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Анализ безубыточности фирмы

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Iaeaaeaiea

Iaeaaeaiea

§1. Eiioeaioeey aacoauoi/iinoe a nia?aiaiiie yeiiiie/aneie oai?ee.

§2. Ii?aaeaeaiea oi/ee aacoauoi/iinoe.

§3. Aiaeec oi/ee aacoauoi/iinoe.

3.1. Ii?aaeaeaiea naaanoieiinoe auioneaaiie i?iaeoeoeee.

3.2. Oeaiiaay iieeoeea oe?iu.

§4.Ieaie?iaaiea aacoauoi/iinoe

Nienie eeoa?aoo?u.

§1. Eiioeaioeey aacoauoi/iinoe a nia?aiaiiie yeiiiie/aneie oai?ee.

Ecaanoii, /oi oeaeueth aeayoaeueiinoe oe?iu (i?aaei?eyoey) a nia?aiaiiie
yeiiiieea yaeyaony iieo/aiea i?eauee. Eiaiii i?e yoii oneiaee oe?ia
iiaeao noaaeeueii nouanoaiaaoue e iaania/eaaoue naaa iniiao aeey ?inoa.
Noaaeeueiay i?eaueue oe?iu i?iyaeyaony a aeaea aeeaeaeaiaea ia
aeiaeaiiue eaieoae, niinianoaoao i?eaea/aieth iiauo eiaanoi?ia e,
neaaeiaaoaeueii, oaaee/aieth nianoaaiiiai eaieoaea oe?iu. Iiyoiio
noaiiaeony yniui eioa?an e i?iaeaiai i?eaueueiinoe aeayoaeueiinoe oe?iu.
Aanueia aaaeiui aniaeoii aeaiiiai aii?ina yaeyaony eiioeaioeey
aacoauoi/iinoe aeayoaeueiinoe oe?iu, eae ia?aiai oaaa e iieo/aieth
aooaaeoa?neie, a a iineaaenoaee e yeiiiie/aneie i?eauee. A aeaiiii
ia?aa?aoa iu ?anniio?ei i?iaeaio aacoauoi/iinoe aeayoaeueiinoe oe?iu n
oi/ee c?aiey yeiiiie/aneie oai?ee n oai, /oiau a neaaeothueo ia?aa?aoao
eco/eoue aii?inu ii?aaeaeaiey oi/ee aacoauoi/iinoe oe?iu, aiaeeca
aacoauoi/iie aeayoaeueiinoe oe?iu e ieaie?iaaiey aacoauoi/iinoe a
e?aoein?i/iii e aeieain?i/iii ia?eiaeao.

N oi/ee c?aiey yeiiiie/aneie oai?ee aacoauoi/iinoue anoue ii?iaeueiia
ninoiyiea oe?iu ia nia?aiaiiii eiieo?aioiii ?uiea, iaoiaeyuainy a
ninoiyiee aeieain?i/iiai ?aaiiaaney. I?e yoii iu i?eieiaai a
?anniio?aiea yeiiiie/aneoth i?eaueue, oi anoue oi ii?aaeaeaiea i?eauee,
i?e eioi?ii a ?anoiaeu oe?iu aeeth/aaony n?aaeia?uii/iay noaaea aeioiaea
ia eiaanoe?iaaiiue eaieoae, a oaeaea ii?iaeueiue aeioiae i?aaei?eyoey.
I?e oaeeo aeiiouaieyo ii?aaeaeaiea aacoauoi/iinoe cao/eo neaaeothuei
ia?acii:

Oi/ea aacoauoi/iinoe – yoi oaeie iauai i?iaeaae i?iaeoeoeee oe?iu, i?e
eioi?ii au?o/ea io i?iaeaae iieiinoueth iie?uaaao ana ?anoiaeu ia
i?iecaiaenoai i?iaeoeoeee, a oii /enea n?aaeia?uii/iue i?ioeaio ia
nianoaaiiue eaieoae oe?iu e ii?iaeueiue i?aaei?eieiaoaeueneee aeioiae.

A naiii aeaea, anee oe?ia eiaao aooaaeoa?neoth i?eaueue, oi anoue
naeueaei aeioiaeia io i?iaeaae e aeaiaaeiuo cao?ao ia i?iecaiaenoai
i?iaeaiiie i?iaeoeoeee iieiaeeoaeueii, oi iia iiaeao ia aeinoeaaoue
oi/ee aacoauoi/iinoe a niunea yeiiiie/aneie i?eauee. Iai?eia?, i?eaueue
oe?iu iiaeao auoue iaiueoa, /ai n?aaeia?uii/iue i?ioeaio ia nianoaaiiue
eaieoae oe?iu. Neaaeiaaoaeueii, nouanoaotho aieaa auaiaeiua niiniau
eniieueciaaiey eaieoaea, eioi?ua iicaieytho iieo/eoue aieaa aunieoth
i?eaueue. Oaeei ia?acii, iiiyoea oi/ee aacoauoi/iinoe yaeyaony
iaeiia?aiaiii e iaeei e?eoa?eai yooaeoeaiinoe aeayoaeueiinoe oe?iu.
Oe?ia ia aeinoeaathuay oi/ee aacoauoi/iinoe aeaenoaoao iayooaeoeaii n
oi/ee c?aiey neiaeeaoaeny ?uii/iie eiiuthieoo?u. Iaeiaei, yoio oaeo nai
ii naaa ia neoaeeo iaeiicia/iie i?e/eiie aeey i?ae?auaiey nouanoaiaaiey
oe?iu. Aeey oiai, /oiau ioaaoeoue ia yoio aii?in iaiaoiaeeii aeaoaeueii
enneaaeiaaoue no?oeoo?o ecaea?aeae oe?iu.

Aeey oiai, /oiau oe?ia ooieoeeiie?iaaea iioeiaeueiui ia?acii iaiaoiaeeii
iaeneiecaoeey i?eauee oe?iu. I?ioeann iaeneiecaoeee i?eauee yeaeaaeaioai
i?ioeanno iienea oi/ee aacoauoi/iinoe a yeiiiie/aneii niunea. I?e
aiaeeca i?ioeanna iaeneiecaoeee i?eauee iu aoaeai iieueciaaoueny
neaaeothueie iniiaiiieaaathueie iiiyoeyie:

I?aaeaeueiue aeioiae – aaee/eia, ia eioi?oth eciaieony niaieoiiue
aeioiae oe?iu i?e oaaee/aiee auionea i?iaeoeoeee ia iaeio aaeeieoeo;

I?aaeaeueiua ecaea?aeee – aaee/eia, ia eioi?oth eciaiyony niaieoiiua
ecaea?aeee oe?iu i?e oaaee/aiee auionea i?iaeoeoeee ia aaeeieoeo;

N?aaeiea iieiua ecaea?aeee – aeiey iieiuo ecaea?aeae (oi anoue
iinoiyiiua ecaea?aeee + ia?aiaiiua ecaea?aeee + iaaica?aoiua
ecaea?aeee), i?eoiaeyuayny ia aaeeieoeo auioneaaiie i?iaeoeoeee.

Ec eo?na iee?iyeiiiieee ecaanoii, /oi ia/eiay n iaeioi?iai iiiaioa (n
iaeioi?iai iauaia auionea) e?eaay ia?aiaiiuo ecaea?aeae aoaeao yaeyoueny
aic?anoathuae, a e?eaay i?aaeaeueiiai aeioiaea – oauaathuae. Aeey oeaeae
iaeneiecaoeee i?eauee iniiaiui yaeyaony niioiioaiea iaaeaeo i?aaeaeueiui
aeioiaeii e i?aaeaeueiuie ecaea?aeeaie i?e oaaee/aiee auionea ia iaeio
aaeeieoeo. I/aaeaeii, /oi a neo/aa, eiaaea i?aaeaeueiua ecaea?aeee
iaiueoa i?aaeaeueiiai aeioiaea, oaaee/aiea auionea iiaea/ao ca niaie
oaaee/aiea aeioiaea oe?iu; a neo/aa aea eiaaea i?aaeaeueiua ecaea?aeee
aieueoa i?aaeaeueiiai aeioiaea, e oaaee/aieth i?aaeaeueiiai aeioiaea
oe?iu i?eaaaeao oiaiueoaiea auionea i?iaeoeoeee. Oaia?ue iu iiaeai
noi?ioee?iaaoue e?eoa?ee oi/ee, a eioi?ie aeinoeaaaony iaeneiaeueiay
i?eaueue:

Iaeneiaeueiay i?eaueue oe?iu aeinoeaaaony i?e oaeii iauaia
i?iecaiaenoaa, i?e eioi?ii i?aaeaeueiue aeioiae ?aaai i?aaeaeueiui
ecaea?aeeai.

Aeey ii?aaeaeaiey oiai, aeinoeaaaony a iioeiaeueiie oi/ea i?eaueue eee
oauoie, iai iaiaoiaeeii ?anniio?aoue niioiioaiea iaaeaeo oeaiie ia
i?iaeoeoeeth oe?iu e n?aaeieie iieiuie ecaea?aeeaie. Oaeiaiaa anaai yoi
naeaeaoue a?aoe/anee:

I neo/ae.

A aeaiiii neo/aa ?aaainoai i?aaeaeueiiai aeioiaea e i?aaeaeueiuo
ecaea?aeae aeinoeaaaony a oie oi/ea, a eioi?ie oeaia ?aaeecaoeee
aeaiiiai eiee/anoaa i?iaeoeoeee auoa n?aaeieo iieiuo ecaea?aeae.
Neaaeiaaoaeueii, a aeaiiii neo/aa i?aaei?eyoea iaeneiece?oao naith
yeiiiie/aneoth i?eaueue.

– yeiiiie/aneay i?eaueue oe?iu.

II neo/ae.

I?e oaeie no?oeoo?a ecaea?aeae e oeaiiaie neooaoeee ia ?uiea oe?ia ia
iieo/aao yeiiiie/aneie i?eauee, eai aa iieiua ecaea?aeee a oi/iinoe
?aaiu niaieoiiiio aeioiaeo a oi/ea iioeiaeueiiai iauaia i?iecaiaenoaa.

Aeey ?anniio?aiey neaaeothueo aeaoo aiciiaeiuo neooaoeee iai
iiiaaeiayony n?aaeiea ia?aiaiiua ecaea?aeee – oi anoue aeiey ia?aiaiiuo
ecaea?aeae, i?eoiaeyuayny ia aaeeieoeo auioneaaiie i?iaeoeoeee.

III neo/ae.

A aeaiiie neooaoeee niaieoiiue aeioiae, iieo/aaiuo io ?aaeecaoeee
i?iaeoeoeee oe?iu a oi/ea iioeiaeueiiai iauaia auionea i?iaeoeoeee,
iaaeinoaoi/ai aeey iie?uoey niaieoiiuo ecaea?aeae. Iaeiaei, i?e oaeii
niioiioaiee oeaiu ia i?iaeoeoeeth e ecaea?aeae ia aa i?iecaiaenoai
iie?uaathony ia?aiaiiua ecaea?aeee ia aa i?iecaiaenoai. Oaeei ia?acii
oe?ia ooieoeeiie?oao n yeiiiie/aneei oauoeii, ii iia iiaeao
nouanoaiaaoue a e?aoein?i/iii eioa?aaea a?aiaie. A oaeie neooaoeee ana
aea auaiaeii i?iaeieaeaoue i?iecaiaenoai, oae eae iinoiyiiua ecaea?aeee
oe?ia ianao aia caaeneiinoe io iauaia auionea i?iaeoeoeee. Caiaoei, /oi
iaee/ea yeiiiie/aneeo oauoeia ia icia/aao iaee/ea aooaaeoa?neeo oauoeia.
A naiii aeaea, yeiiiie/aneea oauoee iiaoo aicieeaoue, iai?eia?, ec-ca
auieaou iiieaeaiiiai i?ioeaioa ia eaieoae, eiaanoe?iaaiiue a
i?iecaiaenoai.

IV neo/ae.

A yoii neo/aa niaieoiiiai aeioiaea ia oaaoaao aeaaea aeey eiiiainaoeee
ia?aiaiiuo ecaea?aeae. Iiyoiio i?e aeaiiie no?oeoo?a oeai e ecaea?aeae
iaeaieaa iioeiaeueiui yaeyaony ?aoaiea i i?ae?auaiee i?iecaiaenoaa.

A neaaeothueo ia?aa?aoao iu aoaeai eco/aoue aiaeec e ieaie?iaaiea
aooaaeoa?neie aacoauoi/iinoe i?aaei?eyoey, oi anoue eco/aoue I, II e
/anoe/ii III neo/ae, ?anniio?aiiua auoa.

§2. Ii?aaeaeaiea oi/ee aacoauoi/iinoe.

Ia?aay i?iaeaia, naycaiiay n oi/eie aacoauoi/iinoe, – yoi i?iaeaia
ii?aaeaeaiey e?eoe/aneiai iauaia i?iaeoeoeee, i?e eioi?ii aeinoeaaaony
aacoauoi/iinoue. A aeaiiii ia?aa?aoa iu ?anniio?ei nia/aea o?e iiaeoiaea
e ii?aaeaeaieth oi/ee aacoauoi/iinoe: o?aaiaiey, ia?aeeiaeueiiai
aeioiaea e a?aoe/aneiai ecia?aaeaiey. Aeaeaa iu ianoaeei iaoiae aiaeeca
/oanoaeoaeueiinoe i?iaiiciiai ?an/aoa e?eoe/aneie oi/ee e eciaiaieyi
i?eiyouo aeiiouaiee (CVP – aiaeec). A eiioea ia?aa?aoa iu ae?aooea
einiainy aiciiaeiuo enoi/ieeia eioi?iaoeee aeey i?iaiicia
aacoauoi/iinoe.

Ia?aeaeai e ?anniio?aieth iaoiaeia ?an/aoa oi/ee aacoauoi/iinoe.

I. Iaoiae o?aaiaiey.

A naiii iauai aeaea noaia ethaiai io/aoa i oeiainiauo ?acoeueoaoao
auaeyaeeo neaaeothuei ia?acii:

Au?o/ea – Ia?aiaiiua cao?aou – Iinoiyiiua cao?aou = *enoay i?eaueue;

eee

Yoi aea o?aaiaiea iiaeii ia?aienaoue a aeaaa?ae/aneie caiene. Iaicia/ei
i?eaueue ca enneaaeoaiue ia?eiae /a?ac I, /a?ac ? – oeaio i?iaeaaee
aaeeieoeu i?iecaaaeaiiie oe?iie i?iaeoeoeee, o – iauai i?iecaaaeaiiie e
i?iaeaiiie i?iaeoeoeee ca oeacaiiue ia?eiae, a – o?iaaiue oeene?iaaiiuo
?anoiaeia, a – ia?aiaiiua ?anoiaeu ia i?iecaaaeaiioth (e i?iaeaiioth)
i?iaeoeoeeth. A oaeeo iaicia/aieyo o?aaiaiea
«i?eauee-aeioiaeia-?anoiaeia» auaeyaeeo neaaeothuei ia?acii:

I = ?*o – (a + a*o) (1)

eee

I = (? – a)*o – a

Iineaaeiyy oi?ia o?aaiaiey iiae/a?eeaaao, /oi ana oaeoi?u aeaeyony ia
caaenyuea io iauaia ?aaeecaoeee e iacaaenyuea io iaai. A /anoiinoe, eae
oaea aiai?eeinue, ana ?anoiaeu oe?iu iiaeii ?acaeaeeoue ia iinoiyiiua e
ia?aiaiiua.

Caiaoei, /oi i?e ii?aaeaeaiee ia?aiao?ia iu ?acaeaeeee ecaea?aeee ia
i?iecaiaenoai ?aaeeciaaiiie e i?iecaaaeaiiie i?iaeoeoeee. Aeaiiia
?acee/ea yaeyaony iaeaieaa nouanoaaiiui aeey aeaoo iiaeoiaeia a
oi?aaeai/aneii o/aoa: Absorption costing e Direct costing. Ii iaoiaeo
Absorption costing eaeueeoee?iaaiea naaanoieiinoe i?iaeoeoeee
inouanoaeyaony n ?ani?aaeaeaieai anao cao?ao iaaeaeo ?aaeeciaaiiie
i?iaeoeoeeae e inoaoeaie oiaa?ia, oi anoue iinoiyiiua ?anoiaeu yaeythony
caianiaieeie. I?e iaoiaea Direct costing iinoiyiiua ?anoiaeu iieiinoueth
ioiinyony ia ?aaeecaoeeth.

Eniieueciaaiea o?aaiaiey (1) iicaieyao eaaei ii?aaeaeeoue oi/eo
aacoauoi/iinoe iooai ianeiaeiuo aeaaa?ae/aneeo i?aia?aciaaiee.

Iauai auionea, i?e eioi?ii aeinoeaaaony oi/ea aacoauoi/iinoe,
ii?aaeaeyaony ec oneiaey:

I = 0,

e ii ?aaai

oi = (I + a) / (? – a) = a / (? – a) (2)

A ea/anoaa i?eia?a ?anniio?ei ?an/ao oi/ee aacoauoi/iinoe aeey oe?iu
Experimental Electronics Inc. Aeey ?an/aoa iai iiiaaeiayony neaaeothuea
aeaiiua:

Oeaia iaeiiai yeaeo?iiiiai aeiea, auioneaaiiai oe?iie 5000$

Ia?aiaiiua ecaea?aeee (ca?aaioiay ieaoa ?aai/ei, noieiinoue
eiiieaeoothueo e o.ae.) a ?an/aoa ia iaeii ecaeaeea 4000$

Iinoiyiiua ecaea?aeee 20000$

Iaeneiaeueiue iauai auionea i?iaeoeoeee, i?e eioi?ii aeinoeaaaony
aacoauoi/iinoue aeayoaeueiinoe oe?iu:

oi = 20000$ / (5000$ – 4000$) = 20 (ecaeaeee).

Ia?eiae, ca eioi?ue aeieaeii auoue i?iecaaaeaii ( e ?aaeeciaaii) oi
ecaeaeee, ii?aaeaeyaony oai, ca eaeie n?ie iu ii?aaeaeeee aaee/eio
iinoiyiiuo ecaea?aeae.

Eniieuecoy o?aaiaiea (2) iu oaeaea iiaeai ii?aaeaeeoue eaeiai iauaia
auionea iaiaoiaeeii aeinoe/ue, /oiau iieo/eoue ii?aaeaeaiioth aaee/eio
i?eauee. Oae, aeey oiai /oiau oe?ia Experimental Electronics Inc.
Iieo/eea i?eaueue a ?acia?a 10000$, iaiaoiaeeii i?iecaanoe:

o = (10000$ + 20000$) / (5000$ – 4000$) = 30 (ecaeaeee).

II. Ia?aeeiaeueiue aeioiae.

Iaoiae ia?aeeiaeueiiai aeioiaea anoue iiaeeoeeaoeey i?aaeuaeouaai. Iiae
ia?aeeiaeueiui (i?aaeaeueiui) aeioiaeii iu aoaeai iiieiaoue aeioiae,
eioi?ue iieo/aao oe?ia io i?iecaiaenoaa iaeiiai ecaeaeey. A iaoai
i?eia?a ia?aeeiaeueiue aeioiae ?aaai:

5000$ – 4000$ = 1000$ ia aaeeieoeo.

Oiaaea oi?ioea (2) iiaeao auoue ia?aienaia a aeaea:

a aeey ii?aaeaeaiey iauaia i?iecaiaenoaa n caaeaiiie i?eaueueth:

Oaeei ia?acii, a oi/ea aacoauoi/iinoe oeiainiaue io/ao iiaeao auoue
i?aaenoaaeai a neaaeothuai aeaea (eniieuecoy oa?ieiu ia?aeeiaeueiiai
aeioiaea):

Anaai, $ Ia aaeeieoeo, $

Au?o/ea 5000$ * 20 aaeeieoe 100000 5000

Ia?aiaiiua ?anoiaeu 4000$ * 20 aaeeieoe 80000 4000

Ia?aeeiaeueiue aeioiae 20000 1000

Iinoiyiiua ?anoiaeu 20000 1000

*enoay i?eaueue 0 0

III. A?aoe/aneee iaoiae.

Aeaa ?anniio?aiiuo ?aiaa iaoiaea ii naiae nooe anoue iaoiaeu
noaoe/aneea. A naiii aeaea, iu ?anniao?eaaai oeene?iaaiiua oeaio
?aaeecaoeee, ia?aiaiiua ?anoiaeu, iinoiyiiua ?anoiaeu e i?eaueue. Aeaeaa
ia iniiaa yoeo aeaiiuo iu ?ann/eouaaai iauai i?iecaiaenoaa, i?e eioi?ii
aeinoeaaaony caaeaiiay i?eaueue. Anee ioeacaoueny io oeene?iaaiiie
aaee/eiu i?eauee, oi iu iieo/ei caaeneiinoue iaaeaeo iauaiii auionea e
i?eaueueth, eioi?oth eaaei au?aceoue a?aoe/anee. Aeey yoiai iai
iaiaoiaeeii iauaaeeieoue ia iaeiii a?aoeea neaaeothuea o?e eeiee:

Oaeei ia?acii iu iieo/aai neaaeothuee a?aoee aiaeeca iiaaaeaiey cao?ao,
i?eauee e iauaia i?iaeaae:

Caiaoei, /oi ia yoii a?aoeea eeiey au?o/ee e eeiey ia?aiaiiuo ?anoiaeia
enoiaeyo ec iaeiie oi/ee e ?acieoea iaaeaeo ieie e anoue ia /oi eiia,
eae ia?aeeiaeueiue aeioiae. Eniieuecoy aeaiiue a?aoee iu iiaeai eaaei
ii?aaeaeeoue aaee/eio i?eauee eee oauoea aeey oiai eee eiiai iauaia
auionea.

Eiiaaea auaaao aeinoaoi/ii oaeiaii ?anniao?eaaoue ia aeaa a?aoeea
au?o/ee e iaueo cao?ao, a iaeei a?aoee /enoie i?eauee oe?iu, iieo/aaiue
eae ?acieoea iaaeaeo a?aoeeaie au?o/ee e iaueo cao?ao:

Caiaoei, /oi i?e ioeaaii auionea oauoie a oi/iinoe ?aaai iinoiyiiui
cao?aoai.

Iu iieo/eee aeinoaoi/ii oaeiaiue eino?oiaio a?aoe/aneiai aiaeeca
caaeneiinoe iaaeaeo auioneii, au?o/eie, cao?aoaie e i?eaueueth. Aeaiiue
iaoiae iiaeii eniieueciaaoue e i?e ae?oaeo (iaeeiaeiuo) oa?aeoa?enoeeao
caaeneiinoae iaaeaeo iauaiii i?iecaiaenoaa e oeiainiauie iieacaoaeyie.
Iaeiaei, neaaeoao ioiaoeoue e iaaeinoaoie, i?enouee ?anniao?eaaaiiio
iaoiaeo. Eae e anyeee a?aoe/aneee iaoiae, ii aeaao ia i/aiue oi/iua
?acoeueoaou.

Ia?aeaeai oaia?ue e ianoaeaeaieth oao aeiiouaiee, eioi?ua eaaeao a
iniiaa i?eiaiaiey auoaiienaiiuo iaoiaeia e ?aaeueiui yeiiiie/aneei
aeaiiui. Ana o?e iaoiaea ioiinyony e oae iacuaaaiiio CVP-aiaeeco, oi
anoue aiaeeco niioiioaiee i?eauee, cao?ao e iauaia i?iaeaae.

I?aaeaea anaai iaiaoiaeeii ioiaoeoue, /oi ia naiii aeaea ea?oeia,
i?aaenoaaeaiiay iaie i?e iienaiee iaoiaeia CVP-aiaeeca, aa?ia eeoue a
ia?aie/aiiii aeeaiaciia iauaiia auionea. Ia?aie/aiiinoue i?ienoaeaao
i?aaeaea anaai ec oiai, /oi i?e aeinoaoi/ii aieueoii iauaia auionea
i?iaeoeoeee ia?anoatho auoue aa?iuie iiiaea i?aaeiinueee, eaaeauea a
iniiaa CVP-aiaeeca, iai?eia?, iaeciaiiue oa?aeoa? e aaee/eia iinoiyiiuo
?anoiaeia, e o.ae.

Aeey oiai, /oiau iiaeii auei aiciiaeii oi/iaa i?aaenoaaeyoue iaeanoue
?aeaaaioiinoe aeey CVP-aiaeeca, ia?a/eneei aeiiouaiey, eniieueciaaiiua
aeey iino?iaiey auoaiienaiiuo iiaeaeae:

1. Iiaaaeaiea iaueo cao?ao e au?o/ee aeanoei ii?aaeaeaii e eeiaeii a
i?aaeaeao iaeanoe ?aeaaaioiinoe. Yoi i?aaeiieiaeaiea aa?ii eeoue aeey
oao neo/aaa, eiaaea eciaiaiea auionea i?iaeoeoeee oe?iu iaaaeeei ii
n?aaiaieth n aieinoueth ?uiea aeaiiie i?iaeoeoeee. Eia/a ia?ooaaony
eeiaeiinoue caaeneiinoe iaaeaeo iauaiii auionea e au?o/eie.

2. Ana cao?aou iiaeii ?acaeaeeoue ia ia?aiaiiua e iinoiyiiua. I
?acee/iuo iiaeoiaeao e eeanneoeeaoeee cao?ao aieaa iiae?iaii aoaeao
neacaii a neaaeothuai ia?aa?aoa.

3. Iinoiyiiua ?anoiaeu inoathony iacaaeneiuie io iauaia a i?aaeaeao
iaeanoe ?aeaaaioiinoe. I/aiue aaaeiia i?aaeiieiaeaiea, nouanoaaiii
iaeaa/athuaa aiaeec, ii e neeueii ia?aie/eaathuaa iaeanoue
?aeaaaioiinoe. A naiii aeaea, i?e oaeii i?aaeiieiaeaiee iauai auionea
i?iaeoeoeee ia?aie/ai eiathueieny iniiaiuie n?aaenoaaie. Ie oaaee/eaaoue
eo iauai, ie iieo/aoue iniiaiua n?aaenoaa a a?aiaeo iu ia iiaeai.

Aieaa ?aaeenoe/ii i?aaeiieiaeaiea i oii, /oi iinoiyiiua ?anoiaeu
eciaiythony nooiai/aoi:

Iaeiaei, oaeia i?aaeiieiaeaiea neeueii ineiaeiyao CVP-aiaeec, oae eae
a?aoee iaueo ?anoiaeia noaiiaeony ?ac?uaiie ooieoeeae.

4. Ia?aiaiiua ?anoiaeu inoathony iacaaeneiuie io iauaia auionea a
i?aaeaeao iaeanoe ?aeaaaioiinoe. Ia naiii aeaea aaee/eia ia?aiaiiuo
?anoiaeia anoue iaeioi?ay ooieoeey io iauaia i?iecaiaenoaa, oae eae
nouanoaoao yooaeo iaaeaiey i?aaeaeueiie i?iecaiaeeoaeueiinoe oaeoi?ia
i?iecaiaenoaa. Iiyoiio a oneiaeyo i?aaeiieiaeaiey 3 (iacaaeneiinoue
iinoiyiiuo ?anoiaeia io iauaia i?iecaiaenoaa) ia?aiaiiua ?anoiaeu
oaaee/eaathony n ?inoii iauaia i?iecaiaenoaa. A ea/anoaa aieaa oi/iiai
i?eaeeaeaiey iiaeii i?aaeeiaeeoue aiaeiae/iue nooiai/aoue a?aoee (ni.
i?aae. 3):

5. Oeaia ?aaeecaoeee auionea ia iaiyaony. Iaeaieaa oycaeiia
i?aaeiieiaeaiea, oae eae oeaia ?aaeecaoeee i?iaeoeoeee caaeneo ia
oieueei io aeaenoaee naiiai i?aaei?eyoey, ii e io no?oeoo?u ni?ina ia
?uiea, aeaenoaee eiieo?aioia, neooaoeee ia ?uiea oiaa?ia-noanoeoooia e
o.ae. Cao?aou oe?iu ia i?iaeaeaeaiea oiaa?a ia ?uiie, i?aaiecaoeeth
nianoaaiiie oi?aiaie naoe e o.i. iiaoo ieacaoue nouanoaaiiia aeeyiea ia
eciaiaiea oeaiu ?aaeecaoeee. Caeanue iu anooiaai a iaeanoue aiaeeca
?acoeueoaoia eciaiaiey aeaoo eee aieaa oaeoi?ia, aeeythueo ia
CVP-aiaeec. Iaeiaei, oaeie aiaeec aanueia neiaeai, e a eaaeaeii
eiie?aoiii neo/aa iaiaoiaeei eiaeeaeaeoaeueiue iiaeoiae.

6. Oeaiu ia iaoa?eaeu e oneoae, eniieuecoaiua a i?iecaiaenoaa, ia
iaiythony. Neooaoeey aiaeiae/iay n i. 5. Aanueia nii?iia
i?aaeiieiaeaiea, iaeiaei yoi neeueii iaeaa/aao aiaeec.

7. I?iecaiaeeoaeueiinoue ia iaiyaony.

8. Ionoonoaotho no?oeoo?iua naeaeae. Inoaiiaeiny ia aeaiiii
i?aaeiieiaeaiee. Aei neo ii? iu ?anniao?eaaee i?iecaiaenoai iaeiiai
ecaeaeey. Niioaaonoaaiii, ia aicieeaee i?iaeaiu ?ani?aaeaeaiey
ecaea?aeae ia ?acee/iua ecaeaeey, ii?aaeaeaiey eo oeai, ii?aaeaeaiey
yooaeoeaiinoe i?iecaiaenoaa eaaeaeiai ec ecaeaeee.

Ia aii?inao ?ani?aaeaeaiey ecaea?aeae e ii?aaeaeaiey oeaiu a neo/aa,
eiaaea eiiiaiey i?iecaiaeeo ianeieueei i?iaeoeoia iu iiae?iaii
inoaiiaeiny a neaaeothuai ia?aa?aoa, a nae/an iai iaiaoiaeeii oynieoue,
eae aeeyao no?oeoo?a i?iecaiaenoaa ia i?eaueue eiiiaiee.

Ionoue eiiiaiey Sword i?iecaiaeeo aeaa aeaea ecaeaeee A e A, cao?aou ia
i?iecaiaenoai eioi?uo, oeaiu e ia?aeeiaeueiue aeioiae naaaeaiu a
ieaeai?eaaaeaiioth oaaeeoeo:

A A

Ia?aiaiiua ?anoiaeu ia aaeeieoeo, $ 8 10

Oeaia, $ 11 14

Ia?aeeiaeueiue aeioiae ia aaeeieoeo, $ 3 4

Iinoiyiiua ?anoiaeu oe?iu Sword ninoaaeytho 30000$. Ii?aaeaeei oi/ee
aacoauoi/iinoe oe?iu Sword aeey neaaeothueo aeaoo no?oeoo? auionea:

I no?oeoo?a

2 ecaeaeey A e 1 ecaeaeea A.

II no?oeoo?a

3 ecaeaeey A e 4 ecaeaeey A.

Aeey eaaeaeie aua?aiiie no?oeoo?u iu ?anniao?eaaai no?oeoo?iue iaai? eae
iaeii ecaeaeea, neaaeiaaoaeueii, aeey no?oeoo?u I:

Ia?aiaiiua ?anoiaeu ia 2 ecaeaeey A e 1 ecaeaeea A, $ 2*8 + 1*10 = 26$

Oeaia 2 ecaeaeee A e 1 ecaeaeey A,$ 2*11 + 1*14 = 36$

Ia?aeeiaeueiue aeioiae ia 2 ecaeaeey A e 1 ecaeaeea A, $ 36 – 26 = 10$

Oiaaea e?eoe/aneee iauai i?iecaiaenoaa ii oi?ioea (3) ?aaai:

oi = 30000$ / 10$ = 3000 oooe no?oeoo?iuo iaai?ia,

eee 3000*2 = 6000 ecaeaeee A

e 3000*1 = 3000 ecaeaeee A.

Aeey no?oeoo?u II:

Ia?aiaiiua ?anoiaeu ia 3 ecaeaeey A e 4 ecaeaeey A, $ 3*8 + 4*10 = 64$

Oeaia 3 ecaeaeee A e 4 ecaeaeee A,$ 3*11 + 4*14 = 89$

Ia?aeeiaeueiue aeioiae ia 3 ecaeaeey A e 4 ecaeaeey A, $ 89 – 64 = 25$

E?eoe/aneee iauai i?iecaiaenoaa:

oi = 30000$ / 25$ = 1200 oooe no?oeoo?iuo iaai?ia,

eee 1200*3 = 3600 ecaeaeee A

e 1200*4 = 4800 ecaeaeee A.

ssnii, /oi CVP-aiaeec i?e oneiaee eciai/eaie no?oeoo?u auionea o?aaoao
i?eaea/aiey aeiiieieoaeueiuo e?eoa?eaa aeey ioeaiee yooaeoeaiinoe oie
eee eiie no?oeoo?u auionea. Oi/iue aiaeec oi/ee aacoauoi/iinoe aiciiaeai
eeoue i?e ii?aaeaeaiiie no?oeoo?a i?iecaiaenoaa.

9. Ia cao?aou ?aeaaaioii aeeyao oieueei iauai i?iecaiaenoaa. I/aiue
aaaeiia aeey CVP-aiaeeca i?aaeiieiaeaiea. Iu aano?aae?oainy io aeeyiey
aiaoiae n?aaeu e i?e/eneyai e iinoiyiiui cao?aoai ana ia caaenyuea io
iauaia auionea ecaea?aeee i?iecaiaenoaa.

10. Iauai i?iecaiaenoaa ?aaai iauaio i?iaeaae, eee eciaiaiey ia/aeueiuo
e eiia/iuo caiania a eoiaa iacia/eoaeueiu.

?aaeueiue ie? ia oaeiaeaoai?yao anai ia?a/eneaiiui auoa aeiiouaieyi.
Iaeiaei, iu iiaeai aii?ieneie?iaaoue iaoiaeu CVP-aiaeeca e ?aaeueiiio
ie?o n iiiiuueth i?eaia, ecaanoiiai eae /oanoaeoaeueiue aiaeec.
*oanoaeoaeueiue aiaeec eniieuecoao i?eai «/oi aoaeao, anee», eioi?ue
i?aaeiieaaaao ioaao ia aii?in, eae eciaieony ?acoeueoao, anee
ia?aiia/aeueii ni?iaeoe?iaaiiua aeiiouaiey ia aoaeoo aeinoeaioou eee
neooaoeey n aeiioneaie eciaieony. Eino?oiaioii aiaeeca /oanoaeoaeueiinoe
yaeyaony ia?aea aaciianiinoe, oi anoue oa aaee/eia au?o/ee, eioi?ay
iaoiaeeony ca oi/eie aacoauoi/iinoe. Aa noiia iieacuaaao, aei eaeiai
i?aaeaea iiaeao oianoue au?o/ea, /oiau ia auei oauoea.

Iinea oiai eae naeaeaiu iniiaiua i?aaeiieiaeaiey ii eciaiaieyi a
enoiaeiuo aeiiouaieyo, iaiaoiaeeii ?ann/eoaoue aucaaiiua yoeie
i?aaeiieiaeaieyie eciaiaiey ia?aeeiaeueiiai aeioiaea e ia?aee
aaciianiinoe. Oi?aaeai/aneee o/ao iai?a?uaii aiaeece?oao iiaaaeaiea
cao?ao e ia?eiaee/anee ii?aaeaeyao oi/eo aacoauoi/iinoe. Ii nooe aeaea,
/oanoaeoaeueiue aiaeec ii?aaeaeyao yeanoe/iinoue ia?aee aaciianiinoe ii
ioiioaieth e aeiioneai CVP-aiaeeca.

Inoaaony aaeeinoaaiiue iaauyniaiiue aii?in: ioeoaea a?aoue ioeaiee oeai
e cao?ao ia aoaeouea ia?eiaeu. Oaea ooieoeeiie?othuay eiiiaiey aa?ao yoe
cia/aiey ec nianoaaiiie noaoenoeee cao?ao e iiaaaeaiey oeai n o/aoii
aoaeoueo eciaiaiee a yeiiiieea. Iaiaoiaeeii a /anoiinoe o/eouaaoue
naciiiua eieaaaiey oeai, aeaenoaey eiieo?aioia, iiyaeaiea
oiaa?ia-noanoeoooia (iniaaiii ia aunieioaoiieiae/iuo ?uieao). Aiiaue
nicaeaaaaiua oe?iu ia iiaoo iie?aoueny ia nianoaaiiue iiuo a neeo
ionoonoaey oaeiaiai, neaaeiaaoaeueii, aeey ieo aiciiaeai eeoue ?an/ao ii
aiaeiaee n oe?iaie oaea aeaenoaothueie a yoie io?anee. I?e yoii
aiciiaeii iie?aoueny ia anaaiciiaeioth ni?aai/ioth eioi?iaoeeth, a oii
/enea iieo/aaioth io niaoeeaeece?iaaiiuo eiinaeoeiaiauo oe?i. Iaeaieaa
neiaeiui yaeyaony nicaeaiea oe?iu, eioi?ay aoaeao aeaenoaiaaoue ia aua
ia nouanoaothuai naeoi?a ?uiea. A oaeii neo/aa neaaeoao i?eaioe?iaaoueny
ia ouaoaeueioth eaeueeoeyoeeth cao?ao e ia?eaoeiaiaua enneaaeiaaiey
?uiea. Oeaeaniia?acii i?eiaiyoue a yoii neo/aa oeaiiia?aciaaiea ii
iaoiaeo «ecaea?aeee iethn», oi anoue oeaia iieo/aaony aeiaaaeaieai e
aaee/eia ecaea?aeae oeene?iaaiiie ia?aee. I?e oaeii oeaiiia?aciaaiee
n?aco aea ecaanoia aaee/eia ia?aeeiaeueiiai aeioiaea e, neaaeiaaoaeueii,
eaaei ii?aaeaeyaony oi/ea aacoauoi/iinoe.

§3. Aiaeec oi/ee aacoauoi/iinoe.

A i?aaeuaeouai ia?aa?aoa iu ?anniio?aee iaoiaeu ii?aaeaeaiey oi/ee
aacoauoi/iinoe. Iu iieaaaee, /oi ecaea?aeee ia i?iecaiaenoai iaeiie
aaeeieoeu i?iaeoeoeee e oeaia ?aaeecaoeee i?iaeoeoeee yaeythony aiaoieie
ii ioiioaieth e iaoaio ?an/aoo aaee/eiaie. Eia/a aiai?y, e iiiaioo
?an/aoa oi/ee aacoauoi/iinoe yoe iieacaoaee iai ecaanoiu e iie ia
iiaeeaaeao eciaiaieth. Nae/an aea iu neiioeaio?e?oai aieiaiea ia
ii?aaeaeaiee yoeo eeth/aauo aeey iaoaai aiaeeca ia?aiao?ao. Iiyoiio
aeaiiue ia?aa?ao ninoieo ec aeaoo /anoae, a eioi?uo aiaeece?oaony,
niioaaonoaaiii, ii?aaeaeaiea naaanoieiinoe oiaa?a e ii?aaeaeaiea oeaiu
oiaa?a. Oaeie oaeoaeaiiue aiaeec iicaieeo iai a neaaeothuai ia?aa?aoa
eco/eoue i?ioeann ieaie?iaaiey aacoauoi/iinoe.

3.1. Ii?aaeaeaiea naaanoieiinoe auioneaaiie i?iaeoeoeee.

Iu ia?aoiaeei e ?anniio?aieth iaoiaeia ii?aaeaeaiey naaanoieiinoe
i?iaeoeoeee. Aoaeoo eco/aoueny aeaa iaoiaea eaeueeoeyoeee naaanoieiinoe:
iicaeaciay e iii?ioeanniay. Iaiaoiaeeii n?aco iauynieoue ?acee/ey a yoeo
aeaoo iiaeoiaeao e ii?aaeaeaieth naaanoieiinoe.

Iicaeaciay eaeueeoeyoeey naaanoieiinoe i?eiaiyaony a oii neo/aa, eiaaea
i?iecaiaenoai i?eaioe?iaaii ia auione aeinoaoi/ii aei?iaeo oieeaeueiuo
ecaeaeee. Oeie/iui i?eia?ii io?anee, a eioi?ie oeaeaniia?acii i?eiaiaiea
iicaeaciie eaeueeoeyoeee, yaeyaony no?ieoaeuenoai. O oeie/iie oe?iu yoie
io?anee a iaeioi?ue iiiaio a?aiaie iiaeao iaoiaeeoueny a ?aaioa
ianeieueei ?acee/iuo iauaeoia. I?e/ai, no?ieiaoa?eaeu caeoiathony iioii
aeey anao iauaeoia. Oaeei ia?acii, aicieeaao i?iaeaia ioianaiey cao?ao
ia ioaeaeueiua iauaeou.

Iii?ioeanniay eaeueeoeyoeey i?aaeiieaaaao ianniaia i?iecaiaenoai
iaeiioeiiuo ecaeaeee, i?e eioi?ii i?aaeiieaaaaony, /oi ecaea?aeee ia
i?iecaiaenoai iaeiiai ecaeaeey ?aaiu n?aaeiei cao?aoai ii aeaiiiio
i?ioeanno i?iecaiaenoaa. ?ani?aaeaeaiea cao?ao iaaeaeo ioaeaeueiuie
i?ioeannaie a /ai-oi aiaeiae/ii iicaeaciie eaeueeoeyoeee, oioy e iineo
iinoiyiiue oa?aeoa?. Iaeiaei, ?ani?aaeaeaiea cao?ao iaaeaeo yoaiaie
i?ioeanna i?aaenoaaeyao niaie i?ioeaaeo?o, ?acei ioee/athuothny io
iicaeaciie eaeueeoeyoeee. Iniiaiay i?iaeaia caeeth/aaony a ii?aaeaeaiee
oiai, eae ecaea?aeee ioiinyony ia ?acoeueoao i?iecaiaenoaaiiie
aeayoaeueiinoe ii ?acee/iui yoaiai i?iecaiaenoaa.

Nenoaia, eioi?oth iu aoaeai iienuaaoue aeey ioaeae iicaeaciie
eaeueeoeyoeee, iniiauaaaony ia iauaaeeiaiee n/aoia cao?ao e oeiainiauo
n/aoia a iaeiii ieaia n/aoia. Oaeay nenoaia iacuaaaony oeaio?aeeciaaiiui
o/aoii cao?ao. Iniiaiia aa i?aeiouanoai caeeth/aaony a ionoonoaee
aeaieiiai o/aoa iaeieo e oao aea oaeoi?ia oicyenoaaiiie aeayoaeueiinoe.

Nenoaia caienae iniiaaia ia eniieueciaaiee oae iacuaaaiuo eiio?ieueiuo
n/aoia.

Eiio?ieueiue n/ao – yoi eoiaiaue n/ao, a eioi?ii caiene naeaeaiu ii
eoiaiaui noiiai iia?aoeee ia?eiaea.

Iai?eia?, inoaoie ii eiio?ieueiiio n/aoo ca?ieaou aeieaeai auoue ?aaai
iauae noiia ca?aaioiie ieaou, ia/eneaiiie ii aaaeiiinoyi. I?aaeiieiaeei,
/oi 500 ?aaioieeia oe?iu ca eaa?oae ia/eneaia ca?aaioiay ieaoa a ?acia?a
100000$. Oiaaea eoiaiaia naeueaei aoaeao ?aaii 100000$ e aoaeao ?aaii
iauae noiia 1500 caienae a aaaeiiinoyo ii ia/eneaieth ca?aaioiie ieaou.
Naiaeiue oii aaaeiiinoae iacuaaaony aniiiiaaoaeueiie eieaie.

Ia?aeaeai oaia?ue e ?anniio?aieth io?aaeaiey a o/aoa ioaeaeueiuo
oicyenoaaiiuo iia?aoeee:

I. O/ao caeoiie nu?uey.

I?eia?aoaiea iaoa?eaeia aeey i?iecaiaenoaa ia noiio 34000$ aoaeao
io?aaeaoueny a caienyo ii eiio?ieueiui n/aoai neaaeothuei ia?acii:

Aeaaao eiio?ieueiiai n/aoa neeaaeneie eieae 34000$

E?aaeeo eiio?ieueiiai n/aoa e?aaeeoi?ia 34000$

Ioiaoei, /oi eaaeaeay iieoiea, e?iia oiai, /oi io?aaeaaony ii n/aoai
eiio?ieueiiai o/aoa, i?iaiaeeony oaeaea e ii eiaeeaeaeoaeueiui n/aoai a
neeaaeneie eieaa, a oaeaea ii niioaaonoaothuaio eeoeaaiio n/aoo
e?aaeeoi?a. Oaeei ia?acii, eieae o/aoa ii niioaaonoaothuei n/aoai anoue
aeaoaeecaoeey eiio?ieueiuo n/aoia, a eiio?ieueiua n/aoa – oaeiaiia
iaiauaiea eioi?iaoeee, niaea?aeauaeny a caienyo ii eiaeeaeaeoaeueiui
n/aoai.

II. O/ao ioionea iaoa?eaeia.

I?e o/aoa ioionea iaoa?eaeia iau/ii ?anniao?eaathony aeaa ?acee/iua
neooaoeee – ioione iniiaiuo iaoa?eaeia e ioione aeiiieieoaeueiuo
iaoa?eaeia. Ioione iniiaiuo iaoa?eaeia inouanoaeyaony ni neeaaea
niaeanii iaeeaaeiui, a eioi?uo iaycaoaeueii oeacuaaaony iiia? caeaca, ia
auiieiaiea eioi?iai ioiouaiu iaoa?eaeu.

A i?iaiaeeao ii eiio?ieueiui n/aoai ioione ni neeaaea iniiaiuo
iaoa?eaeia ia noiio 12000$:

Aeaaao eiio?ieueiiai n/aoa iacaaa?oaiiiai i?iecaiaenoaa 12000$

E?aaeeo eiio?ieueiiai n/aoa neeaaeneie eieae 12000$

Caiaoei, /oi ioianaiea iieo/aiiuo iniiaiuo iaoa?eaeia ia oa eee eiua
n/aoa ii eiio?ieueiiio n/aoo iacaaa?oaiiiai i?iecaiaenoaa e anoue oio
iaoaieci, eioi?ue aa?aioe?oao i?aaeeueiia ioianaiea ecaea?aeae ia
naaanoieiinoue oiai eee eiiai caeaca.

I?e auaea/a aeiiieieoaeueiuo iaoa?eaeia a cayaea oeacuaaaony n/ao
iaeeaaeiuo ?anoiaeia:

Aeaaao eiio?ieueiiai n/aoa

iauaoe?iaiiuo iaeeaaeiuo ?anoiaeia 6000$

E?aaeeo eiio?ieueiiai n/aoa neeaaeneie eieae 6000$

Ii n/aoo iauaoe?iaiiuo iaeeaaeiuo ?anoiaeia aaaeaony o/ao ii
eiaeeaeaeoaeueiui n/aoai ioaeaeueiuo caeacia.

III. O/ao cao?ao ia iieaoo o?oaea.

O/ao cao?ao ia iieaoo o?oaea aaaeaony a aeaa yoaia:

.Eaeueeoeyoeey ca?aaioiie ieaou eaaeaeiai neoaeauaai, ?an/ao io/eneaiee
ii iiaeioiaeiiio iaeiao e ainoaea?noaaiiiio no?aoiaaieth;

.?ani?aaeaeaiea ?anoiaeia ia ?aai/oth neeo ii caeacai, ia n/aoa
iaeeaaeiuo ?anoiaeia e n/aoa i?iecaiaenoaa.

I?e yoeo iia?aoeeyo eiio?ieueiue n/ao ca?aaioiie ieaou yaeyaony a
iaeioi?ii ?iaea o?aiceoiui n/aoii aeey ia?aianaiey cao?ao ia ?aai/oth
neeo n eannu i?aaei?eyoey ia eiaeeaeaeoaeueiua n/aoa iieacaiiie
eaeueeoeyoeee.

A o/aoa aeaiiua iia?aoeee io?aaeathony neaaeothuei ia?acii. Iinea
en/eneaiey ca?aaioiie ieaou ?aai/eo, ?an/aoa oaea?aeaiee n ieo,
aeaeathony neaaeothuea i?iaiaeee:

Aeaaao eiio?ieueiiai n/aoa ca?aaioiie ieaou 10000$

E?aaeeo n/aoa ca?aaioiie ieaou e auieaoa 80000$

E?aaeeo n/aoa oaea?aeaiee n ca?aaioiie ieaou 20000$

Ia naiii aeaea aianoi iauaai n/aoa oaea?aeaiee n ca?aaioiie ieaou
i?eiaiythony ioaeaeueiua n/aoa aeey ?acaeaeueiiai o/aoa anao aeaeia
iaeiaia e no?aoiauo aciinia n ca?aaioiie ieaou. I?e auaea/a iaee/iuie
ca?aaioiie ieaou e iieaoa iaeiaia niaa?oathony neaaeothuea o/aoiua
caiene:

Aeaaao n/aoa oaea?aeaiee n ca?aaioiie ieaou 20000$

Aeaaao n/aoa ca?aaioiie ieaou e auieaoa 80000$

E?aaeeo n/aoa eannu 100000$

Iaiaoiaeeii caiaoeoue, /oi a caiaaeiii aooo/aoa iia?aoeee ii eanna
i?aaei?eyoey e ii n/aoo a aaiea ia ?acee/athony ii iaoiaeo eo io?aaeaiey
a o/aoa.

Ia/eneaiioth ca?aaioioth ieaoo iaiaoiaeeii ioianoe a ea/anoaa cao?ao ia
eiio?ieueiua n/aoa, io?aaeay oai naiui ia?aiin cao?ao ia ?aai/oth neeo
ia ecaea?aeee i?iecaiaenoaa oiai eee eiiai caeaca. Yoi inouanoaeyaony
iooai neaaeothueo caienae:

Aeaaao eiio?ieueiiai n/aoa

iacaaa?oaiiiai i?iecaiaenoaa 70000$

Aeaaao eiio?ieueiiai n/aoa

iauaoe?iaiiuo iaeeaaeiuo ?anoiaeia 30000$

E?aaeeo eiio?ieueiiai n/aoa

ca?aaioiie ieaou 100000$

Aiaeiae/ii neooaoeee n caienyie, io?aaeathueie aeaeaeaiea iaoa?eaeia,
i?e o/aoa ?anoiaeia ia ca?aaioioth ieaoo iaeiia?aiaiii n caienyie ii
eiio?ieueiui n/aoai aaaeoony caiene ii n/aoai eiaeeaeaeoaeueiuo caeacia.
Oaeei ia?acii, iauay noaia ioianaiey ?anoiaeia ii ca?aaioiie ieaoa ia
naaanoieiinoue ?acee/iuo caeacia eiaao neaaeothuee aeae:

IV. O/ao auiieiaiiuo caeacia e ?aaeeciaaiiie i?iaeoeoeee.

Ii ia?a auiieiaiey caeacia e iinooieaiey aioiauo ecaeaeee ia neeaae
aeieaeiu inouanoaeyoueny o/aoiua caiene, io?aaeathuea oaaee/aiea inoaoea
ia neeaaea aioiaie i?iaeoeoeee e oiaiueoaiea iacaaa?oaiiiai
i?iecaiaenoaa. Aeaiiua caiene eiatho neaaeothuee aeae ( i?e iinooieaiee
ia neeaae i?iaeoeoeee ia 240000$):

Aeaaao n/aoa aioiaie i?iaeoeoeee 240000$

E?aaeeo eiio?ieueiiai n/aoa

iacaaa?oaiiiai i?iecaiaenoaa 240000$

Caiaoei, /oi a yoii neo/aa eiio?ieueiiio n/aoo i?iecaiaenoaaiiiai o/aoa
ei??aniiiaee?oao iau/iue oeiainiaue n/ao. Aeaei a oii, /oi a yoio iiiaio
eii/aaony o/ao iicaeaciuo cao?ao, oioy aaaeaiea eiaeeaeaeoaeueiuo
iicaeaciuo n/aoia iieacii e e n/aoo aioiaie i?iaeoeoeee, oae eae yoi
iaeaa/aao ii?aaeaeaiea aeioiaea io ?aaeecaoeee oiai eee eiiai caeaca.
I?e ?aaeecaoeee i?iaeoeoeee ia 200000$ naaanoieiinoueth 180000$
aeaeathony neaaeothuea i?iaiaeee:

Aeaaao eiio?ieueiiai n/aoa aeaaeoi?ia 200000$

E?aaeeo n/aoa ?aaeecaoeee 200000$

Aeaaao n/aoa naaanoieiinoe

?aaeeciaaiiie i?iaeoeoeee 180000$

E?aaeeo n/aoa aioiaie i?iaeoeoeee 180000$

A o/aoiuo caienyo, io?aaeathueo ?aaeecaoeeth aioiaie i?iaeoeoeee, niiaa
iiyaeony eiio?ieueiue n/ao. A naiii aeaea, e n/aoo aeaaeoi?ia nouanoaoao
aniiiiaaoaeueiay eieaa eiaeeaeaeoaeueiua n/aoa aeaaeoi?ia.

Ia yoii iu caeii/ei iienaiea iaoiaea ioianaiey ?anoiaeia ia
eiaeeaeaeoaeueiua caeacu i?e iicaeaciii o/aoa cao?ao. Eae iu aeaeaee,
eeth/aaui iiiaioii aeaiiiai iaoiaea yaeyaony aaaeaiea ia?aeeaeueiiai
o/aoa ia eiio?ieueiuo n/aoao e ii eiaeeaeaeoaeueiui n/aoai, ia?acothuei
aniiiiaaoaeueiua eieae e niioaaonoaothuaio eiio?ieueiiio n/aoo. I?e
iiiiue eiio?ieueiiai n/aoa eaaei i?iaa?eoue i?aaeeueiinoue aaaeaiey
o/aoa a oeaeii, eai inoaoie ii eiio?ieueiiio n/aoo aeieaeai ?aaiyoueny
naeueaei niioaaonoaothuae aniiiiaaoaeueiie eieae.

A iaeioi?uo neo/ayo aicieeaao iaiaoiaeeiinoue aaaeaiey iieiinoueth
?acaeaeueiiai o/aoa ii ioaeaeueiui caeacai. Yoi iiaeao i?iecieoe i?e
?aaioa oe?iu iaae 2-3 aeinoaoi/ii e?oiiuie caeacaie eee aea i?e iaee/ee
o oe?iu iiiaeanoaa ii/oe iaia?anaeathueony caeacia. A oaeii neo/aa
iiaeii ?aeiiaiaeiaaoue aaaeaiea o/aoa ii oie aea noaia n eniieueciaaieai
o/aoa ii n/aoai, ii ii eaaeaeiio caeaco nicaeaaony naiy nenoaia
eiio?ieueiuo n/aoia, a iauee oi?aaeai/aneee o/ao oe?iu i?aaenoaaeyao
niaie eiio?ieueiua n/aoa, aniiiiaaoaeueiua eieae e eioi?ui ia?acotho
niioaaonoaothuea eiio?ieueiua n/aoa ii caeacai. Oaeaea aiciiaeii
aaaeaiea iicaeaciiai o/aoa a ?acaeaeueiie oi?ia. A ?anniio?aiiie auoa
noaia oeiainiaua n/aoa e n/aoa i?iecaiaenoaa iauaaeeiyeenue a iaeio
iauoth nenoaio o/aoa. I?e ?acaeaeueiie oi?ia iicaeaciiai o/aoa
oeiainiaue o/ao e i?iecaiaenoaaiiue o/ao aaaeoony ia?aeeaeueii e, oai
naiui, aeoaee?othony. Yoi aucuaaao n iaeiie noi?iiu oneiaeiaiea nenoaiu
o/aoa, ii n ae?oaie noi?iiu iiauoaao aa onoie/eainoue e ioeaeai.

Ia?aeaeai e ?anniio?aieth iii?ioeaniie nenoaiu eaeueeoeyoeee ecaea?aeae
i?iecaiaenoaa.

Aeaiiay nenoaia i?eiaiyaony aeey o/aoa cao?ao ii i?iecaiaenoao eiia/iuo
i?iaeoeoia aeayoaeueiinoe oe?iu a oii neo/aa, eiaaea i?iecaiaenoai
i?aaenoaaeyao niaie nenoaio ia?aoiaeyueo ae?oa a ae?oaa, ii aeinoaoi/ii
/aoei ?acaeaeaiiuo iaaeaeo niaie, i?iecaiaenoaaiiuo i?ioeannia. A
oa/aiea eaaeaeiai ec i?ioeannia ia ecaeaeea ia?aiineony /anoue
naaanoieiinoe aioiaiai ecaeaeey. Noaiaoe/anee yoi iiaeii i?aaenoaaeoue
naaa a aeaea neaaeothuaai i?eia?a:

I?ioeann A I?ioeann A

Iaoa?eaeu 500 Ia?aaeaii ia i?ioeann A

750 Ia?aaeaii n i?ioeanna A

750 Ia?aaeaii ia neeaae

O?oaeicao?aou 200 Iaoa?eaeu 300 aioiaie

Iaeeaaeiua ?anoiaeu

50 Iaeeaaeiua ?anoiaeu

100 i?iaeoeoeee 1950

O?oaeicao?aou 800

750 1950

Aioo?e eaaeaeiai i?ioeanna nenoaia o/aoa cao?ao oaeay aea eae e i?e
iicaeaciie eaeueeoeyoeee. Oi anoue ii?aaeaeythony eiio?ieueiua n/aoa e
aaaeaony o/ao ii eiio?ieueiui n/aoai e aniiiiaaoaeueiui eieaai e iei.
I?e yoii aeaiiue o/ao noaiiaeony ianeieueei i?iua, /ai i?e iicaeaciie
eaeueeoeyoeee, oae eae ioiaaeaao iaiaoiaeeiinoue ioaeaeueiiai o/aoa
naaanoieiinoe aeey aaeeie/iuo caeacia. N ae?oaie noi?iiu, i?e
iii?ioeanniii iaoiaea eaeueeoeyoeee naaanoieiinoe iaiyaony
eeanneoeeaoeey i?yiuo e einaaiiuo cao?ao, ii n?aaiaieth n iicaeaciui
iaoiaeii. Oae, iai?eia?, ?anoiaeu ia eiio?ieue i?ioeanna i?iecaiaenoaa
eee aii?oecaoeeth aioo?e iaeiiai iiae?acaeaeaiey aoaeoo n/eoaoueny
/anoueth i?yiuo cao?ao yoiai ioaeaea i?e iii?ioeanniie eaeueeoeyoeee,
iineieueeo iie iaiin?aaenoaaiii ioiinyony e iai?aaeaieth o/aoa cao?ao, e
aoaeoo ioiineoueny e einaaiiui cao?aoai i?e iicaeaciie eaeueeoeyoeee
i?iecaiaenoaa.

Iaeiaei, iniiaiia ?acee/ea yoeo aeaoo iaoiaeia caeeth/aaony a iiaeoiaea
e ioeaiea i?iaeoeoeee iacaaa?oaiiiai i?iecaiaenoaa. I?e iicaeaciii
iaoiaea o/aoa aeaiiie i?iaeaiu aiiaua ia nouanoaoao. A naiii aeaea, a
i?ioeanna eniieiaiey oaeouaai caeaca naaanoieiinoe i?eiaiyaiuo
iaoa?eaeia ii?aaeaeaiu iaeiicia/ii. Iiyoiio naaanoieiinoue aioiaiai
ecaeaeey ?ann/eouaaaony ii eiathueiny aeaiiui iaeiicia/ii. Nianai ia
oaeay i/aaeaeiay neooaoeey neeaaeuaaaony i?e ?anniio?aiee iii?ioeanniiai
iaoiaea eaeueeoeyoeee. Anee iu aoaeai ?anniao?eaaoue aeinoaoi/ii
i?eaeeaeaiioth e ?aaeueiinoe iiaeaeue iiiaii?ioeanniiai i?iecaiaenoaa, a
eioi?ie iinea eaaeaeiai i?ioeanna iacaaa?oaiiay i?iaeoeoeey iiiaaeaao ia
i?iiaaeooi/iue neeaae, oi anoue eiathony iaeea aooa?u iaaeaeo
ioaeaeueiuie i?ioeannaie, oi aicieeatho eae ieieioi aeaa ?acee/iuo
iaoiaea o/aoa iacaaa?oaiiie i?iaeoeoeee, o?aiyuaeny ia i?iiaaeooi/iuo
neeaaeao. Ioee/ey yoeo iaoiaeia caeeth/athony a ?acee/ee i?aaeiieiaeaiee
ioiineoaeueii ?ani?aaeaeaiey ia/aeueiiai caiana iacaaa?oaiiie
i?iaeoeoeee a ?anniao?eaaaiue ia?eiae.

Ai-ia?auo, iiaeii aeiionoeoue, /oi iacaaa?oaiiia i?iecaiaenoai ia ia/aei
ia?eiaea iieiinoueth aiaea/aii a i?iecaiaenoai a oaeouee ia?eiae e ia
iiaeao aieueoa ?anniao?eaaoueny ioaeaeueii (iaoiae n?aaeiae
acaaoaiiinoe).

Ai-aoi?uo, iiaeii aeiionoeoue, /oi iacaaa?oaiiia i?iecaiaenoai ia ia/aei
ia?eiaea – yoi ia?aay a?oiia aaeeieoe i?iaeoeoeee, ia?aaioaiiuo e
caeii/aiiuo a oa/aiea oaeouaai ianyoea (iaoiae FIFO).

Iiiyoue iniaaiiinoe aeaoo aeaiiuo iaoiaeia iiiiaeao i?eia?, acyoue ec
[3].

Ionoue eiiiaiey inouanoaeyao aeaa i?ioeanna X e Y. Iaoa?eaeu
caeeaaeuaathony a ia/aea i?ioeanna X, aeiiieieoaeueiua iaoa?eaeu a oiaea
i?ioeanna Y, eiaaea i?ioeann caaa?oai ia 70%. Noieiinoue ia?aaioee
aeiaaaeyaony ?aaiiia?ii a oiaea iaieo i?ioeannia. Aaeeieoeu aioiaie
i?iaeoeoeee ia?aaeathony n i?ioeanna X ia i?ioeann Y, a n i?ioeanna Y –
ia neeaae aioiaie i?iaeoeoeee.

Aeaiiua ca ia?eiae i?iecaiaenoaa:

I?ioeann X I?ioeann Y

Iacaaa?oaiiia i?iecaiaenoai ia ia/aei ia?eiaea 6000 aae. aioiauo ia 3/5,
aeeth/ay iaoa?eaeu ia 24000$ e noieiinoue ia?aaioee 15300$ 2000 aae.
aioiauo ia 4/5, aeeth/ay naaanoieiinoue i?aae-uaeouaai i?ioeanna 30600$,
iaoa?eaeu ia 4000$ e noieiinoue ia?aaioee 12800$

Eiee/anoai aaeeieoe, ecaioiaeaiea eioi?uo ia/aoi a aeaiiii ia?eiaea 16
000 aae. 18 000 aae.

Iacaaa?oaiiia i?iecaiaenoai ia eiiaoe ia?eiaea 4 000 aae. aioiauo ia 3/4
8 000 aae. aioiauo ia 1/2

Iaoa?eaeu, aeiaaaeaiiua ca ia?eiae 64000$ 20000$

Noieiinoue ia?aaioee, aeiaaaeaiiay ca ia?eiae 75000$ 86400$

Aeey ia/aea iaiaoiaeeii ?ann/eoaoue /enei aaeeieoe i?iaeoeoeee,
caaa?oaiiuo ia?aaioeie a oa/aiea ia?eiaea. I?eaaaeai ?an/aou aeey
eaaeaeiai i?ioeanna:

I?ioeann X I?ioeann Y

Iacaaa?oaiiia i?iecaiaenoai ia ia/aei ia?eiaea 6000 2000

Eiee/anoai aaeeieoe i?iaeoeoeee, i?iecaiaenoai eioi?uo ia/aoi a oa/aiea
ia?eiaea 16000 18000

Iauee iauai aaiaeeiuo ?ano?nia ca ia?eiae 22000 20000

Ieion iacaaa?oaiiia i?iecaiaenoai ia eiiaoe ia?eiaea 4000 8000

Eoiai aioiaie i?iaeoeoeee 18000 12000

Oaia?ue ia?aeaeai e ?an/aoai naaanoieiinoe aaeeieoeu i?iaeoeoeee ii
iaoiaeai n?aaeiaacaaoaiiie e FIFO.

I. Iaoiae n?aaeiaacaaoaiiie.

Yeaiaio naaanoieiinoe Aaiaeeiua iieo-oaa?eeaou $ Oaeouay naaanoi-eiinoue
Iauay naaanoi-eiinoue $ Aaeeieoeu, caaa?oaiiua ia?aaio-eie
Yeaeaa-eaioiua aaeeieoeu iieooaa-?eeaoia Iauaa eiee/anoai yeaeaaeaioiuo
aaeeieoe Naaanoi-eiinoue aaeeieoeu $

Iaoa?eaeu 24000 64000 88000 18000 4000 22000 88000/22000 = 4,0

Noieiinoue ia?aaioee 15300 75000 90300 18000 3000 21000 75000/21000 =
4,3

39300 178300 8,3

Iacaaa?oaiiia i?iecaiaenoai: $

Iaoa?eaeu (4000 aae. ii 4$ ca aaeeieoeo) 16000

Noieiinoue ia?aaioee (3000 aae. ii 4,3$ ca aae.) 12900 28900

Aaeeieoeu, caeii/aiiua ia?aaioeie

(18000 aae. ii 8,3$ ca aaeeieoeo) iao 149400

178300

Iu aeaeei, /oi, niaeanii oaoiieiae/aneiio i?ioeanno, iaoa?eaeu n?aco aea
ioiinyony ia yeaeaaeaioiua aaeeieoeu iacaaa?oaiiiai i?iecaiaenoaa,
noieiinoue ia?aaioee ioiineony ia naaanoieiinoue a oie aea i?iii?oeee,
/oi e noaiaiue aioiaiinoe.

N/ao i?iecaiaenoaa ii i?ioeanno X.

Iacaaa?oaiiia i?iecaiaenoai ia ia/aei ia?eiaea (ia?aianaiiia n i?ioeiai
ia?eiaea)

39300 I?iaeoeoeey, caeii/aiiay ia?aaioeie e ia?aaeaaaaiay ia i?ioeann Y

149400

Iaoa?eaeu 64000 Iacaaa?oaiiia

Noieiinoue ia?aaioee 75000 i?iecaiaenoai ia eiiaoe ia?eiaea (e ia?aiino
ia aoaeouee ia?eiae)

28900

178300

Iacaaa?oaiiia i?iecaiaenoai ia ia/aei ia?eiaea (ia?aianaiiia n i?ioeiai
ia?eiaea)

28900

Eae aeaeii ec n/aoa i?iecaiaenoaa ii i?ioeanno X, iacaaa?oaiiia
i?iecaiaenoai ia ia/aei ia?eiaea n/eoaaony caeii/aiiui ia?aaioeie a
oeacaiiii ia?eiaea. Ae?oaeie neiaaie, i?aaeiieaaaaony, /oi ecaioiaeyaony
iaeii?iaeiay ia?oey ecaeaeee.

Oaia?ue ia?aeaeai e ?an/aoo naaanoieiinoe aaeeieoeu aeey i?ioeanna Y.

Yeaiaio naaanoieiinoe Ia/aeueiua iieo-oaa?eeaou $ Cao?aou oaeouaai
ia?eiaea $ Iauay naaanoi-eiinoue $ Aioiaay i?iaeoe-oeey aae.
Yeaeaa-eaioiua aaeeieoeu iieooaa-?eeaoia Iauaa eiee/anoai yeaeaaeaioiuo
aaeeieoe Naaanoi-eiinoue aaeeieoeu $

Naaanoieiinoue i?aaeuaeouaai i?ioeanna

30600

149400 30600 + 149400 = 180000

12000

8000

20000

9,0

Iaoa?eaeu

4000

20000 4000 + 20000 = 24000

12000

12000 2,0

Noieiinoue ia?aaioee

12800

86400 12800 + 86400 = 99200

12000

4000

16000

6,2

47400 303200 17,2

Naaanoieiinoue iacaaa?oaiiiai i?iecaiaenoaa: $

Noieiinoue i?aaeuaeouaai i?ioeanna

(8000 aae. ii 9$ ca aaeeieoeo) 72000

Iaoa?eaeu iao

Noieiinoue ia?aaioee (4000 aae. ii 6,2$ ca aae.) 24800 96800

Aioiaay i?iaeoeoeey (12000 aae. ii 17,2$ ca aae.) iao 206400

303200

N/ao i?iecaiaenoaa ii i?ioeanno Y.

Iacaaa?oaiiia i?iecaiaenoai ia ia/aei ia?eiaea

47400 I?iaeoeoeey, caeii/aiiay ia?aaioeie e ia?aaeaaaaiay ia neeaae

206400

Ia?aaeaii n i?ioeanna X 149400 Iacaaa?oaiiia

Iaoa?eaeu 20000 i?iecaiaenoai ia eiiaoe

Noieiinoue ia?aaioee 86400 ia?eiaea (e ia?aiino ia aoaeouee ia?eiae)

96800

303200

Iacaaa?oaiiia i?iecaiaenoai ia ia/aei ia?eiaea (ia?aianaiiia n
i?aaeuaeouaai ia?eiaea)

96800

Eae aeaeii ec au/eneaiee naaanoieiinoe aaeeieoeu i?iaeoeoeee, cao?aou
i?aaeuaeouaai i?ioeanna i?e o/aoa iacaaa?oaiiiai i?iecaiaenoaa ia eiiaoe
ia?eiaea i?aaenoaaeaiu eae iieiinoueth i?iecaaaeaiiua.

II. Iaoiae FIFO.

A aeaiiii iaoiaea noieiinoue iacaaa?oaiiiai i?iecaiaenoaa ia ia/aei
ia?eiaea ioaeaeueii ioiineony ia aioiaoth i?iaeoeoeeth, e naaanoieiinoue
aaeeieoeu i?iaeoeoeee iniiauaaaony oieueei ia cao?aoao oaeouaai ia?eiaea
e ia auionea ecaeaeee ca oaeouee ia?eiae.

I?ioeann X.

Yeaiaio naaanoieiinoe Cao?aou ia?eiaea $ Aioiaay i?iaeoeoeey (aaeeieoeu)
ieion yeaeaaeaioiua aaeeieoeu iieooaa?eeaoia ia ia/aei ia?eiaea
Yeaeaaeaioiua aaeeieoeu iieooaa?eeaoia ia eiiaoe ia?eiaea Iauaa
eiee/anoai yeaeaaeaio-iuo aaeeieoe a oaeouee ia?eiae Naaanoi-eiinoue
aaeeieoeu i?iaeoeoeee $

Iaoa?eaeu

64000 (18000 – 6000)

12000

4000

16000

4,00

Noieiinoue ia?aaioee

75000 (18000-3600)

14400

3000

17400

4,31

139000 8,31

Noieiinoue aioiaie i?iaeoeoeee: $

Iieooaa?eeaou ia ia/aei ia?eiaea 39300

Iaoa?eaeu (12000 aae. ii 4$ ca aaeeieoeo) 48000

Noieiinoue ia?aaioee (14400 aae. ii 4,31$ ca aae.) 62069 149369

Iacaaa?oaiiia i?iecaiaenoai: $

Iaoa?eaeu (4000 aae. ii 4$ ca aaeeieoeo) 16000

Noieiinoue ia?aaioee

(13000 aae. ii 4,31$ ca aaeeieoeo) 12931 28931

178300

Oaeei ia?acii, n?aaeiyy naaanoieiinoue aaeeieoeu i?iaeoeoeee
iniiauaaaony ia aaee/eiao cao?ao oaeouaai ia?eiaea, aeaeaiiuo ia
yeaeaaeaioiia /enei aaeeieoe, i?iecaaaeaiiuo a oa/aiea ia?eiaea.

I?ioeann Y.

Yeaiaio naaanoieiinoe Oaeouea cao?aou $ Aaeeieoeu aioiaie i?iaeoeoeee
ieion yeaeaaeaioiua aaeeieoeu iieooaa?eeaoia ia ia/aei ia?eiaea
Yeaeaaeaioiua aaeeieoeu iieooaa?eeaoia ia eiiaoe ia?eiaea Iauaa
eiee/anoai yeaeaaeaio-iuo aaeeieoe a oaeouee ia?eiae Naaanoi-eiinoue
aaeeieoeu i?iaeoeoeee $

Noieiinoue i?aaeuaeouaai i?ioeanna

149369

10000

8000

18000

8,2983

Iaoa?eaeu 20000 10000 – 10000 2,0000

Noieiinoue ia?aaioee

86400

10400

4000

14400

6,0000

255769 16,2983

Noieiinoue aioiaie i?iaeoeoeee: $

Iieooaa?eeaou ia ia/aei ia?eiaea 47400

Noieiinoue i?aaeuaeouaai i?ioeanna

(1000 aae. ii 8,2983$ ca oooeo) 82983

Noieiinoue ia?aaioee (10400 aae. ii 6$ ca aae.) 62400 212783

Naaanoieiinoue iacaaa?oaiiiai i?iecaiaenoaa

ia eiiaoe ia?eiaea: $

Noieiinoue i?aaeuaeouaai i?ioeanna

(8000 aae. ii 8,2983$ ca oooeo) 66386

Iaoa?eaeu iao

Noieiinoue ia?aaioee (4000 aae. ii 6$ ca oooeo) 24000 90386

303169

Caiaoei, /oi ?acieoea a naaanoieiinoe, ?ann/eoaiiie iaoiaeaie FIFO e
n?aaeiaacaaoaiiie aoaeao iacia/eoaeueiie, anee aaee/eiu caiania e oeai
ia aaiaeeiua ?ano?nu ia iiaeaa?aeaiu cia/eoaeueiui eieaaaieyi.

Iu ae?aooea ?anniio?aee noaiu iaoiaeia ?an/aoa naaanoieiinoe, eioi?ua
iai i?eaiaeyony a neaaeothuai ioieoa aeeiy ?an/aoa iainiiaaiiiai o?iaiy
oeai, a oaeaea a 4 ia?aa?aoa aeey ii?aaeaeaiey nenoaiu ieaie?iaaiey
aacoauoi/iinoe e aa eiio?iey.

3.2. Oeaiiaay iieeoeea oe?iu.

Oaia?ue iu i?enooiaai e aeaoaeueiiio aiaeeco aoi?iai aniaeoa i?iaeaiu
aacoauoi/iinoe oe?iu – oeai ?aaeecaoeee i?iecaaaeaiiie i?iaeoeoeee. Anee
ia naaanoieiinoue i?iaeoeoeee i?aaei?eyoea iiaeao aeeyoue eeoue a i/aiue
iaaieueoeo i?aaeaeao, ia naiii aeaea (eae neaaeoao ec i. 2 aeaeinoue
i?aaei?eyoey ia?aie/aia, eae i?aaeei, ?aca?inii oeai ia nu?uea,
iaoa?eaeu, iieooaa?eeaou e ?aai/oth neeo, a oaeaea aioo?aiieie ?aca?aaie
i?iecaiaenoaa ii nieaeaieth iaoa?eaeiaieinoe i?iaeoeoeee), oi oeaio
?aaeecaoeee ia naith i?iaeoeoeeth i?aaei?eyoea iiaeao onoaiaaeeaaoue a
i?aeoe/anee iaia?aie/aiiuo i?aaeaeao. Iaeiaei, aiciiaeiinoue
onoaiiaeaiey iaia?aie/aiiie oeaiu ia aea/ao ca niaie iaycaoaeuenoa
iio?aaeoaey i?eia?aoaoue i?iaeoeoeeth oe?iu ca iacaaiioth ath oeaio.
Oaeei ia?acii oeaiiaay iieeoeea oe?iu – nooue ?aoaiea aeeeaiiu iaaeaeo
aunieie oeaiie ?aaeecaoeee e aieueoeie iauaiaie i?iaeaae. Iii?iaoai
?anniio?aoue ?acee/iua aa?eaiou aeaenoaey oe?iu ii onoaiiaeaieth oeai ia
?aaeecoaioth i?iaeoeoeeth.

Ia?aue, e naiue i?inoie neo/ae, caeeth/aaony a oii, /oi iaoa oe?ia
aeaenoaoao ia ?uiea, aeeceii e nia?aiaiii eiieo?aioiiio. I?aaeiieiaeei,
/oi iu ?anniao?eaaai n?aaeieo ?acia?ia iioiaoth oe?io. A oaeie neooaoeee
?acia? aeioiaeia oe?iu (a iaoai neo/aa oi?aiaie iaaeaaaee e eiienneiiiuo
ca aeiiieieoaeueiua oneoae) n aeinoaoi/ii aieueoie oi/iinoueth
ii?aaeaeai ?uii/iuie oneiaeyie. Oi anoue iu eiaai aeaei n oeaiie,
ii?aaeaeaiiie aiaoieie oaeoi?aie, eia/a aiai?y, oe?ia a aeaiiie
neooaoeee aunooiaao eae Price Taken. Iiyoiio, aua i?e nicaeaiee oaeie
oe?iu a ?an/aoa aacoauoi/iinoe iaiaoiaeeii o/eouaaoue oeene?iaaiioth
oeaio ia i?iaeoeoeeth oe?iu. Eae neaaenoaea, aeey iiauoaiey oeiainiaie
onoie/eainoe e aieaa iaaeaaeiuo aa?aioee io oauoi/iie aeayoaeueiinoe
iaiaoiaeei aunieee o?iaaiue ia?aee aaciianiinoe. Aaeeinoaaiiia n?aaenoai
aeinoe/ue yoiai – no?iaee eiio?ieue ca o?iaiai ecaea?aeae.

Aeey oe?iu, eioi?ay ia iiaeao oaea?aeaoue naie ecaea?aeee a ?aieao
aacoauoi/iinoe, iiaeii ?aeiiaiaeiaaoue aeaa auoiaea:

?anoe?eoue aeeaiacii auioneaaiuo oiaa?ia eee ieacuaaaiuo oneoa,
iai?eia?, ca n/ao auionea iiauo ia?ie oiaa?ia, /oi iicaieeo ineaaeoue
oeaiiaia aeaaeaiea ia oe?io a caieiaaiie ath ?uii/iie ieoa;

aeeaa?neoeoee?iaaoue naith aeayoaeueiinoue, oi anoue i?iieeiooue ia
iiaua ?uiee.

Aeaiiua ia?u o?aaotho aeiiieieoaeueiuo cao?ao, iaeiaei, /aua anaai,
auaaao aiciiaeii inouanoaeoue o?aaoaiua eiaanoeoeee ec eiathuaainy
iniiaiiai eaieoaea oe?iu, iiea oauoee io aunieeo ecaea?aeae ii iniiaiie
aeayoaeueiinoe ia naaaeoo eaieoae oe?iu e ioeth. Aeeyiea
aeiiieieoaeueiuo eiaanoeoeee ia ecaea?aeee iu ?anniio?ei /ooue ieaea.

Ianeieueei ae?oaay neooaoeey neeaaeuaaaony a oii neo/aa, eiaaea oe?ia
eiaao aiciiaeiinoue naia ii?aaeaeyoue oeaio (a i?aaeaeao aieaa oe?ieeo,
/ai ia ?uieao n ii/oe niaa?oaiiie eiieo?aioeeae). Anee ecaea?aeee oe?iu
eaaeao a i?aaeaeao n?aaeiaio?aneaauo ecaea?aeae, oi iaeaieaa
i?aaeii/oeoaeueiui yaeyaony oeaiiia?aciaaiea ii iaoiaeo «ecaea?aeee
iethn». Nooue yoiai iaoiaea caeeth/aaony a oii, /oi oeaia ia
i?iaeoeoeeth oe?iu onoaiaaeeaaaony ?aaiie ecaea?aeeai ia aa
i?iecaiaenoai iethn iaeioi?ue i?ioeaio iaaeaaaee. Aii?in caeeth/aaony a
aaee/eia iaaeaaaee. N oi/ee c?aiey aacoauoi/iinoe aeayoaeueiinoe oe?iu,
yoio i?ioeaio anoue ie /oi eiia eae ia?aea aaciianiinoe a /enoii aeaea.
Anoanoaaiii, /oi /ai auoa ia?aea aaciianiinoe, oai aieaa onoie/eai
oeiainiaia iieiaeaiea oe?iu (ii e?aeiae ia?a a oaeouee iiiaio). Niaeanii
ia?aa?aoo 1 yoio i?ioeaio aeieaeai auoue nieco ia?aie/ai n?aaeia?uii/iui
i?ioeaioii ia eaieoae oe?iu iethn aiciaa?aaeaeaiea i?aaei?eieiaoaeth, e
a aeieain?i/iii ia?eiaea ii aeieaeai aue au auoue ei ?aaai. A
e?aoein?i/iie aea ia?niaeoeaa – iaaeaaaea ia o?iaia aa?aioe?othuai
iaeneiaeueioth aeioiaeiinoue io i?iaeaae. Neaaeoao iiae/a?eiooue, /oi iu
iaeneiece?oai aeioiae, oae eae iaee/ea iieiaeeoaeueiiai (ii
ii?aaeaeaieth) i?ioeaioa iaaeaaaee naii ii naaa aa?aioe?oao, /oi
iaeneioi aeioiaea niaiaaeaao n iaeneioiii i?eauee. Yoo eaeaaeueioth
ea?oeio i?eaueueiiai i?iecaiaenoaa iiaoo ia?ooeoue (e ia?ooatho)
neo/aeiua aeeyiey noi?iiieo oaeoi?ia. Aeaei a oii, /oi i?e oaeii iaoiaea
eaeueeoeyoeey oeaiu aaaeaony ii ieaiiaui iieacaoaeyi, neaaeiaaoaeueii
iieo/aiiay oeaia ia o/eouaaao aiaoieo oaeoi?ia, aeaenoaothueo iaaeaeo
iiiaioii ?an/aoa oeaiu e iiiaioii iieaou. Oaeiauie oaeoi?aie iiaoo
auoue, iai?eia?, eioeyoeey, iaiaeeaeaiiua eciaiaiey no?oeoo?u
iieoiaoaeueneiai ni?ina e o.ae. ?aeiiaiaeoaony i?iaeaaaoue oaeea oiaa?u
n iaiai?eie i aiciiaeiii eciaiaiee oeaiu a iaiai?aiiuo i?aaeaeao (oaeie
iaoiae i?iaeaae iaiaoiaeeii i?eiaiyoue a oii neo/aa, eiaaea anoue
iniiaaiey iianaoueny aeeyiey auoaia?a/eneaiiuo oaeoi?ia).

A iaeioi?uo neooaoeeyo auaaao auaiaeiaa a?aiaiii nieceoue oeaiu aeey
noeioee?iaaiey ?inoa i?iaeaae eee aeey i?iaeaeaeaiey oiaa?a ia ?uiie.
Nae/an iu ?anniio?ei niioiioaiea aeaiieiaiaie oeaiiaie iieeoeee e
aii?inia aacoauoi/iinoe.

Ionoue oe?ia, eiay o?iaaiue iinoiyiiuo cao?ao a 200000$, ia?aiaiiuo
cao?ao ia aaeeieoeo i?iaeoeoeee – 10$, i?iaeaao i?iaeoeoeeth ii oeaia
14$ ca aaeeieoeo, aeaaeaao 25% ?uiea. I?e nieaeaiee oeai ia 2$ aeiey
?uiea ii ia?eaoeiaiaui enneaaeiaaieyi oaaee/eony ia 27%. ?ann/eoaai
enoiaeioth oi/eo aacoauoi/iinoe:

Iinoiyiiua ?anoiaeu 200000$

Ia?aiaiiua ?anoiaeu ia aaeeieoeo i?iaeoeoeee 10$

Aeioiae io i?iaeaaee aaeeieoeu i?iaeoeoeee 14$

Ia?aeeiaeueiue aeioiae ia aaeeieoeo i?iaeoeoeee 4$

Oi/ea aacoauoi/iinoe 200000$/4$ = 50000 aae.

Aeey eciaiaiiie oeaiu oi/ea aacoauoi/iinoe:

Aeioiae io i?iaeaaee aaeeieoeu i?iaeoeoeee 12$

Ia?aeeiaeueiue aeioiae ia aaeeieoeo i?iaeoeoeee 2$

Oi/ea aacoauoi/iinoe 200000$/2$ = 100000 aae.

Oaeei ia?acii, eiee/anoai i?iaeoeoeee oe?iu, eioi?ia iaiaoiaeeii
i?iaeaoue aeey aeinoeaeaiey oi/ee aacoauoi/iinoe aic?inei a 2 ?aca.
Iaeiaei, ia ?uiea /enei i?iaeaae oaaee/eeinue a

(27% + 25%) / 25% = 2,08 ?aca

oi anoue ia?aea aaciianiinoe oaaee/eony a ?acoeueoaoa ieaie?oaiiai
eciaiaiey oeai ia 8%.

?anniio?ei oaia?ue neooaoeeth n aeinoeaeaieai oi/ee aacoauoi/iioe i?e
nieaeaiee oeaiu ?aaeecaoeee ieaea aaee/eiu ia?aiaiiuo cao?ao ia iaeii
ecaeaeea. Aaeeinoaaiiay neooaoeey i?e eioi?ie ii?aaaeaii oaeia nieaeaiea
yoi i?iieeiiaaiea oiaa?a ia iiaue ?uiie eee aea nouanoaaiiia ?anoe?aiea
caiyoie ?uii/iie oeaee. Ionoue iaeeaeaaiue yooaeo io nieaeaiey oeaiu
?aaeecaoeee aei 8$ ca aaeeieoeo caeeth/aaony a oaaee/aiee aeiee ?uiea
aei 51% a oa/aiee o?ao aeeaeaeoeo eao, i?e i?iaeaaeiuo oeaiao a oa/aiee
neaaeothueo aeaoo eao a 15$. I?eiai, /oi naaiaeiyoiyy aeiey i?iaeaae
ninoaaeyao a nianoaaiiii au?aaeaiee 60000 aaeeieoe. Oiaaea a oa/aiee
aoaeoueo o?ao eao iauaa eiee/anoai i?iaeaae ninoaaeo 122400 aaeeieoe a
aiae. ?ann/eoaai i?eauee e oauoee io oaeie aeoeee:

1 aiae

Aeioiae io ?aaeecaoeee 122400 ecaeaeee ii oeaia 8$ ca oooeo 979 200$

Iinoiyiiua ecaea?aeee 200 000$

Ia?aiaiiua ecaea?aeee ii 122400 ecaeaeeyi a ?acia?a 10$ ca oooeo 1 224
000$

I?eaueue 0$ 444 800$

Oauoie

2 aiae

Oeiainiaue ?acoeueoao i?ioeiai aiaea 444 800$

Aeioiae io ?aaeecaoeee 122400 ecaeaeee ii oeaia 15$ ca oooeo 1 836 000$

Iinoiyiiua ecaea?aeee 200 000$

Ia?aiaiiua ecaea?aeee ii 122400 ecaeaeeyi a ?acia?a 10$ ca oooeo 1 224
000$

I?eaueue 0$

Oauoie 32 000$

3 aiae

Oeiainiaue ?acoeueoao i?ioeiai aiaea 32 000$

Aeioiae io ?aaeecaoeee 122400 ecaeaeee ii oeaia 15$ ca oooeo 1 836 000$

Iinoiyiiua ecaea?aeee 200 000$

Ia?aiaiiua ecaea?aeee ii 122400 ecaeaeeyi a ?acia?a 10$ ca oooeo 1 224
000$

I?eaueue 380 000$

Oauoie 0$

Oaeei ia?acii, a ?acoeueoaoa aeaiiie iia?aoeee oe?ia aeinoeaaao oi/ee
aacoauoi/iinoe ia o?aoee aiae nouanoaiaaiey oaeie ia?eaoeiaiaie
no?aoaaee. Aiaeiae/ii nieaeaieth oeaiu ia ?aaeecoaiue oiaa? aiciiaeii
oaaee/aiea aeiee n?aaenoa eiaanoe?oaiuo a i?iaeaeaeaiee oiaa?a ia ?uiie.
Oiaaea yoe ?anoiaeu ioiinyony ia n/ao iauaoe?iaiiuo iaeeaaeiuo ?anoiaeia
eae i?e iii?ioeaniie oae e iicaeaciie eaeueeoeyoeee ?anoiaeia.
Neaaeiaaoaeueii, oaaee/eaay aaniethoioth aaee/eio iinoiyiiuo ?anoiaeia
naeaiiua ecaea?aeee oaaee/eaatho ieieiaeueiue iauai i?iecaiaenoaa aeey
aeinoeaeaiey oi/ee aacoauoi/iinoe.

Ia yoii iu caeai/eaaai ?anniio?aiea aiciiaeiie oeaiiaie iieeoeee oe?iu,
ia?aie/eaoenue aaaeui iaoi?ii iieeoeee nieaeaiey oeai ?aaeecaoeee ee aa
aicaeaenoaey ia oi/eo aacoauoi/iinoe i?aaei?eyoey. Ca ?aieaie eceiaeaiey
inoaeenue iaoiaeii oeaiiaie aeene?eieiaoeee, oeaiiaie iiaeaea?aeee
eciaiaiee no?oeoo?u auionea, nenoai oeaiiauo neeaeie (a oii /enea i?e
?aaeecaoeee oiaa?ia /a?ac aeeneiioiua ea?ou e o.ae.). Aeaiiue ioieo
e?aoie ii iaiaoiaeeiinoe, o.e. oiieinoe oeaiiaie iieeoeee – yoi nei?aa
aii?inu ia?eaoeiaa, /ai aii?inu aiaeeca oi/ee aacoauoi/iinoe.

§4.Ieaie?iaaiea aacoauoi/iinoe

Aii?inu aiaeeca oi/ee aacoauoi/iinoe iaeaieaa eioa?aniu a aeaoo
aniaeoao: aiaeec iuiaoiaai ninoiyiey aeae ia i?aaei?eyoee e i?iaiic
aoaeouaai ninoiyiey ou?iu. Ia?aue aniaeo caeeth/aaony a auaeaeaiee
iaeaieaa nouanoaaiiuo oaeoi?ia, ii?aaeaeythueo naaanoieiinoue
i?iecaiaeeiuo ecaeaeee (i.3.1.) e aiaeeca oaeouae ?uii/iie eiiuthieoo?u.
Aoi?ie aniaeo caeeth/aaony a i?iaiica o?iaiy cao?ao ia i?iecaiaenoai e
oeaiiaie neooaoeee ia ?uiea. Ia iniiaa naeaeaiiuo i?iaiicia
inouanoaeyaony ?an/ao ieaia i?iecaiaenoaa. Aaaeiui oneiaeai iania/aiey
oniaoiie aeayoaeueiinoe oe?iu yaeyaony eiio?ieue ca auiieiaieai ieaia
aacoauoi/iinoe oe?iu.

I?ioeann ninoaaeaiey ieaia aacoauoi/iinoe aeayoaeueiinoe oe?iu yaeyaony
/anoueth ninoaaeaiey iauaai oeiainiaiai ieaia oe?iu. Noaio aai
ninoaaeaiey iiaeii i?aaenoaaeoue a aeaea:

Iiae?iaii ?anniio?ei ana noaaeee i?ioeanna ieaie?iaaiey aacoauoi/iinoe:

I.Aiaeec ninoiyiey aeae a oe?ia e neooaoeee ia ?uieao nauoa.
Iiae?acoiaaaaony aiaeec neeueiuo e neaauo noi?ii aeayoaeueiinoe oe?iu n
oi/ee c?aiey aioo?aiieo e aiaoieo oaeoi?ia. Iiae aioo?aiieie oaeoi?aie
i?aaeaea anaai iiieiaai aiaeec ecaea?aeae (ni. 3.1.), n o/aoii
aiciiaeiinoae o?ainoi?ie?iaaiey no?oeoo?u ecaea?aeae n oeaeueth eo
ieieiecaoeee. Ioiaoei, /oi ia ieieiecaoeeth ecaea?aeae iiieii /anoi
i?iecaiaenoaaiiuo e oaoie/aneeo aii?inia iaiaeiaaaeiia aeeyiea ieacuaaao
o?iaaiue iaiaaeaeiaioa ia i?aaei?eyoee e aeayoaeueiinoue neoaea
niaaaeaiey. Aiaoiea oaeoi?u ?anniao?eaathony i?aaeaea anaai eae oa
iauaeoeaiua iniaaiiinoe ?uii/iie n?aaeu, eioi?ua ieacuaatho
iieiaeeoaeueiia eee io?eoeaoaeueiia aicaeaenoaea ia aeayoaeueiinoue
i?aaei?eyoey. E /eneo oaeeo oaeoi?ia ioiinyony: aeiey ?uiea,
eiio?iee?oaiay oe?iie, e oaiaeaioeeae e aa eciaiaieth; aeayoaeueiinoue
eiieo?aioia, eciaiaiea i?aaeii/oaiee iio?aaeoaeae, eciaiaiea iauae
oeiainiaie neooaoeee a no?aia, aaea inouanoaeyaony aeayoaeueiinoue oe?iu
e o.ae.

II.I?iaiic aoaeoueo oeai ia oaeoi?u i?iecaiaenoaa e ia aioiaoth
i?iaeoeoeeth. Ia iniiaa aeaiiuo ecia?aaeaiiuo a i.I inouaonaeyaony
i?iaiiciia ieaie?iaaiea eioa?anothueo ian oeaiiauo oaeoi?ia oiaa?iiai
?uiea. Aeey yoiai iniaaiii iieacii ?anniio?aiea noaoenoe/anee ii
iieacaoaeyi, ?anniao?eaaaoeiny a i.I, aiaeec aeeiaieee yoeo iieacaoaeae,
a oii /enea e n iiiiuueth yeiiiieei-iaoaiaoe/aneeo iaoiaeia. Anee o
i?aaei?eyoey ionoonoaotho aiciiaeiinoe aeey i?iaaaeaiey iiaeiaiiai ?iaea
aiaeeca, oi iiaeii ia?aie/eoueny i?inoie yeno?aiieyoeeae nouanoaothueo
oaaeaeaioeee a eciaiaieyo oeai ia ?uiea. Ia yoii aea yoaia
ii?aaeaeythony oeaiu i?ioeaiaeaenoaey aiciiaeiui iaaeaaii?eyoiui
eciaiaieyi oeai. A /anoiinoe iiaoo ?anniao?eaaoueny aii?inu
oaaeaee?iaaiey oeaiiaiai ?enea iooai eniieueciaaiey oiaa?iuo oueth/a?nia
e iioeeiiia.

III.?an/ao ia?aiaiiuo e iinoiyiiuo cao?ao.

I?eiaiyy iaoiaeeeo, eceiaeaiioth a i.3.1., iini?iaiice?iaaiiui cia/aieyi
oeai e iai?iecaiaenoaaiiuo cao?ao, iaiaoiaeeii ?ann/eoaoue
naaanoieiinoue i?iecaiaeeiie i?iaeoeoeee. I?e yoii iaiaoiaeeii
nieaie?iaaoue i?eiaiaiea iauaia iacaaa?oaiiiai i?iecaiaenoaa e noaiaiue
auiieiaiey ioaeaeueiuo yoaiia ?aaio. Caeanue aea ii?aaeaeyaony
iio?aaiinoue a iniiaiuo e iai?ioiuo n?aaenoaao, ii?aaeaeythony
i?aaeiieiaeeoaeueiua enoi/ieee eo oi?ie?iaaiey. Anee iio?aaiinoue a
oeiainiauo ?ano?nao oaeiaeaai?yaony iooai aiaoieo caeiia, oi a noiio
iai?iecaiaenoaaiiuo ?anoiaeia iaiaoiaeeii aeeth/eoue ?anoiaeu ii
iieo/aiiui e?aaeeoai.

IV.?an/ao oi/ee aacoauoi/iinoe.

Ii?aaeaeyai oi/eo aacoauoi/iinoe ia iniiaa ?an/aoa naaanoieiinoe
ecaeaeee e i?aaeiieiaeeoaeueiie oeaiu ?aaeecaoeee. Noaiu ?an/aoa oi/ee
aacoauoi/iinoe eceiaeaiu a $ 2. Iinea ?an/aoa iauaia i?iecaiaenoaa,
iaiaoiaeeiiai aeey iie?uoey iinoiyiiuo ecaea?aeae, ii?aaeaeyaony
iio?aaiay aaee/eia ia?aee aaciianiinoe. Yoa i?eaeeceoaeueiay aaee/eia
caaeneo io noaaeeueiinoe aiaoiae n?aaeu, a eioi?ie aeaenoaoao oe?ia.
Anoannoaaiii, /oi /ai aieaa ianoaaeeueia aiaoiyy n?aaea, oai aieueoei
aeieaeai auoue ?acia? ia?aee aaciianiinoe. Iinea ii?aaeaeaiey ia?aee
aaciianiinoe ?ann/eouaaai iauai auionea e ?aaeecaoeee i?iaeoeoeee
iaiaoiaeeiie aeey aeinoeaeaiey o?aaoaiiai o?iaiy ia?aee aaciianiinoe.

V., VI. Ii?aaeaeaiea oeaiiaie iieeoeee i?aaei?eyoey

Ia iniiaa aiaeeca aoaeouaai ninoiyiey ?uiea, i?iecaaaeaiiiai a i.II,
ii?aaeaeyai i?e eaeii o?iaia oeai e oeaiiaie iieeoeea i?aaei?eyoey
aeinoeaaaony iaiaoiaeeiue iauai ?aaeecaoeee. Iinea yoiai aiiaue
ia?an/eouaaaony oi/ea aacoauoi/iinoe e ooi/iaiiay aaee/eia ia?aee
aaciianiinoe. Anee yoa aaee/eia ia oaeiaeaoai?yao caaeaiiiio a i.IV
e?eoa?eth, oi iiaoi?yai ioieou V, VI aua ?ac, n ae?oaeie cia/aieyie
oeai. Anee ia iieo/aaony aeinoe/ue i?eaieaiie aaee/eiu ia?aee
aaciianiinoe, oi iaiaoiaeeii iiaoi?eoue aiaeec a III, ia?auay aieiaiea
ia nieaeaiea cao?ao. Iiaeiaiui iia?aoeaiui i?ioeannii iu aeinoeaaai
i?iecaiaenoaaiiiai ieaia n oaeiaeaoai?ythueie enoiaeiui o?aaiaaieyi
aaee/eiaie ia?aee aaciianiinoe e oeai ?aaeecaoeee.

VII.I?eiyoea ieii/aoaeueiiai ieaia

Ia iniiaa ii?aaeaeaiuo a i. V, VI oeai ?aaeecaoeee, iauaiia ?aaeecaoeee
i?iecaiaeeony ieii/aoaeueiue ?an/ao oi/ee aacoauoi/iinoe, a oaeaea
ninoaaeyaony oeiainiaue ieai e ieai ?aaeecaoeee n ?acaeaeie ii
ia?eiaeai. I?e yoii ii?aaeaeyaony iiiaio aeinoeaeaiey oi/ee
aacoauoi/iinoe.

VIII.Eiio?ieue aacoauoi/iinoe

Eiio?ieue aacoauoi/iinoe aeeth/aao a naay ianeieueei aniaeoia i eioi?uo
iu oieueei oiiieiaai: eiio?ieue i?iecaiaenoaaiiuo ?anoiaeia, eiio?ieue
naaanoieiinoe, eiio?ieue ieaia ?aaeecaoeee, eiio?ieue iinooieaiey
aeioiaeia, eiio?ieue auiieiaiey ieaia aacoauoi/iinoe. ssnii, /oi
eiio?ieue naaanoieiinoe e eiio?ieue ieaia ?aaeecaoeee e iinooieaiey
aeioiaeia i?iaa?ytho aeaa ninoaaeythuea eiioeaioeee aacoauoi/iinoe.
Eiiieaeniue eiio?ieue aacoauoi/iinoe caeeth/aaony a iai?a?uiii eiio?iea
ca iieo/aiiuie aeioiaeaie e oaeoueie ecaea?aeeaie oe?iu, ii?aaeaeaiee
oiai, a eaeii iieiaeaiee ioiineoaeueii oi/ee aacoauoi/iinoe iaoiaeeony
oe?ia. Iiaeiaiia eceiaeaiea aii?inia ieaie?iaaiey e eiio?iey
aacoauoi/iinoe iioneaaony a neeo oiai, /oi aeaiiay ?aaioa eiaao
ia?aie/aiiue iauai.

Oaeei ia?acii iu ?anniao?eaaai aeinoaoi/ii caieiooue e?oa aii?inia,
eanathueony aiaeeca aacoauoi/iinoe e ae?aooea iienaee i?ioeann
ieaie?iaaiey aacoauoi/iinoe.

Nienie eeoa?aoo?u.

. A?eaaeaa I.I., Eaiaoueaaa E.A. Aecian-ieai. I?aeoe/aneia ?oeiaiaenoai
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