Sunteți pe pagina 1din 24

=

~ WStlte 0.6_0 ad- n_Qt e, an_ : -~ -


_ o) ecrnswn},f:ion c'.Jood,.,, and copi±al c3...u..o!.L!od~s-2-_ __
__ ___b_). d_n±eIDi,e di a±:e 8oQijfo- o n d JJ na I c'J a ad s
--9 -~ :f\n+e. '4bve s~m.e.n± and I=:x - Pos+ jnves±mea+
_---<l't t::X - flnl:-e. 6ovi1c] z and Fx - Pool- sS av "c'.J,;z. ·
b-o~ ca o.sv ro)Ji an cJ oad,s gnd c_a ~ila\ c3oad.s - L
l r·on.surn~lion 86.od.;%- a..9-Je -lho.se. c}ood.s :Iba.I,, m,e -'
,se d b...'.:I :±be. consume .9-ifa and bav e, no 11.se in "fu !o1re- _
_:e
}tQQd,.~ : j)-U c bas: d io '.a 'h d e9-f +o -cfu!f ii1
Qa

~~n..aJ need 2>. lhe. ±o¥1e-b ma.911:\e.:b L


~tLs12mp±lOD 7

n.s.u_mj,dLo..n 79-0 a rl s Q',;,; c oo sum e.- • o ns lH:fl -l-i oo , \i p


::::.,___ have ~ - J:m::d , ,4.\. ~s rnmpcn,-ativ~ cheaf,.
exomp) e. - -Coad ~h ·, "<,+ )'sha es pe O e~ L o.<h e oJ1 --, ;i

a --:1_nad s because_ iNhen lbe.1:J .saiisf__L:i immedia~e ,


~ lt,e consum.e...t: ,________ _

~~~ z
- -- ~ Ca.p.l.La.L
wbich a.4te.
a&e.pe
o.d..z
O i ed
C 'l1 €.
. .aAedl:J u
jX O S6
~
eh Dj-
·
u' ~ . ?9 nru:!. s ao cl ,s Q .S.t vi ceJI , :8 )}e 9i. n a-l-1 ve G1 cl u 9-i a 6 l e _
~..l..l.-A.,P _ _ hl.biC:h 09:t e - ~ t io.9-1 ~:,;a du cl U ol-b e'\3._<'JO d..&
,.ult .n.a:k 4.o_u _rn e e±LJ:fL Im m e diAf e.. cJ a od ;x ~ e ed 5l'. o;f :I 6e
~'--'---IJJJ.J..._../~-d,~~~ebl e
~.............,.J.J..$.·...,_._ ~ - ~ ~e+
.....
c:;6ea~, ~fkj f,,i, ~<t~~; e~~B: :W
..__C.,____
, _ _ _ __
a 1;
1
:
0

cl n~nmed ia.k 8 ands~ d -ea f I.a.a I ~ ad. s .- . --TTn al CJ oa4s


~~---31.eJe-z115ed ~6- d a o o±:
:ta o,_g_-\-bn,se __ o~%
~~·.!!iE... -=4-u9-tl:bn ):,w ce ~ --- - ·............. o. od,,s O!b e a~ ~ c ..,__._,,._---""J.

.O.WD O'x& co o~ome1t dl)__Q~ ood a21e -~oduceJ +be_ ¥.91


~.D.6 e ~ di 9ted: co 0.5l:J.ffi}J.i'o n ~_Ah.e._ en cl con.sum eo ,
---- ---
- - -- -
-
::Tu ~lhe:o:QQ~__d_s ~ ::ITo.a.L.-anu_c\,.s ill<.£ . .:lh.os e A--° ods ih.ctl: <J..'fl e_
tn.anuJ-o c-\-us-, e_,d _ tlLb e coosutae..sL dhe .cl~ _b~ -ihe....c.on........,......,..,
dl ~-JJni6-6-e d ;;-9-0 a_d ~ , _j+ i$ \I 9, e_cl _4025' c..ons_um_p}i uo
31. rnb\l o\ _ 4o¼a±i' o o. j.\-_ ~ cnnsjdeJr ed _+.o b_e__ Cl
p-ruJ:.. &f_n__o\-lana\ incofl'lJ • ____ ___ _
rn.e_d.La_+ e. rqo ocifa 091- e. _1l eJ~ tre _d_1Q ru
~~~ c:IJ ±bol Q.9-!£. .u.s e.d '---bj bus Ine-5.6 es j n.. p'l!a..duci
e s-cvt·c e . _\h e..6 e r9 oocl ~ a .xe. als o kn_o lr-Jn
a
_,._.,.__,,_,___p'.15 0 d\.1 CE.11 M.d 5! · .$ h Ofu etr IN 01r d 5
1 '1 n_~ eHne.cHal L -
i
o a d,2, a 'H e. l.1.5 e.d _ 01l' P,n Cl d u c Lr1 cJ
,
i~
i 8
n q I o od,s o ..2-1.
. ?-o d 'ii M L \t can be. 1.&cd cl ~ha-} -lh ~ cul
----1

~L---L.Ll..~ =-in . D:Lb.e..:i, d_o_a.d.i. -Dn .d __c('.111,.l~lJo l e. -:I h.e ~l nal


~ 'b".e~nl ~ ,j d _ i,s_ Cbf aiJ a bJe.. "6 15 ru£:1Jln
in cJ
.\- in-~ erv;'h alit ) -~oJ i± , ::H t~ oat
~.____.,_._._,.__._.__._-'--' n.a11'onal ;nco rne .

men ± and t x -~bocL'} ipve s l


tt--~~~LL----1.Ll~:l..I..LI:.u::....uLL+__s.::i!:1.eJ...£..~ . ±a :\:he de s\15g_d_ _ ___.
~~L...L -LLJU- L.l..~~- --4....!.. .W-.!== 1...1.LL nue ---.:\IUD ve
c....!..1 ~ rn e nh du ~ \'<-::J :l:b e ~ oi o
d
±be. ,ru,es+tnenJ- expenditu:a ·
eflo_on~d _s;ici:
dhe.._ ..suvi.o
dua-,Jr,g ~ i o d nfr
b1cb '1n+ended +a be i$ mode. in +be.
Dn~eair · =-i@.:& i.%

e.c.o □o m._:l du:iiii~ aj= one ..'Jf a 91 •


:lb e. \;ie9::tled
- ?>± ¢ ~ 2 >- __siaj ~b e a c+t 1a\
1
\cJ"" in H, e., eca □ c~_--1f:att..osn _,t:h e.. ~en Ieve\ oJ-
'.tJ
d, 19-i i .J..\-i...e., ~ d . . ..o J _ ao_e, ~_e_a_,21 • J@2i o 2\;>ect ,
=---$8--U~LhJ,..QI.S 1fo coo~ld e 91 ed_ \n_ +be c:aLc..uJo:6'o n 9::f Na+iorui1..·
I O e_ • ~
---------------------

It--'-'---'----'-'"<---'- ~ e ,s ovi~ z and 8c- onl e 1V11Ye-sJ men!: a.!l-te no±: 0

- eg_u al J:l :C e1u.se. cit- di:)j e.91 en+ \eve l Qf \n com e. ·


a ~+ ~e-d~e_._m
l......... . . . .a..\,:-1n- 'c:-'d
-,+-,-46- n ~o+.!. --1..e~g_,. . u.1i....1.4..o-'---\---1.+~a__i.._~~~~ ahe su ~~;
i)s,,_.L..L

11+-'-'-~..,_,.,µm 11 :v al ue - a dd ed
0
m e-l-h a d af to e a.s II ru \ cJ Na ~lo ao \ ·

U;\:===_:-- j+ is 1:Ju~pu.\- roe.\-hod, ~ also \.\nawn a? p?roduct ,


,..._.._.....-..hClct 1 ,ad\)s.\ ~ ?J91~i q me+bad and vc\ t, e. odd e.d rn eJho d . :
~ -I-LL..-~~ va\l1e added ~ deJ-ioe d 0;3 :\:be rnooft1
. ,.\- -4

I++--'-'-'~--""-'- f,._______,(..,.,._o.,_.__..__~._..,..,-........,.__._L-.1--"-'.-t-___,_.,__,__._"=----1..!-\~...... ..W....IL!:a:\-__._ J~~--L..LS:-..l..LL l=-------1

l,' D n 71- "lf a e m


a ',ocDme,, 1$ , e \'1m,na e,

- - - - - - - - - \ : : ,c_,.,.,_o__,__,n.>. .Js.urop, 1'00


of- Q u-l: jw+ - '5 a\ e,% +
cha '(JI e \r,_,___>:>...J-st-'-'--o~c."--\.h\_ _ _ _.
m--:::!:~~~ ~~c...;.,l=\=---_,.::=---"._..U,.l.>--LL!.~ 15 dDc ~ - o ~ en 1' g.-'J- 6 to c b\
ue Q dded;, lclwd nc:J ,s 1-o ck~ ~,.-,s_,!,J{}dn-1- Cons•
YQ. 1
~e__ _v_alu ~ add_e d_ rn eitLO 4 ._help4ul in ov~s-tcom~?-_'! +he, _
_J,~to bl em qf m ~ .c__o LLrilicJ on d hcl):,_i qq t n a cl:t1u, ed-- _
es1im Qi aj ~ co n 'J-, e ex~1a i;; ii1
i ~ h -l-~-'-4--'--l-l-"---'-L
an ex amJ,le--. -5 1, /2 ~ o;;, e. .s 'cj e1 '11: c an e _{,,:) bk 6 i;n ±he. o u1j:,.i., _
.!\f -lb.e.. p-,, irn O_\}/J ,u C±os-, i,g:: p=.d
u c e d a~ -1he va Iue cf,-_
~42._e_g__s_ .s:aoo • .±)0..15u ml 9q ..Jh_a} no ~.qa21ra o e ha,g been
o o.s lJJJ1 e .an d__ £.DlL-a.eU CZ 5 o D Q El L S!JcJo '11 c M e_ iAJ a""
L
-~....,_._._._ e.L ~ -lh e. _..5 ~ CL9itW 11 7_ l=i hicl:'l com e,,g u n cf eh _
,Sec.on d a 9-:!)_ 0ec.J-o 9-t ~e... -5.~9 ~ 01.1. .U p-2Ll' d II c eJ.
-1.

.s tJ a 9:t of -H, e. .Y.0./ u.e. -J9:/ ~ I B oo(L_,_ _ __ ___,

~9:ee!o,9:t e dbe value c:>L ou+b12+: i h db e eco~


- _J
g- J I
t .5 ooD_:L { I ts oo o ~ ~ 2,3 oo o . =o; Ls e ,,sd im ate oj l\t ]
_ • .\-' 0 0 -~

-ihe aduol 'lait1e addili'oo made


,SaCl.9-t(anP C:!nde?Jmediade

Jie-e.s \3 ooO L :K \ 8 ooo -°J-~


~LJ..1.\--½,l:;l...-JC >.!..l...l.a.L.LL!....l .-~
±6 e:.
q -
b Cdn6um ),J/vn
,5e}a2:z1
1

7( 5..oD..O ...aj- -::511u_c•i1Cane O'><I ind o,me d,·a:Le.._ Consu m~-/ion)


____ _l f u ~ dbe oc~ual rvalue aj- ou·lpuJ io r-

loco me b~ _

/4 Jo id en➔ i~ all -l bo5e p


d uc.i:'=: unij;.z w be.21 e ockwl
7ro
pnadudi'ao ha!A to~eo f iace d.lb4113 :lbe 2:J'-'-"<-""""4--'-1-- -----1

~.d ~ o II
. Q ihL..id..e.rdlf ied b,1rod u c ,·nf]-l.1Jllb,L _ink
dif{es,en± l.s edo-9:\,Z Oo bas i ,s DJ db e (Jn a+u '¾ e of,__,_,_.,.,_~
'Ill~ ntl Iodh, e.c+ ~ox~ ~ . ,s.u b.id- .¾ ac.+e.d.
-fiMI~ 1 !tilln:i_ 1 -
.. NNP MP J.o {J cl M\J P--r£ J. Ne4 nad io o a I ~ dw:1 .a±_4czcdn.9-i _
. cc15t) alp ~M.bl.Jl D.J3- National --I.nLo.tn-e '! _ - - - - · - _ __

--- -- --- -
__ G:iY!LJ~~ s ecooda<tj sed.o.21 l35 2 __ ~ _____
_} - --~-
_in ~Jl .hJJ de9-~ ia_qV, --S e.d a.!h L'2..5)
~- Gi\iQ 1-1r~ +-he.. conorryy UiiDPMrJ
___ -c -dek ~-
NDPMf
---------
+NFtR
r'\/ l'/P MP
- r\l] T
d ~<h -
- - - - - - - - - -...::___il 1-- ~ - - - - - - - - - -
1 cS
_ _ _ .. NN P-rc ( N 1)
N N P£c (NI)
-
- - - - - - - -·t:
I,

Ex.pen di±<1.91 e rne+ha d' oJ me a s11.9:Ji?j Nn!i on a I _'


.
!----''-d-,,W-L..>.L..!..m e.
i=:===~--7:n-lfl @xfendid:1.<J.1e in an econarnl i;3 e:9ua( totbe _.
. do d;a be 'ref- a _

. ' .
~~::Z :: ao ex),eodi!m:e
,,;a.91 5' g hd -the aover;rneo +: -Se do3:1
0 _ -1Mm .h.;
~~ +~ (e t db a+: +be .surnrooJlon oL,j- +he evleo:::''! I',("' - - L{I (I 9-z e ,f
hiO )0 ec10-21.,g tt-.)1 II 6 o e gu a I :ta ±he ~o.d a I eA.beod itmi- .
_ :the... -ec.oonmu
t 4 J · lbe exleodiJu.9-
F u' _.__..me
_ ...,_.,_-1J~
J · ~ 1a I,z n _
1-boq.. --==- 1

,1ncom e d i.s pos14too t:oedbod J


] p.9todu~ed, -. lh.e.. indu2,t.41ie,53 ~ _be._ class11ied- ini.o ari._j
a4
-1.he._-40 ILo lol.l '3- _ _
:\h.2te.e ..seda21s. ~ . __ _____ _
-~ --- - - - - - - - ~--- - - - - ---t

A) '.P.1till).lU-(±j --5 e.c:tilli---:-- --A _,,s e.ctru/:(. h


1--J ic h ~ -St el.a1e.d. - -hl._ t] .
~rn!b19:,e QSJ.e. __ a1ue.J Oclbi~~ i;,L ¥10 IJn 0$ 2~ ima-'hj
1

_0ecJ091, -- - - - - --- -
~eco a do~ 6e c-1 o~ ~ --A ,s e.d o.9-t hi h.ic ~ i,s .9-i eLal e cl v.J jj h
·man~ ~ a.nd co n~1.9:Luc-lion i,:3 ~no1-Jn _Cl$ :Seconda~
.s ecJ oJ-i __._ 5 0-Ti:rL, .Jn ~ u-sh u' e,s LLs e~ \he roul u-l- G.( i ~€. ~'.lfUTIa~ L f'
ax\ 4-wL input.$. ___ ---~- ~ ___ .
--- ----- - - - - --
4 ~ ,suJCLll:t - 8- -,:s_e.do.9-t _ ..wh.icb
-

in invoh1 ed in
J cJ -l he._ 6 C.l<._'IL i'c e,2- _e_ omL unde.ir . J e£t l1'_a_~ ;,red 02t ~
-- - -- - - -
- - - - - -- -- - - .

1 U } ~ D.ill Jbe c3:91os~ value... DLd.de.J_ ~ each 4lll.ro....___


nde:6 di~f-e9~en+ \Seuo..9:.tJ< 5e p.e!;,eJa1:f_.. _______ ~ ~- _ _

- - - --- -
, lltHAt9:tadL.g-q- dP~'_aoo. n 11l:o.m CoDP MP :i-e;:rel: __
D~ l Nd d oM,,&h c.__ -+·1rn dud .a/-:_ ~ e1 .p)k I'}':!'._ ___ _
1-'-'--t--'-'\-· UQ ~ add ;r +o NDPr--1p. ~ 01£d e~ J a A eJ f'H',Le MP- _;
+- .nalio.nal p?rodt,C'f- _cJ _~d;el p.Siic._e) •U ___ - ~ . .
-tollo.hli~9- Q3te_ ,5ome. oJ- _dhe, 1mp~1an± ele.rr1-.e.nl$- --
_
en ~k~.$ lmnJv.e.-'---t:l_ .~a -tb_e e~limia II esd-imioa:lio.n .ttj __ _
'rJaliQllaL . iru-ome ' hj 't:=-xfendi~uil:e mdhool' -=----- ----
--- ----
coo sum llo.n .r:nea.ns
.• fue.. _ bo11sebol9% an do3- J-o-~°:'.)
,__._.........~e_S_.SJ +_1_e.%- --"c.4---1...!.~ th~ e exp ea ~ -f-,<'-::<..?S"..:,.,,_r_-'-'-.-+-'--- ' - ' ~ ~ - - - 1

l.6 aJ-i;, Ja.c Jio□ . ....Dl.91- e.xa.rILp.k - Joo-d- in<3 -lo ~ i,., 8
_.. . . _. . . . ..e.ru:_e-r _e__di.tc.alio..o el c --

__._.. . . . . . . . . . . . . . . ..._._u15e_ blbi ch i,$


,..._,...._______,_,.~_od m)njs+a olive
td-iliJies +a

means
,,.
OZ,23 eJ--2 ,
..J) o me.,sli c
I
In
.tJd GillPl'.1p_:_ --- ------ - - - -

b'lJ) e_f,.1> er ia Ai o n i.,z.. _ .& tJ1~ ha d d 11m m-61.D P""r ± o. ~


al_ N D.P M-T' - - --
- -

1yUn_ a..ddt) t:-,l_fI.A. -lo N.Df MP .:bl.e c5tl N\:',,lf MP •


. - -
2,~ 1,s.Jhen. He. '>8 u1-.&h a e-/._ ne 4' in d·,1wd---_ --I Ql<'e ;,<
_ . ,_. . . . ..~ LN 41P '.. .We. Cf!::-- NN\"-' fC,- 09--! Nl _,_ - - - I

- -- - - - - - -
' While , ml ~ul a-1-'.·~q __ ~ N.a.-U·o~ dncome.' bj · ~en_d~u<1 ()
. ex~ ~-L- o.n ,rd eirme di a4 e. ,LjilQ~ w_ill n a+
--------~,... ._,._._..~-L - ~ 1~ be co u 7-2 e. n ad i o o a ~ lnc_o.rn.....__-L"_..........................-.
ex~endi{une oo . iioal (Joo.d!;J.. - -- - - - - - - - - ~
·--~ - -
.t..'.J) ecli o e.j 0- --±h_e.__ veil u e of _-L,(_j bk 1md. ~;}, e-1 O:s
.~__de_F c al o a '. I i
I -
-lip.loin ±he cmc..e..pl aJ-_ln:vesJmeo-f mu lJihl!Je .2:1 _wl____
Jb____
I
-+~ help of on exam.pie_. _ _
- - - - -----I

.a&:- 7fie .rn 11 \Ji Plie.9-t coo.ce.pd:. de velot-,fd -~ ¥lJ ne. 6 O£.S.. b '-f- .. d
:fhe name 1nveo~.men± mul+Lplie2J:. d+:_ ~Z> :the n u . ~
· in ·1ovevdmen+ l~I] hoj: --\o be. muHiplie.cl
· -l- Jhe &.e,s11W75 chae7e In na-fiooa.l incomeCLi.:V.
-- 6 y= ,yn (.~:..;c_I,__
) _ _ _ _ __

i - - -- - - Q.9-:( I m~ ~y
AI.
~
= ;- --- -- -
us _lh.e.. jwe.6:h:rien.\- ~uJ-llp~ rn~ be-..dajlo-e.d ~J, e__ -
.9:ia±io a~ _+be. c b ~ ..m oa-1,ooaL ,ornme __J__Q :!be. 1rulia I -
•c .~ e.... _illL fl\ an nM _in_y.e.,sl__rne.n -l- e x 6en dil.CJ..!k e,_ 3 bn..\-_ - - -
6s, i~ _.ilaho.u:l •_7fui :::, -, io~, i[li.gla~ e. •,-4
a. cl, 0 cJ f.. • dn --
iJJlte.illrn en. f ~ ~. 2-00Q mo.4 cau.s e... o. chonc57" Jn -
WJ_~_j~ income. ef R_-5. <;,oo-6, ihe_mul+ipUe,2:t ~ ~000/2-0.00
~..u....Ll- .lfo __3_. - - - - - - -~ - -

\bk. _ v.alu e.. ~ ~be. mull i pIi e,i. 1 -Ie11 s u..A ~ha~ --{ o.s1 eve.l>J -
R6- ~ U,_( ~e_ao-e _ l n de~ 17> e d I n Ve ►8 ./men1 e'.X rend i~ u..9.1-C ) -
l:.li€. . .klHl 6e. o 'R_..s • i3 j nc_9-1.ea$ e_ '1 n <? g ul 6ilv d u ro_ n.afio nal
in.cfiln.~ lhu-2> i&h.en o u➔ anomo u-2 ·ir\v e ~d men±__lnc2-tea...& e
~ R-~OO.Q e_q.11i_bj lls-1vr-a. naAionci \ __inc.a me._ tn~.ze .b~ ~ -.
Q_QQ. _ _ - - - - - - - - - - ~- ----

~t 100 \00
nd 90
23 ..J <E> I
Ll➔~
4 l-,

------ - - - - - - - - - - - - - - - - -
--- - - - - - - -

L_001) 900 _ -L~O


- -~------- - ~
•--- -- -

- ---- - ~ - - l -
---- I - MPC
- - OS1. .1 t\~-b6'{'I 0 9i ) Ky
MPs
)_
-

-- -- - --·-~ - - ---
e- -__,__,,,.L - -- -- - - ----
\ - 0 ,9 0
- - -- ~

- - ---- - -
-- -- l
0 -\-
- ~
lQ__ _ _
- - - - -- - -
- - -- -.
---. - - - -- - --
tO 0
,___
- - /\. to ==- lQOO - - - - - -
- - - - - --
.S_i_a.1 ~Le__ p;P"o c. e s.s--=--
___, - - -- -- ---
- - - -- - - -~ -
6 in ~lYlYl- _- 2 ~·m.
"'
I h c.~Dl e. - ) uin_ t Qh5__- __~ .6 '\' ()_ I() (.0rn..c:
--- - - - - - -- ----- -- ---~ ~
----- - ~---- -~-- ~ -4n- ~1A
. I::--
--- ----- \~ ( 0 _h ~ -

- - --- ~ - -- -
- ~

- -
- -- - - - - - -- ~

~
- -- -
- - -- - - --
------~ -~ - -
- .
-
·- ----- ~
- ~

--
--
'
-
) rr- --,, I - '

I -:-\ r,
\-
-- l 11
~
'
I
-

(
• '
-
-'
I
I
~
I

-
~ -
l
.....
'
"I ....
I I
,,
I
... _/
. 'DiJf".s-<eo+tole beJ-weeh hleMnaJ economi~ o..nd di..seconomie.s
Oj ..:scale_ ~ e c.a~e.s anLe.x.am'ple;b. • -- ~---
-

a===,;=:s:-- f1n:1J _bu ~\n ess 1.Nh:1le. a~e:a,o.4', cJ _rn a::J 1'1nd ·,4 ,c.e\J
in \:,osi1 ion. °:
whettte tlll.__1-l w_ou\d. Steduce J:~ c.o,:s \ ~ p9.1od1J.c.~1on _arid ·
, ~ _ ·,oc.91 e.Qse__ .i:\;o f).9-t.O~'i~. -n.,,~ p.9(0Jil able ..si l uo1·1on ~
b11~·,oess __rn~ be a±Ls-i1bul e-.& '"Qo ces8a·,n 1oc\os.t,,% which
ed_~~e3tn.etl _ ecanomi e;.3 of 8e·1q9 a bl33 e.9;{
'5ca,e . I
_.

• _ 1s_ n.Crl cLltr-t~s 0Jvord<c3eoL1$ . 117es,.e o~e 50.me dis_-


.lLOJ'd°d£.o$__os~ociQ4ed a\so- Tole91.nal di;uconomie;z_ jm~~ -
. al_\ Jo c+0.9:t:2i whlc..h '9-t.Cl ise. 4h.e co,5-l oj p.9-iod ucl i Or) Oj o.
,pn.a:<d1culo.s-i 11.9:tm •
d~ o cc u.91,,2> }Ah.e.n j ±fa _a u1 ~ ud_ j,n_cM<:.iliS e.s~
' :-1.b..e._. ceS:t±:Lj Q \imLL7ne :1-ns_ble 9-1 ~ -tbnd _1n·11 io~
1i.9rtn ~ J ~--~e~n_al e.con.am1._e~~ 0.c.ale ..and b~a~ ~
~ s-t+o. Lb .Jim 1:t d + ~ u:fje 91p ~ _jiJ__~ al dis eLO.rwm Les
~~.._J_.1,_J~-=--·-B odh o <n P O-j :,f
oIIoLJ i 2J
main ~i_o.J.s - I
I
~conomLe_.s and ~lsecooomi~""=' .sc.ale - ___ l
~ · ooomie;,. _ .!1:t~J=e.21,,s lo ,S:ted11dioo in ~
11
• blhen p1d:bt1:± .onc .9-ieoses 7 dh1isioo~ Lo.bo11.91 D1.n_
· io man.~emen:I • Becou~e ,in divisl_on Gf:hb.o
d ill hove. :la Cl
H+-"--~-\..l--_!Q,,"-V-<-,1:J...f+L,.--L9-t-1.--~l~ ppoin)
e d .±(l -lbe l9-1 ooilliH
efj ic i e n'=J on d L-l help$- --1 n_ i.o rL"-, e □ .se od u.c±l~p:a
i.s e co oa m·1~ .91 e.j_e~ ..d a_ +h a~ ~ b Qble ve ~
H t - - - _ _ . _+>...L..L-1.-1..Ll-µ-...t.~u__.-u

p1Joduc Ji_on inc.__9,eo8e~ b~n.d ..o ce,.9-l-l am_


• • • • . . . in.., J:1 a a 'tjf me □ -1- r-f iod,z
1J1et 1\.l ~_._Xe&tc1i5e, con~1L.O.\ on.d_ bstigµ~ - as.-i dln.a:b._o_n_amn
va&i0'-,115. ~e~a.9</me.n-k · ,All_ +hese .a...J J-e.d Me_ ~4i.ci~
..a.n.d_
u I m o o a ~ ···-.Q£l d ::\-b e 'j &-4 r:n 'd-$-el _. ___ _
__fo&-.e.xo.mpL~- lrlhe_ri--lhe. '5rale of- p91od11c+ioo iOLlhe.c,se.s __ _
+.J-ustlhe.21-__,,. +he_ .$&m- divide z each deba-~+meo~ ·,n-J o .sub-de/')-
1

0.9.:tfm en~_ Ii k Yl :&<keJi~ depo,9(-Ltneo-1- jl3 divided iDta sales •


, •mOr+i d:1a _d € r~· , - '.PMJ-1•di O O dej:,L-_ ffi(I S, j+ hf Ip 5 ~i___._n.____
on d ~o.dt1ckivi½d • --And :lb e =>

#he. ::fi.9:tm. +o .~educe . man -


,naot]~ia l eDJoamie s.
__._._~~~1-f---l..a.u.:sl--1-tbu...c...e-~qr-Li.9-t~m In c.<L1 e. o s e s il;z ;:S ca le
½
r->o<,-l.,,J..J,.-)~l..l,..l...L..u.·..u.~ oo d a c e s-d m'a Ii mi./- , dhe ma o °tfemw-"21..
t"JU...U..',,'-l----LL-:~fa::!~~-::!~~o~c:~o~ng_~~ao~l~a.LJ□~d:i__ct2_- o 9-:,d in a -I- e . -:IF Ie ad 2i

. . '
nP!::!::!:!::~ ~":fi=~~~~e :=~~:±::::::: -::!:::::!::.~~ ~~m~1~e~-s~=::== Tn ,91 ois; (j
e21ponsio~ I o°l:r iL!!im i;z i o :favau,'ba 61 e- _
io-91. 1os+ooce , cfJe.9i be-lde.9::1 -.8ecu31~ +c
i+
be~au.se. ~ i,1, IA'\e\\ - _hp.own S:zoi>1>e. m~n~
., -51 nee. 1rp1e.s::l-o 91)1i hove. coofi den ce do i +-
~.....,.__,..,~---f__._~__,.__VsL.!.-6.U..a,_...,.9:1r:.l.--\e_...s-'----l,.c_,__al..L.Lo k )u .5 al d on ±he .s beck\
.. Ck e o di:::.[
t-->--'~.._.___._ .~....,___;;....--- -- - - - - -- - - - - -- ~
H ,.1 eve.9-t --, -l-6 e,se ::f10 a o dol rn.s:l: Hi ii &ioe r:oo:;_
'D Nim 11m seal e f±i- :iradudior f
eca11se t'>f \<Helad;vel:J mas-re de('eodew

pa ,si t(ao :l-6 e n.


6oo~e.2::t0 a o cl --ihe_ __
blill conf,dehd obou+ _
~..LL.LL.L,...C.~~~~Q.Uill.__Q(_Ql£_~1
0 oducJ,oo • . fhi'5 becau,se. 0-L
,= mos-,e. cleb.e..-
I H
II

c. IA-S S MA- t.e.


Oat~
Pago..:...

-- --

l on om ies cm d (f) ise con .om .te s - di & e. j~ -


'Iechnolo tea Ec
e._ +h e up cL ale .d tnQ c.hlnC: _.2i-!/ :/_Do.Ls .o nd I:- -
ha-l ~ klh e.n hlL hay
$- .,_ U kllil hcl):,_Jo p~ uce lru,__cJ£ nm ouri-L ~ .
ecpJi.t,.nte_ni
'cluJ pu_+ • dL he.co mu _ i bIe_ {Q LLSe.. mo .9:t e. o pee "r a Ii-¥-d an.J.-
r-a:s.s
e.Jd'jc.le._11± ':fofu!IL OJ .al l 1od Mt s p-:llodudUJr
Hhen -lh.e ,sc al. e. e~
J-lhe.!!-1. __
an d. _-:l.~e.. Qmoun.-1 ~ labou.97 _a nJ <'Z
..is_ ,inc.21easd.
_a_ do_ ~ kc om .e -t}e.9:l ini.9:-lO.ducli'on Q/ a /9:#ea-le...21.
las tJ~ee_·
Jab o ~ .9-t _5~ ec i ali ~ aAi Dn 6~ m_e$ p:1SS1bk1~
CJJ- - c:LJ _yJ. si_o..n_ oJ CL.9 -t

............._.d Cl,,$ ~te.sul~ c.o..sl pe.9.-t u.ni ➔ d eel ine-=:i. _ _ - - -.

+) o.w e.Y e..2 -t .b: :1o nd a ce~ ,~Q w ~o in ➔ a. sj1.91rn. -_


_ _
~ -e c..o n o . ~ aj 5. c..a.l e •-Lh i$ ~ bo pp e n~- -_
.....__,___,J..,.e___._21......._ie..n ce -l
....s~ e. l a.9J9 ~ - _
n_e

._ bl h en 1
~ i .91 m _b o~ .i.9:.!e.O c._h.e_d a
._,._,__,........... ..._.......,,,,..,_e.
D+ l alnJ ..O.& J-. _a ll dbe p.o.s.s_i.b'111-lk:x8_
t-->--L-L-~L ±Q _ allo
Q.rJ _B J~
.i.1 _ __L
la 6
l_±
0
j~cJ
&l
jOL
_ax 1-d _ r:I 6 e. ._Q_ m L ~ ~ _ 6}~ m ~ e. -.
r-f /
II
an :1 h e \... 8L~ _ -.
t • • •

......__._..._._._·.,_._I d- _r n ochi n ~L / 9-1 }h_e.91.


d n c 21.eo..61:
f' 1-J,1 r' ~ { { irn IJ i'72- --lo ma n f.J em er1-I •
~,---,. .h €. 1a n±
- -

Ec.Qnomie nd_ on om ,e. ~ ----A~ _ a ~J


91es ~. e. .
• 5%- _\£.Oillrne o,f - p,.9{od11cdion .J+ '9-:teq_u_i-
9:< i Q ! ~ po o en ~J
.L en c.e _ ,_}1
om ou nt.f i BJ _ & o 1,J m a i e
_rnfill-..
- -:s u c b _ma➔ A 9--,i al o n d __c__a
~........._,~_c,--6..1----"b~i~i11\ !u 9:1 d e 91
~

~ en jo j ;t, di; s co11nd ed ,6.9-1.ici~- a.9,d,h.e:m


, Em ---f.
• o._ ac hie ve d _~ -S :o~ , dJ
dbe sa! e5<
t/b de 'b - ~ , -lh eb --/be 1-t=
n-m ca n
Jj iJ, b\~
_ ___
· • 1 u..:L. _aJ_ ll ±LLe... <? x+ "?l..a c.os + ~
:G, 91 +he.21 ) o s_ _::I k .s c a Ie, Q J P-o ad II cd io n 1oc 21 €0:t<
e a dve :H+-isicJ ms-I pe 9--1 u o"i:I, j..ru1..:... ti : h ce. ,__::I.he 1I..2-w:L -
e;z f d "e 9: 1. /-' .~ Q · flJle-9-1 an .
be.ne..jl};s_ ~ e co no mi -.o a
?:J
Ur fL. I ev e I ., ±b es e..__e_c_o.n_o_mle.s__ ~~ ru: i ± bem..m.1
~-'- '-'-'·
\e ,s A h~ h, _ _ _ _ _ __ _---
dlz ec on om
.rO.9 I €. XO rn kl e -
1.f ~ 0 u__s \:, end £ 1 OD .l).D a .rio±i..anal _± y
adves1tisi7J campatJn, i+- jJI on!:J
Jd1l.91lhwhile._ if !::JO<J
o 91e a b·G. no~i onalc.om ~an~ J.i1;e- s-1-a 'hb u.c.ls,.s <'l .91 ceca::....
co\ a .__ jJ: ..:1.0~91 ~ud ~J.rl· b s ~ , --:1:h e ave 'Ht:_Je. cM±: of
-lbe.. _adve.91Ls,u J.J, rnuc.h hdbe..21 .!-,- - - - -- - - - -

v{ Ris ~ - beas<ld -:::-. fl ~191J:O. e~CJ•!JIL -:!he. ecaoomie:5 .the.


Qf ..9:t.is'"" = b e..o.fili I.;9 jJ i + ha.,2, Cl 1Q.<J,(_r - SCaLe. 0 he wJ-io 1'.J
1
~-i'14 b div~ e CL n~ m u\J i - p.9-to due1: i on .c-11.~ a b·, 1iJi e $?- • c"
}-Io l,.)e._y e<f--r- i} ➔ he. dlve ..9-:1.s.tj'jc_a4 io a _i..LOc 9-t e.o.s es ::J be.. e co-
n.a ml c d.i,.2L+ u .9-1.6 anc g.g & a ~ ::! 6 a n _c_ o v e 'hi cJ ➔ b e tu ,
d-h.e.n _-±he.. S::tis ~ 'tnc.<n e o ~ E'7' .. r

:fo.91 e.xamf'le. - To deYelo~ ne k-1 ~~ ~~ ::l:2<e:a-l- ·11/ness


f al\¥ .co nsi ~ Bi abLe. d Z.J 91 e<;,S of _ ~- rn n 1- ~ n d . 91 e.
' - 5 eillhc.h.. ....bl.Jtb .D..D... a
Cl a ,9-!Q of e e .Of s II Cc e s .s , MCJ_JO .21
~ ha..s:t.roac.. e..ulie a l.fo CoLll /::i a n i e,,53 ) .s uc h a s N o v a 4t J,·s . e +c
un d e2:1 bal\ e., _st:F-f.lD:w:L & es e a .91 c b ·, n d e veJ a~ i n(J n e.w
d~cf' - - - -
...2! Exploio -=r.h e loY'J_ qf- VoS:tiable p?J:o~o.9:<+ioo .

.· n.s-. .1J.e.. c.an t,nde.9-<-s:I and 46 e ( Law of Yo.9iiahl e poopo?t:l,00


1

"with .:the. .he.If) ~ l To+al f'wdnd. ' 'fly_e-,tr ~JrOdud,


...QnL' Mo.~ioal 41Lod11d..'•- . .:. - - - - - - - - - - -

Jo_toL -h0_o_d.ud- - Ule. g_uanJi0 oJ 1Ct1lput ➔ban con be


pQd_Lw~d . .~ . u..sJu;tq Q ,:se! etfa'veo •
U _____ __"'_____ _____ __
.:Jo--LaL ....p.~oducJ. __
, _____ TP::: cMP O,<tt TP. gyp xL
- - ·= = =
_ -fl ve.9<. 9j e. J:,7,o.d u d· - -4:1-- ;JI d eJi.ned
LR!'l a,s :±he, o 11-I f>-u+ -
-pe!t!_ W::lj± of _Lhpu+_• 7&- cc hcepJ. of ave 21°<5 e.__ p-?J"od_v.c1:-_
.. 1 elp~ .Q p.-n-_Q dLI ce¥ _lo. a .9:t .9-t iv e a--l- fnr a d uc 4i vL _e_fjuj_msJ- ·
- ~-- _ill?. - TP -- -------------
L
--~ --- --
~a-~~!=~~Q.J~d~~c===+======lMa=!..!?~) --: .M~rwl
..1:-=--:::!:;_j p.'."!o dud- i?( d eJ i L+>--L-A---1

;-0 ,n ..J:o-l:-a./ _p~a_cluc:l:. due- il2 nne 110·,:k~


_._.____,_._.._._,__...__~ _
-~~o,<t1ioble. +._jl ~ ale o d~1ne.d__ as ::\he .siod e. ~ c e.
· :lotol pao.d.ud !_ _ _ _ _ __

- l:::1P =- IE1 - IE. _a 9:i ) M?-=- --6~:t-4-P_ _ ~ -


L ,- L 6 L

OiA\ -97ne tlOb! of VoS:<iable. ~ n ' i)l> also k\nawo .a.;i.


~ ,. f·., ,.9:1 e±u-9:< o d:o ~ o d o .9:, ' o n d \ i a w__ .o.F---'~__._._._,_. . . . . . . ~.,,_,__.~~....,_,___.__.

~.Jls.s ~ +he. ±echna I°8.:f +a


c a nl-8:l:o n l- , ad
--&t e tn a in
_e_n ~ a o d
11
p
La.c.e -y -th e. -1.Q.bi_aJ Va 81 ia bl e. p:n opo.9-d-i o.
efo-- ~~o't -Bs Yo.<Hia.bLe. 1opu1Js (1$,te.__,ihr9-teosec{' lhe
9

f
.ll± 1n1-\.iollj ,I\.Jise.5 n:l:- a.n Jim i in c.'l1e.a.s i ,9,nl-e ., -± ~~ '.B
Q__ _de m'1□ L;ili(j-~ ol~- _
____ an d ll 1-l--i en d-1':{ i .\- slru:1 s -\n__dedi ''

e._(Leud -0_:f- Yo&la.ble.. P,o]:,ru.ilicm' can be. _expl oU'.;ed _


. Hi:th +he.. _h.e.lp oJ- difje..91en4 p11oduc~, _ohedule.fa and. c.w1 vd
l.l nc\ e__.i. ~ h~ ee. d if-J~ 9-<..e. n+_ '>.&•I tt 6 • _ _
96-lt]e.. oJ 111c.~tens11;9 ,'l,Cfo.9111 -lo f,c-l oot _
u) o-lo/fe.. oJ ,!e111'1ni-,h~ Ste lu.91t1 lo •1 ado.9t
uy 61-~ec, oj . htrliv(', _gt C\ (lj(n i
-IO O cl <la, .

ix~d ~h~\. lt \/asti able dn~u + Lloboub) -rp fl p Mp r -~


-'){_
0 <) - -
- ~~- ?(
\
- 1 10 _,o _ 10
~ __ ~ _l5_ 2e, r.6~ 6..l 0 e.
--- ·•- - 0 . - - G, _() __2..Q _ _3Jl -
,
')( - -- - - - - .1-_

b •ic!k- -----

ts:'
I --~- - f
....,
-~ - 1 - - - + - - I
1 s "'-ji;'- -=i===--~>~x r---
I
2. .L' s ---~
:.,:t= -·--:obou·::-~--_--~
_ - ¾.,, - ~1~ -
- .
6:to/je l -fo.lloh1ic:J o.9<-e. -lhe. -:;fea~U.9-leJ: Of si?J e _J_ ➔
fIP!e TP • CU..9< ve , \Sfo !1i
.. o_f on 1n.c.9 if as1? 5 s.9-1..0:. e •
\tJ i _ __
J){ om . \ h. e_ 'LJ..9-1lf n i ;ii .9-dsic/ _
__ .
.iJ:; 7h""e.
MP CLL.2::1.ve. ~ise. .s -Jo ..9.lea ch i~fo ma2d mum - _ _
.·119 Jhe_ _ap .cu~ v~ _ Lj)S 8tise,.s cJ 9-<adua1~ • _ • ---

--~ lliis ~e. .. IJ> - ~hoH n_ as -lhe d i ~e.


~-1 -UM /l_ :io '{ac~o.9£·
1ncst e..os1 Qj 0

7J --.
__ _
.. ---- - - --- ~

~ ea.son - ~4 ac5e_j_ i$. ll-ie._ &es ul~· oj unde21 u liliyai ton


f.J - ±b..e.. -4 ~ ed in pu~ j ho-l _. i;$ 1h_e g u~ ()_~ l+j f)~ yQ.9:1.Lahl e
r C

pnpu~ 1n_ &e..spec+ oJ {Lxe.d 1_npui $ Jfa_ l e ss 4h a n - ~


. who J _ '1-l- ;...;:; h.J) uJ.d . he.. . -n:;:e, ' Lm.J OJ . i~£1JL'.° a.s J( ) _..:h.d~-9 111
.±0-4n..c~oS:t._ al;oo ~ce.~u.\.:L5 _d ue..... lu -~pe c1~.odlon ~ .c4 _
..............__ .o.u:lc.ome.. _o_J di.Yis i.on oJ- _[;{)_()_s1l~-
· 5-om.e:lim e ~ lhi_;3._ _
~ _ - 1 ~ f>l ru:e, _due. -:1.D lfully i:si b1 j'-1 -9:f- c e~ a in j.J2C.. _
+ct¥-·· 091 p:zrod11cdfa n._~ u_c_h_ o~ rnacb lot:J . ..
-- - -
e 2 - od 't]-e, -2- ~ ~ c...'l:tiy e.d - ½t-ibe__ ~
d±lt.9 10,zL - _ _ _ _ ~-~ ~- _ _ __
1 7h_e.,_ TI sili, g,g . hu:!.
a.:i · a _dim_J rJ k.6 i
CL , 91 v e.,__
s-tol.e. _±a_ m.e.och_ J_j;,S max im.u m·
.llilJ--1 cJ
_ --~- __ _
_ ;;e__- _a_ v~.e ..~d m:+ __ &LU:>_
4---=u e__s ±a meo.ch._lt%. .rnnxi m<2ro_
1,u} a_ly, 0- ~~Cl jtt.5 -ifl ~cill., - - ----
- lbe. ~P c t1<J1ve ~ ~ l~- mM. lmum -lo_ exh,hiL
:the_ -4o1Lo~~ - - = - - - - - - - -· - -
L ±he BP c ,1 ru" e o1 J{$_ m.Cld lrDJJLP-,,. __ __ . .
_f)l_ .::Lh_e_ _ ~nl_ _ClJ - j_od_e_9,1,zecd to_n ~ 1z-_ -~ v..aJ_ Lo 1'1_,___ P ._
ill .Glk vL 8 ~ 4.o. _-:kwch ±he..__ X - f)xi,.s 1:,1h~Jd .
heco me;o fl ~ 0
. __. . _- - -
1----'L.L-'-e.. ~.~poi n ➔ - ~ _Ml: c c.tJt v e _loJJc.b e/"li ~ h:L :t..... a 2< {fa
C.Q.913&2,frn nd;a. _+o 0- . f olfrL_on_J7? c ".9-1 e. blh e e 7:P J :;11 aI
'.ll 9-1

' _ mo.xi,_nrn m , J@s; \z +h e. pa·, n-l-- H 6e2:te. ,s+<a e. - 2 e ads .

. ~}3'.lie.
4lli~ i;t, ¥Obin OJb -lhe. law o} deminisbin
__&__e. ~l.l.91_ _ 1o cJ. 091 •

- •

. 0
C I
,9-t P strh-- oJ-d-6 e.. 0 pH mu rn
\xed 1opu~ :.Ab a+ j.6 -\-he . _g_uon~ i~ l
, *d ) ea .
,9-te)Sped oJ ~ iopu1 '1.-J?. 9<

~ ~ad uce.21
k ~ i 11- r
'=' h 3-tt.,tr P.9-t +a O ~ e_,
II
;3. W9<lt~ sho..9:{t- _n.ole.,.s on -=-- _
J~ n~pasd-un~ c_Q.sl:.
ht u~ Cost -
'. c) jm_plic,_L c_05_l _

~:=::--- 'Ol,~o.qJ_1.1nLGJ_Co0 l - OJ+ o9cj uni I':J co •,-l· LI?, d12-1 ined O.,Z
±he n.ex:\- __besl \ho-I · oHe..91nctlivc ci ,.~o.c lo J1 C){ podu
-c.ttan_ ~ 1D..9,tc3one.. '1n C.9tclc91 fo ..9terno.ln in i-1~ p~esenl
1 pl~
ra_e_nl . Tu.s-L e xa mpl e.. -:- fi -~ a c. lo ..Ch ~ - ~::t6od ur (1on 1 2
1eseaio.J~ empb1:jed a\ a s alo.9_:;J .9tupres ,..cJ,O0O 0'1 oJ
~ p9:1eviou.,s so\a .9-tles w.~tc _.9-,u~:ee s _ 10,ooo , .9-,uJ~ee 2
d ~u~e..$ 2.\, _Q QO. -=rs-e._ .Oppo.91•l uni1 ~ (O'SA tAtoLJIJ
..&JJ~ 2 LOo_ o b£.co U.;£> L 11 _i,2i J:h e, ne xd be,.s-l op/?o'h-
un1lj 40.9-1
a ~ lh ~ _ Ponduc.-liao_ b-lbll. 153 _/'.:)_"(j esen 1'J
i:>:b-[\\~ a± ~ 25QQQ. _ _ ___ _ __
7Fi"i Sl' OJ ea n st --l hat- <liL '0 ~ uni-hJ _c_asL,~ i
~e p\ace d-wo pirrwJ:la..nlru.Lg' -\hiz1s- hl.l~d~-I ah_ _e_ __
., ._ ..nf __Q__ tLe.hl -D-p-)?o.9:fd <1 n_i ~-~
• •c -OJ= d I, e --£)(is!!±i -0}~n !_±y • cJ ------1

----- -- -- - -
-1~ DJ - ~.d.u_c1lc n whiC'h clne.sr{
-

- ~l~ha.a,._.+
a±:_ :! bq.J ca.s e -Ah~ hi.!ned ~-bee
mid -iD ~ th a.:! _ h.~ Lil pal _d
l--l---'-'-'-~.....___,__,J-1_-4,,p. ,L. J.9:t.. .u. . O. . . , . d>J-Lu~cdfo YJ_ ---l- J,::,J
t---t-'-'-'..L...!.-.._...........,,._,__...J-L~-1-1-~ ~ J: 'u.9:1. 1ul i atz_ k,_no
!.1ht' • - .jj fo 0 /dfl Cl.&
. C Q,s + o.<l-t
c1cm uo ~ C'.0.6_-l ._
r-----~~l..L.L..L.J.-L.....Z:l.wos1 . .,, _blh!?n an eal.o..e..f '½erieu~
:1-e ~, l-a bf z __ru-, .°71.DJ .p..clt- odu cHo o__,J1 e. ha z fo (.:i a Lj
~E'~e._
0
~~_._,__.,,_._-J..-:._t-J,e_ -
j~:d p-03
0,9.3,13-Wbkh - c.m~l~e0o os 1
~ w~.e.$_ +o t;J.o-z, g1;$ ~em 1J'jed,
h.e. k.e
~f
pl
r,.,.-,;..u·~e,.g___t.J'.l-9:! _-11,e. _,,9-i a...i . r:o ad fl.Sila I~ _ ue l o n d ow .1:_·IJ ,-i
e. col:\:?' of accoun t-~. _Fos, example -
oh ~ a a 1,;\n e?1 Of a b"vio e ss -.9:tesnl:!: ~

TC

Tc
Labou~ LIL - - - il} C11lp_ul_ _ -C.v C
0 0 _a_ a_ _ ,___
1
- - - - - ------1- - l-'d'----+ --- - l Q_

2 - -- - - - - - 2_ 1£ -
-3 - - - ---_ 3 '2_._.3,.___, _ __
----~-_,__ ____._._. ___ _ _, __ - - _ ___,_.!::J_ --3 D
--I- _5 _ __,_...,,_ -.- 5 (10 _ _ _ __

__ b_ _ __I._. .Q.___ ~ Sb
1_ .::i i {
----~- ---
-- --- -- 301
60, - - -----
- ~ -- - - ---

....,..___ _ _ _ _ _ _ --- - ----frfr-..,t-----------1------


f

--- - -------

rf

1 ~ -3 1...1 S C:i ~ ::_ ,,3 .J £ 6 .::i


0 lj ¾ I, ti I
L.obo u '3
--- - ------ -- -----
c..(A-SSMA-t.e.
Ocrto:

1v) 1- [C ., Tc-TV( ~ _ rv(


'J\/C-:c T-C--T,.__.___..__ _ _---t
Oj L, Tr l =. 'A I c x~ .- __ __ o.~1-,T v c :: F-) _
-----j
_ Hh e~ l AIL-.. Rvc~~ tked.oul -- ------------
~ o.nd~ Q .i2 oul~v)

_he,__ 7 e.w o even -:,;_ Y


--f
=-..L .L..'- --"-- '---l- L..LI .....L -...__

o/ .::1 l can n e..ve.9:t j • ..JL .-_.L .J-..-. L..U. J~


-1-- L

____ ,
if fJ 4 h_e..9.te.. i$ nQ__~d oc J
" ..____~
,~oo.,.,___-1..b .__---1-L'L~,.__,__,___,_-'---""-'-..,___,___

-- -- - -
='--- =--- -"'-" '--'-- ----- -!
_"1) 1he. c.c.t .:rixe_d_ ms_+ J,2 l
". b.~ __ ,,_ _~-1-1--l-\.,....__J._J,.,.C,U._. ___-'-'--'-'>----'-'--'='-----'

IJco~Jfa.- .oJ- -P-'?}'_oducli: 011 ~ ~ 6-ad- -"


I do no J c hG.9-'-]..e.. J..1.i+ h_ a
1
c6cJ.e- .ib 't:'utp--ut,_
- -
-------
- - - -- --- 1

--- --

\.ncuJ>.°Qe d _C}~ -fi "1ed


!..J.l.J._Jt..L!---Y..J_}_- - - 1
J'.. 14 --d_'-- -'7.'-'-----LL..l..{,...1..l...!,
vu) jj_ i,z _
+u- ~~g ___ _J_ LD .-J: ::.. ,__
__.
H 1_ac:} a...2tJ ~e - l a o..d+9 _i...6LJ..,L12.J..µi/d--d..L.J.
!' ~ ~
~ ---~~ ct :.LU....~

w · b u a-
p

S-ar putea să vă placă și