛❧❡s✱ ❞❡ t❛❧ ❢♦r♠❛ t❡♥❡♠♦s✿

U mgθ
T M Sθ,C = ✭✷✳✼✳✸✳✺✮
U mgC
❋✐♥❛❧♠❡♥t❡✱ ♣♦❞❡♠♦s ♦❜s❡r✈❛r ❣rá✜❝❛♠❡♥t❡ q✉❡ ❧❛ ❡♥ ❡q✉✐❧✐❜r✐♦ s❡ ❝✉♠♣❧❡ q✉❡ ❧❛
♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ w✱ ❡s t❛♥❣❡♥t❡ ❛ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❝✉r✈❛
❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ T M SC,θ ✱ ♣♦r t❛♥t♦ ❡♥ ❡❧ ♠♦❞❡❧♦ ❞❡ ♦❝✐♦ ❝♦♥s✉♠♦✱ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡
❡q✉✐❧✐❜r✐♦ ❡s ✿
w = T M Sθ,C ✭✷✳✼✳✸✳✻✮
q✉❡ ❧❛ ♣♦❞❡♠♦s ❡①♣r❡s❛r ❝♦♠♦✿

U mgθ
w= ✭✷✳✼✳✸✳✼✮
U mgC
❈♦♥❞✐❝✐ó♥ q✉❡ ♣♦❞❡♠♦s ❡s❝r✐❜✐r ❞❡ ❧❛ ❢♦r♠❛✿

U mgθ
U mgC = ✭✷✳✼✳✸✳✽✮
w
❊st❛ ♥✉❡✈❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ♥♦s ❞✐❝❡ q✉❡✿ ❡❧ ❛❣❡♥t❡ ❞✐str✐❜✉✐rá s✉ ❝♦♥s✉♠♦

② ♦❝✐♦✱ ❞❡ t❛❧ ❢♦r♠❛ q✉❡ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ♣♦r ♣❡s♦ ❣❛st❛❞♦ ❞❡ ❝♦♥s✉♠✐r✱ s❡ ✐❣✉❛❧❡

✱ ♣✉❡s r❡❝♦r❞❡♠♦s q✉❡ ❝♦♠♦

❛ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ♣♦r ♣❡s♦ ❣❛st❛❞♦ ❞❡st✐♥❛❞♦ ❛❧ ♦❝✐♦

②❛ ♠❡♥❝✐♦♥❛♠♦s ❡❧ ♥✐✈❡❧ ❞❡ s❛❧❛r✐♦ w r❡♣r❡s❡♥t❛ ❡❧ ❝♦st♦ ❞❡❧ ♦❝✐♦✱ ② ❞❡✜♥✐♠♦s ♣♦r

s✐♠♣❧✐❝✐❞❛❞ ❧♦s ♣r❡❝✐♦s ❝♦♠♦ p = 1✳

❋✐♥❛❧♠❡♥t❡ ❡s ✐♠♣♦rt❛♥t❡ ♠❡♥❝✐♦♥❛r q✉❡ ❡♥ ❡st❡ ♠♦❞❡❧♦ t❛♠❜✐é♥ ❡s ♣♦s✐❜❧❡ ♦❜✲

s❡r✈❛r ❞✐❢❡r❡♥t❡s ❢✉♥❝✐♦♥❡s ❞❡ ✉t✐❧✐❞❛❞✱ ❞♦♥❞❡ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♦♣t✐♠❛❧✐❞❛❞ ♣r❡s❡♥t❛❞❛
❛q✉í ♥♦ s❡ ❝✉♠♣❧❡✱ ❡st❛s ❢✉♥❝✐♦♥❡s ❢✉❡r♦♥ r❡✈✐s❛❞❛s ❡♥ ❧❛ s❡❝❝✐ó♥✷✳✸✳✸✳

P❛✁
❣✐♥❛ ✾✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
✷✳✼✳✹ ❖❢❡rt❛ ❞❡ tr❛❜❛❥♦
❆❤♦r❛ q✉❡ ②❛ t❡♥❡♠♦s ♥✉❡str♦ ♠♦❞❡❧♦ ❢♦r♠✉❧❛❞♦✱ ♥♦s ✐♥t❡r❡s❛ s❛❜❡r ❝ó♠♦ s❡rá
❧❛ ♦❢❡rt❛ ❧❛❜♦r❛❧ ❞❡❧ ✐♥❞✐✈✐❞✉♦ r❡s♣❡❝t♦ ❛❧ ♥✐✈❡❧ ❞❡ s❛❧❛r✐♦ q✉❡ ❡♥❢r❡♥t❡✳ P❛r❛ ❡st♦
❤❛❣❛♠♦s ❡❧ s✐❣✉✐❡♥t❡ ❛♥á❧✐s✐s✿

❙✐ ❡❧ s❛❧❛r✐♦ ❛✉♠❡♥t❛✱ s❡ ✈❛♥ ❛ ❣❡♥❡r❛r ❞♦s s✐t✉❛❝✐♦♥❡s✿

P♦r ✉♥ ❧❛❞♦✱ ♣♦❞❡♠♦s ♣❡♥s❛r q✉❡ ❛✉♠❡♥t❛ ❡❧ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞ ❞❡

❧❛s ❤♦r❛s ❞❡ ♦❝✐♦ ✱ ❞❛❞♦ q✉❡ r❡♥✉♥❝✐❛♠♦s ❛ ✉♥❛ ♠❛②♦r ❝❛♥t✐❞❛❞ ❞❡ ❞✐♥❡r♦
♣♦r ❝❛❞❛ ❤♦r❛ q✉❡ ❞❡❞✐q✉❡♠♦s ❛❧ ♦❝✐♦ ✭❊❢❡❝t♦ ❙✉st✐t✉❝✐ó♥✮✳ ❊st♦ ❧❧❡✈❛ ❛ q✉❡
❛✉♠❡♥t❡ ❡❧ ♥✐✈❡❧ ❞❡ tr❛❜❛❥♦ ② ❞✐s♠✐♥✉②❛ ❡❧ ♥✐✈❡❧ ❞❡ ♦❝✐♦

P♦r ♦tr♦ ❧❛❞♦✱ ❡♥ ❛❧❣ú♥ ♠♦♠❡♥t♦ ♣♦❞❡♠♦s ♣❡♥s❛r q✉❡ ✈❛♠♦s ❛ t❡♥❡r ✉♥ ♥✐✈❡❧
❞❡ s❛❧❛r✐♦ t❛♥ ❛❧t♦ q✉❡ ❢r❡♥t❡ ❛ ✉♥ ♥✉❡✈♦ ❛✉♠❡♥t♦ ❞❡ ❡st❡✱ ♣❡♥s❛r❡♠♦s ❡♥
tr❛❜❛❥❛r ♠❡♥♦s ② ❞❡❞✐❝❛r ♠ás t✐❡♠♣♦ ❛❧ ♦❝✐♦ ✭❊❢❡❝t♦ ■♥❣r❡s♦✮✳ ❊st♦ ❧❧❡✈❛
❛ q✉❡ ❞✐s♠✐♥✉②❛ ❡❧ ♥✐✈❡❧ ❞❡ tr❛❜❛❥♦ ② ❛✉♠❡♥t❡ ❡❧ ♥✐✈❡❧ ❞❡ ♦❝✐♦✳

❉❡ ❡st❛ ❢♦r♠❛✱ ✈❡r❡♠♦s q✉❡ ❞❡♣❡♥❞✐❡♥❞♦ ❞❡ ❧❛ ♠❛❣♥✐t✉❞ ❞❡ ❡st♦s ❡❢❡❝t♦s s❡ ❞❛rá

q✉❡ ❛✉♠❡♥t❡ ♦ ❞✐s♠✐♥✉②❛ ❡❧ ♥✐✈❡❧ ❞❡ tr❛❜❛❥♦ ❢r❡♥t❡ ❛ ❛✉♠❡♥t♦s ❞❡ s❛❧❛r✐♦✳ P♦r ❧♦
❣❡♥❡r❛❧✱ ♣❛r❛ ❡❧ ❛♥á❧✐s✐s ❡❝♦♥ó♠✐❝♦✱ s❡ ❝♦♥s✐❞❡r❛ q✉❡ ❞✉r❛♥t❡ ✉♥ ♣r✐♠❡r ♠♦♠❡♥t♦
❞♦♠✐♥❛ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ② ❧✉❡❣♦✱ ♣❛s❛❞♦ ✉♥ ❝✐❡rt♦ s❛❧❛r✐♦✱ ❞♦♠✐♥❛ ❡❧ ❡❢❡❝t♦
✐♥❣r❡s♦✳
❙✐ t♦♠❛♠♦s ❡st♦ ❡♥ ❝✉❡♥t❛ ♦❜t❡♥❡♠♦s ❡❧ s✐❣✉✐❡♥t❡ ❣rá✜❝♦✿

Ynl + w5T
Ynl + w4T

Ynl + w3T

Ynl + w2T

Ynl + w1T
Ynl

O
O3* O1*O5*
T
L
L3* L1* L5*

❋✐❣✉r❛ ✷✳✹✸✿ ▲❛ ❞❡❝✐s✐ó♥ ❞❡ ❤♦r❛s tr❛❜❛❥❛❞❛ ❝♦♥ ❞✐❢❡r❡♥t❡s ♥✐✈❡❧❡s ❞❡ w

❊s ♣♦s✐❜❧❡ ❛♣r❡❝✐❛r q✉❡ ♣❛r❛ ❧♦s s❛❧❛r✐♦s w2 ② w3 ✱ ❡❧ ♥✐✈❡❧ ❞❡ ♦❝✐♦ s❡ r❡❞✉❝❡ ✭♣♦r
❧♦ t❛♥t♦ ❡❧ tr❛❜❛❥♦ ❛✉♠❡♥t❛✮✱ ♠✐❡♥tr❛s q✉❡ ♣❛r❛ ❧♦s ♥✐✈❡❧❡s ❞❡ s❛❧❛r✐♦s w4 ② w5 ✱ ❡❧

P❛✁
❣✐♥❛ ✾✶ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

♥✐✈❡❧ ❞❡ ♦❝✐♦ ❛✉♠❡♥t❛ ✭♣♦r ❧♦ t❛♥t♦ ❡❧ tr❛❜❛❥♦ ❞✐s♠✐♥✉②❡✮✳ ❙✐ ❤❛❝❡♠♦s ✉♥ ❣rá✜❝♦ ❞❡

s❛❧❛r✐♦ ❝♦♥ ♦❢❡rt❛ ❞❡ tr❛❜❛❥♦✱ ♦❜t❡♥❡♠♦s✿

|ES|<|EI|
w5

w4

w3

w2
|EI|<|ES|

w1

L
L5 L1 L3

❋✐❣✉r❛ ✷✳✹✹✿ ▲❛ ♦❢❡rt❛ ❧❛❜♦r❛❧

❊♥ ❡❧ ❣rá✜❝♦ s❡ ♦❜s❡r✈❛ ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ❞❡ tr❛❜❛❥♦ ❞❡❧ ✐♥❞✐✈✐❞✉♦✱ q✉❡ ❡♥ ✉♥

❝♦♠✐❡♥③♦ t✐❡♥❡ ❧❛ ❢♦r♠❛ ❞❡ ❧❛s ❝✉r✈❛s ❞❡ ♦❢❡rt❛ ✭♣❡♥❞✐❡♥t❡ ♣♦s✐t✐✈❛✮✱ s✐♥ ❡♠❜❛r❣♦✱
❧❛ ✐♥t❡r❛❝❝✐ó♥ ❡♥tr❡ ❧♦s ❡❢❡❝t♦s ♣✉❡❞❡ ✈❛r✐❛r s✉ ♣❡♥❞✐❡♥t❡✱ ❧♦ q✉❡ ❝♦♥❧❧❡✈❛ ✉♥❛ ❝✉r✈❛
❞❡ ♦❢❡rt❛ ❝♦♥ ♣❡♥❞✐❡♥t❡ ♥❡❣❛t✐✈❛✱ ❧♦ ❝✉❛❧ ♥♦ ❡s ✐♥t✉✐t✐✈♦ ♣❡r♦ ❢❛❝t✐❜❧❡✳

❚❛♠❜✐é♥ ❝❛❜❡ ❞❡st❛❝❛r q✉❡ ❡♥ ❡❧ s❛❧❛r✐♦ ❛♠❜♦s ❡❢❡❝t♦s s♦♥ ✐❣✉❛❧❡s✱ ② ❡❧ ✐♥❞✐✈✐❞✉♦
♥♦ ♠♦❞✐✜❝❛ s✉ ❡❧❡❝❝✐ó♥ ❢r❡♥t❡ ❛ ❛✉♠❡♥t♦s ♦ ❞✐s♠✐♥✉❝✐♦♥❡s ♠❛r❣✐♥❛❧❡s ❞❡ s❛❧❛r✐♦✳
❊st❡ s❛❧❛r✐♦ s❡ ❞❡♥♦♠✐♥❛ s❛❧❛r✐♦ ❞❡ ✐♥✢❡①✐ó♥✳

✷✳✽ ❊❥❡r❝✐❝✐♦s r❡s✉❡❧t♦s

✷✳✽✳✶ ❈♦♠❡♥t❡s ❘❡s✉❡❧t♦s

✶✳ ❯♥ ✐♥❝r❡♠❡♥t♦ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ♥❡✉♠át✐❝♦s t❡♥❞rá ✉♥ ❡❢❡❝t♦ s♦❜r❡ ❧❛ ❝❛♥✲
t✐❞❛❞ tr❛♥s❛❞❛ ❞❡ ❛✉t♦♠ó✈✐❧❡s q✉❡ ♣♦❞rá ♠❡❞✐rs❡ ❛ tr❛✈és ❞❡ ❧❛ ❡❧❛st✐❝✐❞❛❞
♣r❡❝✐♦ ❝r✉③❛❞❛✳ P♦r ♦tr♦ ❧❛❞♦✱ s✐ ❝❛♠❜✐❛ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❛✉t♦♠ó✈✐❧❡s ❡st♦ ❛❢❡❝✲
t❛rá ❧❛ ❝❛♥t✐❞❛❞ tr❛♥s❛❞❛ ❞❡ ♥❡✉♠át✐❝♦s✱ ❡♥ ❝♦♥s❡❝✉❡♥❝✐❛✱ ❛♠❜❛s ❡❧❛st✐❝✐❞❛❞❡s
❝r✉③❛❞❛s s♦♥ ✐❣✉❛❧❡s✳
❘❡s♣✉❡st❛
▲❛ ♣r✐♠❡r❛ ❛s❡✈❡r❛❝✐ó♥ ❞❡❧ ❝♦♠❡♥t❡ ❡s ❝✐❡rt❛✱ ❧❛ ❡❧❛st✐❝✐❞❛❞❡s ♣r❡❝✐♦s ❝r✉③❛❞❛s

♥♦s ❞✐❝❡ ❝ó♠♦ ❛❢❡❝t❛ ❧❛ ❞❡♠❛♥❞❛ ♣♦r ✉♥ ❜✐❡♥ ❝✉❛♥t♦ ❝❛♠❜✐❛ ❡❧ ♣r❡❝✐♦ ❞❡ ❛❧✲

❣ú♥ ❜✐❡♥ r❡❧❛❝✐♦♥❛❞♦✳ ❊♥ ❡❧ ❝❛s♦ ❞❡❧ ❝♦♠❡♥t❡✱ ❡s♣❡r❛rí❛♠♦s q✉❡ ❧❛ ❡❧❛st✐❝✐❞❛❞

♣r❡❝✐♦ ❝r✉③❛❞❛ s❡❛ ♥❡❣❛t✐✈❛✱ ♣✉❡s ✐♥❝r❡♠❡♥t♦s ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ♥❡✉♠át✐❝♦s✱

P❛✁
❣✐♥❛ ✾✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❞✐s♠✐♥✉✐rá ❧❛ ❝♦♠♣r❛ ❞❡ ❛✉t♦♠ó✈✐❧❡s✱ ♣✉❡s s❡ tr❛t❛ ❞❡ ❜✐❡♥❡s ❝♦♠♣❧❡♠❡♥t❛r✐♦s✳
❈♦♥ ❧❛ ♠✐s♠❛ ❧ó❣✐❝❛ ♣♦❞❡♠♦s ❡s♣❡r❛r q✉❡ ❧❛ ❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦ ❝r✉③❛❞❛ ❞❡ ❧♦s
♥❡✉♠át✐❝♦s ❡♥ tér♠✐♥♦s ❞❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❛✉t♦♠ó✈✐❧❡s s❡❛ ♥❡❣❛t✐✈❛✳ ❙✐♥ ❡♠✲
❜❛r❣♦✱ ❧❛ s❡❣✉♥❞❛ ❛s❡✈❡r❛❝✐ó♥ ❡s ❢❛❧s❛✱ ♣✉❡s ❛♠❜❛s ❡❧❛st✐❝✐❞❛❞❡s ❝r✉③❛❞❛s ♥♦
t✐❡♥❡♥ ♣♦r q✉é s❡r ✐❣✉❛❧❡s✳ ▼ás ❛ú♥✱ ❧❛ ✐♥t✉✐❝✐ó♥ ♥♦s ✐♥❞✐❝❛ q✉❡ ✉♥ ❛✉♠❡♥t♦
❞❡ ✶✵ ✪ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❛✉t♦s ✈❛ ❛ ♣r♦✈♦❝❛r ✉♥❛ ❢✉❡rt❡ ❝❛í❞❛ ❡♥ s✉ ❞❡♠❛♥❞❛
② ❡♥ ❝♦♥s❡❝✉❡♥❝✐❛ ✉♥❛ ❢✉❡rt❡ ❞✐s♠✐♥✉❝✐ó♥ ❡♥ ❧❛ ❞❡♠❛♥❞❛ ♣♦r ♥❡✉♠át✐❝♦s✳ P♦r
♦tr♦ ❧❛❞♦✱ ✉♥ ❛✉♠❡♥t♦ ❞❡ ✶✵ ✪ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ♥❡✉♠át✐❝♦s ✈❛ ❛ ♣r♦✈♦❝❛r
✉♥❛ ❝❛í❞❛ ♠❡♥♦r ❡♥ ❧❛ ❝♦♠♣r❛ ❞❡ ❛✉t♦s✳ ▲❛ r❛③ó♥ ❡s q✉❡ ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ❞❡
✉♥♦ ② ♦tr♦ ❝❛s♦ ❡s ♠✉② ❞✐st✐♥t♦✳
❚r❛❜❛❥❛♥❞♦ ♠ás ❧❛ ú❧t✐♠❛ ✐❞❡❛✱ ♥♦t❡♠♦s q✉❡ ♣♦❞❡♠♦s s✉♣♦♥❡r q✉❡ ♥❡✉♠át✐❝♦s ②
❛✉t♦s s♦♥ ❜✐❡♥❡s ❝♦♠♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s✱ ♣♦r ❧♦ t❛♥t♦ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ s❡rá
✐❣✉❛❧ ❛ ✵✳ ▲✉❡❣♦✱ ❡❧ ❝❛♠❜✐♦ ♣♦r❝❡♥t✉❛❧ ❡♥ ❡❧ ❝♦♥s✉♠♦ ❞❡ ✉♥ ❜✐❡♥ ❞❛❞♦s ❝❛♠❜✐♦s
♣♦r❝❡♥t✉❛❧❡s ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡❧ ♦tr♦ ❜✐❡♥ ✭❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦ ❝r✉③❛❞❛✮ ❞❡♣❡♥❞❡rá
s♦❧♦ ❞❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦✳ ❆❧ r❡s♣❡❝t♦✱ ♥♦t❡♠♦s q✉❡ ✉♥ ❝❛♠❜✐♦ ♣♦r❝❡♥t✉❛❧ ❞❡ ♣♦r
❡❥❡♠♣❧♦ ✉♥ ✶✵ ✪ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❛✉t♦♠ó✈✐❧❡s ♣r♦❞✉❝❡ ✉♥ ❝❛♠❜✐♦ ♠✉❝❤♦
♠ás ❢✉❡rt❡ ❡♥ ❡❧ ✐♥❣r❡s♦ r❡❛❧ q✉❡ ✉♥ ❝❛♠❜✐♦ ♣♦r❝❡♥t✉❛❧ ❞❡❧ ♠✐s♠♦ ✶✵ ✪ ❡♥ ❧♦s
♣r❡❝✐♦s ❞❡ ❧♦s ♥❡✉♠át✐❝♦s✱ ❞❛❞♦ q✉❡ ❡❧ ❣❛st♦ ❡♥ ❛✉t♦♠ó✈✐❧❡s ❡s ♠✉❝❤♦ ♠ás ❛❧t♦
q✉❡ ❡❧ ❣❛st♦ ❡♥ ♥❡✉♠át✐❝♦s✳
✷✳ ❈♦♥s✐❞❡r❡ ❞♦s ❜✐❡♥❡s ❞❡ ❝♦♥s✉♠♦ (X, Y )✱ ② s✉s r❡s♣❡❝t✐✈♦s ♣r❡❝✐♦s (Px , Py )✳
❊♥t♦♥❝❡s✱ ❧❛ ♣❡♥❞✐❡♥t❡ ✭❡♥ ✈❛❧♦r ❛❜s♦❧✉t♦✮ ❞❡ ❧❛ r❡❝t❛ ♣r❡s✉♣✉❡st❛r✐❛ r❡♣r❡s❡♥t❛
❡❧ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞ ❞❡ ✉♥❛ ✉♥✐❞❛❞ ❛❞✐❝✐♦♥❛❧ ❞❡❧ ❜✐❡♥ X ♠❡❞✐❞♦ ❡♥ ✉♥✐❞❛❞❡s
❞❡❧ ❜✐❡♥ Y ✱ q✉❡ ❡①✐❣❡ ❡❧ ♠❡r❝❛❞♦✳
❘❡s♣✉❡st❛
❊❢❡❝t✐✈❛♠❡♥t❡✳ ❊st♦ q✉✐❡r❡ ❞❡❝✐r q✉❡✱ ♣♦r ❝❛❞❛ ✉♥✐❞❛❞ ❞❡ ❜✐❡♥ X q✉❡ ❡❧ ✐♥❞✐✲
✈✐❞✉♦ ❡stá ❝♦♥s✉♠✐❡♥❞♦ ❛ ♣r❡❝✐♦s Px ✱ é❧ ♣♦❞rí❛ ❡st❛r ❣❛st❛♥❞♦ Px ❡♥ ❝♦♥s✉♠✐r
✉♥✐❞❛❞❡s ❞❡ Y ✱ ❡♥ ❡❢❡❝t♦✱ (Px /Py ) ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥ Y ✳ ❊s ❞❡❝✐r✱ ♣♦r ❝♦♥s✉♠✐r
✉♥❛ ✉♥✐❞❛❞ ❞❡ ❜✐❡♥ X s❡ ❡stá ❞❡❥❛♥❞♦ ❞❡ ❝♦♥s✉♠✐r (Px /Py ) ✉♥✐❞❛❞ ❞❡❧ ❜✐❡♥ Y ✳
❊st♦✱ ♣♦r ❞❡✜♥✐❝✐ó♥✱ ❡s ❡❧ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞ ❞❡ ✉♥❛ ✉♥✐❞❛❞ ❞❡ X ♠❡❞✐❞♦
❡♥ ✉♥✐❞❛❞❡s ❞❡ ❜✐❡♥ Y ✳
✸✳ ❙✐❡♠♣r❡ q✉❡ ❧❛ r❡❧❛❝✐ó♥ ♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥ ❡♥tr❡ ❜✐❡♥❡s ❞❡ ✉♥ ❝♦♥s✉♠✐✲
❞♦r s❡❛ ❞✐❢❡r❡♥t❡ ❛ ❧❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s✱ ést❡ ♣♦❞rá ❛✉♠❡♥t❛r s✉ ❜✐❡♥❡st❛r
❝♦♠♣r❛♥❞♦ ✉♥❛ ❝❛♥❛st❛ ❞✐st✐♥t❛✳
❘❡s♣✉❡st❛
❙✐❡♠♣r❡ ② ❝✉❛♥❞♦ ❧❛s ♣r❡❢❡r❡♥❝✐❛s s♦♥ ❡str✐❝t❛♠❡♥t❡ ❝♦♥✈❡①❛s ✭s❛❧✈♦ ♣❛r❛ ♣r❡✲
❢❡r❡♥❝✐❛s ❞❡ ❝♦♠♣❧❡♠❡♥t♦s ♣❡r❢❡❝t♦s✮✱ s❡ ❞❡❜❡ ❝✉♠♣❧✐r ❡♥ ❡q✉✐❧✐❜r✐♦ q✉❡ ❧❛ t❛s❛
♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥ ❡s ✐❣✉❛❧ ❛ ❧❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s✱ ② ♣♦r t❛♥t♦✱ s✐ ❡s q✉❡
❡st❛s s♦♥ ❞✐❢❡r❡♥t❡s✱ s❡ ♣✉❡❞❡ ♠❡❥♦r❛r ❧❛ s✐t✉❛❝✐ó♥ ❞❡❧ ❝♦♥s✉♠✐❞♦r ❝❛♠❜✐❛♥❞♦
❧❛ ❝❛♥❛st❛ q✉❡ ❡st❡ ♣✉❡❞❡ ❝♦♠♣r❛r✳ ❙✐♥ ❡♠❜❛r❣♦✱ ❝✉❛♥❞♦ ❧❛s ♣r❡❢❡r❡♥❝✐❛s ♥♦
s♦♥ ❡str✐❝t❛♠❡♥t❡ ❝♦♥✈❡①❛s ✭♣♦r ❡❥❡♠♣❧♦✱ s✉st✐t✉t♦s ♣❡r❢❡❝t♦s✮ s❡ ♣✉❡❞❡ ❝✉♠✲
♣❧✐r q✉❡ ❡♥ ❡q✉✐❧✐❜r✐♦ ❡❧ ❝♦♥s✉♠✐❞♦r ❡s♣❡❝✐❛❧✐❝❡ s✉ ❝♦♥s✉♠♦ ❡♥ ✉♥ s♦❧♦ ❜✐❡♥✱ ②
♣♦r t❛♥t♦✱ ❝✉❛♥❞♦ ❡❧ ✐♥❞✐✈✐❞✉♦ ♠❛①✐♠✐❝❡ s✉ ✉t✐❧✐❞❛❞ ❡st❛rá ❡♥ ✉♥❛ s✐t✉❛❝✐ó♥

P❛✁
❣✐♥❛ ✾✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❡♥ ❧❛ q✉❡ ❧❛ t❛s❛ ♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥ ❡s ❞✐❢❡r❡♥t❡ ❛ ❧❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡✲
❝✐♦s✱ ❞❡ ❡st❛ ❢♦r♠❛✱ ♥♦ ♣✉❡❞❡ ❛✉♠❡♥t❛r s✉ ❜✐❡♥❡st❛r ❝♦♠♣r❛♥❞♦ ♦tr❛ ❝❛♥❛st❛✳
●rá✜❝❛♠❡♥t❡ s❡ ♣✉❡❞❡ ♦❜s❡r✈❛r q✉❡✿

TMS = RP

▼✐❡♥tr❛s q✉❡✿

TMS >< RP

✹✳ ❊❧ ❡①❝❡❞❡♥t❡ q✉❡ ✉♥ ✐♥❞✐✈✐❞✉♦ ♦❜t✐❡♥❡ ❞❡ ❝♦♥s✉♠✐r ✉♥ ❞❡t❡r♠✐♥❛❞♦ ❜✐❡♥ s❡

✐♥❝r❡♠❡♥t❛ s✐ s✉ ♥✐✈❡❧ ❞❡ ✐♥❣r❡s♦ ❛✉♠❡♥t❛✳
❘❡s♣✉❡st❛
❊♥ ❣❡♥❡r❛❧ ❛✉♠❡♥t❛rí❛ ❡❧ ❡①❝❡❞❡♥t❡ s✐ ❡❧ ❜✐❡♥ ❡s ♥♦r♠❛❧ ♦ s✉♣❡r✐♦r✱ s✐♥ ❡♠❜❛r❣♦
s✐ ❡❧ ❜✐❡♥ ❡s ✐♥❢❡r✐♦r ❡❧ ❡①❝❡❞❡♥t❡ ♣♦❞rí❛ r❡❞✉❝✐rs❡ ②❛ q✉❡ ❡❧ ❝♦♥s✉♠♦ ✈❛ ❡♥
❞✐r❡❝❝✐ó♥ ❝♦♥tr❛r✐❛ ❛❧ ❝❛♠❜✐♦ ❡♥ ❡❧ ✐♥❣r❡s♦✳ ❏✉♥t♦ ❝♦♥ ❧♦ ❛♥t❡r✐♦r✱ s❡ ❞❡❜❡
❝♦♥s✐❞❡r❛r q✉❡ ❡♥ tér♠✐♥♦s ❞❡ ♣r❡❢❡r❡♥❝✐❛ s❡ ❝✉♠♣❧❛ q✉❡ ♠ás ❡s ♣r❡❢❡r✐❞♦ ❛
♠❡♥♦s ✭♠♦♥♦t♦❝✐❞❛❞ ❡str✐❝t❛ ❞❡ ❧❛s ♣r❡❢❡r❡♥❝✐❛s✮✳
✺✳ ❉✐s❝✉t❛ ✈❡r❜❛❧ ② ❣rá✜❝❛♠❡♥t❡ ❧❛ s✐❣✉✐❡♥t❡ ❛✜r♠❛❝✐ó♥✿ ❙✐ ❧❛ ❞❡♠❛♥❞❛ ♣♦r ♣♦✲
r♦t♦s ② ✜❞❡♦s ♣❛r❛ ❏✉❛♥ s♦♥ ❜✐❡♥❡s ♣❡r❢❡❝t♦s ❝♦♠♣❧❡♠❡♥t♦s✱ ♠✐❡♥tr❛s q✉❡ ♣❛r❛

P❛✁
❣✐♥❛ ✾✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❏♦❛q✉í♥ s♦♥ ❜✐❡♥❡s ♣❡r❢❡❝t♦s s✉st✐t✉t♦s✱ ❡♥t♦♥❝❡s ❧❛s ❝♦rr❡s♣♦♥❞✐❡♥t❡s ❢✉♥❝✐♦✲
♥❡s ❞❡♠❛♥❞❛ ♣r❡❝✐♦ ❝♦♠♣❡♥s❛❞❛s ✐♥❞✐✈✐❞✉❛❧❡s t❡♥❞rá♥ ❛❧❣ú♥ ❣r❛❞♦ ❞❡ ❡❧❛st✐✲
❝✐❞❛❞✳
❘❡s♣✉❡st❛
▲❛ ❛✜r♠❛❝✐ó♥ ❡s ❢❛❧s❛✱ ❞❡❜✐❞♦ ❛ q✉❡ ❝✉❛♥❞♦ ❧♦s ❜✐❡♥❡s s♦♥ ♣❡r❢❡❝t♦s ❝♦♠♣❧❡✲
♠❡♥t♦s ❡♥ ❡❧ ❝♦♥s✉♠♦ ❧❛ ❢✉♥❝✐ó♥ ❞❡♠❛♥❞❛ ♣r❡❝✐♦ ❝♦♠♣❡♥s❛❞❛ ❡s r❡♣r❡s❡♥t❛❞❛
♣♦r ✉♥❛ ❧í♥❡❛ r❡❝t❛ ✈❡rt✐❝❛❧ q✉❡ t✐❡♥❡ ❡❧❛st✐❝✐❞❛❞ ❝❡r♦ ❡♥ t♦❞♦s s✉s ♣✉♥t♦s✳
❊s s✉✜❝✐❡♥t❡ ♣❛r❛ ✐♥✈❛❧✐❞❛r ❧❛ ❛✜r♠❛❝✐ó♥✳ ❊♥ ❡❧ ❝❛s♦ ❞❡❧ ✐♥❞✐✈✐❞✉♦ ♣❛r❛ ❡❧
❝✉❛❧ ♣♦r♦t♦s ② ✜❞❡♦s s♦♥ ♣❡r❢❡❝t♦s ❝♦♠♣❧❡♠❡♥t❛r✐♦s✱ ❧❛ ❢✉♥❝✐ó♥ ❞❡♠❛♥❞❛ ♣r❡✲
❝✐♦ ❝♦♠♣❡♥s❛❞❛ t✐❡♥❡ ❡❧❛st✐❝✐❞❛❞ ✐❣✉❛❧ ❛ ❝❡r♦✱ ❡s ✐♥s❡♥s✐❜❧❡ ❛ ❧♦s ❝❛♠❜✐♦s ❡♥ ❡❧
♣r❡❝✐♦✱ ♣✉❡s ❛❧ ❜❛❥❛r ❡❧ ♣r❡❝✐♦ ❞❡ ✉♥♦ ❞❡ ❧♦s ❜✐❡♥❡s ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ t♦♠❛ ❡❧
✈❛❧♦r ❝❡r♦✱ s♦❧♦ ❡①✐st❡ ❡❢❡❝t♦ ✐♥❣r❡s♦✱ ❡❧ ❝✉❛❧ ♥♦ s❡ ❝♦♥s✐❞❡r❛ ❡♥ ❧❛ ❝♦♥str✉❝❝✐ó♥
❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛✳

Qy

Ef
Ei = ES

Qx

Px
D
Pi
Pf

Qx
Qi = QS

❈✉❛♥❞♦ ❛♠❜♦s ❜✐❡♥❡s s♦♥ s✉st✐t✉t♦s ♣♦r ❡❧ ❧❛❞♦ ❞❡❧ ❝♦♥s✉♠♦ ♣❛r❛ ❡❧ ♦tr♦ ✐♥❞✐✈✐✲
❞✉♦✱ ❧❛ ❢✉♥❝✐ó♥ ❞❡♠❛♥❞❛ ♣r❡❝✐♦ ❝♦♠♣❡♥s❛❞❛ t❛♠❜✐é♥ ♣♦❞rí❛ t❡♥❡r ❡❧❛st✐❝✐❞❛❞
✐❣✉❛❧ ❛ ❝❡r♦ ❡♥ t♦❞♦ s✉ r❡❝♦rr✐❞♦✳ ❊st♦ ♦❝✉rr❡ ❝✉❛♥❞♦✿ T M gSP orotos,F ideos >
PF ideos
✳ ❖tr❛ ✈❡③ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ t♦♠❛rí❛ ❡❧ ✈❛❧♦r ❝❡r♦✱ s♦❧♦ ❤❛❜rí❛ ❡❢❡❝✲
PP orotos
t♦ ✐♥❣r❡s♦✱ ② ❧❛ ❢✉♥❝✐ó♥ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛ s❡rí❛ ✉♥❛ ❧í♥❡❛ r❡❝t❛ ✈❡rt✐❝❛❧✳

P❛✁
❣✐♥❛ ✾✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
Uf
Qy Ui

Ei = ES Ef
Qx

Px

D
Pi

Pf

Qx
Qi = QS

✻✳ ❆ ❧♦ ❧❛r❣♦ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧❧✐❛♥❛ ❡❧ ✐♥❣r❡s♦ r❡❛❧ ❡stá ❝♦♥st❛♥t❡

② ❡❧ ✐♥❣r❡s♦ ♥♦♠✐♥❛❧ ✈❛rí❛✱ ♠✐❡♥tr❛s q✉❡ ❛ ❧♦ ❧❛r❣♦ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛
❝♦♠♣❡♥s❛❞❛ ❧♦ q✉❡ ✈❛rí❛ ❡s ❡❧ ✐♥❣r❡s♦ r❡❛❧ ② s❡ ♠❛♥t✐❡♥❡ ❝♦♥st❛♥t❡ ❡❧ ✐♥❣r❡s♦
♥♦♠✐♥❛❧✳
❘❡s♣✉❡st❛ ❋❛❧s♦✳ ❊♥ ❡❧ ❝❛s♦ ❞❡ ❧❛ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛ ❧♦ q✉❡ ✈❛rí❛ ❡s ❡❧
✐♥❣r❡s♦ ♥♦♠✐♥❛❧✱ ❡❧ q✉❡ ❜❛❥❛ ❛ ♠❡❞✐❞❛ q✉❡ ❡❧ ♣r❡❝✐♦ ❜❛❥❛ ✭❝♦♥ ♠❡♥♦s ✐♥❣r❡s♦
♥♦♠✐♥❛❧ ♣✉❡❞♦ ♠❛♥t❡♥❡r ♠✐ ❜✐❡♥❡st❛r s✐ ❡❧ ♣r❡❝✐♦ ❜❛❥❛✮ ② s✉❜❡ ❛ ♠❡❞✐❞❛ q✉❡ ❡❧
♣r❡❝✐♦ s✉❜❡ ✭s✐ ❡❧ ♣r❡❝✐♦ s✉❜❡ só❧♦ ♣✉❡❞♦ ♠❛♥t❡♥❡r ♠✐ ❜✐❡♥❡st❛r s✐ ♠✐ ✐♥❣r❡s♦
♥♦♠✐♥❛❧ t❛♠❜✐é♥ ❧♦ ❤❛❝❡✮✳ ❊❧ ✐♥❣r❡s♦ r❡❛❧ ✭✐♥❞✐❝❛❞♦r ❞❡ ❜✐❡♥❡st❛r✮ ❡stá ❝♦♥s✲
t❛♥t❡ ♣✉❡s ❧❛ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛ só❧♦ ❝♦♥s✐❞❡r❛ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ② ♣♦r
❧♦ t❛♥t♦ r❡✢❡❥❛ ❝❛♠❜✐♦s ❡♥ ❧❛ ❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ✭❡♥ r❡s♣✉❡st❛ ❛ ❝❛♠❜✐♦s ❞❡
♣r❡❝✐♦s✮ q✉❡ s♦♥ ❝♦♥s✐st❡♥t❡s ❝♦♥ ❡st❛r s✐❡♠♣r❡ ❡♥ ❧❛ ♠✐s♠❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡✲
r❡♥❝✐❛✳ ❊♥ ❝❛♠❜✐♦✱ ❧❛ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧❧✐❛♥❛ r❡✢❡❥❛ ❝❛♠❜✐♦s ❡♥ ❧❛ ❞❡❝✐s✐ó♥ ❞❡
❝♦♥s✉♠♦ ❢r❡♥t❡ ❛ ❝❛♠❜✐♦s ❡♥ ♣r❡❝✐♦ ❝♦♥s✐❞❡r❛♥❞♦ t❛♥t♦ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥
❝♦♠♦ ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ✭♣ér❞✐❞❛ ♦ ❣❛♥❛♥❝✐❛ ❞❡ ❜✐❡♥❡st❛r✮✳ ❯♥❛ ❝♦♥✜r♠❛❝✐ó♥
❞❡ ❡st♦ s❡ ♦❜t✐❡♥❡ ❛❧ ❡✈❛❧✉❛r✱ ✉t✐❧✐③❛♥❞♦ ❧❛ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧❧✐❛♥❛✱ ❧❛ ❣❛♥❛♥✲
❝✐❛ ♦ ♣ér❞✐❞❛ ❞❡ ❡①❝❡❞❡♥t❡ ❞❡ ❝♦♥s✉♠✐❞♦r ❡♥ r❡s♣✉❡st❛ ❛ ✉♥❛ ❞✐s♠✐♥✉❝✐ó♥ ♦
❛✉♠❡♥t♦ ❞❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥✳

P❛✁
❣✐♥❛ ✾✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

✼✳ ❙✐ ❧♦s ❝♦♥s✉♠✐❞♦r❡s ❣❛st❛♥ ✉♥❛ ♣❛rt❡ s✐❣♥✐✜❝❛t✐✈❛ ❞❡ s✉ ✐♥❣r❡s♦ ❡♥ ✉♥ ❜✐❡♥

♥❡✉tr♦ ✭r❡❝✉❡r❞❡ q✉❡ ❡❧ ❝♦♥s✉♠♦ ❞❡ ✉♥ ❜✐❡♥ ♥❡✉tr♦ ♥♦ ❝❛♠❜✐❛ ❝♦♥ ❡❧ ✐♥❣r❡s♦✮✱
s❡ ♣✉❡❞❡ ❡s♣❡r❛r q✉❡ ❧❛ ❞❡♠❛♥❞❛ ♣♦r ❞✐❝❤♦ ❜✐❡♥ t❡♥❣❛ ✉♥❛ ❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦
♠❛②♦r q✉❡ s✐ ❡❧ ❜✐❡♥ ❢✉❡s❡ ♥♦r♠❛❧✳ ❘❡s♣✉❡st❛ ❋❛❧s♦✱ ❡♥ ❡❧ ❝❛s♦ ❞❡ ❧♦s ❜✐❡♥❡s
♥❡✉tr♦s ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ❡s ❝❡r♦✱ ♠✐❡♥tr❛s q✉❡ ❡♥ ❡❧ ❝❛s♦ ❞❡ ❧♦s ❜✐❡♥❡s ♥♦r♠❛❧❡s
❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ② ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ❛❝tú❛♥ ❡♥ ❧❛ ♠✐s♠❛ ❞✐r❡❝❝✐ó♥✱ ② ❡♥
❝♦♥s❡❝✉❡♥❝✐❛ ❧❛ ❞❡♠❛♥❞❛ t✐❡♥❞❡ ❛ s❡r ♠ás s❡♥s✐❜❧❡ ❛ ❝❛♠❜✐♦s ❞❡ ♣r❡❝✐♦s✳ P♦r
❧♦ t❛♥t♦✱ q✉❡ ✉♥ ❜✐❡♥ s❡❛ ♥❡✉tr♦ ❡s ✉♥ ❢❛❝t♦r q✉❡ t✐❡♥❞❡ ❛ r❡❞✉❝✐r ❧❛ ❡❧❛st✐❝✐❞❛❞
❡♥ r❡❧❛❝✐ó♥ ❛❧ ❝❛s♦ ❡♥ q✉❡ ❡❧ ❜✐❡♥ s❡❛ P♦r ❝✐❡rt♦✱ ♥♦ s❡ ♣✉❡❞❡ ❛✜r♠❛r q✉❡ ❧❛
❞❡♠❛♥❞❛ ♠❛rs❤❛❧❧✐❛♥❛ ❞❡ ✉♥ ❜✐❡♥ ♥♦r♠❛❧ s❡❛ ♠ás ❡❧ást✐❝❛ q✉❡ ❧❛ ❞❡ ✉♥ ❜✐❡♥
♥❡✉tr♦✱ ♣✉❡st♦ q✉❡ ❧❛ ❡❧❛st✐❝✐❞❛❞ ❞❡ ✉♥ ❜✐❡♥ ❞❡♣❡♥❞❡✱ ❛❞❡♠ás ❞❡ s✐ ❡s ♥♦r♠❛❧✱
✐♥❢❡r✐♦r ♦ ♥❡✉tr♦✱ ❞❡ ♦tr♦s ❢❛❝t♦r❡s t❛❧❡s ❝♦♠♦ ❧❛ ❡①✐st❡♥❝✐❛ ❞❡ s✉st✐t✉t♦s✳
✽✳ ❈♦♥s✐❞❡r❡ ✉♥ ✐♥❞✐✈✐❞✉♦ q✉❡ ❣❡♥❡r❛ ✐♥❣r❡s♦s ❡♥ ❡❧ ♣r❡s❡♥t❡ ② ❡♥ ❡❧ ❢✉t✉r♦✳
❆❝t✉❛❧♠❡♥t❡ s❡ ❡♥❝✉❡♥tr❛ ❡♥ s✉ ♣✉♥t♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ✐♥t❡rt❡♠♣♦r❛❧✱ ❞♦♥❞❡ ♥♦
♣r❡st❛ ♥✐ ♣✐❞❡ ♣r❡st❛❞♦ r❡❝✉rs♦s ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡ ❝❛♣✐t❛❧❡s✳ ▲✉❡❣♦ s✐ ❛✉♠❡♥t❛
❧❛ t❛s❛ ❞❡ ✐♥t❡rés ✐♥❝r❡♠❡♥t❛rá s✉ ❛❤♦rr♦✱ ❝❛♠❜✐❛♥❞♦ s✉s ♥✐✈❡❧❡s ❞❡ ❝♦♥s✉♠♦
❡♥ ❡❧ ♣r❡s❡♥t❡ ② ❡♥ ❡❧ ❢✉t✉r♦✳
❘❡s♣✉❡st❛ ❊♥ ❡❧ ♣✉♥t♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ✐♥✐❝✐❛❧ ❡❧ ✐♥❞✐✈✐❞✉♦ s❡ ❡♥❝✉❡♥tr❛ ❥✉st♦ ❡♥
❡❧ ♣✉♥t♦ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❡♥tr❡ ❛❤♦rr❛r ♦ ❡♥❞❡✉❞❛rs❡✳ ❯♥ ❛✉♠❡♥t♦ ❞❡ ❧❛ t❛s❛ ❞❡
✐♥t❡rés ❡s ✉♥ ✐♥❝❡♥t✐✈♦ ♣❛r❛ q✉❡ ❡♠♣✐❡❝❡ ❛ ❛❤♦rr❛r ② ❡s♦ ❡s ❧♦ q✉❡ s❡ ✈❡ ❡♥ ❡❧
❣rá✜❝♦✳ P♦r ❧♦ t❛♥t♦✱ ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡❜❡ ❡st❛r ❤❛❝✐❛ ❛rr✐❜❛ ❞❡❧ ♣✉♥t♦ ❞❡ ❞♦t❛❝✐ó♥
✐♥✐❝✐❛❧ ✭✢✉❥♦ ❞❡ ✐♥❣r❡s♦s✮✱ ❛ ❧♦ ❧❛r❣♦ ❞❡ ❧❛ ♥✉❡✈❛ r❡❝t❛ ❞❡ ♣r❡s✉♣✉❡st♦✳ ❊❧ ❡❢❡❝t♦
s✉st✐t✉❝✐ó♥ ❧❧❡✈❛ ❛ ❝♦♥s✉♠✐r ♠❡♥♦s ❡♥ ❡❧ ♣r❡s❡♥t❛ ✭❛✉♠❡♥t❛ ❡❧ ❛❤♦rr♦✮ ② ♠ás

P❛✁
❣✐♥❛ ✾✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❡♥ ❡❧ ❢✉t✉r♦✱ ♣✉❡s s❡ ❡♥❝❛r❡❝✐ó ❡❧ ❝♦♥s✉♠♦ ❡♥ ❡❧ ♣r❡s❡♥t❡ ② s❡ ❛❜❛r❛tó ❡♥ ❡❧

❢✉t✉r♦✳ ▲❛ r✐q✉❡③❛ ❛✉♠❡♥tó ❡♥ ✈❛❧♦r ❢✉t✉r♦✱ ♣♦r ❡♥❞❡✱ ❡❧ ❡❢❡❝t♦ r✐q✉❡③❛ ❧♦ ❧❧❡✈❛

❛ ❝♦♥s✉♠✐r ♠ás ❡♥ ❛♠❜♦s ♣❡r✐♦❞♦s✱ ♣✉❡s s❡ ❛❝❡♣t❛ q✉❡ ❝♦♥s✉♠♦ ♣r❡s❡♥t❡ ②

❢✉t✉r♦✱ s♦♥ ❛♠❜♦s✱ ❜✐❡♥❡s ♥♦r♠❛❧❡s ♦ s✉♣❡r✐♦r❡s✳ ❊❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ❡s ♠❛②♦r

❛❧ ❡❢❡❝t♦ r✐q✉❡③❛✱ ♣♦r ❧♦ ②❛ s❡ñ❛❧❛❞♦✳ P♦r ❡❧❧♦✱ ❡♥ ♥❡t♦ s❡ ❝♦♥s✉♠❡ ♠❡♥♦s ❡♥

❡❧ ♣r❡s❡♥t❡✱ ❣❡♥❡rá♥❞♦s❡ ✉♥ ❛❤♦rr♦✳ ❆✉♠❡♥t❛ ❡❧ ❝♦♥s✉♠♦ ❡♥ ❡❧ ❢✉t✉r♦✱ ♣✉❡s s❡

tr❛s♣❛s❛ ✐♥❣r❡s♦ ♣r❡s❡♥t❡ ❤❛❝✐❛ ❡❧ ❢✉t✉r♦✱ s(1 + r)✳

✾✳ ❙✐ t❡♥❡♠♦s ✉♥❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ♠✉② ❛❧t❛ ♣♦❞rí❛♠♦s ❡♥❝♦♥tr❛r♥♦s ❡♥

✉♥❛ ③♦♥❛ ❞♦♥❞❡ ♥♦ ❤❛②❛ ♥✐♥❣✉♥❛ ❝✉r✈❛ ❞❡ ✉t✐❧✐❞❛❞✱ ♣♦r ❧♦ t❛♥t♦ ♥♦ ❡s r❡❝♦♠❡♥✲
❞❛❜❧❡ t❡♥❡r ✉♥❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❞❡ ❡st❛s ❝❛r❛❝t❡ríst✐❝❛s✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❋❛❧s♦✱ ♣✉❡s ✉♥❛ ❞❡ ❧❛s ♣r♦♣✐❡❞❛❞❡s ❞❡ ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❡s q✉❡ ❡①✐st❡

✉♥ ♠❛♣❛ ❞❡ ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ ♣♦r ❧♦ t❛♥t♦ ♥♦ ✐♠♣♦rt❛ q✉❡ t❛♥ ❛❧t❛ s❡❛

♥✉❡str❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ♣♦❞❡♠♦s ❡♥❝♦♥tr❛r ✉♥ ❡q✉✐❧✐❜r✐♦✳

P❛✁
❣✐♥❛ ✾✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

RP2

RP1
X

✶✵✳ ▲❛s ❝✉r✈❛s ❞❡ ❞❡♠❛♥❞❛ ② ❞❡ ♦❢❡rt❛ s♦♥ ✐♠♣♦rt❛♥t❡s ♣♦rq✉❡ s♦♥ ❝❛♣❛❝❡s ❞❡
r❡✢❡❥❛r ❧❛ ✈❛❧♦r✐③❛❝✐ó♥ q✉❡ ❞❛♥ t❛♥t♦ ❞❡♠❛♥❞❛♥t❡s ❝♦♠♦ ♦❢❡r❡♥t❡s✱ ❛✉♥ ❡♥
❡❧ ❝❛s♦ ❞❡ ✉♥❛ ❞❡♠❛♥❞❛ ✉ ♦❢❡rt❛ ❝♦♠♣❧❡t❛♠❡♥t❡ ❡❧ást✐❝❛ ♦ ❝♦♠♣❧❡t❛♠❡♥t❡
✐♥❡❧ást✐❝❛✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❱❡r❞❛❞❡r♦✱ ❧❛s ❝✉r✈❛s ❞❡ ❞❡♠❛♥❞❛ ② ♦❢❡rt❛ r❡✢❡❥❛♥ ❧❛ ✈❛❧♦r✐③❛❝✐ó♥ q✉❡ ❤❛❝❡♥

♦❢❡r❡♥t❡s ② ❞❡♠❛♥❞❛♥t❡s✳ P♦r ❡❥❡♠♣❧♦ ❡♥ ❡❧ ❝❛s♦ ❞❡ ❧♦s ❞❡♠❛♥❞❛♥t❡s✱ s❛❜❡♠♦s
q✉❡ s✉ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ r❡✢❡❥❛ s✉ ❞✐s♣♦s✐❝✐ó♥ ❛ ♣❛❣❛r✱ ♣❡r♦ s✐ ❧❛ ❝✉r✈❛ ❞❡ ❞❡✲
♠❛♥❞❛ ❡s ✐♥✜♥✐t❛♠❡♥t❡ ✐♥❡❧ást✐❝❛ ❞✐r❡♠♦s q✉❡ ❡st❛ ❞✐s♣✉❡st♦ ❛ ♣❛❣❛r ❝✉❛❧q✉✐❡r
♣r❡❝✐♦ ♣♦r ❝♦♠♣r❛r ❧❛ ❝❛♥t✐❞❛❞ q✉❡ q✉✐❡r❡ ❝♦♠♣r❛r❀ s✐ t❡♥❡♠♦s ✉♥❛ ❞❡♠❛♥❞❛
✐♥✜♥✐t❛♠❡♥t❡ ❡❧ást✐❝❛✱ ❞✐r❡♠♦s q✉❡ ❡st❛ ❞✐s♣✉❡st♦ ❛ ❝♦♠♣r❛r ❝✉❛❧q✉✐❡r ❝❛♥t✐✲
❞❛❞✱ ♣❡r♦ ❛ ✉♥ ❞❡t❡r♠✐♥❛❞♦ ♣r❡❝✐♦✳

P P P

q q q

✶✶✳ ❊♥ ✉♥ ♠♦❞❡❧♦ ❞❡ ❞♦s ❜✐❡♥❡s✱ s❡ r❡q✉✐❡r❡ q✉❡ ❧❛s ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧❡s s❡❛♥
❞❡❝r❡❝✐❡♥t❡s ♣❛r❛ ❡♥❝♦♥tr❛r ✉♥❛ s♦❧✉❝✐ó♥✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

▲♦ q✉❡ s❡ r❡q✉✐❡r❡ ♣❛r❛ q✉❡ s❡ ❡♥❝✉❡♥tr❡ ✉♥ ❡q✉✐❧✐❜r✐♦ ❡s q✉❡ ❧❛ r❛③ó♥ ❞❡ ✉t✐❧✐❞❛✲

❞❡s ♠❛r❣✐♥❛❧❡s ❡♥ ✈❛❧♦r ❛❜s♦❧✉t♦ s❡❛ ❞❡❝r❡❝✐❡♥t❡ ♣❛r❛ ❡♥❝♦♥tr❛r ✉♥ ❡q✉✐❧✐❜r✐♦✱
♣♦r ❧♦ q✉❡ ♥♦ ❡s ♥❡❝❡s❛r✐♦ q✉❡ ❛♠❜❛s ✉t✐❧✐❞❛❞❡s s❡❛♥ ❞❡❝r❡❝✐❡♥t❡ ♣❛r❛ q✉❡ ❡st♦
s❡ ❝✉♠♣❧❛✳ P♦❞rí❛ ♦❝✉rr✐r ♣♦r ❡❥❡♠♣❧♦ q✉❡ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ❞❡ ❳ s❡❛ ❝♦♥s✲
t❛♥t❡ ② ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ❞❡ ❨ s❡❛ ❝r❡❝✐❡♥t❡✱ ② ♥♦s ❞❛ q✉❡ ❧❛ r❛③ó♥ ❡♥ ✈❛❧♦r
❛❜s♦❧✉t♦ ❡s ❞❡❝r❡❝✐❡♥t❡✳

P❛✁
❣✐♥❛ ✾✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

UMgX
UMgY

✶✷✳ ❯♥ ✐♠♣✉❡st♦ s✐❡♠♣r❡ ♣r♦✈♦❝❛ ♣ér❞✐❞❛ s♦❝✐❛❧ ②❛ q✉❡ s❡ ♣r♦❞✉❝❡ ♠❡♥♦s ❞❡ ❧❛

❝❛♥t✐❞❛❞ s♦❝✐❛❧♠❡♥t❡ ó♣t✐♠❛✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

■♥❝✐❡rt♦✱ ♣✉❡s ❡♥ ✉♥ ❝❛s♦ ❡①tr❡♠♦ ♣♦❞❡♠♦s ✈❡r q✉❡ ❛✉♥ ❝✉❛♥❞♦ s❡ ❛♣❧✐q✉❡
✉♥ ✐♠♣✉❡st♦✱ ❧❛ ❝❛♥t✐❞❛❞ s♦❝✐❛❧♠❡♥t❡ ó♣t✐♠❛ ♥♦ ❝❛♠❜✐❛rá✳ ❙✐ ❛♥❛❧✐③❛♠♦s ❡❧
❝❛s♦ ❞❡ ✉♥❛ ❞❡♠❛♥❞❛ ❝♦♠♣❧❡t❛♠❡♥t❡ ✐♥❡❧ást✐❝❛✱ ② ❛♣❧✐❝❛♠♦s ✉♥ ✐♠♣✉❡st♦ ❛
❧♦s ♦❢❡r❡♥t❡s✱ ✈❡♠♦s ❝❧❛r❛♠❡♥t❡ q✉❡ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❡q✉✐❧✐❜r✐♦ s✐❣✉❡ s✐❡♥❞♦ ❧❛
♠✐s♠❛ ✭♣❡r♦ té♥❣❛s❡ ♣r❡s❡♥t❡ q✉❡ ❡♥ ❡st❡ ❝❛s♦ ❡❧ ♣r❡❝✐♦ ♥♦ s❡rá ❡❧ ♠✐s♠♦✮✳

P
S

✶✸✳ ❏✉❛♥✐t♦ t✐❡♥❡ ✉♥❛ ❞❡♠❛♥❞❛ ♣♦r ❧❡❝❤✉❣❛s r❡♣r❡s❡♥t❛❞❛ ♣♦r ❧❛ ❡❝✉❛❝✐ó♥ q1 =
a − bP1 ✱ ❝♦♥ a ② b ♠❛②♦r q✉❡ ❝❡r♦✳ ❏✉❛♥✐t♦ ❛❝t✉❛❧♠❡♥t❡ ❛❞q✉✐❡r❡ ✉♥❛ ❧❡❝❤✉❣❛ ❛
✉♥ ♣r❡❝✐♦ ✩① q✉❡ ❝♦rr❡s♣♦♥❞❡ ❛ ✉♥ ♣✉♥t♦ ❡♥ q✉❡ s✉ ❞❡♠❛♥❞❛ ❡s ✐♥❡❧ást✐❝❛✳ ❊❧
❣♦❜✐❡r♥♦ ❤❛ ❞❡❝✐❞✐❞♦ ♣♦♥❡r ✉♥ ♣r❡❝✐♦ ♠í♥✐♠♦ ❛ ❧❛s ❧❡❝❤✉❣❛s ❞❡ ✩①✰❛✱ a > 0✱ ♣♦r
❧♦ t❛♥t♦ ❏✉❛♥✐t♦ ✐♥❛♠❜✐❣✉❛♠❡♥t❡ ❛✉♠❡♥t❛rá s✉ ❣❛st♦ ❡♥ ❧❡❝❤✉❣❛s✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❋❛❧s♦✳ ❊❧ ❡❢❡❝t♦ s♦❜r❡ ❡❧ ❣❛st♦ ❞❡♣❡♥❞❡rá ❞❡❧ ✈❛❧♦r ❞❡ α✳ ▲❛ ❞❡♠❛♥❞❛ ❞❡ t✐♣♦

❧✐♥❡❛❧ t✐❡♥❡ ❧❛ ❝❛r❛❝t❡ríst✐❝❛ ❞❡ q✉❡ ❧❛ ❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦ ♥♦ ❡s ❝♦♥st❛♥t❡✳ ❆♥t❡
✉♥ ❛✉♠❡♥t♦ ❞❡❧ ♣r❡❝✐♦ ❧❛ ❝❛♥t✐❞❛❞ ❝♦♥s✉♠✐❞❛ ❞✐s♠✐♥✉✐rá ✭❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦
♥❡❣❛t✐✈❛✮✱ s✐♥ ❡♠❜❛r❣♦ s✐ α ❡s ♣❡q✉❡ñ♦ ② ♥♦s ♠❛♥t❡♥❡♠♦s ❡♥ ❡❧ tr❛♠♦ ✐♥❡❧ás✲
t✐❝♦✱ ❧❛ ❞✐s♠✐♥✉❝✐ó♥ ❡♥ ❡❧ ♣r❡❝✐♦ s❡rá ♠❡♥♦s q✉❡ ❝♦♠♣❡♥s❛❞❛ ♣♦r ❧❛ ❝❛♥t✐❞❛❞

P❛✁
❣✐♥❛ ✶✵✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

r❡❞✉❝✐❞❛ ② ❡❧ ❣❛st♦ ❛✉♠❡♥t❛rá✳ ❊♥ ❝❛♠❜✐♦✱ s✐ ♣❛s❛♠♦s ❛❧ tr❛♠♦ ❡❧ást✐❝♦ ❡❧ ❣❛s✲

t♦ ♣✉❡❞❡ ❛✉♠❡♥t❛r✱ ♣❡r♦ t❛♠❜✐é♥ ❞✐s♠✐♥✉✐r✳ P♦r ❧♦ t❛♥t♦ ♥♦ ♣♦❞❡♠♦s ❛✜r♠❛r
q✉❡ s✉❝❡❞❡rá ❝♦♥ ❡❧ ❣❛st♦✳ ❊♥ ❡❧ ❣rá✜❝♦✱ s✐ ❡st❛♠♦s ✐♥✐❝✐❛❧♠❡♥t❡ ❡♥ ❆ ② ❛♥t❡
❧❛ ❞✐s♠✐♥✉❝✐ó♥ ❞❡❧ ♣r❡❝✐♦ ❝♦♥s✉♠✐♠♦s ❇✱ ❡❧ ❣❛st♦ ❛✉♠❡♥t❛rá✳ ◆♦ ♦❜st❛♥t❡ ❞❡
❆ ❛ ❈ ❡❧ ❣❛st♦ ❞✐s♠✐♥✉②❡✳

PX
1<|h D|<

8
PX A
|h D| = 1
0

PX B
1
0<|h D|<1
D
X0 X1 X/t
GX
|h D| = 1
B

1<|h D|< A
8

C 0<|h D|<1

QX

✶✹✳ ❉♦s ♣❡rs♦♥❛s t✐❡♥❡♥ ❧❛s ♠✐s♠❛s ♣r❡❢❡r❡♥❝✐❛s✱ s✐♥ ❡♠❜❛r❣♦ ❡s❝♦❣❡♥ ❝❛♥❛st❛s ❞✐s✲
t✐♥t❛s✳ ❊st♦ ❡s ❝❧❛r❛♠❡♥t❡ ✐♥❞✐❝✐♦ ❞❡ ✉♥ ❝♦♠♣♦rt❛♠✐❡♥t♦ ✐rr❛❝✐♦♥❛❧✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❋❛❧s♦✳ ❉♦s ✐♥❞✐✈✐❞✉♦s ♣✉❡❞❡♥ ❝♦♥s✉♠✐r ❞✐st✐♥t❛s ❝❛♥❛st❛s ❛ú♥ t❡♥✐❡♥❞♦ ❧❛s
♠✐s♠❛s ♣r❡❢❡r❡♥❝✐❛s ♥♦ r❡♣r❡s❡♥t❛♥❞♦ ✉♥ ❝♦♠♣♦rt❛♠✐❡♥t♦ ✐rr❛❝✐♦♥❛❧ s✐ ❡s q✉❡
❡st♦s s❡ ✈❡♥ ❡♥❢r❡♥t❛❞♦s ❛ ❞✐st✐♥t♦s ✐♥❣r❡s♦s ♦ ♣r❡❝✐♦s r❡❧❛t✐✈♦s✳

U1

U0
X

P❛✁
❣✐♥❛ ✶✵✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

✶✺✳ ❈✉❛♥❞♦ t❡♥❡♠♦s ❜✐❡♥❡s ♥♦r♠❛❧❡s✱ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧❧✐❛♥❛ ❡s ♠ás

✐♥❡❧ást✐❝❛ q✉❡ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❱❡r❞❛❞❡r♦✱ ♣✉❡s ❝✉❛♥❞♦ ❛♠❜♦s ❜✐❡♥❡s s♦♥ ♥♦r♠❛❧❡s t❡♥❡♠♦s q✉❡ ❡❧ ❡❢❡❝t♦ s✉s✲
t✐t✉❝✐ó♥ ② ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ✈❛♥ ❡♥ ❡❧ ♠✐s♠♦ s❡♥t✐❞♦ ✭s❡ r❡❢✉❡r③❛♥✮ ② ❝♦♠♦
❧❛ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧❧✐❛♥❛ ❝♦♥s✐❞❡r❛ ❛♠❜♦s ❡❢❡❝t♦s✱ ② ❧❛ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛
s♦❧♦ ❝♦♥s✐❞❡r❛ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥✱ ❧❛ ♣r✐♠❡r❛ ❡s ♠❛s ❡❧ást✐❝❛✳

E0 E1
EH

PX X

Xc Xd
X

✶✻✳ ❙✐ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧❧✐❛♥❛ t✐❡♥❡ ♣❡♥❞✐❡♥t❡ ♣♦s✐t✐✈❛✱ ❧❛ ❝✉r✈❛ ❞❡

❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛ t❛♠❜✐é♥ t❡♥❞rá ♣❡♥❞✐❡♥t❡ ♣♦s✐t✐✈❛✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❋❛❧s♦✱ ♣♦rq✉❡ ❧♦ q✉❡ ❤❛❝❡ q✉❡ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧❧✐❛♥❛ t❡♥❣❛ ♣❡♥✲
❞✐❡♥t❡ ♣♦s✐t✐✈❛ ❡s ✉♥ ❡❢❡❝t♦ ✐♥❣r❡s♦ ♥❡❣❛t✐✈♦ ② ♠❛②♦r ❡♥ ✈❛❧♦r ❛❜s♦❧✉t♦ q✉❡
❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥✱ ② ❝♦♠♦ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛ s♦❧♦ ❝♦♥s✐❞❡r❛
❡❢❡❝t♦ s✉st✐t✉❝✐ó♥✱ ♥♦ s❡ ✈❡ ❛❢❡❝t❛❞❛ ♣♦r ✉♥ ❡❢❡❝t♦ ✐♥❣r❡s♦ ♥❡❣❛t✐✈♦✳

P❛✁
❣✐♥❛ ✶✵✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

E1
E0
EH

PX X

Xd Xc
X

✶✼✳ ❊♥ ❡❧ ♠♦❞❡❧♦ ❞❡ ♦❝✐♦✲❝♦♥s✉♠♦✱ ❧♦s ✐♥❞✐✈✐❞✉♦s q✉❡ tr❛❜❛❥❛♥ ♠❡♥♦s ❧♦ ❤❛❝❡♥

♣♦rq✉❡ ❝♦♥s✐❞❡r❛♥ ❛❧ tr❛❜❛❥♦ ✉♥ ♠❛❧✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❋❛❧s♦✱ ♣✉❡s ❡♥ ❡❧ ❡❧ ♠♦❞❡❧♦ ❝♦♥s✉♠♦ s♦❧♦ ❡①✐st❡♥ ❞♦s ❜✐❡♥❡s✱ ❡❧ ♦❝✐♦ ② ❡❧ ❝♦♥✲
s✉♠♦✳ ❊❧ tr❛❜❛❥♦ ❡s s♦❧♦ ❡❧ ❢❛❝t♦r ♣r♦❞✉❝t✐✈♦ q✉❡ ❤❛❝❡ ♣♦s✐❜❧❡ ❡❧ ❝♦♥s✉♠♦ ✭❛
tr❛✈❡s ❞❡❧ s❛❧❛r✐♦✮✳ ▲♦s ✐♥❞✐✈✐❞✉♦s q✉❡ tr❛❜❛❥❛♥ ♠❡♥♦s ♣✉❡❞❡ ❡①♣❧✐❝❛rs❡ ♣♦r
✉♥❛ ♠❛②♦r ♣r❡❢❡r❡♥❝✐❛ ❛❧ ♦❝✐♦ q✉❡ ❛❧ ❝♦♥s✉♠♦ ❧♦ q✉❡ ❝♦♥❧❧❡✈❛ ❛ q✉❡ tr❛❜❛❥❡♥
♠❡♥♦s✳ ❊♥ ❡❧ ❣rá✜❝♦ ✈❡♠♦s q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ✶ ♣r❡✜❡r❡ ♠ás ❡❧ ♦❝✐♦ ② ❡❧ ✐♥✈✐❞✉♦
✷ ♣r❡✜❡r❡ ♠ás ❡❧ ❝♦♥s✉♠♦✳

C
U0

C2

C1 U1
YNL w

O2 O1 T O

✶✽✳ P❛r❛ ❛❧❣✉♥♦s ✐♥❞✐✈✐❞✉♦s ❧❛ ❢❛♥t❛ ② ❧❛ ❝❡r✈❡③❛ s♦♥ ❜✐❡♥❡s s✉st✐t✉t♦s ② ♣❛r❛ ♦tr♦s
❝♦♠♣❧❡♠❡♥t♦s✳ ❈♦♠❡♥t❡✳

P❛✁
❣✐♥❛ ✶✵✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❘❡s♣✉❡st❛✿

❙✐ ❝♦♥s✐❞❡r❛♠♦s ❧❛ ❡❝✉❛❝✐ó♥ ❝r✉③❛❞❛ ❞❡ ❙❧✉ts❦② ✿

T S
ηX,P y = ηX,P y − αY · ηI,P y

P♦❞❡♠♦s ✈❡r q✉❡ ❧♦s ❛♠❜♦s ❜✐❡♥❡s ♣✉❡❞❡♥ ✭♣❛r❛ ♣❡rs♦♥❛s ❞✐st✐♥t❛s✱ ♣❡r♦ ❝♦♥
❧❛s ♠✐s♠❛s ♣r❡❢❡r❡♥❝✐❛s✮ s❡r ❝♦♠♣❧❡♠❡♥t♦s ② s✉st✐t✉t♦s ❛ ❧❛ ✈❡③✳ ❊st♦ ❡s ♣♦rq✉❡
❧♦s ❜✐❡♥❡s ♣✉❡❞❡♥ s❡r ❝♦♠♣❧❡♠❡♥t♦s ❜r✉t♦s ② s✉st✐t✉t♦s ♥❡t♦s✳
❊♥t♦♥❝❡s s✐ ❡❧ ♣r✐♠❡r tér♠✐♥♦ ❞❡ ❧❛ ❡❝✉❛❝✐ó♥ ❞❡ ❙❧✉ts❦② ❡s ♣♦s✐t✐✈♦ (ηX,P
S
y > 0)
❧♦s ❜✐❡♥❡s s❡rá♥ s✉st✐t✉t♦s ♥❡t♦s✱ ♣❡r♦ s✐ ❝♦♥s✐❞❡r❛♠♦s ❡❧ s❡❣✉♥❞♦ t❡r♠✐♥♦✱
♣✉❡❞❡ ♦❝✉rr✐r q✉❡ t♦❞❛ ❧❛ ❡❝✉❛❝✐ó♥ s❡❛ ♥❡❣❛t✐✈❛ (ηX,P
T
y < 0) ② ❡♥ ❡st❡ ❝❛s♦ ❧♦s
❜✐❡♥❡s s❡rí❛♥ ❝♦♠♣❧❡♠❡♥t♦s ❜r✉t♦s✳
❊❧ ❣rá✜❝♦ ♠✉❡str❛ ❡❧ ❝❛s♦ ❞❡ ❜✐❡♥❡s ❝♦♠♣❧❡♠❡♥t♦s ❜r✉t♦s✳

E1
E0

✶✾✳ ❯♥ ❡st✉❞✐❛♥t❡ ❞❡ ♦tr❛ ✉♥✐✈❡rs✐❞❛❞ ❝♦♠❡♥t♦✿ ❛❧ ❛♥❛❧✐③❛r ❧♦s ❜✐❡♥❡s s✉♣❡r✐♦r❡s ♦

✐♥❢❡r✐♦r❡s✱ ♣♦❞❡♠♦s ❝♦♥❝❧✉✐r q✉❡ s✉s ❞❡♠❛♥❞❛s ❝♦♠♣❡♥s❛❞❛s s♦♥ ✐❣✉❛❧❡s✱ ❞❛❞♦
q✉❡ ❡❧❧❛s r❡♣r❡s❡♥t❛♥ s✐t✉❛❝✐♦♥❡s ❞❡ ❧❛ ❡❝♦♥♦♠í❛ q✉❡ s♦♥ ❡①tr❡♠❛s✱ ❞❛❞♦ ❡s♦✱
s❡ r❡♣r❡s❡♥t❛♥ ❞❡ ❧❛ ♠✐s♠❛ ♠❛♥❡r❛✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

P❛r❛ ✉♥❛ ❞✐s♠✐♥✉❝✐ó♥ ❞❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ ❳✳

❊❧ ❝♦♠❡♥t❡ ❡s ❢❛❧s♦✱ ❧❛s ❞❡♠❛♥❞❛s ❝♦♠♣❡♥s❛❞❛s ❞❡ ❜✐❡♥❡s ✐♥❢❡r✐♦r❡s ② s✉♣❡r✐♦✲
r❡s s❡rá♥ ❞✐st✐♥t❛s✱ ❛❞❡♠ás ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛ ❞❡❧ ❜✐❡♥
s✉♣❡r✐♦r s❡rá ♠ás ❡❧ást✐❝❛ q✉❡ ❧❛ ❞❡ ❧❛ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛ ❞❡❧ ❜✐❡♥ ✐♥❢❡✲
r✐♦r✳ ❚❛♠❜✐é♥ ❡s ✐♠♣♦rt❛♥t❡ r❡✢❡①✐♦♥❛r q✉❡ ❧❛ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥s❛❞❛ ❞❡❧ ❜✐❡♥
s✉♣❡r✐♦r ❡st❛rá ❜❛❥♦ ❧❛ ❞❡♠❛♥❞❛ ▼❛rs❤❛❧❧✐❛♥❛ ② ❧❛ ❞❡❧ ❜✐❡♥ ✐♥❢❡r✐♦r s♦❜r❡ ❧❛
❞❡♠❛♥❞❛ ▼❛rs❤❛❧❧✐❛♥❛✳ P♦r ❡♥❞❡ ♥♦ s❡rá♥ ✐❣✉❛❧❡s✳

P❛✁
❣✐♥❛ ✶✵✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

Y Bien Superior Y Bien Inferior

E1
E0 E0
EH E1 EH

PX X PX X

Xc Xd Xd Xc
X X

✷✵✳ ❈✉❛♥❞♦ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❞❡ ✉♥ ✐♥❞✐✈✐❞✉♦ s♦♥ ❧✐♥❡❛❧❡s ② ❡①✐st❡ ✉♥❛
❞✐s♠✐♥✉❝✐ó♥ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡ ❳✱ ❡♥t♦♥❝❡s ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ♣❛r❛ ❳ ❡s ❝❡r♦✳ ❈♦✲
♠❡♥t❡✳
❘❡s♣✉❡st❛✿

■♥❝✐❡rt♦✱ ♣♦rq✉❡ s❛❜❡♠♦s q✉❡ ❝✉❛♥❞♦ ❧❛s ♣r❡❢❡r❡♥❝✐❛s s♦♥ ❧✐♥❡❛❧❡s✱ ♦❝✉rr✐rá
✉♥❛ s♦❧✉❝✐ó♥ ❡sq✉✐♥❛ ✭s♦♥ ❜✐❡♥❡s ♣❡r❢❡❝t♦s s✉st✐t✉t♦s✮✱ ♣♦r ❡♥❞❡ ❝♦♥s✉♠✐rá
❛q✉❡❧ ❜✐❡♥ q✉❡ s❡❛ ♠❛s ❜❛r❛t♦ r❡❧❛t✐✈❛♠❡♥t❡✳ ❊♥t♦♥❝❡s✱ s✐ s✉♣♦♥❡♠♦s q✉❡ ❜❛❥ó
❡❧ ♣r❡❝✐♦ ❞❡ ❳ ② ❝♦♥ ❡st❛ ❜❛❥❛ ❳ ❡s ♠ás ❜❛r❛t♦ r❡❧❛t✐✈❛♠❡♥t❡✱ ♣✉❡❞❡ ❤❛❜❡r
♦❝✉rr✐❞♦ ✉♥♦ ❞❡ ❧♦s s✐❣✉✐❡♥t❡s ❝❛s♦s❀ ✭✶✮ s✐ ♦r✐❣✐♥❛❧♠❡♥t❡ ❨ ❡r❛ ♠ás ❜❛r❛t♦
r❡❧❛t✐✈❛♠❡♥t❡ s♦❧♦ ♦❝✉rr✐rá ✉♥ ❊❙ ✭⇒ EI = 0✮❀ ó ✭✷✮ s✐ ♦r✐❣✐♥❛❧♠❡♥t❡ ❳ ❡r❛s
♠ás ❜❛r❛t♦ r❡❧❛t✐✈❛♠❡♥t❡✱ s♦❧♦ ♦❝✉rr✐rá ✉♥ ❊■ ✭⇒ ES = 0✮✳

Y Y U0 U1
U1

U0
ES X EI X

P❛✁
❣✐♥❛ ✶✵✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

✷✶✳ ▼❡❞✐r ❧❛ ♣ér❞✐❞❛ ❡♥ ❡✜❝✐❡♥❝✐❛ ②❛ s❡❛ ♣♦r ❧❛ ✈❛❧♦r❛❝✐ó♥ ❞❡ ❝♦♥s✉♠✐r ♦ ♣r♦❞✉❝✐r

✉♥✐❞❛❞❡s ❛❞✐❝✐♦♥❛❧❡s ♦ ♣♦r ❡❧ ♥♦ ❛♣r♦✈❡❝❤❛♠✐❡♥t♦ ❞❡ tr❛♣❛s♦s ❞❡ ❡①❝❡❞❡♥t❡s
♣♦r ♣❛rt❡ ❞❡❧ ♣r♦❞✉❝t♦r ♦ ❝♦♥s✉♠✐❞♦r✱ ❞❡❜❡rí❛ ❛rr♦❥❛r s✐♠✐❧❛r❡s r❡s✉❧t❛❞♦s q✉❡
❡❧ ❝❛s♦ ❞❡ ✉♥ ❜✐❡♥ ❞♦♥❞❡ s✉ ❝♦♥s✉♠♦ ♣r♦✈♦❝❛ ✉♥❛ ❡①t❡r♥❛❧✐❞❛❞ ♥❡❣❛t✐✈❛✳
❘❡s♣✉❡st❛✿

❋❛❧s♦✳ P❛r❛ ❡❧ ❝❛s♦ ❞❡ ✉♥❛ ❡①t❡r♥❛❧✐❞❛❞ ♥❡❣❛t✐✈❛ ❡♥ ❡❧ ❝♦♥s✉♠♦✱ ♣r✐✈❛❞❛♠❡♥t❡

s❡ ❡stá ❞❡♠❛♥❞❛♥❞♦ ♠✁❛s q✉❡ ❡♥ ❡❧ ó♣t✐♠♦ s♦❝✐❛❧✱ ❧♦ ❝✉❛❧ ❣❡♥❡r❛ ✉♥❛ ♣ér❞✐❞❛
❞❡ ❡✜❝✐❡♥❝✐❛✳ ❙✐♥ ❡♠❜❛r❣♦✱ ❞❛❞♦ q✉❡ ♥♦ ❤❛② ❝❛♠❜✐♦ ❡♥ ❧♦s ♣r❡❝✐♦s✱ ♥♦ ♣♦❞❡♠♦s
♠❡❞✐r ❡st❛ ♣ér❞✐❞❛ ❞❡ ❡✜❝✐❡♥❝✐❛ ❝♦♠♦ ✉♥❛ ♣ér❞✐❞❛ ❡♥ ❡❧ tr❛s♣❛s♦ ❞❡ ❡①❝❡❞❡♥t❡s✳

P
CMgP=CMgS

}
sin cambios
en precios

área de pérdida

BMgP
BMgS
q
}
valoración exceso
de producción

✷✷✳ ❊❧ ✈❛❧♦r ❞❡ ✉♥ ♣❛s❛❥❡ ❞❡❧ tr❛♥s❛♥t✐❛❣♦ ❡s ✐❣✉❛❧ ❛❧ ❝♦st♦ ♠♦♥❡t❛r✐♦ ♠ás t♦❞♦ ❧♦
q✉❡ ♣✉❞♦ ❤❛❜❡r ❤❡❝❤♦ ♠✐❡str❛s ❡s♣❡r❛✳
❘❡s♣✉❡st❛✿

❱❡r❞❛❞❡r♦✳ ❊❧ ✈❛❧♦r ❞❡❧ ♣❛s❛❥❡ ❞❡ ❚r❛♥s❛♥t✐❛❣♦ ❞❡❜❡rí❛ r❡✢❡❥❛r ♣♦r ❝♦♠♣❧❡t♦

t♦❞♦s ❧♦s ❝♦st♦s ✐♥✈♦❧✉❝r❛❞♦s✱ ✐♥❝❧✉✐❞♦ ❡❧ ❝♦st♦ ❡♥ t✐❡♠♣♦ q✉❡ t✐❡♥❡ ❡❧ ✉s✉r❛r✐♦
❛❧ ✈✐❛❥❛r ♣♦r ❡st❡ ♠❡❞✐♦✱ ❡❧ ❝✉❛❧ ❧♦ ♣r✐✈❛ ❞❡ r❡❛❧✐③❛r ♦tr❛s ❛❝t✐✈✐❞❛❞❡s ♣r♦❞✉❝✲
t✐✈❛s r❡♥t❛❜❧❡s✳ ❆❞❡♠ás ❞❡❧ ❝♦st♦ ❡❝♦♥ó♠✐❝♦✱ ❡stá ❡❧ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞✱ q✉❡
❛❜❛r❝❛ t♦❞❛s ❧❛s ♦tr❛s ❛❝t✐✈✐❞❛❞❡s ❡♥ q✉❡ ♣♦❞r✁ý❛ ❤❛❜❡rs❡ ♦❝✉♣❛❞♦ ❡❧ ✉s✉❛r✐♦
❡♥ ✈❡③ ❞❡ ❡st❛r ✈✐❛❥❛♥❞♦✳

✷✸✳ ❙✐ ❛✉♠❡♥t❛ ❡❧ ♣r❡❝✐♦ ❞❡ ✉♥ ❜✐❡♥ s✉st✐t✉t♦ ❝♦♥ r❡s♣❡❝t♦ ❛❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❡♥❝❡♥✲
❞❡❞♦r❡s ❡❧é❝tr✐❝♦s✱ ❡st♦ ♣r♦✈♦❝❛rá ❝❡t❡r✐s ♣❛r✐❜✉s✱ ✉♥ ❛✉♠❡♥t♦ ❡♥ ❧❛ ❞❡♠❛♥❞❛
♣♦r ❡♥❝❡♥❞❡❞♦r❡s ❡❧é❝tr✐❝♦s ②✱ ♣♦r t❛♥t♦✱ ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦✱ ❧♦ q✉❡ tr❛❡r✁❛
✉♥ ♥✉❡✈♦ ✐♥❝r❡♠❡♥t♦ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡❧ s✉st✐t✉t♦ ② ❛sí s✉❝❡s✐✈❛♠❡♥t❡✱ ❞❡ ♠♦❞♦
q✉❡ ❡s♦ ♣r✉❡❜❛ q✉❡ ❧♦s ♠❡r❝❛❞♦s ❡stá♥ ✐♥t❡rr❡❧❛❝✐♦♥❛❞♦s✳
❘❡s♣✉❡st❛✿

❉❡♣❡♥❞❡✳ ❊❧ ❛♥á❧✐s✐s ❡s ❞✐❢❡r❡♥t❡ ♣❛r❛ ❡❧ ❝❛s♦ ❞❡ ❡st✉❞✐❛r ✉♥ ❡q✉✐❧✐❜r✐♦ ♣❛r❝✐❛❧

❝♦♥ ❡❧ ❡q✉✐❧✐❜r✐♦ ❣❡♥❡r❛❧✳ ❆❧ ❤❛❜❧❛r ❞❡ ❡q✉✐❧✐❜r✐♦ ♣❛r❝✐❛❧✱ ♥♦s r❡❢❡r✐♠♦s ❛❧ ❛♥á✲
❧✐s✐s ❞❡❧ ♠❡r❝❛❞♦ ❞❡ ✉♥ só❧♦ ❜✐❡♥✱ ✐♥❞❡♣❡♥❞✐❡♥t❡ ❛❧ r❡st♦✳ ❊♥ ❡❧ ❝❛s♦ ❞❡ ❡st❛r
♦❜s❡r✈❛♥❞♦ ✉♥ ❡q✉✐❧✐❜r✐♦ ♣❛r❝✐❛❧✱ ❡❧ ❝♦♠❡♥t❡ ❡s ✈❡r❞❛❞❡r♦✳ ❙✐♥ ❡♠❜❛r❣♦✱ ❜❛❥♦

P❛✁
❣✐♥❛ ✶✵✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

✉♥ ❛♥❛❧✐s✐s ❞❡ ❡q✉✐❧✐❜r✐♦ ❣❡♥❡r❛❧✱ ❡♥ ❞ó♥❞❡ s❡ ❛♥❛❧✐③❛♥ s✐♠✉❧t✁❛♥❡❛♠❡♥t❡ t♦❞♦s

❧♦s ♠❡r❝❛❞♦s ❡♥ ❧❛ ❡❝♦♥♦♠á✱ ❧♦s ❛❥✉st❡s s♦♥ ✐♥st❛♥tá♥❡♦s✳ ❊♥ ❛♠❜♦s ❝❛s♦s✱ s❡
✈❡ ✉♥❛ ✐♥t❡rr❡❧❛❝✐ó♥ ❞❡ ❛♠❜♦s ♠❡r❝❛❞♦s✳

P S

Pe'''
Pe''
Pe'
Pe
D'''
D D' D''
qe qe' qe'' qe''' q

✷✹✳ ◆♦ ❡stá ❞❡♠ás r❡✢❡①✐♦♥❛r s♦❜r❡ ❧❛ ♠❛❧❛ ❞✐str✐❜✉❝✐ó♥ ❞❡❧ ✐♥❣r❡s♦ ❡♥ ❈❍■▲❊✱
s♦❜r❡ t♦❞♦ ♣♦rq✉❡ ❧♦s ❜✐❡♥❡s ❝❛r♦s só❧♦ ♣♦❞r✁❛♥ s❡r ❝♦♥s✉♠✐❞♦s ♣♦r ♣❡rs♦♥❛s
❞❡ ❛❧t♦s ✐♥❣r❡s♦s✱ ❧♦s ❜✐❡♥❡s ❞❡ ✈❛❧♦r ♠❡❞✐♦ ♣♦r ❧❛ ❣❡♥t❡ ❞❡ ❝❧❛s❡ ♠❡❞✐❛✱ ② ❧♦s
❜✐❡♥❡s ❝✉②♦ ♣r❡❝✐♦ s♦♥ ❜❛❥♦s s❡rá♥ ♠❛②♦r✐t❛r✐❛♠❡♥t❡ ❝♦♥s✉♠✐❞♦s ♣♦r ♣❡rs♦♥❛s
❞❡ ❡s❝❛s♦s r❡❝✉rs♦s✳ ◗✉é s✉❡rt❡ q✉❡ ❡①✐st❛ ❡❧ ♠❡r❝❛❞♦✱ ❧❛ s✐t✉❛❝✐✁♦♥ ♣♦❞r✁ý❛
❤❛❜❡r s✐❞♦ ♣❡♦r✳
❘❡s♣✉❡st❛✿

❋❛❧s♦✳ ❊❧ ❛♥á❧✐s✐s ❡❝♦♥ó♠✐❝♦ ♥♦ ♣❡r♠✐t❡ r❡❛❧✐③❛r ❥✉✐❝✐♦s ❞❡ ✈❛❧♦r r❡s♣❡❝t♦ ❛ ❧❛

s✐t✉❛❝✐ó♥ q✉❡ s❡ ❞á✳ ❊s♦ ❝❛❜❡ ❞❡♥tr♦ ❞❡ ❧❛ ❡❝♦♥♦♠í❛ ♥♦r♠❛t✐✈❛✳ P♦r ❧♦ ❞❡♠ás✱
❜❛❥♦ ✉♥ ❛♥á❧✐s✐s ♣♦s✐t✐✈✐st❛✱ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ♥♦ r❡✢❡❥❛ ❞✐str✐❜✉❝✐ó♥ ❞❡
✐♥❣r❡s♦s✳ ❊s♦ sí✱ ❤❛② ❝✐❡rt♦s ❜✐❡♥❡s q✉❡ sí ❣✉❛r❞❛♥ r❡❧❛❝✐ó♥ ❝♦♥ ❡❧ ✐♥❣r❡s♦
❞❡ s✉s ❝♦♥s✉♠✐❞♦r❡s✳ ▲♦s ❜✐❡♥❡s s✉♥t✉❛r✐♦s ♦ ❞❡ ❧✉❥♦✱ ❡stá♥ r❡❧❛❝✐♦♥❛❞♦s ❛
✐♥❣r❡s♦s ♠ás ❛❧t♦s✱ ❧♦s ❜✐❡♥❡s ✐♥❢❡r✐♦r❡s ❛ ✐♥❣r❡s♦s ❜❛❥♦s✳ ▲❛s ❞❡♠❛♥❞❛s ❞❡
❡st♦s ❜✐❡♥❡s s♦♥ ♠✉② ❡❧ást✐❝❛s✳ P❡r♦ ❤❛② ♦tr♦s ❜✐❡♥❡s✱ ❝♦♠♦ ❧♦s ♥❡❝❡s❛r✐♦s✱
q✉❡ ♥♦ ✐♥❞✐❝❛♥ ♥❡❝❡s❛r✐❛♠❡♥t❡ ✉♥❛ r❡❧❛❝✐ó♥ ❝♦♠♦ ❧❛ q✉❡ ❡①♣r❡s❛ ❡❧ ❝♦♠❡♥t❡✳
de lujo
normales
P
necesarios

inferiores

✷✺✳ ❙✐ ❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧ ♣❛r❛ ✉♥ ❜✐❡♥ q✉❡ ❝♦♠♣✐t❡ ❝♦♥ ✐♠♣♦rt❛❝✐♦♥❡s s❡ ❛♣r♦✲
①✐♠❛ ❛❧ ♣r❡❝✐♦ ❞♦♠ést✐❝♦ q✉❡ ❡①✐stí❛ ❛♥t❡s ❞❡ ❛❜r✐r ❡❧ ♠❡r❝❛❞♦ ❛❧ ❝♦♠❡r❝✐♦

P❛✁
❣✐♥❛ ✶✵✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

✐♥t❡r♥❛❝✐♦♥❛❧✱ ♠❡❥♦r❛rá ♥♦t❛❜❧❡♠❡♥t❡ ❡❧ ❡①❝❡❞❡♥t❡ ❞❡ ❧♦s ♣r♦❞✉❝t♦r❡s ② ♣❡r❥✉✲

❞✐❝❛rá ❛ ❧♦s ❝♦♥s✉♠✐❞♦r❡s✳
❘❡s♣✉❡st❛✿

❱❡r❞❛❞❡r♦✳ ❆❧ ❛✉♠❡♥t❛r ❡❧ ♣r❡❝✐♦ ✐♥t❡r♥❛❝✐♦♥❛❧✱ ② ❛❝❡r❝❛rs❡ ❛❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐✲

❧✐❜r✐♦ ❞♦♠ést✐❝♦✱ ❞✐s♠✐♥✉②❡ ❧❛ ❝❛♥t✐❞❛❞ ✐♠♣♦rt❛❞❛ ② ❝♦♥s✉♠✐❞❛ ❞❡ ❞✐❝❤♦ ❜✐❡♥✱
♣❡r♦ ❛✉♠❡♥t❛ s✉ ♣r♦❞✉❝❝✐ó♥ ❧♦❝❛❧✳ ❊st♦ s✐❣♥✐✜❝❛ ✉♥ ♠❛②♦r ❡①❝❡❞❡♥t❡ ♣❛r❛ ❧♦s
♣r♦❞✉❝t♦r❡s✱ ♣❡r♦ q✉❡ ♥♦ ❛❧❝❛♥③❛ ❛ ❝♦♠♣❡♥s❛r ✉♥ ♠❡♥♦r ❡①❝❡❞❡♥t❡ ♣❛r❛ ❧♦s
❝♦♥s✉♠✐❞♦r❡s✳

S
P
Disminución neta
de excedente

P*2
P*1

D
q

✷✻✳ ❇❛❥♦ ❡❧ s✉♣✉❡st♦ ❞❡ ✉♥❛ ❡❝♦♥♦♠í❛ ❝♦♥ ❞♦s ❜✐❡♥❡s✱ ✉♥ ✐♥❞✐✈✐❞✉♦ ❛❧ ♠❛①✐♠✐③❛r
s✉ ✉t✐❧✐❞❛❞ ❢r❡♥t❡ ❛ ✉♥❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✱ ♦❜t❡♥❞rá ❡❧ ❝♦♥s✉♠♦ ❞❡ ✉♥
s♦❧♦ ❜✐❡♥ ✭s♦❧✉❝✐ó♥ ❡sq✉✐♥❛✮ ❝✉❛♥❞♦ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ❞❡ ✉♥♦ ❞❡ ❧♦s ❜✐❡♥❡s
❡s ♠❛②♦r q✉❡ ❧❛ ❞❡❧ ♦tr♦ ❜✐❡♥✳ ❈♦♠❡♥t❡ ② r❡❝✉❡r❞❡ s❡r ♣r❡❝✐s♦✳
❘❡s♣✉❡st❛✿

■♥❝✐❡rt♦✳ ❊st❛ s✐t✉❛❝✐ó♥ ♣♦❞rí❛ ❞❛rs❡ só❧♦ ❡♥ ❡❧ ❝❛s♦ ❡♥ q✉❡ ❧❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡❝✐♦
✭❚▼❚ ♦ ❚▼■▼✮ s❡❛ ✐❣✉❛❧ ❛ ✶✱ ❝♦♥ ❧♦ ❝✉❛❧ s✐ ❧❛ ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ❞❡ ✉♥ ❜✐❡♥
❢✉❡r❛ ♠❛②♦r q✉❡ ❧❛ ❞❡❧ ♦tr♦✱ t❡♥❞rí❛ s♦❧✉❝✐ó♥ ❡sq✉✐♥❛ ✭✈❡r ♣✉♥t♦ ❆ ❞❡ ❧❛ ✜❣✉r❛✮✱
s✐♥ ❡♠❜❛r❣♦✱ ♣✉❡❞❡ ♦❝✉rr✐r q✉❡ ❛ ♣❡s❛r ❞❡ t❡♥❡r ♠❛②♦r ✉t✐❧✐❞❛❞ ♠❛r❣✐♥❛❧ ✐❣✉❛❧
s❡ ❝✉♠♣❧❛ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ❝♦♥ ✐❣✉❛❧❞❛❞✱ ② ♥♦s ❡♥❝♦♥tr❡♠♦s ❡♥ ❡❧
♣✉♥t♦ ❇ ❞❡ ❧❛ ✜❣✉r❛✳ P♦r ❧♦ t❛♥t♦✱ ♥♦ ❡s ❝♦♥❞✐❝✐ó♥ s✉✜❝✐❡♥t❡ ♣❛r❛ ❛s❡❣✉r❛r
s♦❧✉❝✐ó♥ ❡sq✉✐♥❛✳

P❛✁
❣✐♥❛ ✶✵✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

Y
A
TMS>TMT
B
TMS=TMT

RP
X

✷✼✳ ❊❧ ❛ñ♦ ♣❛s❛❞♦ ✉♥ ❝♦♥❥✉♥t♦ ❞❡ tr❛❜❛❥❛❞♦r❡s ❞❡ ✉♥❛ ❣r❛♥ ❡♠♣r❡s❛✱ ♣r♦t❡st❛❜❛♥✱

♣♦rq✉❡ ❧❡s q✉✐t❛r♦♥ ❡❧ ❜♦♥♦ ❞❡ ✩✷✶✳✵✵✵ ♣♦r ❝♦♥❝❡♣t♦ ❞❡ ❝♦❧❛❝✐ó♥ ♣❛r❛ ❝♦♥str✉✐r
✉♥ ❝❛s✐♥♦✱ ❡❧ ❝✉❛❧ s❡ ❡♥❝❛r❣❛rá ❞❡ ♣r♦♣♦r❝✐♦♥❛r ❞✐❝❤❛s ❝♦❧❛❝✐♦♥❡s✳ ▲♦s tr❛❜❛✲
❥❛❞♦r❡s ❛r❣✉♠❡♥t❛♥ q✉❡ s✉ ✉t✐❧✐❞❛❞ s❡ ✈❡rá r❡❞✉❝✐❞❛✳ ❈♦♠❡♥t❡ ② r❡❝✉❡r❞❡ s❡r
♣r❡❝✐s♦✳
❘❡s♣✉❡st❛✿

■♥❝✐❡rt♦✳ ❈✉❛♥❞♦ s❡ ❝❛♠❜✐❛ ✉♥❛ ❝❛♥t✐❞❛❞ ❞❡❧ ✐♥❣r❡s♦ ♣♦r ✉♥❛ ❞♦t❛❝✐ó♥ ❞❡ ❜✐❡✲
♥❡s q✉❡ t✐❡♥❡♥ ✉♥ ✈❛❧♦r ❡q✉✐✈❛❧❡♥t❡ ❛ ❧❛ r❡❞✉❝❝✐ó♥ ❞❡❧ ✐♥❣r❡s♦✱ ❧❛ r❡❝t❛ ♣r❡s✉✲
♣✉❡st❛r✐❛ q✉❡❞❛rí❛ ❝♦rt❛❞❛✱ t❛❧ ② ❝♦♠♦ s❡ ❛♣r❡❝✐❛ ❡♥ ❧❛ ✜❣✉r❛✳ ❙✐♥ ❡♠❜❛r❣♦✱ s✐
❧♦s tr❛❜❛❥❛❞♦r❡s s❡ ❡♥❝♦♥tr❛r❛♥ ❡♥ ❡❧ ♣✉♥t♦ ❆ ♥♦ s✉❢r✐rí❛♥ ♥✐♥❣ú♥ ❝❛♠❜✐♦ ❡♥
s✉ ✉t✐❧✐❞❛❞✱ ♣❡r♦ ♣❛r❛ ❛q✉❡❧❧♦s tr❛❜❛❥❛❞♦r❡s q✉❡ t✉✈✐❡r❛♥ s✉ ♥✐✈❡❧ ❞❡ ✉t✐❧✐❞❛❞
❡♥ ❡❧ ♣✉♥t♦ ❈✱ ❞❡❜❡rí❛♥ r❡❞✉❝✐r❧❛✱ ②❛ q✉❡ ❛❤♦r❛ ♥♦ ♣✉❡❞❡ s❡r ✜♥❛♥❝✐❛❞❛ ② s❡
❡♥❝♦♥tr❛rí❛♥ ❡♥ ❡❧ ♣✉♥t♦ ❇✱ ❡♥ ❡st❡ ❝❛s♦ ❧❛ ✉t✐❧✐❞❛❞ s✐ s❡ ✈❡rí❛ r❡❞✉❝✐❞❛✳

Y
C
B
A

RP
X

✷✽✳ ❯♥ ❜✐❡♥ q✉❡ ♣r❡s❡♥t❛ ✉♥❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ❝♦♥ ♣❡♥❞✐❡♥t❡ ♣♦s✐t✐✈❛ s❡ ❡①♣❧✐❝❛
♣♦rq✉❡ ❡❧ ❜✐❡♥ ❡s ✉♥ ❜✐❡♥ ✐♥❢❡r✐♦r✳ ❈♦♠❡♥t❡ ② r❡❝✉❡r❞❡ s❡r ♣r❡❝✐s♦✳
❘❡s♣✉❡st❛✿

❋❛❧s♦✳ P❛r❛ q✉❡ ✉♥ ❜✐❡♥ s❡❛ ✐♥❢❡r✐♦r✱ ❡❧ ❡❢❡❝t♦✲s✉st✐t✉❝✐ó♥ ❞❡❜❡ s❡r ♦♣✉❡st♦ ❛❧
❡❢❡❝t♦✲✐♥❣r❡s♦✱ ❧♦ ❝✉❛❧ ♥♦ ❛s❡❣✉r❛ q✉❡ ❧❛ ♣❡♥❞✐❡♥t❡ s❡❛ ♣♦s✐t✐✈❛✱ ♣♦r ❡❥❡♠♣❧♦✱
❡♥ ❧❛ ✜❣✉r❛ ❧❛ ❝♦♠❜✐♥❛❝✐ó♥ ❆ ✱ ❇ ② C2 ✱ ❣❡♥❡r❛ ✉♥ ❊❙ ♠❛②♦r q✉❡ ❡❧ ❊■ ❝♦♥

P❛✁
❣✐♥❛ ✶✵✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

s❡♥t✐❞♦ ♦♣✉❡st♦✱ ♣♦r ❧♦ q✉❡ s❡ tr❛t❛ ❞❡ ✉♥ ❜✐❡♥ ✐♥❢❡r✐♦r✱ ❛✉♥q✉❡ ❧❛ ❞❡♠❛♥❞❛

❝♦♠♣❡♥s❛❞❛ ② ♦r❞✐♥❛r✐❛ t✐❡♥❡ ♣❡♥❞✐❡♥t❡ ♥❡❣❛t✐✈❛✳ P❛r❛ q✉❡ ❧❛ ❞❡♠❛♥❞❛ ❞❡ ✉♥
❜✐❡♥ t❡♥❣❛ ♣❡♥❞✐❡♥t❡ ♣♦s✐t✐✈❛ ést❡ ❞❡❜❡ s❡r ✐♥❢❡r✐♦r✱ ♣❡r♦ t❛♥ ✐♥❢❡r✐♦r q✉❡ ❡❧
❡❢❡❝t♦✲✐♥❣r❡s♦ ❡♥ ♠❛❣♥✐t✉❞ ❞❡❜❡ s❡r ♠❛②♦r q✉❡ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ✭✈❡r ✜❣✉r❛
❡♥ ❧❛ ❝♦♠❜✐♥❛❝✐ó♥ ❆ ✱ ❇ ② C3 ✮✳ ❖tr❛ ❢♦r♠❛ ❞❡ ✈❡r❧♦✱ ❡s ❛ tr❛✈és ❞❡ q✉❡ ❧❛
❡❧❛st✐❝✐❞❛❞✲✐♥❣r❡s♦ ❧❛ ❝✉❛❧ ❞❡❜❡ s❡r ♥❡❣❛t✐✈❛ ② ❞❡ ❣r❛♥ ♠❛❣♥✐t✉❞✱ ❛❞❡♠ás ❧❛
♣❛rt✐❝✐♣❛❝✐ó♥ ❞❡❧ ❜✐❡♥ ❡♥ ❧❛ ❝❛♥❛st❛ ❞❡❜❡ s❡r ❛❧t❛✱ ❝♦♥ ❧♦ ❝✉❛❧ s❡ ❝♦♥s✐❣✉❡ ✉♥❛
❡❧❛st✐❝✐❞❛❞✲♣r❡❝✐♦ ❞❡❧ ❜✐❡♥✱ ♣♦s✐t✐✈❛✳

C3

C2
C1
A B

✷✾✳ ❊♥ t❡❧❡✈✐s✐ó♥ ♥❛❝✐♦♥❛❧ ❡s ❤❛❜✐t✉❛❧ q✉❡ ❧♦s ♣❡r✐♦❞✐st❛s s❡ñ❛❧❡♥ q✉❡ ❢r❡♥t❡ ❛ ✉♥
❛❧③❛ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡ ✉♥♦ ❞❡ ❧♦s ❜✐❡♥❡s q✉❡ ❝♦♥st✐t✉②❡ ❧❛ ❝❛♥❛st❛ ❞❡ ❝♦♥s✉♠♦
❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s✱ ést♦s ✈❡rá♥ ❞✐s♠✐♥✉✐❞❛ s✉ ✉t✐❧✐❞❛❞✳ ❈♦♠❡♥t❡ ② r❡❝✉❡r❞❡ s❡r
♣r❡❝✐s♦✳
❘❡s♣✉❡st❛✿

❇❛s❛❞♦s ❡♥ ❡❧ ♣r✐♥❝✐♣✐♦ ❞❡ ❝❡t❡r✐s ♣❛r✐❜✉s✱ ❡❧ ♣❡r✐♦❞✐st❛ ♣♦❞rí❛ t❡♥❡r r❛③ó♥

❡♥ s✉ ❝♦♥❥❡t✉r❛✱ t❛❧ ② ❝♦♠♦ s❡ ♦❜s❡r✈❛ ❡♥ ❧❛ ✜❣✉r❛✱ s✐♥ ❡♠❜❛r❣♦✱ s✐ ♦tr♦s
♣r❡❝✐♦s ❤✉❜✐❡s❡♥ ❞✐s♠✐♥✉✐❞♦✱ ❡♥t♦♥❝❡s✱ ❡❧ ♣❡r✐♦❞✐st❛ ❡st❛rá ❡q✉✐✈♦❝❛❞♦ ❡♥ s✉
❛✜r♠❛❝✐ó♥✳

B
A
C

✸✵✳ ❙✐ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ♦r❞✐♥❛r✐❛ ❡s ❝♦♠♣❧❡t❛♠❡♥t❡ ✐♥❡❧ást✐❝❛ ♣❛r❛ ❡❧ ❝❛s♦ ❞❡❧

❜✐❡♥✱ s❡ ❞❡❜❡ ❛ q✉❡ ést❡ ❞❡❜❡ s❡r ✐♥❢❡r✐♦r✳ ❈♦♠❡♥t❡ ② r❡❝✉❡r❞❡ s❡r ♣r❡❝✐s♦✳

P❛✁
❣✐♥❛ ✶✶✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❘❡s♣✉❡st❛✿

❱❡r❞❛❞❡r♦✳ P❛r❛ q✉❡ ❧❛ ❞❡♠❛♥❞❛ s❡❛ ❝♦♠♣❧❡t❛♠❡♥t❡ ✐♥❡❧ást✐❝❛✱ ❢r❡♥t❡ ❛ ✉♥

❝❛♠❜✐♦ ❡♥ ♣r❡❝✐♦ ❧❛ ❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ♥♦ ❞❡❜❡ ❝❛♠❜✐❛r✱ ♣♦r ❧♦ t❛♥t♦✱ ❡❧
❡❢❡❝t♦✲s✉st✐t✉❝✐ó♥ ✭❊❙✮ ❞❡❜❡ s❡r ❛♥✉❧❛❞♦ ♣♦r ❡❧ ❡❢❡❝t♦✲✐♥❣r❡s♦ ✭❊■✮✱ r❛③ó♥ ♣♦r
❧❛ ❝✉❛❧ ❞❡❜❡♥ ❡st❛r ❡♥ s❡♥t✐❞♦s ♦♣✉❡st♦s✱ ❛s✁q✉❡ ❝♦rr❡s♣♦♥❞❡ ❛ ✉♥ ❜✐❡♥ ✐♥❢❡r✐♦r
✭✈❡r ✜❣✉r❛✮✳

A B
EI
ES
X

✷✳✽✳✷ ▼❛t❡♠át✐❝♦s ❘❡s✉❡❧t♦s

✶✳ P❛r❛ ❏✉❛♥ ✉♥❛ ✉♥✐❞❛❞ ❞❡❧ ❜✐❡♥ x ❡s s✐❡♠♣r❡ t❛♥ ❛tr❛❝t✐✈❛ ❝♦♠♦ ❞♦s ✉♥✐❞❛❞❡s
❞❡❧ ❜✐❡♥ y ✱ ❝♦♥s✐❞❡r❛♥❞♦ ❧♦ ❛♥t❡r✐♦r✱ s❡ ♣✐❞❡ ❧♦ s✐❣✉✐❡♥t❡✳

❛ ✮ ❉✐❜✉❥❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❞❡ ❏✉❛♥✱ ➽q✉é t✐♣♦ ❞❡ ❜✐❡♥❡s s♦♥❄✳

❘❡s♣✉❡st❛

❊❧ ❡♥✉♥❝✐❛❞♦ s❡ñ❛❧❛ q✉❡ ❄P❛r❛ ❏✉❛♥ ✉♥❛ ✉♥✐❞❛❞ ❞❡❧ ❜✐❡♥ ① ❡s s✐❡♠♣r❡ t❛♥
❛tr❛❝t✐✈❛ ❝♦♠♦ ❞♦s ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥ ②✧✳ ❊s♦ q✉✐❡r❡ ❞❡❝✐r q✉❡ s✐❡♠♣r❡ é❧
❡stá ✐♥❞✐❢❡r❡♥t❡ ❡♥tr❡ ❝♦♥s✉♠✐r ✉♥❛ ✉♥✐❞❛❞ ❞❡❧ ❜✐❡♥ ① ♦ ❞♦s ✉♥✐❞❛❞❡s ❞❡❧
❜✐❡♥ ②✳ P♦r ❧♦ t❛♥t♦✱ ❛♠❜♦s ❜✐❡♥❡s s♦♥ ♣❡r❢❡❝t♦s s✉st✐t✉t♦s ❡♥ ❧❛ r❡❧❛❝✐ó♥
✐♥❞✐❝❛❞❛✱ ② ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❧✉❝❡♥ ❝♦♠♦✿

P❛✁
❣✐♥❛ ✶✶✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❜ ✮ P❛r❛ ♣r❡❝✐♦s Px = 3✱ Py = 2✱ ② ✉♥❛ r❡♥t❛ M = 60 ✉♥✐❞❛❞❡s ♠♦♥❡t❛r✐❛s✱
❡♥❝✉❡♥tr❡ ❧❛ ❝❛♥❛st❛ ó♣t✐♠❛✳ ✭❊①♣❧✐q✉❡ s✉ ♣r♦❝❡❞✐♠✐❡♥t♦✮✳
❘❡s♣✉❡st❛
▲❛ r❡❧❛❝✐ó♥ ♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥ ❡s 1/2✳ ❊s ❞❡❝✐r✱ ❡❧ ❝♦♥s✉♠✐❞♦r ❡stá

❞✐s♣✉❡st♦ ❛ ✐♥t❡r❝❛♠❜✐❛r ❞♦s ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥ ② ♣♦r ✉♥❛ ✉♥✐❞❛❞ ❞❡❧ ❜✐❡♥

x✳ P♦r s✉ ♣❛rt❡✱ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❧❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s ❡s Py /Px = 2/3✱

❡s ❞❡❝✐r✱ ✉♥❛ ✉♥✐❞❛❞ ❞❡❧ ❜✐❡♥ x s❡ ✐♥t❡r❝❛♠❜✐❛ ♣♦r 2/3 ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥

②✳ ▲✉❡❣♦ ❡❧ ❝♦♥s✉♠✐❞♦r ✈❛❧♦r❛ ♠ás ❡❧ ❜✐❡♥ x ❡♥ r❡❧❛❝✐ó♥ ❛❧ ❜✐❡♥ y q✉❡ ❡❧

r❡st♦ ❞❡❧ ♠❡r❝❛❞♦✱ ♣♦r ❧♦ q✉❡ ❧❡ ❝♦♥✈✐❡♥❡ ❝♦♥s✉♠✐r só❧♦ ❜✐❡♥ x✳ ❊♥t♦♥❝❡s✿

M
x= = 20
px

y=0
❝ ✮ ❙✉♣♦♥❣❛ q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ x s❡ r❡❞✉❝❡ ❛ P̄x = 2✳ ❉❡r✐✈❡ ❧♦s ❡❢❡❝t♦s
s✉st✐t✉❝✐ó♥✱ ✐♥❣r❡s♦ ② t♦t❛❧ ❞❡❧ ❝❛♠❜✐♦ ❞❡ ♣r❡❝✐♦ ❡♥ ❡❧ ❝♦♥s✉♠❡ ❞❡ ①✳
❘❡s♣✉❡st❛
❊❧ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞ ❞❡❧ ❜✐❡♥ x ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞✐s♠✐♥✉②❡✱ ♣♦r ❧♦ t❛♥t♦

r❡s✉❧t❛ ✐♥♠❡❞✐❛t♦ q✉❡ ❡❧ ❝♦♥s✉♠✐❞♦r ✈❛ ❛ s❡❣✉✐r ❝♦♥s✉♠✐❡♥❞♦ só❧♦ ❜✐❡♥

x✳ ▲✉❡❣♦✿
M
x= = 30
px
y=0
❊♥t♦♥❝❡s ❡❧ ❊❢❡❝t♦ ✐♥❣r❡s♦ ❡s ✐❣✉❛❧ ❛ ✶✵✱ ② ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ❡s ✐❣✉❛❧

❛ ✵✳

❞ ✮ P❛r❛ ✉♥ ♣r❡❝✐♦ Py = 3 ② ✉♥❛ r❡♥t❛ M = 40✱ ❞❡r✐✈❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❞❡♠❛♥❞❛

❞❡ ❏✉❛♥✳
❘❡s♣✉❡st❛
P❛r❛ ❏✉❛♥ ✉♥❛ ✉♥✐❞❛❞ ❞❡❧ ❜✐❡♥ ① ❡s t❛♥ ❛tr❛❝t✐✈❛ ❝♦♠♦ ❞♦s ✉♥✐❞❛❞❡s ❞❡❧

❜✐❡♥ ②✳ ▲✉❡❣♦ s✐ P① ❡s ♠❛②♦r q✉❡ ✻ ❏✉❛♥ ♥♦ ❝♦♥s✉♠❡ ❜✐❡♥ ①✱ ♣❡r♦ s✐ ❡❧

♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ ① ❡s ♠❡♥♦r q✉❡ ✻ só❧♦ ❝♦♥s✉♠❡ ❜✐❡♥ ①✱ ② ❡❧ ❝♦♥s✉♠♦ ❡stá

❞❛❞♦ ♣♦r✿

M
x=
px
❈♦♠♦ ❝♦♥s✐❞❡r❡♠♦s p x = 2✱ ❡♥t♦♥❝❡s x = 20✱ ❡ y = 0✳

✷✳ ▲❧❛♠❛r ❛ ❊✉r♦♣❛ ❝✉❡st❛ $100 ♣♦r ♠✐♥✉t♦✳ ❯♥❛ ❡♠♣r❡s❛ ❞❡ t❡❧❡❝♦♠✉♥✐❝❛❝✐♦♥❡s

♦❢r❡❝❡ ✉♥❛ t❛r✐❢❛ ❞❡ $50 ❛ ❝❛♠❜✐♦ ❞❡ ✉♥ ♣❛❣♦ ♠❡♥s✉❛❧ ❞❡ $5,000✳

❛ ✮ ➽❈✉á♥t♦s ♠✐♥✉t♦s ❛❧ ♠❡s t❡♥❞rí❛ q✉❡ ❧❧❛♠❛r ✉♥❛ ♣❡rs♦♥❛ ♣❛r❛ q✉❡ ❧❡
❝♦♥✈❡♥❣❛ ❝♦♥tr❛t❛r ❡❧ ♣❧❛♥❄✳

P❛✁
❣✐♥❛ ✶✶✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❘❡s♣✉❡st❛
❊❧ ❝♦st♦ ❞❡❧ ♣❧❛♥ ❡s ✩✺✳✵✵✵ ❛❧ ♠❡s ② ❡❧ ❛❤♦rr♦ ♣♦r ♠✐♥✉t♦ ❡s ❞❡ ✩✺✵✳ ▲✉❡❣♦
♣❛r❛ q✉❡ ❛ ❧❛ ♣❡rs♦♥❛ ❧❡ ❝♦♥✈❡♥❣❛ ❝♦♥tr❛t❛r ❡❧ ♣❧❛♥ ❞❡❜❡ ❧❧❛♠❛r ❛❧ ♠❡♥♦s
✶✵✵ ♠✐♥✉t♦s ❛❧ ♠❡s✳
❜ ✮ ❉✐❜✉❥❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❞❡ ✉♥ ❝♦♥s✉♠✐❞♦r q✉❡ t✐❡♥❡ ✉♥❛ r❡♥t❛
❞❡ ✩❨ ♣♦r ♠❡s ❝♦♥ ② s✐♥ ♣❧❛♥✳
❘❡s♣✉❡st❛
▲♦ ♠ás ✐♥t❡r❡s❛♥t❡ ❡s q✉❡ ❧❛s ❝✉r✈❛s s❡ ❝r✉③❛♥ ❝✉❛♥❞♦ s❡ ❧❧❛♠❛♥ ✶✵✵
♠✐♥✉t♦s✳ s❡ ♣✉❡❞❡ ♠♦str❛r q✉❡ ❝♦♥ ♣❧❛♥ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ♣❛rt❡
♠ás ❛❜❛❥♦ ♣❡r♦ s✉ ♣❡♥❞✐❡♥t❡ ❡s ❧❛ ♠✐t❛❞✳
●rá✜❝❛♠❡♥t❡ t❡♥❞r❡♠♦s✿

❉♦♥❞❡ ❧❛ ❧í♥❡❛ ❛③✉❧ ❡s s✐♥ ♣❧❛♥ ② ❧❛ r♦❥♦ ❡s ❝♦♥ ♣❧❛♥✳ ◆♦t❛r q✉❡ ❛♠❜❛s
r❡❝t❛s s❡ ✐♥t❡r❝❡♣t❛♥ ❡♥ ✶✵✵ ♠✐♥✉t♦s✳
❝ ✮ ❯♥❛ ♣❡rs♦♥❛ q✉❡ s✐♥ ♣❧❛♥ ❧❧❛♠❛❜❛ ✾✵ ♠✐♥✉t♦s ❛❧ ♠❡s✱ ➽❡st❛rá ♠❡❥♦r ♦
♣❡♦r ❝♦♥ ❡❧ ♣❧❛♥❄✳
❘❡s♣✉❡st❛
❙✐ ❧❛ ♣❡rs♦♥❛ ❤❛❜❧❛ ✾✵ ♠✐♥✉t♦s s✐♥ ♣❧❛♥✱ ❡♥t♦♥❝❡s ❤❛❜rá ✉♥❛ ❝✉r✈❛ ❞❡ ✐♥✲
❞✐❢❡r❡♥❝✐❛ q✉❡ ❡s t❛♥❣❡♥t❡ ❛ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ♣❛r❛ ❧❛ ❝❛♥❛st❛
✭✾✵✱ ❨✲✾✳✵✵✵✮✳ ❉❛❞♦ q✉❡ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ♥♦ s❡ ❝♦rt❛♥✱ ♥♦ ❤❛②
♥✐♥❣✉♥❛ ❝❛♥❛st❛ t❛♥❣❡♥t❡ ❛ ❧❛ ♥✉❡✈❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ q✉❡ ❡sté
♣♦r s♦❜r❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ q✉❡ ♠❛①✐♠✐③❛ ❡❧ ❜✐❡♥❡st❛r s✐♥ ♣❧❛♥✳
▲✉❡❣♦ s✐ ❡❧✐❣❡ ❡❧ ♣❧❛♥ ❡st❛rá ♣❡♦r✳
❞ ✮ ❯♥❛ ♣❡rs♦♥❛ q✉❡ s✐♥ ♣❧❛♥ ❧❧❛♠❛❜❛ ✶✷✵ ♠✐♥✉t♦s ❛❧ ♠❡s✱ ➽❛✉♠❡♥t❛rá ❧♦s
♠✐♥✉t♦s ❞❡ ❧❧❛♠❛❞❛ ❝♦♥ ❡❧ ♣❧❛♥❄✳ ❙✉♣♦♥❣❛ q✉❡ ❧❧❛♠❛r ♣♦r t❡❧é❢♦♥♦ ❛
❊✉r♦♣❛ ❡s ✉♥ ❜✐❡♥ ♥♦r♠❛❧✳
❘❡s♣✉❡st❛
❆ ❡st❛ ♣❡rs♦♥❛ ❝❧❛r❛♠❡♥t❡ ❧❡ ❝♦♥✈✐❡♥❡ ❝♦♥tr❛t❛r ❡❧ ♣❧❛♥✳ ❙✐ ❤❛❜❧❛s❡ ❧♦s
♠✐s♠♦s ✶✷✵ ♠✐♥✉t♦s q✉❡ ❧❧❛♠❛❜❛ s✐♥ ♣❧❛♥ t❡♥❞rí❛ ✉♥ ❛❤♦rr♦ ♠❡♥s✉❛❧ ❞❡
✩✶✳✵✵✵✳ ❙✐ ❧❧❛♠❛r ❛ ❊✉r♦♣❛ ❡s ✉♥ ❜✐❡♥ ♥♦r♠❛❧✱ ❡♥t♦♥❝❡s ♣♦r ❡st❡ ❡❢❡❝t♦
❛✉♠❡♥t❛rá ❡❧ ♥ú♠❡r♦ ❞❡ ❧❧❛♠❛❞❛s✳ ❆❞❡♠ás ❡❧ ♣r❡❝✐♦ ❞❡ ❧❛s ❧❧❛♠❛❞❛s ❞✐s✲
♠✐♥✉②ó✱ ♣♦r ❧♦ q✉❡ ❧❧❛♠❛r ❛ ❊✉r♦♣❛ s❡ ❤❛❝❡ ♠ás ❛tr❛❝t✐✈♦✱ ❧♦ q✉❡ t❛♠❜✐é♥
❧❧❡✈❛ ❛ q✉❡ s❡ ❤❛❜❧❡ ♠ás✳

P❛✁
❣✐♥❛ ✶✶✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
✸✳ ❙✉♣♦♥❣❛ ❧❛ s✐❣✉✐❡♥t❡ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞ ❞❡❧ ✐♥❞✐✈✐❞✉♦✿
 1/4  3/4
3/4 1/4 3 Y 1 X
u = X Y , donde : U mgx = y U mgy = .
4 X 4 Y
❊❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ X ❡s r❡♣r❡s❡♥t❛❞♦ ♣♦r Px ✱ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ Y ♣♦r Py ✱ ② ❡❧
✐♥❣r❡s♦ ♥♦♠✐♥❛❧ ❞❡❧ ✐♥❞✐✈✐❞✉♦ ♣♦r I ✳

❛ ✮ ❖❜t❡♥❣❛ ❧❛s ❝♦♥❞✐❝✐♦♥❡s q✉❡ s❡ ❞❛♥ ❡♥ ❡❧ ❡q✉✐❧✐❜r✐♦ ② ❞❡r✐✈❡ ❧❛ ❈✉r✈❛ ❞❡

❊♥❣❡❧ ❞❡❧ ❜✐❡♥ ❳✳
❘❡s♣✉❡st❛
❙❛❜❡♠♦s q✉❡ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ✉ ó♣t✐♠♦ ❞❡❧ ❝♦♥s✉♠✐❞♦r ❡stá ❞❛❞❛
♣♦r✿
U mgx px U mgx U mgy
= ⇒ =
U mgy py px py
r❡❡♠♣❧❛③❛♥❞♦ ② r❡❞✉❝✐❡♥❞♦✿
3Y px XPx
= ⇒Y =
X py 3Py
▲✉❡❣♦✱ ❧❛ ❝❛♥❛st❛ ó♣t✐♠❛ ❞❡ ❝♦♥s✉♠♦ s❡ ❡♥❝✉❡♥tr❛ r❡❡♠♣❧❛③❛♥❞♦ ❧❛ ❝♦♥✲
❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡♥❝♦♥tr❛❞❛✱ ❡♥ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✳ ▲❛ r❡s✲
tr✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❡stá ❞❛❞❛ ♣♦r✿
 
XPx
Xpx + Y py = I ⇒ Xpx + py = I
3Py
3I
❉❡s♣❡❥❛♥❞♦ X ♦❜t❡♥❡♠♦s ❧❛ ❞❡♠❛♥❞❛ ♠❛rs❤❛❧✐❛♥❛✿ X m =
4Px

Px

Pi

Pf

Qx
Qi Qf

❈♦♥s✐❞❡r❛♥❞♦ ❧♦ ❛♥t❡r✐♦r✱ ❜✉s❝❛♠♦s ✉♥❛ ❡①♣r❡s✐ó♥ ♣❛r❛ ❞❡r✐✈❛r ❣rá✜❝❛✲

♠❡♥t❡ ❧❛ ❝✉r✈❛ ❞❡ ❊♥❣❡❧✿
x4Px
I=
3

P❛✁
❣✐♥❛ ✶✶✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
I

Curva de Engel

Qx

❜ ✮ ❙❡ s❛❜❡ q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ X (Px ) ❡s ✐❣✉❛❧ ❛ $1✱ ❡❧ ❞❡❧ ❜✐❡♥ ❨ (Py ) ❡s
$2✱ ② ❡❧ ✐♥❣r❡s♦ ♥♦♠✐♥❛❧ ❞❡❧ ✐♥❞✐✈✐❞✉♦ ❡s $400✳ ❉❡t❡r♠✐♥❡ ❧❛s ❝❛♥t✐❞❛❞❡s
❝♦♥s✉♠✐❞❛s ❡♥ ❡❧ ❡q✉✐❧✐❜r✐♦✳
❘❡s♣✉❡st❛
❙❛❜❡♠♦s q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡ X ✭Px ✮ ❡s ✐❣✉❛❧ ❛ ✩✶✱ ❡❧ ❞❡ Y ✭Py ✮ ❡s ✩✷✱
② ❡❧ ✐♥❣r❡s♦ ♥♦♠✐♥❛❧ ❞❡❧ ✐♥❞✐✈✐❞✉♦ ❡s ✩✹✵✵✳ ❈♦♥s✐❞❡r❛♥❞♦ ❧❛ ❉❡♠❛♥❞❛
▼❛rs❤❛❧✐❛♥❛ ② r❡❡♠♣❧❛③❛♥❞♦ ❧♦s ✈❛❧♦r❡s ❞❛❞♦s✱ t❡♥❡♠♦s✿
3I
Xm = → X m = 300
4Px

❘❡❡♠♣❧❛③❛♥❞♦ X m ❡♥ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦✱ ❡♥❝♦♥tr❛♠♦s Y m ✿

m Xm 300
Y = = = 50
6 6

❝ ✮ ➽❈ó♠♦ ❝❛♠❜✐❛ s✉ r❡s♣✉❡st❛ s✐ ❡❧ ♣r❡❝✐♦ ❞❡ X ❜❛❥❛ ❛ $0,5❄✳ ▼✉❡str❡ ❣rá✜✲

❝❛♠❡♥t❡ s✉ r❡s✉❧t❛❞♦✱ ♠♦str❛♥❞♦ ❡❧ ❊❢❡❝t♦ ❙✉st✐t✉❝✐ó♥ ② ❡❧ ❊❢❡❝t♦ ■♥❣r❡s♦✱
✐❞❡♥t✐✜❝❛♥❞♦ q✉❡ t✐♣♦ ❞❡ ❜✐❡♥❡s s♦♥ X ❡ Y ✭✐♥❢❡r✐♦r✱ ♥❡✉tr♦ ♦ ♥♦r♠❛❧✮✳
❘❡s♣✉❡st❛
❊♥t♦♥❝❡s r❡❡♠♣❧❛③❛♥❞♦ ❡♥✿
3I
Xm =
4Px
❖❜t❡♥❡♠♦s
X m = 600 → Y = 50
●r❛✜❝❛♠❡♥t❡ t❡♥❡♠♦s✿

P❛✁
❣✐♥❛ ✶✶✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

EF
50
Ei
ES

X
300 600

E.S E.I

❈♦♥s✐❞❡r❛♥❞♦ ❡❧ ❣rá✜❝♦ s✉♣❡r✐♦r✱ s❡ ❛♣r❡❝✐❛ q✉❡ ❛♠❜♦s ❡❢❡❝t♦s ✈❛♥ ❡♥ ❧❛

♠✐s♠❛ ❞✐r❡❝❝✐ó♥ ✭❤❛❝✐❛ ❧❛ ❞❡r❡❝❤❛✮✱ ❞♦♥❞❡ ♣♦r ❡❢❡❝t♦ ✐♥❣r❡s♦ ❛✉♠❡♥t❛ ❡❧
❝♦♥s✉♠♦ ❞❡ ❛♠❜♦s ❜✐❡♥❡s✱ ♣♦r ❧♦ q✉❡ ❡st❛♠♦s ❤❛❜❧❛♥❞♦ ❞❡ ❜✐❡♥❡s q✉❡ s♦♥
♥♦r♠❛❧❡s✳
❞ ✮ ❉❛❞♦ ❡❧ ❝❛♠❜✐♦ ❞❡ ♣r❡❝✐♦ ❛♥t❡r✐♦r✱ ♦❜t❡♥❣❛ ❣rá✜❝❛♠❡♥t❡ ❧❛s ❞❡♠❛♥❞❛s
▼❛rs❤❛❧✐❛♥❛ ② ❍✐❝❦s✐❛♥❛ ❞❡❧ ❜✐❡♥ ❳✳
❘❡s♣✉❡st❛
❚❡♥❡♠♦s ❡♥t♦♥❝❡s✿

P❛✁
❣✐♥❛ ✶✶✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
Y

EF

Ei
ES

X
Px

Pi

Pf

DM
DH
Qx
Qi Qs Qf

✹✳ ❯t✐❧✐③❛♥❞♦ ❡❧ ♠♦❞❡❧♦ ❞❡ ❝♦♥s✉♠♦ ✐♥t❡rt❡♠♣♦r❛❧ ② ❡❧ r❡s♣❡❝t✐✈♦ ❛♥á❧✐s✐s ❣rá✜❝♦ ②

❝♦♥❝❡♣t✉❛❧✱ s❡ ♣✐❞❡ q✉❡ ❛♥❛❧✐❝❡ ❧♦s s✐❣✉✐❡♥t❡s ❛s♣❡❝t♦s✳ ❆s✉♠❛ q✉❡ ❉♦t❛❝✐ó♥ ❞❡
✐♥❣r❡s♦s ❡♥ tér♠✐♥♦s ❞❡ ✈❛❧♦r❡s ♠♦♥❡t❛r✐♦s ❡s ❧❛ s✐❣✉✐❡♥t❡✿ (Ip , If ) = (Ip0 , 2Ip0 )✳
▲❛ t❛s❛ ❞❡ ❝♦❧♦❝❛❝✐ó♥ ❞❡ ❝ré❞✐t♦s (Rc ) ❡s ❞✐❢❡r❡♥t❡ ❞❡ ❧❛ t❛s❛ ❞❡ ❝❛♣t❛❝✐ó♥ ❞❡
❧♦s ❛❤♦rr♦s (Ra )✳

❛ ✮ ❖❜t❡♥❣❛ ❡❧ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞ ❞❡ ❝♦♥s✉♠✐r ❡♥ ❡❧ ♣r❡s❡♥t❡✱ ② ❡❧ ❝♦st♦

❞❡ ♦♣♦rt✉♥✐❞❛❞ ❞❡ ❝♦♥s✉♠✐r ❡♥ ❡❧ ❢✉t✉r♦✳
❘❡s♣✉❡st❛
Pcp
❊♥ ❈♦st♦ ❞❡ ❈♦♥s✉♠✐r ❡♥ ❡❧ Pr❡s❡♥t❡ ❡s = (1 + R)✳ ❉♦♥❞❡ R ❡s
Pcf
❧❛ t❛s❛ ❞❡ ✐♥t❡rés✳ ❨ ❈♦st♦s ❞❡❧ ❝♦♥s✉♠✐r ❡♥ ❡❧ ❢✉t✉r♦ ❡s ❡❧ ✐♥✈❡rs♦ ❞❡

❧❛ ❡①♣r❡s✐ó♥ ❛♥t❡r✐♦r✳ ❆❤♦r❛ s✐ ❞❡❜❡ tr❛❡r ✉♥ ♣❡s♦ ❞❡❧ ❢✉t✉r♦ ❛❧ ♣r❡s❡♥t❡

❞❡❜❡rá ❡♥❞❡✉❞❛rs❡ ② ❧❛ t❛s❛ r❡❧❡✈❛♥t❡ ❡s Rcol ✳ P♦r ❡❧ ❝♦♥tr❛r✐♦ s✐ q✉✐❡r❡

❧❧❡✈❛r ✐♥❣r❡s♦s ❞❡❧ ♣r❡s❡♥t❡ ❛❧ ❢✉t✉r♦ ❞❡❜❡ ❛❤♦rr❛r ② ❧❛ t❛s❛ r❡❧❡✈❛♥t❡ ❡s

Rcap ✳
✭❜✮ ❊①♣r❡s❡ ♠❛t❡♠át✐❝❛♠❡♥t❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❡♥ ♣❡s♦s ❞❡❧ ♣❡✲
rí♦❞♦ ♣r❡s❡♥t❡✳ ❨ ❣r❛❢íq✉❡❧❛✳
❘❡s♣✉❡st❛
▲❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛ ❡♥ ♣❡s♦s ❞❡❧ ♣❡rí♦❞♦ ♣r❡s❡♥t❡✱ ❡①♣r❡s❛ ❡❧ ❝♦♥✲

s✉♠♦ ② ❡❧ ✐♥❣r❡s♦s ❞❡❧ ♣❡r✐♦❞♦ ♣r❡s❡♥t❡✳ ▲❛ ❡①♣r❡s✐ó♥ ❣❡♥❡r❛❧ ❡s✿

Cf 2Ip
Cp + = Ip + .
(1 + R) (1 + R)

P❛✁
❣✐♥❛ ✶✶✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
▲✉❡❣♦ s❡ ❞❡❜❡ ❝♦♥s✐❞❡r❛r q✉❡ s✐ ❡❧ Cp ❡s ♠❛②♦r Ip ✱ ❞❡❜❡rá ❡♥❞❡✉❞❛rs❡ ②
❞❡s❝♦♥t❛r ❛ ✉♥❛ Rc ol✳ P♦r ❡❧ ❝♦♥tr❛r✐♦✱ s✐ Cp ❡s ♠❡♥♦r q✉❡ ❡❧ Ip ✱ ❡♥t♦♥❝❡s
❡❧ ❛❣❡♥t❡ ♣✉❡❞❡ ❛❤♦rr❛r✱ ② ♣♦r t❛♥t♦✱ ❧❛ t❛s❛ q✉❡ ❧❡ ❞❛ ❡❧ ❜❛♥❝♦ ❡s Rc ap✳
❉❡ ❧♦ q✉❡ s❡ ❝♦♥❝❧✉②❡ q✉❡ ❧❛ r❡str✐❝❝✐ó♥✱ s❡ ❝♦♥str✉②❡ ♣♦r ♣❛rt❡s✱ ② q✉❡
❞❡♣❡♥❞❡ ❞❡ ❞♦♥❞❡ ❡st❡ ❧❛ ❞♦t❛❝✐ó♥✳ ✭❊❧ ❣r❛❞♦ ❞❡ ✐♥❝❧✐♥❛❝✐ó♥ ❞❡ ❧❛ r❡❝t❛
❞❡♣❡♥❞❡ ❞❡ ❧❛ t❛s❛ ❞❡ ✐♥t❡rés✮✳ ❊♥ ❡st❡ ❝❛s♦ ❧♦s r❡❝✉rs♦s tr❛í❞♦s ❞❡❧ ❢✉t✉r♦
s❡ ❝❛st✐❣❛♥ ❛ ✉♥❛ t❛s❛ ♠❛②♦r q✉❡ ❧♦s r❡❝✉rs♦s ❧❧❡✈❛❞♦s ❞❡❧ ♣r❡s❡♥t❡ ❤❛❝✐❛
❡❧ ❢✉t✉r♦✳ ▲❛ r❡str✐❝❝✐ó♥ ❞❡❜❡ ♣❛s❛r ♣♦r ❡❧ ♣✉♥t♦ ❞❡ ❞♦t❛❝✐ó♥✱ ②❛ q✉❡ ❡s
❞❡s❞❡ ❛❤í q✉❡ ❡s ♣♦s✐❜❧❡ ❝♦♥str✉✐r✳

Dot. Inicial

2Ip

Ip

✭❝✮ ➽P✉❡❞❡ ❡st❛r ✐♥❞✐❢❡r❡♥t❡ ❡❧ ❝♦♥s✉♠✐❞♦r ❡♥tr❡ ❛❤♦rr❛r ♦ ❡♥❞❡✉❞❛rs❡ ❡♥ ✉♥

❝❛s♦ ❝♦♠♦ ❡st❡❄✳
❘❡s♣✉❡st❛
❊s ♣♦❝♦ ♣r♦❜❛❜❧❡ q✉❡ ✉♥ ❝♦♥s✉♠✐❞♦r ❡st❡ ✐♥❞✐❢❡r❡♥t❡ ❡♥ ❡st❡ ❝❛s♦✱ ②❛ q✉❡
❧❛ s♦❧✉❝✐ó♥ ❞❡❧ ♠♦❞❡❧♦ ❡s q✉❡ ❡❧ ❝♦♥s✉♠✐❞♦r s✉❛✈✐③❛ ❝♦♥s✉♠♦ ② ♣♦r t❛♥t♦✱
❡❧ ❧❧❡✈❛ ✐♥❣r❡s♦s ❞❡❧ ♣❡rí♦❞♦ ❞♦♥❞❡ t✐❡♥❡ ♠ás ✐♥❣r❡s♦ ❛❧ ♣❡rí♦❞♦ ❞♦♥❞❡
t✐❡♥❡ ♠❡♥♦s✳ ❊♥ ❡st❡ ❝❛s♦✱ ❧♦ ♠ás ♣r♦❜❛❜❧❡ ❡s s❡ ❡♥❞❡✉❞❡✱ ② ❧❛ s♦❧✉❝✐ó♥
♣♦❞rí❛ s❡r ❧❛ s✐❣✉✐❡♥t❡✳ ✭P♦r t❛♥t♦✱ ❞❡♣❡♥❞❡ ❞❡ ❧❛ ❞♦t❛❝✐ó♥ ❞❡❧ ❝♦♥s✉♠✐❞♦r
② ❞❡ ❧❛ ❢♦r♠❛ ❞❡ ❧❛s ♣r❡❢❡r❡♥❝✐❛s✮

P❛✁
❣✐♥❛ ✶✶✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

2Ip

Ip

✭❞✮ ➽❊s ♣♦s✐❜❧❡ ❞✐❢❡r❡♥❝✐❛r ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ② ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ❢r❡♥t❡ ❛ ✉♥

❛✉♠❡♥t♦ ❞❡ ❧❛ t❛s❛ ❞❡ ✐♥t❡rés ❞❡ ❝❛♣t❛❝✐ó♥ ❞❡ ❛❤♦rr♦s❄✳
❘❡s♣✉❡st❛
❙✐ ❛✉♠❡♥t❛ ❧❛ t❛s❛ ❞❡ ✐♥t❡rés ❞❡ ❝♦❧♦❝❛❝✐ó♥✱ ❞❛❞❛ ❧❛ s✐t✉❛❝✐ó♥ ✐♥✐❝✐❛❧ ❞❡

❧❛ ❞♦t❛❝✐ó♥ ❞❡❧ ❝♦♥s✉♠✐❞♦r✱ ♣❛r❛ ❛♥❛❧✐③❛r ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ❡ ✐♥❣r❡s♦

t❡♥❞rí❛♠♦s q✉❡ ✈❡r ❧❛ ♠❛❣♥✐t✉❞ ❞❡❧ ✐♥❝r❡♠❡♥t♦✳ ▲❛ t❛s❛ ❞❡ ❝♦❧♦❝❛❝✐ó♥

❞❡❜❡rí❛ ✐♥❝r❡♠❡♥t❛rs❡ ❢✉❡rt❡♠❡♥t❡✱ ❞❡ ❧♦ ❝♦♥tr❛r✐♦ ❧❛ s✐t✉❛❝✐ó♥ ✐♥✐❝✐❛❧

❞❡❧ ❝♦♥s✉♠✐❞♦r ❡s ♣♦❝♦ ♣r♦❜❛❜❧❡ q✉❡ ❝❛♠❜✐❡✳

2Ip

Ip

✺✳ ❋❛❜✐á♥✱ ➪♥❞r❡❛ ② ❋r❛♥❝✐s❝♦✱ t✐❡♥❡♥ ✉♥❛ ♣r♦❜❧❡♠át✐❝❛✱ ♥♦ s❛❜❡♥ ❛ q✉❡ ✜❡st❛

✐r✱ t✐❡♥❡♥ q✉❡ ❡❧❡❣✐r ❡♥tr❡ ✉♥❛ q✉❡ s❡ r❡❛❧✐③❛rá ❡st❡ sá❜❛❞♦ ② ♦tr❛ ❧❛ ♣ró①✐♠❛

P❛✁
❣✐♥❛ ✶✶✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

s❡♠❛♥❛✳ ❊❧❧♦s ❡♥ s✉ ❝♦♥❥✉♥t♦ ❢✉❡r♦♥ ❝❛♣❛❝❡s ❞❡ ❥✉♥t❛r ♣❛r❛ ❧❛ ✜❡st❛ ❞❡ ❡st❡

sá❜❛❞♦ ✩✷✵✵ ❞ó❧❛r❡s✱ ② ♣❛r❛ ❧❛ s❡❣✉♥❞❛ ✜❡st❛ ❡s♣❡r❛♥ r❡❝✐❜✐r ✐♥❣r❡s♦s ♣♦r ✩✸✷✵
❞ó❧❛r❡s✳
▲❛s ♣r❡❢❡r❡♥❝✐❛s ❞❡ ❡st♦s ❛♠✐❣♦s ❛❝❡r❝❛ ❞❡ ✐r ❛ ❧❛ ✜❡st❛ ❞❡ ❡st❡ sá❜❛❞♦ ✭f1 ✮ ②
❡❧ ♣ró①✐♠♦ sá❜❛❞♦ ✭f2 ✮ ♣✉❡❞❡♥ r❡♣r❡s❡♥t❛rs❡ ♠❡❞✐❛♥t❡ ❧❛ s✐❣✉✐❡♥t❡ ❢✉♥❝✐ó♥ ❞❡
✉t✐❧✐❞❛❞✿

U (f1 , f2 ) = f1 f2 ✭✷✳✽✳✷✳✶✮

❙✉♣♦♥✐❡♥❞♦ q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡ ❧❛ ✜❡st❛ ❞❡ ❡st❡ sá❜❛❞♦✱ ❡s P1 = 1 ② ❡❧ ♣r❡❝✐♦ ❞❡

❧❛ ✜❡st❛ ❞❡❧ ♣ró①✐♠♦ sá❜❛❞♦ ❡s ✐❣✉❛❧ ❛ P2 = 2✱ ② ❡❧ t✐♣♦ ❞❡ ✐♥t❡rés ❞❡ ♠❡r❝❛❞♦
❡s ❡s ❞❡❧ ✷✵ ✪✳

❛ ✮ ❖❜t❡♥❣❛ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ❞❡ ❧♦s ❛♠✐❣♦s ② r❡♣r❡sé♥t❡❧❛ ❣rá✜✲

❝❛♠❡♥t❡✳
❘❡s♣✉❡st❛✿

▲❛ r❡str✐❝❝✐ó♥ q✉❡ t✐❡♥❡ q✉❡ ❝✉♠♣❧✐rs❡ ♣❛r❛ ❧♦s ❛♠✐❣♦s ❡s q✉❡ ❡❧ ✐♥❣r❡✲
s♦ ♣r❡s❡♥t❡ ♠ás ❡❧ ✐♥❣r❡s♦ ❢✉t✉r♦✱ ❡♥ ✈❛❧♦r ♣r❡s❡♥t❡✱ ❞❡❜❡ s❡r ✐❣✉❛❧ ❛❧
❝♦♥s✉♠♦ ✭❞❡ ✜❡st❛s✮ ♣r❡s❡♥t❡ ♠ás ❡❧ ❢✉t✉r♦ ❡♥ ✈❛❧♦r ♣r❡s❡♥t❡✱ ❡s ❞❡❝✐r ✿

I2 f2
I1 + = f1 +
(1 + r) (1 + r)
P❛r❛ ♣♦❞❡r r❡♣r❡s❡♥t❛r❧❛ ❣rá✜❝❛♠❡♠t❡✱ ♣♦❞❡♠♦s ❤❛❝❡r ❡❧ s✐❣✉✐❡♥t❡ ❞❡s✲
♣❡❥❡ ✿

I2 f2
I1 + = f1 + · (1 + r)
(1 + r) (1 + r)
I1 (1 + r) + I2 = f1 (1 + r) + f2
f2 = I1 (1 + r) + I2 − f1 (1 + r)

f2 = (I1 (1 + r) + I2 ) − (1 + r) f1
| {z } | {z }
Intercepto P endiente

f2 (I1(1+r)+I2)
(Intercepto)
P2

(Pendiente) P1 (1+r)
P2
f1

P❛✁
❣✐♥❛ ✶✷✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❜✮ ❉❡r✐✈❡ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ❞❡♠❛♥❞❛ ❞❡ ❝♦♥s✉♠♦ ♣♦r ✜❡st❛s ❞❡ ❡st❛ s❡♠❛♥❛

② ❧❛ ♣ró①✐♠❛✱ ② ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❛❤♦rr♦ ❞❡ ❧♦s ❛♠✐❣♦s✳
❘❡s♣✉❡st❛✿

▲♦ ♣r✐♠❡r♦ q✉❡ ❞❡❜❡♠♦ ❤❛❝❡r ❡s ❡♥❝♦♥tr❛r ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡

✉t✐❧✐❞❛❞ ✭q✉❡ ❡s ❧❛ t❛s❛ ♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥ ❞❡ ❝♦♥s✉♠♦ ✐♥t❡rt❡♠♣♦✲
r❛❧✮✳

∂U/∂f1 f2
T M gSC2,1 = − =−
∂U/∂f2 f1

❆❤♦r❛ ✐❣✉❛❧❛♠♦s ❧❛s ♣❡♥❞✐❡♥t❡s ✭♦✈✐❛♠♦s ❡❧ s✐❣♥♦ ♠❡♥♦s✱ ♣♦rq✉❡ ❛♠❜❛s

s♦♥ ♥❡❣❛t✐✈❛s✮✱ ❛sí ♦❜t❡♥❡♠♦s ❡❧ ó♣t✐♠♦✳

f2
= 1+r
f1

⇒ f2 = f1 (1 + r)
f2
⇒ f1 =
(1 + r)

❆❤♦r❛ r❡❡♠♣❧❛③❛♠♦s ❡st❛s ❝♦♥❞✐❝✐♦♥❡s ❞❡ ♦♣t✐♠♦ ❡♥ ❧❛ r❡str✐❝❝✐ó♥ ♣❛r❛

♦❜t❡♥❡r ❧❛s ❞❡♠❛♥❞❛s ✭r❡❝✉❡r❞❡ q✉❡ ❤❛② q✉❡ r❡❡♠♣❧③❛r ✉♥❛ ❛ ❧❛ ✈❡③✮✳

I2 f2
I1 + = f1 +
(1 + r) (1 + r)
I2 (f1 (1 + r))
I1 + = f1 +
(1 + r) (1 + r)
I2
I1 + = f1 + f1
(1 + r)
I2
I1 + = 2f1 / · (1 + r)
(1 + r)
I1 (1 + r) + I2 = 2(1 + r)f1
I1 (1 + r) + I2
⇒ f1d =
2(1 + r)

I2 f2
I1 + = f1 +
(1 + r) (1 + r)
 
I2 f2 f2
I1 + = +
(1 + r) (1 + r) (1 + r)

I2 f2
I1 + = 2 · (1 + r)
(1 + r) (1 + r)
I1 (1 + r) + I2 = 2f2
I1 (1 + r) + I2
⇒ f2d =
2

P❛✁
❣✐♥❛ ✶✷✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❊❧ ❛❤♦rr♦ ❞❡ ❧♦s ❛♠✐❣♦s s❡rá ❧❛ ❞✐❢❡r❡♥❝✐❛ ❡♥tr❡ ❧♦ q✉❡ s❡ r❡❝✐❜❡ ❤♦② ✭✐♥✲
❣r❡s♦ ♣r❡s❡♥t❡✮ ② ❧♦ q✉❡ s❡ ❝♦♥s✉♠❡ ❤♦② ✭❝♦♥s✉♠♦ ♣r❡s❡♥t❡✮✱ ❡♥t♦♥❝❡s ✿

A = I1 − f1d
 
I1 (1 + r) + I2
A = I1 − V amosamultiplicarporun1conveniente.
2(1 + r)
 
2(1 + r)I1 I1 (1 + r) + I2
A = −
2(1 + r) 2(1 + r)
2(1 + r)I1 − I1 (1 + r) − I2
A =
2(1 + r)
I1 (1 + r) − I2
A =
2(1 + r)

❝✮ ❊♥ ❡❧ ❡q✉✐❧✐❜r✐♦✱ ➽▲♦s ❛♠✐❣♦s s❡rá♥ ♣r❡st❛♠✐st❛s ✭❛❝r❡❡❞♦r❡s✮ ♦ ♣r❡st❛t❛✲

r✐♦s ✭❞❡✉❞♦r❡s✮❄ ❨✱ s❡❣ú♥ s✉ r❡s♣✉❡st❛✱ ➽❈✉á♥t♦ ♣r❡st❛ ♦ ♣✐❞❡ ♣r❡st❛❞♦❄
❘❡s♣✉❡st❛✿

P❛r❛ s❛❜❡r ❡st♦✱ t❡♥❡♠♦s q✉❡ r❡❡♠♣❧❛③❛r ❧♦s ❞❛t♦s ❡♥tr❡❣❛❞♦s ❡♥ ❧❛s r❡s✲
♣❡❝t✐✈❛s ❢✉♥❝✐♦♥❡s ❞❡ ❞❡♠❛♥❞❛✱ ❡♥t♦♥❝❡s ✿

I1 (1 + r) + I2
f1d =
2(1 + r)
200(1 + 0,2) + 320
⇒ f1∗ =
2(1 + 0,2)
⇒ f1∗ = 233,333...

I1 (1 + r) + I2
f2d =
2
200(1 + 0,2) + 320
⇒ f2∗ =
2
⇒ f2∗ = 280

f2

"Dotación"
160
140

P1 (1+r)
P2
200 233,3 f1

P❛✁
❣✐♥❛ ✶✷✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❉❛❞♦s ♥✉❡str♦s r❡s✉❧t❛❞♦s✱ ❡s ❢á❝✐❧ ✈❡r q✉❡ ❧♦s ❛♠✐❣♦s s♦♥ ❞❡✉❞♦r❡s✳ ❊s✲
♣❡❝✐✜❝❛♠❡♥t❡✱ ❧♦ q✉❡ ❤❛❝❡♥ ❡s ♣❡❞✐r ♣r❡st❛❞♦ ✩✹✵ ❛❧ ❢✉t✉r♦ ✭♣ró①✐♠❛ s❡✲
♠❛♥❛✮ q✉❡ ✈❛❧❡♥ ✩✸✸✱3 ❤♦②✳
❯♥ ❛♥á❧✐s✐s ❡s ❤❛❜❡r r❡❡♠♣❧❛③❛❞♦ ❧♦s ❞❛t♦s ❡♥ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❛❤♦rr♦✱ ❞❡
❤❛❜❡r ❤❡❝❤♦ ❤✉❜✐❡s❡♠♦s ♦❜t❡♥✐❞♦ ✿
I1 (1 + r) − I2
A =
2(1 + r)
200(1 + 0,2) − 320
⇒ A∗ =
2(1 + 0,2)
⇒ A∗ = −33,333...

❈♦♥ ❡st❡ r❡s✉❧t❛❞♦ ✈❡♠♦s q✉❡ ❡①✐st❡ ✉♥ ❞❡s❛❤♦rr♦ ✐❣✉❛❧ ❛ ✩ ✸✸✱✸✸✸✳✳

▲✉❡❣♦✱ ♣❛r❛ s❛❜❡r ❝✉á♥t♦ s❡ ❤❛ ♣❡❞✐❞♦ ♣r❡st❛❞♦✱ ❤❛② q✉❡ ♠✉❧t✐♣❧✐❝❛r ❡st❛
❝❛♥t✐❞❛❞ ✭s✐♥ ❝♦♥s✐❞❡r❛r ❡❧ s✐❣♥♦✮ ♣♦r (1 + r)✳ ❉❡✜♥❛♠♦s P ❝♦♠♦ ❧♦ q✉❡
s❡ ❤❛ ♣❡❞✐❞♦ ♣r❡st❛❞♦✳

P ∗ = (1 + r)33,333...
⇒ P ∗ = (1,2)33,333...
⇒ P ∗ = 40

❞ ✮ ➽❆ ♣❛rt✐r ❞❡ q✉é t✐♣♦ ❞❡ ✐♥t❡rés ♣❛s❛rí❛♥ ❧♦s ❛♠✐❣♦s ❞❡ s❡r ♣r❡st❛t❛r✐♦s ❛

♣r❡st❛♠✐st❛s❄
❘❡s♣✉❡st❛✿

❙❛❜❡♠♦s q✉❡ ❡①✐st❡ ✈❛❧♦r ❞❡ t❛s❛ ❞❡ ✐♥t❡rés q✉❡ ♥♦s ❤❛❝❡ ❝❛♠❜✐❛r♥♦s ❞❡
♣r❡st❛t❛r✐♦s ❛ ♣r❡st❛♠✐st❛s✱ ❡♥ ❡st❡ ♣✉♥t♦ ❡s♣❡❝í✜❝♦✱ t✐❡♥❡ q✉❡ ❝✉♠♣❧✐rs❡
q✉❡ ✿

f1d = I1 yf2d = I2

❊♥t♦♥❝❡s ✿

f1d = I1
I1 (1 + r) + I2
= I1
2(1 + r)
I1 (1 + r) + I2 = 2(1 + r)I1
I2 = (1 + r)I1
I2
= 1+r
I1
I2
r∗ = −1
I1
320
⇒ r∗ = − 1 = 0,6
200

P❛✁
❣✐♥❛ ✶✷✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
❙❛❜❡♠♦s q✉❡ ❝♦♥ ❧❛ ♦tr❛ ❝♦♥❞✐❝✐ó♥ ♥♦s t✐❡♥❡ q✉❡ ❞❛r ❡❧ ♠✐s♠♦ r❡s✉❧t❛❞♦✱
♣❡r♦ ♣❛r❛ ❡st❛r s❡❣✉r♦s t❛♠❜✐❡♥ ❧♦ ❤❛r❡♠♦s✳

f2d = I2
I1 (1 + r) + I2
= I2
2
I1 (1 + r) + I2= 2I2
I1 (1 + r)
= I2
I2
1+r =
I1
I 2
r∗ = −1
I1
320
⇒ r∗ = − 1 = 0,6
200

f2

"Dotación"
160
140

P1 (1+r*) P1 (1+r)
P2 P2
200 233,3 f1

◆♦t❛r q✉❡ ✭❡♥ ❡st❡ ❝❛s♦✮ ❛❧ ❝❛♠❜✐❛r ❧❛ t❛s❛ ❞❡ r = 0,2 ❛ r∗ = 0,6✱ ❧♦s
❛♠✐❣♦s ♦❜t❡♥❞rí❛♥ ✉♥❛ ♠❡♥♦r ✉t✐❧✐❞❛❞✳

✻✳ ■♠❛❣✐♥❡ ✉♥ ✐♥❞✐✈✐❞✉♦ ❝♦♥ ❧❛ s✐❣✉✐❡♥t❡ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞✿

U (O, C) = Oα C β ✭✷✳✽✳✷✳✷✮
✭✷✳✽✳✷✳✸✮

❆❞❡♠ás ✉st❡❞ ❝♦♥♦❝❡ ❧♦s s✐❣✉✐❡♥t❡✿

YN L = YN0 L ✭✷✳✽✳✷✳✹✮
w = w0 ✭✷✳✽✳✷✳✺✮
α+β = 1 ✭✷✳✽✳✷✳✻✮

❈♦♥ ❡st❛ ✐♥❢♦r♠❛❝✐ó♥ ❡①♣❧✐q✉❡ ❝♦♥❝❡♣t✉❛❧ ② ❣r❛✜❝❛♠❡♥t❡ ❝❛❞❛ ✉♥❛ ❞❡ ❧❛s s✐✲
❣✉✐❡♥t❡s s✐t✉❛❝✐♦♥❡s ♣❧❛♥t❡❛❞❛s ✭❝❛❞❛ ❧❡tr❛ ❡s ✐♥❞❡♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❛♥t❡r✐♦r✮✳
■♥❞✐❝❛♥❞♦ ❝❧❛r❛♠❡♥t❡ q✉❡ ♦❝✉rr❡ ❝♦♥ ❡❧ ❝♦♥s✉♠♦✱ ❡❧ ♦❝✐♦ ② ❡❧ tr❛❜❛❥♦✳

P❛✁
❣✐♥❛ ✶✷✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❛✮ ❯♥ ❛❧③❛ ❞❡ w0 ❛ w1 ✳
❘❡s♣✉❡st❛✿

❋r❡♥t❡ ❛ ✉♥ ❛❧③❛ ❡♥ ❡❧ s❛❧❛r✐♦ ♣♦r ❤♦r❛ ♦❝✉rr❡ q✉❡ ❛✉♠❡♥t❛♥ ❧♦s ✐♥❝❡♥t✐✈♦s
❛ tr❛❜❛❥❛r ♠ás ♣♦r ❡♥❞❡ ❞✐s♠✐♥✉②❡ ❧❛s ❤♦r❛s ❞❡❞✐❝❛❞❛s ❛❧ ♦❝✐♦✱ ❧♦ q✉❡
✐♠♣❧✐❝❛ ✭❝♦♠♦ s❡ ❞✐❥♦ ❛♥t❡s✮ q✉❡ ❛✉♠❡♥t❛♥ ❧❛s ❤♦r❛s ❞❡❞✐❝❛❞❛s ❛❧ tr❛❜❛❥♦✱
❝♦♠♦ ❛❤♦r❛ s❡ tr❛❜❛❥❛♥ ♠ás ❤♦r❛s ② s❡ r❡❝✐❜❡ ✉♥ s❛❧❛r✐♦ ♠❛②♦r ♣♦r ❡s❛s
❤♦r❛s tr❛❜❛❥❛❞❛s✱ ❡s ♣♦s✐❜❧❡ ❛❝❝❡❞❡r ❛ ✉♥ ♠❛②♦r ❝♦♥s✉♠♦✳ P♦r ❧♦ t❛♥t♦ ❡❧
❛❣❡♥t❡ ♠❡❥♦r❛✳✶✾ ✳

C1 U1
C0 U0
YNL0 w0

O1 O0 T O

❜✮ ❯♥❛ ❞✐s♠✐♥✉❝✐ó♥ ❞❡❧ ✐♥❣r❡s♦ ♥♦ ❧❛❜♦r❛❧ ❛ YN1 L ✳

❘❡s♣✉❡st❛✿

❋r❡♥t❡ ❛ ✉♥❛ ❞✐s♠✐♥✉❝✐ó♥ ❞❡❧ ✐♥❣r❡s♦ ♥♦ ❧❛❜♦r❛❧ ♦❝✉rr❡ q✉❡ t✐❡♥❡♥ q✉❡
❞✐s♠✐♥✉✐r ❧❛s ❤♦r❛s ❞❡❞✐❝❛❞❛s ❛❧ ♦❝✐♦ ♣❛r❛ ♣♦❞❡r ❛✉♠❡♥t❛r ❧❛s ❤♦r❛s ❞❡✲
❞✐❝❛❞❛s ❛❧ tr❛❜❛❥♦ ② ❛sí ♥♦ ❞✐s♠✐♥✉②❛ t❛♥t♦ ❡❧ ❝♦♥s✉♠♦✳ P♦r ❧♦ t❛♥t♦ ❡❧
❛❣❡♥t❡ ❡♠♣❡♦r❛✳

U1

C0 U0
C01 w
YNL
0

YNL1 w0

O1 O0 T O

❝✮ ■♠❛❣✐♥❡ ❞♦s ♦♣❝✐♦♥❡s✱ ❧❛ ♣r✐♠❡r❛ ❡s ✉♥ ❛❧③❛ ❞❡ w0 ❛ w1 ② ❧❛ s❡❣✉♥❞❛ ❡s

✉♥ ❛❧③❛ ❞❡❧ ✐♥❣r❡s♦ ♥♦ ❧❛❜♦r❛❧ ❛ YN2 L q✉❡ ❧♦ ❞❡❥❛ ❡♥ ❧❛ ♠✐s♠❛ ✉t✐❧✐❞❛❞ q✉❡
✶✾ ❚❛♠❜✐é♥ ❡r❛ ✈❛❧✐❞♦ ❤❛❝❡r ✉♥ ❛♥á❧✐s✐s ❞♦♥❞❡ ♦❝✉rr✐❡r❛ q✉❡ ✉♥ ❛✉♠❡♥t♦ ❡♥ ❡❧ s❛❧❛r✐♦ t✐❡♥❡ ✉♥

❡❢❡❝t♦ ♣♦s✐t✐✈♦ ❡♥ ❡❧ ♦❝✐♦✱ ❡st♦ ♦❝✉rr❡ ❝✉❛♥❞♦ ②❛ s❡ ❡st❛ ❣❛♥❛♥❞♦ ✉♥ s✉❡❧❞♦ ♠✉② ❛❧t♦

P❛✁
❣✐♥❛ ✶✷✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❧❛ ♣r✐♠❡r❛ ♦♣❝✐ó♥✳ ➽❊①✐st❡ ❞✐❢❡r❡♥❝✐❛ ❡♥ ❡❧ tr❛❜❛❥♦✱ ♦❝✐♦ ② ❝♦♥s✉♠♦❄ ➽▲❡

❞❛ ❧♦ ♠✐s♠♦ ❝✉❛❧ ♦♣❝✐ó♥ t♦♠❛r s✐ ❡s q✉❡ ❡①✐st❡ ❞✐❢❡r❡♥❝✐❛ ❡♥ tr❛❜❛❥♦✱ ♦❝✐♦
② ❝♦♥s✉♠♦❄
❘❡s♣✉❡st❛✿

❙✐ ❝♦♠♣❛r❛♠♦s ❧❛ ♣r✐♠❡r❛ ❛❧t❡r♥❛t✐✈❛ ❝♦♥ ❧❛ s❡❣✉♥❞❛ t❡♥❡♠♦s q✉❡ ❡♥

❧❛ ♣r✐♠❡r❛ ❞✐s♠✐♥②❡♥ ❧❛s ❤♦r❛s ❞❡❞✐❝❛❞❛s ❛❧ ♦❝✐♦ ✭♣♦r ❡♥❞❡ ❛✉♠❡♥t❛ ❡❧
tr❛❜❛❥♦✮ ② ❡♥ ❧❛ s❡❣✉♥❞❛ ❛✉♠❡♥t❛♥ ❧❛s ❤♦r❛s ❞❡ ♦❝✐♦ ✭♣♦r ❡♥❞❡ ❞✐s♠✐♥✉②❡
❡❧ tr❛❜❛❥♦✮✳ ❊♥ ❛♠❜♦s ❝❛s♦s ♣♦❞❡♠♦s ✈❡r q✉❡ ❛✉♠❡♥t❛ ❡❧ ❝♦♥s✉♠♦✱ ♣❡r♦
❡♥ ❧❛ ♣r✐♠❡r❛ ❛❧t❡r♥❛t✐✈❛ ❛✉♠❡♥t❛ ♠❛s q✉❡ ❡♥ ❧❛ s❡❣✉♥❞❛✱ ❡①♣❧✐❝❛❞♦ ❡♥
♣❛rt❡ ♣♦r q✉❡ ❡♥ ❡st❛ ❛❧t❡r♥❛t✐✈❛ s❡ tr❛❜❛❥❛♥ ♠ás ❤♦r❛s ❛ ✉♥ s✉❡❧❞♦ ♠❛②♦r✱
♣✉❞✐❡♥❞♦ ❛sí ♦♣t❛r ❛ ✉♥ ♠❛②♦r ❝♦♥s✉♠♦✳
❈♦♠♦ s❡ ❛❝❛❜❛ ❞❡ ❡①♣❧✐❝❛r ❛ ♣❡s❛r ❞❡ q✉❡ ❛♠❜❛s ❛❧t❡r♥❛t✐✈❛s ♥♦s ❞❡❥❛♥ ❡♥
❧❛ ♠✐s♠❛ ✉t✐❧✐❞❛❞✱ ❧❛s ❝❛♥❛st❛♥ ♦♣t✐♠❛s ❡♥ ❝❛❞❛ ❛❧t❡r♥❛t✐✈❛ s♦♥ ❞✐st✐♥t❛s✳
❆ ♣❡s❛r ❞❡ ❡st♦✱ ♣♦❞❡♠♦s ❞❡❝✐r ❝♦♥ ❝❡rt❡③❛ q✉❡ ❧❡ ❞❛ ❧♦ ♠✐s♠♦ ❝✉❛❧ ❛❧✲
t❡r♥❛t✐✈❛ ❡❧❡❣✐r✱ ♣✉❡s ❛♠❜❛s ❧♦ ❞❡❥❛♥ ❡♥ ❧❛ ♠✐s♠❛ ❝✉r✈❛ ❞❡ ✉t✐❧✐❞❛❞ ✭♦ ❞❡
✐♥❞✐❢❡r❡♥❝✐❛✮✱ ② ❡st❡ ❡s ❡❧ ❝♦♥❝❡♣t♦ ❝❧❛✈❡ q✉❡ ❤❛② ❞❡tr❡❛s ❞❡ ❧❛s ❝✉r✈❛s ❞❡
✉t✐❧✐❞❛❞✳ P♦r ❧♦ t❛♥t♦ ❝♦♥ ❛♠❜❛s ❛❧t❡r♥❛t✐✈❛s ❡❧ ❛❣❡♥t❡ ♠❡❥♦r❛ ❧♦ ♠✐s♠♦✳

C1
C2 U1
YNL2
C0 U0
w
YNL0
0

O1O0 O2 T O

❞✮ ■♠❛❣✐♥❡ ✉♥ tr❛❜❛❥♦ q✉❡ ❞✉♣❧✐❝❛ w0 ✱ ♣❡r♦ ❞✐s♠✐♥✉②❡ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ t✐❡♠♣♦

❞✐s♣♦♥✐❜❧❡✱ ❞❡❜✐❞♦ ❛ q✉❡ ❡❧ ♥✉❡✈♦ tr❛❜❛❥♦ ❡stá ♠❛s ❧❡❥♦s✳
❘❡s♣✉❡st❛✿

❙✐ ❞✉♣❧✐❝❛♠♦s ❡❧ s❛❧❛r✐♦ ♣❡r♦ ❞✐s♠✐♥✉✐♠♦s ❡❧ t✐❡♠♣♦ ❞✐s♣♦♥✐❜❧❡✱ ♣♦❞❡♠♦s

✈❡r ❡♥ ❡st❡ ❝❛s♦ q✉❡✱ ❞✐s♠✐♥✉②❡♥ ❧❛s ❤♦r❛s ❞❡❞✐❝❛❞❛s ❛❧ ♦❝✐♦✱ ♣❡r♦ ❡♥ ❡st❡
❝❛s♦ ❡❧ tr❛❜❛❥♦ ❞✐s♠✐♥✉②❡ ✭r❡❝✉❡r❞❡ q✉❡ ❡❧ tr❛❜❛❥♦ s❡ ♠✐❞❡ ❞❡s❞❡ ❡❧ t✐❡♠♣♦
❞✐s♣♦♥✐❜❧❡ ❤❛st❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♦❝✐♦ ❡❧❡❣✐❞❛✮✱ ♣❡r♦ ❛ ♣❡s❛r ❞❡ q✉❡ ❡❧ tr❛❜❛❥♦
❤❛②❛ ❞✐s♠✐♥✉✐❞♦ t❡♥❡♠♦s q✉❡ ❡❧ ❝♦♥s✉♠♦ ❛✉♠❡♥t❛ ✭❡❧ s❛❧❛r✐♦ ❛❤♦r❛ ❡s ❡❧
❞♦❜❧❡✮✳ P♦r ❧♦ t❛♥t♦ ❡❧ ❛❣❡♥t❡ ♠❡❥♦r❛✳

P❛✁
❣✐♥❛ ✶✷✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

C1
U1
C0 U0
2w 0 w
YNL0
0

O1 O0 Reducción de
Tiempo disponible T O

❡ ✮ ❊♥❝✉❡♥tr❡ ❧❛ ♦❢❡rt❛ ❞❡ tr❛❜❛❥♦ ❝✉❛♥❞♦ ❡❧ ♦❝✐♦ ❡s ✉♥ ❜✐❡♥ ✐♥❢❡r✐♦r✳

❘❡s♣✉❡st❛✿

Pr✐♠❡r♦ r❡❝♦r❞❡♠♦s q✉❡ ♣❛r❛ q✉❡ ✉♥ ❜✐❡♥ s❡❛ ✐♥❢❡r✐♦r✱ ❡❧ ❡q✉✐❧✐❜r✐♦ ✜♥❛❧
❞❡❜❡ q✉❡❞❛r ❛ ❧❛ ✐③q✉✐❡r❞❛ ❞❡❧ ❡q✉✐❧✐❜r✐♦ ❛ ❧❛ ❍✐❝❦s ✭♦ ❙❧✉ts❦② ② ❛✉♥q✉❡
♥♦ ❡s ♥❡❝❡s❛r✐♦ q✉❡ q✉❡❞❛ ❛ ❧❛ ✐③q✉✐❡r❞❛ ❞❡❧ ❡q✉✐❧✐❜r✐♦ ✐♥✐❝✐❛❧✱ ♣✉❡❞❡ ♦❝✉✲
rr✐r✮✱ ❡♥t♦♥❝❡s ❞❛❞♦ q✉❡ ❡❧ ♦❝✐♦ ❡s ✉♥ ❜✐❡♥ ✐♥❢❡r✐♦r✱ t❡♥❡♠♦s q✉❡ ❢r❡♥t❡
❛ ✉♥ ❛❧③❛ ❡♥ ❡❧ s❛❧❛r✐♦✱ ❡❧ ✐♥❞✐✈✐❞✉♦ s✐❡♠♣r❡ ✈❛ ❛ ❡s❝♦❣❡r tr❛❜❛❥❛r ♠❛s
✭❛✉♥q✉❡ ❡❧ s❛❧❛r✐♦ s❡❛ ♠✉② ❛❧t♦✮✱ ♣♦r ❡♥❞❡ s✐ s✉❜❡ ❡❧ s❛❧❛r✐♦ s✐❡♠♣r❡ ✈❛ ❛
❡s❝♦❣❡r ❞❡st✐♥❛r ♠❡♥♦s ❤♦r❛s ❛❧ ♦❝✐♦✳ ❈♦♠♦ s✐❡♠♣r❡ ❡❧✐❣❡ tr❛❜❛❥❛r ♠❛s ❛
✉♥ ♠❛②♦r s❛❧❛r✐♦✱ t❛♠❜✐❡♥ s✐❡♠♣r❡ ♣♦❞rá ❝♦♥s✉♠✐r ♠❛s✳ ❊♥ ❡st❡ ❝❛s♦ ❡❧
❛❣❡♥t❡ ♠❡❥♦r❛✱ ♣❡r♦ s✉s ♣r❡❢❡r❡♥❝✐❛s s♦♥ ❞✐st✐♥t❛s✳
❆❧ ♦❜t❡♥❡r ❧❛ ♦❢❡rt❛ ❞❡ tr❛❜❛❥♦ ❞❡❧ ✐♥❞✐✈✐❞✉♦ t❡♥❡♠♦s q✉❡ ❡st❛ s✐❡♠♣r❡
s❡rá ❝r❡❝✐❡♥t❡ ❝♦♥ r❡s♣❡❝t♦ ❛❧ s❛❧❛r✐♦✱ ② ♥♦ ❝♦♠♦ ❝✉❛♥❞♦ ❡❧ ♦❝✐♦ ❡s ✉♥
❜✐❡♥ ♥♦r♠❛❧ ❞♦♥❞❡ ❡♥ ✉♥ ♣✉♥t♦ ❡s ❞❡❝r❡❝✐❡♥t❡ r❡s♣❡❝t♦ ❛❧ s❛❧❛r✐♦✳

C w Oferta de Trabajo

C1
U1
C0 U0
w w1
YNL0 0
w0

O1 O0 T O L0 L1 L
L1 L0

✼✳ ❊♥ ✉♥ ▼❡r❝❛❞♦ q✉❡ s❡ ❡♥❝✉❡♥tr❛ ❡♥ ❊q✉✐❧✐❜r✐♦✱ ❧❛ ❖❢❡rt❛ ② ❧❛ ❉❡♠❛♥❞❛ ✈✐❡♥❡♥

❞❛❞❛s ♣♦r✿

U (X, Y ) = X 1/3 Y 2/3 ✭✷✳✽✳✷✳✼✮

P❛✁
❣✐♥❛ ✶✷✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❞♦♥❞❡ ❳ ❡ ❨ s♦♥ ❧♦s ✷ ❜✐❡♥❡s ❡♥ ❝✉❡st✐ó♥✱ ❝♦♥ ❡st❛ ✐♥❢♦r♠❛❝✐ó♥ ❡♥❝✉❡♥tr❡ ❧♦

s✐❣✉✐❡♥t❡✿

❛✮ ❈♦♥s✐❞❡r❡ q✉❡ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛ ❡s✿ X Y

✱ ❡♥t♦♥❝❡s✱
❡♥❝✉❡♥tr❡ ② ❣r❛✜q✉❡ ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡❧ ❝♦♥s✉♠✐❞♦r ❡♥ ❢✉♥❝✐ó♥ ❞❡ ❧♦s ♣r❡❝✐♦s
② ❡❧ ✐♥❣r❡s♦✳
❘❡s♣✉❡st❛✿

▲♦ ♣r✐♠❡r♦ q✉❡ ❤❛r❡♠♦s s❡rá ❝❛❧❝✉❧❛r ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡✲

s✉♣✉❡st❛r✐❛✳ ✭I = XPX + Y PY ✮

I = XPX + Y PY
Y PY = I − XPX
I − XPX
Y =
PY
I PX
Y = −X ·
PY PY
PX
⇒m =
PY

❆❤♦r❛ ✐❣✉❛❧❛♠♦s ❧❛s ♣❡♥❞✐❡♥t❡s✷✵ ✱ ♣❛r❛ ❡♥❝♦♥tr❛r ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♦♣t✐♠♦

② ❞❡s♣❡❥❛r ❳ ❡ ❨✱ ♣❛r❛ ♣♦❞❡r r❡❡♠♣❧❛③❛r❧❛s ✭❝❛❞❛ ✉♥❛ ♣♦r s❡♣❛r❛❞♦✮ ❡♥
❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛✿

PXY
Condiciondeoptimo =
PYX
XPX
⇒Y =
PY
Y PY
⇒X =
PX

I = XPX + Y PY
 
XPX
I = XPX + PY
PY
I = XPX + XPX
I = 2XPX
I
X∗ =
2PX∗
✷✵ ❙✐ ✉♥♦ ❝❛❧❝✉❧❛❜❛ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ✐♥❞✐❢❡r❡♥❝✐❛✱ ❡♥❝♦♥tr❛❜❛ ✉♥❛ ❡①♣r❡s✐ó♥ ❞✐st✐♥t❛ ❛
❧❛ ❡♥tr❡❣❛❞❛ ❡♥ ❡❧ ❡♥✉♥❝✐❛❞♦✳ ❙✐ ❛❧❣✉✐❡♥ ❧❛ ❝❛❧❝✉❧♦ ② ❧❛ ♦❝✉♣♦ ❡♥ s✉ r❡s♣✉❡st❛✱ ♥♦ t❡♥❞rá ♥✐♥❣✉♥❛
✐♥❝✐❞❡♥❝✐❛ ❡♥ ❡❧ ♣✉♥t❛❥❡ ♦❜t❡♥✐❞♦ ❛ ♣❡s❛r ❞❡ t❡♥❡r r❡s✉❧t❛❞♦s ❞✐❢❡r❡♥t❡s ❛ ❡st❛ ♣❛✉t❛ ✭s✐❡♠♣r❡ ②
❝✉❛♥❞♦ ❡sté♥ ❝♦rr❡❝t❛♠❡♥t❡ r❡❛❧✐③❛❞♦s✮✳

P❛✁
❣✐♥❛ ✶✷✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❆♥á❧♦❣❛♠❡♥t❡✱ ♣♦❞❡♠♦s ❡♥❝♦♥tr❛r ❧❛ ❝❛♥t✐❞❛❞ ♦♣t✐♠❛ ❞❡ ❨✿

I
Y∗ =
2PY∗

I / 2PY*
U0

I / 2PX* X

❜✮ ❊♥❝✉❡♥tr❡ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ❞❡♠❛♥❞❛ ❞❡ ❳ ❡ ❨✳ ❚❛♠❜✐é♥ ♦❜t❡♥❣❛ ❧❛s

❡❧❛st✐❝✐❞❛❞✲♣r❡❝✐♦ ② ❧❛ ❡❧❛st✐❝✐❞❛❞ ✐♥❣r❡s♦ ❞❡ ❳✳
❘❡s♣✉❡st❛✿

▲❛s ❢✉♥❝✐♦♥❡s ❞❡ ❞❡♠❛♥❞❛ s❡ ♦❜t✐❡♥❡♥ r❡❡♠♣❧❛③❛♥❞♦ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♦♣✲

t✐♠❛ ❡♥ ❧❛ r❡str✐❝❝✐ó♥ ♣r❡s✉♣✉❡st❛r✐❛ ✭❡s ❡❧ ♠✐s♠♦ ♣r♦❝❡s♦ q✉❡ s❡ r❡❛❧✐③♦
❡♥ ✭❛✮✮✳

I = XPX + Y PY
 
XPX
I = XPX + PY
PY
I = XPX + XPX
I = 2XPX
I
Xd =
2PX∗
❆♥á❧♦❣❛♠❡♥t❡ ♦❜t❡♥❡♠♦s

I
Yd =
2PY∗


d I d
X =
2PX ∗
dPX

dX d I 1 PX
= (−1) 2
dPX 2 PX Xd
1 PX 2PX
ηX,PX = − 2 ·
2PX I
ηX,PX = −1

P❛✁
❣✐♥❛ ✶✷✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘


d I d
X =
2PX ∗
dI

dX d I I
=
dI 2PX Xd
1 I2PX
ηX,I = ·
2PX I
ηX,I = 1

❝ ✮ ❆❤♦r❛ s✉♣♦♥❣❛ q✉❡ ❝♦♥♦❝❡ ❧♦ s✐❣✉✐❡♥t❡✿ I = 6561❀ PX = 81❀ ② PY = 54✳

❈❛❧❝✉❧❡ ❧❛s ❝❛♥t✐❞❛❞❡s ❞❡ ❡q✉✐❧✐❜r✐♦ ② ❡♥❝✉❡♥tr❡ ❧❛ ✉t✐❧✐❞❛❞ q✉❡ ♦❜t✐❡♥❡
❡♥ ❞✐❝❤♦ ❡q✉✐❧✐❜r✐♦✳
❘❡s♣✉❡st❛✿

P❛r❛ ❝❛❧❝✉❧❛r ❧♦ ♣❡❞✐❞♦ s✐♠♣❧❡♠❡♥t❡ ❤❛② q✉❡ r❡❡♠♣❧❛③❛r✿

I 6561
X∗ = =
2PX ∗
2 · 81
X∗ = 40,5

I 6561
Y∗ = =
2PY∗
2 · 54
Y∗ = 60,75

U ∗ = (40,5)1/3 (60,75)2/3
U ∗ = 53,07

✽✳ ❊♥ ✉♥ ▼❡r❝❛❞♦ q✉❡ s❡ ❡♥❝✉❡♥tr❛ ❡♥ ❊q✉✐❧✐❜r✐♦✱ ❧❛ ❖❢❡rt❛ ② ❧❛ ❉❡♠❛♥❞❛ ✈✐❡♥❡♥

❞❛❞❛s ♣♦r✿

4qx = P − 20 ✭✷✳✽✳✷✳✽✮
P = 100 − qx ✭✷✳✽✳✷✳✾✮

❛ ✮ ❆s✉♠✐❡♥❞♦ q✉❡ ❧❛ ❝❛♥t✐❞❛❞ ♣r♦❞✉❝✐❞❛ ♣♦r ❧♦s ❞❡♠❛♥❞❛♥t❡s ❡♥ ❡❧ ♣❡r✐♦❞♦

❝❡r♦ ❡s ✐❣✉❛❧ ❛ q0 = 8✳ ❈❛❧❝✉❧❡ ② ❣r❛✜q✉❡ ❧♦s ❡q✉✐❧✐❜r✐♦s ♣❛r❛ ❡❧ ♣❡r✐♦❞♦
✵✱ ✶ ② ✷✳
❘❡s♣✉❡st❛✿

❊♥ t0 ❧♦ q✉❡ t❡♥❡♠♦s q✉❡ ❤❛❝❡r ❡s r❡❡♠♣❧❛③❛r ❧❛ ❝❛♥t✐❞❛❞ ♦❢r❡❝✐❞❛ ❡♥ ❧❛

❞❡♠❛♥❞❛✿

P0 = 100 − 8
⇒ P0 = 92

P❛✁
❣✐♥❛ ✶✸✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❊♥ t1 t❡♥❡♠♦s q✉❡ r❡❡♠♣❧❛③❛r P0 ❡♥ ❧❛ ♦❢❡rt❛ ♣❛r❛ ♦❜t❡♥❡r ❧❛ ❝❛♥t✐❞❛❞✿

4q1 = 92 − 20
⇒ q1 = 18

❆❤♦r❛ q✉❡ t❡♥❡♠♦s ❧❛ ❝❛♥t✐❞❛❞✱ r❡❡♠♣❧❛③❛♠♦s ❡♥ ❧❛ ❞❡♠❛♥❞❛ ♣❛r❛ ♦❜t❡♥❡r

❡❧ ♣r❡❝✐♦✿

P1 = 100 − 18
⇒ P1 = 82

❊♥ t2 t❡♥❡♠♦s q✉❡ r❡❡♠♣❧❛③❛r P1 ❡♥ ❧❛ ♦❢❡rt❛ ♣❛r❛ ♦❜t❡♥❡r ❧❛ ❝❛♥t✐❞❛❞✿

4q2 = 82 − 20
⇒ q2 = 15,5

❆❤♦r❛ q✉❡ t❡♥❡♠♦s ❧❛ ❝❛♥t✐❞❛❞✱ r❡❡♠♣❧❛③❛♠♦s ❡♥ ❧❛ ❞❡♠❛♥❞❛ ♣❛r❛ ♦❜t❡♥❡r

❡❧ ♣r❡❝✐♦✿

P2 = 100 − 15,5
⇒ P2 = 84,5

P E2 Of
E0
92
84,5
84
82 E1

8 15,5 16 18 X

❜ ✮ ❉❡ ✉♥ ❡❥❡♠♣❧♦ ❞❡ ✉♥ ♠❡r❝❛❞♦ q✉❡ s❡ ❛❝tú❡ ❞❡ ❡st❛ ♠❛♥❡r❛ ② ❡①♣❧✐q✉❡

♣♦r q✉é✳ ➽◗✉é t❡♥❞rí❛ q✉❡ ♦❝✉rr✐r ♣❛r❛ ❡❧ ♣r♦❝❡s♦ ♦ ♠♦✈✐❡♥❞♦ q✉❡ ✉st❡❞
❞❡s❝r✐❜✐ó ❡♥ ❧❛ ♣❛rt❡ ✭❜✮ s❡❛ ❡①❛❝t❛♠❡♥t❡ ❡❧ ❝♦♥tr❛r✐♦❄
❘❡s♣✉❡st❛✿

❊❧ ♠❡r❝❛❞♦ ❛❣rí❝♦❧❛ t✐❡♥❞❡ ❛ ❛❝t✉❛r ❞❡ ❡st❛ ❢♦r♠❛✱ ② ❡st♦ ❡s ♣♦rq✉❡ ❧❛ ❞❡✲

❝✐s✐ó♥ ❞❡ q✉❡ ❝✉❧t✐✈❛r✱ q❡ s❡rá ❧❛ ❝♦s❡❝❤❛ ❞❡❧ ♣ró①✐♠♦ ♣❡r✐♦❞♦✱ ❞❡♣❡♥❞❡ ❞❡❧

♣r❡❝✐♦ ❛❝t✉❛❧✳ ❙✐ ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ s❡ ❤✐❝✐❡r❛ ♠❛s ❡❧ást✐❝❛✱ ❡❧ ♠♦✈✐♠✐❡♥t♦

q✉❡ t❡♥❞rí❛♥ ❧♦s ♣r❡❝✐♦s s❡rí❛ ❡①♣❧♦s✐✈♦✳

P❛✁
❣✐♥❛ ✶✸✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

P
Of

✾✳ ❊♥ ❡❧ ♠❡r❝❛❞♦ ❞❡ ❧♦s ③❛♣❛t♦s ❧❛ ❞❡♠❛♥❞❛ ❜✐❡♥❡ ❞❛❞❛ ♣♦r PD = 3500 − 2Q✱

♠✐❡♥tr❛s q✉❡ ❧❛ ♦❢❡rt❛ ❝♦rr❡s♣♦♥❞❡ ❛ PS = 1420 + 8Q r❡♣r❡s❡♥t❛ ❧❛ ❝❛♥t✐❞❛❞
❞❡ ③❛♣❛t♦s q✉❡ s❡ ❞❡♠❛♥❞❛r✁❛ ✉ ♦❢❡rt❛rá✱ s❡❣ú♥ ❝♦rr❡s♣♦♥❞❛ ❡♥ ❡st❛ ❡❝♦♥♦♠á✳

❛ ✮ ❙✐ s❡ ❝♦❜r❛ ✉♥ ✐♠♣✉❡st♦ ❛ ❧♦s ③❛♣❛t♦s ❞❡ λ ♣❡s♦s ♣♦r ✉♥✐❞❛❞ ♣r♦❞✉❝✐✲

❞❛✱ ➽❝✉á❧❡s s❡r✁ý❛♥ ❡❧ ♦ ❧♦s ♣r❡❝✐♦s ② ❝❛♥t✐❞❛❞ tr❛♥s❛❞❛ ❝♦♥ r❡s♣❡❝t♦ ❛❧
❡q✉✐❧✐❜r✐♦❄
❘❡s♣✉❡st❛✿

❊❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ▼❡r❝❛❞♦ s❡ ♦❜t✐❡♥❡ ❛❧ ✐❣✉❛❧❛r PD ❝♦♥ PS ✿

PD = PS
3500 − 2Q = 1420 + 8Q
10Q = 2080
Q∗ = 208

❘❡❡♠♣❧❛③❛♥❞♦ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡♥ PS ♦ ❡♥ PD ♦❜t❡♥❡♠♦s ❡♥

♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦✳

P ∗ = 3500 − 2Q
P ∗ = 3500 − 2 · 208
P ∗ = 3084

P ∗ = 3084 ② Q∗ = 208✳
P♦r ❧♦ t❛♥t♦ ❡❧ ❡q✉✐❧✐❜r✐♦ ❡s

❆❤♦r❛ s❡ ❝♦❜r❛ ✉♥ ✐♠♣✉❡st♦ ❞❡ λ ♣♦r ✉♥✐❞❛❞ ♣r♦❞✉❝✐❞❛✱ ❡st♦ ❡s✿

PS + λ = P D
1420 + 8Q + λ = 3500 − 2Q
10Q = 2080 − λ
λ
Q = 208 −
10

P❛✁
❣✐♥❛ ✶✸✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❘❡s✉❧t❛♥❞♦ ❧❛ ❝❛♥t✐❞❛❞ tr❛♥s❛❞❛ ❝♦♥ ✉♥ ✐♠♣✉❡st♦ ❞❡ λ

❆❤♦r❛✱ ♣❛r❛ ♣♦❞❡r ♦❜t❡♥❡r ❧♦s ♣r❡❝✐♦s ❞❡ ❡q✉✐❧✐❜r✐♦ ❜❛st❛ ❝♦♥ r❡❡♠♣❧❛③❛r
❡st❛ ❝❛♥t✐❞❛❞ ❡♥❝♦♥tr❛❞❛ ❡♥ PS ② ❡♥ PD ✳

PS = 1420 + 8Q
 
λ
PS = 1420 + 8 · 208 −
10
4
PS = 3084 − λ
5

PD = 3500 − 2Q
 
λ
PD = 3500 − 2 · 208 −
10
λ
PD = 3084 +
5
❜ ✮ ➽◗✉é s✉❜s✐❞✐♦ ♣♦r ✉♥✐❞❛❞ ❞✐s♠✐♥✉✐rá ❡❧ ♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦ ❡♥ ✩✸✵❄
❘❡s♣✉❡st❛✿

❙❛❜❡♠♦s q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦ ❡s ✩✸✳✵✽✹✱ ❡❧ ♥✉❡✈♦ ♣r❡❝✐♦ t✐❡♥❡ q✉❡ s❡r
✩✳✸✵ ♠❡♥♦r✱ ♣♦r ❧♦ t❛♥t♦ ❡s ✩✸✳✵✺✹✳
❆♣❧✐❝❛♥❞♦ ❡❧ s✉❜s✐❞✐♦✱ ❙✱ ♦❜t❡♥❡♠♦s✿

PS − S = PD = 3054
❘❡❡♠♣❧❛③❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❡♥ ❧❛ ❞❡♠❛♥❞❛✱ ♦❜t❡♥❡♠♦s ❧❛ ❝❛♥t✐❞❛❞ tr❛♥s❛❞❛
❝♦♥ ❡❧ s✉❜s✐❞✐♦✳

PD = 3500 − 2Q
3054 = 3500 − 2Q
2Q = 446
Q = 223
P♦r ❧♦ t❛♥t♦✱ ❧❛ ❝❛♥t✐❞❛❞ tr❛♥s❛❞❛ ❝♦♥ ❡❧ s✉❜s✐❞✐♦ ❡s ❞❡ ✷✷✸ ✉♥✐❞❛❞❡s✱
r❡❡♠♣❧❛③❛♥❞♦ ❡st❛ ❝❛♥t✐❞❛❞ ❡♥ ❡❧ ♣r❡❝✐♦ q✉❡ r❡❝✐❜❡ ❡❧ ♦❢❡r❡♥t❡ ♠❡♥♦s ❡❧
s✉❜s✐❞✐♦✱ ♦❜t❡♥❡♠♦s ❧❛ ❝✉❛♥t✁ý❛ ❞❡❧ s✉❜s✐❞✐♦✳

PS − S = 3054
1420 + 8Q − S = 3054
1420 + 8 · 223 − S = 3054
S = 150

P❛✁
❣✐♥❛ ✶✸✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❊❧ s✉❜s✐❞✐♦ q✉❡ ❝✉♠♣❧❡ ❧❛ ❝♦♥❞✐❝✐✁♦♥ ❞❡ ❞✐s♠✐♥✉✐r ❡❧ ♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦

❡♥ ✩✸✵ ❡s ✉♥♦ ❞❡ ✩✶✺✵✳

✶✵✳ ❙✉♣♦♥❣❛ ✉♥❛ ❡❝♦♥♦♠í❛ ❡♥ ❧❛ ❝✉❛❧ ❡①✐st❡♥ só❧♦ ❞♦s ❜✐❡♥❡s ② q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦
r❡♣r❡s❡♥t❛t✐✈♦ ❡♥ ést❛ ♣♦s❡❡ ❧❛ s✐❣✉✐❡♥t❡ ❢✉♥❝✐ó♥ ❞❡ ✉t✐❧✐❞❛❞✿

u(x, y) = xε−1 y ✭✷✳✽✳✷✳✶✵✮

❞♦♥❞❡ ① ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ❝♦♥s✉♠❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ❞❡❧ ♣r✐♠❡r ❜✐❡♥

❳✱ ❡ ② ❡s ❧❛ ❝❛♥t✐❞❛❞ r❡s♣❡❝t✐✈❛ ❞❡❧ ❜✐❡♥ ❨ ✱ ❛❞❡♠ás ε ❡s ✉♥ ♣❛rá♠❡tr♦ ♠❛②♦r
❡str✐❝t♦ ❞❡ ✶✳
P♦r ♦tr♦ ❧❛❞♦✱ s❡ s❛❜❡ q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ ❨ ❡s ✐❣✉❛❧ ❛ ✶ ② ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥
❳ ❡s ♣✳

❛ ✮ ❉❡t❡r♠✐♥❡ ❧❛s ❞❡♠❛♥❞❛s ▼❛rs❤❛❧❧✐❛♥❛s ♣❛r❛ ❡st❡ ✐♥❞✐✈✐❞✉♦ s✐ ❞❡❜❡ ❣❛st❛r

t♦❞♦ s✉ ♣r❡s✉♣✉❡st♦ ❡♥ ❡❧ ❝♦♥s✉♠♦ ❞❡ ❡st♦s ❜✐❡♥❡s ② ést❡ ❛s❝✐❡♥❞❡ ❛ ✶✵✵
✉♥✐❞❛❞❡s ♠♦♥❡t❛r✐❛s✳
❘❡s♣✉❡st❛✿

❊❧ ✐♥❞✐✈✐❞✉♦ ❞❡❜❡ r❡s♦❧✈❡r ❡❧ s✐❣✉✐❡♥t❡ ♣r♦❜❧❡♠❛✿

máx u(x, y) = xε−1 y

s.a. 1 · y + p · x = 100

▲❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ♣❛r❛ r❡s♦❧✈❡r ❡st❡ ♣r♦❜❧❡♠❛ ❡s ✐❣✉❛❧❛r ❧❛ t❛s❛

♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥ ❝♦♥ ❧❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡❝✐♦ ✭❚▼❚ ♦ ❚▼■▼✮✱ ❧♦ ❝✉❛❧
s❡ ❝♦♥s✐❣✉❡ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ♠❛♥❡r❛✳

(ε − 1) y p
T MS = = = T MT
1 x 1
❘❡❧❛❝✐ó♥ ❞❡ ❧❛ ❝✉❛❧ s❡ ♦❜t✐❡♥❡ q✉❡

p
y = x
(ε − 1)

❘❡❡♠♣❧❛③❛♥❞♦ ❡st❡ ú❧t✐♠♦ r❡s✉❧t❛❞♦ ❡♥ ❧❛ r❡❝t❛ ♣r❡s✉♣✉❡st❛r✐❛ s❡ t✐❡♥❡

q✉❡✿

 
p
1· x + p · x = 100
(ε − 1)

P❛✁
❣✐♥❛ ✶✸✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘
P♦r ❧♦ q✉❡ ❛❧ ❞❡s♣❡❥❛r ❡❧ ✈❛❧♦r ①✱ s❡ ♦❜t✐❡♥❡ ❡❧ ❝♦♥s✉♠♦ ó♣t✐♠♦ ❞❡❧ ❜✐❡♥
❳✱ ❡s ❞❡❝✐r✱

100(ε − 1)
x∗ =
εp
P♦r ❧♦ t❛♥t♦✱ ♣❛r❛ ❡❧ ❜✐❡♥ ❨ s❡ t✐❡♥❡ q✉❡✿

p 100
y∗ = x∗ =
(ε − 1) ε
❜✮ ❙✉♣♦♥❣❛ ❛❤♦r❛ q✉❡ ε = p = 2✳ ❊♥ ❜❛s❡ ❛ ❡st♦✱ ❞❡t❡r♠✐♥❡ ❡❧ ❡❢❡❝t♦ s✉st✐✲
t✉❝✐ó♥ ② ❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ s✐ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ ❞✐s♠✐♥✉②❡ ❡♥ ✉♥❛ ✉♥✐❞❛❞
♠♦♥❡t❛r✐❛ ② ❣r❛❢íq✉❡❧♦✳
❘❡s♣✉❡st❛✿
❈♦♥ ❡st♦s ✈❛❧♦r❡s s❡ t✐❡♥❡ q✉❡ ❧❛s ❞❡♠❛♥❞❛s ó♣t✐♠❛s ❝♦rr❡s♣♦♥❞❡♥ ❛ x∗ =
25 ② y ∗ = 50✱ ♣♦r ❧♦ q✉❡✱ ❧❛ ✉t✐❧✐❞❛❞ ♠á①✐♠❛ ❝♦rr❡s♣♦♥❞❡ ❛ u∗ = 1250✳
P❛r❛ ♦❜t❡♥❡r ❧❛ ♥✉❡✈❛ ❝❛♥❛st❛ ❝♦♥ ❧❛ ❜❛❥❛ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ ❳✱ ❜❛st❛
❝♦♥ r❡❡♠♣❧❛③❛r ❡♥ ❧❛ s♦❧✉❝✐ó♥ ❡♥❝♦♥tr❛❞❛ ❡♥ ❧❛ ♣❛rt❡ ❛♥t❡r✐♦r✱ ♣❡r♦ ❝♦♥
ε=2 ② p = 1✱ ❡s ❞❡❝✐r✱ xN = 50 ② y N = 50✳
❆❤♦r❛✱ ♣❛r❛ s❡♣❛r❛r ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ❡ ✐♥❣r❡s♦✱ ❡s ♥❡❝❡s❛r✐♦ ✐♠♣♦♥❡r ❧❛
♥✉❡✈❛ r❡❧❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s s♦❜r❡ ❧❛ ♠✐s♠❛ ✐s♦✲✉t✐❧✐❞❛❞ ✭❛♥t❡r✐♦r ❛❧ ❝❛♠❜✐♦
❞❡ ♣r❡❝✐♦✮✱ ❡♥ ❜❛s❡ ❛ ❧♦ ❝✉❛❧ s❡ ♦❜t❡♥❞rá ❡❧ ❛✉♠❡♥t♦ ♣♦r ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥
② ♣♦r ❡❢❡❝t♦ ✐♥❣r❡s♦ ✭❡♥ ❡st❡ ❝❛s♦ s❡ ❞❡❜❡rá ❛ q✉❡ s❡ tr❛t❛ ❞❡ ✉♥ ❜✐❡♥
♥♦r♠❛❧✮✱ ❡s ❞❡❝✐r✱

px
nuevarelaciondeprecios = =1
py
P♦r ❧♦ t❛♥t♦✱ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ s❡ r❡❞✉❝❡ ❛ y = x✱ q✉❡ ❡♥ ❧❛
✐s♦✲✉t✐❧✐❞❛❞ ❞❡ ✶✷✺✵✱ s❡ t✐❡♥❡

u(x, y) = xy = 1250
x · x = x2 = 1250
xs = y s = 35,35

P♦r ❧♦ t❛♥t♦✱ ❧♦s ❡❢❡❝t♦s s♦♥✿

Ef ectoSustitucion = xs − x∗ = 35,35 − 25 = 10,35

= y s − y ∗ = 35,35 − 50 = −14,65
Ef ectoIngreso = xN − xs = 50 − 35,35 = 14,65
= y N − y s = 50 − 35,35 = 14,65

P❛✁
❣✐♥❛ ✶✸✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✷✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ ❈❖◆❙❯▼■❉❖❘

❊st❡ ❛✉♠❡♥t♦ ❡♥ ❡❧ ❝♦♥s✉♠♦ s❡ ♣✉❡❞❡ ♦❜s❡r✈❛r ❡♥ ❧❛ ✜❣✉r❛✱ ❧❛ ❝✉❛❧ ♠✉❡s✲

tr❛ ❡❧ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ❝✉❛♥❞♦ ♣❛s❛♠♦s ❞❡❧ ♣✉♥t♦ ❆ ❛❧ ♣✉♥t♦ ❇ ② ❡❧ ❡❢❡❝t♦
✐♥❣r❡s♦ ❝✉❛♥❞♦ ♣❛s❛♠♦s ❞❡❧ ♣✉♥t♦ ❇ ❛❧ ♣✉♥t♦ ❈ ✭s❡❣ú♥ ❍■❈❑❙✮✳

A C
50 uN= 2500
35,35
ES EI B
ES EI u* = 1250
25 35,35 50 X

❝ ✮ ❯t✐❧✐③❛♥❞♦ ❧♦s r❡s✉❧t❛❞♦s ❞❡ ❧❛ ♣❛rt❡ ✭❜✮✱ ❣r❛✜q✉❡ ❧❛ ❞❡♠❛♥❞❛ ♦r❞✐♥❛r✐❛

② ❝♦♠♣❡♥s❛❞❛ ❞❡❧ ❜✐❡♥✱ ② ❞❡t❡r♠✐♥❡ s✐ ❡st❡ ❡s ✉♥ ❜✐❡♥ ♥♦r♠❛❧ ♦ ✐♥❢❡r✐♦r✳
❘❡s♣✉❡st❛✿

❋r❡♥t❡ ❛ ✉♥❛ ❞✐s♠✐♥✉❝✐ó♥ ❡♥ ❡❧ ♣r❡❝✐♦ ♣❛r❛ ✉♥ ❜✐❡♥ ♥♦r♠❛❧✱ ❧❛ ❝✉r✈❛ ❞❡

❞❡♠❛♥❞❛ ♦r❞✐♥❛r✐❛ ❞❡❜❡ q✉❡❞❛r ♣♦r s♦❜r❡ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ❝♦♠♣❡♥✲
s❛❞❛✱ ② t❛❧ ❝♦♠♦ s❡ ♦❜s❡r✈❛ ❡♥ ❧❛ ✜❣✉r❛✱ ❧❛ ❞❡♠❛♥❞❛ ♦r❞✐♥❛r✐❛ ❡s ♠❛②♦r✱
♣♦r ❧♦ t❛♥t♦✱ ❡❧ ❜✐❡♥ ❳ ❡♥ ❡st❡ ♣r♦❜❧❡♠❛ ❡s ✉♥ ❜✐❡♥ ♥♦r♠❛❧✳

$
A
2
Demanda Ordinaria

B C
1
Demanda
Compensada

25 35,35 50 X

P❛✁
❣✐♥❛ ✶✸✻ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸
▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

✸✳✶ ■♥tr♦❞✉❝❝✐ó♥
❊♥ ❡❧ ❝❛♣ít✉❧♦ ❛♥t❡r✐♦r ❝♦♠❡♥③❛♠♦s ❡❧ ❡st✉❞✐♦ ❞❡ ❧❛ ♠✐❝r♦❡❝♦♥♦♠í❛ ❡st✉❞✐❛♥❞♦ ❡❧
❝♦♠♣♦rt❛♠✐❡♥t♦ ❞❡❧ ❝♦♥s✉♠✐❞♦r ② ❧❛ ❞❡t❡r♠✐♥❛❝✐ó♥ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛✳ ❊♥ ❡st❡
❝❛♣ít✉❧♦ ♥♦s ❝❡♥tr❛r❡♠♦s ❡♥ ❡st✉❞✐❛r ❧❛ ❝♦♥tr❛♣❛rt❡ ❞❡ ❧❛ ❚❡♦rí❛ ❞❡❧ ❈♦♥s✉♠✐❞♦r✱ q✉❡
❡s ❧❛ ❚❡♦rí❛ ❞❡❧ Pr♦❞✉❝t♦r✱ q✉❡ s❡ ❝❡♥tr❛ ❡♥ ❡st✉❞✐❛r ❛ ❧❛s ❡♠♣r❡s❛s ② ❝ó♠♦ ést❛s
t♦♠❛♥ s✉s ❞❡❝✐s✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥✱ s✐❡♥❞♦ ✉♥♦ ❞❡ ♥✉❡str♦s ♦❜❥❡t✐✈♦s ♣r✐♥❝✐♣❛❧❡s
❞❡t❡r♠✐♥❛r s✉s ❝✉r✈❛s ❞❡ ♦❢❡rt❛✳

✸✳✷ ❚❡♦rí❛ ❞❡ Pr♦❞✉❝❝✐ó♥

❈♦♠♦ ♠❡♥❝✐♦♥❛♠♦s ❡♥ ❧❛ ✐♥tr♦❞✉❝❝✐ó♥✱ ❧❛ ❚❡♦rí❛ ❞❡❧ Pr♦❞✉❝t♦r ❡st✉❞✐❛ ❡❧ ❝♦♠✲
♣♦rt❛♠✐❡♥t♦ ❞❡ ❧❛s ❡♠♣r❡s❛s✱ ♣❡r♦ s❡ ❝❡♥tr❛ ❡♥ ❡♠♣r❡s❛s q✉❡ ♣r♦❞✉❝❡♥ ❛❧❣ú♥ ❜✐❡♥
♦ s❡r✈✐❝✐♦✳ ❊❧ ❤❡❝❤♦ q✉❡ ❧❛s ❡♠♣r❡s❛s ❛♥❛❧✐③❛❞❛s ♣r♦❞✉③❝❛♥ ❛❧❣ú♥ ❜✐❡♥ ♦ s❡r✈✐❝✐♦✱ ❡s
q✉❡ ♥♦s ♣❡r♠✐t❡ ❛s✉♠✐r ❧❛ ❡①✐st❡♥❝✐❛ ❞❡ ✉♥❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥✳

▲❛s ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥ s♦♥ ❢✉♥❝✐♦♥❡s q✉❡ r❡❧❛❝✐♦♥❛♥ ✉♥❛ ❝❛♥t✐❞❛❞ ❞❡ ❢❛❝✲
t♦r❡s ♣r♦❞✉❝t✐✈♦s ❝♦♥ ❧❛ ❝❛♥t✐❞❛❞ ♠á①✐♠❛ ❞❡ ♣r♦❞✉❝t♦ ✜♥❛❧ q✉❡ s❡ ♣✉❡❞❡ ♣r♦❞✉❝✐r✳
P♦r ❡❥❡♠♣❧♦✱ s✉♣♦♥❣❛♠♦s q✉❡ q✉❡r❡♠♦s ❤❛❝❡r ✈❛s♦s ❞❡ ❥✉❣♦ ❞❡ ♥❛r❛♥❥❛ ✭VJN ✮ ② s❛✲
❜❡♠♦s q✉❡ ❞♦s ♥❛r❛♥❥❛s ✭N ✮ ♥♦s ❞❛♥ ❡❧ ❥✉❣♦ ♥❡❝❡s❛r✐♦ ♣❛r❛ ✉♥ ✈❛s♦✳ ❉❡ ❡st❛ ❢♦r♠❛✱
♦❜t❡♥❡♠♦s ✉♥❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❧❛ ❢♦r♠❛✿

N
VJN = f (N ) = ✭✸✳✷✳✵✳✶✮
2
◆♦t❛r q✉❡ ✉♥❛ ❞❡ ❧❛s ❝❛r❛❝t❡ríst✐❝❛s ❞❡ ❧❛s ❢✉♥❝✐♦♥❡s ❡s q✉❡ ♥♦s ❞✐❝❡♥ ❧❛ ♠❛②♦r
❝❛♥t✐❞❛❞ ♣♦s✐❜❧❡ ❞❡ ♣r♦❞✉❝✐r ❞❛❞♦s ❧♦s ✐♥s✉♠♦s✳ ❊s ❞❡❝✐r✱ ❝♦♥ ❝✉❛tr♦ ♥❛r❛♥❥❛s✱ s❛✲
❜❡♠♦s q✉❡ ♣♦❞❡♠♦s ❤❛❝❡r ❞♦s ✈❛s♦s ❞❡ ♥❛r❛♥❥❛✱ ♣❡r♦ t❛♠❜✐é♥ ♣♦❞❡♠♦s ❤❛❝❡r ✉♥♦
s✐ ❛sí q✉✐s✐ér❛♠♦s✳ P♦r ❧♦ t❛♥t♦✱ ♥♦ s♦❧♦ ♣♦❞❡♠♦s ♣r♦❞✉❝✐r ❛q✉❡❧❧♦s ♣✉♥t♦s q✉❡ ♥♦s
✐♥❞✐❝❛ ❧❛ ❢✉♥❝✐ó♥✱ s✐♥♦ t♦❞♦s ❛q✉❡❧❧♦s ♣✉♥t♦s ❜❛❥♦ ❧❛ ❢✉♥❝✐ó♥✳

P❛✁
❣✐♥❛ ✶✸✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

Vjn

f(n)

No

No/2

❋✐❣✉r❛ ✸✳✶✿ ❋✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❧❛s ♥❛r❛♥❥❛s

❆❤♦r❛ ❜✐❡♥✱ ♣❛r❛ ❡❢❡❝t♦s ❞❡ ❡st❡ ❝✉rs♦ ❛s✉♠✐r❡♠♦s q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥
t✐❡♥❡ ❞♦s ❢❛❝t♦r❡s ♣r♦❞✉❝t✐✈♦s✱ tr❛❜❛❥♦ ✭L✮ ② ❝❛♣✐t❛❧ ✭K ✮✳ P♦r tr❛❜❛❥♦ ❡♥t❡♥❞❡r❡♠♦s
♠❛♥♦ ❞❡ ♦❜r❛ ② ♣♦r ❝❛♣✐t❛❧ ❡♥t❡♥❞❡♠♦s ♠❛q✉✐♥❛r✐❛✱ ✐♥st❛❧❛❝✐♦♥❡s✱ ✈❡❤í❝✉❧♦s✱ ❡t❝✳
❉❡ ❡st❛ ❢♦r♠❛✱ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥ s❡rá♥ ❡①♣r❡s❛❞❛s ❝♦♠♦✿

Y (K, L) = f (K, L) ✭✸✳✷✳✵✳✷✮

❆❧ ✐❣✉❛❧ q✉❡ ❡♥ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ✉t✐❧✐❞❛❞✱ ❤❛② ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥ q✉❡ s♦♥
✉s✉❛❧❡s✱ ❡♥tr❡ ❡❧❧❛s s❡ ❡♥❝✉❡♥tr❛♥✿

▲❛ ❢✉♥❝✐ó♥ ❈♦❜❜✲❉♦✉❣❧❛s✱ q✉❡ r❡♣r❡s❡♥t❛ ❛q✉❡❧❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥

❞♦♥❞❡ ❛♠❜♦s ❢❛❝t♦r❡s t✐❡♥❡♥ ✉♥❛ ✐♠♣♦rt❛♥❝✐❛ r❡❧❛t✐✈❛ ❞❡♥♦t❛❞❛ ❡♥ ❡st❡ ❝❛s♦
♣♦r α ② β ✱ ❡ss ❞❡ ❧❛ ❢♦r♠❛✿

f (K, L) = K α Lβ ✭✸✳✷✳✵✳✸✮

▲❛ ❢✉♥❝✐ó♥ ❙✉st✐t✉t♦s P❡r❢❡❝t♦s✱ q✉❡ r❡♣r❡s❡♥t❛ ❛q✉❡❧❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝✲

❝✐ó♥ ❞♦♥❞❡ ❛♠❜♦s ❢❛❝t♦r❡s t✐❡♥❡♥ ❧❛ ♠✐s♠❛ ❢✉♥❝✐ó♥ ❞❡♥tr♦ ❞❡ ❧❛ ♣r♦❞✉❝❝✐ó♥✱
s✉♣♦♥❣❛♠♦s ♥❛r❛♥❛❥❛s ② ❧✐♠♦♥❡s✱ ❝✉②❛ ✜♥❛❧✐❞❛❞ ❡s ❤❛❝❡r ❥✉❣♦ ❝ítr✐❝✐♦✱ ✐♥❞❡✲
♣❡♥❞✐❡♥t❡ ❞❡❧ s❛❜♦r✱ ❧❛ ❝✉❛❧ t✐❡♥❡ ❧❛ ❢♦r♠❛✿

f (K, L) = αK + βL ✭✸✳✷✳✵✳✹✮

▲❛ ❢✉♥❝✐ó♥ ▲❡♦♥t✐❡✛ ♦ ❞❡ ❈♦♠♣❧❡♠❡♥t♦s P❡r❢❡❝t♦s✱ q✉❡ r❡♣r❡s❡♥t❛ ❛q✉❡❧❧❛s

❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞♦♥❞❡ s❡ r❡q✉✐❡r❡ ✉♥❛ ♣r♦♣♦r❝✐ó♥ ✜❥❛ ❞❡ ❢❛❝t♦r❡s ♣❛r❛
♣♦❞❡r ♣r♦❞✉❝✐r✱ s✉♣♦♥❣❛♠♦s ❛❣✉❛ ② ❝❛❢é ♣❛r❛ ✉♥❛ ❝❛❢❡t❡rí❛✱ ❧❛ ❝✉❛❧ t✐❡♥❡ ❧❛
❢♦r♠❛✿
f (K, L) = min{αK, βL} ✭✸✳✷✳✵✳✺✮

P❛✁
❣✐♥❛ ✶✸✽ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

✸✳✷✳✶ ❙✉♣✉❡st♦s ❞❡ ❧❛ ❋✉♥❝✐ó♥ ❞❡ Pr♦❞✉❝❝✐ó♥

❉❡ ❧❛ ♥❛❞❛✱ ♥❛❞❛ s❛❧❡✳ ▲❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❡✈❛❧✉❛❞❛ ❡♥ ✵ ❞❡❜❡ ❞❛r ✵✱
❡st♦ ❡s✱ s✐ ♥♦ t❡♥❣♦ ✐♥s✉♠♦s✱ ♥♦ ♣✉❡❞♦ ♣r♦❞✉❝✐r✳

f (0, 0) = 0 ✭✸✳✷✳✶✳✶✮

❉❡❜❡♥ s❡r ❢✉♥❝✐♦♥❡s ♠♦♥ót♦♥❛s✱ ❡s ❞❡❝✐r✱ ❞❛❞♦ ✉♥ ♥✐✈❡❧ ❞❡ ❢❛❝t♦r❡s ❞❡ ♣r♦✲

❞✉❝❝✐ó♥✱ s✐ ❛✉♠❡♥t❛♠♦s ♠❛r❣✐♥❛❧♠❡♥t❡ ✉♥ ❢❛❝t♦r ❞❡ ♣r♦❞✉❝❝✐ó♥✱ ❡❧ ♥✐✈❡❧ ❞❡
♣r♦❞✉❝t♦ t♦t❛❧ ❞❡❜❡✱ ❛ ❧♦ ♠❡♥♦s✱ ♠❛♥t❡♥❡rs❡ ✐❣✉❛❧✳

❉❡❜❡♥ s❡r ❢✉♥❝✐♦♥❡s ❝♦♥✈❡①❛s✱ ❡st♦ ❡s✱ s✐ t❡♥❣♦ ✷ ❝♦♠❜✐♥❛❝✐♦♥❡s ❞❡ ✐♥s✉♠♦s✱

❞✐❣❛♠♦s (K1 , L1 ) ② (K2 , L2 ) ② ❛♠❜❛s ♣r♦❞✉❝❡♥ Y ✱ ❡♥t♦♥❝❡s✱ ❝✉❛❧q✉✐❡r ❝♦♠❜✐✲
♥❛❝✐ó♥ ❝♦♥✈❡①❛ ❞❡ ❡st♦s ✐♥s✉♠♦s ❞❡❜❡♥ ♣r♦❞✉❝✐r ❛❧ ♠❡♥♦s Y ✳

✸✳✷✳✷ Pr♦❞✉❝t♦ ▼❛r❣✐♥❛❧

❆❧ ✐❣✉❛❧ ❝♦♠♦ ❧♦ ❞❡✜♥✐♠♦s ❡♥ ❧❛ t❡♦rí❛ ❞❡❧ ❝♦♥s✉♠✐❞♦r✱ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞ ♠❛r✲
❣✐♥❛❧✱ ❝♦rr❡s♣♦♥❞❡rá ❛ ❝✉❛♥t♦ ❛✉♠❡♥t❛ ♠✐ ♣r♦❞✉❝❝✐ó♥ t♦t❛❧ tr❛s ❛✉♠❡♥t❛r
❡♥ ✶ ✉♥✐❞❛❞ ✉♥ ❢❛❝t♦r ♣r♦❞✉❝t✐✈♦✱ ❝♦♠♦ ②❛ ✐♥t✉✐rá ❡❧ ❧❡❝t♦r✱ ❡st❛ ❝♦rr❡s♣♦♥❞❡
❛ ❧❛s ✈❛r✐❛❝✐♦♥❡s ♠❛r❣✐♥❛❧❡s ❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ r❡s♣❡❝t♦ ❛ ❝❛♠❜✐♦s ❞❡ ✉♥❛
❞❡ s✉s ✈❛r✐❛❜❧❡s ✭K ♦ L✮✱ ♣♦r t❛♥t♦✱ ♠❛t❡♠át✐❝❛♠❡♥t❡ t❡♥❞r❡♠♦s q✉❡ ❧❛ P mgk ♦
P mgl s❡rá ❧❛ ❞❡r✐✈❛❞❛ ♣❛r❝✐❛❧ ❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ r❡s♣❡❝t♦ ❛ K ② L ❝♦rr❡s✲
♣♦♥❞✐❡♥t❡♠❡♥t❡✱ ❡st♦ ❡s✿

∂F (K, L)
P mgk = ✭✸✳✷✳✷✳✶✮
∂K
∂F (K, L)
P mgl = ✭✸✳✷✳✷✳✷✮
∂L
❋♦r♠❛❧✐❝❡♠♦s ❛ú♥ ♠ás ❡st❡ ❝♦♥❝❡♣t♦✱ s✉♣♦♥❣❛♠♦s q✉❡ t❡♥❡♠♦s ✉♥ ♥✐✈❡❧ ❞❛❞♦
❞❡ ♣r♦❞✉❝❝✐ó♥ ❝♦♥ ✉♥❛ ❝❛♥t✐❞❛❞ ❞❡t❡r♠✐♥❛❞❛ ❞❡ ❝❛♣✐t❛❧ ② tr❛❜❛❥♦✱ ② ❞❡❝✐❞✐♠♦s
❛✉♠❡♥t❛r ❡♥ ✉♥ ❞❡❧t❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ tr❛❜❛❥♦ ✭∆L✮✱ ❞❡ ❡st❛ ❢♦r♠❛ ♣♦❞❡♠♦s ❞❡✜♥✐r
❡❧ ❛✉♠❡♥t♦ ❞❡ ♣r♦❞✉❝t♦ ❝♦♠♦✿

∆Y f (K, L + ∆L) − f (K, L)

= ✭✸✳✷✳✷✳✸✮
∆L ∆L
P♦r t❛♥t♦✱ ❝✉❛♥❞♦ ∆L t✐❡♥❞❡ ❛ ✵✱ ❡s ❞❡❝✐r✱ ❡st❡ ❝❛♠❜✐♦ ❡s ♠✉② ♣❡q✉❡ñ♦✱ t❡♥❡♠♦s
q✉❡ ❡st❛ ❡s ❧❛ ❞❡✜♥✐❝✐ó♥ ❞❡ ❞❡r✐✈❛❞❛ ♣❛r❝✐❛❧✳

∆Y f (K, L + ∆L) − f (K, L) ∂Y

lı́m = = = P M gL ✭✸✳✷✳✷✳✹✮
∆L→0 ∆L ∆L ∂L
❉❡ ✐❣✉❛❧ ❢♦r♠❛ ♣♦❞❡♠♦s ❞❡✜♥✐r ❡❧ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧ ❞❡❧ ❝❛♣✐t❛❧ ❝♦♠♦✿

∆Y f (K + ∆K, L) − f (K, L) ∂Y
lı́m = = = P M gK ✭✸✳✷✳✷✳✺✮
∆K→0 ∆K ∆K ∂K

P❛✁
❣✐♥❛ ✶✸✾ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

✸✳✷✳✷✳✶ ▲❡② ❞❡ ❘❡♥❞✐♠✐❡♥t♦s ▼❛r❣✐♥❛❧❡s ❉❡❝r❡❝✐❡♥t❡s

➽◗✉é ♦❝✉rr❡ ❝♦♥ ❡❧ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧ ♠✐❡♥tr❛s ❛✉♠❡♥t❛♠♦s ❧❛ ❝❛♥t✐❞❛❞ ❞❡ tr❛✲

❜❛❥❛❞♦r❡s❄ ❊st❛ ❤❛ s✐❞♦ ✉♥❛ ❞❡ ❧❛s ♣r❡❣✉♥t❛s tí♣✐❝❛s ② ❧❛ r❡s♣✉❡st❛ ❡s ❜❛st❛♥t❡
✐♥t✉✐t✐✈❛✱ s✐ ❛✉♠❡♥t❛♠♦s ❧❛ ❝❛♥t✐❞❛❞ ❞❡ tr❛❜❛❥❛❞♦r❡s ❡♥ ✉♥❛ ❢á❜r✐❝❛ ② ♠❛♥t❡♥❡♠♦s
t♦❞♦ ❧♦ ❞❡♠ás ❝♦♥st❛♥t❡✱ ✈❡r❡♠♦s q✉❡ ❡♥ ✉♥ ❝♦♠✐❡♥③♦ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞ ❞❡ ❝❛❞❛
tr❛❜❛❥❛❞♦r ❛✉♠❡♥t❛✱ ❞❛❞♦ q✉❡ ♣✉❡❞❡♥ ❞❡❞✐❝❛rs❡ ❛ ❞✐st✐♥t❛s ár❡❛s ② ❡s♣❡❝✐❛❧✐③❛rs❡✱
s✐♥ ❡♠❜❛r❣♦✱ ❧❧❡❣❛rá ✉♥ ♠♦♠❡♥t♦ ❡♥ ❞♦♥❞❡ ❧♦s ♥✉❡✈♦s tr❛❜❛❥❛❞♦r❡s ♣❛✉❧❛t✐♥❛♠❡♥t❡
❝♦♠❡♥③❛rá♥ ❛ ❡♥t♦r♣❡❝❡r ❡❧ ❢✉♥❝✐♦♥❛♠✐❡♥t♦ ❞❡ ❧♦s ❞❡♠ás tr❛❜❛❥❛❞♦r❡s✱ ② ❡st♦✱ s❡
tr❛❞✉❝✐rá ❡♥ ✉♥❛ ❞✐s♠✐♥✉❝✐ó♥ ❞❡❧ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧✳

❉❡ ❡st❛ ❢♦r♠❛ ♣♦❞❡♠♦s ✈❡r q✉❡ ❡❧ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧ ❞❡ ✉♥ ❢❛❝t♦r ✭s✉♣♦♥❣❛♠♦s

tr❛❜❛❥♦✮ s❡ ❝♦♠♣♦rt❛rá ❣rá✜❝❛♠❡♥t❡ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

PMgL

PMgL Max

PMgL = 0
L

❋✐❣✉r❛ ✸✳✷✿ P mgl ❛ ✐♥❝r❡♠❡♥t♦s ❞❡ L

▼✐❡♥tr❛s q✉❡ s✐ ❧♦ ✈❡♠♦s ❡♥ ✉♥ ❣rá✜❝♦ ♣r♦❞✉❝t♦✴❢❛❝t♦r✿

P❛✁
❣✐♥❛ ✶✹✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

PMgL

PMgL Max

PMgL = 0

❋✐❣✉r❛ ✸✳✸✿ ❝❛♠❜✐♦s F (K, L) ❛ ✐♥❝r❡♠❡♥t♦s ❞❡ L

✸✳✷✳✸ Pr♦❞✉❝t♦ ▼❡❞✐♦

❙✉♣♦♥❣❛♠♦s ❛❤♦r❛ q✉❡ ♥♦s ✐♥t❡r❡s❛ s❛❜❡r ❡❧ ♣r♦♠❡❞✐♦ ❞❡ ❧❛ ♣r♦❞✉❝❝✐ó♥ ♣♦r
✉♥✐❞❛❞ ❞❡ ❢❛❝t♦r q✉❡ t❡♥❡♠♦s✳ ❊st❛ ♠❡❞✐❞❛ s❡ ❞❡♥♦♠✐♥❛ Pr♦❞✉❝t♦ ▼❡❞✐♦✱ ② s❡
❞❡t❡r♠✐♥❛ ❝♦♠♦ ❡❧ ♣r♦♠❡❞✐♦ s✐♠♣❧❡✱ ❡s ❞❡❝✐r✱ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♣r♦❞✉❝t♦ ❞✐✈✐❞❛ ♣♦r
❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❢❛❝t♦r q✉❡ t❡♥❡♠♦s✳ ❉❡ ❡st❛ ❢♦r♠❛ ❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦ ❞❡❧ tr❛❜❛❥♦ s❡
❞❡✜♥❡ ❝♦♠♦✿
Y
P M eL = ✭✸✳✷✳✸✳✶✮
L
▼✐❡♥tr❛s q✉❡ ❡❧ ❞❡❧ ❝❛♣✐t❛❧✿

Y
P M eK = ✭✸✳✷✳✸✳✷✮
K
❆❤♦r❛ q✉❡ ②❛ s❛❜❡♠♦s ❝ó♠♦ ❡s ❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦✱ ♥♦s ✐♥t❡r❡s❛ s❛❜❡r q✉é ❢♦r♠❛
❣rá✜❝❛ t✐❡♥❡✱ ② ♣❛r❛ ❡st♦✱ ❤❛r❡♠♦s ❡❧ s✐❣✉✐❡♥t❡ ❛♥á❧✐s✐s ♠❛t❡♠át✐❝♦✱ ♣❛rt✐❡♥❞♦ ❞❡
✉♥❛ ✐❣✉❛❧❞❛❞ ❝♦♥♦❝✐❞❛✿

Y =Y
◗✉❡ ❛❧ ❛❣r❡❣❛r❧❡ ✉♥ ✉♥♦ ❝♦♥✈❡♥✐❡♥t❡ s❡ ❝♦♥✈✐❡rt❡ ❡♥✿

Y
Y = L
L
▲♦ ❝✉❛❧✱ s✐ ❞❡r✐✈❛♠♦s ❝♦♥ r❡s♣❡❝t♦ ❛ ▲✱ ♦❜t❡♥❡♠♦s✿

∂Y ∂Y Y
= LL+
∂L ∂L L

P❛✁
❣✐♥❛ ✶✹✶ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

❘❡❡♠♣❧❛③❛♥❞♦ ♣♦r ❧❛s ❞❡✜♥✐❝✐♦♥❡s✿

∂P M eL
P M gL = L + P M eL ✭✸✳✷✳✸✳✸✮
∂L
❉❡ ❞♦♥❞❡ ♣♦❞❡♠♦s ❞✐r✐♠✐r q✉❡✿

❙✐ ❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦ ❡s ❝r❡❝✐❡♥t❡✱ ∂P∂L

M eL
> 0 ✱ ❡♥t♦♥❝❡s ❧❛ ❝✉r✈❛ ❞❡
♣r♦❞✉❝t♦ ♠❡❞✐♦ ❡stá ❜❛❥♦ ❧❛ ❝✉r✈❛ ❞❡ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧ ✭P M gL > P M eL ✮✳

❙✐ ❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦ ❡s ❞❡❝r❡❝✐❡♥t❡✱ ∂P∂L

M eL
< 0 ✱ ❡♥t♦♥❝❡s ❧❛ ❝✉r✲
✈❛ ❞❡ ♣r♦❞✉❝t♦ ♠❡❞✐♦ ❡stá ❜❛❥♦ ❧❛ ❝✉r✈❛ ❞❡ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧
✭P M gL < P M eL ✮✳

❙✐ ❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦ ❡st❛ ❡♥ s✉ ♠á①✐♠♦✱ ∂P∂L M eL

= 0 ✱ ❡♥t♦♥❝❡s ❧❛
❝✉r✈❛ ❞❡ ♣r♦❞✉❝t♦ ♠❡❞✐♦ ❡s ✐❣✉❛❧ ❛ ❧❛ ❝✉r✈❛ ❞❡ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧
✭P M gL = P M eL ✮✳

❉❡ ❡st❛ ❢♦r♠❛ ♣♦❞❡♠♦s ♦❜t❡♥❡r ❧❛ s✐❣✉✐❡♥t❡ ❣rá✜❝❛ ❞❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦ ② ❡❧

♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧✿

PMge

PMgL
L

❋✐❣✉r❛ ✸✳✹✿ P mg ② P me

✸✳✷✳✹ ❊❧❛st✐❝✐❞❛❞ Pr♦❞✉❝t♦ ❋❛❝t♦r

❙✉♣♦♥❣❛♠♦s ❛❤♦r❛ q✉❡ ♥♦s ✐♥t❡r❡s❛ s❛❜❡r ❡♥ ❝✉á♥t♦ ❛✉♠❡♥t❛ ♣♦r❝❡♥t✉❛❧♠❡♥t❡ ❡❧
♥✐✈❡❧ ❞❡ ♣r♦❞✉❝t♦ ❞❛❞♦ ✉♥ ❛✉♠❡♥t♦ ♣♦r❝❡♥t✉❛❧ ❞❡❧ ❢❛❝t♦r ♣r♦❞✉❝t✐✈♦✳ ▲❛ ❡❧❛st✐❝✐❞❛❞
q✉❡ ♠✐❞❡ ❡st♦ s❡ ❞❡♥♦♠✐♥❛ ❊❧❛st✐❝✐❞❛❞ Pr♦❞✉❝t♦ ❋❛❝t♦r ② s❡ ❝❛❧❝✉❧❛ ❞❡ ❧❛ s✐❣✉✐❡♥t❡
❢♦r♠❛✿
∆Y
∆ %Y
ξY,L = Y
= ∆L ✭✸✳✷✳✹✳✶✮
∆ %L L

P❛✁
❣✐♥❛ ✶✹✷ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
❉♦♥❞❡ s✐ ❡st❡ ❝❛♠❜✐♦ ❡s ♠✉② ♣❡q✉❡ñ♦ ✭t✐❡♥❞❡ ❛ ❝❡r♦✮✱ ♣♦❞❡♠♦s ✈❡r❧♦ ❝♦♠♦ ❧❛
❞❡r✐✈❛❞❛ q✉❡❞❛♥❞♦✿
∂Y
P M gL
ξY,L = ∂L
Y
= ✭✸✳✷✳✹✳✷✮
L
P M eL

✸✳✷✳✺ ■s♦❝✉❛♥t❛
❊s ✐♥t❡r❡s❛♥t❡ ❝♦♥♦❝❡r t♦❞❛s ❛q✉❡❧❧❛s ❝♦♠❜✐♥❛❝✐♦♥❡s ❞❡ ❢❛❝t♦r❡s ♣r♦❞✉❝t✐✈♦s q✉❡
♥♦s ❡♥tr❡❣❛♥ ❧❛ ♠✐s♠❛ ❝❛♥t✐❞❛❞ ❞❡ ♣r♦❞✉❝t♦ ✜♥❛❧✱ ❞❛❞♦ q✉❡ ❡st♦ ♥♦s ♣❡r♠✐t✐rá ❡♥✲
❝♦♥tr❛r ❛q✉❡❧❧❛ q✉❡ s❡❛ ♠ás ❜❡♥❡✜❝✐♦s❛✳ ❆q✉❡❧❧❛s ❝✉r✈❛s q✉❡ ♠✉❡str❛♥ t♦❞❛s ❧❛s
❝♦♠❜✐♥❛❝✐♦♥❡s ❞❡ ❢❛❝t♦r❡s q✉❡ ❣❡♥❡r❛♥ ❡❧ ♠✐s♠♦ ♥✐✈❡❧ ❞❡ ♣r♦❞✉❝t♦ s❡ ❞❡♥♦♠✐♥❛♥
✐s♦❝✉❛♥t❛s✳

▲❛s ✐s♦❝✉❛♥t❛s s♦♥ ❡❧ ❤♦♠ó❧♦❣♦ ❡♥ ❧❛ t❡♦rí❛ ❞❡❧ ♣r♦❞✉❝t♦r ❛ ❧❛s ❝✉r✈❛s ❞❡ ✐♥❞✐❢❡✲
r❡♥❝✐❛✱ ② ❝♦♠♦ t❛❧❡s t✐❡♥❡♥ ❢♦r♠❛s ❞❡t❡r♠✐♥❛❞❛s q✉❡ ❞❡♣❡♥❞❡ ❞❡ ❧❛ ❡str✉❝t✉r❛ ❞❡ ❧❛
❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥✳ ▲❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛s ✐s♦❝✉❛♥t❛s s❡ ❞❡♥♦♠✐♥❛ ❚❛s❛ ▼❛r❣✐♥❛❧
❞❡ ❙✉st✐t✉❝✐ó♥ ❚é❝♥✐❝❛ ② s❡ ❞❡✜♥❡ ❝♦♠♦✿
∂Y
P M gK
T M gSTK,L = ∂K
∂Y
= ✭✸✳✷✳✺✳✶✮
∂L
P M gL

❝✉❛♥t♦
❨ t✐❡♥❡♥ ❧❛ ♠✐s♠❛ ✐♥t❡r♣r❡t❛❝✐ó♥ q✉❡ ❡♥ ❧❛ t❡♦rí❛ ❞❡❧ ❝♦♥s✉♠✐❞♦r✱ ♥♦s ❞✐❝❡♥
❞❡❜❡ ❝❛♠❜✐❛r ❡❧ ✉s♦ ❞❡❧ ❢❛❝t♦r ❑ tr❛s ❝❛♠❜✐♦s ♠❛r❣✐♥❛❧❡s ❡♥ ❡❧ ✉s♦ ❞❡❧
❢❛❝t♦r ▲ ♣❛r❛ ♠❛♥t❡♥❡r ❧❛ ♣r♦❞✉❝❝✐ó♥ ❝♦♥st❛♥t❡✳
✸✳✷✳✻ ❊❧❛st✐❝✐❞❛❞ ❞❡ ❙✉st✐t✉❝✐ó♥
❈❛❞❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ t✐❡♥❡ ✐♠♣❧í❝✐t❛ ✉♥ ♥✐✈❡❧ ❞❡ s✉st✐t✉❝✐ó♥ ❡♥tr❡ ❧♦s
❢❛❝t♦r❡s ♣r♦❞✉❝t✐✈♦s✱ ② ♣♦r ❧♦ t❛♥t♦✱ ❡s ✐♠♣♦rt❛♥t❡ t❡♥❡r ❡st❛ ♠❛❣♥✐t✉❞ ❡♥ ❝✉❡♥t❛✳
P❛r❛ ❡st♦ ❞❡✜♥✐r❡♠♦s ❧❛ ❊❧❛st✐❝✐❞❛❞ ❞❡ ❙✉st✐t✉❝✐ó♥ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿
L
∆ %K
σK,L = ✭✸✳✷✳✻✳✶✮
∆ %T M gSTK,L

❊s ❞❡❝✐r✱ ❧❛ ❡❧❛st✐❝✐❞❛❞ ❞❡ s✉st✐t✉❝✐ó♥ ♥♦s ✐♥❞✐❝❛ ❡❧ ❣r❛❞♦ ❞❡ s❡♥s✐❜✐❧✐❞❛❞ t✐❡♥❡

❧❛ r❡❧❛❝✐ó♥ ✉s❛❞❛ ❞❡ tr❛❜❛❥♦ ② ❝❛♣✐t❛❧✱ ❝✉❛♥❞♦ ✈❛rí❛ ❧❛ t❛s❛ ♠❛r❣✐♥❛❧ ❞❡ s✉st✐t✉❝✐ó♥
té❝♥✐❝❛✳ ●rá✜❝❛♠❡♥t❡ s❡ ✈❡ ❡♥ ❧❛ ❝✉r✈❛t✉r❛ ❞❡ ❧❛s ✐s♦❝✉❛♥t❛s✱ ❞❡ ❢♦r♠❛ q✉❡ ♠✐❡♥tr❛s
♠ás ♣❧❛♥❛s s❡❛♥ ♠❛②♦r❡s s♦♥ ❧♦s ❣r❛❞♦s ❞❡ s✉st✐t✉❝✐ó♥✱ ② ♠✐❡♥tr❛s ♠ás ❝✉r✈❛s s❡❛♥
♠❡♥♦r❡s s♦♥ ❧♦s ❣r❛❞♦s ❞❡ s✉st✐t✉❝✐ó♥✳ ❆ ❝♦♥t✐♥✉❛❝✐ó♥ ✈❡r❡♠♦s ❧❛s ✐s♦❝✉❛♥t❛s q✉❡ ❣❡✲
♥❡r❛♥ ❧❛s s✐❣✉✐❡♥t❡s ❢✉♥❝✐♦♥❡s ❝♦♥ ❧♦s r❛♥❣♦s ❞❡ ❡❧❛st✐❝✐❞❛❞ ❞❡ s✉st✐t✉❝✐ó♥ q✉❡ t✐❡♥❡♥✳

▲❛s ❢✉♥❝✐♦♥❡s ❈♦❜❜✲❉♦✉❣❧❛s ❣❡♥❡r❛♥ ❧❛s s✐❣✉✐❡♥t❡s ✐s♦❝✉❛♥t❛s✿

P❛✁
❣✐♥❛ ✶✹✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

Y2

Y1

Yo

❋✐❣✉r❛ ✸✳✺✿ ■s♦❝✉❛♥t❛ ❞❡ ✉♥❛ ❈♦❜❜✲❉♦✉❣❧❛s

▲❛s ❢✉♥❝✐♦♥❡s ❙✉st✐t✉t♦s P❡r❢❡❝t♦s ❣❡♥❡r❛♥ ❧❛s s✐❣✉✐❡♥t❡s ✐s♦❝✉❛♥t❛s✿

Yo Y1 Y2

❋✐❣✉r❛ ✸✳✻✿ ■s♦❝✉❛♥t❛ ❞❡ ❙✉st✐t✉t♦s P❡r❢❡❝t♦s

▲❛s ❢✉♥❝✐♦♥❡s ❈♦♠♣❧❡♠❡♥t♦s P❡r❢❡❝t♦s ❣❡♥❡r❛♥ ❧❛s s✐❣✉✐❡♥t❡s ✐s♦❝✉❛♥t❛s✿

P❛✁
❣✐♥❛ ✶✹✹ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

Vjn

f(n)

No

No/2

❋✐❣✉r❛ ✸✳✼✿ ■s♦❝✉❛♥t❛ ❞❡ ❈♦♠♣❧❡♠❡♥t♦s P❡r❢❡❝t♦s

❱❡♠♦s q✉❡ s❡ s✐❣✉❡ ❧❛ ✐♥t✉✐❝✐ó♥ q✉❡ t❡♥í❛♠♦s ❛❧ ❞❡✜♥✐r ❧❛s ❢✉♥❝✐♦♥❡s✱ ❞❛❞♦ q✉❡
❧❛ ❢✉♥❝✐ó♥ ❈♦❜❜✲❉♦✉❣❧❛s t✐❡♥❡ ✉♥❛ ❡❧❛st✐❝✐❞❛❞ ❞❡ s✉st✐t✉❝✐ó♥ ✐♥t❡r♠❡❞✐❛✱ ❧❛ ❢✉♥❝✐ó♥
❞❡ ❙✉st✐t✉t♦s P❡r❢❡❝t♦s t✐❡♥❡ ✉♥❛ ❡❧❛st✐❝✐❞❛❞ ❞❡ s✉st✐t✉❝✐ó♥ q✉❡ t✐❡♥❞❡ ❛ ✐♥✜♥✐t♦
✭❡st♦ ❞❛❞♦ q✉❡ s✉s ❢❛❝t♦r❡s ♣✉❡❞❡♥ s✉st✐t✉✐rs❡ ♣❡r❢❡❝t❛♠❡♥t❡ s✐♥ ❣❡♥❡r❛r ♣❡r❞✐❞❛s
❞❡ ♣r♦❞✉❝t♦✮ ② ❧❛ ❢✉♥❝✐ó♥ ▲❡♦♥t✐❡✛ t✐❡♥❡ ✉♥❛ ❡❧❛st✐❝✐❞❛❞ ❞❡ s✉st✐t✉❝✐ó♥ q✉❡ t✐❡♥❞❡
❛ ❝❡r♦ ✭❡st♦ ❞❛❞♦ q✉❡ s✉s ❢❛❝t♦r❡s s♦♥ ♣❡r❢❡❝t♦s ❝♦♠♣❧❡♠❡♥t♦s ② s❡ r❡q✉✐❡r❡ ✉♥❛
♣r♦♣♦r❝✐ó♥ ✜❥❛ ❞❡ ❡❧❧♦s ♣❛r❛ ♣♦❞❡r ♣r♦❞✉❝✐r✮✳

✸✳✷✳✼ ❘❡♥❞✐♠✐❡♥t♦s ❛ ❊s❝❛❧❛

❙✉♣♦♥❣❛♠♦s ❛❤♦r❛✱ q✉❡ ❧❛ ❡♠♣r❡s❛ q✉❡ ❡st❛♠♦s ❡st✉❞✐❛♥❞♦ ❡stá ♣❡♥s❛♥❞♦ ❛✉✲
♠❡♥t❛r ❛♠❜♦s ❢❛❝t♦r❡s ♣r♦❞✉❝t✐✈♦s ❡♥ ✉♥❛ ♣r♦♣♦r❝✐ó♥ λ✳ ❊♥ ❡st❡ ❡s❝❡♥❛r✐♦ ♣♦❞❡♠♦s
♣r❡❣✉♥t❛r♥♦s q✉é ♦❝✉rr✐rá ❝♦♥ ❧❛ ♣r♦❞✉❝❝✐ó♥ t♦t❛❧✱ ➽❆✉♠❡♥t❛rá ❡♥ ♠❛②♦r ♣r♦♣♦r✲
❝✐ó♥ ❛ λ❄ ➽❆✉♠❡♥t❛rá ❡♥ ✐❣✉❛❧ ♣r♦♣♦r❝✐ó♥ ❛ λ❄ ♦ ➽❆✉♠❡♥t❛rá ❡♥ ♠❡❥♦r ♣r♦♣♦r❝✐ó♥
❛ λ❄

❊st❛ ♣r❡❣✉♥t❛ ❡s ❧♦ q✉❡ ♣r❡t❡♥❞❡♥ r❡s♣♦♥❞❡r ❧♦s ❘❡♥❞✐♠✐❡♥t♦s ❛ ❊s❝❛❧❛ ② ♣✉❡❞❡♥

❞❛rs❡ tr❡s t✐♣♦s ❞❡ s✐t✉❛❝✐♦♥❡s✿

❙✐ ❧❛ ♣r♦❞✉❝❝✐ó♥ ❛✉♠❡♥t❛ ❡♥ ♠❛②♦r ♣r♦♣♦r❝✐ó♥ q✉❡ λ✱ ❞✐r❡♠♦s q✉❡

❡st❛♠♦s ❡♥ ♣r❡s❡♥❝✐❛ ❞❡ ❘❡♥❞✐♠✐❡♥t♦s ❈r❡❝✐❡♥t❡s ❛ ❊s❝❛❧❛✳ ▼❛t❡♠á✲
t✐❝❛♠❡♥t❡ s❡ ❞❡✜♥❡♥ ♣♦r✿

f (λK, λL) > λf (K, L) ✭✸✳✷✳✼✳✶✮

❙✐ ❧❛ ♣r♦❞✉❝❝✐ó♥ ❛✉♠❡♥t❛ ❡♥ ♠❡♥♦r ♣r♦♣♦r❝✐ó♥ q✉❡ λ✱ ❞✐r❡♠♦s q✉❡

❡st❛♠♦s ❡♥ ♣r❡s❡♥❝✐❛ ❞❡ ❘❡♥❞✐♠✐❡♥t♦s ❉❡❝r❡❝✐❡♥t❡s ❛ ❊s❝❛❧❛✳ ▼❛t❡✲

P❛✁
❣✐♥❛ ✶✹✺ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

♠át✐❝❛♠❡♥t❡ s❡ ❞❡✜♥❡♥ ♣♦r✿

f (λK, λL) < λf (K, L) ✭✸✳✷✳✼✳✷✮

❙✐ ❧❛ ♣r♦❞✉❝❝✐ó♥ ❛✉♠❡♥t❛ ❡♥ ✐❣✉❛❧ ♣r♦♣♦r❝✐ó♥ q✉❡ λ✱ ❞✐r❡♠♦s q✉❡

❡st❛♠♦s ❡♥ ♣r❡s❡♥❝✐❛ ❞❡ ❘❡♥❞✐♠✐❡♥t♦s ❈♦♥st❛♥t❡s ❛ ❊s❝❛❧❛✳ ▼❛t❡♠á✲
t✐❝❛♠❡♥t❡ s❡ ❞❡✜♥❡♥ ♣♦r✿

f (λK, λL) = λf (K, L) ✭✸✳✷✳✼✳✸✮

✸✳✷✳✽ ❚❡♠♣♦r❛❧✐❞❛❞ ❡♥ ❊❝♦♥♦♠í❛

❊♥ ❡❝♦♥♦♠í❛ ✉s✉❛❧♠❡♥t❡ ❤❛❜❧❛♠♦s ❞❡ ❝♦rt♦ ② ❧❛r❣♦ ♣❧❛③♦✱ s✐♥ ❞❡✜♥✐r ❜✐❡♥ ❛ q✉❡
♥♦s r❡❢❡r✐♠♦s ❝♦♥ ❡s♦✳ ❋♦r♠❛❧♠❡♥t❡ ❡♥ ❡❝♦♥♦♠í❛ s❡ ❤❛❜❧❛ ❞❡ ❝♦rt♦ ♣❧❛③♦ ❝✉❛♥❞♦ ❧❛s
❢✉♥❝✐♦♥❡s ❝♦♥ ❧❛s q✉❡ ❡st❛♠♦s tr❛❜❛❥❛♥❞♦ t✐❡♥❡♥ ❛❧❣ú♥ ❝♦♠♣♦♥❡♥t❡ ✜❥♦✱ ② ❤❛❜❧❛♠♦s
❞❡ ❧❛r❣♦ ♣❧❛③♦ ❝✉❛♥❞♦ ❧❛s ❢✉♥❝✐♦♥❡s ❝♦♥ ❧❛s q✉❡ ❡st❛♠♦s tr❛❜❛❥❛♥❞♦ t✐❡♥❡♥ t♦❞♦s s✉s
❝♦♠♣♦♥❡♥t❡s ✈❛r✐❛❜❧❡s✳

❚❡♥✐❡♥❞♦ ❡st♦ ❡♥ ❝✉❡♥t❛ ❞❡✜♥✐r❡♠♦s ❧❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❧❛r❣♦ ♣❧❛③♦✱

❝♦♠♦ ❛q✉❡❧❧❛ ❞♦♥❞❡ ♣♦❞❡♠♦s ♠♦✈❡r t❛♥t♦ ❡❧ ❝❛♣✐t❛❧ ❝♦♠♦ ❡❧ tr❛❜❛❥♦✳ ▼❛t❡♠át✐❝❛✲
♠❡♥t❡ s❡ ❞❡✜♥❡ ❝♦♠♦✿
fLP (K, L) = f (K, L) ✭✸✳✷✳✽✳✶✮
▼✐❡♥tr❛s q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❝♦rt♦ ♣❧❛③♦ s❡ ❞❡✜♥❡ ❝♦♠♦ ❛q✉❡❧❧❛ ❡♥
❞♦♥❞❡ s♦❧♦ ♣♦❞❡♠♦s ♠♦✈❡r ❡❧ ♥✐✈❡❧ ❡❧ ♥✐✈❡❧ ❞❡ tr❛❜❛❥♦ q✉❡ ✉t✐❧✐③❛♠♦s✳ ▼❛t❡♠át✐❝❛✲
♠❡♥t❡ s❡ ❞❡✜♥❡ ❝♦♠♦✿
fCP (K, L) = f (K̄, L) ✭✸✳✷✳✽✳✷✮
➽P♦rq✉é ❡❧ tr❛❜❛❥♦ s❡ ♣✉❡❞❡ ♠♦✈❡r ② ♥♦ ❡❧ ❝❛♣✐t❛❧❄ ❊st❡ s✉♣✉❡st♦ s❡ ❤❛❝❡ ❜❛sá♥✲
❞♦s❡ ❡♥ q✉❡ ❡s ♠ás ❢á❝✐❧ ❝❛♠❜✐❛r ❧❛ ♣❧❛♥t❛ ❞❡ tr❛❜❛❥❛❞♦r❡s ❞❡ ✉♥❛ ❡♠♣r❡s❛ ❛ ❝❛♠❜✐❛r
❧❛ ❡str✉❝t✉r❛ ❞❡❧ ❝❛♣✐t❛❧✱ ❡s ❞❡❝✐r✱ ❡s ♠ás ❢á❝✐❧ ❝♦♥tr❛t❛r ♦ ❞❡s♣❡❞✐r tr❛❜❛❥❛❞♦r❡s ❛
❛✉♠❡♥t❛r ♦ ❞✐s♠✐♥✉✐r ❡❧ t❛♠❛ñ♦ ❞❡ ❧❛ ❢á❜r✐❝❛✳

✸✳✸ ❋✉♥❝✐ó♥ ❞❡ ❈♦st♦s

P❛r❛ ❝♦♠❡♥③❛r ❡❧ ❛♥á❧✐s✐s ❞✐r❡♠♦s q✉❡ ❡♥ ❡st❛ ❡str✉❝t✉r❛ ❞❡ ❝♦st♦s ❝♦♥s✐❞❡r❛r❡✲
♠♦s ❧♦s ❈♦st♦s ❈♦♥t❛❜❧❡s ② ❧♦s ❈♦st♦s ❞❡ ❖♣♦rt✉♥✐❞❛❞✳ P♦r ❝♦st♦s ❝♦♥t❛❜❧❡s ❡♥t❡♥✲
❞❡♠♦s ❧♦s ❝♦st♦s ❞✐r❡❝t♦s ❛s♦❝✐❛❞♦s ❛ ❧❛s ❛❝t✐✈✐❞❛❞❡s ❞❡ ❧❛ ❡♠♣r❡s❛ ✭❝♦♠♦ ❝♦♠♣r❛s✱
❛rr✐❡♥❞♦s ② ❞❡♣r❡❝✐❛❝✐♦♥❡s✮✱ ♠✐❡♥tr❛s q✉❡ ♣♦r ❡❧ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞ ❡♥t❡♥❞❡♠♦s ❡❧
✉s♦ ❛❧t❡r♥❛t✐✈♦ ❞❡ ❧♦s r❡❝✉rs♦s ✭✉♥ tr❛❜❛❥❛❞♦r ♥♦ ❞❡❝✐❞❡ ✐♥❞❡♣❡♥❞✐③❛rs❡ s✐ ❡❧ s✉❡❧❞♦
q✉❡ r❡❝✐❜❡ ❝♦♠♦ ❡♠♣r❡s❛r✐♦ ❡s ♠❡♥♦r ❛ s✉ s✉❡❧❞♦ ❝♦♠♦ tr❛❜❛❥❛❞♦r ♣♦r ❡❥❡♠♣❧♦✮✳

❚❡♥✐❡♥❞♦ ❡st♦ ❡♥ ❝✉❡♥t❛✱ ❝♦♥s✐❞❡r❛r❡♠♦s q✉❡ ❧❛ ❡♠♣r❡s❛ q✉❡ ❡st❛♠♦s ❡st✉❞✐❛♥❞♦

t✐❡♥❡ ✉♥❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s q✉❡ s❡ ♣✉❡❞❡ ❞✐✈✐❞✐r ❡♥ ❞♦s tér♠✐♥♦s✱ ✉♥ ❈♦st♦ ❱❛r✐❛❜❧❡
✭CV (Q)✮ ② ✉♥ ❈♦st♦ ❋✐❥♦ ✭CF ✮ ✳ P♦r ❝♦st♦ ✈❛r✐❛❜❧❡ ❡♥t❡♥❞❡r❡♠♦s ❝✉❛❧q✉✐❡r ❝♦st♦
q✉❡ ✈❛rí❡ ❝♦♥ ❡❧ ♥✐✈❡❧ ❞❡ ♣r♦❞✉❝❝✐ó♥ ✭Q✮✱ ② ♣♦r ❝♦st♦ ✜❥♦ ❡♥t❡♥❞❡r❡♠♦s ❝✉❛❧q✉✐❡r

P❛✁
❣✐♥❛ ✶✹✻ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
❝♦st♦ q✉❡ ♥♦ ✈❛rí❡ ❝♦♥ ❡❧ ♥✐✈❡❧ ❞❡ ♣r♦❞✉❝❝✐ó♥✳ ❉❡ ❡st❛ ❢♦r♠❛✱ ♣♦❞❡♠♦s ❡①♣r❡s❛r ❡❧
❈♦st♦ ❚♦t❛❧ ✭C(Q)✮ ❝♦♠♦✿

C(Q) = CV (Q) + CF ✭✸✳✸✳✵✳✸✮

✸✳✸✳✶ ❈♦st♦ ▼❛r❣✐♥❛❧

❯♥❛ ✈❡③ ♠❛s ♥♦s ✐♥t❡r❡s❛r ✈❡r ❡❧ ❝♦♠♣♦rt❛♠✐❡♥t♦ ♠❛r❣✐♥❛❧✱ ♣❡r♦ ❡st❛ ✈❡③ s♦❜r❡ ❧♦s
❝♦st♦s✱ ➽❝✉á♥t♦ ❛✉♠❡♥t❛r❛♥ ❧♦s ❝♦st♦s tr❛s ❛✉♠❡♥t❛r ❧❛ ♣r♦❞✉❝❝✐ó♥ ❡♥ ✉♥❛ ✉♥✐❞❛❞❄✱
❧❛ r❡s♣✉❡st❛ ♠❛t❡♠❛t✐❝❛♠❡♥t❡ ❡s s❡♥❝✐❧❧❛✱ ② ❝♦rr❡s♣♦♥❞❡ ❛ ♦❜s❡r✈❛r ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡
❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s✱ ♦ ❛ ❧❛ ❞❡r✐✈❛❞❛ ❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s r❡s♣❡❝t♦ ❛ Q✱ ❡st♦ ❡s✿
∂C(Q)
CmgQ = ✭✸✳✸✳✶✳✶✮
∂Q
❋♦r♠❛❧✐❝❡♠♦s ❧♦ ❛♥t❡r✐♦r✱ s✉♣♦♥❣❛♠♦s q✉❡ t❡♥❡♠♦s ✉♥ ♥✐✈❡❧ ❞❛❞♦ ❞❡ ♣r♦❞✉❝❝✐ó♥
❝♦♥ ✉♥❛ ❝❛♥t✐❞❛❞ ❞❡t❡r♠✐♥❛❞❛ ❞❡ ❝❛♣✐t❛❧ ② tr❛❜❛❥♦✱ ② ❞❡❝✐❞✐♠♦s ❛✉♠❡♥t❛r ❡♥ ✉♥
❞❡❧t❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♣r♦❞✉❝t♦ ✭∆Q✮✱ ❉❡ ❡st❛ ❢♦r♠❛✱ ♣♦❞❡♠♦s ❞❡✜♥✐r ❡❧ ❛✉♠❡♥t♦ ❞❡
❝♦st♦ ❝♦♠♦✿
∆C(Q) CV (Q + ∆Q) + CF − CV (Q) − CF
= ✭✸✳✸✳✶✳✷✮
∆Q ∆Q
◗✉❡ ❡s ❡q✉✐✈❛❧❡♥t❡ ❛ ❞❡❝✐r✿

∆C(Q) CV (Q + ∆Q) − CV (Q)

=
∆Q ∆Q
❆❤♦r❛ ❜✐❡♥✱ s✐ ❡st❡ ❞❡❧t❛ t✐❡♥❞❡ ❛ ❝❡r♦✱ ♥♦s t♦♣❛♠♦s ❝♦♥ ❧❛ ❞❡✜♥✐❝✐ó♥ ❞❡ ❞❡r✐✈❛❞❛
♣❛r❝✐❛❧✳ ❨ ♣♦r ❧♦ t❛♥t♦✱ ♣♦❞r❡♠♦s ✉s❛r ❧❛ ❞❡r✐✈❛❞❛ ❝♦♠♦ ♣r✐♥❝✐♣❛❧ ❤❡rr❛♠✐❡♥t❛ ♣❛r❛
♠❡❞✐r ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧✳
∆C(Q) CV (Q + ∆Q) − CV (Q) ∂C(Q)
lı́m = = = CM g ✭✸✳✸✳✶✳✸✮
∆Q→0 ∆Q ∆Q ∂Q
◆♦t❛r ❛❞❡♠ás q✉❡ ❧❛ ❡①♣r❡s✐ó♥ q✉❡ t✐❡♥❡ ❡❧ ❧í♠✐t❡ ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ ❞❡r✐✈❛❞❛ ❞❡❧
❝♦st♦ ✈❛r✐❛❜❧❡ ❝♦♥ r❡s♣❡❝t♦ ❛ ❧❛ ❝❛♥t✐❞❛❞✱ ② ♣♦r ❧♦ t❛♥t♦ ♣♦❞❡♠♦s ❝♦♥❝❧✉✐r q✉❡ ❡❧
♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧ s❡ ♣✉❡❞❡ ♠❡❞✐r ❝♦♠♦✿

∂C(Q) ∂CV (Q)

= = CM g
∂Q ∂Q
❊st♦ s❡ ❞❡❜❡ ❛ q✉❡ ❛✉♠❡♥t♦s ❞❡ ❧❛ ❝❛♥t✐❞❛❞ ❛✉♠❡♥t❛♥ ❡❧ ❝♦st♦ ❡❧ ✈❛r✐❛❜❧❡ ② ♥♦
❡❧ ❝♦st♦ ✜❥♦ ✭♣♦r s✉s r❡s♣❡❝t✐✈❛s ❞❡✜♥✐❝✐♦♥❡s✮✳

❊♥ ✉♥ ❝♦♠✐❡♥③♦ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❝❛❡✱ ❞❛❞♦ q✉❡ ❝❛❞❛ ❢❛❝t♦r ❛❞✐❝✐♦♥❛❧ q✉❡ ❛❣r❡❣❛✲
♠♦s ♣r♦❞✉❝❡ ❝❛❞❛ ✈❡③ ♠ás ✉♥✐❞❛❞❡s ✭♣r♦❞✉❝t✐✈✐❞❛❞ ♠❛r❣✐♥❛❧ ❝r❡❝✐❡♥t❡✮✱ ♣❡r♦ ❧✉❡❣♦
❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❛✉♠❡♥t❛✱ ❞❛❞♦ q✉❡ ❝❛❞❛ ❢❛❝t♦r ❛❞✐❝✐♦♥❛❧ ♣r♦❞✉❝❡ ❝❛❞❛ ✈❡③ ♠❡♥♦s
✉♥✐❞❛❞❡s ✭♣r♦❞✉❝t✐✈✐❞❛❞ ♠❛r❣✐♥❛❧ ❞❡❝r❡❝✐❡♥t❡ ❞❡❜✐❞♦ ❛ ❧❛ ❧❡② ❞❡ r❡♥❞✐♠✐❡♥t♦s ❞❡✲
❝r❡❝✐❡♥t❡s✮✳

P❛✁
❣✐♥❛ ✶✹✼ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
●rá✜❝❛♠❡♥t❡✿

CMg

CMg min

Q
L*

❋✐❣✉r❛ ✸✳✽✿ ❈♦st♦s ♠❛r❣✐♥❛❧❡s

❉♦♥❞❡ ❝❛❜❡ ❞❡st❛❝❛r q✉❡ ❡❧ ♣✉♥t♦ ❞♦♥❞❡ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞ ♠❛r❣✐♥❛❧ ❡s ♠á①✐♠❛

✭L ✮ ❡s ❡❧ ♣✉♥t♦ ❞♦♥❞❡ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❡s ♠í♥✐♠♦✳
∗

✸✳✸✳✷ ❈♦st♦ ▼❡❞✐♦ ❚♦t❛❧ ② ❈♦st♦ ▼❡❞✐♦ ❱❛r✐❛❜❧❡

❙✉♣♦♥❣❛♠♦s ❛❤♦r❛ q✉❡ ♥♦s ✐♥t❡r❡s❛ s❛❜❡r ❡❧ ❝♦st♦ ♣r♦♠❡❞✐♦ q✉❡ t✐❡♥❡ ♣❛r❛ ❧❛
❡♠♣r❡s❛ ❝❛❞❛ ✉♥✐❞❛❞ q✉❡ ♣r♦❞✉❝❡✳ ❊st♦ s❡ ❞❡♥♦♠✐♥❛ ❈♦st♦ ▼❡❞✐♦ ❚♦t❛❧ ② s❡ ❝❛❧❝✉❧❛
❝♦♠♦ ❡❧ ♣r♦♠❡❞✐♦ s✐♠♣❧❡✱ ❡s ❞❡❝✐r✱ ❡❧ ❝♦st♦ t♦t❛❧ ❞✐✈✐❞♦ ♣♦r ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ✉♥✐❞❛❞❡s
❢❛❜r✐❝❛❞❛s✳ ❉❡ ❡st❛ ❢♦r♠❛✱ s❡ ❞❡✜♥❡ ❝♦♠♦✿
C(Q) CV (Q) + CF
CM eT = = ✭✸✳✸✳✷✳✶✮
Q Q
P♦r ♦tr♦ ❧❛❞♦✱ ♣♦❞❡♠♦s ❡st❛r ✐♥t❡r❡s❛❞♦s ❡♥ s❛❜❡r ❡❧ ❝♦st♦ ♣r♦♠❡❞✐♦ q✉❡ t✐❡♥❡
♣❛r❛ ❧❛ ❡♠♣r❡s❛ ❝❛❞❛ ✉♥✐❞❛❞ q✉❡ ♣r♦❞✉❝❡✱ ♣❡r♦ s✐♥ ❝♦♥s✐❞❡r❛r ❡❧ ❝♦st♦ ✜❥♦✳ ❊st♦ s❡
❞❡♥♦♠✐♥❛ ❈♦st♦ ❱❛r✐❛❜❧❡ ❚♦t❛❧ ② s❡ ❝❛❧❝✉❧❛ ❝♦♠♦ ❡❧ ♣r♦♠❡❞✐♦ s✐♠♣❧❡✱ ❡s ❞❡❝✐r✱ ❡❧
❝♦st♦ ✈❛r✐❛❜❧❡ ❞✐✈✐❞✐❞♦ ♣♦r ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ✉♥✐❞❛❞❡s ❢❛❜r✐❝❛❞❛s✳ ❉❡ ❡st❛ ❢♦r♠❛✱ s❡
❞❡✜♥❡ ❝♦♠♦✿
CV (Q)
CM eV = ✭✸✳✸✳✷✳✷✮
Q
❆❤♦r❛ ❜✐❡♥✱ ➽❈✉á❧ ❡s ❧❛ ❢♦r♠❛ ❣rá✜❝❛ q✉❡ t✐❡♥❡♥ ❡st❛s ❝✉r✈❛s❄ P❛r❛ ❡❧❧♦ r❡❛✲
❧✐③❛r❡♠♦s ✉♥ ❡❥❡r❝✐❝✐♦ s✐♠✐❧❛r ❛❧ ❞❡ ❧♦s ❞✐❢❡r❡♥t❡s ♣r♦❞✉❝t♦s✱ ② ♣❛rt✐r❡♠♦s ❞❡ ✉♥❛
✐❣✉❛❧❞❛❞✿

CV (Q) = CV (Q)

P❛✁
❣✐♥❛ ✶✹✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

◗✉❡ ❛❧ ❛❣r❡❣❛r❧❡ ✉♥ ✉♥♦ ❝♦♥✈❡♥✐❡♥t❡✿

CV (Q)
CV (Q) = Q
Q
▲✉❡❣♦ ❞❡r✐✈❛♠♦s ❝♦♥ r❡s♣❡❝t♦ ❛ Q✱ ♦❜t❡♥✐❡♥❞♦✿

∂CV (Q) ∂ CVQ(Q) Q ∂ CVQ(Q) CV (Q)

= = Q+
∂Q ∂Q ∂Q Q
❆❤♦r❛ s✐ ❝❛♠❜✐❛♠♦s tér♠✐♥♦s ♣♦r s✉s ❞❡✜♥✐❝✐♦♥❡s✱ ♦❜t❡♥❡♠♦s✿

∂CM eV
CM g = Q + CM eV ✭✸✳✸✳✷✳✸✮
∂Q
❉❡ ❧♦ ❝✉❛❧ ♣♦❞❡♠♦s ❝♦♥❝❧✉✐r q✉❡✿

❙✐ ❡❧ ❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡ ❡s ❝r❡❝✐❡♥t❡ ∂CM

∂Q
eV
> 0 ✱ ❡♥t♦♥❝❡s ❧❛ ❝✉r✈❛
❞❡ ❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡ ❡stá ❜❛❥♦ ❧❛ ❝✉r✈❛ ❞❡ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧
✭CM g > CM eV ✮

❙✐ ❡❧ ❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡ ❡s ❞❡❝r❡❝✐❡♥t❡ ∂CM

∂Q
eV
< 0 ✱ ❡♥t♦♥❝❡s ❧❛ ❝✉r✈❛
❞❡ ❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡ ❡stá s♦❜r❡ ❧❛ ❝✉r✈❛ ❞❡ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧
✭CM g < CM eV ✮

❙✐ ❡❧ ❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡ ❡st❛ ❡♥ s✉ ♠í♥✐♠♦ ∂CM

∂Q
eV
= 0 ✱ ❡♥t♦♥❝❡s ❧❛
❝✉r✈❛ ❞❡ ❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡ ❡stá ✐❣✉❛❧❛❞❛ ❛ ❧❛ ❝✉r✈❛ ❞❡ ♣r♦❞✉❝t♦
♠❛r❣✐♥❛❧ ✭CM g = CM eV ✮

❆❞✐❝✐♦♥❛❧♠❡♥t❡ s❛❜❡♠♦s q✉❡ ❧❛ ❝✉r✈❛ ❞❡ ❝♦st♦ ♠❡❞✐♦ t♦t❛❧ ❡s s✐♠✐❧❛r ❛ ❧❛ ❞❡

❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡✱ s♦❧♦ q✉❡ ❡st❛ t✐❡♥❡ s✉♠❛❞♦ ❡❧ ❝♦st♦ ✜❥♦✱ ❡❧ ❝✉❛❧ ❛ ♠❡❞✐❞❛ q✉❡
❛✉♠❡♥t❛♥ ❧❛s ✉♥✐❞❛❞❡s ❝❛❞❛ ✈❡③ s❡ ❤❛❝❡ ♠ás ♣❡q✉❡ñ♦✳ ❉❡ ❧♦ ❛♥t❡r✐♦r ♣♦❞❡♠♦s ❞❡✲
❞✉❝✐r q✉❡ ❡❧ ❝♦st♦ ♠❡❞✐♦ t♦t❛❧ s✐❡♠♣r❡ s❡rá ♠❛②♦r ❛❧ ❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡ ♣❡r♦ s❡rá♥
❝❛❞❛ ✈❡③ ♠ás ♣❛r❡❝✐❞♦s✳

❊♥t♦♥❝❡s✱ t❡♥✐❡♥❞♦ t♦❞♦ ❡st♦ ❡♥ ❝✉❡♥t❛ ❞❡t❡r♠✐♥❛♠♦s q✉❡ ❡❧ ❣rá✜❝♦ ❡s ❞❡ ❧❛

❢♦r♠❛✿

P❛✁
❣✐♥❛ ✶✹✾ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMg CMeT

CMeV
CMeT min

CMeT min

CMg min

Q
L*

❋✐❣✉r❛ ✸✳✾✿ ❊❧ Cmg ✱ CmeV ② CmeT

❉❛❞♦ q✉❡ ❧❛s ❝❛r❛❝t❡ríst✐❝❛s ❞❡❧ ❝♦st♦ ♠❡❞✐♦ t♦t❛❧ s♦♥ s✐♠✐❧❛r❡s ❛ ❧❛s ❞❡❧ ❝♦st♦
♠❡❞✐♦ ✈❛r✐❛❜❧❡✱ ❡st❡ t❛♠❜✐é♥ s❡rá ❝♦rt❛❞♦ ♣♦r ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❡♥ s✉ ♠í♥✐♠♦✳ ❊s
❢á❝✐❧ ✈❡r ❛❤♦r❛ ♣❛r❛ ❡❧ ❧❡❝t♦r ❧❛ r❡❧❛❝✐ó♥ ❡♥tr❡ ❡❧ ❣rá✜❝♦ ❛♥t❡r✐♦r ② ❡❧ ❞❡ ♣r♦❞✉❝t✐✈✐❞❛❞✳

✸✳✸✳✸ ❋✉♥❝✐ó♥ ❞❡ ❈♦st♦s ❞❡ ❈♦rt♦ ② ▲❛r❣♦ P❧❛③♦

❆❧ ✐❣✉❛❧ q✉❡ ❝♦♥ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥✱ ❡①✐st❡♥ ❢✉♥❝✐♦♥❡s ❞❡ ❝♦st♦s ❞❡ ❝♦r✲
t♦ ② ❞❡ ❧❛r❣♦ ♣❧❛③♦✳ ▲❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ❞❡ ❝♦rt♦ ♣❧❛③♦ ❡s ❛q✉❡❧❧❛ q✉❡ t✐❡♥❡ ❛❧❣ú♥
❝♦♠♣♦♥❡♥t❡ ✜❥♦✱ q✉❡ ❡♥ ❡st❡ ❝❛s♦ s❡rá ❡❧ ❝♦st♦ ✜❥♦✱ ♠✐❡♥tr❛s q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s
❞❡ ❧❛r❣♦ ♣❧❛③♦ ❡s ❛q✉❡❧❧❛ q✉❡ t✐❡♥❡ t♦❞♦ ✈❛r✐❛❜❧❡✱ ② ♣♦r ❧♦ t❛♥t♦✱ ♥♦ t❡♥❞rá ❝♦st♦ ✜❥♦✱
❧♦ q✉❡ ✐♠♣❧✐❝❛✱ q✉❡ ❝♦♥s✐❞❡r❛rá s♦❧♦ ❝♦st♦s ✈❛r✐❛❜❧❡s✳

❉❡ ❡st❛ ❢♦r♠❛✱ ♠❛t❡♠át✐❝❛♠❡♥t❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ❞❡ ❝♦rt♦ ♣❧❛③♦ ❧❛ ❡s❝r✐❜✐✲

r❡♠♦s ❝♦♠♦✿
CCP (Q) = CVCP (Q) + CFCP ✭✸✳✸✳✸✳✶✮
▼✐❡♥tr❛s q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❧❛ ❡s❝r✐❜✐r❡♠♦s ❝♦♠♦✿

CLP (Q) = CVLP (Q) ✭✸✳✸✳✸✳✷✮

❉♦♥❞❡ ❧❛ ❣rá✜❝❛ ❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ❞❡ ❝♦rt♦ ♣❧❛③♦ ❝♦rr❡s♣♦♥❞❡ ❛✿

P❛✁
❣✐♥❛ ✶✺✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMgCP CMeTCP

CMeVCP
CMeT min

CMeT min

CMg min

Q
L*

❋✐❣✉r❛ ✸✳✶✵✿ ❈♦st♦s ❝♦rt♦ ♣❧❛③♦

❆❞✐❝✐♦♥❛❧♠❡♥t❡ ❞✐r❡♠♦s q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ❞❡ ❝♦rt♦ ♣❧❛③♦ r❡♣r❡s❡♥t❛ ✉♥

♥✐✈❡❧ ❞❛❞♦ ❞❡ t❡❝♥♦❧♦❣í❛ ♣❛r❛ ✉♥ t✐❡♠♣♦ ❞❡t❡r♠✐♥❛❞♦✳ ❊st♦ ✐♠♣❧✐❝❛ q✉❡ ♣❛r❛ ❞✐st✐♥✲
t♦s ♣❡r✐♦❞♦s ❞❡ t✐❡♠♣♦ t❡♥❞r❡♠♦s ❞✐st✐♥t♦s ♥✐✈❡❧❡s ❞❡ ❝♦st♦s✳

❉♦♥❞❡ ❧❛ ❣rá✜❝❛ ❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❝♦rr❡s♣♦♥❞❡ ❛✿

Vjn

f(n)

No

No/2

❋✐❣✉r❛ ✸✳✶✶✿ ❈♦st♦s ❝♦rt♦ ♣❧❛③♦

❆❞✐❝✐♦♥❛❧♠❡♥t❡ ❞✐r❡♠♦s q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❡s ❧❛ ❡♥✈♦❧✈❡♥t❡

P❛✁
❣✐♥❛ ✶✺✶ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

❞❡ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ❝♦rt♦ ♣❧❛③♦✱ ❡s ❞❡❝✐r✱ q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❡s
t❛♥❣❡♥t❡ ❛ t♦❞❛s ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ❝♦st♦s ❞❡ ❝♦rt♦ ♣❧❛③♦✱ s✐❡♥❞♦ ❡♥ ♣❛rt✐❝✉❧❛r✱ t❛♥❣❡♥✲
t❡ ❡♥ ❡❧ ♣✉♥t♦ ♠í♥✐♠♦ ❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ❞❡ ❝♦rt♦ ♣❧❛③♦ ♠í♥✐♠❛✳ ●rá✜❝❛♠❡♥t❡✿

CMgLP

CMeTLP

CMeT min

CMg min

Q
L*

❋✐❣✉r❛ ✸✳✶✷✿ ❘❡❧❛❝✐ó♥ ❝♦st♦s ❝♦rt♦ ② ❧❛r❣♦ ♣❧❛③♦

◆♦t❛r ❛❞❡♠ás q✉❡ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❞❡ ❝♦rt♦ ♣❧❛③♦ ♠í♥✐♠♦ ♥♦ ❝♦✐♥❝✐❞❡ ❝♦♥ ❡❧
❝♦st♦ ♠❛r❣✐♥❛❧ ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❡♥ t♦❞♦s ❧♦s ♣✉♥t♦s✳ P♦r ♦tr♦ ❧❛❞♦✱ ❞✐r❡♠♦s q✉❡ ❛q✉❡✲
❧❧❛s ❝✉r✈❛s ❞❡ ❈♦st♦s ▼❡❞✐♦s ❛ ❧❛ ✐③q✉✐❡r❞❛ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ CM eminCP s❡ ❞❡♥♦♠✐♥❛♥
❊❝♦♥♦♠í❛s ❞❡ ❊s❝❛❧❛✱ ♠✐❡♥tr❛s q✉❡ ❛q✉❡❧❧♦s ❛ ❧❛ ❞❡r❡❝❤❛ s❡ ❞❡♥♦♠✐♥❛♥ ❉❡s❡❝♦✲
♥♦♠í❛s ❞❡ ❊s❝❛❧❛✳

✸✳✹ ▼❛①✐♠✐③❛❝✐ó♥ ❞❡ ❇❡♥❡✜❝✐♦s

❆❤♦r❛ q✉❡ ②❛ ❤❡♠♦s ❞❡✜♥✐❞♦ ❧♦s ❝♦♥❝❡♣t♦s ❞❡ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ ② ❢✉♥❝✐ó♥
❞❡ ❝♦st♦s✱ ♣♦❞❡♠♦s ❝♦♥t✐♥✉❛r ♥✉❡str♦ ❛♥á❧✐s✐s ② ❛✈❛♥③❛r s♦❜r❡ ❧❛ ♠❛①✐♠✐③❛❝✐ó♥ ❞❡
❜❡♥❡✜❝✐♦s ❞❡ ✉♥❛ ❡♠♣r❡s❛✳

❈♦♠♦ ❡s ✐♥t✉✐t✐✈♦✱ ❧♦s ❜❡♥❡✜❝✐♦s ❞❡ ✉♥❛ ❡♠♣r❡s❛ s♦♥ ❡❧ r❡s✉❧t❛❞♦ ❞❡ t♦❞♦s ❧♦s
✐♥❣r❡s♦s ♠❡♥♦s t♦❞♦s ❧♦s ❝♦st♦s✳ P♦r ✉♥ ❧❛❞♦ s❛❜❡♠♦s q✉❡ ❧♦s ✐♥❣r❡s♦s t♦t❛❧❡s ❞❡✲
♣❡♥❞❡♥ ❞❡ ❧❛ ❝❛♥t✐❞❛❞ ✈❡♥❞✐❞❛ ✭q✉❡ ❛s✉♠✐r❡♠♦s q✉❡ ❡s ✐❣✉❛❧ ❛ ❧❛ ♣r♦❞✉❝✐❞❛✮✱ ②
♣♦r ❡❧ ♦tr♦ ❧❛❞♦ s❛❜❡♠♦s q✉❡ ❧♦s ❝♦st♦s t♦t❛❧❡s ❞❡♣❡♥❞❡♥ ❞❡ ❧❛ ❝❛♥t✐❞❛❞ ♣r♦❞✉❝✐❞❛✳
❚❡♥✐❡♥❞♦ ❡st♦ ❡♥ ❝✉❡♥t❛✱ ♣♦❞❡♠♦s ❞❡✜♥✐r ❜❡♥❡✜❝✐♦s ❝♦♠♦✿

π(Q) = I(Q) − C(Q) ✭✸✳✹✳✵✳✸✮

❆❞❡♠ás s❛❜❡♠♦s q✉❡ ❧♦s ✐♥❣r❡s♦s t♦t❛❧❡s t✐❡♥❡♥ ✉♥❛ ❢♦r♠❛ ❧✐♥❡❛❧✱ ❡st♦ ❞❛❞♦ q✉❡
❧♦s ✐♥❣r❡s♦s t♦t❛❧❡s s♦♥ ❡❧ r❡s✉❧t❛❞♦ ❞❡ ❧❛ ♠✉❧t✐♣❧✐❝❛❝✐ó♥ ❞❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ ♣♦r s✉

P❛✁
❣✐♥❛ ✶✺✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
❝❛♥t✐❞❛❞ ✈❡♥❞✐❞❛✱ ❡s ❞❡❝✐r✿
I(Q) = pQ ✭✸✳✹✳✵✳✹✮
❊st♦ ❣❡♥❡r❛ ❡❧ s✐❣✉✐❡♥t❡ ❣rá✜❝♦✿

IT

P*Qo

Q
Qo

❋✐❣✉r❛ ✸✳✶✸✿ ■♥❣r❡s♦s t♦t❛❧❡s

❈♦♥ r❡s♣❡❝t♦ ❛ ❧♦s ❝♦st♦s t♦t❛❧❡s s❛❜❡♠♦s q✉❡ t✐❡♥❡♥ ✉♥❛ ❢♦r♠❛ ❡①♣♦♥❡♥❝✐❛❧✱
❡st♦ ❞❛❞♦ q✉❡ ❧♦s ❝♦st♦s t♦t❛❧❡s s♦♥ ❡❧ r❡s✉❧t❛❞♦ ❞❡ ❧❛ s✉♠❛ ❞❡ ❧♦s ❝♦st♦s ✜❥♦s ✭s✐
❡st❛♠♦s ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦✮ ♠ás ❧❛ s✉♠❛ ❞❡ ❧♦s ❝♦st♦s ♠❛r❣✐♥❛❧❡s✱ ❧♦s ❝✉❛❧❡s s❛❜❡♠♦s
✈❛♥ s✉❜✐❡♥❞♦ ❞❡❜✐❞♦ ❛ ❧❛ ❧❡② ❞❡ r❡♥❞✐♠✐❡♥t♦s ♠❛r❣✐♥❛❧❡s ❞❡❝r❡❝✐❡♥t❡s✳ ❊s ❞❡❝✐r✿
n
X
C(Q) = CF + CM gi ✭✸✳✹✳✵✳✺✮
i=1

❊st♦ ❣❡♥❡r❛ ❡❧ s✐❣✉✐❡♥t❡ ❣rá✜❝♦✿

P❛✁
❣✐♥❛ ✶✺✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CT

CF + Σ Cmgi

Q
Qn

❋✐❣✉r❛ ✸✳✶✹✿ ❈♦st♦s t♦t❛❧❡s

❈♦♥ ❡st♦✱ ♣♦❞❡♠♦s ❞❡t❡r♠✐♥❛r q✉❡ ❧❛ ❝✉r✈❛ ❞❡ ❜❡♥❡✜❝✐♦s t♦t❛❧❡s ❡s ❧❛ ❞✐❢❡r❡♥❝✐❛

❡♥tr❡ ❛♠❜❛s ❝✉r✈❛s✳ ▲❛ ❝✉❛❧ ✈❛ ❛ t❡♥❡r ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

CT
IT

Πt max

Q*

❋✐❣✉r❛ ✸✳✶✺✿ ❇❡♥❡✜❝✐♦s t♦t❛❧❡s

❉♦♥❞❡ ✈❡♠♦s q✉❡ ❡♥ ✉♥ ❝♦♠✐❡♥③♦ ❧♦s ❜❡♥❡✜❝✐♦s t♦t❛❧❡s ❝r❡❝❡♥ ❛❧❝❛♥③❛♥❞♦ ✉♥

♠á①✐♠♦ ② ❧✉❡❣♦ ❞❡❝r❡❝❡♥✳

P❛✁
❣✐♥❛ ✶✺✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

❙✐ ❣❡♥❡r❛♠♦s ✉♥ ❣rá✜❝♦ ❞❡ ❜❡♥❡✜❝✐♦s t♦t❛❧❡s ❝♦♥tr❛ ❝❛♥t✐❞❛❞ ✈❡♥❞✐❞❛ ♦❜t❡♥❡♠♦s

❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

Π Max

Q
Q*

❋✐❣✉r❛ ✸✳✶✻✿ π ❛ ✐♥❝r❡♠❡♥t♦s ❞❡ Q

▲❛ ❢♦r♠❛ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ❜❡♥❡✜❝✐♦s t♦t❛❧❡s ❡s ❢✉♥❞❛♠❡♥t❛❧ ♣❛r❛ ♥✉❡str♦ ❛♥á❧✐s✐s✱

❞❛❞♦ q✉❡ t✐❡♥❡ q✉❡ s❡r ❞❡ ❢♦r♠❛ ❝ó♥❝❛✈❛ ♣❛r❛ ♣♦❞❡r s❡r ♠❛①✐♠✐③❛❞❛✳

❊♥t♦♥❝❡s ❝♦♠❡♥❝❡♠♦s ♠❛①✐♠✐③❛♥❞♦ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s ❞❡ ♠❛♥❡r❛ ❣❡♥ér✐✲

❝❛ ♣❛r❛ ❡♥❝♦♥tr❛r ❧❛ ❝♦♥❞✐❝✐ó♥ q✉❡ ♥♦s ♣❡r♠✐t❛ ♠❛①✐♠✐③❛r ❜❡♥❡✜❝✐♦s ❡♥ ❞✐❢❡r❡♥t❡s
❡s❝❡♥❛r✐♦s✱ ❝♦♠❡♥❝❡♠♦s ♣❧❛♥t❡❛♥❞♦ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s✿

π(Q) = I(Q) − C(Q)

▼❛①✐♠✐③❛♥❞♦ ❡ ✐❣✉❛❧❛♥❞♦ ❛ ❝❡r♦✿

∂π(Q) ∂I(Q) ∂C(Q)

= − =0
∂Q ∂Q ∂Q
❉❡s♣❡❥❛♥❞♦✿

∂I(Q) ∂C(Q)
=
∂Q ∂Q
❊❧ tér♠✐♥♦ ❞❡ ❧❛ ❞❡r❡❝❤❛ ❡s ❧❛ ❞❡✜♥✐❝✐ó♥ ❞❡ ❝♦st♦ ♠❛r❣✐♥❛❧✱ ♠✐❡♥tr❛s
q✉❡ ❡❧tér♠✐♥♦ ❞❡ ❧❛ ✐③q✉✐❡r❞❛ ❡s ❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧✱ ❡s ❞❡❝✐r✱ ❝ó♠♦ ❝❛♠❜✐❛
❡❧ ✐♥❣r❡s♦ t♦t❛❧ ❝✉❛♥❞♦ ❝❛♠❜✐❛ ❧❛ ❝❛♥t✐❞❛❞ ✈❡♥❞✐❞❛✳ P♦r ❧♦ q✉❡✱ ♥✉❡str❛
❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ♣❛r❛ ♠❛①✐♠✐③❛r ❜❡♥❡✜❝✐♦s ❡s✿

IM g = CM g ✭✸✳✹✳✵✳✻✮

P❛✁
❣✐♥❛ ✶✺✺ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
▲♦ q✉❡ ♥♦s ❞✐❝❡ q✉❡ ❧❛s ❡♠♣r❡s❛s ❞❡❜❡rá♥ ✈❡♥❞❡r ❜✐❡♥❡s ❤❛st❛ q✉❡ ❡❧ ✐♥❣r❡s♦
♠❛r❣✐♥❛❧ ♣❡r❝✐❜✐❞♦ ❞❡ s✉ ✈❡♥t❛ s❡❛ ❡q✉✐✈❛❧❡♥t❡ ❛ s✉ ❝♦st♦ ♠❛r❣✐♥❛❧✳ ❊st❛ ❝♦♥❞✐❝✐ó♥
s❡rá ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♠❛①✐♠✐③❛❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s ♣❛r❛ ❝✉❛❧q✉✐❡r ❡♠♣r❡s❛✳

✸✳✺ ❈♦♠♣❡t❡♥❝✐❛ P❡r❢❡❝t❛

❆❤♦r❛ q✉❡ ②❛ ❤❡♠♦s ❛❞q✉✐r✐❞♦ ❧♦s ❝♦♥♦❝✐♠✐❡♥t♦s ❜ás✐❝♦s ❞❡ ❧❛ ♠❛①✐♠✐③❛❝✐ó♥ ❞❡
❜❡♥❡✜❝✐♦s✱ ♣♦❞❡♠♦s ❛♥❛❧✐③❛r ❡♠♣r❡s❛s ❡♥ ❞✐st✐♥t♦s t✐♣♦s ❞❡ ❝♦♥t❡①t♦s✱ ② ❞❡ ❡st❛ ❢♦r✲
♠❛✱ ❞❡t❡r♠✐♥❛r ❝✉á❧ s❡rá s✉ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ✭r❡❝♦r❞❡♠♦s q✉❡ ❡st❡ ❡s ❡❧ ♦❜❥❡t✐✈♦ ❞❡ ❧❛
t❡♦rí❛ ❞❡❧ ♣r♦❞✉❝t♦r✮✳ ❊♥ ❡st❡ s❡♥t✐❞♦✱ ❞✐r❡♠♦s q✉❡ ❤❛② tr❡s ❝♦♥t❡①t♦s ❞❡ ❝♦♠♣❡t❡♥✲
❝✐❛✿ ❈♦♠♣❡t❡♥❝✐❛ P❡r❢❡❝t❛✱ ❈♦♠♣❡t❡♥❝✐❛ ❖❧✐❣♦♣ó❧✐❝❛ ② ❈♦♠♣❡t❡♥❝✐❛ ▼♦♥♦♣ó❧✐❝❛✳
❊♥ ❡st❡ ❝❛♣✐t✉❧♦ r❡✈✐s❛r❡♠♦s ❧❛ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✳

✸✳✺✳✶ ❈♦♠♣❡t❡♥❝✐❛ P❡r❢❡❝t❛✿ ❙✉♣✉❡st♦s

❊❧ ▼♦❞❡❧♦ ❞❡ ❈♦♠♣❡t❡♥❝✐❛ P❡r❢❡❝t❛ ♣♦s❡❡ ❧♦s s✐❣✉✐❡♥t❡s s✉♣✉❡st♦s ♣❛r❛ ❝♦♠❡♥③❛r
s✉ ❛♥á❧✐s✐s✿

❍❛② n ❡♠♣r❡s❛s ✐❞é♥t✐❝❛s✱ ❞♦♥❞❡ ♥✐♥❣✉♥❛ t✐❡♥❡ ♣♦❞❡r ❞❡ ♠❡r❝❛❞♦ ❡♥ ❧❛ ✐♥❞✉s✲

tr✐❛✳ ❊st♦ q✉✐❡r❡ ❞❡❝✐r q✉❡ ❧❛s ❡♠♣r❡s❛s ❞❡❜❡rá♥ ❛❝❡♣t❛r ❡❧ ♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦
❞❡ s✉ ♣r♦❞✉❝t♦ ✭p✮✱ ❡s ❞❡❝✐r✱ s♦♥ ♣r❡❝✐♦ ❛❝❡♣t❛♥t❡s✳

▲❛s ❡♠♣r❡s❛s ♥♦ t✐❡♥❡♥ ♣♦❞❡r ❞❡ ♠❡r❝❛❞♦ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡ ❢❛❝t♦r❡s ♣r♦❞✉❝t✐✲

✈♦s✳ ❊s ❞❡❝✐r✱ t♦❞❛s ❧❛s ❡♠♣r❡s❛s t❡♥❞rá♥ ❧♦s ♠✐s♠♦s ♣r❡❝✐♦s ♣❛r❛ s✉s ❢❛❝t♦r❡s
♣r♦❞✉❝t✐✈♦s ✭❝❛♣✐t❛❧ ② tr❛❜❛❥♦✮✱ ② ❞❡ ❡st❛ ❢♦r♠❛✱ ♥✐♥❣✉♥❛ ❡♠♣r❡s❛ ❧♦❣r❛rá
❛❧❣✉♥❛ ✈❡♥t❛❥❛ ❡♥ ❝♦st♦s✳

❊①✐st❡ ❧✐❜r❡ ❡♥tr❛❞❛ ② s❛❧✐❞❛ ❞❡ ❡♠♣r❡s❛s ❡♥ ❧❛ ✐♥❞✉str✐❛✳ ❊st♦ s✐❣♥✐✜❝❛ q✉❡

❛q✉❡❧❧❛s ❡♠♣r❡s❛s q✉❡ ❡st✐♠❡♥ ❝♦♥✈❡♥✐❡♥t❡ s❛❧✐r ❞❡❧ ♠❡r❝❛❞♦ ♣✉❡❞❡♥ ❤❛❝❡r❧♦✱
♠✐❡♥tr❛s ❛q✉❡❧❧❛s q✉❡ ❡♥❝✉❡♥tr❡♥ ❜❡♥❡✜❝✐♦s♦ ❡♥tr❛r t❛♠❜✐é♥ ♣♦❞rá♥ ❤❛❝❡r❧♦✳

❚♦❞❛s ❧❛s ❡♠♣r❡s❛s ♣r♦❞✉❝❡♥ ✉♥ ♠✐s♠♦ ❜✐❡♥✱ ❡❧ ❝✉❛❧ ❡s t♦t❛❧♠❡♥t❡ r❡♣r♦❞✉❝✐❜❧❡

② ❞✐✈✐s✐❜❧❡✳ ❊st♦ ❢❛❝✐❧✐t❛ ♥✉❡str♦ ❛♥á❧✐s✐s✱ ❞❛❞♦ q✉❡ ♥♦s ♣❡r♠✐t❡ ❝❡♥tr❛r♥♦s ❡♥
✉♥ ♠❡r❝❛❞♦ ❡♥ ❡s♣❡❝í✜❝♦✳

❚♦❞❛s ❧❛s ❡♠♣r❡s❛s t✐❡♥❡♥ ✉♥❛ ❡str✉❝t✉r❛ ❞❡ ❝♦st♦s t❛❧✱ q✉❡ CM emin
CP = CM eLP ✳
❊st❛ ❝♦♥❞✐❝✐ó♥ ✐♠♣♦♥❡ q✉❡ ❧❛ ✐♥❞✉str✐❛ ❝♦♠♣❧❡t❛ t❡♥❣❛ ❧❛ ❡str✉❝t✉r❛ ❞❡ ♣r❡✲
❝✐♦s ♠ás ❡✜❝✐❡♥t❡ ❞❡ ❝♦rt♦ ♣❧❛③♦✱ ❡s ❞❡❝✐r✱ ♥✐♥❣✉♥❛ ❡♠♣r❡s❛ t✐❡♥❡ ✐♥❝❡♥t✐✈♦s ❛
❝❛♠❜✐❛r s✉ ❡str✉❝t✉r❛ ♣r♦❞✉❝t✐✈❛ ♣❛r❛ s❡r ♠ás ❝♦♠♣❡t✐t✐✈❛✱ ❞❛❞♦ q✉❡ ♥♦ s❡
♣✉❡❞❡ s❡r ♠ás ❝♦♠♣❡t✐t✐✈♦✳

✸✳✺✳✷ ▼❛①✐♠✐③❛❝✐ó♥ ❞❡ ❇❡♥❡✜❝✐♦s

❚❡♥✐❡♥❞♦ ❧♦s s✉♣✉❡st♦s ❡♥ ❝✉❡♥t❛✱ r❡❝♦r❞❡♠♦s q✉❡ ✉♥❛ ❡♠♣r❡s❛ ❝✉❛❧q✉✐❡r❛✱ ♠❛✲
①✐♠✐③❛ ❜❡♥❡✜❝✐♦s ❝✉❛♥❞♦ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❞❡ ❧❛ ú❧t✐♠❛ ✉♥✐❞❛❞ ♣r♦❞✉❝✐❞❛ ❡s ❡q✉✐✲
✈❛❧❡♥t❡ ❛❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ q✉❡ r❡❝✐❜❡ ♣♦r ❡❧❧❛✱ ❡s ❞❡❝✐r✿

P❛✁
❣✐♥❛ ✶✺✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

IM g = CM g
P❡r♦ ❡♥ ❡st❡ ❝❛s♦✱ ❡❧ ✐♥❣r❡s♦ q✉❡ s❡ r❡❝✐❜❡ ♣♦r ✉♥❛ ✉♥✐❞❛❞ ❛❞✐❝✐♦♥❛❧ ❞❡❧ ❜✐❡♥ ❡s
✉♥❛ ❝♦♥st❛♥t❡✿ ❡❧ ♣r❡❝✐♦ p✳ ❊st♦ s❡ ❞❡❜❡ ❛ q✉❡ ♥♦ ✐♠♣♦rt❛ ❝✉á♥t❛s ✉♥✐❞❛❞❡s ✈❡♥❞❛ ❧❛
❡♠♣r❡s❛✱ s✐❡♠♣r❡ s❡ r❡❝✐❜✐rá ❛ ❝❛♠❜✐♦ ❡❧ ♣r❡❝✐♦ ❞❡ s✉ ✈❡♥t❛✱ ❡❧ ❝✉❛❧ ❡stá ❞❡t❡r♠✐♥❛❞♦
♣♦r ❡❧ ♠❡r❝❛❞♦✳ ❊♥t♦♥❝❡s✱ ♣♦❞❡♠♦s ❞❡❝✐r q✉❡ ❡♥ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛ ❧❛ ❝♦♥❞✐❝✐ó♥
❞❡ ó♣t✐♠♦ ❡s✿
p = CM g ✭✸✳✺✳✷✳✶✮
❉❡ ❡st❛ ❢♦r♠❛✱ ♣❛r❛ s❛❜❡r ❝✉á♥t❛s ✉♥✐❞❛❞❡s ✈❡♥❞❡rá ❧❛ ❡♠♣r❡s❛ ❞❛❞♦ ✉♥ ♣r❡❝✐♦
p✱ ❜❛st❛ q✉❡ ✈❡❛♠♦s ❧❛ ✐♥t❡rs❡❝❝✐ó♥ ❞❡ ❡s❡ ♣r❡❝✐♦ ❝♦♥ ❧❛ ❝✉r✈❛ ❞❡ ❝♦st♦ ♠❛r❣✐♥❛❧✳ ❉❡
❡st❛ ❢♦r♠❛✱ ❡❧ ✐♥❣r❡s♦ t♦t❛❧ s❡rá ❧❛ ♠✉❧t✐♣❧✐❝❛❝✐ó♥ ❞❡❧ ♣r❡❝✐♦ ♣♦r ❧❛ ❝❛♥t✐❞❛❞ ó♣t✐♠❛
❆❞✐❝✐♦♥❛❧♠❡♥t❡✱ ❡❧ ❝♦st♦ ♠❡❞✐♦ t♦t❛❧ ❞❡ ❡st❛s ✉♥✐❞❛❞❡s ❡stá ❞❛❞♦ ♣♦r ❧❛ ✐♥t❡rs❡❝❝✐ó♥
❡♥tr❡ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ s❡ ♣r♦❞✉❝❡ ② ❡❧ ❝♦st♦ ♠❡❞✐♦ t♦t❛❧✳ ❊st♦ ❝♦♥❧❧❡✈❛ q✉❡ ❡❧ ❝♦st♦
t♦t❛❧ s❡rá ❧❛ ♠✉❧t✐♣❧✐❝❛❝✐ó♥ ❞❡❧ ❝♦st♦ ♠❡❞✐♦ t♦t❛❧ ♣♦r ❧❛ ❝❛♥t✐❞❛❞ ó♣t✐♠❛✳

●rá✜❝❛♠❡♥t❡✱ ♣❛r❛ ❡❧ ❝❛s♦ ❞❡ ✉♥❛ ❡♠♣r❡s❛ q✉❡ ❡sté ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦✿

CMgCP CMeTCP

CMeVCP
CMeT

Q
Q*

❋✐❣✉r❛ ✸✳✶✼✿ ❊q✉✐❧✐❜r✐♦ ❡♠♣r❡s❛ ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦

❉♦♥❞❡ ❧♦s ❜❡♥❡✜❝✐♦s ✐♥❣r❡s♦s ❡stá♥ r❡♣r❡s❡♥t❛❞♦s ♣♦r ❡❧ ár❡❛ ❣r✐s ❛ ❝♦♥t✐♥✉❛❝✐ó♥✿

P❛✁
❣✐♥❛ ✶✺✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMgCP

CMeT

Q*

❋✐❣✉r❛ ✸✳✶✽✿ ■♥❣r❡s♦s ❡♥ ❡❧ ❡q✉✐❧✐❜r✐♦

▼✐❡♥tr❛s q✉❡ ❧♦s ❝♦st♦s ❡stá♥ r❡♣r❡s❡♥t❛❞♦s ♣♦r ❡❧ ár❡❛ ❣r✐s ♦s❝✉r♦ ❛ ❝♦♥t✐♥✉❛❝✐ó♥✿

CMgCP

CMeT

Q*

❋✐❣✉r❛ ✸✳✶✾✿ ❈♦st♦s ❡♥ ❡❧ ❡q✉✐❧✐❜r✐♦

❉❡ ❡st❛ ❢♦r♠❛✱ ❧♦s ❜❡♥❡✜❝✐♦s t♦t❛❧❡s q✉❡❞❛♥ r❡♣r❡s❡♥t❛❞♦s ♣♦r ❡❧ ár❡❛ ❣r✐s ❛
❝♦♥t✐♥✉❛❝✐ó♥✿

P❛✁
❣✐♥❛ ✶✺✽ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMgCP

CMeT

Q*

❋✐❣✉r❛ ✸✳✷✵✿ ❇❡♥❡✜❝✐♦s ❡♥ ❡❧ ❡q✉✐❧✐❜r✐♦

❊♥ ❡st❡ ❣rá✜❝♦ ✈❡♠♦s q✉❡ ✉♥❛ ❢♦r♠❛ ❞✐r❡❝t❛ ❞❡ ❡♥❝♦♥tr❛r ❧♦s ❜❡♥❡✜❝✐♦s ❞❡ ❧❛
❡♠♣r❡s❛ ❡s r❡st❛r ❡❧ ♣r❡❝✐♦ ❝♦♥ ❡❧ ❝♦st♦ ♠❡❞✐♦ t♦t❛❧✱ ② ❡st❡ r❡s✉❧t❛❞♦ ♠✉❧t✐♣❧✐❝❛r❧♦
♣♦r ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ❧❛ ❡♠♣r❡s❛ ❞❡❝✐❞✐ó ✈❡♥❞❡r✳

✸✳✺✳✸ ❉❡❝✐s✐♦♥❡s ❞❡ ❈✐❡rr❡ ② ❈✉r✈❛ ❞❡ ❖❢❡rt❛

❊♥ ❡❧ ❝❛s♦ ❛♥t❡r✐♦r ♥♦s ❞✐♠♦s ✉♥ ♣r❡❝✐♦ ❛r❜✐tr❛r✐❛♠❡♥t❡✱ ❡❧ ❝✉❛❧ ❣❡♥❡r❛❜❛ ✉t✐❧✐✲
❞❛❞❡s✱ ➽P❡r♦ ❤❛② ♣r❡❝✐♦s q✉❡ ❣❡♥❡r❡♥ ♣ér❞✐❞❛s❄ ▲❛ r❡s♣✉❡st❛ ❡s sí✱ t♦❞♦s ❛q✉❡❧❧♦s
♣r❡❝✐♦s q✉❡ ❡sté♥ ❜❛❥♦ ❡❧ ❝♦st♦ ♠❡❞✐♦ t♦t❛❧ ♠í♥✐♠♦ ❣❡♥❡r❛rá♥ ♣ér❞✐❞❛s ♣❛r❛ ❧❛ ❡♠✲
♣r❡s❛✳ P❛r❛ ❛♥❛❧✐③❛r ❡st♦ ❝♦♠❡♥❝❡♠♦s ✈✐❡♥❞♦ q✉❡ ♦❝✉rr❡ ❝✉❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❡s ❡❧ ❝♦st♦
♠❡❞✐♦ t♦t❛❧ ♠í♥✐♠♦✳

●rá✜❝❛♠❡♥t❡✿

P❛✁
❣✐♥❛ ✶✺✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMgCP CMeTCP

CMeVCP
CMeT = p

Q
Q*

❋✐❣✉r❛ ✸✳✷✶✿ ❊q✉✐❧✐❜r✐♦ ❝♦♥ p = CM eT

❉❡ ❡st❛ ❢♦r♠❛✱ ❧♦s ✐♥❣r❡s♦s ❡stá♥ ❞❛❞♦s ♣♦r✿

CMgCP

CMeT = p

Q*

❋✐❣✉r❛ ✸✳✷✷✿ ■♥❣r❡s♦s ❝♦♥ p = CM eT

▼✐❡♥tr❛s q✉❡ ❧♦s ❝♦st♦s ❡stá♥ ❞❛❞♦s ♣♦r✿

P❛✁
❣✐♥❛ ✶✻✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMgCP

CMeT = p

Q*

❋✐❣✉r❛ ✸✳✷✸✿ ❈♦st♦s ❝♦♥ p = CM eT

❉❡ ❧♦ ❝✉❛❧✱ ♣♦❞❡♠♦s ❝♦♥❝❧✉✐r q✉❡ ♥♦ ❤❛② ❜❡♥❡✜❝✐♦s ❝✉❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❡s ✐❣✉❛❧ ❛❧

❝♦st♦ ♠❡❞✐♦ t♦t❛❧ ♠í♥✐♠♦✳

❱❡❛♠♦s ❛❤♦r❛ q✉❡ ♦❝✉rr❡ ❝✉❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❡s ♠❡♥♦r ❛ ❡st❡ ♣✉♥t♦✳ ●rá✜❝❛♠❡♥t❡✿

CMgCP

CMeT = p

Q*

❋✐❣✉r❛ ✸✳✷✹✿ ❊q✉✐❧✐❜r✐♦ ❝♦♥ p < CM eT

❉❡ ❡st❛ ❢♦r♠❛✱ ❧♦s ✐♥❣r❡s♦s ❡stá♥ ❞❛❞♦s ♣♦r✿

P❛✁
❣✐♥❛ ✶✻✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMgCP

CMeT

Q* Q

❋✐❣✉r❛ ✸✳✷✺✿ ■♥❣r❡s♦s ❝♦♥ p < CM eT

▼✐❡♥tr❛s q✉❡ ❧♦s ❝♦st♦s ❡stá♥ ❞❛❞♦s ♣♦r✿

CMgCP

CMeT

Q* Q

❋✐❣✉r❛ ✸✳✷✻✿ ❈♦st♦s ❝♦♥ p < CM eT

❉❡ ❡st❛ ❢♦r♠❛✱ ✈❡♠♦s q✉❡ t❡♥❡♠♦s ✉♥❛ ♣ér❞✐❞❛ r❡♣r❡s❡♥t❛❞❛ ♣♦r ❡❧ ár❡❛ ♥❡❣r❛
❞❡✿

P❛✁
❣✐♥❛ ✶✻✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMgCP

CMeT

Q* Q

❋✐❣✉r❛ ✸✳✷✼✿ ❇❡♥❡✜❝✐♦s ♥❡❣❛t✐✈♦s ❡♥ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛

➽❊♥t♦♥❝❡s ❝✉❛♥❞♦ ❝✐❡rr❛ ✉♥❛ ❡♠♣r❡s❛❄ ▲❛ r❡s♣✉❡st❛ ❞❡♣❡♥❞❡ ❞❡ ❤♦r✐③♦♥t❡ t❡♠✲

♣♦r❛❧✿

❊♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦ ✉♥❛ ❡♠♣r❡s❛ ❝❡rr❛rá ❝✉❛♥❞♦ ②❛ ♥♦ ♣✉❡❞❛ ♣❛❣❛r s✉s

❝♦st♦s t♦t❛❧❡s✱ ❡s ❞❡❝✐r✱ ❛ ❝✉❛❧q✉✐❡r ♣r❡❝✐♦ ❜❛❥♦ ❡❧ ❝♦st♦ ♠❡❞✐♦ t♦t❛❧
♠í♥✐♠♦ ❧❛ ❡♠♣r❡s❛ ❝❡rr❛rá✳ P♦r ❧♦ t❛♥t♦✱ ♣♦❞❡♠♦s ❞❡❝✐r✱ q✉❡ ❧❛ ❝✉r✈❛ ❞❡
♦❢❡rt❛ ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❝♦rr❡s♣♦♥❞❡ ❛ t♦❞♦s ❛q✉❡❧❧♦s ♣✉♥t♦s ❞❡❧ ❝♦st♦
♠❛r❣✐♥❛❧ q✉❡ ❡stá♥ s♦❜r❡ ❡❧ ❝♦st♦ ♠❡❞✐♦ t♦t❛❧ ♠í♥✐♠♦✳ ●rá✜❝❛♠❡♥t❡✿

CMgLP

Curva de
Oferta
CMeTLP

Punto de
Indiferencia

❋✐❣✉r❛ ✸✳✷✽✿ ❖❢❡rt❛ ❧❛r❣♦ ♣❧❛③♦

P❛✁
❣✐♥❛ ✶✻✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

❊♥ ❡❧ ❝♦rt♦ ♣❧❛③♦ ✉♥❛ ❡♠♣r❡s❛ ❝❡rr❛rá ❝✉❛♥❞♦ ②❛ ♥♦ ♣✉❡❞❛ ♣❛❣❛r

s✉s ❝♦st♦s ✈❛r✐❛❜❧❡s✱ ❡s ❞❡❝✐r✱ ❛ ❝✉❛❧q✉✐❡r ♣r❡❝✐♦ ❜❛❥♦ ❡❧ ❝♦st♦ ✈❛r✐❛❜❧❡
♠❡❞✐♦ ♠í♥✐♠♦ ❧❛ ❡♠♣r❡s❛ ❝❡rr❛rá✳ ❊st♦ s❡ ❞❡❜❡ ❛ q✉❡ ❡♥ ❡❧ ❝♦rt♦
♣❧❛③♦ ❧❛ ❡♠♣r❡s❛ t✐❡♥❡ ❝♦st♦s ✜❥♦s ✭❧♦s ❝✉❛❧❡s t✐❡♥❡ q✉❡ ♣❛❣❛r ❡sté ❛❜✐❡rt❛
♦ ❝❡rr❛❞❛ ❧❛ ❡♠♣r❡s❛✱ ❝♦♠♦ ❡❧ ❛rr✐❡♥❞♦✮✱ ② ♣♦r ❧♦ t❛♥t♦ ❧❡ ❝♦♥✈❡♥❞rá ♣r♦❞✉❝✐r
♠✐❡♥tr❛s ♣❛❣✉❡ ✉♥❛ ♣❛rt❡ ❞❡ ❡st♦s ❝♦st♦s ✜❥♦s✳

❙✉♣♦♥❣❛♠♦s ❡❧ s✐❣✉✐❡♥t❡ ❡❥❡♠♣❧♦✿ ❏♦r❣❡ t✐❡♥❡ ✉♥❛ t✐❡♥❞❛ ❞❡ ❡♠♣❛♥❛❞❛s ❞❡ ♣✐♥♦

♣♦r ❧❛ ❝✉❛❧ ♣❛❣❛ ✉♥ ❛rr✐❡♥❞♦ ❞❡ ✩✸✵✵✳✵✵✵✳ ❙✐ é❧ ♥♦ ♣r♦❞✉❝❡ ❡♠♣❛♥❞❛s ♣✐❡r❞❡
✩✸✵✵✳✵✵✵✳ ❙✐♥ ❡♠❜❛r❣♦✱ s✐ ❡❧ ♣r♦❞✉❝❡ ❡♠♣❛♥❛❞❛s s❛❜❡ q✉❡ ❧✉❡❣♦ ❞❡ ♣❛❣❛r ❧♦s
❝♦st♦s ❞❡ ❡st❛s ✭s✉s ❝♦st♦s ✈❛r✐❛❜❧❡s✮ ❧❡ q✉❡❞❛♥ ✩✷✺✵✳✵✵✵✱ ② ♣♦r ❧♦ t❛♥t♦✱ ❧✉❡❣♦
❞❡ ♣❛❣❛r ❡❧ ❛rr✐❡♥❞♦ só❧♦ ♣✐❡r❞❡ ✩✺✵✳✵✵✵✱ ❞❡ ❧♦ ❝✉❛❧ ❝♦♥❝❧✉✐♠♦s q✉❡ ❧❡ ❝♦♥✲
✈✐❡♥❡ ❛❜r✐r s✉ t✐❡♥❞❛✳ ➽◗✉é ♦❝✉rr❡ s✐ ❡♥ ✈❡③ ❞❡ q✉❡ ❧❡ q✉❡❞❡♥ ✩✷✺✵✳✵✵✵ ♣✐❡r❞❡
✩✶✵✵✳✵✵✵✱ ❡s ❞❡❝✐r✱ ♥♦ ❛❧❝❛♥③❛ ❛ ♣❛❣❛r ❡❧ ❝♦st♦ ❞❡ s✉s ❡♠♣❛♥❞❛s❄✱ s✐ ♦❝✉rr❡ ❡st♦
❡s ♠❡❥♦r q✉❡ ❝✐❡rr❡ s✉ t✐❡♥❞❛✱ ❞❛❞♦ q✉❡ s✐ ❝✐❡rr❛ ♣❡r❞❡rá ✩✸✵✵✳✵✵✵✱ ♠✐❡♥tr❛s
q✉❡ s✐ ♥♦ ❝✐❡rr❛ ♣❡r❞❡rá ✩✹✵✵✳✵✵✵✳

P♦r ❧♦ t❛♥t♦✱ ♣♦❞❡♠♦s ♣❡♥s❛r q✉❡ ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ❞❡ ❝♦rt♦ ♣❧❛③♦ ❝♦rr❡s♣♦♥✲
❞❡ ❛ t♦❞♦s ❛q✉❡❧❧♦s ♣✉♥t♦s ❞❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ s♦❜r❡ ❡❧ ❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡
♠í♥✐♠♦✳

●rá✜❝❛♠❡♥t❡✿

CMgCP
CMeTCP

Curva de CMeVCP
Oferta

Punto de
Indiferencia

❋✐❣✉r❛ ✸✳✷✾✿ ❖❢❡rt❛ ❝♦rt♦ ♣❧❛③♦

P❛✁
❣✐♥❛ ✶✻✹ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
✸✳✺✳✹ ❖❢❡rt❛ ❞❡ ▼❡r❝❛❞♦ ❞❡ ▲❛r❣♦ P❧❛③♦
❆❤♦r❛ q✉❡ ②❛ s❛❜❡♠♦s ❝ó♠♦ s❡ ❝♦♠♣♦rt❛ ❧❛ ♦❢❡rt❛ ✐♥❞✐✈✐❞✉❛❧ ❞❡ ❝❛❞❛ ❡♠♣r❡s❛
❡♥ ❡❧ t✐❡♠♣♦✱ ♥♦s ♣♦❞❡♠♦s ♣r❡❣✉♥t❛r ❝ó♠♦ s❡ ❝♦♠♣♦rt❛rá ❡♥ ❡❧ ❛❣r❡❣❛❞♦ ❡♥ ❡❧ ❧❛r❣♦
♣❧❛③♦✳ P❛r❛ ✈❡r ❡st♦ s✉♣♦♥❣❛♠♦s ❡❧ s✐❣✉✐❡♥t❡ ❡❥❡♠♣❧♦✿
❊♥ ✉♥ ❝♦♠✐❡♥③♦ ♥♦s ❡♥❝♦♥tr❛♠♦s ❡♥ ✉♥ ♠❡r❝❛❞♦ q✉❡ ❡stá ❡q✉✐❧✐❜r❛❞♦✱ ❡s ❞❡❝✐r✱
q✉❡ ❧❛ ♦❢❡rt❛ ❡s ✐❣✉❛❧ ❛ ❧❛ ❞❡♠❛♥❞❛ ② ❧♦s ❜❡♥❡✜❝✐♦s ❞❡ ❧❛s ❡♠♣r❡s❛s s♦♥ ✐❣✉❛❧❡s ❛
❝❡r♦✳ ●rá✜❝❛♠❡♥t❡ ❡❧ ♠❡r❝❛❞♦ ❡♥ ❣❡♥❡r❛❧ ❡stá r❡♣r❡s❡♥t❛❞♦ ♣♦r✿

Oferta

P*

Demanda

Q
Q*

❋✐❣✉r❛ ✸✳✸✵✿ ❊q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦

▼✐❡♥tr❛s q✉❡ ❝❛❞❛ ❡♠♣r❡s❛ t✐❡♥❡ ✉♥❛ s✐t✉❛❝✐ó♥ r❡♣r❡s❡♥t❛❞❛ ♣♦r✿

P❛✁
❣✐♥❛ ✶✻✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMgCP CMeTCP

CMeVCP
p

Q
Q*

❋✐❣✉r❛ ✸✳✸✶✿ ❊q✉✐❧✐❜r✐♦ ❞❡ ❝❛❞❛ ✜r♠❛

❙✉♣♦♥❣❛♠♦s ❛❤♦r❛ q✉❡ ❞❡❜✐❞♦ ❛ ✉♥ ❝❛♠❜✐♦ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡ ✉♥ ❜✐❡♥ s✉st✐t✉t♦

❧❛ ❞❡♠❛♥❞❛ ❞❡❧ ❜✐❡♥ ❡♥ ❝✉❡st✐ó♥ ❛✉♠❡♥t❛✱ ❣❡♥❡r❛♥❞♦ ❧❛ s✐❣✉✐❡♥t❡ s✐t✉❛❝✐ó♥ ❡♥ ❡❧
♠❡r❝❛❞♦ ❡♥ ❣❡♥❡r❛❧✿

oferta

P**

P*

Demanda 1

Demanda

Q* Q**

❋✐❣✉r❛ ✸✳✸✷

▲♦ q✉❡ ♣r♦✈♦❝❛ q✉❡ s✉❜❛ ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦✱ ❣❡♥❡r❛♥❞♦ q✉❡ ❛❤♦r❛ ❧❛s ❡♠♣r❡s❛s
t❡♥❣❛♥ ❜❡♥❡✜❝✐♦s✳ ●rá✜❝❛♠❡♥t❡✿

P❛✁
❣✐♥❛ ✶✻✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMgCP CMeTCP

P**
CMeVCP

CMeT

Q* Q

❋✐❣✉r❛ ✸✳✸✸

P❡r♦ ❝♦♠♦ s❛❜❡♠♦s✱ ❡st❛ s✐t✉❛❝✐ó♥ ❣❡♥❡r❛ ✐♥❝❡♥t✐✈♦s ❛ q✉❡ ❡♥tr❡♥ ♠ás ❡♠♣r❡s❛s
❛❧ ♠❡r❝❛❞♦✱ ❛✉♠❡♥t❛❞♦ ❧❛ ♦❢❡rt❛ ❡♥ ❡❧ ♠❡r❝❛❞♦✳ ●❡♥❡r❛♥❞♦ ❧❛ s✐❣✉✐❡♥t❡ s✐t✉❛❝✐ó♥✿

Oferta

Oferta 1

P**

P***

Demanda 1

Demanda

Q** Q***

❋✐❣✉r❛ ✸✳✸✹

▲♦ q✉❡ ❞✐s♠✐♥✉✐rá ❡❧ ♣r❡❝✐♦ ❤❛st❛ q✉❡ ②❛ ♥♦ q✉✐❡r❛♥ ❡♥tr❛r ♠ás ❡♠♣r❡s❛s✱ ❣❡♥❡✲
r❛♥❞♦ ♥✉❡✈❛♠❡♥t❡ ❧❛ s✐t✉❛❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s ✐❣✉❛❧❡s ❛ ❝❡r♦✳

P❛✁
❣✐♥❛ ✶✻✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

CMgCP CMeTCP

CMeVCP
P**

Q
Q*

❋✐❣✉r❛ ✸✳✸✺

❊♥ ❝❛s♦ ❝♦♥tr❛r✐♦✱ s✐ ❞✐s♠✐♥✉②❡ ❧❛ ❞❡♠❛♥❞❛ ❞❡❧ ❜✐❡♥✱ ❜❛❥❛rá ❡❧ ♣r❡❝✐♦ ❞❡ ❡q✉✐❧✐✲

❜r✐♦✱ ❧♦ q✉❡ ❤❛rá q✉❡ ❧❛s ❡♠♣r❡s❛s t❡♥❣❛♥ ♣❡r❞✐❞❛s✱ s❛❧✐❡♥❞♦ ❞❡❧ ♠❡r❝❛❞♦✳ ❊❧ ❛♥á❧✐s✐s
❣rá✜❝♦ q✉❡❞❛ ♣r♦♣✉❡st♦✳

❉❡ ❡st❛ ❢♦r♠❛✱ ♣♦❞❡♠♦s ❝♦♥❝❧✉✐r q✉❡ ❧❛ ♦❢❡rt❛ ❞❡ ♠❡r❝❛❞♦ ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❡st❛rá
❞❡✜♥✐❞❛ ♣♦r ❡❧ ♣r❡❝✐♦ q✉❡ ❤❛❝❡ q✉❡ ❧❛s ❡♠♣r❡s❛s ♥♦ t❡♥❣❛♥ ❜❡♥❡✜❝✐♦s ❡❝♦♥ó♠✐❝♦s✱
❡s ❞❡❝✐r✱ ❧❛ ♦❢❡rt❛ ❞❡ ♠❡r❝❛❞♦ ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❡s ✉♥❛ ♦❢❡rt❛ ❝♦♠♣❧❡t❛♠❡♥t❡ ❡❧ást✐❝❛✳
●rá✜❝❛♠❡♥t❡✿

Curva de demanda

P*

❋✐❣✉r❛ ✸✳✸✻✿ ❖❢❡rt❛ ❞❡ ♠❡r❝❛❞♦ ❧❛r❣♦ ♣❧❛③♦ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛

P❛✁
❣✐♥❛ ✶✻✽ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
✸✳✻ ▲❛ ❝❛♥t✐❞❛❞ ♦♣t✐♠❛ ❞❡ ❢❛❝t♦r
❙✐ ❝♦♥s✐❞❡r❛♠♦s ❛❤♦r❛ ❡❧ ❝♦st♦ ❞❡ ❧♦s ❢❛❝t♦r❡s✱ ② q✉❡ ❡st♦s s♦♥ ✉s❛❞♦s ❡♥ ❧❛
♣r♦❞✉❝❝✐ó♥✱ ❧♦s ❜❡♥❡✜❝✐♦s ❞❡ ❧❛ ❡♠♣r❡s❛ ❡stá♥ ❞❛❞♦s ♣♦r ❧♦ q✉❡ ♣r♦❞✉❝✐♠♦s ♣♦r s✉
♣r❡❝✐♦✱ ♠❡♥♦s ❧♦s ❝♦st♦s ❞❡❧ tr❛❜❛❥♦ ② ❡❧ ❝❛♣✐t❛❧✳ ❊s ❞❡❝✐r✿

π(K, L) = pf (K, L) − wL − rK
❉♦♥❞❡ sí q✉❡r❡♠♦s ❡♥❝♦♥tr❛r ❧❛ ❝❛♥t✐❞❛❞ ó♣t✐♠❛ ❞❡ tr❛❜❛❥♦ ❞❡❜❡♠♦s ❞❡r✐✈❛r ❝♦♥
r❡s♣❡❝t♦ ❛❧ tr❛❜❛❥♦✳ ❉♦♥❞❡ ♦❜t❡♥❡♠♦s✿

∂π(K, L) ∂f (K, L)
=p −w =0
∂L ∂L
❉❡s♣❡❥❛♥❞♦✿

∂f (K, L)
p =w
∂L
❙✐ ♥♦s ✜❥❛♠♦s ❡♥ ❧❛ ❞❡r✐✈❛❞❛ ❞❡ ❧❛ ✐③q✉✐❡r❞❛✱ ✈❡r❡♠♦s q✉❡ ❡s ❧❛ ❞❡✜♥✐❝✐ó♥ ❞❡❧
♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧ ❞❡❧ tr❛❜❛❥♦✱ ♣♦r ❧♦ q✉❡ ❧❛ ❝♦♥❞✐❝✐ó♥ s❡ ♣✉❡❞❡ ❡s❝r✐❜✐r ❝♦♠♦✿

pP M gL = w
P♦r ❧♦ t❛♥t♦✱ ❡❧ ♥✐✈❡❧ ❞❡ tr❛❜❛❥♦ ó♣t✐♠♦ ❡s ❛q✉❡❧ ❡♥ ❞♦♥❞❡ ❡❧ ✈❛❧♦r ❞❡❧ ♣r♦❞✉❝t♦
♠❛r❣✐♥❛❧ ✭❧❛ ❡①♣r❡s✐ó♥ ❞❡ ❧❛ ✐③q✉✐❡r❞❛✮ ❡s ❡q✉✐✈❛❧❡♥t❡ ❛❧ tr❛❜❛❥♦✱ ❡s ❞❡❝✐r✱ ❡❧ tr❛❜❛✲
❥❛❞♦r ♣r♦❞✉❝❡ s✉ s❛❧❛r✐♦✳

❉❡ ❢♦r♠❛ ❛♥á❧♦❣❛✱ ♣❛r❛ ❞❡t❡r♠✐♥❛r ❡❧ ♥✐✈❡❧ ❞❡ ❝❛♣✐t❛❧ ó♣t✐♠♦✱ ❞❡❜❡♠♦s ❞❡r✐✈❛r

♣♦r ❡❧ ❝❛♣✐t❛❧✳ ❉♦♥❞❡ ♦❜t❡♥❡♠♦s✿

∂π(K, L) ∂f (K, L)
=p −r =0
∂K ∂K
❉❡s♣❡❥❛♥❞♦✿

∂f (K, L)
p =r
∂K
❙✐ ♥♦s ✜❥❛♠♦s ❡♥ ❧❛ ❞❡r✐✈❛❞❛ ❞❡ ❧❛ ✐③q✉✐❡r❞❛✱ ✈❡r❡♠♦s q✉❡ ❡s ❧❛ ❞❡✜♥✐❝✐ó♥ ❞❡❧
♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧ ❞❡❧ ❝❛♣✐t❛❧✱ ♣♦r ❧♦ q✉❡ ❧❛ ❝♦♥❞✐❝✐ó♥ s❡ ♣✉❡❞❡ ❡s❝r✐❜✐r ❝♦♠♦✿

pP M gK = w
P♦r ❧♦ t❛♥t♦✱ ❡❧ ♥✐✈❡❧ ❞❡ ❝❛♣✐t❛❧ ó♣t✐♠♦ ❡s ❛q✉❡❧ ❡♥ ❞♦♥❞❡ ❡❧ ✈❛❧♦r ❞❡❧ ♣r♦❞✉❝t♦
♠❛r❣✐♥❛❧ ✭❧❛ ❡①♣r❡s✐ó♥ ❞❡ ❧❛ ✐③q✉✐❡r❞❛✮ ❡s ❡q✉✐✈❛❧❡♥t❡ ❛❧ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞✱ ❡s
❞❡❝✐r✱ ❡❧ ❝❛♣✐t❛❧ ♣r♦❞✉❝❡ s✉ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞✳

P❛✁
❣✐♥❛ ✶✻✾ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

✸✳✼ ❊❥❡r❝✐❝✐♦s ❘❡s✉❡❧t♦s

✸✳✼✳✶ ❈♦♠❡♥t❡s r❡s✉❡❧t♦s

✶✳ ❊♥ ❡❧ ❝♦♥t❡①t♦ ❞❡ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✱ ✉♥❛ ❝♦♥❞✐❝✐ó♥ ♥❡❝❡s❛r✐❛ ♣❛r❛ ♠❛①✐✲
♠✐③❛r ❜❡♥❡✜❝✐♦s ❡s ♣r♦❞✉❝✐r ❧❛ ❝❛♥t✐❞❛❞ ❞♦♥❞❡ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❞❡ ❧❛ ú❧t✐♠❛
✉♥✐❞❛❞ s❡❛ ❡q✉✐✈❛❧❡♥t❡ ❛❧ ♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦ ❞❡❧ ❜✐❡♥✳
❘❡s♣✉❡st❛
❋❛❧s♦✳ ❙✐ ❝♦♥s✐❞❡r❛♠♦s ❢✉♥❝✐♦♥❡s ❞❡ ❝♦st♦s ❝♦♥ ❢♦r♠❛ ❞❡ ❯✳ ❊♥t♦♥❝❡s✱ s✐ ❜✐❡♥
❡s ✉♥❛ ❝♦♥❞✐❝✐ó♥ ♥❡❝❡s❛r✐❛✱ ❡st❛ ♥♦ ❡s s✉✜❝✐❡♥t❡✳ P❛r❛ q✉❡ s❡❛ s✉✜❝✐❡♥t❡ ❞❡❜❡
❝♦♥s✐❞❡r❛r ♣♦r ✉♥ ❧❛❞♦ q✉❡ ❡❧ ♣r❡❝✐♦ s❡❛ ♠❛②♦r ❛❧ ❝♦st♦ ✈❛r✐❛❜❧❡ ♣r♦♠❡❞✐♦✱ ②
❛❞❡♠ás q✉❡ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ✐♥t❡rs❡❝t❡ ❛❧ ♣r❡❝✐♦ ❞❡s❞❡ ❛❜❛❥♦✱ ❡s ❞❡❝✐r✱ ❡♥ s✉
♣❛rt❡ ❝r❡❝✐❡♥t❡✳
✷✳ ❊s ♣r❡❢❡r✐❜❧❡ ❝❡rr❛r ② ❞❡❥❛r ❞❡ ♣r♦❞✉❝✐r ❝✉❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❝❛❡ ♣♦r ❞❡❜❛❥♦ ❞❡❧
❝♦st♦ ♠❡❞✐♦✳
❘❡s♣✉❡st❛
◆♦ ♥❡❝❡s❛r✐❛♠❡♥t❡✳ ❚♦❞♦ ❞❡♣❡♥❞❡ s✐ ❡❧ ♣r❡❝✐♦ ❡stá ♣♦r ❞❡❜❛❥♦ ❞❡❧ ❝♦st♦ ✈❛✲
r✐❛❜❧❡ ♠❡❞✐♦✳ P♦r ✉♥ ❧❛❞♦✱ ❞❛❞♦ q✉❡ ést❡ ú❧t✐♠♦ ❡s ✉♥ ❝♦♠♣♦♥❡♥t❡ ❞❡❧ ❝♦st♦
♠❡❞✐♦ s❛❜❡♠♦s q✉❡ t♦♠❛ ✉♥ ✈❛❧♦r ♠❡♥♦r ❛❧ ❞❡❧ ♣r✐♠❡r♦✳ P♦r ♦tr♦ ❧❛❞♦✱ ♣♦r ❧❛
❝♦♥❞✐❝✐ó♥ ❞❡ ❝✐❡rr❡✱ s❛❜❡♠♦s q✉❡ s✐ ❡❧ ♣r❡❝✐♦ ❡stá ♣♦r s♦❜r❡ ❡❧ ❝♦st♦ ✈❛r✐❛❜❧❡
♠❡❞✐♦✱ ❡♥t♦♥❝❡s ❧❛ ✜r♠❛ ❧❡ r❡s✉❧t❛ ó♣t✐♠♦ ❡st❛r ♣r♦❞✉❝✐❡♥❞♦✳ ❊♥t♦♥❝❡s✱ s✐ ❝♦♥✲
s✐❞❡r❛♠♦s ❡❧ ❡✈❡♥t♦ ❞♦♥❞❡ ❡❧ ♣r❡❝✐♦ t♦♠❛ ✉♥ ✈❛❧♦r ♣♦r s♦❜r❡ ❡❧ ❝♦st♦ ✈❛r✐❛❜❧❡
♠❡❞✐♦ ♣❡r♦ ✐♥❢❡r✐♦r ❛❧ ❝♦st♦ ♠❡❞✐♦✱ ❡♥t♦♥❝❡s t❡♥❡♠♦s ✉♥❛ s✐t✉❛❝✐ó♥ ❞♦♥❞❡ s❡
♦❜t✐❡♥❡♥ ♣ér❞✐❞❛s✱ ♣❡r♦ ❡st❛s s♦♥ ♠❡♥♦r❡s ❛❧ ✈❛❧♦r ❞❡❧ ❝♦st♦ ✜❥♦✳
✸✳ ❊♥ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛ ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ❞❡ ❧❛r❣♦ ♣❧❛③♦ s✐❡♠♣r❡ ❡s ❤♦r✐③♦♥✲
t❛❧✳
❘❡s♣✉❡st❛
◆♦ ♥❡❝❡s❛r✐❛♠❡♥t❡✳ ❉❡♣❡♥❞❡ ❞❡❧ s✉♣✉❡st♦ ❞❡ ❡①✐st❡♥❝✐❛ ❛s♦❝✐❛❞♦ ❛ ❞❡s❡❝♦♥♦✲
♠í❛s ♣❡❝✉♥✐❛r✐❛s✳ ❊♥t♦♥❝❡s✱ s✉♣♦♥✐❡♥❞♦ s✉ ❡①✐st❡♥❝✐❛✱ t❡♥❡♠♦s q✉❡ ✐♥❝r❡♠❡♥✲
t♦s ❡♥ ❧❛ ♣r♦❞✉❝❝✐ó♥ ✭✐♥❝❡♥t✐✈❛❞♦s ♣♦r ✉♥ ✐♥❝r❡♠❡♥t♦ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥✮
❣❡♥❡r❛ ✉♥ ❛✉♠❡♥t♦ ❡♥ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❢❛❝t♦r❡s✱ ② ❝♦♥s❡❝✉❡♥t❡♠❡♥t❡ ❡♥ ❧♦s
❝♦st♦s ❞❡ ♣r♦❞✉❝❝✐ó♥✳ ❊st♦ s❡ tr❛❞✉❝❡ ❡♥ ✉♥❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❞❡
❧❛ ✐♥❞✉str✐❛ ✭❡♥ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✮ ❝♦♥ ♣❡♥❞✐❡♥t❡ ❡str✐❝t❛♠❡♥t❡ ♣♦s✐t✐✈❛✳
✹✳ ❙✐ ♥♦s ❡♥❝♦♥tr❛♠♦s ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦✱ ❧❛ ❝❛♥t✐❞❛❞ ✉t✐❧✐③❛❞❛ ❞❡❧ ❢❛❝t♦r ✜❥♦ s❡✲
rá ❧❛ ó♣t✐♠❛ ❞❡s❞❡ ❧❛ ♣❡rs♣❡❝t✐✈❛ ❞❡❧ ❧❛r❣♦ ♣❧❛③♦✱ s✐ ② só❧♦ ❧❛ ❡♠♣r❡s❛ t✐❡♥❡
r❡♥❞✐♠✐❡♥t♦s ❝♦♥st❛♥t❡ ❛ ❧❛ ❡s❝❛❧❛✳
❘❡s♣✉❡st❛✿

❈✉❛♥❞♦ ❡①✐st❡♥ r❡♥❞✐♠✐❡♥t♦s ❝♦♥st❛♥t❡s ❛ ❧❛ ❡s❝❛❧❛✱ ♦❝✉rr❡ q✉❡ ❧❛ ❝❛♥t✐❞❛❞

ó♣t✐♠❛ ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❡s ✐❣✉❛❧ ❛ ❧❛ ❝❛♥t✐❞❛❞ ó♣t✐♠❛ ❞❡ ❝♦rt♦ ♣❧❛③♦✱ ❡s ❞❡❝✐r ✿

P❛✁
❣✐♥❛ ✶✼✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
$

CTMeCP CTMeLP

q*=qCP q

❊♥t♦♥❝❡s✱ ❞❛❞♦ q✉❡ q ∗ = qCP ✱ t✐❡♥❡ q✉❡ ♦❝✉rr✐r q✉❡ ❡❧ ❝❛♣✐t❛❧ ✭✜❥♦✮ ❞❡ ❝♦rt♦
♣❧❛③♦ ❞❡❜❡ s❡r ✐❣✉❛❧ ❛❧ ❝❛♣✐t❛❧ ❞❡ ❧❛r❣♦ ♣❧❛③♦✱ ❛sí s❡ ❝✉♠♣❧❡ q✉❡ ❧❛ ❝❛♥t✐❞❛❞
ó♣t✐♠❛ ❞❡ ❧❛r❣♦ ♣❧❛③♦ ❡s ✐❣✉❛❧ ❛ ❧❛ ❝❛♥t✐❞❛❞ ó♣t✐♠❛ ❞❡ ❝♦rt♦ ♣❧❛③♦✳

K *=K K
q =qCP
*

L* =LCP L

✺✳ ❉❡ ❧♦s s✐❣✉✐❡♥t❡s ❣rá✜❝♦s t♦❞♦s ❝♦rr❡s♣♦♥❞❡♥ ❛ ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥ ❡①❝❡♣✲

t♦ ✭❡✮✳ ❈♦♠❡♥t❡✳

(a) (b) (c)

(d) (e) (f)

P❛✁
❣✐♥❛ ✶✼✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

❘❡s♣✉❡st❛✿

❘❡❝♦❞❛r ❧❛s tr❡s ♣r♦♣✐❡❞❛❞❡s ❞❡ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥✿

▲❛s ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥ s♦♥ ❝r❡❝✐❡♥t❡s ❡♥ ❡❧ ✉s♦ ❞❡ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s
❢❛❝t♦r❡s✳ ❊st♦ ❡s✱ s✐❡♠♣r❡ P M g ≥ 0✳ P♦r ♠ás q✉❡ ❛✉♠❡♥t❡♠♦s ❧❛ ❝❛♥t✐✲
❞❛❞ ❞❡ ✐♥♣✉t ❧❛ ♣r♦❞✉❝❝✐ó♥ t♦t❛❧ s✐❡♠♣r❡ ❞❡❜❡ ❛✉♠❡♥t❛r ❡♥ ✉♥❛ ❝❛♥t✐❞❛❞
♠❛②♦r ♦ ✐❣✉❛❧ ❛ ✵✱ ❥❛♠ás ❞✐s♠✐♥✉✐r✳ P♦r ❧♦ t❛♥t♦ s❡ ❞❡s❝❛rt❛ q✉❡ ✭❜✮ s❡❛
✉♥❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ ♣✉❡s ♣♦s❡❡ ✉♥ tr❛♠♦ ❞❡❝r❡❝✐❡♥t❡✳
❉❡ ❧❛ ♥❛❞❛✱ ♥❛❞❛ s❛❧❡✱ ❡s ❞❡❝✐r F (0, 0) = 0✳ P♦r ❧♦ t❛♥t♦ s❡ ❞❡s❝❛rt❛♥ ✭❛✮
② ✭❜✮✳
❈♦♥✈❡①✐❞❛❞ ❞❡ ❧❛s ✐s♦❝✉❛♥t❛s✳ ❯♥❛ ❝♦♥❞✐❝✐ó♥ s✉✜❝✐❡♥t❡ ♣❛r❛ ❛✜r♠❛r ❡st♦
❡s q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ s❡❛ ❝ó♥❝❛✈❛✳ ◆♦ ♦❜st❛♥t❡ ❝❛r❛❝t❡ríst✐❝❛ ❡s
só❧♦ ♣❛r❛ ♣♦❞❡r ❡♥❝♦♥tr❛r ✉♥ ó♣t✐♠♦ ❛ tr❛✈és ❞❡ ❧❛ ♠✐♥✐♠✐③❛❝✐ó♥ ❞❡ ❝♦s✲
t♦s✱ ♣✉❡❞❡♥ ❡①✐st✐r ❢✉♥❝✐♦♥❡s ❝♦♠♦ ✭❞✮ q✉❡ ♣r❡s❡♥t❡♥ r❡t♦r♥♦s ❝r❡❝✐❡♥t❡s
❛ ❡s❝❛❧❛✳
❊♥ r❡s✉♠❡♥ só❧♦ ✭❝✮✱ ✭❞✮ ② ✭❢✮ ❝♦rr❡s♣♦♥❞❡♥ ❛ ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥✶ ✳
✻✳ ❯♥ ❝❛♠❜✐♦ s✐♠✐❧❛r ❡♥ t♦❞♦s ❧♦s ♣r❡❝✐♦s ❞❡ ❧♦s ✐♥s✉♠♦s✱ tr❛❡rá ❝♦♠♦ r❡s✉❧t❛❞♦
❡❧ ❞❡s♣❧❛③❛♠✐❡♥t♦ ❞❡ ❧❛s ❝✉r✈❛s ❞❡ ❝♦st♦ ❞❡ ❝♦rt♦ ② ❧❛r❣♦ ♣❧❛③♦ ❞❡ ✉♥❛ ❡♠♣r❡s❛
✐♥❞✐✈✐❞✉❛❧✳
❘❡s♣✉❡st❛✿

❙✐ ♦❝✉rr✐r❛ ✉♥ ❞❡s♣❧❛③❛♠✐❡♥t♦ ❞❡ ❧❛s ❝✉r✈❛s ❞❡ ❝♦st♦✱ ♣❡r♦ ❡st❛s t❡♥❞r❛♥ ✉♥

❝♦♠♣♦rt❛♠✐❡♥t♦ ❞✐❢❡r❡♥t❡ ❡♥ ❡❧ ❝♦rt♦ ② ❡♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦✳ ❊♥ ❡❧ ❝♦rt♦ ♣❧❛③♦✱
❝♦♠♦ ✉♥♦ ❞❡ ❧♦s ❢❛❝t♦r❡s ❡s ✜❥♦✱ ❧❛ ❝✉r✈❛ ❞❡ ❝♦st♦ t♦t❛❧✱ s❡ ❞❡s♣❧❛③❛ ♣❡r♦
t❛♠❜✐é♥ ❝❛♠❜✐❛ ❞❡ ♣❡♥❞✐❡♥t❡✱ ❧♦ ♠✐s♠♦ ♦❝✉rr❡ ❝♦♥ ❧❛s ❝✉r✈❛s ❞❡ ❝♦st♦ t♦t❛❧
♠❡❞✐♦ ② ❝♦st♦ ♠❛r❣✐♥❛❧✳
❊♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦✱ ❞❛❞♦ q✉❡ ❛♠❜♦s ❢❛❝t♦r❡s s♦♥ ✜❥♦s ♦❝✉rr❡ q✉❡ ❧❛ ❝✉r✈❛ ❞❡
❝♦st♦ t♦t❛❧ s❡ ❞❡s♣❧❛③❛ ❝♦♥ ❝❛♠❜✐♦ ❞❡ ♣❡♥❞✐❡♥t❡✱ ♣❡r♦ ❧❛ ❝✉r✈❛ ❞❡ ❝♦st♦ ♠❡❞✐♦s
② ❞❡ ❝♦st♦ ♠❛r❣✐♥❛❧ s❡ ❞❡s♣❧❛③❛♥ ♣❛r❛❧❡❧❛♠❡♥t❡✱ ❡st♦ ♦❝✉rr❡ ♣♦rq✉❡ ❡♥ ❡❧ ❧❛r❣♦
♣❧❛③♦ ❧❛ ❝❛♥t✐❞❛❞ ó♣t✐♠❛ ❞❡ ✉s♦ ❞❡ ❝❛❞❛ ❢❛❝t♦r s❡r❛ ❧❛ ♠✐s♠❛ ✭s✐ ❧♦s ❞♦s ❢❛❝t♦r❡s
❛✉♠❡♥t❛♥ ❡♥ ❧❛ ♠✐s♠❛ ♣r♦♣♦r❝✐ó♥✮✳
❱❡❛♠♦s ✉♥ ❡❥❡♠♣❧♦ ✿
■♠❛❣✐♥❡♠♦s q✉❡ ❡st❛♠♦s ❡♥ ❡❧ ❧❛r❣♦ ♣❛❧③♦✱ ② s❡❛ ✿

q = Lα K β
conα + β = 1
✶ ◆♦ ♦❜st❛♥t❡ q✉✐❡♥ ❞❡s❝❛rt❡ ✭❞✮ ♣♦r ❧❛ t❡r❝❡r❛ r❛③ó♥ ❡s❣r✐♠✐❞❛ t❛♠❜✐é♥ s❡rá ❝♦♥s✐❞❡r❛❞♦

P❛✁
❣✐♥❛ ✶✼✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

L : wL + rK + λ[q − Lα K β ]

w αK
⇒ =
r βL
 β
c αr
⇒L = q
βw
 α
c βw
⇒K = q
αr
 
α β α β
⇒ CT (q) = w r q +
β α
 
α β α β
⇒ CT M e(q) = w r +
β α
 
α β α β
⇒ CM g(q) = w r +
β α

❙✉♣♦♥❣❛♠♦s q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❢❛❝♦r❡s ❛✉♠❡♥t❛ ❛ w∗ ② r∗ ❞♦♥❞❡ w∗ = εw ②

r∗ = εr✱ ❡♥t♦♥❝❡s t❡♥❡♠♦s✳✳✳

L : w∗ L + r∗ K + λ[q − Lα K β ]

w∗ w αK
⇒ = =
r ∗ r βL
 β
c∗ c αr
⇒L =L = q
βw
 α
c∗ c βw
⇒K =K = q
αr



∗ α β
α β
⇒ CT (q) = εw r q + = εCT (q)
β α
 
α β α β
⇒ CT M e(q)∗ = εw r + = εCT M e(q)
β α
 
α β α β
⇒ CM g(q)∗ = εw r + = εCM g(q)
β α

❣rá✜❝❛♠❡♥t❡✳✳✳

P❛✁
❣✐♥❛ ✶✼✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
$ CT(q)*
CT(q)

CTMe(q)*=CMg(q)*

CTMe(q)=CMg(q)

❙✐ ❝♦♥s✐❞❡r❛♠♦s ❡❧ ♠✐s♠♦ ♣❡r♦ ♣❛r❛ ❡❧ ❝♦rt♦ ♣❧❛③♦✱ t❡♥❞r❡♠♦s✳✳✳

β
q = Lα K
q
⇒ Lc = β
K
β/α 
1 1/α
⇒ CT (q) = wq + rK
K
 β/α
(1/α)−1 1 rK
⇒ CT M e(q) = wq +
K q
 β/α
1 (1/α)−1 1
⇒ CM g(q) = wq
α K

❙✉♣♦♥❣❛♠♦s q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❢❛❝♦r❡s ❛✉♠❡♥t❛ ❛ w∗ ② r∗ ❞♦♥❞❡ w∗ = εw ②

r∗ = εr✱ ❡♥t♦♥❝❡s t❡♥❡♠♦s✳✳✳

q
⇒ Lc∗ = Lc = β
K

β/α
∗ 1
1/α
⇒ CT (q) = εwq + εrK = εCT (q)
K
 β/α
(1/α)−1 1 εrK
⇒ CT M e(q)∗ = εwq + = εCT M e(q)
K q
 β/α
ε (1/α)−1 1
⇒ CM g(q)∗ = wq = εCM g(q)
α K

❣rá✜❝❛♠❡♥t❡✳✳✳

P❛✁
❣✐♥❛ ✶✼✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

$ CT(q)* CT(q)

CMg(q)*
CTMe(q)* CMg(q)

CTMe(q)

✼✳ ❊♥ ✉♥ ♣r♦❝❡s♦ ♣r♦❞✉❝t✐✈♦✱ ❡s ♣♦s✐❜❧❡ t❡♥❡r ✉♥ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧ ❞❡❝r❡❝✐❡♥t❡

❡♥ ✉♥ ❢❛❝t♦r ②✱ ❛✉♥ ❛sí✱ r❡♥❞✐♠✐❡♥t♦s ❝r❡❝✐❡♥t❡s ❞❡ ❡s❝❛❧❛✳
❘❡s♣✉❡st❛✿

❱❡r❞❛❞❡r♦✱ ♣✉❡st♦ q✉❡ s❡ tr❛t❛ ❞❡ ❞✐st✐♥t♦s ❛♥á❧✐s✐s✳ ❘❡❝♦r❞❛r q✉❡ ♣r♦❞✉❝t✐✈✐❞❛❞

♠❛r❣✐♥❛❧ ❝♦♥s✐❞❡r❛ t♦❞♦ ❧♦s ❞❡♠ás ❢❛❝t♦r❡s ❝♦♥st❛♥t❡s✱ ♠✐❡♥tr❛s q✉❡ ❡♥ ❧♦s
r❡♥❞✐♠✐❡♥t♦s ❛ ❡s❝❛❧❛ t♦❞♦s ✈❛rí❛♥✳ ❯♥ ❡❥❡♠♣❧♦ ❞❡ ❡st♦ s❡rí❛✳

F (X, Y ) = X 1/2 Y 3/2

F (λX, λY ) = λ2 X 1/2 Y 3/2 −→ Rendimientoscrecientesaescala.
∂F (X, Y ) 1 −1/2 3/2
= X Y
∂X 2
∂ 2 F (X, Y ) 1
= − X −3/2 Y 3/2 ≤ 0 −→ P roductividadM arginalDecreciente.
∂X 2 4

✽✳ ❙✐ ✉♥❛ ❡♠♣r❡s❛ t✐❡♥❡ ✉♥❛ ❢✉♥❝✐ó♥ ❝♦♥ r❡t♦r♥♦s ❝♦♥st❛♥t❡s ❛ ❧❛ ❡s❝❛❧❛ ❡♥t♦♥❝❡s
❧❛ ❝✉r✈❛ ❞❡ ❝♦st♦s ♠❡❞✐♦s ❞❡ ❧❛r❣♦ ♣❧❛③♦ s❡rá ❝♦♥st❛♥t❡✱ ② ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧
s❡rá ✐❣✉❛❧ ❛❧ ❝♦st♦ ♠❡❞✐♦✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❱❡r❞❛❞❡r♦✱ ♣♦rq✉❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ ✭s✉♣✉❡st♦✿ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❈♦❜❜✲

❉♦✉❣❧❛s✮✿

α+β = 1

P♦r ❧♦ t❛♥t♦✱ s✐ ♦❜t❡♥❡♠♦s ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s✿

P❛✁
❣✐♥❛ ✶✼✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

 
L = wL + rK + λ q − Lα K β
∂L
⇒ = 0 ⇔ w − λαLα−1 K β = 0
∂L
∂L
⇒ = 0 ⇔ r − λβLα K β−1 = 0
∂K
∂L
⇒ = 0 ⇔ q − Lα K β = 0
∂λ
w K
❈♦♥❞✐❝✐ó♥ ❞❡ Ó♣t✐♠♦ : =
r L

❆❤♦r❛ ♦❜t❡♥❞r❡♠♦s ❧❛s ❞❡♠❛♥❞❛s ❝♦♥❞✐❝✐♦♥❛❞❛s ❞❡ ❢❛❝t♦r❡s✿

q = Lα K β
 β
α wL
q = L
r
 w β
q = L
r
 r β
LC = q
ww α
❆♥❛❧♦❣❛♠❡♥t❡✿ K C
= q
r

❈♦♥ ❡st♦ ♦❜t❡♥❡♠♦s ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s✿

C = wLC + rK C
 r β  w α
C = wq + rq
w r
α β
C = 2q(w) (r)
C 2q(w)α (r)β
⇒ = CM e = = 2(w)α (r)β
q q
∂C
⇒ = CM g = 2(w)α (r)β
∂q

❈♦♠♦ s❡ ♣✉❡❞❡ ✈❡r ❡♥ ❡st❡ ♣r♦❝❡❞✐♠✐❡♥t♦✱ ❝✉❛♥❞♦ ❡①✐st❡♥ r❡t♦r♥♦s ❝♦♥st❛♥t❡s

❛ ❡s❝❛❧❛✱ ❡❧ ❝♦st♦ ♠❡❞✐♦ ❡s ❝♦♥st❛♥t❡ ✭♥♦ ❞❡♣❡♥❞❡ ❞❡ ❧❛ ❝❛♥t✐❞❛❞✮ ② ❡s ✐❣✉❛❧ ❛❧
❝♦st♦ ♠❛r❣✐♥❛❧✳
❊st♦ s❡ ♣✉❡❞❡ ✈❡r ❣rá✜❝❛♠❡♥t❡ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

P❛✁
❣✐♥❛ ✶✼✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

C
Costos Medios

Zona de Retornos
Constantes a Escala

q1 q2 q

❊♥tr❡ q1 ② q2 ❡①✐st❡♥ r❡t♦r♥♦s ❝♦♥st❛♥t❡s ❛ ❡s❝❛❧❛✱ ❡♥ ❡st❡ tr❛♠♦✱ ❧♦s ❝♦st♦s

♠❡❞✐♦s s♦♥ ❝♦♥st❛♥t❡s✱ ❡s ❞❡❝✐r ❛❧ ❛✉♠❡♥t❛r ❡❧ t❛♠❛ñ♦ ❞❡ ❧❛ ❡s❝❛❧❛ ✭❝❛♥t✐❞❛❞✮
♥♦ ❛✉♠❡♥t❛♥ ❧♦s ❝♦st♦s✳
✾✳ ▲❛ ♦❢❡rt❛ ❞❡ ❧❛ ✐♥❞✉str✐❛ ❜❛❥♦ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✱ ❡s ❝♦♠♣❧❡t❛♠❡♥t❡ ✐♥❡❧ás✲
t✐❝❛✱ ❛ú♥ ❝✉❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ✐♥s✉♠♦s ✉t✐❧✐③❛❞♦s ❡♥ ❧❛ ✐♥❞✉str✐❛ ♣✉❡❞❛♥
✈❛r✐❛r ❞❡❜✐❞♦ ❛ ✉♥❛ ❡①♣❛♥s✐ó♥ ❞❡ ❧❛ ♣r♦❞✉❝❝✐ó♥ ❝❛✉s❛❞♦ ♣♦r ✉♥ ✐♥❝r❡♠❡♥t♦ ❡♥
❧❛ ❞❡♠❛♥❞❛ ❞❡❧ ❜✐❡♥✳
❘❡s♣✉❡st❛✿

❋❛❧s♦✱ ♣♦rq✉❡ ❧❛ ❞❡♠❛♥❞❛ ❞❡ ❧❛ ✐♥❞✉str✐❛ ❡♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦ ❡s ✐♥✜♥✐t❛♠❡♥t❡ ❡❧ás✲

t✐❝❛✱ ② ❡st♦ ♦❝✉rr❡ ❛ú♥ ❝✉❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ✐♥s✉♠♦s ✈❛rí❡ ♣♦r ❧❛ ❡①♣❛♥s✐ó♥
❡♥ ❧❛ ❞❡♠❛♥❞❛ ❞❡❧ ❜✐❡♥✳
❙✐ ❧♦ ✈❡♠♦s ♣❛s♦ ❛ ♣❛s♦✱ ♦❝✉rr❡ ❧♦ s✐❣✉✐❡♥t❡✿ Pr✐♠❡r♦ s✐ ❡❧ ❛✉♠❡♥t♦ ❞❡ ❧❛
❞❡♠❛♥❞❛ ♥♦ ✐♥❝r❡♠❡♥t❛ ❧♦s ♣r❡❝✐♦s ❞❡ ❧♦s ✐♥s✉♠♦s t❡♥❡♠♦s q✉❡ ❡st❡ ❛✉♠❡♥t♦
❡♥ ❧❛ ❞❡♠❛♥❞❛ ❤❛❝❡ s✉❜✐r ❧♦s ♣r❡❝✐♦s✱ ② ♣♦r ❡st❛ r❛③ó♥ ❝r❡❛ ✉t✐❧✐❞❛❞❡s ❡♥ ❧❛s
❡♠♣r❡s❛s✱ ♣♦r ❧♦ q✉❡ ♦tr❛s ❡♠♣r❡s❛s ❞❡❝✐❞❡♥ ❡♥tr❛r ❛❧ ♠❡r❝❛❞♦✱ ♣♦r ❧♦ q✉❡
❛✉♠❡♥t❛ ❧❛ ♦❢❡rt❛ ❧❧❡❣❛♥❞♦ ❤❛st❛ ❡❧ ♣✉♥t♦ ❞❡ ❜❡♥❡✜❝✐♦ ❝❡r♦✱ ♣♦r ❧♦ t❛♥t♦ ❡♥ ❡❧
♠❡r❝❛❞♦ s❡ tr❛♥③❛ ✉♥❛ ♠❛②♦r ❝❛♥t✐❞❛❞ ♣❡r♦ ❛❧ ♠✐s♠♦ ♣r❡❝✐♦✳

Y Y C G
E A

B
I

D F
X J H

P❛✁
❣✐♥❛ ✶✼✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

✶✵✳ ❙✐ s❡ s❛❜❡ q✉❡ ❡❧ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧ ❞❡❧ tr❛❜❛❥♦ ❡s ♠❛②♦r q✉❡ ❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦✱
❞❛❞♦ ✉♥ ♥✐✈❡❧ ❞❡ ❡♠♣❧❡♦✳ ❊♥t♦♥❝❡s✱ ❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦ ❞❡❜❡ s❡r ❝r❡❝✐❡♥t❡✳
❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

▲❛ ❝♦♥❞✐❝✐ó♥ s❡ ❞❡s❝r✐❜❡ ❝♦♠♦ P M L(L0 ) > P M e(L0 )✳ ❙✐ ❡❧ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧

❡s ♠❛②♦r q✉❡ ❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦ ❞❡❧ tr❛❜❛❥♦✱ ❡♥t♦♥❝❡s ❧❛ ✐♥❝♦r♣♦r❛❝✐ó♥ ❞❡ ✉♥

tr❛❜❛❥❛❞♦r ♠ás ❛ ❧❛s ❢❛❡♥❛s✱ ❤❛❝❡ q✉❡ ❡♥ ♣r♦♠❡❞✐♦ t♦❞♦s ♣r♦❞✉③❝❛♥ ♠ás✱ ♣♦r ❧♦

t❛♥t♦✱ ❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦ ❞❡❧ tr❛❜❛❥♦ ❞❡❜❡ s❡r ❝r❡❝✐❡♥t❡ ❡♥ ❡st❡ ♥✐✈❡❧ ❞❡ tr❛❜❛❥♦✳

PMg

PMg(L0) > PMe(L0) PMe

L0 L

✶✶✳ ❙✐ ❡❧ ❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡ ❡s ❞❡❝r❡❝✐❡♥t❡ s❡ ❞❡❜❡ ❛ q✉❡ ❡♥ ♣r♦♠❡❞✐♦ ♣r♦❞✉❝✐r

✉♥✐❞❛❞❡s ❞❡ ✉♥ ❜✐❡♥ ✐♠♣❧✐❝❛ ✉♥❛ ♠❡♥♦r ✉t✐❧✐③❛❝✐ó♥ ❞❡❧ ❢❛❝t♦r tr❛❜❛❥♦✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❈♦♠♦ ❡❧ ❝♦st♦ ♠❡❞✐♦ ✈❛r✐❛❜❧❡ ❡s ✐♥✈❡rs❛♠❡♥t❡ ♣♦r♣♦r❝✐♦♥❛❧ ❛ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞

CV wL w
♠❡❞✐❛✱ ❡s ❞❡❝✐r✱ CV M e = Q
= Q
= P Me
✳ ❊♥t♦♥❝❡s✱ s✐ ❡❧ ❝♦st♦ ♠❡❞✐♦

✈❛r✐❛❜❧❡ ❡s ❞❡❝r❡❝✐❡♥t❡ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞ ♠❡❞✐❛ ❡s ❝r❡❝✐❡♥t❡✱ ❧♦ q✉❡ ♥♦s ✐♥❞✐❝❛

q✉❡ s❡ ✉t✐❧✐③❛✱ ❡♥ ♣r♦♠❡❞✐♦✱ ♠❡❥♦r ❡❧ ❢❛❝t♦r tr❛❜❛❥♦✳

P❛✁
❣✐♥❛ ✶✼✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

PMg
PMe

L
C

CMe
CMg

✶✷✳ ❙✐ ✉♥❛ ❡♠♣r❡s❛ ❞❡❜❡ ♣❛❣❛r ✉♥❛ ❢r❛♥q✉✐❝✐❛ ✭✐♠♣✉❡st♦ ❛♥✉❛❧✮✱ q✉❡ ❡s ✉♥❛ ❝❛♥t✐✲
❞❛❞ ✜❥❛ ❡ ✐♥❞❡♣❡♥❞✐❡♥t❡ ❞❡ ❧♦ q✉❡ s❡ ♣r♦❞✉③❝❛✱ ❡♥t♦♥❝❡s ❧❛ r❡❧❛❝✐ó♥ ❡♥tr❡ ❝♦st♦
t♦t❛❧ ♠❡❞✐♦ ② ❝♦st♦ ♠❛r❣✐♥❛❧ s❡ ✈❡r❛ ❛❢❡❝t❛❞♦✱ ❞❡s♣❧❛③❛♥❞♦ s✉ ✐♥t❡rs❡❝❝✐ó♥
❤❛❝í❛ ❧❛ ❞❡r❡❝❤❛✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❙❛❜❡♠♦s q✉❡ ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦ ❡①✐st✐rá ✉♥ ❝♦st♦ ✜❥♦✱ ❡❧ ❝✉❛❧ ♥♦ ❞❡♣❡♥❞❡♥ ❞❡

❧❛s ✉♥✐❞❛❞❡s ❞❡❧ ❜✐❡♥ q✉❡ s❡ ♣r♦❞✉③❝❛♥✱ ❞❡ ♠❛♥❡r❛ q✉❡ s❡ ❞❡❜❡ ❝✉♠♣❧✐r q✉❡
CT (q) = CF + CV (q)✱ ♣♦r ❧♦ q✉❡ ❡❧ ❝♦st♦ t♦t❛❧ ♠❡❞✐♦ ❞❡❜❡ ❝✉♠♣❧✐r ❝♦♥
CT M e = CF M e + CV M e✳ ❉❡ ❡st❛ ♠❛♥❡r❛ s✐ ❧♦s ❝♦st♦s ✜❥♦s ❛✉♠❡♥t❛♥ ❡♥
✉♥❛ ❝✉❛♥tí❛ ✜❥❛ ✭❞✐❣❛♠♦s δ ✮✱ ❡♥t♦♥❝❡s ❡❧ ❝♦st♦ ♠❡❞✐♦ ✜❥♦ ❛✉♠❡♥t❛ ♣r♦♣♦r❝✐♦✲
♥❛❧♠❡♥t❡ ❛ ❧❛s ✉♥✐❞❛❞❡s q✉❡ s❡ ♣r♦❞✉❝❡♥✱ ❞❡ ♠❛♥❡r❛ q✉❡ ❡❧ ♥✉❡✈♦ ❝♦st♦ t❛❧
♠❡❞✐♦ s❡rí❛ CT M e = CF M e + qδ + CV M e ❝♦♥ ❧♦ ❝✉❛❧ ❧❛ ✐♥t❡r❛❝❝✐ó♥ s❡ ♠✉❡✈❡
❞❡❧ ♣✉♥t♦ A ❛❧ ♣✉♥t♦ B ✱ ❝♦♥ ❧♦ ❝✉❛❧ ♣♦❞❡♠♦s ❝♦♥❝❧✉✐r q✉❡ ❛ ♠❡♥♦s q✉❡ ❡❧ ❝♦st♦
s❡❛ ❝♦♠♣❧❡t❛♠❡♥t❡ ✐♥❡❧ást✐❝♦✱ ❡①✐st❡ ✉♥ ❞❡s♣❧❛③❛♠✐❡♥t♦ ❛ ❧❛ ❞❡r❡❝❤❛ ② ❤❛❝✐❛
❛rr✐❜❛✳

P❛✁
❣✐♥❛ ✶✼✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

C CMg

B CTMe
A
d
CTMe + q

✶✸✳ ▲❛ ♠❛①✐♠✐③❛❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦ ❣❛r❛♥t✐③❛ q✉❡ ❧❛ ♣r♦❞✉❝❝✐ó♥

s✐❡♠♣r❡ s❡rá ❛❧ ♠❡♥♦r ❝♦st♦ ♣♦s✐❜❧❡✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

◆♦ ♥❡❝❡s❛r✐❛♠❡♥t❡✱ ②❛ q✉❡ ❧❛ ♠❛①✐♠✐③❛❝✐ó♥ ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦ s❡ ❞❛ ❝✉❛♥❞♦

CM g = IM g = P ✱ ❧♦ ❝✉❛❧ ♣✉❡❞❡ ❡♥tr❡❣❛r ❜❡♥❡✜❝✐♦s ♣♦s✐s✐t✐✈♦s✱ t❛❧ ② ❝♦♠♦ s❡
♦❜s❡r✈❛ ❡♥ ❧❛ ✜❣✉r❛✳

C CMg CTMe
A
P = IMg

❊st❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ s❡ ❞❛ ❡♥ ❡❧ ♣✉♥t♦ A ❞❡ ❧❛ ✜❣✉r❛✱ ❞♦♥❞❡ ❡❧ ❝♦st♦

♠❡❞✐♦ ❡s ♠❛②♦r q✉❡ ❛❧ ❡♥❝♦♥tr❛rs❡ ❡♥ ❡❧ ♣✉♥t♦ B ✳ P♦r ❧♦ q✉❡✱ ♥♦ s❡ ❛s❡❣✉r❛
♣r♦❞✉❝❝✐ó♥ ❛ ❝♦st♦ ♠í♥✐♠♦✱ ❛ ♠❡♥♦s q✉❡ CV M e = CM g = IM g = P ✱ ❡♥
❝✉②♦ ❝❛s♦ ❧❛ ✜r♠❛ ♦❜t❡♥❞rí❛ ❜❡♥❡✜❝✐♦s ♥✉❧♦s ② ♣♦s✐❜❧❡♠❡♥t❡ s❡ ❡♥❝✉❡♥tr❡ ❡♥ ❡❧
♠❡r❝❛❞♦✱ ❜❛❥♦ ❝♦♥❞✐❝✐♦♥❡s ❞❡ ❧❛r❣♦ ♣❧❛③♦✳ ❙✐♥ ❡♠❜❛r❣♦✱ ❞❡s❞❡ ❡❧ ♣✉♥t♦ ❞❡ ✈✐st❛
❞❡❧ ❧❛r❣♦ ♣❧❛③♦ s✐ s❡ ❣❛r❛♥t✐③❛ ❧❛ ♠✐♥✐♠✐③❛❝✐ó♥ ❞❡ ❧♦s ❝♦st♦s✱ ②❛ q✉❡ ❧❛ ❢✉♥❝✐ó♥
❞❡ ❝♦st♦ ❡♥ ❧❛r❣♦ ♣❧❛③♦ s❡ ❞❡✜♥❡ ❝♦♠♦ ❧❛ ♠✐♥✐♠✐③❛❝✐ó♥ ❡♥ ❧❛ ❝♦♠❜✐♥❛❝✐ó♥ ❧✐♥❡❛❧
❡♥ ❡❧ ♣❛❣♦ ❞❡ ❧♦s ❢❛❝t♦r❡s ❛ ✉♥ ♥✐✈❡❧ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡t❡r♠✐♥❛❞♦✳
✶✹✳ ❙✐ ❛✉♠❡♥t❛ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❢❛❝t♦r tr❛❜❛❥♦✱ ❧❛s ❡♠♣r❡s❛s r❡♣r❡s❡♥t❛t✐✈❛s s✉st✐t✉✐rá♥

P❛✁
❣✐♥❛ ✶✽✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

❤❛st❛ q✉❡ ♣❛r❛ ❧❛ ú❧t✐♠❛ ✉♥✐❞❛❞ ❞❡❧ ❢❛❝t♦r ❧❛s ♣r♦❞✉❝t✐✈✐❞❛❞❡s r❡❧❛t✐✈❛s s❡❛♥
s✐♠✐❧❛r❡s ❛❧ ♣r❡❝✐♦ r❡❧❛t✐✈♦ ❞❡❧ ❢❛❝t♦r✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❇❛❥♦ ❡❧ s✉♣✉❡st♦ ❞❡ q✉❡ ❡❧ ♥✐✈❡❧ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❡s ❝♦♥st❛♥t❡ ✭◗✮ ② q✉❡ ❧♦s

❢❛❝t♦r❡s ♣r♦❞✉❝t✐✈♦s s♦♥ ✢❡①✐❜❧❡s✱ ❡♥t♦♥❝❡s ❧❛ ✜r♠❛ ♣❛r❛ ❝♦♥s❡r✈❛r s✉ ❝♦♥❞✐❝✐ó♥
❞❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦✱ s✉st✐t✉✐rá ❤❛st❛ q✉❡ s❡ ❝✉♠♣❧❛ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦
T M gST = wr ✱ ❡♥ ❧❛ ❝✉❛❧ s❡ ♠✐♥✐♠✐③❛ ❡❧ ❝♦st♦ ❞❡ ❧❛r❣♦ ♣❧❛③♦✳ ❊♥ ❝♦♥s❡❝✉❡♥❝✐❛
s✐ ❝❛♠❜✐❛ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ❢❛❝t♦r❡s ✭❛✉♠❡♥t♦✮ s❡ ♣❛s❛ ❞❡❧ ❝♦st♦ C1 ❛❧ ❝♦st♦ C2
②❛ q✉❡ s❡ ❞❡❜❡ ❝✉♠♣✐r ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ❞❡❧ ♣á❛rr❛❢♦ ❛♥t❡r✐♦r✱ ❞❡ ❡st❛
♠❛♥❡r❛ s❡ s✉st✐t✉②❡ ♣❛s❛♥❞♦ ❞❡❧ ♣✉♥t♦ A ❛❧ ♣✉♥t♦ B ✱ t❛❧ ② ❝♦♠♦ s❡ ♦❜s❡r✈❛
❡♥ ❡❧ ❣rá✜❝♦ ❞❡ ❧❛ ❞❡r❡❝❤❛ ❞❡ ❧❛ ✜❣✉r❛✳

K K
Q2 Q1
B

A B A

Q1
C2 C1 C2 C1
L L

❙✐♥ ❡♠❜❛r❣♦✱ s✐ s✉♣♦♥❡♠♦s q✉❡ ❡❧ ♥✐✈❡❧ ❞❡ ♣r♦❞✉❝❝✐ó♥ s❡ ♣✉❡❞❡ ❛❥✉st❛ ❤❛st❛

❡❧ ♣✉♥t♦ ❞❡ ♠❛♥t❡♥❡r ❡❧ ♠✐s♠♦ ♥✐✈❡❧ ❝♦st♦ ♠í♥✐♠♦✱ ❡①✐t✐rá ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥
② ❡❢❡❝t♦ ❡s❝❛❧❛✱ ♣♦r ❧♦ q✉❡ ❧❛ ✜r♠❛ ♣❛s❛rá ❞❡❧ ♣✉♥t♦ D ❛❧ E ❞❡❧ ❣rá✜❝♦ ❞❡ ❧❛
✐③q✉✐❡r❞❛ ❞❡ ❧❛ ✜❣✉r❛✳
✶✺✳ ▲❛ ❢♦r♠❛ ❞❡ ❧❛s ❝✉r✈❛ ❞❡ ❝♦st♦s ♠❡❞✐♦ ❞❡ ❧❛r❣♦ ♣❧❛③♦ s❡ ❞❡❜❡ ❛ ❧❛ ❡①✐st❡♥❝✐❛ ❛
q✉❡ ❧❛ t❡❝♥♦❧♦❣í❛ ♣r❡s❡♥t❛ r❡♥❞✐♠✐❡♥t♦s ❝r❡❝✐❡♥t❡s✱ ❝♦♥st❛♥t❡s ② ❞❡❝r❡❝✐❡♥t❡s ❛
❧❛ ❡s❝❛❧❛✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❈✐❡rt❛♠❡♥t❡✱ ❧♦s t✐♣♦s ❞❡ r❡♥❞✐♠✐❡♥t♦ ❞❡ ❡s❝❛❧❛ ♣✉❡❞❡♥ ❡①♣❧✐❝❛r ❧❛ ❢♦r♠❛ ❞❡

❧❛ ❝✉r✈❛ ❞❡ ❝♦st♦ ② ❡♥ ❜❛s❡ ❛ ❡st♦ ❞❡t❡r♠✐♥❛r ❧❛ ❝✉r✈❛ ❞❡ ❝♦st♦ ♠❡❞✐♦✱ s✐♥
❡♠❜❛r❣♦✱ ♥♦ s♦♥ ❧❛s ú♥✐❝❛s ❝❛✉s❛s q✉❡ ♣✉❡❞❡♥ ❞❡t❡r♠✐♥❛r ❞✐❝❤❛ ❝✉r✈❛t✉r❛✱
❝♦♠♦ ♣♦r ❡❥❡♠♣❧♦✱ ❧♦s ❝❛♠❜✐♦s t❡❝♥♦❧ó❣✐❝♦s✱ ❝❛♠❜✐♦s ❡♥ ❧❛s ♣r❡❢❡r❡♥❝✐❛s✱ ❡t❝✳✱
♣♦r ❡st❛ r❛③ó♥ ❝✉❛♥❞♦ s❡ ❜✉s❝❛ ✉♥❛ r❡❧❛❝✐ó♥ ❡♥tr❡ ❝♦st♦ ② ♣r♦❞✉❝❝✐ó♥ ❤❛❜❧❛♠♦s
❞❡ ❡❝♦♥♦♠í❛s ② ❞❡s❡❝♦♥♦♠í❛s✳

P❛✁
❣✐♥❛ ✶✽✶ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘

C Corto Plazo

Largo Plazo

✸✳✼✳✷ ▼❛t❡♠át✐❝♦s r❡s✉❡❧t♦s

✶✳ ❙✉♣♦♥❣❛ ✉♥ ♠❡r❝❛❞♦ ❡♥ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛ ❝✉②❛ ❞❡♠❛♥❞❛ ❞❡ ♠❡r❝❛❞♦ ❡stá
❞❛❞❛ ♣♦r Qd = 96 − P ✱ ② ❝✉②❛ ✐♥❞✉str✐❛ t✐❡♥❡ ✉♥❛ ♦❢❡rt❛ ❞❡ ❝♦rt♦ ♣❧❛③♦
Qo = 3P ✳

❛ ✮ ➽❈✉á❧ ❡s ♣r❡❝✐♦ ② ♣r♦❞✉❝❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦ ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦❄

❘❡s♣✉❡st❛
❊❧ ❡q✉✐❧✐❜r✐♦ s❡ ❡♥❝♦♥tr❛rá ❞♦♥❞❡ ❧❛ ❞❡♠❛♥❞❛ ② ♦❢❡rt❛ ❞❡ ♠❡r❝❛❞♦ s❡
✐❣✉❛❧❡♥✱ ❡s ❞❡❝✐r✿
96 − P = 3p → P = 24 ❀ ♣♦r ❧♦ ❝✉❛❧ Q = 24 · 3 = 72
❜ ✮ P❛r❛ r❡s♣♦♥❞❡r ❧❛s s✐❣✉✐❡♥t❡s ♣r❡❣✉♥t❛s s✉♣♦♥❣❛ q✉❡ ❝❛❞❛ ✜r♠❛ ❡♥ ❡st❡
♠❡r❝❛❞♦ t✐❡♥❡ ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦ ✉♥ ❝♦st♦ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡ CT = 14+4Q2 ✱
♣♦r ❧♦ ❝✉❛❧ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❞❡ ❝❛❞❛ ✜r♠❛ ❡s Cmg = 8Q✳ ➽❈✉á♥t♦ ♣r♦❞✉✲
❝❡ ❝❛❞❛ ✜r♠❛ ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦❄ ➽❈✉á♥t❛s ❡♠♣r❡s❛s ❡①✐st❡♥ ❡♥ ❡❧ ♠❡r❝❛❞♦❄
❘❡s♣✉❡st❛
❉❛❞♦ q✉❡ ❡s ✉♥ ♠❡r❝❛❞♦ ❡♥ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✱ ❧❛s ❡♠♣r❡s❛s s♦♥ ♣r❡❝✐♦✲
❛❝❡♣t❛♥t❡s✱ ♣♦r ❧♦ t❛♥t♦ ♣❛r❛ ♠❛①✐♠✐③❛r s✉ ❜❡♥❡✜❝✐♦ ❝❛❞❛ ❡♠♣r❡s❛ ♣r♦✲
❞✉❝✐rá ❤❛st❛ ❡❧ ♣✉♥t♦ ❡♥ ❡❧ ❝✉❛❧ Pr❡❝✐♦ ❂ ❈♦st♦ ▼❛r❣✐♥❛❧✱ ❡s ❞❡❝✐r✿
P = 24 = 8Q → Q = 3❀ ♣♦r ❧♦ t❛♥t♦ ❡❧ ♥ú♠❡r♦ ❞❡ ❡♠♣r❡s❛s ❡♥ ❡❧
72
♠❡r❝❛❞♦ s❡rá = 24 ❡♠♣r❡s❛s✳
3
❝ ✮ ➽❈✉á❧ ❡s ❡❧ ❡①❝❡❞❡♥t❡ t♦t❛❧ ❞❡ ❧♦s ♣r♦❞✉❝t♦r❡s ❡♥ ❡st❡ ♠❡r❝❛❞♦ ❡♥ ❡❧ ❝♦rt♦
♣❧❛③♦❄
❘❡s♣✉❡st❛
❊❧ ✐♥❣r❡s♦ t♦t❛❧ ❞❡ ❝❛❞❛ ✜r♠❛ s❡rá IT = 2 · 43 = 72✱ ♠✐❡♥tr❛s q✉❡ ❡❧ ❝♦st♦
t♦t❛❧ s❡rá CT = 16 + 4Q2 = 52 ❊s ❞❡❝✐r✱ ❡❧ ❊①❝❡❞❡♥t❡ ❞❡ ❝❛❞❛ ✜r♠❛ s❡rá
IT ?CT = 72 − 52 = 20❀
❨ ❡❧ ❊①❝❡❞❡♥t❡ t♦t❛❧ ❞❡ t♦❞♦s ❧♦s ♣r♦❞✉❝t♦r❡s ❡♥ ❡❧ ♠❡r❝❛❞♦ s❡rá 20 · 24 =
480
❞ ✮ ❙✐ ❡❧ ❝♦st♦ t♦t❛❧ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❝❛❞❛ ✜r♠❛ ❡♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦ ❡stá ❞❛❞♦

P❛✁
❣✐♥❛ ✶✽✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
4Q2 64Q1/2
♣♦r CTL = + ✱ ② ❡❧ ❝♦rr❡s♣♦♥❞✐❡♥t❡ ❝♦st♦ ♠❛r❣✐♥❛❧ ❡stá ❞❛❞♦
3 3
8Q 32
♣♦r CmgL = + ✳ ➽❈✉á❧ s❡rá ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ♠❡r❝❛❞♦✱ P ② Q✱ ❡♥
3 3Q1/2
❡❧ ❧❛r❣♦ ♣❧❛③♦❄
❘❡s♣✉❡st❛
❊♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦ ❡❧ ❡q✉✐❧✐❜r✐♦ s❡ ❛❧❝❛♥③❛ ❝✉❛♥❞♦ ❡❧ ♣r❡❝✐♦ s❡ ✐❣✉❛❧❛ ❛❧
❝♦st♦ ♠❛r❣✐♥❛❧ ② ❡st❡ ❛❧ ❝♦st♦ ♠❡❞✐♦✱ ❝♦♥❞✐❝✐ó♥ q✉❡ s❡ ❝✉♠♣❧❡ ❝✉❛♥❞♦ ❡❧
❝♦st♦ ♠❡❞✐♦ ❛❧❝❛♥③❛ s✉ ♥✐✈❡❧ ♠í♥✐♠♦✳ ❊s ❞❡❝✐r✿
4 Q + 64 8 32
❈♦st♦ ▼❡❞✐♦ = √ = Q + √ → Q = 4❀ ❡s ❞❡❝✐r ❝❛❞❛ ❡♠♣r❡s❛
3 3 Q 3 3 Q
♣r♦❞✉❝✐rá ✹ ✉♥✐❞❛❞❡s✳
8 32
❨ ❡❧ ♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦ s❡rá P = CM aL = · 4 + √ = 16
3 3 4
❡ ✮ ➽❈✉á♥t❛s ❡♠♣r❡s❛s ❤❛❜rá ❡♥ ❡❧ ♠❡r❝❛❞♦ ❡♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦❄
❘❡s♣✉❡st❛
P❛r❛ ✉♥ P = 16✱ ❧❛ ❞❡♠❛♥❞❛ ❞❡❧ ♠❡r❝❛❞♦ s❡rá Qd = 96−P = 96−16 = 80
✉♥✐❞❛❞❡s✳
80
❊❧ ♥ú♠❡r♦ ❞❡ ❡♠♣r❡s❛s ❡♥ ❡❧ ♠❡r❝❛❞♦ s❡rá = 20 ❡♠♣r❡s❛s✳
4
❢ ✮ ❙✐ s❡ ❛♣❧✐❝❛ ❡♥ ❡st❡ ♠❡r❝❛❞♦ ✉♥ ✐♠♣✉❡st♦ ❛ ❧❛ ♣r♦❞✉❝❝✐ó♥ ❡q✉✐✈❛❧❡♥t❡ ❛
T = $4 ❧❛ ✉♥✐❞❛❞✳ ➽❈✉á❧ s❡rá ❡❧ ♥✉❡✈♦ ♣r❡❝✐♦ ② ♣r♦❞✉❝❝✐ó♥ ❞❡ ♠❡r❝❛❞♦❄
❘❡s♣✉❡st❛
❊❧ ♣r❡❝✐♦ q✉❡ ✈❡rá ❝❛❞❛ ♣r♦❞✉❝t♦r s❡rá P − T ✱ ♣♦r ❡♥❞❡ ❞❡❜❡ ❝✉♠♣❧✐rs❡
q✉❡ P − T = CM aL = 16❀ ❡s ❞❡❝✐r P = 20✳
P♦r ❧♦ t❛♥t♦ ❧❛ ❉❡♠❛♥❞❛ ❞❡ ♠❡r❝❛❞♦ ❛❤♦r❛ ❡s Qd = 96−P = 96−20 = 76
✉♥✐❞❛❞❡s✳
❣ ✮ ➽◗✉é ♦❝✉rr❡ ❝♦♥ ❡❧ ♥ú♠❡r♦ ❞❡ ❡♠♣r❡s❛s ❡♥ ❡❧ ♠❡r❝❛❞♦ ❝♦♠♦ r❡s✉❧t❛❞♦ ❞❡
❧❛ ❛♣❧✐❝❛❝✐ó♥ ❞❡❧ ✐♠♣✉❡st♦❄
❘❡s♣✉❡st❛
❆ ❛♣❧✐❝❛r ❡❧ ✐♠♣✉❡st♦✱ s✉❜❡ ❡❧ ♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦ ② ❞✐s♠✐♥✉②❡ ❧❛ ♣r♦❞✉❝❝✐ó♥
t♦t❛❧✱ ❛❤♦r❛ ❛ 76 ✉♥✐❞❛❞❡s✳ ❈♦♠♦ ❝❛❞❛ ❡♠♣r❡s❛ ❡♥❝✉❡♥tr❛ s✉ ♣✉♥t♦ ❞❡
❡✜❝✐❡♥❝✐❛ ❡♥ Q = 4✱ ❛❤♦r❛ ❡❧ ♥ú♠❡r♦ ❞❡ ❡♠♣r❡s❛s ❡♥ ❡❧ ♠❡r❝❛❞♦ ❤❛❜rá
76
❞✐s♠✐♥✉✐❞♦ ❛ = 19✳
4
✷✳ ❙❡❛ ❧❛ s✐❣✉✐❡♥t❡ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥✿
F (k, l) = l1/2 k 1/2
❛ ✮ ➽◗✉é t✐♣♦ ❞❡ r❡♥❞✐♠✐❡♥t♦ ❛ ❡s❝❛❧❛ t✐❡♥❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥❄
❘❡s♣✉❡st❛
F (k, l) = l1/2 k 1/2
❧✉❡❣♦ ♠✉❧t✐♣❧✐❝❛♥❞♦ ♣♦r ✉♥ ❡s❝❛❧❛r λ
F (k, l) = (λl)1/2 (λk)1/2

P❛✁
❣✐♥❛ ✶✽✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
F (k, l) = λl1/2 k 1/2
❊♥t♦♥❝❡s ❧❛ ❢✉♥❝✐ó♥ ♣r❡s❡♥t❛ r❡♥❞✐♠✐❡♥t♦s ❝♦♥st❛♥t❡s ❛ ❡s❝❛❧❛✳
❜ ✮ ❈♦♥s✐❞❡r❡ ❞❡ ❛❤♦r❛ ♣❛r❛ ❞❡❧❛♥t❡ q✉❡ q✉❡ ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦ ❡❧ ❝❛♣✐t❛❧ ❡stá
✜❥♦ ② ❡s ✐❣✉❛❧ ❛ K0 = 4✳ ❙❛❜✐❡♥❞♦ q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡❧ tr❛❜❛❥♦ ❡s w = 8
② ❡❧ ♣r❡❝✐♦ ❞❡❧ ❝❛♣✐t❛❧ ❡s r = 10✱ ❡♥❝✉❡♥tr❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦ ♠❡❞✐♦✱
❝♦st♦ ✈❛r✐❛❜❧❡✱ ❝♦st♦ ♠❛r❣✐♥❛❧✱ ❝♦st♦ ✈❛r✐❛❜❧❡ ♠❡❞✐♦ ② ❝♦st♦ ✜❥♦ ♠❡❞✐♦✳
●r❛✜q✉❡✳
❘❡s♣✉❡st❛
❙❡ t✐❡♥❡ q✉❡ ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦✿
√
Q(L) = 2 L
▲✉❡❣♦✱ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s CT (L, K) = wL + rK s❡ ♣✉❡❞❡ r❡❡s❝r✐❜✐r
❝♦♠♦✿ 2
Q
CT (Q) = 8 · + 10 · 4
4
CT (Q) = 2Q2 + 40
P♦r ❡♥❞❡✱ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ❝♦st♦ ✜❥♦ ② ❝♦st♦ ✈❛r✐❛❜❧❡ s♦♥ r❡s♣❡❝t✐✈❛♠❡♥t❡✿
CF = 40
CV (Q) = 2Q2
▲❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ♠❡❞✐♦s ❡s✿
40
CM e(Q) = 2Q +
Q
❉♦♥❞❡ ❧♦s ❝♦st♦s ✈❛r✐❛❜❧❡s ♠❡❞✐♦s ② ❧♦s ❝♦st♦s ✜❥♦s ♠❡❞✐♦s s♦♥ r❡s♣❡❝t✐✲
✈❛♠❡♥t❡✿
CV M e(Q) = 2Q
40
CF M e(Q) =
Q
P♦r ú❧t✐♠♦✱ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦ ♠❛r❣✐♥❛❧ ❡s✿
dCT (Q)
= 4Q
dQ
❝ ✮ ❊♥ ❡❧ ❝❛s♦ q✉❡ ❧❛ ❡♠♣r❡s❛ ♦♣❡r❡ ❡♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦✱ ♦❜t❡♥❣❛ ❧❛ ❝♦♥❞✐❝✐ó♥
❞❡ ó♣t✐♠♦ ❞❡ ❝♦♥tr❛t❛❝✐ó♥ ❞❡ ❢❛❝t♦r❡s ❣rá✜❝❛♠❡♥t❡ ❝✉❛♥❞♦ ❧❛ ❡♠♣r❡s❛
q✉✐❡r❡ ♣r♦❞✉❝✐r ✶✵✵ ✉♥✐❞❛❞❡s✳ ✭●r❛✜q✉❡ s✉ r❡s✉❧t❛❞♦✮✳
❘❡s♣✉❡st❛
▲❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ó♣t✐♠♦ ❞❡ ❝♦♥tr❛t❛❝✐ó♥ ❡♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦ ❡s✿
U M gL w
T M SL,K = =
U M gK r
❊♥ tér♠✐♥♦s ❣rá✜❝♦s✱ ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ t❛♥❣❡♥❝✐❛ ❡♥tr❡ ❧❛ ✐s♦❝✉❛♥t❛ ❛s♦✲
❝✐❛❞❛ ❛ ✉♥❛ ♣r♦❞✉❝❝✐ó♥ ❞❡ ✶✵✵ ✉♥✐❞❛❞❡s ② ❧❛ r❡❝t❛ ❞❡ ✐s♦❝♦st♦s ♠ás ❜❛❥❛
✭♠✐♥✐♠✐③❛❝✐ó♥ ❞❡❧ ❝♦st♦s s✉❥❡t♦ ❛ ✉♥ ♥✐✈❡❧ ❞❡ ♣r♦❞✉❝❝✐ó♥✮✳

P❛✁
❣✐♥❛ ✶✽✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
❞✮ ❙✐ ❡❧ ♣r❡❝✐♦ ❞❡❧ tr❛❜❛❥♦ ❞✐s♠✐♥✉②❡ ❡♥ ✻ ✉♥✐❞❛❞❡s ♠♦♥❡t❛r✐❛s✱ ❡♥❝✉❡♥tr❡ ❡❧
♥✉❡✈♦ ó♣t✐♠♦ ❞❡ ❝♦♥tr❛t❛❝✐ó♥ ❞❡ ❧❛r❣♦ ♣❧❛③♦ ♣❛r❛ ✉♥❛ ♣r♦❞✉❝❝✐ó♥ ❞❡ ✶✵✵
✉♥✐❞❛❞❡s✳
❘❡s♣✉❡st❛
❙✐ ❡❧ ♣r❡❝✐♦ ❞❡❧ tr❛❜❛❥♦ s❡ r❡❞✉❝❡✱ ❡♥t♦♥❝❡s ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ r❡❝t❛ ❞❡
✐s♦❝♦st♦s s❡ r❡❞✉❝❡ t❛♠❜✐é♥ ✭❡♥ ♠ó❞✉❧♦✮✱ ♣♦r ❧♦ q✉❡ ❡❧ ♥✉❡✈♦ ó♣t✐♠♦ ❞❡
❝♦♥tr❛t❛❝✐ó♥ s❡ ❞❛rá ❡♥ ✉♥ ♣✉♥t♦ ❞♦♥❞❡ s❡ ✉t✐❧✐❝❡ ♠ás tr❛❜❛❥♦ ② ♠❡♥♦s
❝❛♣✐t❛❧ ✭s❡ ❞❡s♣❧❛③❛ ❡♥ ❞✐❛❣♦♥❛❧ ❤❛❝✐❛ ❛❜❛❥♦ ② ❤❛❝✐❛ ❧❛ ❞❡r❡❝❤❛✮✳

✸✳ ❙✉♣♦♥❣❛ q✉❡ ❧❛ ❊♠♣r❡s❛ ●❡♥✐✉s♦♣❡r❛ ❡♥ ✉♥ ♠❡r❝❛❞♦ ❝♦♠♣❡t✐t✐✈♦ ② ❝✉②♦s

❝♦st❡s ❞❡ ♣r♦❞✉❝❝✐ó♥ ❛ ❝♦rt♦ ♣❧❛③♦ ✈✐❡♥❡♥ ❞❛❞♦s ♣♦r ❧❛ ❢✉♥❝✐ó♥ C(y) = y 3 −
6y 2 + 20y + 50✱ s✐❡♥❞♦ ② s✉ ♥✐✈❡❧ ❞❡ ♣r♦❞✉❝❝✐ó♥✳

❛✮ ❖❜t❡♥❣❛ ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ❛ ❝♦rt♦ ♣❧❛③♦ ❞❡ ●❡♥✐✉s✳

❘❡s♣✉❡st❛✿

M axB(y) = I(y) − C(y) = py − C(y)

❙❡ ❝❛❧❝✉❧❛ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ✿

∂C(y)
CM g = = 3y 2 − 12y + 20
∂y

❙❡ ❝❛❧❝✉❧❛ ❡❧ ❝♦st♦ ✈❛r✐❛❜❧❡ ♠❡❞✐♦ ✿

y 3 − 6y 2 + 20y
CV M e = = y 2 − 6y + 20
y

▲❛ ♣r♦❞✉❝❝✐ó♥ q✉❡ ♠✐♥✐♠✐③❛ ❡❧ ❝♦st♦ ✈❛r✐❛❜❧❡ ♠❡❞✐♦ s❡ ♦❜t✐❡♥❡ ✿

∂CV M e ∂(y 2 − 6y + 20)

=0⇒ = 2y − 6 = 0 ⇒ y = 3
∂y ∂y

P♦r ❧♦ t❛♥t♦ ❡❧ ♠✐♥✐♠♦ ❞❡ ❧♦s ❝♦st♦s ✈❛r✐❛❜❧❡s ♠❡❞✐♦s ❡s ✿

M inCV M e = CV M e(y = 3) = 3 · 3 − 6 · 3 + 20 = 11

❆❞❡♠ás ❧❛ ❝✉r✈❛ ❞❡❧ ❝♦st❡ ♠❛r❣✐♥❛❧ ❝♦rt❛ ❛ ❧❛ ❝✉r✈❛ ❞❡❧ ❝♦st❡ ♠❡❞✐♦ ✈❛✲
r✐❛❜❧❡ ❡♥ s✉ ♠í♥✐♠♦ ✿

CM g(y = 3) = 3 · 3 · 3 − 12 · 3 + 20 = 11

■❣✉❛❧❛♥❞♦ ❡❧ ♣r❡❝✐♦ ❛❧ ❝♦st❡ ♠❛r❣✐♥❛❧✱ s❡ ♦❜t✐❡♥❡ ❧❛ ❝✉❡r✈❛ ✐♥✈❡rs❛ ❞❡

♦❢❡rt❛✱ q✉❡ ❡①♣r❡s❛ ❡❧ ♣r❡❝✐♦ ❡♥ ❢✉♥❝✐ó♥ ❞❡ ❧❛ ♣r♦❞✉❝❝✐ó♥ ✿

p = 3y 2 − 12y + 20, cony ≥ 3

P❛✁
❣✐♥❛ ✶✽✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
❉❡s♣❡❥❛♠♦s ❧❛ ♣r♦❞✉❝❝✐ó♥ ❡♥ ❢✉♥❝✐ó♥ ❞❡❧ ♣r❡❝✐♦✱ ♦❜t❡♥❡♠♦s ❧❛ ♦❢❡rt❛ ❞❡
❧❛ ❡♠♣r❡s❛✱ s✐ ✿
(
0 √ sip < 11
y s (p) = 12+ 144−12(20−p)
6
sip ≥ 11

▲✉❡❣♦ ♦❜t❡♥❡♠♦s ❡❧ ❝♦st♦ ♠❡❞✐♦ ❞❡ ❧❛ ❡♠♣r❡s❛ ✿

y 3 − 6y 2 + 20y + 50 50
CM e = = y 2 − 6y + 20 +
y y
❊❧ ♥✐✈❡❧ ❞❡ ♣r♦❞✉❝❝✐ó♥ q✉❡ ♠✐♥✐♠✐③❛ ❡❧ ❝♦st❡ ♠❡❞✐♦ s❡ ♦❜t✐❡♥❡✱ ❞❡ ❧❛ s✐✲
❣✉✐❡♥t❡ ♠❛♥❡r❛ ✿
∂CM e 50
= 2y − 6 − 2 = 0 ⇒ y = 4,33
∂y y
P❛r❛ ❡❧ ♥✐✈❡❧ ❞❡ ♣r♦❞✉❝❝✐ó♥ y = 4,33 ❡❧ ❝♦st❡ ♠❡❞✐♦ ♠í♥✐♠♦ ② ❝♦✐♥❝✐❞❡
❝♦♥ ❡❧ ❝♦st❡ ♠❛r❣✐♥❛❧ ✿
M inCM e = CM e(y = 4,33) = 24,3 = CM g(y = 4,33)

●rá✜❝❛♠❡♥t❡✱ ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ❞❡ ❧❛ ❡♠♣r❡s❛ ❝♦✐♥❝✐❞❡ ❝♦♥ ❡❧ tr❛♠♦ ❞❡

❧❛ ❝✉r✈❛ ❞❡ ❝♦st❡ ♠❛r❣✐♥❛❧ q✉❡ q✉❡❞❛ ♣♦r ❡♥❝✐♠❛ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ❝♦st❡
✈❛r✐❛❜❧❡ ♠❡❞✐♦✳

P CMg
Oferta CTMe

24,3
CVMe

11

3 4,33 q

❜ ✮ ❙✉♣♦♥❣❛ q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡❧ ♣r♦❞✉❝t♦ ❡s P = 20✳ ❈❛❧❝✉❧❡ ❧❛ ♣r♦❞✉❝❝✐ó♥ ②

❡❧ ❜❡♥❡✜❝✐♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ❞❡ ●❡♥✐✉s✳
❘❡s♣✉❡st❛✿
P❛r❛ ✉♥ p = 20✱ ❧❛ ❝❛♥t✐❞❛❞ ♦❢r❡❝✐❞❛ ♣♦r ❧❛ ❡♠♣r❡s❛ ❝♦♠♣❡t✐t✐✈❛ s❡rá ✿
p
12 + 144 − 12(20 − 20)
y s (p = 20) = =4
6
❊❧ ❜❡♥❡✜❝✐♦ s❡rá ❞❡ ✿
B(y) = py − C(y) = 20(4) − (43 − 6(42 ) + 20(4) + 50) = −18

P❛✁
❣✐♥❛ ✶✽✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
❈♦♠♦ s❡ ♣✉❡❞❡♥ ❞❛r ❝✉❡♥t❛ ❧❛ ❡♠♣r❡s❛ ♦❜t✐❡♥❡ ♣ér❞✐❞❛s ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦
♣♦rq✉❡ ❧♦s ✐♥❣r❡s♦s q✉❡ ♦❜t✐❡♥❡ ♥♦ ❧❡ ♣❡r♠✐t❡♥ ❝✉❜r✐r ❧♦s ❝♦st❡s t♦t❛❧❡s✳ ❙✐♥
❡♠❜❛r❣♦✱ ❧❛ ❡♠♣r❡s❛ ♥♦ ❝❡rr❛rá ♣♦rq✉❡ ❧♦s ✐♥❣r❡s♦s ♦❜t❡♥✐❞♦s s✉♣❡r❛♥ ❛ ❧♦s
❝♦st❡s ✈❛r✐❛❜❧❡s✳ ▲♦s ❜❡♥❡✜❝✐♦s q✉❡ ♦❜t✐❡♥❡ ♣r♦❞✉❝✐❡♥❞♦ ❝✉❛tr♦ ✉♥✐❞❛❞❡s
s♦♥ s✉♣❡r✐♦r❡s ❛ ❧♦s ❞❡ ♥♦ ♣r♦❞✉❝✐r✱ ②❛ q✉❡ ❡♥ ❡st❡ ❝❛s♦ ♦❜t❡♥❞rí❛ ✉♥❛
♣ér❞✐❞❛ ❞❡ ❝✐♥❝✉❡♥t❛ ✉♥✐❞❛❞❡s✳

P CMg
Oferta CTMe
24,5
24,3 Pérdida CVMe
20
11

3 4 4,33 q

✹✳ ▲❛ r❡❝♦❧❡❝❝✐ó♥ ❛rt❡s❛♥❛❧ ✭♠❛♥✉❛❧✮ ❞❡ ❛❧♠❡❥❛s ❡♥ ❧❛ ♣❧❛②❛ ❞❡ ❈❖◆❈❖◆ só❧♦

r❡q✉✐❡r❡ ❢❛❝t♦r tr❛❜❛❥♦✳ ❊❧ ♥ú♠❡r♦ ❞❡ ❛❧♠❡❥❛s ❡①tr❛í❞❛s ♣♦r ❤♦r❛ ✭◗✮ ✈✐❡♥❡
❞❛❞❛ ♣♦r✿

√
Q = 100 L ✭✸✳✼✳✷✳✶✮

❉♦♥❞❡ L ❝♦rr❡s♣♦♥❞❡ ❛❧ ❢❛❝t♦r tr❛❜❛❥♦ ♣♦r ❤♦r❛✳

❛ ✮ ❉✐❜✉❥❡ ❡♥ ✉♥ ❣rá✜❝♦ ❧❛ r❡❧❛❝✐ó♥ ❡♥tr❡ ◗ ② ▲✳

❘❡s♣✉❡st❛✿

Q Q
X

L L

❜ ✮ ➽❈✉á❧ ❡s ❧❛ ♣r♦❞✉❝❝✐ó♥ ♠❡❞✐❛ ❞❡❧ tr❛❜❛❥♦ ❡♥ ❧❛ ♣❧❛②❛ ❞❡ ❈❖◆❈❖◆❄ ❉✐✲

❜✉❥❡ ❡st❛ r❡❧❛❝✐ó♥ ② ❞❡♠✉❡str❡ q✉❡ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞ ♠❛r❣✐♥❛❧ ❞❡❧ tr❛❜❛❥♦
❞✐s♠✐♥✉②❡ ❝✉❛♥❞♦ ❛✉♠❡♥t❛ ❧❛ ✉t✐❧✐③❛❝✐ó♥ ❞❡❧ ❢❛❝t♦r tr❛❜❛❥♦✳

P❛✁
❣✐♥❛ ✶✽✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
❘❡s♣✉❡st❛✿

❊❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦✱ ❝♦rr❡♣♦♥❞❡ ❛ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ❧í♥❡❛ tr❛s❛❞❛ ❞❡s❞❡ ❡❧

♦r✐❣❡♥ ❛ ❝✉❛❧q✉✐❡r ♣✉♥t♦ s♦❜r❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥✱ ❧♦ ❝✉❛❧ ❝♦rr❡s✲
♣♥❞❡ ❛

√
Q 100 L 100
P Me = = =√
L L L
❉❡ ♠❛♥❡r❛ q✉❡ ❡❧ ♣r♦❞✉❝t♦ ♠❡❞✐♦ s❡ r❡♣r❡s❡♥t❛ ❝♦♠♦ ❡❧ ❣rá✜❝♦ ❞❡ ❧❛
✐③q✉✐❡r❞❛ ❞❡ ❧❛ ✜❣✉r❛ ❛♥t❡r✐♦r✳
❝ ✮ ❉❡♠✉❡str❡ q✉❡ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞ ♠❛r❣✐♥❛❧ ❞❡❧ tr❛❜❛❥♦ ❡♥ ❡st❛ ♣❧❛②❛ ✈✐❡♥❡
❞❛❞♦ ♣♦r✿

50
P M gL = √ ✭✸✳✼✳✷✳✷✮
L
❉✐❜✉❥❡ ❡st❛ r❡❧❛❝✐ó♥ ② ❞❡♠✉❡str❡ q✉❡ Pr♦❞✉❝t✐✈✐❞❛❞ ▼❛r❣✐♥❛❧ ❞❡❧ ❚r❛❜❛❥♦
❡s ♠❡♥♦r q✉❡ ❧❛ Pr♦❞✉❝t✐✈✐❞❛❞ ▼❡❞✐❛ ❞❡❧ ❚r❛❜❛❥♦✱ ♣❛r❛ t♦❞♦s ❧♦s ✈❛❧♦r❡s
❞❡ L✳ ❊①♣❧✐q✉❡ ♣♦r q✉é ❡s ❛sí✳
❘❡s♣✉❡st❛✿
P❛r❛ ❞❡t❡r♠✐♥❛r ❡❧ ♣r♦❞✉❝t♦ ♠❛r❣✐♥❛❧ ❝♦♥ r❡s♣❡❝t♦ ❛❧ tr❛❜❛❥♦ t❡♥❡♠♦s
q✉❡✿

∆Q
P M gL =
∆L
Q1 − Q0
=
L 1 − L0
√ √
100 L1 − 100 L0
= √ √ √ √
( L 1 − L0 ) − ( L1 + L 0 )
100 100 50
= √ √ = √ =√
L1 + L 0 2 L L
❊s ❝❧❛r♦ q✉❡ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞ ♠❛r❣✐♥❛❧ ❡s ♠❡♥♦r q✉❡ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞ ♠❡✲
❞✐❛✱ ❡♥t♦♥❝❡s ❞❛❞♦ q✉❡ P M g = √50L < √100
L
= P M eL ♣❛r❛ t♦❞♦ ▲✱ ❡♥t♦♥❝❡s
❛❣r❡❣❛r ✉♥ tr❛❜❛❥❛❞♦r ♠ás✱ ❡♥ ♣r♦♠❡❞✐♦ s❡ ♦❜t✐❡♥❡ ♠❛②♦r ♣r♦❞✉❝❝✐ó♥✳ ❊s✲
t❡ ❢❡♥ó♠❡♥♦ ♣✉❡❞❡ ❡①♣❧✐❝❛rs❡ ♣♦r ❧❛ ❡①t❡♥s✐ó♥ ❞❡ ❧❛ ♣❧❛②❛✱ ②❛ q✉❡ ❞❡❜✐❞♦
❛ ést♦ ❧❛ ✐♥❝♦r♣♦r❛❝✐ó♥ ❞❡ ✉♥ tr❛❜❛❥❛❞♦r ♠ás t✐❡♥❡ ✉♥ ❝♦st♦ ♠❛r❣✐♥❛❧ ♠✉②
❜❛❥♦s ② ♥♦ ❛❧t❡r❛ s✐❣♥✐✜❝❛t✐✈❛♠❡♥t❡ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞ ♠❡❞✐❛ ❞❡ ❧♦s ❞❡♠ás✳

✺✳ ❙✉♣♦♥❣❛ q✉❡ ❡♥ ✉♥ ♠❡r❝❛❞♦ ❝♦♠♣❡t✐t✐✈♦ ✉♥❛ ❡♠♣r❡s❛ ♣r♦❞✉❝❡ ✉♥ ❜✐❡♥ q✉❡

♣♦s❡❡ ✉♥❛ ❢✉♥❝✐ó♥ ❝♦st♦ t♦t❛❧ ❞❡✜♥✐❞❛ ♣♦r C(Q) = 100 + Q2 ✱ ❞♦♥❞❡ Q ❡s ❡❧
♥✐✈❡❧ ❞❡ ♣r♦❞✉❝❝✐ó♥✳ ❊❧ ❝♦st❡ ♠❛r❣✐♥❛❧ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❡s 2Q ② ❡❧ ❝♦st♦ ✜❥♦ ❡s
❞❡ ✩✶✵✵✳ P♦r ♦tr♦ ❧❛❞♦✱ s❡ s❛❜❡ q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡❧ ❜✐❡♥ ❡s ❞❡ ✩✻✵✳

P❛✁
❣✐♥❛ ✶✽✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
❛ ✮ ➽❈✉á♥t❛s ✉♥✐❞❛❞❡s ❞❡❜❡rá ♣r♦❞✉❝✐r ❡st❛ ❡♠♣r❡s❛ ❞❡ ♠❛♥❡r❛ t❛❧ q✉❡ s✉s
❜❡♥❡✜❝✐♦s s❡❛♥ ♠á①✐♠♦s❄
❘❡s♣✉❡st❛✿
▲❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ♣❛r❛ ❧❛ ♠❛①✐♠✐③❛❝✐ó♥ ❞❡ ❧♦s ❜❡♥❡✜❝✐♦s ❡s ❝♦st♦
♠❛r❣✐♥❛❧ ✐❣✉❛❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧✳ ❙✐♥ ❡♠❜❛r❣♦✱ ❝♦♠♦ ❡s ✉♥❛ s♦❧❛ ✜r♠❛✱
❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ❞❡❜❡ s❡r ✐❣✉❛❧ ❛❧ ♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦✱ ♣♦r ❧♦ t❛♥t♦✱ s❡
❞❡❜❡ ❝✉♠♣❧✐r q✉❡✿

CM g = IM g = P = 60
2Q = 60
Q∗ = 30

❜ ✮ ❉❡t❡r♠✐♥❡ ❡❧ ♥✐✈❡❧ ♠á①✐♠♦ ❞❡ ❜❡♥❡✜❝✐♦ ♣❛r❛ ❡st❛ ❡♠♣r❡s❛ ② r❡♣r❡s❡♥t❡

❣rá✜❝❛♠❡♥t❡ ❡❧ ár❡❛ ❝♦♠♣r❡♥❞✐❞❛ ♣♦r ❡st❡ ❜❡♥❡✜❝✐♦✳
❘❡s♣✉❡st❛✿
❙❡ s❛❜❡ q✉❡ ❡❧ ✐♥❣r❡s♦ ❡s P · Q✱ ♠✐❡♥tr❛s q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦ ❝♦✲
rr❡s♣♦♥❞❡ ❛ C(Q) = 100 + Q2 ✳ ❉❡ ❡st❛ ♠❛♥❡r❛ ❡❧ ❜❡♥❡✜❝✐♦ ❞❡ ❧❛ ✜r♠❛
❝♦rr❡s♣♦♥❞❡ ❛✿

π(Q) = P · Q − 100 − Q2

❉❡ ❡st❛ ♠❛♥❡r❛ ❡❧ ❜❡♥❡✜❝✐♦ ♠á①✐♠♦ ❝♦rr❡s♣♦♥❞❡ ❛ piM (Q = 30) = 800✱

❡❧ ❝✉❛❧ s❡ ❡♥❝✉❡♥tr❛ ❡♥ ❡❧ ár❡❛ ♣✐♥t❛❞❛ ❞❡ ❧❛ ✜❣✉r❛✳

$ CMg

P = IMg = 60
P
800 CTMe

33,3 CVMe
20

10 30 Q

❝ ✮ ❉❡t❡r♠✐♥❡ ❡❧ r❛♥❣♦ ❞❡ ♣r❡❝✐♦s ♣❛r❛ ❧♦s ❝✉❛❧❡s ❧❛ ❡♠♣r❡s❛ ♣r♦❞✉❝✐rá ✉♥❛

❝❛♥t✐❞❛❞ ♣♦s✐t✐✈❛ ② ❛❞❡♠ás r❡♣r❡s❡♥t❡ ❣rá✜❝❛♠❡♥t❡ ❡st❛ ❝♦♥❞✐❝✐ó♥✳
❘❡s♣✉❡st❛✿
❙✉♣♦♥✐❡♥❞♦ q✉❡ ❡st❛ ✜r♠❛ ❝♦♥s✐❞❡r❛ ❡st❛r ❡♥ ❡❧ ♠❡r❝❛❞♦ s✐ s✉s ❜❡♥❡✜❝✐♦s
r❡s✉❧t❛♥ ♣♦s✐t✐✈♦s✱ ❡♥t♦♥❝❡s✱ ❡❧ r❛♥❣♦ ❞❡ ♣r❡❝✐♦s ✐rá ❞❡s❞❡ s✉ ❜❡♥❡✜❝✐♦

P❛✁
❣✐♥❛ ✶✽✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✸✳ ▲❆ ❚❊❖❘❮❆ ❉❊▲ P❘❖❉❯❈❚❖❘
✐❣✉❛❧ ❛ ❝❡r♦ ✭❡s ❞❡❝✐r✱ CT M e = CM g = P ✮✱ ❛ ❝✉❛❧q✉✐❡r ♣r❡❝✐♦ q✉❡ ❧❡
❣❡♥❡r❡ ❜❡♥❡✜❝✐♦ ♣♦s✐t✐✈♦✳ P♦r ❧♦ t❛♥t♦✱ ❡❧ r❛♥❣♦ ❞❡ ♣r❡❝✐♦s ❝♦rr❡s♣♦♥❞❡rá
❛ P ≥ 20
❆❤♦r❛✱ s✐ s✉♣♦♥❡♠♦s q✉❡ ❧❛ ✜r♠❛ ♣r♦❝✉❞✐rá ❤❛st❛ ❡❧ ♣✉♥t♦ ❡♥ q✉❡ ♣✉❡❞❡
❝✉❜r✐r s✉s ❝♦st♦s ✜❥♦s✱ ❝♦♥ ❧❛ ❡s♣❡r❛♥③❛ ❞❡ r❡✈❡rt✐r ❡st❛ ❝♦♥❞✐❝✐ó♥ ❡♥ ❡❧
❢✉t✉r♦✱ ❡♥t♦♥❝❡s ❡❧ r❛♥❣♦ ❞❡ ♣r❡❝✐♦s s❡rá P ≥ 0✳

P❛✁
❣✐♥❛ ✶✾✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✹
❊▲ ▼❊❘❈❆❉❖ ❉❊ ❋❆❈❚❖❘❊❙

✹✳✶ ■♥tr♦❞✉❝❝✐ó♥
❆❞✐❝✐♦♥❛❧♠❡♥t❡ ❛ ❧❛ ♣r❡❣✉♥t❛ ❞❡ ❤❛st❛ ❝✉❛♥❞♦ ♣r♦❞✉❝✐r ♣❛r❛ ♠❛①✐♠✐③❛r ❜❡♥❡✜✲
❝✐♦s✱ ❧❛s ❡♠♣r❡s❛s ❞❡❜❡♥ r❡s♣♦♥❞❡r ❧❛ ♣r❡❣✉♥t❛ ❞❡ ❤❛st❛ ❝✉❛♥❞♦ ❝♦♥tr❛t❛r ❢❛❝t♦r❡s
♣r♦❞✉❝t✐✈♦s✳ ❊♥ ❡st❡ ❝♦♥t❡①t♦ ✈♦❧✈❡r❡♠♦s ❛ ♣❡♥s❛r q✉❡ ❧❛ ❡♠♣r❡s❛ t✐❡♥❡ ❧❛s ♦♣❝✐♦✲
♥❡s ❞❡ ❝♦♥tr❛t❛r tr❛❜❛❥♦ ♦ ❝❛♣✐t❛❧✳ ❆❞✐❝✐♦♥❛❧♠❡♥t❡ s✉♣♦♥❞r❡♠♦s q✉❡ ❡❧ ❝♦st♦ ❞❡❧
tr❛❜❛❥♦ ❡s ✉♥ s❛❧❛r✐♦ w✱ ♠✐❡♥tr❛s q✉❡ ❡❧ ❝♦st♦ ❞❡❧ ❝❛♣✐t❛❧ ✭❛rr✐❡♥❞♦✮ ❡s ✉♥ ❝♦st♦ ❞❡
♦♣♦rt✉♥✐❞❛❞ ❞❡ r✳

✹✳✷ ❊❥❡r❝✐❝✐♦s r❡s✉❡❧t♦s

✹✳✷✳✶ ❈♦♠❡♥t❡s r❡s✉❡❧t♦s

✶✳ ❯♥ ✐♥❝r❡♠❡♥t♦ ❡♥ ❡❧ s❛❧❛r✐♦ s✐❡♠♣r❡ t❡♥❞❡rá ❛ ❛✉♠❡♥t❛r ❡❧ ♥ú♠❡r♦ ❞❡ ❤♦r❛s
tr❛❜❛❥❛❞❛s ❡♥ ❡❧ ♠❡r❝❛❞♦✱ ❞❡❜✐❞♦ ❛ q✉❡ ❛✉♠❡♥t❛ ❡❧ ❝♦st♦ ❞❡ ♦♣♦rt✉♥✐❞❛❞ ❞❡❧
♦❝✐♦✳
❘❡s♣✉❡st❛
❊♥ ❧❛ ♦❢❡rt❛ ✐♥❞✐✈✐❞✉❛❧ ❞❡ tr❛❜❛❥♦ ❡①✐st❡♥ ❞♦s ❡❢❡❝t♦s✿ ❊❢❡❝t♦ ❙✉st✐t✉❝✐ó♥✿ ❛
♠❡❞✐❞❛ q✉❡ ❛✉♠❡♥t❛ ❡❧ s❛❧❛r✐♦ ❞❡❥♦ ❞❡ ❞❡♠❛♥❞❛r ♦❝✐♦ ② ❝♦♠✐❡♥③♦ ❛ ♦❢r❡❝❡r
tr❛❜❛❥♦✳ ❆sí ❛✉♠❡♥t❛ ❡❧ ♥ú♠❡r♦ ❞❡ ❤♦r❛s ❞❡ tr❛❜❛❥♦ ♦❢r❡❝✐❞❛s✳ ❊❢❡❝t♦ ■♥❣r❡s♦✿ ❛
♠❡❞✐❞❛ q✉❡ ❛✉♠❡♥t❛ ❡❧ ♥ú♠❡r♦ ❞❡ ❤♦r❛s tr❛❜❛❥❛❞❛s✱ ♣❛r❛ ✉♥ ♥✐✈❡❧ ❛❧t♦ ❞❡ ést❛s✱
❝♦♠❡♥③❛ré ❛ ❞❡♠❛♥❞❛r ♠ás ♦❝✐♦ ② ♣♦r ❧♦ t❛♥t♦ ♦❢r❡❝❡ré ✉♥❛ ♠❡♥♦r ❝❛♥t✐❞❛❞
❞❡ ❤♦r❛s ♣❛r❛ tr❛❜❛❥❛r✳ ▲♦ r❡❧❡✈❛♥t❡ ❡s q✉❡ ❡st♦ ♦❝✉rr❡ ♣❛r❛ ♥✐✈❡❧❡s ✭♠✉②✮ ❛❧t♦s
❞❡ s❛❧❛r✐♦s✳ ❙❡❣ú♥ q✉é ❡❢❡❝t♦ ❞♦♠✐♥❡ ❛ ❝❛❞❛ ♥✐✈❡❧ ❞❡ s❛❧❛r✐♦s s❡ ❢♦r♠❛ ❧❛ ❝✉r✈❛
❞❡ ♦❢❡rt❛ ❞❡ tr❛❜❛❥♦ ✐♥❞✐✈✐❞✉❛❧✳ ❙✐ ❞♦♠✐♥❛ ❡❢❡❝t♦ ✐♥❣r❡s♦✱ ❞✐s♠✐♥✉✐rá ❤♦r❛s ❞❡
tr❛❜❛❥♦✱ ❡♥ ❝❛♠❜✐♦ sí ❞♦♠✐♥❛ ❡❢❡❝t♦ s✉st✐t✉❝✐ó♥ ❛✉♠❡♥t❛rá ♦❢❡rt❛ ❞❡ tr❛❜❛❥♦✳

P❛✁
❣✐♥❛ ✶✾✶ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✹✳ ❊▲ ▼❊❘❈❆❉❖ ❉❊ ❋❆❈❚❖❘❊❙

Domina EI

W*

Domina ES

❋✐❣✉r❛ ✹✳✶

❈♦♠♦ s❡ ♣✉❡❞❡ ✈❡r ♣❛r❛ ♥✐✈❡❧❡s ❜❛❥♦s ❞❡ s❛❧❛r✐♦ ❧❛ ❢♦r♠❛ ❞❡ ❧❛ ❝✉r✈❛ ❡s ❝r❡✲
❝✐❡♥t❡✱ ♣❡r♦ ❛ ♣❛rt✐r ❞❡ ❝✐❡rt♦ ♥✐✈❡❧ w∗ ✭❛❧t♦✮ ❞❡ s❛❧❛r✐♦s✱ ❝♦♠✐❡♥③❛ ❛ ❞♦♠✐♥❛r
❡❧ ❡❢❡❝t♦ ✐♥❣r❡s♦ ② ♣♦r ❧♦ t❛♥t♦ ❧❛ ❝✉r✈❛ ♣r❡s❡♥t❛ ♣❡♥❞✐❡♥t❡ ♥❡❣❛t✐✈❛✳ ❈❛❜❡ ❞❡s✲
t❛❝❛r q✉❡ ❛❧ ❛❣r❡❣❛r ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛✱ s❡ ♦❜t✐❡♥❡ ✉♥❛ ❝✉r✈❛ ❝♦♥ ♣❡♥❞✐❡♥t❡
♣♦s✐t✐✈❛✳ ❊st♦ ♦❝✉rr❡ ❞❡❜✐❞♦ ❛ q✉❡ ❡♥ ❣❡♥❡r❛❧ ❡♥ ❧❛s ♣❡rs♦♥❛s ♣r❡❞♦♠✐♥❛ ❧♦s
s❛❧❛r✐♦s ♠❡♥♦r❡s ❛ ❡s❡ w∗ ♣♦r ❧♦ q✉❡ s❡ ♣r❡s❡♥t❛♥ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ ❞❡ tr❛❜❛✲
❥♦ ✐♥❞✐✈✐❞✉❛❧ ❝♦♥ ♣❡♥❞✐❡♥t❡ ♣♦s✐t✐✈❛✳ ▼✐❡♥tr❛s ♠❛②♦r s❛❧❛r✐♦ ♠❡ ♦❢r❡❝❡♥✱ ♠ás
❤♦r❛s ❞❡ tr❛❜❛❥♦ ❡st❛r❡♠♦s ❞✐s♣✉❡st♦s ❛ ♦❢r❡❝❡r✳

✹✳✷✳✷ ▼❛t❡♠át✐❝♦s r❡s✉❡❧t♦s

✷✳ ▲❛ ❡♠♣r❡s❛ ❈❙■ ❡s♣❡❝✐❛❧✐st❛ ❡♥ ✐♥✈❡st✐❣❛❝✐♦♥❡s ❞❡ ❝rí♠❡♥❡s ❡st❛ ❛♥❛❧✐③❛♥❞♦ s✉

♣r♦❝❡s♦ ❞❡ ✐♥❝♦r♣♦r❛❝✐ó♥ ❞❡ ♥✉❡✈♦s ❡s♣❡❝✐❛❧✐st❛s ❡♥ ❈r✐♠✐♥❛❧íst✐❝❛ ♣❛r❛ ❡❧ ❛ñ♦
✷✵✶✺✱ ♣❛r❛ ❧♦ ❝✉❛❧ ❝✉❡♥t❛ ❝♦♥ ❧❛ s✐❣✉✐❡♥t❡ ✐♥❢♦r♠❛❝✐ó♥✳

❚r❛❜❛❥❛❞♦r❡s ❉❞❛✴❱P▼❣ ■P▼❣ ❈▼❣ ❖❢❡rt❛✴❈▼❡

✵ ✸✵ ✸✵ ✶✽ ✶✽
✶ ✷✾ ✷✽ ✷✵ ✶✾
✷ ✷✽ ✷✻ ✷✷ ✷✵
✸ ✷✼ ✷✹ ✷✹ ✷✶
✹ ✷✻ ✷✷ ✷✻ ✷✷
✺ ✷✺ ✷✵ ✷✽ ✷✸
✻ ✷✹ ✶✽ ✸✵ ✷✹
✼ ✷✸ ✶✻ ✸✷ ✷✺
✽ ✷✷ ✶✹ ✸✹ ✷✻
✾ ✷✶ ✶✷ ✸✻ ✷✼

P❛✁
❣✐♥❛ ✶✾✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✹✳ ❊▲ ▼❊❘❈❆❉❖ ❉❊ ❋❆❈❚❖❘❊❙
❛ ✮ ❊♥❝✉❡♥tr❡ ❝✉á♥t♦s ❡s♣❡❝✐❛❧✐st❛s ❝♦♥tr❛t❛ ❧❛ ❡♠♣r❡s❛ ❈❙■ s✐ t❛♥t♦ ❡❧ s❡r✲
✈✐❝✐♦ ❞❡ ✐♥✈❡st✐❣❛❝✐♦♥❡s ❝r✐♠✐♥❛❧íst✐❝❛s ❝♦♠♦ ❡❧ ❞❡ ❡s♣❡❝✐❛❧✐st❛s ❡♥ ❝r✐♠✐✲
♥❛❧íst✐❝❛ s♦♥ ♣❡r❢❡❝t❛♠❡♥t❡ ❝♦♠♣❡t✐t✐✈♦s✳
❘❡s♣✉❡st❛
❈✉❛♥❞♦ ❛♠❜♦s ♠❡r❝❛❞♦s ❢✉♥❝✐♦♥❛♥ ❡♥ ❈♦♠♣❡t❡♥❝✐❛ P❡r❢❡❝t❛ ❡❧ ❡q✉✐❧✐❜r✐♦
✈✐❡♥❡ ❞❛❞♦ ♣♦r✿ ❊q✉✐❧✐❜r✐♦ ❡s Dda = Of erta → L = 6yW = 24✳
❜ ✮ ❊♥❝✉❡♥tr❡ ❡❧ s❛❧❛r✐♦ ② ❡❧ ♥✐✈❡❧ ❞❡ ❡♠♣❧❡♦ ❞❡ ❧♦s ❡s♣❡❝✐❛❧✐st❛s ❡♥ ❝r✐♠✐♥❛✲
❧íst✐❝❛ s✐ ❈❙■ ❡s ❡❧ ú♥✐❝♦ ❡♠♣❧❡❛❞♦r ❞❡ ❡s♣❡❝✐❛❧✐st❛s ♣❡r♦ ❡❧ ♠❡r❝❛❞♦ ❞❡
❧❛s ✐♥✈❡st✐❣❛❝✐♦♥❡s ❝r✐♠✐♥❛❧íst✐❝❛s ❡s ❝♦♠♣❡t✐t✐✈♦✳
❘❡s♣✉❡st❛
❈✉❛♥❞♦ ❡st❛♠♦s ❡♥ ❈♦♠♣❡t❡♥❝✐❛ P❡r❢❡❝t❛ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡❧ ♣r♦❞✉❝t♦ ②
❡♥ ▼♦♥♦♣s♦♥✐♦ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡❧ ❢❛❝t♦r✱ ❡❧ ❡q✉✐❧✐❜r✐♦ ✈✐❡♥❡ ❞❛❞♦ ♣♦r✿
❊q✉✐❧✐❜r✐♦ ❡s Dda = CM g → L = 4yW = 22✳
❝ ✮ ❊♥❝✉❡♥tr❡ ❡❧ s❛❧❛r✐♦ ② ❡❧ ♥✐✈❡❧ ❞❡ ❡♠♣❧❡♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡♥ ❞✐❝❤♦ ♠❡r❝❛✲
❞♦✱ s✐ ❧❛ ❡♠♣r❡s❛ ❡s ❡❧ ú♥✐❝♦ ♣r♦✈❡❡❞♦r q✉❡ ♣r♦♣♦r❝✐♦♥❛ ❡st❡ s❡r✈✐❝✐♦ ❞❡
❝r✐♠✐♥❛❧íst✐❝❛ ♣❡r♦ ❡❧ ♠❡r❝❛❞♦ ❞❡ ❧♦s ❡s♣❡❝✐❛❧✐st❛s ❡s ♣❡r❢❡❝t❛♠❡♥t❡ ❝♦♠✲
♣❡t✐t✐✈♦✳
❘❡s♣✉❡st❛
❈✉❛♥❞♦ ❡st❛♠♦s ❡♥ ▼♦♥♦♣♦❧✐♦ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡❧ ♣r♦❞✉❝t♦ ② ❡♥ ❈♦♠✲
♣❡t❡♥❝✐❛ P❡r❢❡❝t❛ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡❧ ❢❛❝t♦r✱ ❡❧ ❡q✉✐❧✐❜r✐♦ ✈✐❡♥❡ ❞❛❞♦ ♣♦r✿
❊q✉✐❧✐❜r✐♦ ❡s IP M g = Of erta → L = 4yW = 22✳
❞ ✮ ❊♥❝✉❡♥tr❡ ❡❧ s❛❧❛r✐♦ ② ❡❧ ♥✐✈❡❧ ❞❡ ❡♠♣❧❡♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡♥ ❞✐❝❤♦ ♠❡r❝❛❞♦✱
s✐ ❧❛ ❡♠♣r❡s❛ ❛❝tú❛ ❝ó♠♦ ▼♦♥♦♣♦❧✐♦ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡ ❡st❡ s❡r✈✐❝✐♦ ②
▼♦♥♦♣s♦♥✐♦ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡❧ ❢❛❝t♦r✳
❘❡s♣✉❡st❛
❈✉❛♥❞♦ ❡st❛♠♦s ❡♥ ▼♦♥♦♣♦❧✐♦ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡❧ ♣r♦❞✉❝t♦ ② ❡♥ ▼♦♥♦♣✲
s♦♥✐♦ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡❧ ❢❛❝t♦r✱ ❡❧ ❡q✉✐❧✐❜r✐♦ ✈✐❡♥❡ ❞❛❞♦ ♣♦r✿ ❊q✉✐❧✐❜r✐♦
❡s IP M g = CM g → L = 3yW = 21✳
❡ ✮ ❈♦♥s✐❞❡r❛♥❞♦ ❡❧ ú❧t✐♠♦ ❡q✉✐❧✐❜r✐♦✱ ❞❡t❡r♠✐♥❡ ❡♥ r❛♥❣♦ ❡♥ ❡❧ ❝✉❛❧ ❧❛ ✜❥❛✲
❝✐ó♥ ❞❡ ✉♥ s❛❧❛r✐♦ ♠í♥✐♠♦ ♣r♦❞✉❝❡ ✉♥ ❛✉♠❡♥t♦ ❡♥ ❡❧ ♥✐✈❡❧ ❞❡ ❡♠♣❧❡♦✳
❘❡s♣✉❡st❛
❈♦♥s✐❞❡r❛♥❞♦ ❡❧ ❣rá✜❝♦✱ ♣♦❞❡♠♦s ❛♣r❡❝✐❛r q✉❡ ❧❛ ✜❥❛❝✐ó♥ ❞❡ ✉♥ s❛❧❛r✐♦
♠í♥✐♠♦ ❡♥tr❡ ✷✶ ② ✷✼ ♣r♦❞✉❝❡ ✉♥ ❛✉♠❡♥t♦ ❡♥ ❡❧ ♥✐✈❡❧ ❞❡ ❡♠♣❧❡♦✳ ❊st♦
s❡ ❞❡❜❡ ❛ q✉❡ ❧❛ ✜❥❛❝✐ó♥ ❞❡ ✉♥ s❛❧❛r✐♦ ♠í♥✐♠♦ ❡♥ ❞✐❝❤♦ r❛♥❣♦ ♦❜❧✐❣❛ ❛ ❧❛
❡♠♣r❡s❛ ❛ ❛❝t✉❛r ❝♦♠♦ ♣r❡❝✐♦ ❛❝❡♣t❛♥t❡ ② ❝♦♥tr❛t❛r tr❛❜❛❥❛❞♦r❡s ❤❛st❛ ❡❧
♣✉♥t♦ ❞♦♥❞❡ s❡ ✐❣✉❛❧ ❞✐❝❤♦ s❛❧❛r✐♦ ♠í♥✐♠♦ ❝♦♥ s✉ ❞❡♠❛♥❞❛ ❞❡ tr❛❜❛❥♦✳
❉❡ ❡st❛ ❢♦r♠❛✱ ❡♥ ❞✐❝❤♦ r❛♥❣♦ s❡ ❧♦❣r❛ ✉♥ ♠❛②♦r ♥✐✈❡❧ ❞❡ ♦❝✉♣❛❝✐ó♥✱ ②❛
q✉❡ ✉♥ s❛❧❛r✐♦ ♠í♥✐♠♦ ✐♥❢❡r✐♦r ❛ ✷✶ ♥♦ t✐❡♥❡ ❡❢❡❝t♦ ② ✉♥ s❛❧❛r✐♦ ♠í♥✐✲
♠♦ s✉♣❡r✐♦r ❛ ✷✼ ❣❡♥❡r❛rí❛ ✉♥❛ ❞❡♠❛♥❞❛ ❞❡ tr❛❜❛❥♦ ♠❡♥♦r ❛❧ ♥✐✈❡❧ ❞❡
♦❝✉♣❛❝✐ó♥ ❞❡❧ ❡q✉✐❧✐❜r✐♦ ❡♥ ❞✮✳

P❛✁
❣✐♥❛ ✶✾✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✹✳ ❊▲ ▼❊❘❈❆❉❖ ❉❊ ❋❆❈❚❖❘❊❙

❋✐❣✉r❛ ✹✳✷

❢ ✮ ❈♦♥s✐❞❡r❛♥❞♦ ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ❧❛ ♣❛rt❡ ❞✮✱ ➽◗✉é ♠❡❞✐❞❛ ❡s ♠❡❥♦r ❞❡s❞❡

❡❧ ♣✉♥t♦ ❞❡ ✈✐st❛ s♦❝✐❛❧✿ ❧❛ ✜❥❛❝✐ó♥ ❞❡ ✉♥ s❛❧❛r✐♦ ♠í♥✐♠♦ ❲❂✷✷ ♦ ✉♥❛
❛♣❡rt✉r❛ ❝♦♠❡r❝✐❛❧ q✉❡ ❧♦❣r❛ ❡❧ ♠✐s♠♦ ♥✐✈❡❧ ❞❡ s❛❧❛r✐♦ q✉❡ ❧❛ ❛❧t❡r♥❛t✐✈❛
❛♥t❡r✐♦r❄
❘❡s♣✉❡st❛
❚❛❧ ❝♦♠♦ s❡ ❛♣r❡❝✐❛ ❡♥ ❡❧ ❣rá✜❝♦ ❛♥t❡r✐♦r✱ ❧❛ ✜❥❛❝✐ó♥ ❞❡ ✉♥ s❛❧❛r✐♦ ♠í♥✐♠♦
❲❂✷✷ ❣❡♥❡r❛ ♣❡r❞✐❞❛ ❡♥ ❡❧ ❜✐❡♥❡st❛r s♦❝✐❛❧✱ ❞❡❜✐❞♦ ❛ q✉❡ ❛ ❡s❡ s❛❧❛r✐♦
❧♦s tr❛❜❛❥❛❞♦r❡s ❞❡s❡❛♥ ♦❢r❡❝❡r ♠❡♥♦s tr❛❜❛❥♦ ❞❡ ❧♦ q✉❡ ❞❡s❡❛♥ ❞❡♠❛♥❞❛r
❧❛s ❡♠♣r❡s❛s✳ ❊♥ ❝❛♠❜✐♦✱ ❧❛ ❛♣❡rt✉r❛ ❝♦♠❡r❝✐❛❧ ♥♦ ❣❡♥❡r❛rá ♣❡r❞✐❞❛ ❞❡
❜✐❡♥❡st❛r s♦❝✐❛❧✱ ②❛ q✉❡ ❡❧ ♣r♦❞✉❝t♦r ❧♦❝❛❧ ♣r♦❞✉❝✐rá ❤❛st❛ q✉❡ ❡❧ ♣r❡❝✐♦
✐♥t❡r♥❛❝✐♦♥❛❧ s❡ ✐❣✉❛❧❡ ❝♦♥ s✉ ♦❢❡rt❛ ② t♦❞♦ ❡❧ r❡st♦ ❞❡❧ ❡①❝❡s♦ ❞❡ ❞❡♠❛♥❞❛
s❡rá ❝✉❜✐❡rt♦ ❝♦♥ ✐♠♣♦rt❛❝✐♦♥❡s✱ ❡✈✐t❛♥❞♦ ❣❡♥❡r❛r ♣ér❞✐❞❛s ❞❡ ❜✐❡♥❡st❛r
s♦❝✐❛❧✳

P❛✁
❣✐♥❛ ✶✾✹ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺
❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

✺✳✶ ■♥tr♦❞✉❝❝✐ó♥
❍❛st❛ ❡❧ ♠♦♠❡♥t♦ ❤❡♠♦s r❡✈✐s❛❞♦ ♠♦❞❡❧♦s q✉❡ r❡♣r❡s❡♥t❛♥ ❧❛ ❝♦♠♣❡t❡♥❝✐❛ ❡♥tr❡
♠✉❝❤❛s ✜r♠❛s ❞♦♥❞❡ ♥✐♥❣✉♥❛ t✐❡♥❡ ♣♦❞❡r ❞❡ ♠❡r❝❛❞♦✱ ♣❡r♦ t❛♠❜✐é♥ ♣✉❡❞❡ ❡①✐st✐r
❡❧ ❝❛s♦ ❞♦♥❞❡ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❡①✐st❛ ✉♥❛ ú♥✐❝❛ ✜r♠❛ ❞♦♥❞❡ ❡st❛ ❝♦♥❝❡♥tr❛ t♦❞♦ ❡❧
♣♦❞❡r ❞❡ ♠❡r❝❛❞♦✱ ❡st❡ ❝❛s♦ s❡ ❞❡♥♦♠✐♥❛ ▼♦♥♦♣♦❧✐♦ ② ❡s ✉♥ ❢❡♥ó♠❡♥♦ ❞❡ ❝♦♠✲
♣❡t❡♥❝✐❛ ✐♠♣❡r❢❡❝t❛✱ ♣✉❡s ❝♦♠♦ ②❛ ✈❡r❡♠♦s✱ ❣❡♥❡r❛ ❞✐st♦rs✐♦♥❡s ❡♥ ❧❛ ❛s✐❣♥❛❝✐ó♥ ❞❡
❧♦s r❡❝✉rs♦✳ ❊♥ ❡st❡ ♠✐s♠♦ ❡s❝❡♥❛r✐♦ t❛♠❜✐é♥ ♣✉❡❞❡ ❞❛r ❧❛ ❡①✐st❡♥❝✐❛ ❞❡ ♠♦♥♦♣♦❧✐♦s
❞✐s❝r✐♠✐♥❛❞♦r❡s q✉❡ t✐❡♥❡♥ ❧❛ ❝❛♣❛❝✐❞❛❞ ❞❡ ❝♦❜r❛r ❞✐❢❡r❡♥t❡s ♣r❡❝✐♦s ❛ ❧♦s ❝♦♥s✉♠✐✲
❞♦r❡s ❞❛❞❛s ❧❛s ❝❛r❛❝t❡ríst✐❝❛s ❞❡❧ ♠❡r❝❛❞♦ ❡♥ ❡❧ q✉❡ s❡ ♠✉❡✈❡♥✱ ❡❥❡♠♣❧♦ ❞❡ ❡st♦
s♦♥ ♣♦r ❡❥❡♠♣❧♦s ❧❛s ❛❡r♦❧í♥❡❛s q✉❡ ❧♦❣r❛♥✱ ❝♦♥❞✐❝✐♦♥❛❞♦ ❛ ❧❛ ✈❛❧♦r❛❝✐ó♥ ❞❡❧ ✈✐❛❥❡ ②
❝❛r❛❝t❡ríst✐❝❛s ❞❡❧ ✐♥❞✐✈✐❞✉♦✱ ❝♦❜r❛r ❞✐❢❡r❡♥t❡s ♣r❡❝✐♦s ❛ s✉s ❝♦♥s✉♠✐❞♦r❡s✳

P❡r♦ ❧❛ ♣r❛❝t✐❝❛ ♥♦ ❡s ✉s✉❛❧ ♦❜s❡r✈❛r ❡st♦s ❝❛s♦s ❡①tr❡♠♦s✱ s✐♥♦ ♠❛s ❜✐❡♥ s❡ ♦❜✲
s❡r✈❛ ❧❛ ❡①✐st❡♥❝✐❛ ❞❡ ✉♥ ♥✉♠❡r♦ ❞❡t❡r♠✐♥❛❞♦ ❞❡ ✜r♠❛s✱ ❞♦♥❞❡ ❝❛❞❛ ✉♥❛ ❝♦♥❝❡♥tr❛
❝✐❡rt♦ ♣♦❞❡r ❞❡ ♠❡r❝❛❞♦ ② ❛❞❡♠❛s ❡st❛s ❡♠♣r❡s❛s ❝♦♠♣✐t❡♥ ❡♥tr❡ s✐✱ ❧♦s ♠♦❞❡❧♦s ❞❡
❝♦♠♣❡t❡♥❝✐❛ ♦❧✐❣♦♣ó❧✐❝❛ r❡♣r❡s❡♥t❛♥ ❡st❛ s✐t✉❛❝✐ó♥ q✉❡ ♣♦❞❡♠♦s ❡♥t❡♥❞❡r ❝♦♠♦ ♠ás
r❡❛❧✐st❛✳

❊♥ ❡st❡ ❝❛♣✐t✉❧♦ ❡♥t♦♥❝❡s ❝♦♠❡♥③❛r❡♠♦s r❡✈✐s❛♥❞♦ ❡❧ ♠♦♥♦♣♦❧✐♦ ② ❡❧ ♠♦♥♦♣♦❧✐♦

❞✐s❝r✐♠✐♥❛❞♦r✱ ❧✉❡❣♦ ✐♥tr♦❞✉❝✐r❡♠♦s ❞❡✜♥✐❝✐♦♥❡s ❜ás✐❝❛s ❞❡ ❧❛ t❡♦rí❛ ❞❡ ❥✉❡❣♦s ② ✉♥
♥✉❡✈♦ ❝♦♥❝❡♣t♦ ❞❡ ❡q✉✐❧✐❜r✐♦✱ ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤ ✱ q✉❡ ♥♦s ❛②✉❞❛r❛ ❛ ❡♥t❡♥❞❡r
❧❛ ❞✐♥á♠✐❝❛ ❞❡ ❝♦♠♣❡t❡♥❝✐❛s ♦❧✐❣♦♣ó❧✐❝❛s✳ ❋✐♥❛❧♠❡♥t❡ ❢♦r♠❛❧✐③❛r❡♠♦s ✸ ♠♦❞❡❧♦s
❝♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❈♦✉r♥♦t ❝♦♠♣❡t❡♥❝✐❛ ❛
♦❧✐❣♦♣ó❧✐❝♦s ✉s✉❛❧♠❡♥t❡ ❡st✉❞✐❛❞♦s✿ ✱
❧❛ ❙t❛❝❦❡❧❜❡r❣ ❝♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❇❡rtr❛♥❞
② ✳

P❛✁
❣✐♥❛ ✶✾✺ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

✺✳✷ ❊❧ ♠♦♥♦♣♦❧✐♦
❆❤♦r❛ q✉❡ ②❛ ❝♦♥♦❝❡♠♦s ❧♦s ❝♦♥❝❡♣t♦s ❞❡ ❧❛ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✱ ♣♦❞❡♠♦s ✐r♥♦s
❛❧ ♦tr♦ ❝❛s♦ ❡①tr❡♠♦✿ ❡❧ ♠♦♥♦♣♦❧✐♦✱ ❞♦♥❞❡ ❡st✉❞✐❛r❡♠♦s ❛ ✉♥ ❛❣❡♥t❡ q✉❡ ❞❡♥♦♠✐♥❛✲
r❡♠♦s ♠♦♥♦♣♦❧✐st❛✳

✺✳✷✳✶ ❊❧ ♠♦♥♦♣♦❧✐♦✿ ❙✉♣✉❡st♦s

❊❧ ♠♦❞❡❧♦ ❞❡❧ ♠♦♥♦♣♦❧✐♦ ❝♦♥s✐❞❡r❛ ❧♦s s✐❣✉✐❡♥t❡s s✉♣✉❡st♦s✿

❍❛② s♦❧♦ ✉♥❛ ❡♠♣r❡s❛ ❡♥ ❡❧ ♠❡r❝❛❞♦✳ ❊st♦ q✉✐❡r❡ ❞❡❝✐r q✉❡ ❡st❛ ❡♠♣r❡s❛
♣✉❡❞❡ ❞❡❝✐❞✐r ❡❧ ♣r❡❝✐♦ ♦ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ❢❛❜r✐❝❛ ❞❡❧ ❜✐❡♥✱ ❛✉♥q✉❡ ♥♦
❛♠❜❛s✱ ❞❛❞♦ q✉❡ ❡♥❢r❡♥t❛ ✉♥❛ ❞❡♠❛♥❞❛✳

▲❛ ❡♠♣r❡s❛ ♥♦ t✐❡♥❡ ♣♦❞❡r ❞❡ ♠❡r❝❛❞♦ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡ ❢❛❝t♦r❡s

♣r♦❞✉❝t✐✈♦s✳ ❊s ❞❡❝✐r✱ ❡❧ ♣♦❞❡r ❞❡ ♠❡r❝❛❞♦ ❞❡ ❡st❛ ❡♠♣r❡s❛ s❡ ❧✐♠✐t❛ ❛❧
♠❡r❝❛❞♦ ❞❡ s✉ ♣r♦❞✉❝❝✐ó♥✳

◆♦ ❡①✐st❡ ❧✐❜r❡ ❡♥tr❛❞❛ ② s❛❧✐❞❛ ❞❡ ❡♠♣r❡s❛s ❡♥ ❧❛ ✐♥❞✉str✐❛✳ ❊st♦ s✐❣♥✐✜❝❛

q✉❡ ❛q✉❡❧❧❛s ❡♠♣r❡s❛s q✉❡ ❞❡s❡❡♥ ❡♥tr❛r ❛❧ ♠❡r❝❛❞♦ ♥♦ ♣♦❞rá♥ ❤❛❝❡r❧♦ ❞❡❜✐❞♦
❛ ❞✐st✐♥t❛s ❜❛rr❡r❛s ❞❡ ❡♥tr❛❞❛✳ ❊st♦ ❡♥ ❡❧ ♠✉♥❞♦ r❡❛❧ s❡ ♣✉❡❞❡ ❛s❡❣✉r❛r ❛
tr❛✈és ❞❡ ❧❡②❡s✳

▲❛ ❡♠♣r❡s❛ ♣r♦❞✉❝❡ ✉♥ ♠✐s♠♦ ❜✐❡♥✱ ❡❧ ❝✉❛❧ ❡s t♦t❛❧♠❡♥t❡ r❡♣r♦❞✉❝✐❜❧❡

② ❞✐✈✐s✐❜❧❡✳ ❊st♦ ❢❛❝✐❧✐t❛ ♥✉❡str♦ ❛♥á❧✐s✐s✱ ❞❛❞♦ q✉❡ ♣❡r♠✐t❡ ❝❡♥tr❛r♥♦s ❡♥ ✉♥
♠❡r❝❛❞♦ ❡♥ ❡s♣❡❝í✜❝♦✳

✺✳✷✳✷ ▼❛①✐♠✐③❛❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s

❈♦♠♦ ✈✐♠♦s ❛♥t❡r✐♦r♠❡♥t❡✱ ❧❛s ❡♠♣r❡s❛s ♠❛①✐♠✐③❛♥ ❜❡♥❡✜❝✐♦s ❝✉❛♥❞♦ ❡❧ ✐♥❣r❡s♦
❞❡ ❧❛ ú❧t✐♠❛ ✉♥✐❞❛❞ ✈❡♥❞✐❞❛ ❡q✉✐✈❛❧❡ ❡①❛❝t❛♠❡♥t❡ ❛ s✉ ❝♦st♦ ❞❡ ♣r♦❞✉❝❝✐ó♥✱ ❡s ❞❡❝✐r✿

Img = Cmg
P❡r♦ ❡♥ ❡st❡ ❝❛s♦✱ ❧♦s ✐♥❣r❡s♦s t♦t❛❧❡s ❞❡ ❧❛ ❡♠♣r❡s❛ s❡ ♣✉❡❞❡♥ r❡♣r❡s❡♥t❛r ♣♦r✿

It = P · Q(P ) ✭✺✳✷✳✷✳✶✮

❖ ❜✐❡♥ ❝♦♠♦✿
It = P (Q) · Q ✭✺✳✷✳✷✳✷✮
P✉❡s ♥♦t❛r ❛❤♦r❛ q✉❡ ❧❛ ✜r♠❛ ♥♦ ♦❜s❡r✈❛ ✉♥ ♣r❡❝✐♦ p s♦❜r❡ ❡❧ ❝✉❛❧ ♥♦ ♣✉❡❞❡ ✐♥❝✐❞✐r
❝♦♠♦ ❡♥ ❧❛ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✱ ♣✉❡s ❛❤♦r❛ ❝♦♠♦ ❡s ❧❛ ú♥✐❝❛ ✜r♠❛ ❡♥ ❡❧ ♠❡r❝❛❞♦
t✐❡♥❡ ♣♦❞❡r ❞❡ ♠❡r❝❛❞♦ ② ♣✉❞❡ ❝❛♠❜✐❛r ❡❧ p ❞❛❞❛ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ♣♦♥❡ ❡♥ ❡❧ ♠❡r❝❛❞♦✳

P❛r❛ ❡❢❡❝t♦s ❞❡ ❡st❡ ❝✉rs♦ ❞✐r❡♠♦s q✉❡ ❡❧ ♠♦♥♦♣♦❧✐st❛ ✜❥❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡❧ ❜✐❡♥✳
❚❡♥✐❡♥❞♦ ❡st♦ ❡♥ ❝✉❡♥t❛✱ ❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ❞❡❧ ♠♦♥♦♣♦❧✐♦ q✉❡❞❛ ❞❡✜♥✐❞♦ ❝♦♠♦ ❧❛
❞❡r✐✈❛❞❛ ❝♦♥ r❡s♣❡❝t♦ ❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❧❛ s❡❣✉♥❞❛ ❡❝✉❛❝✐ó♥ ❛♥t❡r✐♦r✳ t❡♥❡♠♦s✿
∂P
Img = P (Q) + Q ✭✺✳✷✳✷✳✸✮
∂Q

P❛✁
❣✐♥❛ ✶✾✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
◗✉❡ ❛❧ ❛❣r❡❣❛r❧❡ ✉♥ ✉♥♦ ❝♦♥✈❡♥✐❡♥t❡✿

Q ∂P
Img = P + · P
P ∂Q
❉♦♥❞❡ s✐ ❢❛❝t♦r✐③❛♠♦s ♦❜t❡♥❡♠♦s✿
 
Q ∂P
Img = P 1 + · ✭✺✳✷✳✷✳✹✮
P ∂Q

Q ∂P
❉♦♥❞❡ ❡❧ tér♠✐♥♦ · ∂Q ❝♦rr❡s♣♦♥❞❡ ❛❧ ✐♥✈❡rs♦ ❞❡ ❧❛ ❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦✳ ❊♥t♦♥❝❡s✱
P
♣♦❞❡♠♦s ❞❡✜♥✐r ❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ❝♦♠♦✿
 
1
Img = P 1 + ✭✺✳✷✳✷✳✺✮
ǫP,Q
❉❡ ❡st❛ ú❧t✐♠❛ ♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ ❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ s✐❡♠♣r❡ ❡s ♠ás ♣❡q✉❡ñ♦
q✉❡ ❧❛ ❞❡♠❛♥❞❛ ✭P (Q)✮✱ ♣♦rq✉❡ ❡❧ t❡r♠✐♥♦ ǫP,Q ❡✈✐❞❡♥t❡♠❡♥t❡ t✐❡♥❡ s✐❣♥♦ ♥❡❣❛t✐✈♦✱
♣♦r t❛♥t♦ ❡❧ ❧❛❞♦ ❞❡r❡❝❤♦ ❝♦rr❡s♣♦♥❞❡ ❛ s✉♠❛r ❧❛ ❞❡♠❛♥❞❛ ♠ás ✉♥ t❡r♠✐♥♦ ♥❡❣❛✲
t✐✈♦✱ ❝♦♥ ❡❧❧♦ ❡❧ ❧❛❞♦ ✐③q✉✐❡r❞♦ q✉❡ ❝♦rr❡s♣♦♥❞❡ ❛❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ❡s s✐❡♠♣r❡ ♠❛②♦r✳

▲❛ ✐♥t✉✐❝✐ó♥ ❞❡ ❧♦ ❛♥t❡r✐♦r ❝♦rr❡s♣♦♥❞❡ q✉❡ ❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ❡s ❡❧ ✐♥❝r❡♠❡♥t♦

❡♥ ❧♦s ✐♥❣r❡s♦s tr❛s ✈❡♥❞❡r ✉♥❛ ✉♥✐❞❛❞ ❡①tr❛✱ s❛❜❡♠♦s q✉❡ ❡❧ ♣r❡❝✐♦ ❛❧ q✉❡ s❡ ✈❡♥✲
❞❡rá ❡st❛ ❞❡t❡r♠✐♥❛❞♦ ♣♦r ❧❛ ❞❡♠❛♥❞❛✱ s✐ ✐♥❝r❡♠❡♥t❛♠♦s ❡♥ ✉♥❛ ✉♥✐❞❛❞ ❡①tr❛ ❧❛
❝❛♥t✐❞❛❞ ✈❡♥❞✐❞❛ ❧♦ q✉❡ ♦❝✉rr✐rá ❡s q✉❡ ❧♦s ❝♦♥s✉♠✐❞♦r❡s ✈❡rá♥ ✉♥❛ ♠❛②♦r ❝❛♥t✐❞❛❞
❡♥ ❡❧ ♠❡r❝❛❞♦✱ ② t♦❞♦s ❡st❛rá♥ ❞✐s♣✉❡st♦s ❛ ♣❛❣❛r ✉♥ ♠❡♥♦r ♣r❡❝✐♦✱ ♣♦r t❛♥t♦ ❡❧
✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ✐♥t❡r♥❛❧✐③❛ ❡❧ ❤❡❝❤♦ ❞❡ q✉❡ t♦❞❛s ❧❛s ✉♥✐❞❛❞❡s ❞❡❜❡♥ ❝❛❡r ❞❡ ♣r❡❝✐♦
❛❧ ✐♥❝r❡♠❡♥t❛r ❡♥ ✶ ✉♥✐❞❛❞ ❧❛s ❝❛♥t✐❞❛❞❡s ✈❡♥❞✐❞❛s✱ ♣♦r ❡♥❞❡ s✐❡♠♣r❡ ❡s ♠❡♥♦r q✉❡
❧❛ ❞❡♠❛♥❞❛✳

❊♥t♦♥❝❡s r❡❝❛♣✐t✉❧❛♥❞♦✱ ❡❧ ♠♦♥♦♣♦❧✐♦ ♣r♦❞✉❝✐rá ❤❛st❛ ❡❧ ♣✉♥t♦ ❞♦♥❞❡ s✉ ✐♥❣r❡s♦

♠❛r❣✐♥❛❧ s❡❛ ✐❣✉❛❧ ❛ s✉ ❝♦st♦ ♠❛r❣✐♥❛❧✳ ●rá✜❝❛♠❡♥t❡✿

P❛✁
❣✐♥❛ ✶✾✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

CMgCP

CMeTCP

P*

Dda

Img

Q*

❋✐❣✉r❛ ✺✳✶✿ ❊q✉✐❧✐❜r✐♦ ❡♥ ✉♥ ♠♦♥♦♣♦❧✐♦

P❛r❛ ❞❡❥❛r ❡st♦ ❝❧❛r♦ ✈❡❛♠♦s s✉♣♦♥❣❛♠♦s ✉♥❛ ❡♠♣r❡s❛ q✉❡ t✐❡♥❡ ❧♦s s✐❣✉✐❡♥t❡s
❞❛t♦s✿
Ct = 10q
Q = 50 − 2p
❉❡ ❡st❛ ❢♦r♠❛✱ ✈❡♠♦s q✉❡ ❡❧ ✐♥❣r❡s♦ ❡stá ❞❡t❡r♠✐♥❛❞♦ ♣♦r✿
 
Q Q2
IT = Q 25 − = 25Q −
2 2

❨ ❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ❡stá ❞❡t❡r♠✐♥❛❞♦ ♣♦r✿

Img = 25 − Q

❨ ❧❛ ❝❛♥t✐❞❛❞ ó♣t✐♠❛ ❡stá ❞❡t❡r♠✐♥❛❞❛ ♣♦r✿

Img = Cmg

25 − 1 = 10
Q = 15
❉♦♥❞❡ ❡❧ ♣r❡❝✐♦ s❡ ♦❜t✐❡♥❡ ❞❡ r❡❡♠♣❧❛③❛r ❧❛ ❝❛♥t✐❞❛❞ ❡♥ ❧❛ ❞❡♠❛♥❞❛✱ ♦❜t❡♥✐❡♥❞♦✿

P = 17,5

P❛✁
❣✐♥❛ ✶✾✽ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
✺✳✷✳✸ Pér❞✐❞❛ ❞❡ ❊✜❝✐❡♥❝✐❛ ❊❝♦♥ó♠✐❝❛ ❡♥ ▼♦♥♦♣♦❧✐♦s
❆ ♣❡s❛r ❞❡ ❧♦ q✉❡ ♣♦♣✉❧❛r♠❡♥t❡ s❡ ❝r❡❡✱ ❡❝♦♥ó♠✐❝❛♠❡♥t❡ ❡❧ ♣r♦❜❧❡♠❛ ❞❡ ❡✜✲
❝✐❡♥❝✐❛ r❡❧❛❝✐♦♥❛❞♦ ❛ ❧♦s ♠♦♥♦♣♦❧✐♦s ♥♦ ❡s q✉❡ ❝♦❜r❛♥ ♣r❡❝✐♦s ♠ás ❛❧t♦s q✉❡ ❡♥
❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✱ s✐♥♦ q✉❡ ✈❡♥❞❡♥ ♠❡♥♦s ✉♥✐❞❛❞❡s✱ ❞✐❝❤♦ ❞❡ ♦tr❛ ❢♦r♠❛✱ s❡ ❞❡✲
❥❛♥ ❞❡ tr❛♥s❛r ✉♥✐❞❛❞❡s q✉❡ ❡♥ ♦tr❛s ❝✐r❝✉♥st❛♥❝✐❛s s✐ s❡ ❤✉❜✐❡r❛♥ tr❛♥s❛❞♦✳ P❛r❛ ✈❡r
❡st♦✱ s✐♠♣❧❡♠❡♥t❡ t❡♥❡♠♦s q✉❡ ❝♦♠♣❛r❛r ❛♠❜♦s ❡q✉✐❧✐❜r✐♦s✱ ♦❜t❡♥✐❡♥❞♦ ❡❧ s✐❣✉✐❡♥t❡
❣rá✜❝♦✿

CMgCP

CMeTCP

P*

Dda

Img

Q*

❋✐❣✉r❛ ✺✳✷✿ P❡r❞✐❞❛ ❞❡ ❡✜❝✐❡♥❝✐❛ ❡♥ ✉♥ ♠♦♥♦♣♦❧✐♦

❉♦♥❞❡ ❡❧ ár❡❛ ✈❡r❞❡✱ r❡♣r❡s❡♥t❛ ❣rá✜❝❛♠❡♥t❡ ❧❛ ♣ér❞✐❞❛ ❞❡ ❡✜❝✐❡♥❝✐❛ ❡❝♦♥ó♠✐❝❛

q✉❡ ♣r♦✈♦❝❛ ❡❧ ♠♦♥♦♣♦❧✐♦✳ P✉❡s ❡s❛s ✉♥✐❞❛❞❡s s❡ ✈❛❧♦r❛♥ ♣♦r ♣❛rt❡ ❞❡ ❧♦s ❝♦♥s✉♠✐✲
❞♦r❡s ❛❧ ♠❡♥♦s ❞❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛ ❞❡ ❧♦ q✉❡ ❝✉❡st❛ ♣r♦❞✉❝✐r❧❛s✱ ♣♦r t❛♥t♦ ❡♥ ✉♥
❡s❝❡♥❛r✐♦ ♥♦r♠❛❧✱ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✱ ❡st❛s ✉♥✐❞❛❞❡s ❞❡❜❡rí❛♥ ♣r♦❞✉❝✐rs❡✳

✺✳✸ ▼♦♥♦♣♦❧✐♦ ❞✐s❝r✐♠✐♥❛❞♦r

❈♦♠♦ ②❛ ❛❞❡❧❛♥t❛♠♦s ❡♥ ❧❛ ✐♥tr♦❞✉❝❝✐ó♥ ❞❡❧ ❝❛♣✐t✉❧♦✱ ❡①✐st❡♥ t❛♠❜✐é♥ ❧❛ ♣♦s✐✲
❜✐❧✐❞❛❞ ❞❡ q✉❡ ❡❧ ♠♦♥♦♣♦❧✐st❛ ♣✉❡❞❛ ❞✐s❝r✐♠✐♥❛r ♣r❡❝✐♦s ✱ ❡st♦ ❡s q✉❡ s❡❛ ❝❛♣❛③
❞❡ ❝♦❜r❛r ✉♥ ♣r❡❝✐♦ ❞✐❢❡r❡♥❝✐❛❞♦ ❛ ❝❛❞❛ ✉♥♦ ❞❡ s✉s ❝♦♥s✉♠✐❞♦r❡s ♦ ❛ ❞✐❢❡r❡♥t❡s ❣r✉✲
♣♦s ❞❡ ❡st♦s✳ ❊①✐st❡♥ ✸ t✐♣♦s ❞❡ ❞✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s✱ ❧❛ ❞✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡
♣r✐♠❡r ❣r❛❞♦ ❞♦♥❞❡ ❡❧ ♠♦♥♦♣♦❧✐st❛ ❡s ❝❛♣❛③ ❞❡ ❝♦❜r❛r ✉♥ ♣r❡❝✐♦ ❛ ❝❛❞❛ ✉♥♦ ❞❡
s✉s ❝♦♥s✉♠✐❞♦r❡s✱ ❧❛ ❞✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ s❡❣✉♥❞♦ ❣r❛❞♦ ❞♦♥❞❡ ❡❧ ♠♦♥♦♣♦❧✐st❛ ♥♦
❝♦♥♦❝❡ ❧❛ ✈❛❧♦r❛❝✐ó♥ ❞❡ ❧♦s ❞❡♠❛♥❞❛♥t❡s✱ ♣❡r♦ ❡s ❝❛♣❛③ ❞❡ ❣❡♥❡r❛r ♣❛q✉❡t❡s ❞❡ s❡r✈✐✲
❝✐♦s ❞♦♥❞❡ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s ❝♦♥s✉♠✐❞♦r❡s s❡ ❛✉t♦✲s❡❧❡❝❝✐♦♥❛rá ② ❧❛ ❞✐s❝r✐♠✐♥❛❝✐ó♥
❞❡ t❡r❝❡r ❣r❛❞♦ ❞♦♥❞❡ ❡❧ ♠♦♥♦♣♦❧✐st❛ ❡s ❝❛♣❛③ s♦❧♦ ❞❡ ❞✐st✐♥❣✉✐r s♦❜r❡ ❣r✉♣♦s ❞❡
♣❡rs♦♥❛s✳

P❛✁
❣✐♥❛ ✶✾✾ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
✺✳✸✳✶ ▼♦♥♦♣♦❧✐♦ ❞✐s❝r✐♠✐♥❛❞♦r✿ ❙✉♣✉❡st♦s
❊♥ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s ❞✐❢❡r❡♥t❡s t✐♣♦s ❞❡ ❞✐s❝r✐♠✐♥❛❝✐ó♥ s✉♣♦♥❞r❡♠♦s✱ ❛✉♥q✉❡ ❡♥
❞✐❢❡r❡♥t❡s ❣r❛❞♦s✱ q✉❡ ❛❞❡♠ás ❞❡ ❧♦s s✉♣✉❡st♦s ❝♦rr❡s♣♦♥❞✐❡♥t❡s ❛❧ ♠❡r❝❛❞♦ ♠♦♥♦✲
♣♦❧✐❝♦ s❡ ❝✉♠♣❧❡ q✉❡✿
▲❛ ❡♠♣r❡s❛ ♣✉❡❞❡ ❡✈✐t❛r ❡❧ ❛r❜✐tr❛❥❡✱ ❡st♦ ♥♦ ❡s ♠ás q✉❡ s✉♣♦♥❡r q✉❡ ❧♦s
❝♦♥s✉♠✐❞♦r❡s ♥♦ s❡ ♣✉❡❞❡♥ ✈❡♥❞❡r ❡❧ ♣r♦❞✉❝t♦ ❡♥tr❡ s✐✱ ❞❡ ♣♦❞❡r ❤❛❝❡r❧♦ ❧❛ ❞✐s✲
❝r✐♠✐♥❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s ♥♦ t❡♥❞rí❛ ❡❢❡❝t♦ ❛❧❣✉♥♦✱ ♣✉❡s ❡❧ ❣r✉♣♦ ♦ ✐♥❞✐✈✐❞✉♦ q✉❡
s❡ ❧❡ ♦❢r❡❝❡ ❡❧ ♣r♦❞✉❝t♦ ♠ás ❜❛r❛t♦✱ r❡✈❡♥❞❡rí❛ ❡st❡ ❛ ❧♦s ♦tr♦s ❝♦♥s✉♠✐❞♦r❡s✳
❊❧ ♠♦♥♦♣♦❧✐st❛ t✐❡♥❡ ✐♥❢♦r♠❛❝✐ó♥ ❞❡ ❧❛s ✈❛❧♦r❛❝✐♦♥❡s✱ ❡st♦ ❡s ✈❛❧✐❞♦
♣❛r❛ ❧❛ ❞✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ ♣r✐♠❡r ② t❡r❝❡r ❣r❛❞♦✱ ❡❧ ♠♦♥♦♣♦❧✐st❛ t✐❡♥❡ q✉❡ s❡r
❝❛♣❛③ ❞❡ ❛❧❣✉♥❛ ❢♦r♠❛ r❡❝♦♣✐❧❛r ✐♥❢♦r♠❛❝✐ó♥ s♦❜r❡ ❧❛ ✈❛❧♦r❛❝✐ó♥ ❞❡ ❧♦s ❝♦♥s✉✲
♠✐❞♦r❡s ❞❡❧ ♣r♦❞✉❝t♦ q✉❡ ✈❡♥❞❡✱ ②❛ s❡❛ ❞❡ ❢♦r♠❛ ✐♥❞✐✈✐❞✉❛❧ ♦ ♣♦r ❣r✉♣♦s✱ ❞❡
♥♦ t❡♥❡r❧❛ ♥♦ t❡♥❞rá ❧♦s ❝♦♥♦❝✐♠✐❡♥t♦s ♣❛r❛ ❛s✐❣♥❛r ♣r❡❝✐♦s ❞✐❢❡r❡♥t❡s✳
P♦❞❡r ❞❡ ♠❡r❝❛❞♦✱ ❡❧ ♠♦♥♦♣♦❧✐st❛ ❛❞❡♠❛s ❞❡❜❡ t❡♥❡r ❧❛ ❝❛♣❛❝✐❞❛❞ ❞❡ ♣♦❞❡r
✜❥❛r ❞✐❢❡r❡♥t❡s ♣r❡❝✐♦s✱ ❞❡ ♦tr❛ ❢♦r♠❛ ♥♦ ♣♦❞rí❛ ❞✐s❝r✐♠✐♥❛r✳
❈♦♥ ❧♦s s✉♣✉❡st♦s ②❛ ❡♥✉♠❡r❛❞♦s✱ r❡✈✐s❡♠♦s ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s t✐♣♦s ❞❡ ❞✐s❝r✐♠✐♥❛❝✐ó♥✳

✺✳✸✳✷ ❉✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ ♣r✐♠❡r ❣r❛❞♦

❊st❡ t✐♣♦ ❞❡ ❞✐s❝r✐♠✐♥❛❝✐ó♥ t❛♠❜✐é♥ ❡s ❝♦♥♦❝✐❞♦ ❝♦♠♦ ❞✐s❝r✐♠✐♥❛❝✐ó♥ ♣❡r❢❡❝t❛✱
❝♦rr❡s♣♦♥❞❡ ❛❧ ❝❛s♦ ❡♥ q✉❡ ❡❧ ♠♦♥♦♣♦❧✐st❛ ❝♦♥♦❝❡ ❝❛❞❛ ✈❛❧♦r❛❝✐ó♥ ❞❡ ❝❛❞❛ ✉♥♦ ❞❡
❝♦❜r❛r❛ ❛ ❝❛❞❛ ✉♥♦ s✉ ✈❛❧♦r❛❝✐ó♥
❧♦s ✐♥❞✐✈✐❞✉♦s✱ ♣♦r t❛♥t♦ ❧❡ ✱ s✐❡♠♣r❡ ② ❝✉❛♥❞♦
❡st❛ ✈❛❧♦r❛❝✐ó♥ s❡ s✐t✉é s♦❜r❡ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧✱ ❣r❛✜❝❛♠❡♥t❡ ❡st♦ ❝♦rr❡s♣♦♥❞❡ ❛✿

CMgCP

CMeTCP

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❋✐❣✉r❛ ✺✳✸✿ ❉✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ ♣r✐♠❡r ❣r❛❞♦

●r❛✜❝❛♠❡♥t❡ ♣♦❞❡♠♦s ♦❜s❡r✈❛r ✉♥ ♣❛r ❞❡ ❝♦♥❝❧✉s✐♦♥❡s ✐♥t❡r❡s❛♥t❡s✿

P❛✁
❣✐♥❛ ✷✵✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

❊♥ ❡st❡ t✐♣♦ ❞❡ ❞✐s❝r✐♠✐♥❛❝✐ó♥ ❡❧ ♠♦♥♦♣♦❧✐st❛ s❡ ❤❛❝❡ ❝♦♥ t♦❞♦s ❧♦s ❡①✲

❝❡❞❡♥t❡s ❞❡❧ ❝♦♥s✉♠✐❞♦r✳
❊♥ ❡st❡ t✐♣♦ ❞❡ ❝♦♠♣❡t❡♥❝✐❛ ♥♦ ❡①✐st❡ ♣❡r❞✐❞❛ ❞❡ ❡✜❝✐❡♥❝✐❛ s♦❝✐❛❧✱ ♣✉❡s
s❡ tr❛♥s❛♥ ❡♥ ❡❧ ♠❡r❝❛❞♦ t♦❞❛s ❧❛s ✉♥✐❞❛❞❡s q✉❡ s❡ ✈❛❧♦r❛♥ ♣♦r ♣❛rt❡ ❞❡ ❧♦s
❝♦♥s✉♠✐❞♦r❡s ❛❧ ♠❡♥♦s t❛♥t♦ ❝♦♠♦ s✉ ❝♦st♦ ❞❡ ♣r♦❞✉❝❝✐ó♥

❊s ✐♥t❡r❡s❛♥t❡ ❡♥t♦♥❝❡s r❡❝❛❧❝❛r q✉❡ ❡st❡ t✐♣♦ ❞❡ ❞✐s❝r✐♠✐♥❛❝✐ó♥✱ ❛ ❞✐❢❡r❡♥❝✐❛ ❞❡❧

♠♦♥♦♣♦❧✐st❛ ❞é❜✐❧✱ s❡ ❝♦♥s✐❞❡r❛ ❡✜❝✐❡♥t❡✱ ♣❡r♦ ❝❛❜❡ r❡❝♦r❞❛r q✉❡ ❣❡♥❡r❛ ❞✐st♦rs✐♦♥❡s
❡♥ ❧❛ ❛s✐❣♥❛❝✐ó♥ ❞❡ r❡❝✉rs♦s✱ ❤❛❝✐❡♥❞♦ q✉❡ ❡❧ ♠♦♥♦♣♦❧✐st❛ s❡ ❤❛❣❛ ❞❡ t♦❞♦s ❧♦s
❡①❝❡❞❡♥t❡s✳

✺✳✸✳✸ ❉✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ t❡r❝❡r ❣r❛❞♦

❊st❡ t✐♣♦ ❞❡ ❞✐s❝r✐♠✐♥❛❝✐ó♥ ❝♦rr❡s♣♦♥❞❡ ❛❧ ❝❛s♦ ❡♥ q✉❡ ❡❧ ♠♦♥♦♣♦❧✐st❛ ♦❜s❡r✈❛
❞✐❢❡r❡♥t❡s ❣r✉♣♦s✱ ❝♦♥ ❞✐❢❡r❡♥t❡s ✈❛❧♦r❛❝✐♦♥❡s✱ ② ❧❡ ♦❢r❡❝❡ ❛ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s ❣r✉♣♦s ✉♥
♣r❡❝✐♦ ❞✐❢❡r❡♥t❡✱ ❡❥❡♠♣❧♦ ❞❡ ❡st♦ s♦♥ ❧❛s ❡♥tr❛❞❛s ❛ ❧♦s ♠✉s❡♦s✱ ❞♦♥❞❡ ❧♦s ❡st✉❞✐❛♥t❡
② ❛❞✉❧t♦s ♠❛②♦r❡s ♣❛❣❛♥ ✉♥ ♣r❡❝✐♦ ♠❡♥♦r ❛❧ ❞❡ ❧♦s ❛❞✉❧t♦s✳ ❧❛ ❧ó❣✐❝❛ ❞❡trás ❞❡ ❡st❛
♣♦❧ít✐❝❛ ❞❡ ♣r❡❝✐♦s✱ ❡s ❝♦❜r❛r❧❡ ❛ ❝❛❞❛ ❣r✉♣♦✱ ❞❛❞♦ s✉ ✈❛❧♦r❛❝✐ó♥ ♣♦r ❡❧ ❜✐❡♥✱ ❡❧
♣r❡❝✐♦ ♦♣t✐♠♦✱ ② ❞❡ ❡st❛ ❢♦r♠❛ s❡ ♠❛①✐♠✐③❛ ❜❡♥❡✜❝✐♦s ♣♦r s♦❜r❡ ❝♦❜r❛r ✉♥ ♣r❡❝✐♦
✉♥✐❢♦r♠❡✶ ✳
❘❡✈✐s❡♠♦s ✉♥ ❡❥❡♠♣❧♦ ♣❛r❛ ❛❝❧❛r❛r ✐❞❡❛s✱ s✉♣♦♥❣❛♠♦s q✉❡ ❡①✐st❡ ✉♥ ♠❡r❝❛❞♦
❞♦♥❞❡ ❡❧ ♠♦♥♦♣♦❧✐st❛ ♦❜s❡r✈❛ ✷ ❣r✉♣♦s ❞❡ ♣❡rs♦♥❛s ❝♦♥ ✈❛❧♦r❛❝✐♦♥❡s ❞✐❢❡r❡♥t❡s✱ ✉♥❛
❛❧t❛✿
Qa = 10 − Pa
❨ ✉♥❛ ❜❛❥❛✿
Q b = 6 − Pb
❆❞❡♠ás ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❡s ✐❣✉❛❧ ❛ ✵✳

❙✐ ❡❧ ♠♦♥♦♣♦❧✐st❛ ♥♦ ❡s ❝❛♣❛③ ❞❡ ❞✐s❝r✐♠✐♥❛r ♣r❡❝✐♦s✱ ❝♦❜r❛rí❛ ✉♥ ♣r❡❝✐♦ ✉♥✐❢♦r♠❡

❛ t♦❞❛ ❧❛ ❞❡♠❛♥❞❛✱ ❧❛ ❞❡♠❛♥❞❛ ❛❣r❡❣❛❞❛ ❡♥ ❡st❡ ❝❛s♦ ❝♦rr❡s♣♦♥❞❡ ❛✿

Qm = 16 − 2p

❉♦♥❞❡ s❛❜❡♠♦s q✉❡ ❧❛ ❝❛♥t✐❞❛❞ ♦♣t✐♠❛ ❡st❛ ❞❛❞♦ ♣♦r✿

Img = Cmg

q✉❡ ♣❛r❛ ❡st❡ ❝❛s♦ t❡♥❡♠♦s✿

15 − 4p = 0
p=4
② ❝♦♥ ❡❧❧♦ t❡♥❡♠♦s q✉❡✿
Qm = 7 ⇒ πpunif = 28
✶ ❈♦rr❡s♣♦♥❞❡ ❛❧ ♣r❡❝✐♦ ♠♦♥♦♣ó❧✐❝♦ q✉❡ s❡ ❝♦❜r❛ ❛❧ ❝♦♥s✐❞❡r❛r t♦❞❛ ❧❛ ❞❡♠❛♥❞❛ ❝♦♠♦ ❛❣r❡❣❛❞❛✳

P❛✁
❣✐♥❛ ✷✵✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❊st✉❞✐❡♠♦s ❛❤♦r❛ ❡❧ ❝❛s♦ ❡♥ q✉❡ ❧❛ ✜r♠❛ s✐ ♣✉❡❞❡ ❞✐s❝r✐♠✐♥❛r✱ ❝♦♠♦ ♦❜s❡r✈❛ ✷
❣r✉♣♦s ❞❡ ♣❡rs♦♥❛s ❞✐❢❡r❡♥t❡s✱ ❡s ❡q✉✐✈❛❧❡♥t❡ ❛ q✉❡ ♦❜s❡r✈❡ ❞♦s ♠❡r❝❛❞♦s ❞✐❢❡r❡♥t❡s✱
❞♦♥❞❡ ❡♥ ❝❛❞❛ ✉♥♦ t✐❡♥❡ ❝❛♣❛❝✐❞❛❞ ♣❛r❛ ❛❝t✉❛r ❝♦♠♦ ♠♦♥♦♣♦❧✐♦✱ ♣♦r t❛♥t♦ s✉ ❡str❛✲
t❡❣✐❛ ♦♣t✐♠❛ s❡rá ✜❥❛r ❡♥ ❝❛❞❛ ✉♥♦✱ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ❝✉♠♣❧❛ ❝♦♥ q✉❡ ❡❧ Img = Cmg ✱
❞❡ ❡st❛ ❢♦r♠❛ t❡♥❞r❡♠♦s q✉❡✿
ImgQb = CmgQ ② ImgQa = CmgQ
P♦r t❛♥t♦ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♠❛①✐♠✐③❛❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ♣❛r❛ ❡❧ ♠♦♥♦♣♦❧✐st❛ ❞❡ s❡❣✉♥❞♦
❣r❛❞♦ s❡rá✿
ImgQb = ImgQa = CmgQ ✭✺✳✸✳✸✳✶✮
❊♥t♦♥❝❡s t❡♥❡♠♦s✿
Qa = 10 − pa ⇒ ITa = (10 − Qa )Qa ⇒ Imgqa = 10 − 2Qa
Qb = 10 − pb ⇒ ITb = (6 − Qb )Qb ⇒ Imgqb = 6 − 2Qb
❉❡ ❧♦ q✉❡ ♦❜t❡♥❡♠♦s q✉❡ ❡❧ ❡q✉✐❧✐❜r✐♦ r❡s✉❧t❛ s❡r✿✿
Imgqa = CmgQ ⇒ 10 − 2Qa = 0 ⇒ Qa = 5 ⇒ Pa = 5 ⇒ Πa = 25
Imgqb = CmgQ ⇒ 6 − 2Qa = 0 ⇒ Qa = 3 ⇒ Pa = 3 ⇒ Πa = 9
P♦r t❛♥t♦ ❧♦s ❜❡♥❡✜❝✐♦s t♦t❛❧❡s ❞❡ ❞✐s❝r✐♠✐♥❛r r❡s✉❧t❛r s❡r✿
πDiscr = πa + πb = 36
◗✉❡ r❡s✉❧t❛ s❡r ♠ás ❛❧t♦ q✉❡ ❡❧ ❜❡♥❡✜❝✐♦ ❞❡ ♥♦ ❞✐s❝r✐♠✐♥❛r ❝♦❜r❛♥❞♦ ✉♥ ♣r❡❝✐♦
✉♥✐❢♦r♠❡✳

❋✐♥❛❧♠❡♥t❡ ♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ ❡❧ ❝❛s♦ ❞❡ ♥♦ ❞✐s❝r✐♠✐♥❛r ❡❧ ❡q✉✐❧✐❜r✐♦ ❣r❛✜❝❛✲

♠❡♥t❡ r❡s✉❧t❛ s❡r✿

CMgCP

CMeTCP

Pu

Dda

Img

Q*

❋✐❣✉r❛ ✺✳✹✿ ❊q✉✐❧✐❜r✐♦ ♣r❡❝✐♦ ✉♥✐❢♦r♠❡

P❛✁
❣✐♥❛ ✷✵✷ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
▼✐❡♥tr❛s q✉❡ ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ❞✐s❝r✐♠✐♥❛r ♣r❡❝✐♦s ❡s✿

CMgCP CMgCP

CMeTCP CMeTCP

Pa Pb
Dda Dda
Img Img

Qa Qb

❋✐❣✉r❛ ✺✳✺✿ ❊q✉✐❧✐❜r✐♦ ❝♦♥ ❞✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ ♣r❡❝✐♦s ❡♥ t❡r❝❡r ❣r❛❞♦

✺✳✸✳✹ ❉✐s❝r✐♠✐♥❛❝✐ó♥ ❞❡ s❡❣✉♥❞♦ ❣r❛❞♦

❊♥ ❡st❡ t✐♣♦ ❞❡ ❞✐s❝r✐♠✐♥❛❝✐ó♥ ❡❧ ♠♦♥♦♣♦❧✐st❛ ♥♦ t✐❡♥❡ ✐♥❢♦r♠❛❝✐ó♥ r❡s♣❡❝t♦ ❛ ❧❛
✈❛❧♦r❛❝✐ó♥ ❞❡ ❧♦s ❝♦♥s✉♠✐❞♦r❡s✱ ♣❡r♦ ❡s ❝❛♣❛③ ❞❡ ♦❢r❡❝❡r ❞✐❢❡r❡♥t❡s ♣❛q✉❡t❡s ♣❛r❛ q✉❡
❧♦s ❝♦♥s✉♠✐❞♦r❡s s❡ ❛✉t♦✲s❡❧❡❝❝✐♦♥❡♥✱ ♣♦r ❡❥❡♠♣❧♦ ❧❛s ❝♦♠♣❛ñí❛s t❡❧❡❢ó♥✐❝❛s ♦❢r❡❝❡♥
❞✐❢❡r❡♥t❡s ♣❛q✉❡t❡s ❞❡ s❡r✈✐❝✐♦s✱ ❞♦♥❞❡ ♣♦♥❡♥ ❛ ❞✐s♣♦s✐❝✐ó♥ ❞❡ ❧♦s ❝♦♥s✉♠✐❞♦r❡s
❞✐❢❡r❡♥t❡s ❝♦♠❜✐♥❛❝✐♦♥❡s ❞❡ ♠✐♥✉t♦s ❞❡ ❧❧❛♠❛❞❛s ② ▼❇ ❞❡ ✐♥t❡r♥❡t ♣❛r❛ q✉❡ ❧♦s
❝♦♥s✉♠✐❞♦r❡s ❡s❝♦❥❛♥ ❡❧ ♣❛q✉❡t❡✱ q✉❡ ❞❡ ❛❝✉❡r❞♦ ❛ s✉ ✈❛❧♦r❛❝✐ó♥✱ ❧❡ ❣❡♥❡r❛ ♠❛②♦r
❜❡♥❡✜❝✐♦✳

✺✳✹ ❚❡♦rí❛ ❞❡ ❥✉❡❣♦s

❊♥ r❡❝✉rr❡♥t❡s s✐t✉❛❝✐♦♥❡s ❞♦♥❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s t♦♠❛♥ ❞❡❝✐s✐♦♥❡s ♦❜s❡r✈❛♥ q✉❡
❧♦s r❡s✉❧t❛❞♦s ❞❡ ❡st❛s ♥♦ ❞❡♣❡♥❞❡♥ t❛♥ s♦❧♦ ❞❡ ❧♦ q✉❡ ❡❧❧♦s ❥✉❡❣✉❡♥✱ s✐ ♥♦ t❛♠✲
❜✐é♥ ❞❡ ❧♦ q✉❡ ❥✉❡❣❛♥ ❛❣❡♥t❡s r❡❧❛❝✐♦♥❛❞♦s ❛ é❧✱ ② ❛ ❧❛ ✈❡③✱ ❧♦ q✉❡ ❡❧❧♦s ❥✉❡❣✉❡♥
❛❢❡❝t❛rá ❡♥ ❧♦s r❡s✉❧t❛❞♦s ❞❡ t❡r❝❡r♦s✳ ❊♥t♦♥❝❡s ❡s ♣♦s✐❜❧❡ ✈❡r ❝✐❡rt♦ ❣r❛❞♦ ❞❡ ✐♥✲
t❡r❞❡♣❡♥❞❡♥❝✐❛ ❡♥ ❧❛ t♦♠❛ ❞❡ ❞❡❝✐s✐ó♥ ❞❡ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s✱ ❡①✐st✐rá ♣♦r
t❛♥t♦ ✉♥❛ ✐♥t❡r❛❝❝✐ó♥ ❡str❛té❣✐❝❛ ❛❧ ♠♦♠❡♥t♦ ❞❡ q✉❡ ❝❛❞❛ ✉♥♦ t♦♠❡ ✉♥❛ ❞❡❝✐s✐ó♥✳

❊st❛ ♠✐s♠❛ ✐♥t❡r❛❝❝✐ó♥ ❡str❛té❣✐❝❛ s❡ ❞❛ ❡♥ ♠ú❧t✐♣❧❡s ❢❡♥ó♠❡♥♦s ❡❝♦♥ó♠✐❝♦s✱ ♣♦r

❡❥❡♠♣❧♦ ❡♥ ♠❡r❝❛❞♦s ♣♦❝♦s ❝♦♠♣❡t✐t✐✈♦s t❛❧❡s ❝♦♠♦ ❧♦s ♦❧✐❣♦♣ó❧✐❝♦s✳ ▲❛ t❡♦rí❛ ❞❡
❥✉❡❣♦s ❡st✉❞✐❛ ❡❧ ❝♦♠♣♦rt❛♠✐❡♥t♦ ❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s ❡♥ ❡st❛s s✐t✉❛❝✐♦♥❡s ❡str❛té❣✐❝❛s✱
② ♥♦s ❡♥tr❡❣❛ ❤❡rr❛♠✐❡♥t❛s ♣❛r❛ ♣r❡❞❡❝✐r s✉s ❝♦♠♣♦rt❛♠✐❡♥t♦s✳

P❛✁
❣✐♥❛ ✷✵✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

❈♦♠❡♥❝❡♠♦s ♣♦r ❞❡✜♥✐r ❧♦s ❝♦♥❝❡♣t♦s ❜ás✐❝♦s ❡♥ ❧❛ ❝♦♥str✉❝❝✐ó♥ ❞❡ ✉♥ ❥✉❡❣♦✷ ✿

❊♥ ❝❛❞❛ ❥✉❡❣♦ ❡♥t♦♥❝❡s ❞❡❜❡ ❡st❛r ❜✐❡♥ ❞❡✜♥✐❞♦✿
❏✉❣❛❞♦r❡s✿ ❙♦♥ ❧♦s ❛❣❡♥t❡s ✭✐♥❞✐✈✐❞✉♦s✱ ✜r♠❛s✱ ❡t❝✮ q✉❡ t♦♠❛♥ ❞❡❝✐s✐♦♥❡s✳
❊str❛t❡❣✐❛s✿ ❙♦♥ ❧❛s ❞✐❢❡r❡♥t❡s ❛❧t❡r♥❛t✐✈❛s ❡♥tr❡ ❧❛s ❝✉❛❧❡s ❧♦s ❥✉❣❛❞♦r❡s ♣✉❡✲
❞❡♥ ❡s❝♦❣❡r✳

P❛❣♦s✿ ❈♦rr❡s♣♦♥❞❡ ❛ ❧❛ ✈❛❧♦r❛❝✐ó♥ q✉❡ ❧❡ ❡♥tr❡❣❛ ❡❧ ✐♥❞✐✈✐❞✉♦ ❛❧ r❡s✉❧t❛❞♦

✜♥❛❧ ❞❡ ❝❛❞❛ s✐t✉❛❝✐ó♥ ♣♦s✐❜❧❡ ❞❡❧ ❥✉❡❣♦✳
❨❛ ❞❡✜♥✐❞♦ ❡st❡ ♣❡q✉❡ñ♦ ♠❛r❝♦ ❝♦♥❝❡♣t✉❛❧✱ ♣r♦❝❡❞❛♠♦s ❛ r❡✈✐s❛r ✉♥ ❢❛♠♦s♦ ❡❥❡♠✲
♣❧♦ ❞❡ ❧❛ t❡♦rí❛ ❞❡ ❥✉❡❣♦s✿ ❊❧ ❞✐❧❡♠❛ ❞❡❧ ♣r✐s✐♦♥❡r♦✳

❊st❛ s✐t✉❛❝✐ó♥ ♥♦s ♣♦♥❡ ❡♥ ❡❧ ❝❛s♦ ❤✐♣♦tét✐❝♦ ❞❡ ✷ ♣r✐s✐♦♥❡r♦s q✉❡ r❡❛❧✐③❛r♦♥ ✉♥

❞❡❧✐t♦ ❥✉♥t♦s✱ ❧❛ ♣♦❧✐❝í❛ ❧♦s ❝❛♣t✉r❛ ② ❡♥❝✐❡rr❛ ❛ ❡st♦s ❞❡❧✐♥❝✉❡♥t❡s ❡♥ ❝❡❧❞❛s s❡♣❛✲
r❛❞❛s✱ ❛ ❝❛❞❛ ✉♥♦ ❧❡s ♠❡♥❝✐♦♥❛ ❝✉❛♥t♦s s❡rá♥ ❧♦s ❛ñ♦s ❡♥ ❝ár❝❡❧ q✉❡ ❞❡❜❡rá♥ ♣❛❣❛r
❞❛❞❛s ❧❛s ❞✐❢❡r❡♥t❡s s✐t✉❛❝✐♦♥❡s q✉❡ s❡ ♣✉❡❞❛♥ ♣r❡s❡♥t❛r✱ ❡♥ ❜❛s❡ ❛ ❡st❛s ❝❛❞❛ ✉♥♦
❞❡ ❧♦s ❞❡❧✐♥❝✉❡♥t❡s ❞❡❜❡ ❞❡❝✐❞✐r s✐ ❞❡❧❛t❛r ♦ ❝❛❧❧❛r✳ ▲♦s ♣♦❧✐❝í❛s ❧❡ ♠❡♥❝✐♦♥❛♥ ❛
❝❛❞❛ ✉♥♦ ❞❡ ❧♦s ♣r❡s♦s✿ s✐ tú ❞❡❧❛t❛s ❛ t✉ ❝♦♠♣❛ñ❡r♦ ② é❧ ❝❛❧❧❛ r❡❝✐❜✐rás ✵ ❛ñ♦s ❞❡
❝ár❝❡❧✱ ♠✐❡♥tr❛s q✉❡ s✐ t✉ ❝❛❧❧❛s ② ❡❧ t❡ ❞❡❧❛t❛ r❡❝✐❜✐rás ✶✵ ❛ñ♦s ❞❡ ❝ár❝❡❧✱ s✐ ❛♠❜♦s

s❡ ❞❡❧❛t❛♥ r❡❝✐❜✐rá ❝❛❞❛ ✉♥♦ ✺ ❛ñ♦s ❞❡ ❝ár❝❡❧✱ ♠✐❡♥tr❛s q✉❡ s✐ ❛♠❜♦s ❝❛❧❧❛♥ ❝❛❞❛ ✉♥♦

✳ ❙✉❥❡t♦ ❛ ❡st❛s ♣♦s✐❜❧❡s ♣❡♥❛s ❡❧ ♣♦❧✐❝í❛ ❧❡ ♣✐❞❡ ❛ ❝❛❞❛ ✉♥♦

r❡❝✐❜✐rá ✷ ❛ñ♦s ❞❡ ❝ár❝❡❧

❞❡ ❧♦s ♣r✐s✐♦♥❡r♦s t♦♠❡ ✉♥❛ ❞❡❝✐s✐ó♥✳

❊♥ ❡❧ ❡❥❡♠♣❧♦ ❛♥t❡r✐♦r ♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ ❡①✐st❡ ✉♥❛ ✐♥t❡r❛❝❝✐ó♥ ❡str❛té❣✐❝❛

❡♥tr❡ ❧♦s ♣r✐s✐♦♥❡r♦s ❛❧ ♠♦♠❡♥t♦ ❞❡ t♦♠❛r ❧❛ ❞❡❝✐s✐ó♥ ❞❡ ❝❛❧❧❛r ♦ ❞❡❧❛t❛r✱ ❧❛s ♣❡♥❛s
❞❡ ❝ár❝❡❧ q✉❡ r❡❝✐❜✐rá ❝❛❞❛ ✉♥♦ ❡stá♥ ❞❡t❡r♠✐♥❛❞❛s ♣♦r ❧♦ q✉❡ ❥✉❡❣✉❡ ❝❛❞❛ ✉♥♦ ② ❧♦
q✉❡ ❥✉❡❣✉❡ s✉ ❝♦♠♣❛ñ❡r♦ ❞❡ ❞❡❧✐t♦✳ ❆❞❡♠❛s ♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ ❡①✐st❡♥ ✷ ❥✉❣❛✲
❞♦r❡s ❡❧ ♣r✐s✐♦♥❡r♦ ✶ ② ❡❧ ♣r✐s✐♦♥❡r♦ ✷✱ ❤❛② ✷ ❡str❛t❡❣✐❛s q✉❡ ♣✉❡❞❡ t♦♠❛r ❝❛❞❛ ✉♥♦
❡❧ ❝❛❧❧❛r ♦ ❡❧ ❞❡❧❛t❛r✱ ♠✐❡♥tr❛s q✉❡ ❡①✐st❡♥ t❛♠❜✐é♥ ✉♥❛ ❡str✉❝t✉r❛ ❞❡ ♣❛❣♦s ❞❛❞❛
♣♦r ❝❛❞❛ s✐t✉❛❝✐ó♥ ✜♥❛❧ ❞❡❧ ❥✉❡❣♦ ❧❛ q✉❡ ❝♦♥s✐st❡ ❡♥ ❞✐❢❡r❡♥t❡s ❛ñ♦s ❞❡ ♣r✐s✐ó♥✳

P♦❞❡♠♦s ✉s❛r ♥✉❡str♦ ♠❛r❝♦ ❝♦♥❝❡♣t✉❛❧ ② ❡s♣❡❝✐✜❝❛r ❡❧ ❥✉❡❣♦ ❛♥t❡r✐♦r ❡♥ ✉♥❛

♠❛tr✐③ ❞❡ ♣❛❣♦s✱ q✉❡ ❧✉❝✐rá ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

❏✉❣❛❞♦r ✷
❈❛❧❧❛r ❈♦♥❢❡s❛r
❏✉❣❛❞♦r ✶ ❈❛❧❧❛r ✲✶ ✱ ✲✶ ✲✶✵ ✱ ✵
❈♦♥❢❡s❛r ✵ ✱ ✲✶✵ ✲✺ ✳ ✲✺

❚❛❜❧❛ ✺✳✶✿ ▼❛tr✐③ ❞❡ ♣❛❣♦ ❞✐❧❡♠❛ ❞❡❧ ♣r✐s✐♦♥❡r♦

▲❛ ♣r❡❣✉♥t❛ ❡s ❡♥t♦♥❝❡s ➽❝✉á❧ ❡s ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ❡st❡ ❥✉❡❣♦❄✱ ❛♥t❡s ❞❡ r❡s♣♦♥❞❡r ❛

❡st♦✱ r❡✈✐s❡♠♦s ✉♥ ✐♠♣♦rt❛♥t❡ ❝♦♥❝❡♣t♦ q✉❡ ♥♦s ❛②✉❞❛rá ❛ ❝♦♠♣r❡♥❞❡r ❧❛ ❞✐♥á♠✐❝❛
✷ ❊♥t❡♥❞✐❡♥❞♦ ♣♦r ❥✉❡❣♦✱ ❛❧❣✉♥❛ ❞❡t❡r♠✐♥❛❞❛ s✐t✉❛❝✐ó♥ ❡str❛té❣✐❝❛ ❞♦♥❞❡ ❧♦s ❛❣❡♥t❡s ✐♥✈♦❧✉❝r❛✲

❞❛s ❡♥ ❡❧❧❛ ❞❡❜❛♥ t♦♠❛r ✉♥❛ ❞❡❝✐s✐ó♥✳

P❛✁
❣✐♥❛ ✷✵✹ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❞❡❧ ❡q✉✐❧✐❜r✐♦✱ ♥♦t❡♠♦s ❞❡s❞❡ ❞❡ ❧❛ ♠❛tr✐③ ❞❡ ♣❛❣♦ ❞❡ ❡st❡ ❡❥❡r❝✐❝✐♦ q✉❡ ❡①✐st❡ ✉♥❛
❡str❛t❡❣✐❛ ❛ ❧❛ q✉❡ ♣✉❡❞❡ ❥✉❣❛r✱ s✉♣♦♥❣❛♠♦s s✐♥ ♣❡r❞✐❞❛ ❞❡ ❣❡♥❡r❛❧✐❞❛❞✱ ❡❧ ♣r✐s✐♦♥❡r♦
✶ q✉❡ ✐♥❞❡♣❡♥❞✐❡♥t❡ ❧♦ q✉❡ ❥✉❡❣✉❡ ❡❧ ♣r✐s✐♦♥❡r♦ ✷ s❡rá s✐❡♠♣r❡ s✉ ♠❡❥♦r ❥✉❣❛❞❛✱ ❡♥
❝♦♥❝r❡t♦ t❡♥❡♠♦s q✉❡✿

❙✐ ❡❧ ♣r✐s✐♦♥❡r♦ ✷ ❥✉❡❣❛ ❝♦♥❢❡s❛r✱ ❡❧ ♣r✐s✐♦♥❡r♦ ✶ ❥✉❣❛rí❛ ❝♦♥❢❡s❛r✱ ♣✉❡s t❡♥❡r ✺

❛ñ♦s ❞❡ ❝ár❝❡❧ ❡s ♠❡❥♦r q✉❡ ❡st❛r ✶✵ ❛ñ♦s ♣r❡s♦✳

❙✐ ❡❧ ♣r✐s✐♦♥❡r♦ ✷ ❥✉❡❣❛ ❝❛❧❧❛r✱ ❡❧ ♣r✐s✐♦♥❡r♦ ✶ ❥✉❣❛rí❛ ❝♦♥❢❡s❛r✱ ♣✉❡s ❡st❛r ✵

❛ñ♦s ❡♥ ❝ár❝❡❧ ❡s ♠❡♥♦r q✉❡ ❡st❛r ✶ ❛ñ♦ ♣r❡s♦✳

❈♦♥ ❡❧ ❡❥❡r❝✐❝✐♦ ❛♥t❡r✐♦r ♣♦❞❡♠♦s ♥♦t❛r q✉❡ ✐♥❞❡♣❡♥❞✐❡♥t❡ ❞❡ ❧♦ q✉❡ ❥✉❡❣✉❡ ❡❧ ♣r✐✲
s✐♦♥❡r♦ ✷✱ ❡❧ ♣r✐s✐♦♥❡r♦ ✶ t❡♥❞rá ✐♥❝❡♥t✐✈♦s ❛ ❥✉❣❛r ❝♦♥❢❡s❛r✱ ♣✉❡s s✐❡♠♣r❡ r❡❝✐❜✐rá ✉♥
♠❡❥♦r ♣❛❣♦✱ ❛ ❡st♦ s❡ ❧❡ ❞❡♥♦♠✐♥❛ ❡str❛t❡❣✐❛ ❞♦♠✐♥❛♥t❡
✱ ❡s ✐♠♣♦rt❛♥t❡ ♠❡♥❝✐♦♥❛r
q✉❡ ♥♦ s✐❡♠♣r❡ ❡①✐st✐rá ✉♥❛ ❡str❛t❡❣✐❛ ❞♦♠✐♥❛♥t❡✱ ♣❡r♦ ❡♥ ❡st❡ ❡❥❡♠♣❧♦ ❡♥ ❡s♣❡❝✐✜❝♦
s✐ ❧♦ ❡①✐st❡✱ ❡s ♠ás ♣♦❞❡♠♦s ♥♦t❛r q✉❡ ♣❛r❛ ❡❧ ♣r✐s✐♦♥❡r♦ ✷ s✉ ❡str❛t❡❣✐❛ ❞♦♠✐♥❛♥t❡
t❛♠❜✐é♥ s❡r❛ ❝♦♥❢❡s❛r✳

P♦❞❡♠♦s ♦❜s❡r✈❛r ❞❡s❞❡ ②❛ q✉❡ ❛♠❜♦s ♣r✐s✐♦♥❡r♦s ❥✉❣❛r❛♥ ❝♦♥❢❡s❛r✱ ❡♥t♦♥❝❡s ❡❧

❡q✉✐❧✐❜r✐♦ ❞❡ ❡st❡ ❥✉❡❣♦ s❡rá ❈♦♥❢❡s❛r✱ ❈♦♥❢❡s❛r ✭❞❡❝✐s✐ó♥ ♣r✐s✐♦♥❡r♦ ✶✱ ❞❡❝✐s✐ó♥ ♣r✐✲
s✐♦♥❡r♦ ✷✮✱ ❛ ❡st❡ t✐♣♦ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡s ❧♦ q✉❡ ❞❡♥♦♠✐♥❛♠♦s ❊q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤
✱
❞❡t❡♥❣á♠♦♥♦s ✉♥ ♣♦❝♦ ❡♥ ❡st❡ ✐♥t❡r❡s❛♥t❡ ❝♦♥❝❡♣t♦✳

✺✳✹✳✶ ❊q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤

P♦❞❡♠♦s ❞❡✜♥✐r ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤ ❝♦♠♦ ❛q✉❡❧ ♣✉♥t♦ ❡♥ q✉❡ ♥♦ ❡①✐st❡♥ ✐♥❝❡♥✲
t✐✈♦s ✉♥✐❧❛t❡r❛❧❡s ❛ ❞❡s✈✐❛rs❡ ♣♦r ♣❛rt❡ ❞❡ ❧♦s ❛❣❡♥t❡s✱♥♦t❡♠♦s ❡♥ ♥✉❡str♦ ❡❥❡♠♣❧♦
q✉❡ ❡❧ ♣r✐s✐♦♥❡r♦ ✶ ♥♦ t✐❡♥❡ ✐♥❝❡♥t✐✈♦s ❛ ❥✉❣❛r ✉♥❛ ❡str❛t❡❣✐❛ ❞✐❢❡r❡♥t❡ ❛ ❝♦♥❢❡s❛r✱
é❧ ♥♦ s❡ ❞❡s✈✐❛rá ❞❡ ❡s❛ ❡str❛t❡❣✐❛✱ ♠✐❡♥tr❛s q✉❡ ❡❧ ♣r✐s✐♦♥❡r♦ ✷ s❡ ❡♥❝✉❡♥tr❛ ❡♥ ❧❛
♠✐s♠❛ s✐t✉❛❝✐ó♥✳ ❆♠❜♦s ❥✉❡❣❛♥ s✉ ♠❡❥♦r ❥✉❣❛❞❛ s✉❥❡t♦ ❛ ❧♦ q✉❡ ♣✉❡❞❡ ❥✉❣❛r s✉
❝♦♠♣❛ñ❡r♦✱ ② ❡♥ ❡s❡ ♣✉♥t♦ ♥♦ t❡♥❞rá♥ ✐♥❝❡♥t✐✈♦s ❛ ❥✉❣❛r ❛❧❣♦ ❞✐❢❡r❡♥t❡✱ ❡stá♥ ♣♦r
t❛♥t♦ ❡♥ ❡q✉✐❧✐❜r✐♦✳

❊s ✐♠♣♦rt❛♥t❡ ♠❡♥❝✐♦♥❛r q✉❡ ❡♥ ❡st❡ t✐♣♦ ❞❡ ❥✉❡❣♦s ♥♦ s✐❡♠♣r❡ ❞❛r❡♠♦s ❝♦♥ ✉♥

❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤✸ ✱ ♦ ❡♥ ♦❝❛s✐♦♥❡s ♥♦ r❡s✉❧t❛ s❡r ❞✐r❡❝t♦ ❧❛ ♦❜t❡♥❝✐ó♥ ❞❡❧ ❡q✉✐❧✐❜r✐♦
tr❛s ✉♥❛ ✐♥s♣❡❝❝✐ó♥ ✈✐s✉❛❧✱ ♣♦r ❡❧❧♦ r❡✈✐s❡♠♦s ❧❛ s✐❣✉✐❡♥t❡ ♠❡t♦❞♦❧♦❣í❛ ♣❛r❛ ❡♥❝♦♥✲
tr❛r ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤ ❡♥ ❡str❛t❡❣✐❛s ♣✉r❛s✱ ❞❡ ❡①✐st✐r✳

P❛rt❛♠♦s s✉♣♦♥✐❡♥❞♦ ❧❛ s✐❣✉✐❡♥t❡ ♠❛tr✐③ ❞❡ ♣❛❣♦s✿

❊st✉❞✐❡♠♦s ❝✉❛❧❡s s♦♥ ❧❛s ♠❡❥♦r❡s ❡str❛t❡❣✐❛s q✉❡ ♣✉❡❞❡ ❥✉❣❛r 1✱ ❞❛❞♦ ❧♦ q✉❡
❥✉❡❣❛ 2✳ ❙✉♣♦♥❣❛♠♦s q✉❡ 2 ❥✉❡❣❛ D✱ ♣♦r t❛♥t♦ 1 ♣✉❡❞♦ ❥✉❣❛r D✱ M ✱ ♦ F ✱ ♣♦r ❧♦ ❝✉❛❧
r❡❝✐❜✐rí❛ 0✱ 5 ② 2 ♣❛❣♦s r❡s♣❡❝t✐✈❛♠❡♥t❡✱ ♣♦r t❛♥t♦ ❝✉❛♥❞♦ 2 ❥✉❡❣❛ D✱ ❡❧ ❥✉❣❛❞♦r 1
✸ ❊♥ r✐❣♦r✱ ♥♦ s✐❡♠♣r❡ ❡①✐st❡ ✉♥ ❡q✉✐❧✐❜r✐♦ ❡♥ ❡str❛t❡❣✐❛s ♣✉r❛s✱ ♣❡r♦ s✐ ❡①✐st❡ s✐❡♠♣r❡ ✉♥ ❡q✉✐❧✐❜r✐♦
❡♥ ❡str❛t❡❣✐❛s ♠✐①t❛s✱ ❡st♦ ❡s❝❛♣❛ ❞❡ ❧♦s ❛❧❝❛♥❝❡s ❞❡ ❡st❡ ❝✉rs♦✳

P❛✁
❣✐♥❛ ✷✵✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

❏✉❣❛❞♦r ✷
❉ ▼ ❋
❏✉❣❛❞♦r ✶ ❉ ✵✱✺ ✺✱✵ ✻✱✷
▼ ✺ ✱ ✲✵ ✵✱✺ ✻✱✷
❋ ✷✱✻ ✷✱✻ ✶✵ ✱ ✶✵

❚❛❜❧❛ ✺✳✷✿ ▼❛tr✐③ ❞❡ ♣❛❣♦✱ ❜✉s❝❛♥❞♦ ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤

❞❡❜❡r❛ ❥✉❣❛r M ♣✉❡s ❧❡ r❡♣♦rt❛ ✉♥ ♠❛②♦r ♣❛❣♦✱ ♣❡r♠✐t❛♠♦♥♦s s✉❜r❛②❛r ❧❛ ♠❡❥♦r

❡str❛t❡❣✐❛ ❞❡❧ ✐♥❞✐✈✐❞✉♦ 1 ❝✉❛♥❞♦ 2 ❥✉❡❣❛ D✱ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

❏✉❣❛❞♦r ✷
❉ ▼ ❋
❏✉❣❛❞♦r ✶ ❉ ✵✱✺ ✺✱✵ ✻✱✷
▼ ✺ ✱ ✲✵ ✵✱✺ ✻✱✷
❋ ✷✱✻ ✷✱✻ ✶✵ ✱ ✶✵

❚❛❜❧❛ ✺✳✸✿ ▼❛tr✐③ ❞❡ ♣❛❣♦✱ ♠❡❥♦r ❥✉❣❛❞❛ ❞❡ 1 ❞❛❞♦ q✉❡ 2 ❥✉❡❣❛ D

❘❡♣✐t❛♠♦s ❡st❡ ❡❥❡r❝✐❝✐♦ ❝♦♥ ❡❧ r❡st♦ ❞❡ ❧❛s ♣♦s✐❜❧❡s ❥✉❣❛❞❛s q✉❡ ♣✉❡❞❡ ❤❛❝❡r ❡❧
❥✉❣❛❞♦r 2✱ ♥♦t❡♠♦s q✉❡ ❝✉❛♥❞♦ 2 ❥✉❡❣❛ M ❧♦ ♠❡❥♦r q✉❡ ♣✉❡❞❡ ❤❛❝❡r 1 ❡s ❥✉❣❛r D✳
▼✐❡♥tr❛s q✉❡ s✐ 2 ❥✉❡❣❛ F ❧♦ ♠❡❥♦r q✉❡ ♣✉❡❞❡ ❤❛❝❡r 1 ❡s ❥✉❣❛r F ✳ ❘❡❣✐str❡♠♦s ❞❡ ❧❛
♠✐s♠❛ ❢♦r♠❛ ❡♥ ❝❛❞❛ ❝♦❧✉♠♥❛ ❧❛ ♠❡❥♦r ❥✉❣❛❞❛ q✉❡ ♣✉❡❞❡ ❤❛❝❡r 1✿

❏✉❣❛❞♦r ✷
❉ ▼ ❋
❏✉❣❛❞♦r ✶ ❉ ✵✱✺ ✺✱✵ ✻✱✷
▼ ✺ ✱ ✲✵ ✵✱✺ ✻✱✷
❋ ✷✱✻ ✷✱✻ ✶✵ ✱ ✶✵

❚❛❜❧❛ ✺✳✹✿ ▼❛tr✐③ ❞❡ ♣❛❣♦✱ ♠❡❥♦r❡s r❡s♣✉❡st❛ ❞❡❧ ❥✉❣❛❞♦r 1

❋✐♥❛❧♠❡♥t❡ r❡❛❧✐❝❡♠♦s ❡st❡ ♠✐s♠♦ ❡❥❡r❝✐❝✐♦ ♣❛r❛ ❡❧ ❥✉❣❛❞♦r 2✱ ❜✉s❝❛r ❧❛s ♠❡❥♦r❡s
❥✉❣❛❞❛s ❞❛❞♦ ❧♦ q✉❡ ❥✉❡❣❛ ❡❧ ❥✉❣❛❞♦r 1✱ ✈❡❛♠♦s q✉❡ s✐ ❡st❡ ú❧t✐♠♦ ❥✉❡❣❛ D ♣♦❞❡♠♦s
♦❜s❡r✈❛r ❧♦s ♣❛❣♦s q✉❡ r❡❝✐❜✐rá 2 ♠♦✈✐❡♥❞♦♥♦s ❤♦r✐③♦♥t❛❧♠❡♥t❡ ♣♦r ❛q✉❡❧❧❛ ✜❧❛ ②
❜✉s❝❛♥❞♦ ❡❧ ♠❡❥♦r ♣❛❣♦ ✭♥ú♠❡r♦s ❞❡ ❧❛ ❞❡r❡❝❤❛✮✱ q✉❡ ❡♥ ❡st❡ ❝❛s♦ ❝♦rr❡s♣♦♥❞❡ ❛
❥✉❣❛r D ♣✉❡s r❡❝✐❜❡ 5 q✉❡ ❡s ♠ás ❛❧t♦ q✉❡ ❥✉❣❛r ❛❧❣✉♥❛ ♦tr❛ ❡str❛t❡❣✐❛✳ ❉❡ ❡st❛ ❢♦r♠❛
♣♦❞❡♠♦s ❝♦♥t✐♥✉❛r ❜✉s❝❛♥❞♦ ❡♥ ❡❧ r❡st♦ ❞❡ ❧❛s ✜❧❛s ❧❛ ♠❡❥♦r ❥✉❣❛❞❛ ❞❡❧ ✐♥❞✐✈✐❞✉♦
2 ② ❝♦♠♣❧❡t❛♠♦s ❧❛ t❛❜❧❛ ❞❡ ♣❛❣♦s ❝♦♥ ❧❛s ♠❡❥♦r❡s ❥✉❣❛❞❛s ❞❡ ❝❛❞❛ ✐♥❞✐✈✐❞✉♦ ❞❡ ❧♦
q✉❡ r❡s✉❧t❛✿

P❛✁
❣✐♥❛ ✷✵✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

❏✉❣❛❞♦r ✷
❉ ▼ ❋
❏✉❣❛❞♦r ✶ ❉ ✵✱✺ ✺✱✵ ✻✱✷
▼ ✺ ✱ ✲✵ ✵✱✺ ✻✱✷
❋ ✷✱✻ ✷✱✻ ✶✵ ✱ ✶✵

❚❛❜❧❛ ✺✳✺✿ ▼❛tr✐③ ❞❡ ♣❛❣♦✱ ♠❡❥♦r❡s r❡s♣✉❡st❛ ❞❡❧ ❥✉❣❛❞♦r 1 ② 2

❆❤♦r❛ t❡♥❡♠♦s s✉✜❝✐❡♥t❡ ✐♥❢♦r♠❛❝✐ó♥ ♣❛r❛ r❡s♣♦♥❞❡r ❝✉❛❧ s❡rá ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡

◆❛s❤✱ ❝♦♠♦ ②❛ ❧♦ ❞❡✜♥✐♠♦s s❡rá ❛q✉❡❧ ♣✉♥t♦ ❡♥ q✉❡ ♥♦ ❡①✐st❛♥ ✐♥❝❡♥t✐✈♦s ✉♥✐❧❛t❡✲
r❛❧❡s ♣♦r ❞❡s✈✐❛rs❡✱ ❡❧ ❤❛❜❡r s✉❜r❛②❛❞♦ ❝❛❞❛ ♠❡❥♦r ❥✉❣❛❞❛ ♥♦s ❢❛❝✐❧✐t❛ ❡st❛ t❛r❡❛✱
♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ ❝✉❛♥❞♦ ❝❛❞❛ ❥✉❣❛❞♦r ❥✉❡❣❛ F ♥✐♥❣✉♥♦ t❡♥❞rá ✐♥❝❡♥t✐✈♦s ❛
❞❡s✈✐❛rs❡ ❞❡ ❛q✉❡❧ ♣✉♥t♦✱ ♣✉❡s r❡❝✐❜✐rí❛♥ ♣❛❣♦s ♠ás ❜❛❥♦s✱ ❡s ❡st❡ ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡
◆❛s❤✳

◆♦t❡♠♦s ❡♥t♦♥❝❡s q✉❡ s✐ ♥♦s ❡♥tr❡❣❛♥ ✉♥❛ ♠❛tr✐③ ❞❡ ♣❛❣♦s✱ ♣♦❞❡♠♦s s✉❜r❛②❛r
❧❛s ❧❛s ♠❡❥♦r❡s r❡s♣✉❡st❛s q✉❡ t✐❡♥❡ ❝❛❞❛ ❥✉❣❛❞♦r ❞❛❞❛s ❧❛s ❞✐❢❡r❡♥t❡s ❡str❛t❡❣✐❛s
q✉❡ ♣✉❡❞❡ ❥✉❣❛r s✉ ❝♦♥tr✐♥❝❛♥t❡✱ ✉♥❛ ✈❡③ r❡❛❧✐③❛❞❛ ❡st❛ t❛r❡❛ ♥♦s ❜❛st❛ ❜✉s❝❛r ❡❧
❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤ q✉❡ s❡rá ❛q✉❡❧❧❛ ❝❛s✐❧❧❛ q✉❡ ❡♥❝✉❡♥tr❛ s✉❜r❛②❛❞♦ s✉s ✷ ♣❛❣♦s✳

❉❡❧ ❡❥❡r❝✐❝✐♦ ❛♥t❡r✐♦r ♣♦❞❡♠♦s ❞❡❞✉❝✐r t❛♠❜✐é♥ q✉❡ ❡①✐st✐rá♥ ❥✉❡❣♦s ❞♦♥❞❡ s✐♠✲
♣❧❡♠❡♥t❡ ♥♦ ❡①✐st❛♥ ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤✱ ♦ q✉✐③ás s❡❛♥ ♠✉❧t✐♣❧❡s✱ ❡st✉❞✐❡♠♦s ❧❛ s✐✲
❣✉✐❡♥t❡ ♠❛tr✐③ ❡♥ ❜úsq✉❡❞❛ ❞❡ ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤✿

❏✉❣❛❞♦r ✷
❉ ❋
❏✉❣❛❞♦r ✶ ❉ ✶✵ ✱ ✵ ✵ ✱ ✶✵
❋ ✵ ✱ ✶✵ ✶✵ ✱ ✵

❚❛❜❧❛ ✺✳✻✿ ▼❛tr✐③ ❞❡ ♣❛❣♦✱ ❜✉s❝❛♥❞♦ ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤ ✭✷✮

❘❡❛❧✐❝❡♠♦s ♥✉❡str❛ ♠❡t♦❞♦❧♦❣í❛ ❞❡ s✉❜r❛②❛r ❧❛s ♠❡❥♦r❡s r❡s♣✉❡st❛s ❞❡ ❛♠❜♦s

❥✉❣❛❞♦r❡s✱ ❝♦♥ ❡st♦ ♦❜t❡♥❡♠♦s✿

❏✉❣❛❞♦r ✷
❉ ❋
❏✉❣❛❞♦r ✶ ❉ ✶✵ ✱ ✵ ✵ ✱ ✶✵
❋ ✵ ✱ ✶✵ ✶✵ ✱ ✵

❚❛❜❧❛ ✺✳✼✿ ▼❛tr✐③ ❞❡ ♣❛❣♦✱ ♠❡❥♦r❡s ❥✉❣❛❞❛s ❞❡ 1 ② 2 ✭✷✮

❉♦♥❞❡ ♥♦ ♦❜s❡r✈❛♠♦s ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤✱ s✐t✉❛❝✐♦♥❡s ❝♦♠♦ ❡st❛s s♦♥ t♦t❛❧♠❡♥t❡

❢❛❝t✐❜❧❡✱ ② ❡♥ r✐❣♦r ❞❡❝✐♠♦s q✉❡ ♥♦ ❡①✐st❡ ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤ ❡♥ ❡str❛t❡❣✐❛s ♣✉r❛s✳
❘❡✈✐s❡♠♦s ❧❛ ú❧t✐♠❛ ♠❛tr✐③ ❞❡ ♣❛❣♦s✱ ♣❛r❛ ✐♥tr♦❞✉❝✐r ✉♥❛ ♥✉❡✈❛ ❡str❛t❡❣✐❛ q✉❡
♥♦s ♣❡r♠✐t✐rá ❡♥❝♦♥tr❛r ✉♥ ❡q✉✐❧✐❜r✐♦✿

P❛✁
❣✐♥❛ ✷✵✼ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

❏✉❣❛❞♦r ✷
❉ ▼ ❋
❏✉❣❛❞♦r ✶ ❉ ✷✱✹ ✶✵ ✱ ✶✵ ✶✽ ✱ ✶✺
❋ ✺✱✹ ✶✺ ✱ ✶✽ ✶✺ ✱ ✶✺

❚❛❜❧❛ ✺✳✽✿ ▼❛tr✐③ ❞❡ ♣❛❣♦✱ ❜✉s❝❛♥❞♦ ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤ ✭✸✮

❉❡ ❡st❛ ♠❛tr✐③ ♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ q✉❡ ♣❛r❛ ❡❧ ✐♥❞✐✈✐❞✉♦ ✷ ❥✉❣❛r M s✐❡♠♣r❡
s❡rá s✉ ♠❡❥♦r ❛❧t❡r♥❛t✐✈❛✱ ✐♥❞❡♣❡♥❞✐❡♥t❡ ❞❡ s✐ ❡❧ ✐♥❞✐✈✐❞✉♦ 1 ❥✉❡❣❛ D ♦ F ✱ ❡♥ ❡st❡
❝❛s♦ s❡ ❞✐❝❡ q✉❡ M ❡s ✉♥❛ ❡str❛t❡❣✐❛ ❡str✐❝t❛♠❡♥t❡ ❞♦♠✐♥❛♥t❡s ♠✐❡♥tr❛s q✉❡✱
♣❛r❛ ❡❧ ✐♥❞✐✈✐❞✉♦ ✷✱ ❧❛ ❡str❛t❡❣✐❛ D ② F s♦♥ ❡str❛t❡❣✐❛s ❞♦♠✐♥❛❞❛s ♣♦r M ✱ ❞❡
❡st❛ ❢♦r♠❛ ♣❛r❛ r❡s♦❧✈❡r ❡❧ ❥✉❡❣♦✱ s❛❜✐❡♥❞♦ q✉❡ 2 ❥✉❣❛r❛ s✐❡♠♣r❡ M ✱ ❧♦ ♣♦❞❡♠♦s
❡s❝r✐❜✐r ❡♥ s✉ ❢♦r♠❛ r❡❞✉❝✐❞❛ ❞❡ ❧❛ ❢♦r♠❛✿

❏✉❣❛❞♦r ✷
▼
❏✉❣❛❞♦r ✶ ❉ ✶✵ ✱ ✶✵
❋ ✶✺ ✱ ✶✽

❚❛❜❧❛ ✺✳✾✿ ▼❛tr✐③ ❞❡ ♣❛❣♦✱ ❢♦r♠❛ r❡❞✉❝✐❞❛ ✭✸✮

❉❡ ❡st❛ ú❧t✐♠❛ ♠❛tr✐③ ❡s ❞✐r❡❝t♦ ♦❜s❡r✈❛r q✉❡ ❡❧ ✐♥❞✐✈✐❞✉♦ ✶ ❥✉❣❛rá F q✉❡ ❧❡

r❡♣♦rt❛ ✉♥ ♠❛②♦r ♣❛❣♦✱ ❝♦♥ ❡st♦ ❝♦♥❝❧✉✐♠♦s q✉❡ ❡❧ ❡q✉✐❧✐❜r✐♦ ❡♥ ❡st❡ ❥✉❡❣♦ ❡st❛
❞❛❞♦ ♣♦r (F, M ) ✭❞❡❝✐s✐ó♥ ❞❡❧ ✐♥❞✐✈✐❞✉♦ ✶✱ ❞❡❝✐s✐ó♥ ❞❡❧ ✐♥❞✐✈✐❞✉♦ ✷✮✳

✺✳✹✳✷ ❏✉❡❣♦s ❝♦♥s❡❝✉t✐✈♦s

❘❡✈✐s❡♠♦s ❛❤♦r❛ ❧♦s ❥✉❡❣♦s ❝♦♥s❡❝✉t✐✈♦s✱ ❡♥ ❡st❡ t✐♣♦ ❞❡ ❥✉❡❣♦s ❞❡✜♥✐♠♦s ❛❞❡♠❛s
❡❧ ♠♦♠❡♥t♦ ❡♥ q✉❡ ❝❛❞❛ ❥✉❣❛❞♦r t♦♠❛ ❞❡t❡r♠✐♥❛❞❛ ❞❡❝✐s✐ó♥✱ q✉❡ ❛ ❧❛ ✈❡③ ❝♦♥❞✐❝✐♦♥❛
❧♦s r❡s✉❧t❛❞♦ ❞❡ ❧❛s ❞❡❝✐s✐♦♥❡s q✉❡ t♦♠❛♥ ❡❧ r❡st♦ ❞❡ ❧♦s ✐♥❞✐✈✐❞✉♦s✱ ❞❡ ❧❛ ♠✐s♠❛ ❢♦r✲
♠❛ q✉❡ ❧♦ ❤✐❝✐♠♦s ❡♥ ❧❛ s✉❜✲s❡❝❝✐ó♥ ❛♥t❡r✐♦r✱ s✐st❡♠❛t✐③❛r❡♠♦s ❡st❡ t✐♣♦ ❞❡ ❥✉❡❣♦s✱
♣❛r❛ ❡♥❝♦♥tr❛r s✉ s♦❧✉❝✐ó♥✱ ❧♦ ✐❧✉str❛r❡♠♦s ❛ ♣❛rt✐r ❞❡❧ s✐❣✉✐❡♥t❡ ❡❥❡♠♣❧♦✿

❙✉♣♦♥❣❛♠♦s✱ q✉❡ ❧♦s ❛❞✈❡rs❛r✐♦s s♦♥ ❧❛ ❯♥✐ó♥ ❙♦✈✐ét✐❝❛ ② ❧♦s ❊st❛❞♦s ❯♥✐❞♦s ②
q✉❡ ❡st❡ ú❧t✐♠♦ ❡st❛ ❝♦♥s✐❞❡r❛♥❞♦ ❧❛ ♣♦s✐❜✐❧✐❞❛❞ ❞❡ ❧❛♥③❛r ✉♥ ❛t❛q✉❡ ♥✉❝❧❡❛r ❝♦♥tr❛
❧❛ ❯❘❙❙✳ ❊st❛ ❞❡❝✐s✐ó♥ ♣✉❡❞❡ r❡♣r❡s❡♥t❛rs❡ ♠❡❞✐❛♥t❡ ✉♥ ár❜♦❧ ❞❡ ❥✉❡❣♦✱ ❝♦♠♦ s❡
♠✉❡str❛ ❛ ❝♦♥t✐♥✉❛❝✐ó♥✳

P❛✁
❣✐♥❛ ✷✵✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

Lanzar D
URRS: -100
misiles EE.UU: -100
a EE.UU
Lanzar B
misiles
a URSS URRS No lanzar E
misiles a URRS: -50
EE.UU EE.UU: 100
A
EE.UU

Lanzar F
URRS: -50
misiles EE.UU: -50
C a EE.UU
No lanzar
misiles a
URSS URRS No lanzar G URRS: 0
misiles a EE.UU: 0
EE.UU

❋✐❣✉r❛ ✺✳✻✿ ➪r❜♦❧ ❞❡❧ ❥✉❡❣♦

❙✐ ❡❧ ♣r✐♠❡r♦ q✉❡ ♠✉❡✈❡ ❡s ❊❊❯❯✱ ❡❧ ❥✉❡❣♦ ❝♦♠✐❡♥③❛ ❡♥ ❡❧ ♣✉♥t♦ ❆✳ ▲❛s ❞♦s

♣r✐♠❡r❛s r❛♠❛s ❞❡❧ ❥✉❡❣♦ r❡♣r❡s❡♥t❛♥ ❧❛s ♦♣❝✐♦♥❡s ❞❡ ❊❊❯❯ ❞❡ ❛t❛❝❛r ② ♥♦ ❛t❛❝❛r✱
✳ ❙✐ s❡ ❛t❛❝❛✱ ▲❛ ❯❘❙❙ s❡ ❡♥❝♦♥tr❛rá ❡♥ ❡❧ ♣✉♥t♦ B ❞❡ ❧❛ r❛♠❛ s✉♣❡r✐♦r ❞❡❧ ár❜♦❧✱
❡♥ ❡❧ ❝✉❛❧ ❞❡❜❡ ❞❡❝✐❞✐r s✐ r❡s♣♦♥❞❡ ♦ ♥♦✲ ❙✐ t♦♠❛ r❡♣r❡s❛❧✐❛s✱ ❛❝❛❜❛rá ❡♥ ❡❧ ♣✉♥t♦ D✱
❡♥ ❡❧ ❝✉❛❧ ❧♦s r❡s✉❧t❛❞♦s s♦♥ ✲✶✵✵ ♣❛r❛ ❧♦s ❞♦s ♣❛ís❡s✲ ❙✐ ♥♦ t♦♠❛ r❡♣r❡s❛❧✐❛s✱ t❡r♠✐✲
♥❛r❛ ❡♥ ❡❧ ♣✉♥t♦ E ✱ ❡♥ q✉❡ ❧♦s r❡s✉❧t❛❞♦s s♦♥ ✶✵✵ ♣❛r❛ ❊❊❯❯ ② ✲✺✵ ♣❛r❛ ❯❘❙❙✳ ▲❛
♠✐t❛❞ ✐♥❢❡r✐♦r ❞❡❧ ár❜♦❧ r❡♣r❡s❡♥t❛ ❧❛ ♦♣❝✐ó♥ ❡♥ ❧❛ q✉❡ ❊❊✳❯❯ ♥♦ ❛t❛❝❛✳ ❙✐ ❡❧✐❣❡ ❡st❛
♦♣❝✐ó♥✱ ▲❛ ❯❘❙❙ s❡ ❤❛❧❧❛rá ❡♥ ❡❧ ♣✉♥t♦ C ✱ ❡♥ ❡❧ ❝✉❛❧ s❡ ❡♥❝✉❡♥tr❡ ❛♥t❡ ❧❛ ❞❡❝✐s✐ó♥
❞❡ ❧❛♥③❛r ♦ ♥♦ ♠✐s✐❧❡s ❝♦♥tr❛ ❊❊✳❯❯✳ ❊♥ ❛r❛s ❞❡❧ ❛r❣✉♠❡♥t♦✱ s✉♣♦♥❣❛♠♦s q✉❡ ❧♦s
r❡s✉❧t❛❞♦s q✉❡ ♦❜t✐❡♥❡♥ ❧♦s ❞♦s ♣❛ís❡s ❡♥ ❝❛❞❛ ♦♣❝✐ó♥ s♦♥ ❧♦s q✉❡ ♠✉❡str❛♥ ❧❛s ❞♦s
r❛♠❛s ✐♥❢❡r✐♦r❡s ❞❡❧ ár❜♦❧ ❡♥ ❧♦s ♣✉♥t♦s F ② G✱ r❡s♣❡❝t✐✈❛♠❡♥t❡✳

➽❈✉á❧ ❡s ❧❛ s♦❧✉❝✐ó♥ ❞❡ ❡st❡ ❥✉❡❣♦❄✱ ♣❛r❛ r❡s♦❧✈❡r ❡st❡ ❥✉❡❣♦ ♣r✐♠❡r♦ ❞❡❜❡♠♦s
r❡❝♦r❞❛r✱ ② ❝♦♠♦ s❡ ♣✉❡❞❡ ♦❜s❡r✈❛r ❡♥ ❡❧ ár❜♦❧✱ q✉❡ q✉✐❡♥ ❥✉❡❣❛ ♣r✐♠❡r♦ s♦♥ ❧♦s
❊❊❯❯✱ ♣♦r t❛♥t♦ ❡❧ ♣✉❡❞❡ tr❛t❛r ❞❡ ♣r❡❞❡❝✐r ❝✉❛❧ s❡rá ❧❛ ❞❡❝✐s✐ó♥ ❞❡ ❧❛ ❯❘❙❙✱ ❞❛❞♦
q✉❡ ❡♥t✐❡♥❞❡ q✉❡ ❡st❛ ❥✉❣❛rá ❛q✉❡❧❧❛ ❥✉❣❛❞❛ q✉❡ ❧❡ ❡♥tr❡❣✉❡ ✉♥ ♠❡❥♦r ♣❛❣♦✱ ♣❛r❛ q✉❡
❧✉❡❣♦✱ ✉♥❛ ✈❡③ ♣r❡❞✐❝❤❛ ❛q✉❡❧❧❛ ❥✉❣❛❞❛✱ ♦♣t❡ ♣♦r ❧❛ ❡str❛t❡❣✐❛ q✉❡ ♠ás ❧❡ ❝♦♥✈❡♥❣❛✳

P❛r❛ r❡s♦❧✈❡r ❡♥t♦♥❝❡s ❡❧ ❥✉❡❣♦✱ ② ❝♦♠♣r❡♥❞✐❡♥❞♦ ❧♦ ❛♥t❡r✐♦r✱ ♣♦❞❡♠♦s ❛②✉❞❛r♥♦s

P❛✁
❣✐♥❛ ✷✵✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❣rá✜❝❛♠❡♥t❡✱ ② ❝♦♠❡♥③❛r ❛ r❡s♦❧✈❡r ❡❧ ár❜♦❧ ❞❡ ❛❞❡❧❛♥t❡ ❤❛❝✐❛ ❛ tr❛s✱ ♠❛r❝❛♥❞♦ ❧♦s
❝❛♠✐♥♦s q✉❡ s♦♥ ❧❛s ❥✉❣❛❞❛s ♦♣t✐♠❛s ❞❡ ❝❛❞❛ ♣❛ís✳ P❛rt❛♠♦s ❡♥t♦♥❝❡s ❞✐❧✉❝✐❞❛♥❞♦
❝✉❛❧❡s s♦♥ ❧❛s ❥✉❣❛❞❛s ♦♣t✐♠❛s ❞❡ ❧❛ ❯❘❙❙ ❡♥ ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s ♣♦s✐❜❧❡s ❡s❝❡♥❛r✐♦s✱
❡♠♣❡❝❡♠♦s ❝♦♥ ❡❧ ♣r✐♠❡r ❡s❝❡♥❛r✐♦ ❝✉❛♥❞♦ ❧❛ ❊❊❯❯ ❧❛♥③❛ ❧♦s ♠✐s✐❧❡s ✭❧❛s ♣r✐♠❡r❛s
❞♦s r❛♠❛s ❞❡❧ ár❜♦❧✮✱ ❧❛ ♠❡❥♦r ♦♣❝✐ó♥ q✉❡ ♣✉❡❞❡ t♦♠❛r ❧❛ ❊❊❯❯ ❡s E ♥♦ ❧❛♥③❛r
♠✐s✐❧❡s ♣✉❡s t❛♥ s♦❧♦ r❡❝✐❜❡ ✉♥ ❞❛ñ♦ ❞❡ −50 ✭❝♦♥tr❛ ✉♥ ❞❛ñ♦ ❞❡ −100 s✐ ❧❛♥③❛rá
♠✐s✐❧❡s✮ ♣❡r♠✐t❛♠♦♥♦s ♠❛r❝❛r ❡♥t♦♥❝❡s ❡st❡ ♣♦s✐❜❧❡ ❝❛♠✐♥♦✳ ❈♦♥t✐♥✉❡♠♦s ❝♦♥ ❡❧ s❡✲
❣✉♥❞♦ ❡s❝❡♥❛r✐♦ ❝✉❛♥❞♦ ❧❛ ❊❊❯❯ ♥♦ ❧❛♥③❛ ♠✐s✐❧❡s✱ ❛q✉í ❧❛ ♠❡❥♦r ♦♣❝✐ó♥ q✉❡ ♣✉❡❞❡
t♦♠❛r ❧❛s ❯❘❙❙ ❡s ♥♦ ❧❛♥③❛r ♠✐s✐❧❡s✱ ♣❡r♠✐tá♠♦♥♦s ♠❛r❝❛r❧❛ t❛♠❜✐é♥✳

❱❡❛♠♦s ❛❤♦r❛ ❝✉á❧ ❡s ❧❛ ♠❡❥♦r ♦♣❝✐ó♥ ♣❛r❛ ❧♦s ❊❊❯❯✱ s✐ ❧❛♥③❛ ♠✐s✐❧❡s✱ s❛❜❡ q✉❡
❝♦♠♦ ②❛ r❡✈✐s❛♠♦s ❧❛ ❯❘❙❙ ♥♦ ❧❛♥③❛ ♠✐s✐❧❡s r❡❝✐❜✐❡♥❞♦ ✉♥ ♣❛❣♦ ❞❡ 100✱ ♠✐❡♥tr❛s
q✉❡ s✐ ♥♦ ❧❛♥③❛ ♠✐s✐❧❡s r❡❝✐❜❡ ✉♥ ♣❛❣♦ ❞❡ 0✱ ♣♦r t❛♥t♦ ❧♦s ❊❊❯❯ ❥✉❡❣❛ ❧❛♥③❛r ♠✐s✐❧❡s✱
♠❛rq✉❡♠♦s t❛♠❜✐é♥ ❡st❡ ❝❛♠✐♥♦✳

❈♦♥ ❡st♦ ❡❧ ár❜♦❧ ♥♦s q✉❡❞❛ ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢♦r♠❛✿

Lanzar D
URRS: -100
misiles EE.UU: -100
a EE.UU
Lanzar B
misiles
a URSS URRS No lanzar E
misiles a URRS: -50
EE.UU EE.UU: 100
A

EE.UU

Lanzar F
URRS: -50
misiles EE.UU: -50
C a EE.UU
No lanzar
misiles a
URSS URRS No lanzar G URRS: 0
misiles a EE.UU: 0
EE.UU

❋✐❣✉r❛ ✺✳✼✿ ➪r❜♦❧ ❞❡❧ ❥✉❡❣♦✱ ❝♦♥ r❡s♣✉❡st❛s ♦♣t✐♠❛s

❆sí ❡♥t♦♥❝❡s ♣❛r❛ ❡♥❝♦♥tr❛r ❧❛ s♦❧✉❝✐ó♥ ❞❡ ❡st❡ ❥✉❡❣♦ s❡❝✉❡♥❝✐❛❧ ❞❡❜❡♠♦s s❡❣✉✐r
❧♦s ❝❛♠✐♥♦s q✉❡ ♠❛r❝❛♠♦s ❞❡ ✐③q✉✐❡r❞❛ ❛ ❞❡r❡❝❤❛ ② ❡♥❝♦♥tr❛r❡♠♦s ❡❧ ❡s❝❡♥❛r✐♦ q✉❡

P❛✁
❣✐♥❛ ✷✶✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
s❡ ♣r❡s❡♥t❛rá ❡♥ ❡❧ ❡q✉✐❧✐❜r✐♦ q✉❡ ❡♥ ❡st❡ ❝❛s♦ r❡s✉❧t❛ s❡r ❧♦s ❊❊❯❯ ❧❛♥③❛ ♠✐s✐❧❡s✱ ❧❛
❯❘❙❙ ♥♦ ❧❛♥③❛ ♠✐s✐❧❡s✳

❊♥ r❡s✉♠❡♥ ♠♦str❛♠♦s q✉❡ ♣❛r❛ r❡s♦❧✈❡r ✉♥ ❥✉❡❣♦ s❡❝✉❡♥❝✐❛❧✱ ❡❧ ❝✉❛❧ s❡ ❝❛r❛❝✲

t❡r✐③❛ ♣♦r q✉❡ ♥♦s ❡♥tr❡❣❛♥ ❡❧ ♦r❞❡♥ ❡♥ q✉❡ t♦♠❛♥ ❧❛s ❞❡❝✐s✐♦♥❡s ❝❛❞❛ ❥✉❣❛❞♦r✱ ❧♦
♣♦❞❡♠♦s ♣❧❛♥t❡❛r ❝♦♠♦ ✉♥ ár❜♦❧ ❝♦♥ ❧♦s r❡s♣❡❝t✐✈♦s ♣❛❣♦s ❞❡ ❝❛❞❛ s✐t✉❛❝✐ó♥✳ ▲✉❡✲
❣♦ ❡♥ ❝❛❞❛ r❛♠✐✜❝❛❝✐ó♥ ② ❝❛❞❛ ✈❡③ q✉❡ ✉♥ ✐♥❞✐✈✐❞✉♦ t♦♠❡ ✉♥❛ ❞❡❝✐s✐ó♥ ❞❡❜❡♠♦s
♠❛r❝❛r s✉ ♠❡❥♦r r❡s♣✉❡st❛✱ r❡s♦❧✈✐❡♥❞♦ ❞❡ ❛❞❡❧❛♥t❡ ❤❛❝✐❛ ❛ tr❛s✱ ♣❛r❛ ✜♥❛❧♠❡♥t❡
❝♦♠♣❧❡t❛r ❡❧ ❝❛♠✐♥♦ q✉❡ s❡ ❝♦♥str✉②❡ ❡♥ ♥✉❡str♦ ár❜♦❧✱ ❛q✉❡❧ s❡rá ❡❧ ❡q✉✐❧✐❜r✐♦ ❞❡❧
❥✉❡❣♦ s❡❝✉❡♥❝✐❛❧✳

✺✳✺ ❈♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❈♦✉r♥♦t

❊♥ ❡st❛ s❡❝❝✐ó♥ ✐♥tr♦❞✉❝✐r❡♠♦s ✉♥ ♠♦❞❡❧♦ ♦❧✐❣♦♣ó❧✐❝♦ ❝♦♥♦❝✐❞♦ ❝♦♠♦ ❝♦♠♣❡✲
t❡♥❝✐❛ ❛ ❧❛ ❈♦✉r♥♦t ♦ ❝♦♠♣❡t❡♥❝✐❛ ❡♥ ❝❛♥t✐❞❛❞❡s ✱ ❝♦♠♦ ②❛ ❧♦ ♣♦❞rá ✐♠❛❣✐♥❛r
❡❧ ❧❡❝t♦r ❡st❡ ♠♦❞❡❧♦ r❡✢❡❥❛ ✉♥❛ s✐t✉❛❝✐ó♥ ❡♥ q✉❡ ❡①✐st❡♥ ✜r♠❛s ❝♦♠♣✐t✐❡♥❞♦ ❡♥ ✉♥
♠❡r❝❛❞♦ ❛ tr❛✈és ❞❡ ❝♦❧♦❝❛r ❡♥ ❡st❡ ❝❛♥t✐❞❛❞❡s ❞❡t❡r♠✐♥❛❞❛s ❞❡❧ ♣r♦❞✉❝t♦✱ q✉❡ ❞✐r❡✲
♠♦s q✉❡ ❡s ❤♦♠♦❣é♥❡♦ ✱ ❛ ❧❛ ✈❡③ ❧❛ ❝❛♥t✐❞❛❞ ❞❡❧ ♣r♦❞✉❝t♦ q✉❡ ♣♦♥❣❛ ❝❛❞❛ ✜r♠❛ ❡♥
❡❧ ♠❡r❝❛❞♦ ❛❢❡❝t❛ ❛ ❧♦s ❜❡♥❡✜❝✐♦s ❞❡ ❧❛ ❝♦♠♣❡t❡♥❝✐❛✱ ♣✉❡s ❝♦♠♣❡t✐r ❢✉❡rt❡♠❡♥t❡ ❧❧❡✈❛
❛ q✉❡ ❝❛❞❛ ✜r♠❛ ♣♦♥❣❛ ❛❧t❛s ❝❛♥t✐❞❛❞❡s ❞❡❧ ♣r♦❞✉❝t♦ ❡♥ ❡❧ ♠❡r❝❛❞♦✱ ❡①♣❛♥❞✐❡♥❞♦
❧❛ ♦❢❡rt❛✱ r❡❞✉❝✐❡♥❞♦ ❡❧ ♣r❡❝✐♦ ② ❝❛②❡♥❞♦ ❧♦s ❜❡♥❡✜❝✐♦s ❞❡ ❝❛❞❛ ✜r♠❛✱ ❡s ❡♥ ❡st❡ s❡♥✲
t✐❞♦ q✉❡ ❡①✐st❡ ✉♥❛ ✐♥t❡r❛❝❝✐ó♥ ❡str❛té❣✐❝❛ ❛❧ ♠♦♠❡♥t♦ ❞❡ ❞❡❝✐❞✐r ❧❛s ❝❛♥t✐❞❛❞❡s
♦♣t✐♠❛s ❛ ♣♦♥❡r ❡♥ ❡❧ ♠❡r❝❛❞♦✳

✺✳✺✳✶ ❊❧ ♠♦❞❡❧♦
Pr♦❝❡❞❛♠♦s ❛❤♦r❛ ❛ ♣r❡s❡♥t❛r ❡❧ ♠♦❞❡❧♦ ❞❡ ♠❛♥❡r❛ ❢♦r♠❛❧✱ ♣❛r❛ ❡❧❧♦ ❝♦♠❡♥❝❡♠♦s
❞❡✜♥✐❡♥❞♦ ✉♥ ♠❡r❝❛❞♦✱ ❡♥ ❡❧ ❝✉á❧ ❡①✐st❡♥ ✉♥❛ ❞❡♠❛♥❞❛ ❞❡ ♠❡r❝❛❞♦ ♣♦r ❡❧ ❜✐❡♥
Q✱ q✉❡ ♣♦❞❡♠♦s r❡♣r❡s❡♥t❛r ❛ tr❛✈és ❞❡ ❧❛ s✐❣✉✐❡♥t❡ ❢✉♥❝✐ó♥✿

Q=A−P ✭✺✳✺✳✶✳✶✮

❙✉♣♦♥❣❛♠♦s q✉❡ ♣♦r ♣❛rt❡ ❞❡ ❧❛ ♦❢❡rt❛ ❡①✐st❡♥ ✷ ❡♠♣r❡s❛s q✉❡ ♣r♦❞✉❝❡♥ ❡❧

❜✐❡♥ ❤♦♠♦❣é♥❡♦ Q✱ q✉❡ s♦♥ ✐❞é♥t✐❝❛s t❛♥t♦ ❡♥ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❞❡ ♣r♦❞✉❝❝✐ó♥
c✱ ❝❛♣❛❝✐❞❛❞ ② ♦tr❛s ❝❛r❛❝t❡ríst✐❝❛s✳ ❆❞❡♠❛s s❛❜❡♠♦s q✉❡ ❧❛ ❝❛♥t✐❞❛❞ ♣r♦❞✉❝✐❞❛ ♣♦r
❧❛ ✜r♠❛ ✶ s❡rá q1 ② ♣♦r ❧❛ ✜r♠❛ ✷ s❡rá q2 ✱ ❝♦♠♦ s♦♥ ❛♠❜❛s ❧❛s ú♥✐❝❛s ❡♠♣r❡s❛s ❡♥
❡❧ ♠❡r❝❛❞♦✱ s✐ s✉♠❛♠♦s ❛♠❜❛s ❝❛♥t✐❞❛❞❡s ♦❜t❡♥❞r❡♠♦s ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♠❡r❝❛❞♦ ✱
❞❡ t❛❧ ❢♦r♠❛✿
Q = q 1 + q2 ✭✺✳✺✳✶✳✷✮
❈♦♠♦ ②❛ ❧♦ ❡♥✉♥❝✐❛♠♦s ❡st❛s ❡♠♣r❡s❛s ❝♦♠♣✐t❡♥ ❡♥ ❝❛♥t✐❞❛❞❡s✱ ② ❝❛❞❛ ✉♥❛
✐♥t❡♥t❛ ♠❛①✐♠✐③❛r s✉s ❜❡♥❡✜❝✐♦s✱ ❧❛ ♣r❡❣✉♥t❛ q✉❡ ❞❡❜❡♠♦s r❡s♣♦♥❞❡r ❡♥t♦♥❝❡s ❡s✿
➽❝✉á♥t♦ ♣r♦❞✉❝✐rá ❝❛❞❛ ✜r♠❛ ♣❛r❛ ♠❛①✐♠✐③❛r s✉s ❜❡♥❡✜❝✐♦s❄✱ ♣❛r❛ r❡s♣♦♥❞❡r ❛ ❡st❛
♣r❡❣✉♥t♦ ❡s ♥❡❝❡s❛r✐♦ ❝♦♠❡♥③❛r r❡✈✐s❛♥❞♦ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s ❞❡ ❝❛❞❛ ✉♥❛ ❞❡
❧❛s ✜r♠❛s✳

P❛✁
❣✐♥❛ ✷✶✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❉❡ ❧❛ ❞❡✜♥✐❝✐ó♥ ❞❡ ♥✉❡str♦ ♠❡r❝❛❞♦ ♣♦❞❡♠♦s ♦❜s❡r✈❛r q✉❡ ❡❧ ❜✐❡♥ q✉❡ ♣r♦❞✉❝❡
❝❛❞❛ ✜r♠❛ s❡ ✈❡♥❞❡ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❛ ✉♥ ♣r❡❝✐♦ P ② s✉ ❝♦st♦ ❞❡ ♣r♦❞✉❝❝✐ó♥ ♠❛r❣✐♥❛❧
❡s ✐❣✉❛❧ ❛ c✱ ❝♦♥ ❡st❛ ✐♥❢♦r♠❛❝✐ó♥ ♣♦❞❡♠♦s ❝r❡❛r ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦✱ ♣❛rt❛♠♦s
❡♥t♦♥❝❡s ♣❧❛♥t❡❛♥❞♦ ❡❧ ❞❡ ❧❛ ✜r♠❛ ✶✿

π1 = (P − c)q1 ✭✺✳✺✳✶✳✸✮

◗✉❡ ♥♦ ❡s ♠❛s ❛❧ ♠❛r❣❡♥ ❞❡ ❣❛♥❛♥❝✐❛ ♠✉❧t✐♣❧✐❝❛❞♦ ♣♦r ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❧❛ ✜r♠❛✱ ❞❡

❧❛ ♠✐s♠❛ ❢♦r♠❛ ♣❛r❛ ❧❛ ✜r♠❛ ✷ t❡♥❡♠♦s✿

π2 = (P − c)q2 ✭✺✳✺✳✶✳✹✮

❙❛❜❡♠♦s ❛❞❡♠❛s ❝♦♠♦ ②❛ ❡♥✉♥❝✐❛♠♦s q✉❡ s❡ ❝✉♠♣❧❡ Q = A − P ✱ r❡❡♠♣❧❛❝❡♠♦s

❡st♦ ❡♥ ❧❛s ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s ❞❡ ❧❛ ✜r♠❛ ✶✿

π1 = (A − Q − c)q1

❆❞❡♠ás t❡♥❡♠♦s q✉❡ Q = q1 + q2 ✱ r❡❡♠♣❧❛③❛♥❞♦ ❡st♦ ❡♥ ♥✉❡str❛ ú❧t✐♠❛ ❡❝✉❛❝✐ó♥

♦❜t❡♥❡♠♦s✿
π1 = (A − (q1 + q2 ) − c)q1
π1 = (A − q1 − q2 ) − c)q1 ✭✺✳✺✳✶✳✺✮
❉❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛ ♣❛r❛ ❧❛ ✜r♠❛ ✷✿

π2 = (A − q2 − q1 ) − c)q2 ✭✺✳✺✳✶✳✻✮

❉❡s❞❡ ❡st❛s ❢✉♥❝✐♦♥❡s ❞❡ ♣r♦❞✉❝❝✐ó♥ ♣♦❞❡♠♦s t❡♥❡r ✉♥❛ ♣r✐♠❡r❛ ❛♣r♦①✐♠❛❝✐ó♥

❛ ❧❛ ❝♦♥❝❧✉s✐♦♥❡s q✉❡ ♦❜t❡♥❞r❡♠♦s ♣r♦♥t❛♠❡♥t❡✱ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❝❛❞❛
✜r♠❛ ❞❡♣❡♥❞❡ ❞❡ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ♣r♦❞✉❝❡ ❡❧❧❛ ② ❧❛ ✜r♠❛ ❝♦♥ ❧❛ q✉❡ ❝♦♠♣✐t❡ ❡♥ ❡❧
♠❡r❝❛❞♦✱ ❞❡ ❡st♦ ♣♦❞❡♠♦s ♦❜s❡r✈❛r ❡♥t♦♥❝❡s q✉❡ ❡①✐st❡ ✐♥t❡r❞❡♣❡♥❞❡♥❝✐❛ ❡♥ ❧❛s ❢✉♥✲
❝✐♦♥❡s ❞❡ ❜❡♥❡✜❝✐♦s ❞❡ ❝❛❞❛ ✉♥❛ ❞❡ ❧❛s ✜r♠❛s✳

❈♦♥t✐♥✉❡♠♦s r❡❛❧✐③❛♥❞♦ ♥✉❡str♦ ❡❥❡r❝✐❝✐♦ ❞❡ ❡♥❝♦♥tr❛r ❧❛s ❝❛♥t✐❞❛❞❡s ♦♣t✐♠❛s ❞❡

❝❛❞❛ ✉♥❛ ❞❡ ❧❛s ✜r♠❛s✱ ♣❛r❛ ❡❧❧♦ ❞❡❜❡♠♦s ♦❝✉♣❛r ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♠❛①✐♠✐③❛❝✐ó♥ ❞❡
❜❡♥❡✜❝✐♦s ❞❡ ❧❛s ✜r♠❛s✱ r❡❝♦r❞❡♠♦s q✉❡ ❡st❛ ❡s ❝✉❛♥❞♦ s❡ ❝✉♠♣❧❡ q✉❡ IM G = CM G✱
❝♦♠❡♥❝❡♠♦s ❛♣❧✐❝❛♥❞♦ ❡st❛ ❝♦♥❞✐❝✐ó♥ ♣❛r❛ ❧❛ ✜r♠❛ ✶✿ ❚❡♥❡♠♦s q✉❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡
❜❡♥❡✜❝✐♦s ❡s✿

π1 = (A − (q1 + q2 ) − c)q1
❉❡ ❞♦♥❞❡ ❡s ❢❛❝✐❧ ♦❜s❡r✈❛r q✉❡ ❧♦s ✐♥❣r❡s♦s t♦t❛❧❡s ❝♦rr❡s♣♦♥❞❡ ❛✿

IT1 = (A − q1 − q2 )q1 ✭✺✳✺✳✶✳✼✮

❆ ❧♦ q✉❡ ❧❡ ❝♦rr❡s♣♦♥❞❡ ❡❧ s✐❣✉✐❡♥t❡ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧✹

Img1 = a − 2q1 − q2 ✭✺✳✺✳✶✳✽✮

✹ ❚❛♥ só❧♦ ❜❛t❛ t♦♠❛r ❡❧ IT1 ② ❞❡r✐✈❛r❧♦ r❡s♣❡❝t♦ ❛ q1 ✳

P❛✁
❣✐♥❛ ✷✶✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❈♦♥ ❡st♦ ✐♠♣♦♥❣❛♠♦s ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♠❛①✐♠✐③❛❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s✿

IM G1 = CM G1

a − 2q1 − q2 = c ✭✺✳✺✳✶✳✾✮
❉❡ ❧❛ ❝✉á❧ ♣♦❞❡♠♦s ❞❡s♣❡❥❛r q1 ♣❛r❛ ❡♥❝♦♥tr❛r ❧❛ ❝❛♥t✐❞❛❞ ♦♣t✐♠❛ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡
❧❛ ✜r♠❛ ✶✱ ♦❜t❡♥✐❡♥❞♦✿
a − c − q2
q1 (q2 ) = ✭✺✳✺✳✶✳✶✵✮
2
❉❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛ ♣❛r❛ ❧❛ ✜r♠❛ ✷ ♦❜t❡♥❡♠♦s✿
a − c − q1
q2 (q1 ) = ✭✺✳✺✳✶✳✶✶✮
2
P❡r♦ ♥♦t❡♠♦s q✉❡ ❛ú♥ ♥♦ ❤❡♠♦s ❡♥❝♦♥tr❛❞♦ ✉♥❛ ❡①♣r❡s✐ó♥ ♣❛r❛♠❡tr✐③❛❞❛ ♣❛r❛ ❧❛s
❝❛♥t✐❞❛❞❡s ❞❡ ♣r♦❞✉❝❝✐ó♥ ó♣t✐♠❛ ❞❡ ❝❛❞❛ ✜r♠❛✱ ♣✉❡s ❧❛ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❝❛❞❛ ✜r♠❛
❞❡♣❡♥❞❡ ❞❡ ❝✉❛♥t♦ ♣r♦❞✉③❝❛ ❧❛ ♦tr❛✱ ♣♦r ❡❧❧♦ ❛ ❧❛s ❡❝✉❛❝✐♦♥❡s ❛♥t❡r✐♦r❡s s❡ ❧❡ ❞❡♥♦✲
♠✐♥❛ ❢✉♥❝✐ó♥ ❞❡ r❡❛❝❝✐ó♥ q✉❡ ❝♦♠♦ ②❛ ♠❡♥❝✐♦♥❛♠♦s✱ ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ ❝❛♥t✐❞❛❞
ó♣t✐♠❛ q✉❡ ❞❡❜❡ ❥✉❣❛r ✉♥❛ ❡♠♣r❡s❛✱ ♣❛r❛ ♠❛①✐♠✐③❛r s✉s ❜❡♥❡✜❝✐♦s✱ ❞❛❞♦ ❧❛ ❝❛♥t✐❞❛❞
q✉❡ ♣r♦❞✉❝❡ ❧❛ ✜r♠❛ ❝♦♥tr✐♥❝❛♥t❡✳

❋✐♥❛❧♠❡♥t❡ ❞❡ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ r❡❛❝❝✐ó♥ ❞❡ ❛♠❜❛s ✜r♠❛s✱ ❡s q✉❡ ♣♦❞❡♠♦s ❡♥❝♦♥✲

tr❛r ❧❛ ❝❛♥t✐❞❛❞ ♦♣t✐♠❛ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❝❛❞❛ ✉♥❛ ❞❡ ❧❛s ✜r♠❛s✱ ♣❛r❛ ❡❧❧♦✱ ❧❧❡✈❡♠♦s
❡st❛s ❛ ✉♥❛ r❡♣r❡s❡♥t❛❝✐ó♥ ❣rá✜❝❛✿

q2

q1 (q2)

q2n

q2 (q1)

q1
q1n

❋✐❣✉r❛ ✺✳✽✿ ❋✉♥❝✐♦♥❡s ❞❡ r❡❛❝❝✐ó♥

❊♥t♦♥❝❡s✱ ➽❝✉á❧❡s s❡rá♥ ❧❛s ❝❛♥t✐❞❛❞❡s ó♣t✐♠❛s q✉❡ ♣r♦❞✉❝✐rá ❝❛❞❛ ✜r♠❛❄✱ ❧❛ r❡s✲
♣✉❡st❛ ❛ ❡st❛ ♣r❡❣✉♥t❛✱ ❡s q✉❡ ❡s ❛q✉❡❧ ♣✉♥t♦ ❡♥ q✉❡ ❛♠❜❛s ❢✉♥❝✐♦♥❡s ❞❡ r❡❛❝❝✐ó♥ s❡

P❛✁
❣✐♥❛ ✷✶✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❝♦rt❡♥✱ ♣✉❡s ❡♥ ❛q✉❡❧ ♣✉♥t♦ s❡ ❝✉♠♣❧❡ q✉❡ ❛♠❜❛s ❡♠♣r❡s❛s ❡stá♥ ❥✉❣❛♥❞♦ s✉ ♠❡❥♦r
r❡s♣✉❡st❛ ❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♣r♦❞✉❝❝✐ó♥ q✉❡ ♣♦♥❡ ❡♥ ❡❧ ♠❡r❝❛❞♦ s✉ ❝♦♥tr✐♥❝❛♥t❡✱ ♣♦r
❧♦ t❛♥t♦ ♥♦ ❡①✐st✐rá♥ ✐♥❝❡♥t✐✈♦s ✉♥✐❧❛t❡r❛❧❡s ❛ ❞❡s✈✐❛rs❡ ❞❡ ❛q✉❡❧ ♣✉♥t♦✱ ♣♦❞❡♠♦s
❞❡s❝r✐❜✐r ❛q✉❡❧ ♣✉♥t♦✱ ❝♦♠♦ ✉♥ ❡q✉✐❧✐❜r✐♦ ❞❡ ◆❛s❤ ✳

Pr♦❝❡❞❛♠♦s ❛ ❝❛❧❝✉❧❛r ❛❤♦r❛ ♠❛t❡♠át✐❝❛♠❡♥t❡ ❧❛s ❝❛♥t✐❞❛❞❡s q1n ② q2n ✱ ♣♦❞❡♠♦s

♦❜s❡r✈❛r ❣rá✜❝❛♠❡♥t❡ q✉❡ ❧❛ ♦❜t❡♥❡♠♦s ❞❡ ✐♥t❡r❝❡♣t❛r ❛♠❜❛s ❢✉♥❝✐♦♥❡s ❞❡ r❡❛❝❝✐ó♥✱
r❡❡♠♣❧❛③❛♥❞♦ q2 (q1 ) ❡♥ q1 (q2 ✮✿
a − c − q1
a−c−( )
q1 (q2 ) = 2
2
❉❡s♣❡❥❛♥❞♦ q1 ♦❜t❡♥❡♠♦s✿
a−c
q1n = ✭✺✳✺✳✶✳✶✷✮
3
❉❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛ ♣❛r❛ ❧❛ ✜r♠❛ ✷✿
a−c
q2n = ✭✺✳✺✳✶✳✶✸✮
3
q✉❡ ❝♦rr❡s♣♦♥❞❡♥ ❛ ❧❛s ❝❛♥t✐❞❛❞❡s ♦♣t✐♠❛s ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡ ❝❛❞❛ ✉♥❛ ❞❡ ❧❛s ✜r♠❛s✳
❈♦♥ ❡st❛s ❝❛♥t✐❞❛❞❡s ♣♦❞❡♠♦s ❡♥❝♦♥tr❛r ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♠❡r❝❛❞♦✿

Q = q1n + q2n

2(a − c)
Q= ✭✺✳✺✳✶✳✶✹✮
3
❨ ❝♦♥ ❧❛ ❝❛♥t✐❞❛❞ ♣♦❞❡♠♦s ❡♥❝♦♥tr❛r ❡❧ ♣r❡❝✐♦✿

p=A−Q
a + 2c
P = ✭✺✳✺✳✶✳✶✺✮
3
❨ ♣♦r ú❧t✐♠♦ ❧♦s ❜❡♥❡✜❝✐♦s ❞❡ ❝❛❞❛ ✜r♠❛✿

π1 = (p − c)q1

(a − c)2
π1 = ✭✺✳✺✳✶✳✶✻✮
9

π2 = (p − c)q2
(a − c)2
π2 = ✭✺✳✺✳✶✳✶✼✮
9

P❛✁
❣✐♥❛ ✷✶✹ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
✺✳✻ ❈♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❙t❛❝❦❡❧❜❡r❣
❈♦♥t✐♥✉❡♠♦s ❛❤♦r❛ ♣r❡s❡♥t❛♥❞♦ ❡❧ ♠♦❞❡❧♦ ❙t❛❝❦❡r❧❜❡r❣✱ ❡♥ ❡s❡♥❝✐❛ ❡st❡ ♠♦❞❡❧♦
♣r❡s❡♥t❛ ❧♦s ♠✐s♠♦s s✉♣✉❡st♦s ❞❡❧ ♠♦❞❡❧♦ ❛♥t❡r✐♦r✱ ♣❡r♦ ❧❡✈❛♥t❛ ✉♥ s✉♣✉❡st♦ q✉❡
❡♥ ❝♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❈♦✉r♥♦t ❛s✉♠✐♠♦s ❞❡ ❢♦r♠❛ ✐♠♣❧í❝✐t❛✱ ❡st♦ ❡s q✉❡ ❛♠❜❛s ❡♠✲
♣r❡s❛s ✜❥❛♥ ❧❛s ❝❛♥t✐❞❛❞❡s ❛❧ ♠✐s♠♦ t✐❡♠♣♦✱ ❡❧ ♠♦❞❡❧♦ ❞❡ ❙t❛❝❦❡r❧❜❡r❣ ❧♦ ♣♦❞❡♠♦s
t♦♠❛r ❝♦♠♦ ✉♥❛ ❡①t❡♥s✐ó♥ ❞❡ ❧♦ ❛♥t❡r✐♦r✱ ♣❡r♦ q✉❡ ✐♥❝♦r♣♦r❛ ❡❧ ❤❡❝❤♦ ❞❡ q✉❡ ❧❛s
❡♠♣r❡s❛s ❝♦❧♦❝❛♥ s✉s ❝❛♥t✐❞❛❞❡s ❡♥ ❡❧ ♠❡r❝❛❞♦ ❡♥ ❞✐❢❡r❡♥t❡s ♣❡r✐♦❞♦s✱ ♣♦r ❡❥❡♠♣❧♦✱
❡♥ ♠❡r❝❛❞♦s ❞♦♥❞❡ ❡①✐st❡ ✉♥❛ ❡♠♣r❡s❛ ❧í❞❡r ❡s♣❡r❛r❡♠♦s q✉❡ ❡st❛ ✜❥❡ s✉ ❝❛♥t✐✲
❞❛❞ ♣r✐♠❡r♦✱ ② q✉❡ ❧✉❡❣♦ ❧❛❡♠♣r❡s❛ s❡❣✉✐❞♦r❛ ❝♦❧♦q✉❡ s✉ ❝❛♥t✐❞❛❞ ❡♥ ❡❧ ♠❡r❝❛❞♦✳

✺✳✻✳✶ ❊❧ ♠♦❞❡❧♦
❈♦♥t✐♥✉❡♠♦s ❝♦♥ ❡❧ ♠❡r❛❞♦ ❞❡✜♥✐❞♦ ❡♥ ❧❛ s❡❝❝✐ó♥ ❛♥t❡r✐♦r✱ ② ❝♦♥ ❡❧ r❡st♦ ❞❡
❧♦s s✉♣✉❡st♦s✱ s❛❧✈♦ ❝♦♠♦ ②❛ ♠❡♥❝✐♦♥❛♠♦s q✉❡ ❡st❛ ✈❡③ ❡①✐st❡ ✉♥❛ ❡♠♣r❡s❛ ❧í❞❡r✱ ②
✉♥❛ ❡♠♣r❡s❛ s❡❣✉✐❞♦r❛✱ ❞♦♥❞❡ ❧❛ ♣r✐♠❡r❛ ❝♦❧♦❝❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♠❡r❝❛❞♦ ♣r✐♠❡r♦✱
❝♦♥s✐❞❡r❡♠♦s ❡st❛ ✈❡③ q✉❡✿
Q = q l + qs ✭✺✳✻✳✶✳✶✮
❉♦♥❞❡ ql ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ❝♦❧♦❝❛ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❧❛ ❡♠♣r❡s❛ ❧✐❞❡r✱ ② qs
❧❛ ❝❛♥t✐❞❛❞ q✉❡ ❝♦❧♦❝❛ ❧❛ ❡♠♣r❡s❛ s❡❣✉✐❞♦r❛✳

❈♦♥t✐♥✉❡♠♦s ❞❡✜♥✐❡♥❞♦ ❝❛❞❛ ✉♥❛ ❞❡ ❧❛s ❢✉♥❝✐♦♥❡s ❞❡ ❜❡♥❡✜❝✐♦✱ ♣❛r❛ ❡♥❝♦♥tr❛r

❛ ♣❛rt✐r ❞❡ ❡st❛s ❧❛s ❝❛♥t✐❞❛❞❡s ♦♣t✐♠❛s q✉❡ ♣r♦❞✉❝❡ ❝❛❞❛ ✉♥❛ ❞❡ ❧❛s ✜r♠❛s✿

πl = (P − c)ql ✭✺✳✻✳✶✳✷✮

πs = (P − c)qs ✭✺✳✻✳✶✳✸✮
P❛r❛ ❝♦♥t✐♥✉❛r✱ ❞❡❜❡♠♦s ♦❜s❡r✈❛r q✉❡ ❧❛ ❡♠♣r❡s❛ ❧í❞❡r✱ ❛❧ ❥✉❣❛r ♣r✐♠❡r♦ ♣✉❡❞❡
❛❞❡❧❛♥t❛rs❡ ❛ s❛❜❡r ❝✉❛♥t♦ s❡rá ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ♣r♦❞✉❝✐rá ❧❛ ✜r♠❛ s❡❣✉✐❞♦r❛✱ ❧❡ ❜❛s✲
t❛ s❛❜❡r q✉❡ ❡st❛ ♠❛①✐♠✐③❛ ❜❡♥❡✜❝✐♦s ② ❝♦♥♦❝❡r s✉ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s ✭❧♦ ❝✉❛❧
❛s✉♠✐♠♦s✮✳ ❊♥t♦♥❝❡s ❛❧ ❝♦♥♦❝❡r ❝✉❛♥t♦ s❡rá ❧❛ ❝❛♥t✐❞❛❞ ♦♣t✐♠❛ q✉❡ ♣r♦❞✉❝✐rá ❧❛
✜r♠❛ s❡❣✉✐❞♦r❛✱ ❧❛ ✜r♠❛ ❧í❞❡r ✐♥tr♦❞✉❝✐rá ❡st❛ ❝❛♥t✐❞❛❞ ❡♥ s✉ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s
② ♠❛①✐♠✐③❛rá✳

P♦r t❛♥t♦✱ ❧♦ ♣r✐♠❡r♦ q✉❡ ♥♦s ✐♥t❡r❡s❛ ❤❛❝❡r✱ ❡s ✈❡r ❝✉❛♥t♦ s❡rá ❧❛ ❝❛♥t✐❞❛❞
q✉❡ ♣r♦❞✉❝✐rá ❧❛ ❡♠♣r❡s❛ s❡❣✉✐❞♦r❛✱ ❞❡s❞❡ s✉ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s r❡❡♠♣❧❛③❛♥❞♦
Q = ql + qs ✱ t❡♥❡♠♦s✿
πs = (A − (ql + qs ) − c)qs
❉❡ ❞♦♥❞❡ ❡s ❢á❝✐❧ ♦❜s❡r✈❛r q✉❡ ❧♦s ✐♥❣r❡s♦s t♦t❛❧❡s ❝♦rr❡s♣♦♥❞❡ ❛✿

ITs = (A − qs − ql )qs ✭✺✳✻✳✶✳✹✮

P❛✁
❣✐♥❛ ✷✶✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❆ ❧♦ q✉❡ ❧❡ ❝♦rr❡s♣♦♥❞❡ ❡❧ s✐❣✉✐❡♥t❡ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧✺

Imgs = a − 2qs − ql ✭✺✳✻✳✶✳✺✮

❈♦♥ ❡st♦ ✐♠♣♦♥❣❛♠♦s ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♠❛①✐♠✐③❛❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s✿

IM Gs = CM Gs

a − 2qs − ql = c ✭✺✳✻✳✶✳✻✮
❉❡ ❧❛ ❝✉á❧ ♣♦❞❡♠♦s ❞❡s♣❡❥❛r qs ♣❛r❛ ❡♥❝♦♥tr❛r ❧❛ ❝❛♥t✐❞❛❞ ♦♣t✐♠❛ ❞❡ ♣r♦❞✉❝❝✐ó♥ ❞❡
❧❛ ✜r♠❛ ✶✱ ♦❜t❡♥✐❡♥❞♦✿
a − c − ql
qs (ql ) = ✭✺✳✻✳✶✳✼✮
2
❊st❛ ú❧t✐♠❛ ❡❝✉❛❝✐ó♥✱ r❡♣r❡s❡♥t❛ ❧❛ ❝❛♥t✐❞❛❞ ♦♣t✐♠❛ q✉❡ ❥✉❣❛rá ❧❛ ❡♠♣r❡s❛ s❡✲
❣✉✐❞♦r❛ ❞❛❞❛s ❧❛s ❝❛♥t✐❞❛❞❡s q✉❡ ❝♦❧♦❝❛ ❧❛ ❡♠♣r❡s❛ ❧í❞❡r✳ ❈♦♠♦ ❧❛ ❡♠♣r❡s❛ ❧í❞❡r
❝♦♥♦❝❡ ❡st❛ ❝❛♥t✐❞❛❞✱ ❧❛ t♦♠❛r❛ ♣❛r❛ ♠❛①✐♠✐③❛r s✉s ❜❡♥❡✜❝✐♦s✳

❉❡ t❛❧ ❢♦r♠❛✱ r❡❡♠♣❧❛③❛♥❞♦ Q = ql + qs ❡♥ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s ❞❡ ❧❛ ❡♠♣r❡s❛

❧í❞❡r✱ t❡♥❡♠♦s✿

πl = (a − (ql + qs ) − c)ql
② ❛❤♦r❛ r❡❡♠♣❧❛③❛♥❞♦ qs (ql )

a − ql − 10
πl = [a − (ql + )]q1 − cq1 ✭✺✳✻✳✶✳✽✮
2
❉♦♥❞❡ ❡❧ ✐♥❣r❡s♦ t♦t❛❧ ❡s✿
a − ql − 10
ITl = πl = [a − (ql + )]q1 ✭✺✳✻✳✶✳✾✮
2
❆ ❧♦ q✉❡ ❧❡ ❝♦rr❡s♣♦♥❞❡ ❡❧ s✐❣✉✐❡♥t❡ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧✿✻
a + 2q1 + c
Imgl = ✭✺✳✻✳✶✳✶✵✮
2
❆❤♦r❛ ❛♣❧✐❝❛♥❞♦ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ t❡♥❡♠♦s✿

Imgl = Cmgl ✭✺✳✻✳✶✳✶✶✮

a + 2q1 + c
Imgl = =c ✭✺✳✻✳✶✳✶✷✮
2
❨ ✜♥❛❧♠❡♥t❡ ❞❡s♣❡❥❛♥❞♦ ql
a−c
qln = ✭✺✳✻✳✶✳✶✸✮
2
✺ ❚❛♥ só❧♦ ❜❛t❛ t♦♠❛r ❡❧ ITs ② ❞❡r✐✈❛r❧♦ r❡s♣❡❝t♦ ❛ qs ✳
✻ ❚❛♥ só❧♦ ❜❛t❛ t♦♠❛r ❡❧ ITl ② ❞❡r✐✈❛r❧♦ r❡s♣❡❝t♦ ❛ ql ✳

P❛✁
❣✐♥❛ ✷✶✻ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❆❤♦r❛ r❡❡♠♣❧❛③❛♥❞♦ qln ❡♥ ❧❛ ❢✉♥❝✐ó♥ ❞❡ r❡❛❝❝✐ó♥ ❞❡ ❧❛ ✜r♠❛ s❡❣✉✐❞♦r❛ qs (ql ) ♦❜t❡✲
♥❡♠♦s✿
a − c − ql
qs (ql ) =
2
a−c
a−c−( )
qs (ql ) = 2
2
❉❡ ❧♦ q✉❡ ❝♦♥s❡❣✉✐♠♦s✿
a−c
qsn =
4
❈♦♥ ❡st❛s ❝❛♥t✐❞❛❞❡s ♣♦❞❡♠♦s ❡♥❝♦♥tr❛r ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♠❡r❝❛❞♦✿

Q = qln + qsn

3(a − c)
Q= ✭✺✳✻✳✶✳✶✹✮
4
❨ ❝♦♥ ❧❛ ❝❛♥t✐❞❛❞ ♣♦❞❡♠♦s ❡♥❝♦♥tr❛r ❡❧ ♣r❡❝✐♦✿

p=A−Q
a + 3c
P = ✭✺✳✻✳✶✳✶✺✮
4
❨ ♣♦r ú❧t✐♠♦ ❧♦s ❜❡♥❡✜❝✐♦s ❞❡ ❝❛❞❛ ✜r♠❛✿

πl = (p − c)ql

(a − c)2
π1 = ✭✺✳✻✳✶✳✶✻✮
8

πs = (p − c)qs
(a − c)2
πs = ✭✺✳✻✳✶✳✶✼✮
16

✺✳✼ ❈♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❇❡rtr❛♥❞

❋✐♥❛❧♠❡♥t❡ r❡✈✐s❛r❡♠♦s ❡❧ ♠♦❞❡❧♦ ❞❡ ❇❡rtr❛♥❞✱ ❡♥ ❡st❡ ♠♦❞❡❧♦ s❡ ❛s✉♠❡ q✉❡ ❧❛s
❡♠♣r❡s❛s ❝♦♠♣✐t❡♥ ❡♥ ♣r❡❝✐♦s ✱ ❞❡ t❛❧ ❢♦r♠❛ q✉❡ ❝❛❞❛ ✉♥❛ ❞❡ ❧❛s ❡♠♣r❡s❛s ✜❥❛ ✉♥
♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦✱ ❧❛ ✐❞❡❛ ❡s q✉❡ ♣❛r❛ ❛tr❛❡r ❧♦s ❝♦♥s✉♠✐❞♦r❡s ② ❛❧ ❝♦♠♣❡t✐r ❡st❛s
✜❥❛r❛♥ ♣r❡❝✐♦s ❝❛❞❛ ✈❡③ ♠ás ❜❛❥♦s✱ ❝♦♥ ❧❛ ✐♥t❡♥❝✐ó♥ ❞❡ ❛tr❛❡r t♦❞❛ ❧❛ ♦❢❡rt❛✱ ♣♦r
t❛♥t♦ ❡①✐st❡ ✉♥❛ s✐t✉❛❝✐ó♥ ❞❡ ✐♥t❡r❛❝❝✐ó♥ ❡str❛té❣✐❝❛✳

❆s✉♠✐r❡♠♦s q✉❡ ❧❛s ❡♠♣r❡s❛s q✉❡ ❝♦♠♣✐t❡♥ ❡♥ ❡❧ ♠❡r❝❛❞♦ ♦❧✐❣♦♣ó❧✐❝♦ ♦❢r❡❝❡♥

✉♥ ♣r♦❞✉❝t♦ ❤♦♠♦❣é♥❡♦✱ q✉❡ ❧❛s ✜r♠❛s s♦♥ ✐❞é♥t✐❝❛s ② q✉❡ ❝❛❞❛ ✉♥❛ ♣♦r s✐ s♦❧❛ ❡s
❝❛♣❛③ ❞❡ ❛❜❛st❡❝❡r ❡❧ ♠❡r❝❛❞♦ ❝♦♠♣❧❡t♦✳

P❛✁
❣✐♥❛ ✷✶✼ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

✺✳✼✳✶ ❊❧ ♠♦❞❡❧♦
❈♦♠❡♥❝❡♠♦s ❞❡✜♥✐❡♥❞♦ ❡❧ ♠❡r❝❛❞♦✳ ❆s✉♠✐r❡♠♦s q✉❡ ❡①✐st❡♥ ✷ ❡♠♣r❡s❛s✱ q✉❡
❡♥❢r❡♥t❛♥ ✉♥❛ ❞❡♠❛♥❞❛ ❞❛❞❛ ♣♦r✿

Q = 50 − p ✭✺✳✼✳✶✳✶✮

❉♦♥❞❡ Q ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♠❡r❝❛❞♦ ❞❡♠❛♥❞❛❞❛✱ ② p ❛❧ ♠✐♥✐♠♦ ❞❡ ❧♦s

♣r❡❝✐♦s ❡♥tr❡ ❧♦s q✉❡ ✜❥❛♥ ❧❛ ✜r♠❛ ✶ ② ❧❛ ✜r♠❛ ✷✱ ♣❡r♠✐tá♠♦♥♦s q✉❡ ❡st♦s s❡❛♥ p1
② p2 ❝♦rr❡s♣♦♥❞✐❡♥t❡♠❡♥t❡✱ ❡♥t♦♥❝❡s p = min[p1 , p2 ]✳ ❆❞❡♠ás ❧❛ ✜r♠❛ ✶ t✐❡♥❡ ❝♦st♦
♠❛r❣✐♥❛❧ ✐❣✉❛❧ ❛ c1 ② ❧❛ ✜r♠❛ ✷ c2 ✳

❘❡✈✐s❡♠♦s ❧❛ s✐t✉❛❝✐ó♥ ❡♥ q✉❡ c1 = c2 = 10✱ s✉♣♦♥❣❛♠♦s s✐♥ ♣❡r❞✐❞❛ ❞❡ ❣❡♥❡✲

r❛❧✐❞❛❞ q✉❡ ❧❛ ✜r♠❛ ✶ ❝♦♠✐❡♥③❛ ✜❥❛♥❞♦ ✉♥ ♣r❡❝✐♦ ❞❡ ♠❡r❝❛❞♦ ✐❣✉❛❧ ❛ p1 = 20✱ ❝♦♥
❡st♦ ❞❡s❞❡ s✉ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s t❡♥❡♠♦s✿

π1 = (p − c)q1 ✭✺✳✼✳✶✳✷✮

❨ ♣❛r❛ ❡s❡ ♣r❡❝✐♦ ❧❛ ❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ❡s✿

Q = 50 − p

Q = q1 = 30
❨ ❡♥ ❧♦s ❜❡♥❡✜❝✐♦s✿
π1 = 300
❉❛❞❛ ❡st❛ s✐t✉❛❝✐ó♥✱ ❧❛ ❡♠♣r❡s❛ ✷ ♦❜s❡r✈❛r❛ q✉❡ ❧❛ ✜r♠❛ ✶ ❞❛❞♦ ❡❧ ♣r❡❝✐♦ q✉❡
s✐tú❛ ❡♥ ❡❧ ♠❡r❝❛❞♦ ♦❜t✐❡♥❡ ❜❡♥❡✜❝✐♦s ❡♥t♦♥❝❡s q✉❡rrá ❡♥tr❛r ❛❧ ♠❡r❝❛❞♦ ✜❥❛♥❞♦ ✉♥
♣r❡❝✐♦ ❛❧❣♦ ♠ás ❜❛❥♦ ② ❛sí ❧❧❡✈❛rs❡ t♦❞❛ ❧❛ ❞❡♠❛♥❞❛✱ s✉♣♦♥❣❛♠♦s ❡♥t♦♥❝❡s q✉❡ ❧❛
✜r♠❛ ✷ ✜❥❛ ✉♥ ♣r❡❝✐♦ p2 = p1 − ǫ = 20 − ǫ✱ ❞♦♥❞❡ ǫ ❡s ✉♥ ♥✉♠❡r♦ ♠✉② ♣❡q✉❡ñ♦✳
❈♦♠♦ ❧❛ ✜r♠❛ ✷ ✜❥❛ ✉♥ ♣r❡❝✐♦ ❛❧❣♦ ♠ás ❜❛❥♦ q✉❡ ❧❛ ✜r♠❛ ✶✱ s❡ ❧❧❡✈❛ t♦❞❛ ❧❛ ❞❡♠❛♥❞❛
❞❡ t❛❧ ❢♦r♠❛ q✉❡✱ ❞❡s❞❡ s✉ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦✿

π2 = (p − c)q2 ✭✺✳✼✳✶✳✸✮

❨ ♣❛r❛ ❡s❡ ♣r❡❝✐♦ ❧❛ ❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ❡s✿

Q = 50 − p

Q = q2 = 30 − ǫ
❨ ❡♥ ❧♦s ❜❡♥❡✜❝✐♦s✿
π2 = (20 − ǫ − 10)(30 − ǫ) ≈ 300
❊♥t♦♥❝❡s ❧❛ ✜r♠❛ ✷ tr❛s ❜❛❥❛r ✉♥ ǫ ❡❧ ♣r❡❝✐♦ ❡s ❝❛♣❛③ ❞❡ ❤❛❝❡rs❡ ❝♦♥ t♦❞❛ ❧❛
❞❡♠❛♥❞❛ ② ♦❜t❡♥❡r ❜❡♥❡✜❝✐♦s ♣♦s✐t✐✈♦s✳ ➽◗✉é ❤❛rá ❛❤♦r❛ ❧❛ ✜r♠❛ ✶❄✱ s✉ ❡str❛t❡❣✐❛
ó♣t✐♠❛ ❡s ❜❛❥❛r ❡❧ ♣r❡❝✐♦ q✉❡ ✜❥♦ ❧❛ ✜r♠❛ ✷ ✉♥ ǫ ② ❛sí ❧❧❡✈❛rs❡ t♦❞❛ ❧❛ ❞❡♠❛♥❞❛✱
❧✉❡❣♦ ❧❛ ✜r♠❛ ✷ ❤❛rá ❧♦ ♠✐s♠♦✱ ❡♥tr❛r❛♥ ❡♥ ✉♥❛ ❣✉❡rr❛ ❞❡ ♣r❡❝✐♦s q✉❡ s❡ ♣❡r♣❡t✉❛r❛
❤❛st❛ ❡❧ ♣✉♥t♦ ❡♥ q✉❡ ✉♥❛ ❞❡ ❧❛s ❡♠♣r❡s❛s ✜❥❡ ❡❧ ♣r❡❝✐♦ ✐❣✉❛❧ ❛❧ ❝♦st♦ ♠❛r❣✐♥❛❧✳

P❛✁
❣✐♥❛ ✷✶✽ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❆s✉♠❛♠♦s s✐♥ ♣❡r❞✐❞❛ ❞❡ ❣❡♥❡r❛❧✐❞❛❞ q✉❡ tr❛s ❡st❛ ❣✉❡rr❛ ❞❡ ♣r❡❝✐♦s ❧❛ ✜r♠❛ ✶
t❡r♠✐♥❛ ✜❥❛♥❞♦ p1 = c = 10✱ ❧❛ ✜r♠❛ ✷ t✐❡♥❡ ✷ ❛❧t❡r♥❛t✐✈❛s✱ ♦ ✐❣✉❛❧❛r ❛q✉❡❧ ♣r❡❝✐♦ ♦
❜❛❥❛r❧♦ ❡♥ ✉♥ ǫ✱ ❞❡ t❛❧ ❢♦r♠❛ p2 = c − ǫ = 10 − ǫ✱ ❛♥❛❧✐❝❡♠♦s ❡♥ s✉s ❜❡♥❡✜❝✐♦s ❡stá
ú❧t✐♠❛ s✐t✉❛❝✐ó♥✿
π2 = (p − c)q2
π2 = (10 − ǫ − 10)q2
π2 = (−ǫ)q2 < 0
❊s ❞✐r❡❝t♦ ♦❜s❡r✈❛r ❞❡ ❧❛ ú❧t✐♠❛ ❡❝✉❛❝✐ó♥ q✉❡ ❧♦s ❜❡♥❡✜❝✐♦s ❞❡ ❧❛ ✜r♠❛ ✷ ❞❡ ❜❛❥❛r
❡❧ ♣r❡❝✐♦✱ q✉❡ ✜❥♦ ❧❛ ✜r♠❛ ✶ ✐❣✉❛❧ ❛❧ ❝♦st♦ ♠❛r❣✐♥❛❧✱ ♦❜t❡♥❞rí❛ ❜❡♥❡✜❝✐♦s ♥❡❣❛t✐✈♦s✱
♣♦r ❧♦ q✉❡ ♥♦ s❡rí❛ ✉♥❛ ❡str❛t❡❣✐❛ ♦♣t✐♠❛✱ ♣♦r t❛♥t♦ ✜❥❛rá ❛❧ ✐❣✉❛❧ q✉❡ ❧❛ ✜r♠❛ ✶ ✉♥
♣r❡❝✐♦ ✐❣✉❛❧ ❛❧ ❝♦st♦ ♠❛r❣✐♥❛❧✱ ❝♦♥ ❡st♦ ❧♦s ✈❛❧♦r❡s q✉❡ ♦❜t❡♥❡♠♦s ❡♥ ❡❧ ♠❡r❝❛❞♦ s♦♥
❧♦s s✐❣✉✐❡♥t❡s✳ ▲♦s ❜❡♥❡✜❝✐♦s ❞❡ ❝❛❞❛ ✜r♠❛✿

π1 = (p1 − c)q1

π1 = (c − c)q1
π1 = 0 ✭✺✳✼✳✶✳✹✮
❉❡ ❧❛ ♠✐s♠❛ ❢♦r♠❛ ♣❛r❛ ❧❛ ✜r♠❛ ✷✿

π2 = 0 ✭✺✳✼✳✶✳✺✮

▲❛ ❝❛♥t✐❞❛❞ ❞❡ ♠❡r❝❛❞♦ s❡rá✿

Q=a−p

Q=a−c ✭✺✳✼✳✶✳✻✮
❨ ❡♥ ❡st❡ ❝❛s♦✿
Q = 40
❨ r❡❝♦r❞❡♠♦s q✉❡ ❡❧ ♣r❡❝✐♦ ✜♥❛❧ r❡s✉❧t♦ s❡r✿

p1 = p2 = c ✭✺✳✼✳✶✳✼✮

❨ ♣❛r❛ ❡st❡ ❝❛s♦✿

p1 = p2 = 10

✺✳✽ ❈♦♠♣❛r❛❝✐♦♥❡s ② ❝♦♥❝❧✉s✐♦♥❡s

❋✐♥❛❧♠❡♥t❡ ♣❡r♠✐tá♠♦♥♦s ❝♦♠♣❛r❛r ❧♦s r❡s✉❧t❛❞♦s ♦❜t❡♥✐❞♦s ② ❤❛❝❡r ❜r❡✈❡s ❝♦✲
♠❡♥t❛r✐♦s✱ ❛♥t❡s ❞❡ ❝♦♠❡♥③❛r ❝♦♥ ❡st♦✱ r❡s♦❧✈❛♠♦s ❜❛❥♦ ❡❧ ♠❡r❝❛❞♦ q✉❡ ❤❡♠♦s ❞❡s✲
❝r✐t♦ ❡❧ ❡q✉✐❧✐❜r✐♦ ♠♦♥♦♣ó❧✐❝♦ ♣❛r❛ ✜♥❡s ❝♦♠♣❛r❛t✐✈♦s✳

❙❡❣ú♥ ❡❧ ♠❡r❝❛❞♦ q✉❡ ❞❡✜♥✐♠♦s✱ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦ r❡s✉❧t❛rí❛ ❧✉❝✐r ❝♦♠♦✿

πm = (pm − c)q m ✭✺✳✽✳✵✳✽✮

P❛✁
❣✐♥❛ ✷✶✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❙✐ ❝♦♥s✐❞❡r❡♠♦s ❧❛ ❞❡♠❛♥❞❛✿
q m = a − pm ✭✺✳✽✳✵✳✾✮
❉❡ ❧♦ q✉❡ t❡♥❡♠♦s✿
pm = a − q m
r❡❡♠♣❧❛③❛♥❞♦ ❡st♦ ❡♥ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s✿

πm = (a − q m − c)q m

❊s ❞✐r❡❝t♦ ♦❜s❡r✈❛r q✉❡ ❡❧ ✐♥❣r❡s♦ t♦t❛❧ ❡s✿

ITm = (a − q m )q m ✭✺✳✽✳✵✳✶✵✮

❆ ❧♦ q✉❡ ❧❡ ❝♦rr❡s♣♦♥❞❡ ❡❧ s✐❣✉✐❡♥t❡ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧✼ ✿

Imgm = a − 2qm ✭✺✳✽✳✵✳✶✶✮

❉❡ ❧❛ ❝♦♥❞✐❝✐ó♥ ❞❡ ♠❛①✐♠✐③❛❝✐ó♥ ❞❡ ❜❡♥❡✜❝✐♦s t❡♥❡♠♦s✿ Imgm = Cmgm ✱ ❝♦♠♦

❤❡♠♦s ❛s✉♠✐❞♦ ❝♦♥s✐❞❡r❡♠♦s ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ✐❣✉❛❧ ❛ c✱ ❡♥t♦♥❝❡s✿

Imgm = Cmgm

a − 2qm = c
❨ ❝♦♥ ❡st♦ t❡♥❡♠♦s✿
a−c
qm = ✭✺✳✽✳✵✳✶✷✮
2
a+c
pm = ✭✺✳✽✳✵✳✶✸✮
2
(a − c)2
πm = ✭✺✳✽✳✵✳✶✹✮
4
❈♦♥ ❡st♦ ♣♦❞❡♠♦s ♣r❡s❡♥t❛r ❧❛ s✐❣✉✐❡♥t❡ t❛❜❧❛ r❡s✉♠❡♥✿

π1 π2 Pm Qm
❈♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛ ❚♦❞❛s π = 0 P =c Q=a−c
❇❡rtr❛♥❞ π1 = 0 π1 = 0 P =c Q=a−c
❈♦✉r♥♦t π1 =
(a − c)2
9
π2 =
(a − c)2
9
P =
a + 2c
3
Q=
2(a − c)
2
❙t❛❝❦❡❧❜❡r❣ π1 =
(a − c)2
8
π2 =
(a − c)2
16
P =
a + 3c
4
Q=
3(a − c)
4
▼♦♥♦♣♦❧✐♦ π1 =
(a − c)2
4
P =
a+c
2
Q=
a−c
2
❚❛❜❧❛ ✺✳✶✵✿ ▼❛tr✐③ r❡s✉♠❡♥

❉❡ ❧♦ ❛♥t❡r✐♦r ❝❛❜❡♥ r❡s❛❧t❛r ✉♥ ♣❛r ❞❡ ❝♦♥❝❧✉s✐♦♥❡s ✐♠♣♦rt❛♥t❡s✿

✼ ❇❛st❛ ❝♦♥ t♦♠❛r ITm ② ❞❡r✐✈❛r❧♦ r❡s♣❡❝t♦ ❛ qm ✳

P❛✁
❣✐♥❛ ✷✷✵ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

▲❛ ❝♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❇❡rtr❛♥❞✱ ❛rr♦❥❛ ❡❧ ♠✐s♠♦ ❡q✉✐❧✐❜r✐♦ q✉❡ ❧❛

❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✳ ❆ ❡st❡ t✐♣♦ ❞❡ ♦❧✐❣♦♣♦❧✐♦ ❧❡ ❜❛st❛ ✷ ✜r♠❛s ❝♦♠♣✐✲
t✐❡♥❞♦ ❝♦♥ ✐❣✉❛❧❡s ❝♦st♦s ♠❛r❣✐♥❛❧❡s ♣❛r❛ ❛❧❝❛♥③❛r ✉♥ ❡q✉✐❧✐❜r✐♦ ❡✜❝✐❡♥t❡✱ ❡st♦
s❡ ❝♦♥♦❝❡ ❝♦♠♦ ❧❛ ♣❛r❛❞♦❥❛ ❞❡ ❇❡rtr❛♥❞✳

s♦♥ ♠ás q✉❡ ❧❛

▲♦s ❜❡♥❡✜❝✐♦s ❞❡ ❧❛ ❝♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❈♦✉r♥♦t ❝♦♥ ✷ ✜r♠❛s
❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛ ♣❡r♦ ♠❡♥♦r❡s ❛ ❧♦s ❞❡❧ ♠♦♥♦♣♦❧✐♦✳
❝♦♠♣❡t❡♥❝✐❛ ❛ ❧❛ ❙t❛❝❦❡❧❜❡r❣ ♣❛r❛ ❧❛ ❡♠♣r❡s❛ ❧í❞❡r
▲♦s ❜❡♥❡✜❝✐♦s ❞❡
s♦♥ ♠❛②♦r❡s ♣❡r♦ ♣❛r❛ ❧❛ ❡♠♣r❡s❛ s❡❣✉✐❞♦r❛ s♦♥ ♠❡♥♦r❡s✱ ❡st♦ s❡
❡①♣❧✐❝❛ ♣♦r ❧❛ ✈❡♥t❛❥❛ ❞❡ ❥✉❣❛r ♣r✐♠❡r♦✳

❊♥ ✉♥ ♦❧✐❣♦♣♦❧✐♦ ❞❡ ✷ ✜r♠❛s ❝♦♠♣✐t✐❡♥❞♦ ❛ ❧❛ ❈♦✉r♥♦t ❧❛s ✜r♠❛s ♦❜t✐❡♥❡

♠ás ❜❡♥❡✜❝✐♦s q✉❡ ❝♦♠♣✐t✐❡♥❞♦ ❛ ❧❛ ❇❡rtr❛♥❞✱ ❡st♦ s❡ ❡①♣❧✐❝❛ ♣✉❡s ❧❛
❝♦♠♣❡t❡♥❝✐❛ ❡♥ ♣r❡❝✐♦ ❡s ♠ás ❢✉❡rt❡ ② t❡r♠✐♥❛ ❞✐❧✉②❡♥❞♦ t♦❞♦s ❧♦s ♣♦s✐❜❧❡s
❜❡♥❡✜❝✐♦s✳

✺✳✾ ❊❥❡r❝✐❝✐♦s r❡s✉❡❧t♦s

✺✳✾✳✶ ❈♦♠❡♥t❡s r❡s✉❡❧t♦s

✶✳ ❊♥ ❡❧ ❝❛s♦ ❞❡❧ ♠♦♥♦♣♦❧✐st❛ q✉❡ ❡♥❢r❡♥t❛ ✉♥❛ ❞❡♠❛♥❞❛ ❧✐♥❡❛❧✱ ♥✉♥❝❛ s❡ ✉❜✐❝❛rá
❡♥ ❡❧ tr❛♠♦ ✐♥❡❧ást✐❝♦ ❞❡ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛✱ ②❛ q✉❡ ❞❡ ❤❛❝❡r❧♦ t❡♥❞rí❛
♣ér❞✐❞❛s ❡❝♦♥ó♠✐❝❛s✳
❘❡s♣✉❡st❛
❊❧ ♠♦♥♦♣✐st❛ ♠❛①✐♠③❛ ❞♦♥❞❡ Img = Cmg ✱ ❧✉❡❣♦ s✐ ❡❧ Cmg ❡s ✐❣✉❛❧ ❛ ❝❡r♦✱

❡st♦ ✐♠♣✐❝❛rí❛ q✉❡ ❧❛ ❡❧❛st✐❝✐❞❛❞ ♣r❡❝✐♦ ❛s♦❝✐❛❞❛ ❛ ❡st❡ ♣✉♥t♦ ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛

1
❡❧❛st✐❝✐❞❛❞ ✉♥✐t❛r✐❛✳ Img = P (1 + )❀ ❧✉❡❣♦ ❛❧ ❞❡s♣❡❥❛r ❧❛ ❡❧❛st✐❝✐❞❛❞ ❞❛
Eq,p
✉♥ ✈❛❧♦r ✉♥✐t❛r✐♦✳

✷✳ ❙❡ s❛❜❡ q✉❡ ❧❛ ❡♠♣r❡s❛ ❆ ♣♦s❡❡ ❞♦s ❝❡♥tr♦s ❞❡ ♣r♦❞✉❝❝✐ó♥❀ ❡♥ ❡❧ ♣r✐♠❡r♦ ❧❛

♣r♦❞✉❝t✐✈✐❞❛❞ ♠❡❞✐❛ ❞❡❧ ❢❛❝t♦r tr❛❜❛❥♦ ❡s ✾✵ ② ❡♥ ❡❧ s❡❣✉♥❞♦ ✼✵✳ ❙✐ s❡ ❝♦♥tr❛t❛
✉♥ tr❛❜❛❥❛❞♦r ❛❞✐❝✐♦♥❛❧✱ ❡st❡ ♥❡❝❡s❛r✐❛♠❡♥t❡ ❞❡❜❡ s❡r ✐♥❝❧✉✐❞♦ ❡♥ ❡❧ ♣r✐♠❡r
❝❡♥tr♦ ❞❡ ♣r♦❞✉❝❝✐ó♥✳
❘❡s♣✉❡st❛
◆♦ s✐❡♠♣r❡ ❡s ❛sí ✱ ❡st♦ ❞❡♣❡♥❞❡ ❞❡❧ ❛♣♦rt❡ ♠❛r❣✐♥❛❧ q✉❡ r❡❛❧✐❝❡ ❡❧ tr❛❜❛❥❛❞♦r✳

P✉❡❞❡ s❡r q✉❡ ❡❧ tr❛❜❛❥❛❞♦r s❡❛ ♠❛r❣✐♥❛❧♠❡♥t❡ ♠ás ♣r♦❞✉❝t✐✈♦ ❡♥ ❡❧ s❡❣✉♥❞♦

❝❡♥tr♦ ❞❡ ♣r♦❞✉❝❝✐ó♥✱ ❛ ♣❡s❛r q✉❡ ❧❛ ♣r♦❞✉❝t✐✈✐❞❛❞ ♠❡❞✐❛ ❞❡ ❡st❡ ❝❡♥tr♦ s❡❛

♠❡♥♦r q✉❡ ❡❧ ♣r✐♠❡r♦✳

✸✳ ❙✐ ❧❛ ♣r♦❞✉❝❝✐ó♥ ❞❡ ✉♥ ❜✐❡♥ t✐❡♥❡ ✉♥❛ ❡①t❡r♥❛❧✐❞❛❞ ♥❡❣❛t✐✈❛✱ ❡♥t♦♥❝❡s ❧❛ ❡①✐s✲

t❡♥❝✐❛ ❞❡ ✉♥ ♠♦♥♦♣♦❧✐♦ ♥♦s ♣❡r♠✐t❡ ❧❧❡❣❛r ❛ ✉♥❛ s♦❧✉❝✐ó♥ ♠❛s ♣❛r❡❝✐❞❛ ❛❧
♦♣t✐♠♦ s♦❝✐❛❧✱ q✉❡ ❝✉❛♥❞♦ ❧❛ ❝♦♠♣❛r❛♠♦s ❝♦♥ ❧❛ s♦❧✉❝✐ó♥ ❞❡ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r✲
❢❡❝t❛✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

P❛✁
❣✐♥❛ ✷✷✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❱❡r❞❛❞❡r♦✱ ♣♦rq✉❡ ❝✉❛♥❞♦ ❡①✐st❡ ✉♥❛ ❡①t❡r♥❛❧✐❞❛❞ ♥❡❣❛t✐✈❛ ❛ ❧❛ ♣r♦❞✉❝❝✐ó♥✱ ❡❧
ó♣t✐♠♦ s♦❝✐❛❧ s❡rá ❝♦♥ ✉♥❛ ♠❡♥♦r ❝❛♥t✐❞❛❞ ❛ ❛❧❛ q✉❡ ❞❡t❡r♠✐♥❛rí❛ ❡❧ ♠❡r❝❛❞♦
❞❡ ♠❛♥❡r❛ ❝♦♠♣❡t✐t✐✈❛✳ ❨ s✐ ❝♦♠♣❛r❛♠♦s ❧❛ s♦❧✉❝✐ó♥ ❞❡❧ ♠♦♥♦♣♦❧✐♦ ✭s♦❧♦ ❡♥
t❡r♠✐♥❛♦s ❞❡ ❝❛♥t✐❞❛❞✮ ❝♦♥ ❧❛ ❞❡❧ ♠❡r❝❛❞♦ ❝♦♠♣❡t✐t✐✈♦✱ ✈❡♠♦s q✉❡ ❡❧ ♣r✐♠❡r♦
♣r♦❞✉❝❡ ✉♥❛ ♠❡♥♦r ❝❛♥t✐❞❛❞✳

Costo Social
P
Oferta = Costo Privado

Óptimo Social

Equilibrio de Mercado

Demanda = Valor Privado

= Valor Social

qopt qeq q
P
Costo Marginal

Equilibrio del Monopolio

Equilibrio de Mercado

Demanda

Ingreso Marginal

qm qeq q

✹✳ ❊❧ ♠♦♥♦♣♦❧✐♦ ♦❢r❡❝❡rá ✉♥❛ ♠❡♥♦r ❝❛♥t✐❞❛❞ q✉❡ ✉♥❛ ❡♠♣r❡s❛ ❡♥ ❝♦♠♣❡t❡♥✲

❝✐❛ ♣❡r❢❡❝t❛✱ s✐❡♠♣r❡ ② ❝✉❛♥❞♦ ❡❧ ♥ú♠❡r♦ ❞❡ ❡♠♣r❡s❛s q✉❡ ❢✉♥❝✐♦♥❡♥ ❡♥ ❡st❛
✐♥❞✉str✐❛ s❡❛ ❣r❛♥❞❡✱ ♣❡r♦ s✐ ❡❧ ♥ú♠❡r♦ ❞❡ ❡♠♣r❡s❛s ❡s ♣❡q✉❡ñ♦✱ ❡❧ ♠♦♥♦♣♦✲
❧✐♦ ♣♦❞rí❛ s❡r ♦❢r❡❝❡r ✉♥❛ ♠❛②♦r ❝❛♥t✐❞❛❞ q✉❡ ❡st❛ ❡♠♣r❡s❛ ❡♥ ❝♦♠♣❡t❡♥❝✐❛
♣❡r❢❡❝t❛✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❋❛❧s♦✱ ♣♦rq✉❡ ❛✉♥q✉❡ ❡❧ ♥ú♠❡r♦ ❞❡ ❡♠♣r❡s❛s s❡❛ ♣❡q✉❡ñ♦✱ t❡♥❡♠♦s q✉❡ t❡♥❡r
❡♥ ❝✉❡♥t❛ q✉❡ ♣♦r s✉♣✉❡st♦ ❞❡ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛ ❧❛s ❡♠♣r❡s❛s ♣r♦❞✉❝❡♥ ❧♦
♠✐s♠♦ ✭❡s ❞❡❝✐r✱ s♦♥ ✐❣✉❛❧❡s✮✱ ❡♥t♦♥❝❡s ❝♦♠♦ ❡❧ ♠♦♥♦♣♦❧✐♦ ♣r♦❞✉❝❡ ❞♦♥❞❡ ❝♦st♦
♠❛r❣✐♥❛❧ ❡s ✐❣✉❛❧ ❛❧ ❝♦st♦ ♠❛r❣✐♥❛❧✱ ❧❛ ❝❛♥t✐❞❛❞ ♠♦♥♦♣ó❧✐❝❛ s❡rá ♠❛②♦r ❛ ❧♦
q✉❡ ♣r♦❞✉❝✐rí❛ ❧❛ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✳

P❛✁
❣✐♥❛ ✷✷✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

P
Costo Marginal

Equilibrio del Monopolio

Equilibrio de Mercado

Demanda

Ingreso Marginal

qm qeq q

❊♥ ❡❧ ❣r❛✜❝♦ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♠❡r❝❛❞♦ ❡s ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ♣r♦❞✉❝❡ t♦❞♦ ❡❧ ♠❡r❝❛❞♦✱

❡♥t♦♥❝❡s ♣❛r❛ ♣♦❞❡r ❝❛❧❝✉❧❛r ❝✉❛♥t♦ ♣r♦❞✉❝❡ ❝❛❞❛ ❡♠♣r❡s❛✱ t❡♥❡♠♦s q✉❡ ❞✐✈✐❞✐r
❡st❛ ❝❛♥t✐❞❛❞ ♣♦r ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❡♠♣r❡s❛s✳

q eq
❈❛♥t✐❞❛❞ q✉❡ ♣r♦❞✉❝❡ ✉♥❛ ❡♠♣r❡s❛ =
n
❊st❡ ♥ú♠❡r♦ s❡rá ❛ ❧♦ s✉♠♦ ✐❣✉❛❧ ❛ q M ✭❡♥ ❡❧ ❝❛s♦ ❞❡ q✉❡ ❡❧ ♠❡r❝❛❞♦ s❡
❝♦♠♣♦♥❣❛ ❞❡ ❞♦s ❡♠♣r❡s❛s q✉❡ s❡ ❝♦♠♣♦rt❡♥ ❝♦♠♦ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛ ②
t❡♥❣❛♥ ❞❡♠❛♥❞❛ ❧✐♥❡❛❧✮✱ ❡♥ ♦tr♦ ❝❛s♦ s✐❡♠♣r❡ s❡rá ♠❡♥♦r✳

✺✳ ❊s ❢á❝✐❧ ✈❡r q✉❡ ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦ ❧❛ ♦❢❡rt❛ ❛❣r❡❣❛❞❛ ❞❡ ✉♥❛ ✐♥❞✉str✐❛ ❝♦♠♣❡t✐✲
t✐✈❛ ❡s ❧❛ s✉♠❛ ❤♦r✐③♦♥t❛❧ ❞❡ ❧♦s ❝♦st♦s ♠❛r❣✐♥❛❧❡s ✐♥❞✐✈✐❞✉❛❧❡s ❞❡ ❝❛❞❛ ✜r♠❛✱
♠✐❡♥tr❛s q✉❡ ❡♥ ❡❧ ♠♦♥♦♣♦❧✐♦ ❝♦rr❡s♣♦♥❞❡ ❛ ❧❛ ú♥✐❝❛ ❝✉r✈❛ ❞❡ ❝♦st♦ ♠❛r❣✐♥❛❧
❡①✐st❡♥t❡✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❱❡r❞❛❞❡r♦✳ ❈✉❛♥❞♦ ❧❛ ✐♥❞✉str✐❛ ❝✉❡♥t❛ ❝♦♥ ♠ás ❞❡ ✉♥❛ ✜r♠❛ ② ést❛s ❛❝tú❛♥
❝♦♠♣❡t✐t✐✈❛♠❡♥t❡ ❧❛ ❝✉r✈❛ ❞❡ ♦❢❡rt❛ s❡rá ❧❛ s✉♠❛ ❤♦r✐③♦♥t❛❧ ❞❡ ❧♦s ❝♦st♦s ♠❛r✲
❣✐♥❛❧❡s ❡♥ ❡❧ ❝♦rt♦ ♣❧❛③♦✱ t❛❧ ② ❝♦♠♦ s❡ ♠✉❡str❛ ❡♥ ❧❛ ✜❣✉r❛✳

P P CMg2 P
CMg1
SCMg

Q1 Q2 Q

❙✐♥ ❡♠❜❛r❣♦✱ ❡♥ ❡❧ ❝❛s♦ ❞❡ q✉❡ ❡①✐st❛ ✉♥❛ ú♥✐❝❛ ✜r♠❛ ♥♦ s❡ ♣✉❡❞❡ ❞❡✜♥✐r
✉♥❛ ♦❢❡rt❛ ❛❣r❡❣❛❞❛✱ só❧♦ s❡ ♣✉❡❞❡♥ ❡st❛❜❧❡❝❡r ❧❛s ❝♦♦r❞❡♥❛❞❛s ❡♥ ❢✉♥❝✐ó♥ ❞❡

P❛✁
❣✐♥❛ ✷✷✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❛q✉❡❧❧❛s q✉❡ r❡s✉❧t❛♥ ❞❡ ❧❛ ✐♥t❡rs❡❝❝✐ó♥ ❡♥tr❡ ✐♥❣r❡s♦ ② ❝♦st♦ ♠❛r❣✐♥❛❧✱ t❛❧
② ❝♦♠♦ s❡ ♦❜s❡r✈❛ ❡♥ ❧❛ ✜❣✉r❛ ✶❜✱ ❛✉♥q✉❡ ❝✉❛♥❞♦ s❡ ❝♦♠♣❛r❛ ❧❛ ❝♦♥❞✐❝✐ó♥
❞❡ ♠♦♥♦♣♦❧✐♦ ❝♦♥ ❝♦♠♣❡t❡♥❝✐❛ s❡ ✉t✐❧✐③❛ ❝♦♠♦ r❡❢❡r❡♥❝✐❛ ❧❛ ❝✉r✈❛ ❞❡ ❝♦st♦
♠❛r❣✐♥❛❧ ú♥✐❝❛ ❞❡❧ ♠♦♥♦♣♦❧✐♦✳

P CMg

PM
PC

✻✳ ❙✉♣♦♥✐❡♥❞♦ q✉❡ t♦❞❛s ❧❛s ❡♠♣r❡s❛s ❞❡ ✉♥❛ ✐♥❞✉str✐❛ ❝♦♠♣❡t✐t✐✈❛ t✐❡♥❡♥ ♥✐✈❡❧❡s
❞❡ ♣r♦❞✉❝❝✐ó♥ ❡♥ ❧♦s q✉❡ ❡❧ ♣r❡❝✐♦ ❡s ✐❣✉❛❧ ❛❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❛ ❧❛r❣♦ ♣❧❛③♦✱
❡♥t♦♥❝❡s ❡st❛ ✐♥❞✉str✐❛ s❡ ❡♥❝✉❡♥tr❛ ♥❡❝❡s❛r✐❛♠❡♥t❡ ❡♥ ❡q✉✐❧✐❜r✐♦✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

■♥❝✐❡rt♦✳ ❉❡♣❡♥❞❡ ❞❡ s✐ ❡❧ ♣✉♥t♦ ❞❡ ✐♥t❡rs❡❝❝✐ó♥ ❡♥tr❡ ❝♦st♦ ❡ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧

❝♦✐♥❝✐❞❡ ❝♦♥ ❡❧ ❞❡ ❝♦st♦ ♠❡❞✐♦ ♠❡♥♦r✱ ❞❡ ❧♦ ❝♦♥tr❛r✐♦ ❧❛ ✜r♠❛ ♣r❡s❡♥t❛rí❛
❜❡♥❡✜❝✐♦s ❡❝♦♥ó♠✐❝♦s ♣♦s✐t✐✈♦s✱ t❛❧ ② ❝♦♠♦ s❡ ♦❜s❡r✈❛ ❡♥ ❧❛ ✜❣✉r❛✱ ❧♦ ❝✉❛❧
♣r♦✈♦❝❛rá q✉❡ ✐♥❣r❡s❡♥ ♥✉❡✈❛s ✜r♠❛s ② ♣♦s✐❜❧❡♠❡♥t❡ ❡♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦ ❡st❡
❜❡♥❡✜❝✐♦ ❡❝♦♥ó♠✐❝♦ s❡rá ✐❣✉❛❧ ❛ ❝❡r♦✳

C CMg CTMe
A
P = IMg

✼✳ ❊♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦ ❧❛ ♣❡♥❞✐❡♥t❡ ❞❡ ❧❛ ♦❢❡rt❛ ❛❣r❡❣❛❞❛ ❞❡ ✉♥❛ ✐♥❞✉str✐❛ ♣✉❡❞❡

t❡♥❡r ♣❡♥❞✐❡♥t❡ ♥❡❣❛t✐✈❛✱ ❧♦ ❝✉❛❧ s❡ ❝♦♥♦❝❡ ♦ ❞❡♥♦♠✐♥❛ ❡❝♦♥♦♠í❛ ♣❡❝✉♥✐❛r✐❛

P❛✁
❣✐♥❛ ✷✷✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
✭t❛♠❜✐é♥ ❡s ♣♦s✐❜❧❡ ❞❡✜♥✐r❧❛ ❝♦♠♦ ✉♥❛ ❡①t❡r♥❛❧✐❞❛❞ ♣♦s✐t✐✈❛ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡
❧♦s ❢❛❝t♦r❡s✮✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❱❡r❞❛❞❡r♦✳ ❊♥ ❛q✉❡❧❧❛s ❡❝♦♥♦♠í❛s ♣❡❝✉♥✐❛r✐❛s ♦ q✉❡ ♣r❡s❡♥t❛♥ ❡❝♦♥♦♠í❛s ❞❡

❡s❝❛❧❛ ✭❝✉r✈❛s ❞❡ ❝♦st♦ ❞❡❝r❡❝✐❡♥t❡✮✱ ❡❧ ❛✉♠❡♥t♦ ❞❡ ❧❛ ❞❡♠❛♥❞❛ ❤❛❝❡ q✉❡ ❧❛
♣r♦❞✉❝❝✐ó♥ ❞❡ ❧❛ ✐♥❞✉str✐❛ ❛✉♠❡♥t❡✱ ② ❡♥ ❧❛ ♠❡❞✐❞❛ q✉❡ ❛✉♠❡♥t❡ ❧❛ ✐♥❞✉str✐❛✱
ést❛ ♣✉❡❞❡ ❛♣r♦✈❡❝❤❛r s✉ t❛♠❛ñ♦ ♣❛r❛ ❝♦♥s❡❣✉✐r ❛❧❣✉♥♦s ❢❛❝t♦r❡s ❛ ✉♥ ♣r❡❝✐♦
♠ás ❜❛❥♦ ✭❡①t❡r♥❛❧✐❞❛❞ ♣♦s✐t✐✈❛ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❞❡ ❧♦s ❢❛❝t♦r❡s✮✱ r❛③ó♥ ♣♦r ❧❛
❝✉❛❧ s✉s ❝♦st♦s ♠❡❞✐♦s ② ♠❛r❣✐♥❛❧❡s ❞✐s♠✐♥✉✐rá♥✱ ❛sí q✉❡ ❡♥ ❡❧ ❧❛r❣♦ ♣❧❛③♦ s❡
♣r♦❞✉❝✐rá ♠ás ❛ ✉♥ ♣r❡❝✐♦ ♠❡♥♦r✱ t❛❧ ② ❝♦♠♦ s❡ ❛♣r❡❝✐❛ ❡♥ ❧❛ ✜❣✉r❛✳

E D
Y Y
A
F

KB X J C H

✽✳ ❊❧ ♠♦♥♦♣♦❧✐♦ ❞✐s❝r✐♠✐♥❛❞♦r ♣❡r❢❡❝t♦ ❧❡ q✉✐t❛ t♦❞♦ ❡❧ ❡①❝❡❞❡♥t❡ ❛❧ ❝♦♥s✉♠✐❞♦r✱

♣❡r♦ ❛ú♥ ❛sí ❡s ❡✜❝✐❡♥t❡ ❞❡s❞❡ ❡❧ ♣✉♥t♦ ❞❡ ✈✐st❛ ❞❡ ❧❛ ❛s✐❣♥❛❝✐ó♥ ❞❡ ❧♦s r❡❝✉rs♦s
❞❡ ❧❛ s♦❝✐❡❞❛❞✳ ❈♦♠❡♥t❡✳
❘❡s♣✉❡st❛✿

▲❛ ❝✉r✈❛ ❞❡ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ❞❡ ✉♥ ♠♦♥♦♣♦❧✐♦ ♣❡r❢❡❝t❛♠❡♥t❡ ❞✐s❝r✐♠✐♥❛❞♦r ❡s

❡①❛❝t❛♠❡♥t❡ ✐❣✉❛❧ ❛ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ②❛ q✉❡ ♣✉❡❞❡ ❞✐s❝r✐♠✐♥❛r ♣❡r❢❡❝t❛✲
♠❡♥t❡ ♣♦r ❧♦ q✉❡ ❡❧ ♣r❡❝✐♦ ② ❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ s♦♥ ❡①❛❝t❛♠❡♥t❡ ✐❣✉❛❧❡s✱ t❛❧
❝♦♠♦ ♦❝✉rr❡ ❡♥ ❡❧ ❝❛s♦ ❞❡ ❧❛ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛ ✭✈❡r ✜❣✉r❛✮✱ ▲♦ ♠❡❥♦r q✉❡
♣✉❞❡ ❤❛❝❡r ❧❛ ❡♠♣r❡s❛ ❡s ♣r♦❞✉❝✐r Q∗ ✉♥✐❞❛❞❡s ② ✈❡♥❞❡r ❝❛❞❛ ✉♥❛ ❛❧ ♠á①✐♠♦
♣r❡❝✐♦ q✉❡ ❡sté ❞✐s♣✉❡st♦ ❛ ♣❛❣❛r ❝❛❞❛ ✉♥♦ ❞❡ ❧♦s ❝♦♠♣r❛❞♦r❡s✳

P❛✁
❣✐♥❛ ✷✷✺ ❞❡ ✷✹✶
 ❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

P CMg

CTMe
p

IMe = Dda

Q* Q

✾✳ ▲♦s ♠♦♥♦♣♦❧✐♦s ❛❞❡♠ás ❞❡ ❝♦❜r❛r ♠ás ❝❛r♦ ② ♣r♦❞✉❝✐r ♠❡♥♦s✱ ❝♦♥tr❛t❛♥ ♠❡♥♦s
❢❛❝t♦r❡s ♣r♦❞✉❝t✐✈♦s✱ ♣♦r ❡❥❡♠♣❧♦✱ tr❛❜❛❥❛❞♦r❡s✳ ❈♦♠❡♥t❡✳
◆♦ ♥❡❝❡s❛r✐❛♠❡♥t❡ s❡ ❝✉♠♣❧❡ ❡st❛ ❝♦♥❞✐❝✐ó♥✱ ❡♥ ❧❛ ♠❛②♦rí❛ ❞❡ ❧♦s ❝❛s♦s ❧♦s
♠♦♥♦♣♦❧✐♦s ♣r❡s❡♥t❛♥ ♣❡r❞✐❞❛ ❞❡ ❡✜❝✐❡♥❝✐❛ ✭✈❡r ✜❣✉r❛✮✱ s✐♥ ❡♠❜❛r❣♦✱ ❡①✐st❡♥
❛❧❣✉♥♦s ❝❛s♦s ♣❛rt✐❝✉❧❛r❡s ❝♦♠♦ ❧♦s ♠♦♥♦♣♦❧✐♦s ♥❛t✉r❛❧❡s✱ ❧♦s ❝✉❛❧❡s ♣♦s❡❡♥ ❡♥
s✉ ♠❛②♦rí❛ ✉♥❛ ❡str✉❝t✉r❛ ❞❡ ❝♦st♦ ❞❡s❝r❡❝✐❡♥t❡✱ t❛❧ ② ❝♦♠♦ s❡ ♣✉❡❞❡ ✈❡r ❡♥ ❧❛
✜❣✉r❛✱ ❜❛❥♦ ❧❛ ❝✉❛❧ ✉♥❛ s♦❧❛ ❡♠♣r❡s❛ ♣r♦❞✉❝❡ ♠ás ❛ ✉♥ ❝♦st♦ ♠❡♥♦r✱ ②❛ q✉❡✱
s✐ ❡♥tr❛r❛ ✉♥❛ ♥✉❡✈❛ ✜r♠❛ ② ❝♦♠♣✐t✐❡r❛♥ ❧♦s ❝♦st♦ ♠❡❞✐♦s ❛✉♠❡♥t❛rí❛♥✳

P CMg P

PM
CMe((1/2)Q0)

IMe CMe(Q0) CMe

IMg CMg

QM Q (1/2)Q0 Q0 Q

✺✳✾✳✷ ▼❛t❡♠át✐❝♦s r❡s✉❡❧t♦s

✶✳ ❯♥ ♠♦♥♦♣♦❧✐♦ ♥❛t✉r❛❧ ✈❡♥❞❡ s✉ ♣r♦❞✉❝t♦ ❡♥ ❞♦s ♠❡r❝❛❞♦s✳ ❊❧ ❝♦st♦ t♦t❛❧ ❞❡
Q2
♣r♦❞✉❝✐r Q ✉♥✐❞❛❞❡s ❡s C(Q) = 1000+40Q− ✳ ▲❛ ❢✉♥❝✐ó♥ ❞❡ ❞❡♠❛♥❞❛ ❡♥ ❡❧
8
♠❡r❝❛❞♦ ✶ ❡s Q1 = 120 − P1 ✱ ♠✐❡♥tr❛s q✉❡ ❡♥ ❡❧ ♠❡r❝❛❞♦ ✷ ❡s Q2 = 160 − 2P2 ✳
✭CM g = 40 − Q/4✮✳ ✭▲❛ ❡①♣r❡s✐ó♥ ❞❡❧ ■♥❣r❡s♦ ♠❛r❣✐♥❛❧ ♣❛r❛ ✉♥❛ ❞❡♠❛♥❞❛
❧✐♥❡❛❧ ❞❡ ❧❛ ❢♦r♠❛ P = a − bX ✱ ❡s ✐❣✉❛❧ ❛ Img = a − 2bX ✮✳

❛ ✮ ❙✉♣♦♥❣❛ q✉❡ ❡❧ ♠♦♥♦♣♦❧✐st❛ ♣✉❡❞❡ ❞✐s❝r✐♠✐♥❛r ♣r❡❝✐♦ ❡♥tr❡ ❛♠❜♦s ♠❡r✲

❝❛❞♦s✳ ➽❈✉á♥t❛s ✉♥✐❞❛❞❡s ✈❡♥❞❡ ❡❧ ♠♦♥♦♣♦❧✐♦ ❡♥ ❝❛❞❛ ♠❡r❝❛❞♦ ② ❛ q✉é

P❛✁
❣✐♥❛ ✷✷✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
♣r❡❝✐♦❄
❘❡s♣✉❡st❛
P❛r❛ ❡❧ ♣r✐♠❡r ♠❡r❝❛❞♦ s❡ t✐❡♥❡✿
Q1
120 − 2Q1 = 40 −
4
320
⇒ Q1 = = 45, 714285
7
520
⇒ P1 = = 74, 285714
7
❆♥á❧♦❣❛♠❡♥t❡✱ ❡♥ ❡❧ s❡❣✉♥❞♦ ♠❡r❝❛❞♦✿
Q2
80 − Q2 = 40 −
4
160
⇒ Q2 = = 53, 3
3
160
⇒ P2 = = 53, 3
3
❜ ✮ ▲❛ ❛✉t♦r✐❞❛❞ ❞❡❝✐❞❡ ♣r♦❤✐❜✐r ❧❛ ❞✐s❝r✐♠✐♥❛❝✐ó♥✳ ▼✉❡str❡ q✉❡ ❧❛ ❢✉♥❝✐ó♥
❞❡ ❞❡♠❛♥❞❛ q✉❡ ❡♥❢r❡♥t❛ ❡❧ ♠♦♥♦♣♦❧✐♦ ❡stá ❞❛❞❛ ♣♦r ✿
(
280 − 3P s✐ P < 80
Q=
120 − P s✐ 120 ≥ P ≥ 80

❘❡s♣✉❡st❛
▲❛ ❢✉♥❝✐ó♥ ❞❡ ❞❡♠❛♥❞❛ ❛❣r❡❣❛❞❛ ❡st❛rá ❞❛❞❛ ♣♦r Q1 + Q2 ♣❛r❛ t♦❞♦ Qi ≥
0✿
Q = 120 − P + 160 − 2P = 280 − 3P ∀P ≤ 80
Q = 120 − P 80 < P ≤ 120
❝ ✮ ❉❡t❡r♠✐♥❡ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ✈❡♥❞❡ ❡❧ ♠♦♥♦♣♦❧✐♦ ❡♥ ❡❧ ♠❡r❝❛❞♦ ❛❣r❡❣❛❞♦✳
✭♣❛r❛ s✐♠♣❧✐✜❝❛r s✉ r❡s♣✉❡st❛ s✉♣♦♥❣❛ q✉❡ P ≤ 80✮
❘❡s♣✉❡st❛
280 2Q Q
− = 40 −
3 3 4
⇒ Q = 128
152
⇒P = = 50, 6
3
❞ ✮ ➽❆ q✉✐é♥ ❜❡♥❡✜❝✐❛ ❧❛ ❞✐s❝r✐♠✐♥❛❝✐ó♥❄
❘❡s♣✉❡st❛
▲❛ ❞✐s❝r✐♠✐♥❛❝✐ó♥ ❜❡♥❡✜❝✐❛ ❛❧ ♠♦♥♦♣♦❧✐st❛ ② ♣❡r❥✉❞✐❝❛ ❛ ❧♦s ❝♦♥s✉♠✐❞♦✲
r❡s✳

P❛✁
❣✐♥❛ ✷✷✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
✷✳ ■♠❛❣✐♥❡ q✉❡ ❡①✐st❡ ✉♥❛ ❡♠♣r❡s❛ ♠♦♥♦♣ó❧✐❝❛ q✉❡ t✐❡♥❡ ❧❛ s✐❣✉✐❡♥t❡ ❢✉♥❝✐ó♥ ❞❡
♣r♦❞✉❝❝✐ó♥✿

q(L, K) = 8L1/6 K 1/6 ✭✺✳✾✳✷✳✶✮

❆❞❡♠ás s❡ ❝♦♥♦❝❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❞❡♠❛♥❞❛ ❞❡❧ ♠❡r❝❛❞♦ ② ❧❛ ❢✉♥❝✐ó♥ ❞❡ ✐♥❣r❡s♦

♠❛r❣✐♥❛❧✳

3000000
❉❡♠❛♥❞❛✿ q = ✭✺✳✾✳✷✳✷✮
q
1000000
■♥❣r❡s♦ ▼❛r❣✐♥❛❧✿ = ✭✺✳✾✳✷✳✸✮
q

❛ ✮ ❊♥❝✉❡♥tr❡ ❧❛s ❞❡♠❛♥❞❛s ❝♦♥❞✐❝✐♦♥❛❞❛s ❞❡ ❢❛❝t♦r❡s ② ❣r❛✜q✉❡ ❡❧ ❡q✉✐❧✐❜r✐♦

❝♦♥s✐❞❡r❛♥❞♦ q✉❡ w = 25 ② r = 16✳
❘❡s♣✉❡st❛✿

 
L = wL + rK + λ q − 8L1/6 K 1/6
∂L 8
⇒ = 0 ⇔ w − λ L−5/6 K 1/6 = 0
∂L 6
∂L 8 1/6 −5/6
⇒ =0 ⇔ r−λ L K =0
∂K 6
∂L
⇒ = 0 ⇔ q − 8L1/6 K 1/6 = 0
∂λ
w K
❈♦♥❞✐❝✐ó♥ ❞❡ Ó♣t✐♠♦ : =
r L
❆❤♦r❛ ♦❜t❡♥❞r❡♠♦s ❧❛s ❞❡♠❛♥❞❛s ❝♦♥❞✐❝✐♦♥❛❞❛s ❞❡ ❢❛❝t♦r❡s✿

q = 8L1/6 K 1/6
 1/6
1/6 wL
q = L
r
 w 1/6
q = L1/3
r
 r 1/6
L1/3 = q
w
 q 3  r 1/2
LC =
8 w
 q 3  w 1/2
❆♥❛❧♦❣❛♠❡♥t❡✿ K C =
8 r

P❛✁
❣✐♥❛ ✷✷✽ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

 q 3  16 1/2  q 3
∗
L = = 1,25
8 25 8
 q 3  25 1/2  q 3
K∗ = = 0,8
8 16 8

K*
q

L* L

❜ ✮ ❊♥❝✉❡♥tr❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ❞❡ ❡st❛ ❡♠♣r❡s❛✳

❘❡s♣✉❡st❛✿

C = wLC + rK C
 q 3  r 1/2  q 3  w 1/2
C = w +r
8 w 8 r
 q 3
C = 2 (wr)1/2
8

❝ ✮ ❊♥❝✉❡♥tr❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦ ♠❛r❣✐♥❛❧ ❞❡ ❧❛ ❡♠♣r❡s❛✳

❘❡s♣✉❡st❛✿

 q 3 
∂
1/2
C = 2 (wr)
8 ∂q
 3
1
CM g = 3 · 2 q 2 (wr)1/2
8
 3
1
CM g = 6 q 2 (wr)1/2
8

❞ ✮ ❊♥❝✉❡♥tr❡ ② ❣r❛✜q✉❡ ❡❧ ❡q✉✐❧✐❜r✐♦ ♠♦♥♦♣ó❧✐❝♦✳

❘❡s♣✉❡st❛✿

P❛✁
❣✐♥❛ ✷✷✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
▲❛ ❝❛♥t✐❞❛❞ ♠♦♥♦♣ó❧✐❝❛ s❡ ❡♥❝✉❡♥tr❛ ❝✉❛♥❞♦ ❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ❡s ✐❣✉❛❧

❛❧ ❝♦st♦ ♠❛r❣✐♥❛❧✳✳✳

IM g = CM g
 3
1000000 1
= 6 q 2 (wr)1/2
q 8
1000000 3
⇒ q3 = 8
6(wr)1/2
s
1000000 3
⇒q = 3 8
6(wr)1/2

❘❡❡♠♣❧❛③❛♥❞♦ ❧♦s ✈❛❧♦r❡s ❞❡ r ② ✇✳✳✳

⇒ q = 162,19

P❛r❛ s❛❜❡r ❝✉❛♥t♦ ❡s ❡❧ ♣r❡❝✐♦ ❞❡❜❡♠♦s r❡❡♠♣❧❛③❛r ❡st❛ ❝❛♥t✐❞❛❞ ❡♥ ❧❛

❞❡♠❛♥❞❛✿

3000000
P =
162,19
⇒ P = 18496,6

CMg
P
18.496,60

6.165,53

Dda
IMg
162,19 q

❡ ✮ ❈❛❧❝✉❧❡ ② ❣r❛✜q✉❡ ❧❛ ✉t✐❧✐❞❛❞ ❞❡❧ ♠♦♥♦♣♦❧✐♦✳

❘❡s♣✉❡st❛✿

P❛r❛ ♣♦❞❡r ❝❛❧❝✉❧❛r ❧❛ ✉t✐❧✐❞❛❞ ♥❡❝❡s✐t❛♠♦s ❧❛ ❝✉r✈❛ ❞❡ ❝♦st♦s ♠❡❞✐♦s✱

❡st❛ ❧❛ ♣♦❞❡♠♦s ♦❜t❡♥❡r ❞✐✈✐❞✐❡♥❞♦ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦s ♣♦r ❧❛ ❝❛♥t✐❞❛❞✳

P❛✁
❣✐♥❛ ✷✸✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

 q 3 
1/2 1
C = 2 (wr)
8 q
 3
1
CM e = 2 q 2 (wr)1/2
8

CMg
P
CMe
18.496,60
p
6.165,53

2.055,17
Dda
IMg
162,19 q

P❛r❛ ❡♥❝♦♥tr❛r ❡❧ ♣✉♥t♦ ❡♥ ❡❧ ❣r❛✜❝♦✱ ❡✈❛❧✉❛♠♦s ❧❛ ❝❛♥t✐❞❛❞ ❡♥ ❡❧ ❝♦st♦

♠❡❞✐♦✳

π = (18496,6 − 2055,17) · 162,19

π = 2666666.6
❢ ✮ ❈❛❧❝✉❧❡ ② ❣r❛✜q✉❡ ❧❛ ♣ér❞✐❞❛ s♦❝✐❛❧ ✭♣❛r❛ ❢❛❝✐❧✐t❛r ❡❧ ❝❛❧❝✉❧♦ ❝♦♥s✐❞❡r❡ ❧❛s
❝✉r✈❛s ❞❡ ❞❡♠❛♥❞❛ ② ❞❡ ❝♦st♦ ♠❛r❣✐♥❛❧ ❝♦♠♦ ❧í♥❡❛s r❡❝t❛s✮✳
❘❡s♣✉❡st❛✿
❊❧ tr✐❛♥❣✉❧♦ ✐♥❞✐❝❛❞♦ ❡♥ ❡❧ ❣rá✜❝♦ ❡s ❧❛ ♣ér❞✐❞❛ s♦❝✐❛❧ q✉❡ ♣r♦❞✉❝❡ ❡❧
♠♦♥♦♣♦❧✐♦✱ ❡st❛ ♦❝✉rr❡ ♣♦rq✉❡ ❡①✐st❡♥ tr❛♥s❛❝❝✐♦♥❡s q✉❡ ♥♦ s❡ r❡❛❧✐③❛♥
❝✉②♦ ❝♦st♦ ❡s ♠❡♥♦r ❛❧ ❜❡♥❡✜❝✐♦ q✉❡ ♣r♦❞✉❝❡♥ ❡♥ ❧♦s ❝♦♥s✉♠✐❞♦r❡s✳
P❛r❛ ❝❛❧❝✉❧❛r❧❛✱ ♥❡❝❡s✐t❛♠♦s s❛❜❡r ❝✉❛♥t♦ ❡s ❧❛ ❝❛♥t✐❞❛❞ q✉❡ s❡ ♣r♦❞✉❝✐rí❛
❡♥ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛✱ ♣❛r❛ ❡st♦ ❞❡❜❡♠♦s ✐❣✉❛❧❛r ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛
❝♦♥ ❧❛ ❞❡ ❝♦st♦ ♠❛r❣✐♥❛❧ q✉❡ ❢✉♥❝✐♦♥❛ ❝♦♠♦ ♦❢❡rt❛✱ ❡♥t♦♥❝❡s✳✳✳

Dda = CM g
 3
3000000 1
= 6 q 2 (wr)1/2
q 8
3000000 3
⇒ q3 = 8
6(wr)1/2
s
3000000 3
⇒q = 3 8
6(wr)1/2
⇒ q ∗ = 233,92

P❛✁
❣✐♥❛ ✷✸✶ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❊♥t♦♥❝❡s ❧❛ ♣ér❞✐❞❛ s♦❝✐❛❧ ❡s✿

(18496,6 − 6165,53) · (233,92 − 162,19)

PS =
2
P S = 442229,57

CMg
P
CMe
18.496,60
PS
p
6.165,53

2.055,17
Dda
IMg
162,19 232,92 q

✸✳ ❙✉♣♦♥❣❛♠♦s q✉❡ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛ ❞❡ ❛❧❣ú♥ ❜✐❡♥ ❡s ❧✐♥❡❛❧ ✭❛ ② ❜ s♦♥

❝♦♥st❛♥t❡s ♣♦s✐t✐✈❛s✮

Q = a − bP ✭✺✳✾✳✷✳✹✮

❛ ✮ ❉❡s❝r✐❜❛ ❝ó♠♦ ❞❡♣❡♥❞❡ ❡❧ ♣r❡❝✐♦ ❞❡ ❧❛ ❝❛♥t✐❞❛❞ ♣r♦❞✉❝✐❞❛✳

❘❡s♣✉❡st❛✿

❙✐ ❞❡s♣❡❥❛♠♦s ❡❧ ♣r❡❝✐♦ ❡♥ ❢✉♥❝✐ó♥ ❞❡ ❧❛ ❝❛♥t✐❞❛❞ ♦❜t❡♥❡♠♦s✿

1 1
P = a− Q
b b
❉❛❞♦ q✉❡ ❛ ② ❜ s♦♥ ✈❛❧♦r❡s ♣♦s✐t✐✈♦s✱ s❡ ♣✉❡❞❡ ❞❡❞✉❝✐r q✉❡ ❡❧ ♣r❡❝✐♦ ❞❡✲

♣❡♥❞❡ ♥❡❣❛t✐✈❛♠❡♥t❡ ❞❡ ❧❛ ❝❛♥t✐❞❛❞ ♣r♦❞✉❝✐❞❛✳

❜ ✮ ➽❈✉á❧ ❡s ❧❛ r❡❧❛❝✐ó♥ ❡♥tr❡ ❡❧ ✐♥❣r❡s♦ ② ❧❛ ❝❛♥t✐❞❛❞ ♣r♦❞✉❝✐❞❛❄

❘❡s♣✉❡st❛✿

▲❛ r❡❧❛❝✐ó♥ ✈✐❡♥❡ ❞❛❞❛ ♣♦r✿

Ingreso(Q) = P · Q
 
1 1
Ingreso(Q) = a− Q Q
b b
1 1
Ingreso(Q) = aQ − Q2
b b

P❛✁
❣✐♥❛ ✷✸✷ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❝ ✮ ❙✉♣♦♥❣❛♠♦s q✉❡ ❧❛ ♣r♦❞✉❝❝✐ó♥ ❛✉♠❡♥t❛ ❧✐❣❡r❛♠❡♥t❡ ❞❡s❞❡ ◗ ❤❛st❛ (Q +
DQ)✱ ❞♦♥❞❡ DQ ❡s ✉♥ ♥ú♠❡r♦ ✐♥✜♥✐t❡s✐♠❛❧♠❡♥t❡ ♣❡q✉❡ñ♦✳ ➽◗✉é ❧❡ ♦❝✉rr❡
❛❧ ✐♥❣r❡s♦❄
❘❡s♣✉❡st❛✿

∂Ingreso(Q) 1 2
= a− Q
∂Q b b

❊❧ ✐♥❣r❡s♦ ❞✐s♠✐♥✉②❡ ❡♥ 2
b
♣♦r ❝❛❞❛ ✉♥✐❞❛❞ ❛❞✐❝✐♦♥❛❧✳
❞ ✮ ▼✉❡str❡ q✉❡ ❧❛ ❡①♣r❡s✐ó♥ ❞❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ♣✉❡❞❡ ❡①♣r❡s❛rs❡ ❝♦♠♦✿Img =
2P · ab ✳
❘❡s♣✉❡st❛✿

❘❡❡♠♣❧❛③❛♥❞♦ Q = abP ❡♥ ❧❛ ❡❝✉❛❝✐ó♥ ❞❡ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧✳

∂Ingreso
IM g =
∂Q
1 2
IM g = a − (a − bp)
b b
1 2 2
IM g = a − a + bP
b b b
a
IM g = 2P −
b
❡ ✮ ❙✉♣♦♥❣❛♠♦s q✉❡ b = 1 ② a = 100✳ ❚r❛❝❡ ❧❛s ❝✉r✈❛s ❞❡ ❞❡♠❛♥❞❛ ② ❞❡
✐♥❣r❡s♦ ♠❛r❣✐♥❛❧✳
❘❡s♣✉❡st❛✿

Dda : = 100 − Q
IM g = 100 − 2Q

●rá✜❝❛♠❡♥t❡✿

P
100

Dda
IMg
50 100 q

P❛✁
❣✐♥❛ ✷✸✸ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❢✮ ❙✐ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ❡s ✶✵ ♣❡s♦s✱ ➽❝✉á❧ ❡s ❡❧ ♣r❡❝✐♦ ❝♦♠♣❡t✐t✐✈♦ ❞❡ ❡q✉✐❧✐❜r✐♦
② ❡❧ ♣r❡❝✐♦ ❞❡ ♠♦♥♦♣♦❧✐♦❄
❘❡s♣✉❡st❛✿

❊♥ ❝♦♠♣❡t❡♥❝✐❛✿ P = CM g ✱ t♦♠❛♥❞♦ ❡♥ ❝✉❡♥t❛ ❧♦s ❞❛t♦s ❡♥tr❡❣❛❞♦s ❡♥

✭❡✮

P = 100 − Q = 10
Q∗ = 90
P ∗ = 100 − 90 = 10

▼✐❡♥tr❛s q✉❡ ❡♥ ❡❧ ♠♦♥♦♣♦❧✐♦✿ ■▼❣❂❈▼❣

IM g = 100 − 2Q = 10
Q∗ = 45
P ∗ = 100 − 45 = 55

❣✮ ❙✐ s❡ ❡①✐❣❡ ❛❧ ♣r♦❞✉❝t♦r ❡❧ ♣❛❣♦ ❞❡ ✉♥ ✐♠♣✉❡st♦ ❞❡ ✶✵ ♣❡s♦s ♣♦r ✉♥✐❞❛❞ ❞❡

♣r♦❞✉❝t♦ ♣r♦❞✉❝✐❞❛✱ ➽q✉é ❧❡ s✉❝❡❞❡ ❛❧ ♣r❡❝✐♦ ❡♥ ❡❧ ❝❛s♦ ❞❡ ✉♥ ♠♦♥♦♣♦❧✐♦❄
➽❨ ❡♥ ❝♦♠♣❡t❡♥❝✐❛ ♣❡r❢❡❝t❛❄
❘❡s♣✉❡st❛✿

❊❧ ❝á❧❝✉❧♦ ❞❡ ❧♦s ♥✉❡✈♦s ♣r❡❝✐♦s ② ❝❛♥t✐❞❛❞❡s ❞❡ ❡q✉✐❧✐❜r✐♦ ❡s ❛♥á❧♦❣♦ ❛ ✉♥

❛✉♠❡♥t♦ ❞❡ ✶✵ ♣❡s♦s ❡♥ ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧✳ P♦r ❧♦ t❛♥t♦ ❡♥ ❝♦♠♣❡t❡♥❝✐❛✿

P B = PC

CMg
PN = PP
Dda
q

P = CM g
P = 100 − Q = 20
Q∗ = 80
Pprod = 10
Pcons = 100 − 80 = 20

P❛✁
❣✐♥❛ ✷✸✹ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❈♦♠♦ s❡ ♣✉❡❞❡ ♦❜s❡r✈❛r ❛❧ s❡r ❧❛ ♦❢❡rt❛ ❝♦♠♣❧❡t❛♠❡♥t❡ ❡❧ást✐❝❛ t♦❞❛ ❧❛
❝❛r❣❛ ❞❡❧ ✐♠♣✉❡st♦ r❡❝❛❡ s♦❜r❡ ❡❧ ❝♦♥s✉♠✐❞♦r✳
❊♥ ❡❧ ❝❛s♦ ❞❡❧ ♠♦♥♦♣♦❧✐♦ ❛♥❛❧✐③❛r❡♠♦s ❞❡s❞❡ ❧❛ ♣❡rs♣❡❝t✐✈❛ ❞❡ ✉♥ ❞❡s✲
♣❧❛③❛♠✐❡♥t♦ ❤❛❝✐❛ ❛❞❡♥tr♦ ❡♥ ✶✵✱ t❛♥t♦ ❞❡ ❧❛ ❞❡♠❛♥❞❛ ❝♦♠♦ ❞❡❧ ✐♥❣r❡s♦
♠❛r❣✐♥❛❧✳

P B = PC
PN = PP
CMg

IMg Dda
q

IM g = 100 − 2Q − 10 = 10
Q∗ = 40
Pprod = 100 − 40 − 10 = 50
Pcons = 100 − 40 = 60

❈♦♠♦ s❡ ♣✉❡❞❡ ♦❜s❡r✈❛r ❡♥ ❡st❡ ú❧t✐♠♦ ❝❛s♦✱ ❛ú♥ s✐❡♥❞♦ ❧❛ ♦❢❡rt❛ ❝♦♠✲
♣❧❡t❛♠❡♥t❡ ❡❧ást✐❝❛✱ ❡❧ ❝♦st♦ ❞❡❧ ✐♠♣✉❡st♦ r❡❝❛❡ t❛♥t♦ ♣❛r❛ ❡❧ ❝♦♥s✉♠✐❞♦r
❝♦♠♦ ♣❛r❛ ❡❧ ♣r♦❞✉❝t♦r✳

✹✳ ❙✉♣♦♥❣❛ q✉❡ s❡ ❡♥❝✉❡♥tr❛ ❡♥ ✉♥ ♣✉❡❜❧♦ ❞♦♥❞❡ ❡①✐st❡ ✉♥❛ ú♥✐❝❛ ♣❛♥❛❞❡rí❛✱ ❡st❛
✜r♠❛ ❡♥❢r❡♥t❛ ✉♥❛ ❞❡♠❛♥❞❛ ❞❡✜♥✐❞❛ ♣♦r ❧❛ ❝✉r✈❛ P = Q − 100✳ ❙✐ ❧❛ ❢✉♥❝✐ó♥
❞❡ ❝♦st♦ ❞❡ ❡st❛ ♣❛♥❛❞❡rí❛ ❡s CT (Q) = Q2 + 16✳

❛ ✮ ❊♥❝✉❡♥tr❡ ❧❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦ ❡ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ ❞❡ ❡st❡ ♠♦♥♦♣♦❧✐st❛ ②

r❡♣r❡sé♥t❡❧❛s ❡♥ ✉♥ ❣rá✜❝♦✳
❘❡s♣✉❡st❛✿

▲❛s ❢✉♥❝✐♦♥❡s ❞❡ ✐♥❣r❡s♦ ② ❝♦st♦ ♠❛r❣✐♥❛❧✱ ❝♦rr❡s♣♦♥❞❡♥ ❛✿

IM g = 100 − 2Q
CM g = 2Q

▲❛s ❝✉❛❧❡s s❡ r❡♣r❡s❡♥t❛♥ ❣rá✜❝❛♠❡♥t❡ ❝♦♠♦✿

P❛✁
❣✐♥❛ ✷✸✺ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

P CMg = 2Q

CTMe

P = 100 - Q
100 - 2Q
Q

❜ ✮ ❊♥❝✉❡♥tr❡ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ♣❛♥ q✉❡ ♣r♦❞✉❝✐rá ❡st❛ ♣❛♥❛❞❡rí❛ ♠♦♥♦♣ó❧✐❝❛

② ❡❧ ♣r❡❝✐♦ ❛❧ q✉❡ ❧♦ ✈❡♥❞❡rá✳
❘❡s♣✉❡st❛✿

❙✐ ✐❣✉❛❧❛♠♦s ❡❧ ❝♦st♦ ♠❛r❣✐♥❛❧ ② ❡❧ ✐♥❣r❡s♦ ♠❛r❣✐♥❛❧ s❡ ♦❜t✐❡♥❡ ❧❛ ❝❛♥t✐❞❛❞

q✉❡ ♣r♦❞✉❝✐rá ❡❧ ♠♦♥♦♣♦❧✐♦✳

IM g = CM g
100 − 2Q = 2Q
QM = 25

P♦r ❧♦ t❛♥t♦✱ ❡❧ ♣r❡❝✐♦ q✉❡ ❝♦❜r❛rá ❡❧ ♠♦♥♦♣♦❧✐st❛ ❝♦rr❡s♣♦♥❞❡ ❛ ❡st❛ ❝❛♥✲

t✐❞❛❞ q✉❡ ♣r♦❞✉❝✐rá ❡♥ ❧❛ ❝✉r✈❛ ❞❡ ❞❡♠❛♥❞❛✱ ❡s ❞❡❝✐r✱

P (QM ) = 100 − QM
PM = 75

❝ ✮ ❊♥❝✉❡♥tr❡ ❡❧ ❜❡♥❡✜❝✐♦ ♠á①✐♠♦ q✉❡ ♦❜t❡♥❞rí❛ ❡st❡ ♠♦♥♦♣♦❧✐♦ ② r❡♣r❡sé♥✲

t❡❧♦ ❣rá✜❝❛♠❡♥t❡✳
❘❡s♣✉❡st❛✿

❊❧ ❜❡♥❡✜❝✐♦ ♠á①✐♠♦ q✉❡ ♦❜t❡♥❞rá ❡st❡ ♠♦♥♦♣♦❧✐st❛ ❝♦rr❡s♣♦♥❞❡ ❛

πM = PM · QM − CT (QM ) = 1234

▼♦♥t♦ q✉❡ s❡ ♣✉❡❞❡ ✈❡r r❡♣r❡s❡♥t❛❞♦ ♣♦r ❡❧ r❡❝tá♥❣✉❧♦ ♣✐♥t❛❞♦❞❡ ❧❛ ✜❣✉r❛

P❛✁
❣✐♥❛ ✷✸✻ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆

P CMg

75 CTMe

25,64 IMe
IMg
25 Q

✺✳ ❙✉♣♦♥❣❛ q✉❡ ✉♥ ♠♦♥♦♣♦❧✐♦ ♣♦s❡❡ ❞♦s ♣❧❛♥t❛s✱ ❧❛ ♣r✐♠❡r❛ ♣❧❛♥t❛ ❝✉❡♥t❛ ❝♦♥
✉♥❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦ ✐❣✉❛❧ ❛ CT (q1 ) = q12 +2q1 ✱ ♠✐❡♥tr❛s q✉❡ ❧❛ s❡❣✉♥❞❛ ♣❧❛♥t❛
t✐❡♥❡ ✉♥❛ ❢✉♥❝✐ó♥ ❞❡ ❝♦st♦ ❞❡ ❧❛ ❢♦r♠❛ CT (q2 ) = q22 + 6q2 ✳ ❙✐ ❡st❡ ♠♦♥♦♣♦❧✐♦
❡♥❢r❡♥t❛ ✉♥❛ ❞❡♠❛♥❞❛ ❞❡✜♥✐❞❛ ♣♦r P = 34 − Q✳

❛ ✮ ❉❡t❡r♠✐♥❡ ❧❛ ❝❛♥t✐❞❛❞ q✉❡ ♣r♦❞✉❝✐rá ❡st❡ ♠♦♥♦♣♦❧✐♦ ❞❡ ♠❛♥❡r❛ q✉❡ ♠❛①✐✲

♠✐❝❡ s✉ ❜❡♥❡✜❝✐♦ ② ❝ó♠♦ ❞✐str✐❜✉✐rá ❡st❛ ♣r♦❞✉❝❝✐ó♥ ❡♥tr❡ ❛♠❜❛s ♣❧❛♥t❛s✳
❆❞❡♠ás r❡♣r❡s❡♥t❡ ❣rá✜❝❛♠❡♥t❡ ❡st❛ s✐t✉❛❝✐ó♥✳
❘❡s♣✉❡st❛✿

❈♦♥❞✐❝✐ó♥ ❞❡ ❡q✉✐❧✐❜r✐♦ ♣❛r❛ ✉♥ ♠♦♥♦♣♦❧✐♦ q✉❡ ♣♦s❡❡ ❞♦s ♣❧❛♥t❛s ❡s CM g1 =

CM g2 = IM g ✱ ❧♦ ❝✉❛❧ s❡ r❡♣r❡s❡♥t❛ ♣♦r ♠❡❞✐♦ ❞❡❧ s✐❣✉✐❡♥t❡ s✐st❡♠❛ ❞❡
❡❝✉❛❝✐♦♥❡s✳

2q1 + 2 = 34 − 2(q1 + q2 )
2q2 + 6 = 34 − 2(q1 + q2 )

❉❡❧ ❝✉❛❧ s❡ ♦❜t✐❡♥❡ q✉❡ q1 = 6✱ q2 = 4 ② Q = 10✱ ❧♦ ❝✉❛❧ s❡ r❡♣r❡s❡♥t❛ ❡♥

❧❛ ✜❣✉r❛✳

P P CMg2 P
CMg1 SCMg
24

2 IMg

6 Q1 4 Q2 10 Q

❜ ✮ ❉❡t❡r♠✐♥❡ ❡❧ ❜❡♥❡✜❝✐♦ ♠á①✐♠♦ q✉❡ ♦❜t✐❡♥❡ ❡st❡ ♠♦♥♦♣♦❧✐st❛ ❡♥ ❝❛❞❛

♣❧❛♥t❛ ② r❡♣r❡sé♥t❡❧♦ ❣rá✜❝❛♠❡♥t❡✳
❘❡s♣✉❡st❛✿

P❛✁
❣✐♥❛ ✷✸✼ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❊❧ ❜❡♥❡✜❝✐♦ q✉❡ ♦❜t✐❡♥❡ ❡st❡ ♠♦♥♦♣♦❧✐st❛ ❡♥ ❝❛❞❛ ♣❧❛♥t❛ ❝♦rr❡s♣♦♥❞❡ ❛✿

π1M = PM q1M − CT (q1M ) = (PM − CT M e(q1M )) · q1M = (24 − 8) · 6 = 96

π2M = PM q2M − CT (q2M ) = (PM − CT M e(q2M )) · q2M = (24 − 10) · 4 = 56

❊st♦s ❜❡♥❡✜❝✐♦s s❡ ♣✉❡❞❡ ❛♣r❡❝✐❛r ❡♥ ❧❛ ✜❣✉r❛✳

P P CMg2
CMg1
CMe2
24
CMe1 10
8
6
2

6 Q1 4 Q2

P❛✁
❣✐♥❛ ✷✸✽ ❞❡ ✷✹✶
 ❆◆❊❳❖

■❣✉❛❧❞❛❞ ❞❡ ♣r❡❝✐♦s ♣❡r❝✐❜✐❞♦s ❢r❡♥t❡ ❛ ✐♠♣✉❡st♦ ♦ s✉❜s✐❞✐♦

P❛r❛ ❞❡♠♦str❛r ❡st♦ s✉♣♦♥❞r❡♠♦s ✉♥❛ ♦❢❡rt❛ ② ✉♥❛ ❞❡♠❛♥❞❛ ❣❡♥ér✐❝❛s✱ ❞❡ ❧❛
❢♦r♠❛✿
Demanda : aP = b − cQ
Of erta : dP = e + f Q
❉♦♥❞❡ ❡❧ ❡q✉✐❧✐❜r✐♦ ❡stá ❞❡t❡r♠✐♥❛❞♦ ♣♦r

bd − ae bf + ce
Q∗ = ⇒ P∗
cd + af af + cd
❆❤♦r❛ q✉❡ t❡♥❡♠♦s t♦❞♦s ❧♦s ❞❛t♦s✱ ♣♦❞❡♠♦s ♣♦♥❡r ✉♥ ✐♠♣✉❡st♦ ❞❡ ♠♦♥t♦ b ❛ ❧❛
❞❡♠❛♥❞❛✱ ❞❡ ❢♦r♠❛ q✉❡ t❡♥❡♠♦s ❡❧ s✐❣✉✐❡♥t❡ ♣r♦❝❡❞✐♠✐❡♥t♦✿

Demanda = Of erta
b c e f
− Q−b= + Q
a a d d
❉❡ ❢♦r♠❛ q✉❡ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❡q✉✐❧✐❜r✐♦ ❝✉❛♥❞♦ ❡❧ ✐♠♣✉❡st♦ ✈❛ ❛ ❧❛ ❞❡♠❛♥❞❛ ❡s✿

bd − abd − ae
Q∗ =
cd + af
❨ ❡❧ r❡s♣❡❝t✐✈♦ ♣r❡❝✐♦ ❞❡ ❝♦♥s✉♠✐❞♦r❡s ❡s✿

bf + bcd + ce
Pc =
cd + af
❨ ❡❧ ♣r❡❝✐♦ ❞❡ ❧♦s ♣r♦❞✉❝t♦r❡s ❡s✿

bf + ce − abf
Po =
af + cd

P❛✁
❣✐♥❛ ✷✸✾ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❆❤♦r❛✱ ♣♦♥❣❛♠♦s ❡❧ ♠✐s♠♦ ✐♠♣✉❡st♦ ❛ ❧❛ ♦❢❡rt❛✱ ❣❡♥❡r❛♥❞♦ ✉♥ ♥✉❡✈♦ ❡q✉✐❧✐❜r✐♦ ❞❛❞♦
♣♦r✿
Demanda = Of erta
b c e f
− Q= + Q+b
a a d d
❨ ❧❛ ❝❛♥t✐❞❛❞ ❞❡ ❡q✉✐❧✐❜r✐♦ ❡s✿

bd − abd − ae
Q∗ =
cd + af
◗✉❡ ❡s ❧❛ ♠✐s♠❛ ❝❛❧❝✉❧❛❞❛ ❛♥t❡r✐♦r♠❡♥t❡✳ ❉❡ ❡st♦ s❡ ❞❡s♣r❡♥❞❡ q✉❡ ❧❛ ❝❛♥t✐❞❛❞ ❞❡
❡q✉✐❧✐❜r✐♦ ✈❛ ❛ s❡r ❧❛ ♠✐s♠❛ ② ♣♦r ❧♦ t❛♥t♦ ❡❧ ♣r❡❝✐♦ ❞❡ ❝❛❞❛ ❛❣❡♥t❡ s❡rá ❡❧ ♠✐s♠♦✱
❞❡♠♦str❛♥❞♦ q✉❡ ❡❢❡❝t✐✈❛♠❡♥t❡ ♥♦ ✐♠♣♦rt❛ ❛ q✉✐❡♥ s❡ ❛♣❧✐q✉❡ ❡❧ ✐♠♣✉❡st♦✳

❈✉r✈❛ ❞❡ ▲❛✛❡r
▲❛ ❝✉r✈❛ ❞❡ ▲❛✛❡r ❡s ✉♥❛ ❝✉r✈❛ q✉❡ r❡❧❛❝✐♦♥❛ ❧❛ r❡❝❛✉❞❛❝✐ó♥ ✜s❝❛❧ ❝♦♥ ❧❛ ♠❛❣✲
♥✐t✉❞ ♦ ♠♦♥t♦ ❞❡❧ ✐♠♣✉❡st♦✱ ❛r❣✉♠❡♥t❛♥❞♦ q✉❡ ❧❛ r❡❧❛❝✐ó♥ q✉❡ s❡ ❞❛ ❡♥tr❡ ❛♠❜♦s
❝♦♥❝❡♣t♦s ♣r✐♠❡r♦ ❡s ♣♦s✐t✐✈❛✱ ❡s ❞❡❝✐r✱ ♠❛②♦r ✐♠♣✉❡st♦ ❣❡♥❡r❛ ♠❛②♦r r❡❝❛✉❞❛❝✐ó♥✱
② ♣♦st❡r✐♦r♠❡♥t❡ ♥❡❣❛t✐✈❛✱ ❡s ❞❡❝✐r✱ ♠❛②♦r ✐♠♣✉❡st♦ ❣❡♥❡r❛ ♠❡♥♦r r❡❝❛✉❞❛❝✐ó♥✳

Recaudación

Curva de Laffer

Impuesto

❋✐❣✉r❛ ✺✳✾✿ ❈✉r✈❛ ❞❡ ▲❛✛❡r

❚❡♥✐❡♥❞♦ ❡st♦ ❡♥ ❝✉❡♥t❛✱ ❧❛ ❝✉r✈❛ ❞❡ ▲❛✛❡r s❡ ❝❛❧❝✉❧❛ ❝♦♠♦ ❡❧ ♠♦♥t♦ ❞❡❧ ✐♠♣✉❡st♦
♣♦r ❧❛ ❝❛♥t✐❞❛❞ ❞❡❧ ❜✐❡♥ ❣r❛✈❛❞♦✱ ♣❡r♦ t❡♥✐❡♥❞♦ ❡♥ ❝✉❡♥t❛ q✉❡ ❧❛ ❝❛♥t✐❞❛❞ tr❛♥s❛❞❛
❞❡❧ ❜✐❡♥ ❞❡♣❡♥❞❡ ❞❡❧ ♠♦♥t♦ ❞❡❧ ✐♠♣✉❡st♦✱ ❡s ❞❡❝✐r✿

RF = T · Q(T )

P❛✁
❣✐♥❛ ✷✹✵ ❞❡ ✷✹✶
❈❆P❮❚❯▲❖ ✺✳ ❈❖▼P❊❚❊◆❈■❆ ■▼P❊❘❋❊❈❚❆
❨ ❛ s✉ ✈❡③✱ ✈❡♠♦s q✉❡ ❧❛ ❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ❜❛❥♦ ✐♠♣✉❡st♦ ❡s ❡q✉✐✈❛❧❡♥t❡ ❛ ❧❛
❝❛♥t✐❞❛❞ ❞❡♠❛♥❞❛❞❛ ❞❡❧ ❜✐❡♥ s✐♥ ✐♠♣✉❡st♦s ♠❡♥♦s ✉♥❛ ❝❛♥t✐❞❛❞ ✜❥❛ ✭❞✐❣❛♠♦s ❛✮
♣♦r ❝❛❞❛ ♣❡s♦ ❞❡ ✐♠♣✉❡st♦✱ ❡s ❞❡❝✐r✿

Q(T ) = QE = aT

❉❡ ❢♦r♠❛ q✉❡ ❧❛ ❝✉r✈❛ ❞❡ ▲❛✛❡r q✉❡❞❛ ❡①♣r❡s❛❞❛ ❝♦♠♦✿

RF = T QE − aT 2

❖❜t❡♥✐❡♥❞♦ ✉♥❛ ❢♦r♠❛ ❝✉❛❞rát✐❝❛ ❝ó♥❝❛✈❛✱ ❝✉♠♣❧✐❡♥❞♦ ❡♥t♦♥❝❡s ❧❛s ♣r♦♣✐❡❞❛❞❡s ❞❡

❧❛ ❝✉r✈❛ ❞❡ ▲❛✛❡r✳

P❛✁
❣✐♥❛ ✷✹✶ ❞❡ ✷✹✶
 ❇■❇▲■❖●❘❆❋❮❆

▼❛♥❦✐✇✱ ●✳ ✭✷✵✵✼✮✱ Pr✐♥❝✐♣✐♦s ❞❡ ❊❝♦♥♦♠í❛✱ ❊❞✳ ❚❤♦♠♣s♦♥✳

P❛r❦✐♥✱ ▼✳ ✭✷✵✵✹✮✱ ❊❝♦♥♦♠í❛✱ ❊❞✳ P❡❛rs♦♥✳

❙❛♠✉❡❧s♦♥✱ P✳ ✭✶✾✽✵✮✱ ❊❝♦♥♦♠í❛✱ ❊❞✳ ▼❝ ●r❛✇ ❍✐❧❧✳

❋r❛♥❦✱ ❘✳ ✭✷✵✵✺✮✱ ▼✐❝r♦❡❝♦♥♦♠í❛ ② ❈♦♥❞✉❝t❛✱ ❊❞✳ ▼❝ ●r❛✇ ❍✐❧❧✳

P❡r❧♦✛✱ ❏✳ ✭✷✵✵✹✮✱ ▼✐❝r♦❡❝♦♥♦♠í❛✱ ❊❞✳ P❡❛rs♦♥✳

❱❛r✐❛♥✱ ❍✳ ✭✷✵✵✻✮✱ ▼✐❝r♦❡❝♦♥♦♠í❛ ■♥t❡r♠❡❞✐❛✱ ✉♥ ❡♥❢♦q✉❡ ❛❝t✉❛❧✱ ❊❞✳ ❆♥✲

t♦♥✐ ❇♦s❝❤✳ ✳▲❛♥❣✱ ❙✳ ✭✶✾✼✻✮✱ ❈á❧❝✉❧♦ ■✱ ❊❞✳ ❋♦♥❞♦ ❊❞✉❝❛t✐✈♦ ■♥t❡r❛♠❡r✐❝❛♥♦✳

❈❤✐❛♥❣✱ ❆✳ ✭✷✵✵✻✮✱ ▼ét♦❞♦s ❋✉♥❞❛♠❡♥t❛❧❡s ❞❡ ❊❝♦♥♦♠í❛ ▼❛t❡♠át✐❝❛✱

❊❞✳ ▼❝ ●r❛✇ ❍✐❧❧✳

❋r❛♥❦✱ ❘✳ ✭✷✵✵✺✮✱ ▼✐❝r♦❡❝♦♥♦♠í❛ ② ❝♦♥❞✉❝t❛✱ ❊❞✳ ▼❝ ●r❛✇ ❍✐❧❧✳

P❛✁
❣✐♥❛ ✷✹✷ ❞❡ ✷✹✶