Macroeconomics PDF

Principles of Macroeconomics
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ISBN-10 1938168259

ISBN-13

978-1-938168-25-3

Revision

MA-1-001-RS

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T H E C A L V I N K .
!"#"$%&"$
ECONOMICS FOUNDATION
Calvin K. Kazanjian was the founder and president of Peter Paul Inc., the maker of the Mounds and Almond Joy
candy bars, located in Naugatuck, Connecticut. He firmly believed that if more people understood basic
economics the world would be a better place in which to live. Accordingly, he established the Foundation in the
true spirit of unselfish service. The Calvin K. Kazanjian Economics Foundation Inc. is a non-political education
organization that was incorporated as a nonprofit organization under the Statue Laws of the State of Connecticut
on April 4, 1947.

2
4EFP @LKQBKQ FP >S>FI>?IB CLO COBB >Q EQQM://@KU.LOD/@LKQBKQ/@LI11626/1.9
-45?8 B9 CBAG8AGF
)E89468 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
C;4CG8E 1: 08?6B@8 GB E6BAB@<6F! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
1.1 7E>Q %@LKLJF@P )P >KA 7EV )Q'P )JMLOQ>KQ . . . . . . . . . . . . . . . . . . . . . . . . . . 12
1.2 -F@OLB@LKLJF@P >KA ->@OLB@LKLJF@P . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
1.3 (LT %@LKLJFPQP 5PB 4EBLOFBP >KA -LABIP QL 5KABOPQ>KA %@LKLJF@ )PPRBP . . . . . . . . . 16
1.4 (LT %@LKLJFBP #>K "B /OD>KFWBA: !K /SBOSFBT LC %@LKLJF@ 3VPQBJP . . . . . . . . . . . 18
C;4CG8E 2: C;B<68 <A 4 0BE?7 B9 ,64E6<GL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
2.1 (LT )KAFSFAR>IP ->HB #ELF@BP ">PBA LK 4EBFO "RADBQ #LKPQO>FKQ . . . . . . . . . . . . . . 28
2.2 4EB 0OLAR@QFLK 0LPPF?FIFQFBP &OLKQFBO >KA 3L@F>I #ELF@BP . . . . . . . . . . . . . . . . . . . 32
2.3 #LKCOLKQFKD /?GB@QFLKP QL QEB %@LKLJF@ !MMOL>@E . . . . . . . . . . . . . . . . . . . . . . 36
C;4CG8E 3: D8@4A7 4A7 ,HCC?L . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
3.1 $BJ>KA, 3RMMIV, >KA %NRFIF?OFRJ FK ->OHBQP CLO 'LLAP >KA 3BOSF@BP . . . . . . . . . . . . 44
3.2 3EFCQP FK $BJ>KA >KA 3RMMIV CLO 'LLAP >KA 3BOSF@BP . . . . . . . . . . . . . . . . . . . . 49
3.3 #E>KDBP FK %NRFIF?OFRJ 0OF@B >KA 1R>KQFQV: 4EB &LRO-3QBM 0OL@BPP . . . . . . . . . . . . . 57
3.4 0OF@B #BFIFKDP >KA 0OF@B &ILLOP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
3.5 $BJ>KA, 3RMMIV, >KA %CCF@FBK@V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
C;4CG8E 4: %45BE 4A7 F<A4A6<4? &4E>8GF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
4.1 $BJ>KA >KA 3RMMIV >Q 7LOH FK ,>?LO ->OHBQP . . . . . . . . . . . . . . . . . . . . . . . . 76
4.2 $BJ>KA >KA 3RMMIV FK &FK>K@F>I ->OHBQP . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
4.3 4EB ->OHBQ 3VPQBJ >P >K %CCF@FBKQ -B@E>KFPJ CLO )KCLOJ>QFLK . . . . . . . . . . . . . . . . 88
C;4CG8E 5: E?4FG<6<GL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
5.1 0OF@B %I>PQF@FQV LC $BJ>KA >KA 0OF@B %I>PQF@FQV LC 3RMMIV . . . . . . . . . . . . . . . . . . . 98
5.2 0LI>O #>PBP LC %I>PQF@FQV >KA #LKPQ>KQ %I>PQF@FQV . . . . . . . . . . . . . . . . . . . . . . . 102
5.3 %I>PQF@FQV >KA 0OF@FKD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
5.4 %I>PQF@FQV FK !OB>P /QEBO 4E>K 0OF@B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
C;4CG8E 6: -;8 &46EB86BAB@<6 )8EFC86G<I8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
6.1 -B>PROFKD QEB 3FWB LC QEB %@LKLJV: 'OLPP $LJBPQF@ 0OLAR@Q . . . . . . . . . . . . . . . . 121
6.2 !AGRPQFKD .LJFK>I 6>IRBP QL 2B>I 6>IRBP . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
6.3 4O>@HFKD 2B>I '$0 LSBO 4FJB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
6.4 #LJM>OFKD '$0 >JLKD #LRKQOFBP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
6.5 (LT 7BII '$0 -B>PROBP QEB 7BII-"BFKD LC 3L@FBQV . . . . . . . . . . . . . . . . . . . . . . 138
C;4CG8E 7: E6BAB@<6 EBJG; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145
7.1 4EB 2BI>QFSBIV 2B@BKQ !OOFS>I LC %@LKLJF@ 'OLTQE . . . . . . . . . . . . . . . . . . . . . . 146
7.2 ,>?LO 0OLAR@QFSFQV >KA %@LKLJF@ 'OLTQE . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
7.3 #LJMLKBKQP LC %@LKLJF@ 'OLTQE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
7.4 %@LKLJF@ #LKSBODBK@B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
C;4CG8E 8: .A8@C?BL@8AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167
8.1 (LT QEB 5KBJMILVJBKQ 2>QB FP $BCFKBA >KA #LJMRQBA . . . . . . . . . . . . . . . . . . . 168
8.2 0>QQBOKP LC 5KBJMILVJBKQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
8.3 7E>Q #>RPBP #E>KDBP FK 5KBJMILVJBKQ LSBO QEB 3ELOQ 2RK . . . . . . . . . . . . . . . . 177
8.4 7E>Q #>RPBP #E>KDBP FK 5KBJMILVJBKQ LSBO QEB ,LKD 2RK . . . . . . . . . . . . . . . . . 180
C;4CG8E 9: "A9?4G<BA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
9.1 4O>@HFKD )KCI>QFLK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192
9.2 (LT #E>KDBP FK QEB #LPQ LC ,FSFKD >OB -B>PROBA . . . . . . . . . . . . . . . . . . . . . . . 196
9.3 (LT QEB 53 >KA /QEBO #LRKQOFBP %UMBOFBK@B )KCI>QFLK . . . . . . . . . . . . . . . . . . . . 200
9.4 4EB #LKCRPFLK /SBO )KCI>QFLK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204
9.5 )KABUFKD >KA )QP ,FJFQ>QFLKP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207
C;4CG8E 10: -;8 "AG8EA4G<BA4? -E478 4A7 C4C<G4? F?BJF . . . . . . . . . . . . . . . . . . . . . . . 215
10.1 -B>PROFKD 4O>AB ">I>K@BP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216
10.2 4O>AB ">I>K@BP FK (FPQLOF@>I >KA )KQBOK>QFLK>I #LKQBUQ . . . . . . . . . . . . . . . . . . . . 219
10.3 4O>AB ">I>K@BP >KA &ILTP LC &FK>K@F>I #>MFQ>I . . . . . . . . . . . . . . . . . . . . . . . 221
10.4 4EB .>QFLK>I 3>SFKD >KA )KSBPQJBKQ )ABKQFQV . . . . . . . . . . . . . . . . . . . . . . . . . 223
10.5 4EB 0OLP >KA #LKP LC 4O>AB $BCF@FQP >KA 3ROMIRPBP . . . . . . . . . . . . . . . . . . . . . 227
10.6 4EB $FCCBOBK@B ?BQTBBK ,BSBI LC 4O>AB >KA QEB 4O>AB ">I>K@B . . . . . . . . . . . . . . . 229
C;4CG8E 11: -;8 A::E8:4G8 D8@4A7/A::E8:4G8 ,HCC?L &B78? . . . . . . . . . . . . . . . . . . . 235
11.1 ->@OLB@LKLJF@ 0BOPMB@QFSBP LK $BJ>KA >KA 3RMMIV . . . . . . . . . . . . . . . . . . . . 237
11.2 "RFIAFKD > -LABI LC !DDOBD>QB $BJ>KA >KA !DDOBD>QB 3RMMIV . . . . . . . . . . . . . . . 238
11.3 3EFCQP FK !DDOBD>QB 3RMMIV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243
11.4 3EFCQP FK !DDOBD>QB $BJ>KA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245
11.5 (LT QEB !$/!3 -LABI )K@LOMLO>QBP 'OLTQE, 5KBJMILVJBKQ, >KA )KCI>QFLK . . . . . . . . . 248
11.6 +BVKBPa ,>T >KA 3>VaP ,>T FK QEB !$/!3 -LABI . . . . . . . . . . . . . . . . . . . . . . . 251
3
C;4CG8E 12: -;8 $8LA8F<4A )8EFC86G<I8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259
12.1 !DDOBD>QB $BJ>KA FK +BVKBPF>K !K>IVPFP . . . . . . . . . . . . . . . . . . . . . . . . . . 260
12.2 4EB "RFIAFKD "IL@HP LC +BVKBPF>K !K>IVPFP . . . . . . . . . . . . . . . . . . . . . . . . . . 263
12.3 4EB 0EFIIFMP #ROSB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267
12.4 4EB +BVKBPF>K 0BOPMB@QFSB LK ->OHBQ &LO@BP . . . . . . . . . . . . . . . . . . . . . . . . 270
C;4CG8E 13: -;8 '8B6?4FF<64? )8EFC86G<I8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275
13.1 4EB "RFIAFKD "IL@HP LC .BL@I>PPF@>I !K>IVPFP . . . . . . . . . . . . . . . . . . . . . . . . 276
13.2 4EB 0LIF@V )JMIF@>QFLKP LC QEB .BL@I>PPF@>I 0BOPMB@QFSB . . . . . . . . . . . . . . . . . . . 281
13.3 ">I>K@FKD +BVKBPF>K >KA .BL@I>PPF@>I -LABIP . . . . . . . . . . . . . . . . . . . . . . . 287
C;4CG8E 14: &BA8L 4A7 B4A><A: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291
14.1 $BCFKFKD -LKBV ?V )QP &RK@QFLKP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292
14.2 -B>PROFKD -LKBV: #ROOBK@V, -1, >KA -2 . . . . . . . . . . . . . . . . . . . . . . . . . . 294
14.3 4EB 2LIB LC ">KHP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296
14.4 (LT ">KHP #OB>QB -LKBV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300
C;4CG8E 15: &BA8G4EL )B?<6L 4A7 B4A> +8:H?4G<BA . . . . . . . . . . . . . . . . . . . . . . . . . 309
15.1 4EB &BABO>I 2BPBOSB ">KHFKD 3VPQBJ >KA #BKQO>I ">KHP . . . . . . . . . . . . . . . . . . 310
15.2 ">KH 2BDRI>QFLK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312
15.3 (LT > #BKQO>I ">KH %UB@RQBP -LKBQ>OV 0LIF@V . . . . . . . . . . . . . . . . . . . . . . . 315
15.4 -LKBQ>OV 0LIF@V >KA %@LKLJF@ /RQ@LJBP . . . . . . . . . . . . . . . . . . . . . . . . . . 318
15.5 0FQC>IIP CLO -LKBQ>OV 0LIF@V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322
C;4CG8E 16: EK6;4A:8 +4G8F 4A7 "AG8EA4G<BA4? C4C<G4? F?BJF . . . . . . . . . . . . . . . . . . . . 333
16.1 (LT QEB &LOBFDK %U@E>KDB ->OHBQ 7LOHP . . . . . . . . . . . . . . . . . . . . . . . . . . 334
16.2 $BJ>KA >KA 3RMMIV 3EFCQP FK &LOBFDK %U@E>KDB ->OHBQP . . . . . . . . . . . . . . . . . . 341
16.3 ->@OLB@LKLJF@ %CCB@QP LC %U@E>KDB 2>QBP . . . . . . . . . . . . . . . . . . . . . . . . . 344
16.4 %U@E>KDB 2>QB 0LIF@FBP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347
C;4CG8E 17: BI8EA@8AG BH7:8GF 4A7 F<F64? )B?<6L . . . . . . . . . . . . . . . . . . . . . . . . . 357
17.1 'LSBOKJBKQ 3MBKAFKD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358
17.2 4>U>QFLK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361
17.3 &BABO>I $BCF@FQP >KA QEB .>QFLK>I $B?Q . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363
17.4 5PFKD &FP@>I 0LIF@V QL &FDEQ 2B@BPPFLK, 5KBJMILVJBKQ, >KA )KCI>QFLK . . . . . . . . . . . . 366
17.5 !RQLJ>QF@ 3Q>?FIFWBOP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369
17.6 0O>@QF@>I 0OL?IBJP TFQE $FP@OBQFLK>OV &FP@>I 0LIF@V . . . . . . . . . . . . . . . . . . . . . 371
17.7 4EB 1RBPQFLK LC > ">I>K@BA "RADBQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374
C;4CG8E 18: -;8 "@C46GF B9 BI8EA@8AG BBEEBJ<A: . . . . . . . . . . . . . . . . . . . . . . . . . 381
18.1 (LT 'LSBOKJBKQ "LOOLTFKD !CCB@QP )KSBPQJBKQ >KA QEB 4O>AB ">I>K@B . . . . . . . . . . 382
18.2 &FP@>I 0LIF@V, )KSBPQJBKQ, >KA %@LKLJF@ 'OLTQE . . . . . . . . . . . . . . . . . . . . . . . 384
18.3 (LT 'LSBOKJBKQ "LOOLTFKD !CCB@QP 0OFS>QB 3>SFKD . . . . . . . . . . . . . . . . . . . . . 389
18.4 &FP@>I 0LIF@V >KA QEB 4O>AB ">I>K@B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390
C;4CG8E 19: &46EB86BAB@<6 )B?<6L AEBHA7 G;8 0BE?7 . . . . . . . . . . . . . . . . . . . . . . . 397
19.1 4EB $FSBOPFQV LC #LRKQOFBP >KA %@LKLJFBP >@OLPP QEB 7LOIA . . . . . . . . . . . . . . . . 399
19.2 )JMOLSFKD #LRKQOFBPa 3Q>KA>OAP LC ,FSFKD . . . . . . . . . . . . . . . . . . . . . . . . . . . 402
19.3 #>RPBP LC 5KBJMILVJBKQ >OLRKA QEB 7LOIA . . . . . . . . . . . . . . . . . . . . . . . . . 406
19.4 #>RPBP LC )KCI>QFLK FK 6>OFLRP #LRKQOFBP >KA 2BDFLKP . . . . . . . . . . . . . . . . . . . . 407
19.5 ">I>K@B LC 4O>AB #LK@BOKP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408
C;4CG8E 20: "AG8EA4G<BA4? -E478 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415
20.1 !?PLIRQB >KA #LJM>O>QFSB !AS>KQ>DB . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416
20.2 7E>Q (>MMBKP 7EBK > #LRKQOV (>P >K !?PLIRQB !AS>KQ>DB FK !II 'LLAP . . . . . . . . . 421
20.3 )KQO>-FKARPQOV 4O>AB ?BQTBBK 3FJFI>O %@LKLJFBP . . . . . . . . . . . . . . . . . . . . . . . 425
20.4 4EB "BKBCFQP LC 2BAR@FKD ">OOFBOP QL )KQBOK>QFLK>I 4O>AB . . . . . . . . . . . . . . . . . . 428
C;4CG8E 21: ?B54?<M4G<BA 4A7 )EBG86G<BA<F@ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435
21.1 0OLQB@QFLKFPJ: !K )KAFOB@Q 3R?PFAV COLJ #LKPRJBOP QL 0OLAR@BOP . . . . . . . . . . . . . . 436
21.2 )KQBOK>QFLK>I 4O>AB >KA )QP %CCB@QP LK *L?P, 7>DBP, >KA 7LOHFKD #LKAFQFLKP . . . . . . . . 442
21.3 !ODRJBKQP FK 3RMMLOQ LC 2BPQOF@QFKD )JMLOQP . . . . . . . . . . . . . . . . . . . . . . . . . 445
21.4 (LT 4O>AB 0LIF@V )P %K>@QBA: 'IL?>IIV, 2BDFLK>IIV, >KA .>QFLK>IIV . . . . . . . . . . . . . 450
21.5 4EB 4O>ABLCCP LC 4O>AB 0LIF@V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453
A -;8 .F8 B9 &4G;8@4G<6F <A )E<A6<C?8F B9 E6BAB@<6F . . . . . . . . . . . . . . . . . . . . . . . 461
B -;8 EKC8A7<GHE8-(HGCHG &B78? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 477
"A78K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530
4
02%&!#%
6AH?KIA PK Principles of Macroeconomics, =J .LAJ2P=T "KHHACA NAOKQN?A. 3DEO PATP>KKG D=O >AAJ ?NA=PA@ SEPD OARAN=H
CK=HO EJ IEJ@: =??AOOE>EHEPU, ?QOPKIEV=PEKJ, =J@ OPQ@AJP AJC=CAIAJP`=HH SDEHA AJ?KQN=CEJC OPQ@AJPO PKS=N@ DECD HARAHO
KB =?=@AIE? O?DKH=NODEL. (JOPNQ?PKNO =J@ OPQ@AJPO =HEGA SEHH BEJ@ PD=P PDEO PATP>KKG KBBANO = OPNKJC BKQJ@=PEKJ EJ
I=?NKA?KJKIE?O EJ =J =??AOOE>HA BKNI=P.
A5BHG (C8A,G4K CB??8:8
.LAJ2P=T "KHHACA EO = JKJ-LNKBEP KNC=JEV=PEKJ ?KIIEPPA@ PK EILNKREJC OPQ@AJP =??AOO PK MQ=HEPU HA=NJEJC I=PANE=HO. .QN
BNAA PATP>KKGO CK PDNKQCD = NECKNKQO A@EPKNE=H LQ>HEODEJC LNK?AOO. .QN PATPO =NA @ARAHKLA@ =J@ LAAN-NAREASA@ >U A@Q?=PKNO
PK AJOQNA PDAU =NA NA=@=>HA, =??QN=PA, =J@ IAAP PDA O?KLA =J@ OAMQAJ?A NAMQENAIAJPO KB PK@=UbO ?KHHACA ?KQNOAO. 4JHEGA
PN=@EPEKJ=H PATP>KKGO, .LAJ2P=T "KHHACA NAOKQN?AO HERA KJHEJA =J@ =NA KSJA@ >U PDA ?KIIQJEPU KB A@Q?=PKNO QOEJC PDAI.
3DNKQCD KQN L=NPJANODELO SEPD ?KIL=JEAO =J@ BKQJ@=PEKJO ?KIIEPPA@ PK NA@Q?EJC ?KOPO BKN OPQ@AJPO, .LAJ2P=T "KHHACA EO
SKNGEJC PK EILNKRA =??AOO PK DECDAN A@Q?=PEKJ BKN =HH. .LAJ2P=T "KHHACA EO =J EJEPE=PERA KB 1E?A 4JERANOEPU =J@ EO I=@A
LKOOE>HA PDNKQCD PDA CAJANKQO OQLLKNP KB OARAN=H LDEH=JPDNKLE? BKQJ@=PEKJO.
A5BHG (C8A,G4K CB??8:8RF +8FBHE68F
.LAJ2P=T "KHHACA NAOKQN?AO LNKRE@A MQ=HEPU =?=@AIE? EJOPNQ?PEKJ. 3DNAA GAU BA=PQNAO OAP KQN I=PANE=HO =L=NP BNKI KPDANO:
PDAU ?=J >A ?QOPKIEVA@ >U EJOPNQ?PKNO BKN A=?D ?H=OO, PDAU =NA = "HEREJC" NAOKQN?A PD=P CNKSO KJHEJA PDNKQCD ?KJPNE>QPEKJO
BNKI O?EAJ?A A@Q?=PKNO, =J@ PDAU =NA =R=EH=>HA BNAA KN BKN IEJEI=H ?KOP.
CHFGB@<M4G<BA
.LAJ2P=T "KHHACA HA=NJEJC NAOKQN?AO =NA @AOECJA@ PK >A ?QOPKIEVA@ BKN A=?D ?KQNOA. .QN PATP>KKGO LNKRE@A = OKHE@
BKQJ@=PEKJ KJ SDE?D EJOPNQ?PKNO ?=J >QEH@, =J@ KQN NAOKQN?AO =NA ?KJ?AERA@ =J@ SNEPPAJ SEPD BHATE>EHEPU EJ IEJ@. (JOPNQ?PKNO
?=J OAHA?P PDA OA?PEKJO IKOP NAHAR=JP PK PDAEN ?QNNE?QH= =J@ ?NA=PA = PATP>KKG PD=P OLA=GO @ENA?PHU PK PDA JAA@O KB PDAEN ?H=OOAO
=J@ OPQ@AJP >K@U. 3A=?DANO =NA AJ?KQN=CA@ PK ATL=J@ KJ ATEOPEJC AT=ILHAO >U =@@EJC QJEMQA ?KJPATP RE= CAKCN=LDE?=HHU
HK?=HEVA@ =LLHE?=PEKJO =J@ PKLE?=H ?KJJA?PEKJO.
Principles of Macroeconomics ?=J >A A=OEHU ?QOPKIEVA@ QOEJC KQN KJHEJA LH=PBKNI (DPPL://?JT.KNC/?KJPAJP/?KH11626/).
2EILHU OAHA?P PDA ?KJPAJP IKOP NAHAR=JP PK UKQN ?QNNAJP OAIAOPAN =J@ ?NA=PA = PATP>KKG PD=P OLA=GO @ENA?PHU PK PDA JAA@O
KB UKQN ?H=OO. Principles of Macroeconomics EO KNC=JEVA@ =O = ?KHHA?PEKJ KB OA?PEKJO PD=P ?=J >A NA=NN=JCA@, IK@EBEA@, =J@
AJD=J?A@ PDNKQCD HK?=HEVA@ AT=ILHAO KN PK EJ?KNLKN=PA = OLA?EBE? PDAIA KB UKQN ?KQNOA. 3DEO ?QOPKIEV=PEKJ BA=PQNA SEHH
AJOQNA PD=P UKQN PATP>KKG PNQHU NABHA?PO PDA CK=HO KB UKQN ?KQNOA.
CHE4G<BA
3K >NK=@AJ =??AOO =J@ AJ?KQN=CA ?KIIQJEPU ?QN=PEKJ, Principles of Macroeconomics EO cKLAJ OKQN?Ad HE?AJOA@ QJ@AN
= "NA=PERA "KIIKJO PPNE>QPEKJ (""-!8) HE?AJOA. 3DA A?KJKIE?O ?KIIQJEPU EO EJREPA@ PK OQ>IEP AT=ILHAO, AIANCEJC
NAOA=N?D, =J@ KPDAN BAA@>=?G PK AJD=J?A =J@ OPNAJCPDAJ PDA I=PANE=H =J@ GAAL EP ?QNNAJP =J@ NAHAR=JP BKN PK@=UbO OPQ@AJPO.
2Q>IEP UKQN OQCCAOPEKJO PK EJBK@KLAJOP=T?KHHACA.KNC, =J@ ?DA?G EJ KJ A@EPEKJ OP=PQO, =HPANJ=PA RANOEKJO, ANN=P=, =J@ JASO
KJ PDA 2P=T#=OD =P DPPL://KLAJOP=T?KHHACA.KNC.
CBFG
.QN PATP>KKGO =NA =R=EH=>HA BKN BNAA KJHEJA, =J@ EJ HKS-?KOP LNEJP =J@ A->KKG A@EPEKJO.
A5BHG Principles of Macroeconomics
Principles of Macroeconomics D=O >AAJ @ARAHKLA@ PK IAAP PDA O?KLA =J@ OAMQAJ?A KB IKOP EJPNK@Q?PKNU I=?NKA?KJKIE?O
?KQNOAO. P PDA O=IA PEIA, PDA >KKG EJ?HQ@AO = JQI>AN KB EJJKR=PERA BA=PQNAO @AOECJA@ PK AJD=J?A OPQ@AJP HA=NJEJC.
(JOPNQ?PKNO ?=J =HOK ?QOPKIEVA PDA >KKG, =@=LPEJC EP PK PDA =LLNK=?D PD=P SKNGO >AOP EJ PDAEN ?H=OONKKI.
CBI8E4:8 4A7 ,6BC8
3K @ARAHKL Principles of Macroeconomics, SA =?MQENA@ PDA NECDPO PK 3EIKPDU 3=UHKNbO OA?KJ@ A@EPEKJ KB /NEJ?ELHAO KB
$?KJKIE?O =J@ OKHE?EPA@ E@A=O BNKI A?KJKIE?O EJOPNQ?PKNO =P =HH HARAHO KB DECDAN A@Q?=PEKJ, BNKI ?KIIQJEPU ?KHHACAO PK
/D.#.-CN=JPEJC QJERANOEPEAO. 3DAU PKH@ QO =>KQP PDAEN ?KQNOAO, OPQ@AJPO, ?D=HHAJCAO, NAOKQN?AO, =J@ DKS = PATP>KKG ?=J >AOP
IAAP PDAEN =J@ PDAEN OPQ@AJPOb JAA@O.
3DA NAOQHP EO = >KKG PD=P ?KRANO PDA >NA=@PD KB A?KJKIE?O PKLE?O =J@ =HOK LNKRE@AO PDA JA?AOO=NU @ALPD PK AJOQNA PDA ?KQNOA
EO I=J=CA=>HA BKN EJOPNQ?PKNO =J@ OPQ@AJPO =HEGA. J@ PK I=GA EP IKNA =LLHEA@, SA D=RA EJ?KNLKN=PA@ I=JU ?QNNAJP PKLE?O.
6A DKLA OPQ@AJPO SEHH >A EJPANAOPA@ PK GJKS FQOP DKS B=N-NA=?DEJC PDA NA?AJP NA?AOOEKJ S=O (=J@ OPEHH EO). 3DA DKQOEJC >Q>>HA
5
=J@ DKQOEJC ?NEOEO, 9EI>=>SAbO DULANEJBH=PEKJ, CHK>=H QJAILHKUIAJP, =J@ PDA =LLKEJPIAJP KB PDA 4JEPA@ 2P=PAOb BENOP BAI=HA
%A@AN=H 1AOANRA ?D=EN, )=JAP 8AHHAJ, =NA FQOP = BAS KB PDA KPDAN EILKNP=JP PKLE?O ?KRANA@.
3DA LA@=CKCE?=H ?DKE?AO, ?D=LPAN =NN=JCAIAJPO, =J@ HA=NJEJC K>FA?PERA BQHBEHHIAJP SANA @ARAHKLA@ =J@ RAPPA@ SEPD BAA@>=?G
BNKI A@Q?=PKNO @A@E?=PA@ PK PDA LNKFA?P. 3DAU PDKNKQCDHU NA=@ PDA I=PANE=H =J@ KBBANA@ ?NEPE?=H =J@ @AP=EHA@ ?KIIAJP=NU.
3DA KQP?KIA EO = >=H=J?A@ =LLNK=?D PK I=?NKA?KJKIE?O, PK >KPD *AUJAOE=J =J@ ?H=OOE?=H REASO, =J@ PK PDA PDAKNU =J@
=LLHE?=PEKJ KB A?KJKIE?O ?KJ?ALPO. "QNNAJP ARAJPO =NA PNA=PA@ EJ = LKHEPE?=HHU->=H=J?A@ S=U =O SAHH.
3DA >KKG EO KNC=JEVA@ EJPK OARAJ I=EJ L=NPO:
What is Economics? 3DA BENOP PSK ?D=LPANO EJPNK@Q?A OPQ@AJPO PK PDA OPQ@U KB A?KJKIE?O SEPD = BK?QO KJ I=GEJC
?DKE?AO EJ = SKNH@ KB O?=N?A NAOKQN?AO.
Supply and Demand, "D=LPANO 3 =J@ 4, EJPNK@Q?AO =J@ ATLH=EJO PDA BENOP =J=HUPE?=H IK@AH EJ A?KJKIE?O: OQLLHU,
@AI=J@, =J@ AMQEHE>NEQI, >ABKNA ODKSEJC =LLHE?=PEKJO EJ PDA I=NGAPO BKN H=>KN =J@ BEJ=J?A.
Elasticity and Price, "D=LPAN 5, EJPNK@Q?AO =J@ ATLH=EJO AH=OPE?EPU =J@ LNE?A, PSK GAU ?KJ?ALPO EJ A?KJKIE?O.
The Macroeconomic Perspective and Goals, "D=LPANO 6 PDNKQCD 10, EJPNK@Q?AO = JQI>AN KB GAU ?KJ?ALPO EJ I=?NK:
A?KJKIE? CNKSPD, QJAILHKUIAJP =J@ EJBH=PEKJ, =J@ EJPANJ=PEKJ=H PN=@A =J@ ?=LEP=H BHKSO.
A Framework for Macroeconomic Analysis, "D=LPANO 11 PDNKQCD 13, EJPNK@Q?AO PDA LNEJ?EL=H =J=HUPE? IK@AH EJ
I=?NK, J=IAHU PDA CCNAC=PA #AI=J@/CCNAC=PA 2QLLHU ,K@AH. 3DA IK@AH EO PDAJ =LLHEA@ PK PDA *AUJAOE=J =J@
-AK?H=OOE?=H LANOLA?PERAO. 3DA $TLAJ@EPQNA/.QPLQP IK@AH EO BQHHU ATLH=EJA@ EJ = OP=J@-=HKJA =LLAJ@ET.
Monetary and Fiscal Policy, "D=LPANO 14 PDNKQCD 18, ATLH=EJO PDA NKHA KB IKJAU =J@ PDA >=JGEJC OUOPAI, =O SAHH =O
IKJAP=NU LKHE?U =J@ BEJ=J?E=H NACQH=PEKJ. 3DAJ PDA @EO?QOOEKJ OSEP?DAO PK CKRANJIAJP @ABE?EPO =J@ BEO?=H LKHE?U.
International Economics, "D=LPANO 19 PDNKQCD 21, PDA BEJ=H L=NP KB PDA PATP, EJPNK@Q?AO PDA EJPANJ=PEKJ=H @EIAJOEKJO
KB A?KJKIE?O, EJ?HQ@EJC EJPANJ=PEKJ=H PN=@A =J@ LNKPA?PEKJEOI.
"D=LPAN 1 6AH?KIA PK $?KJKIE?O!
"D=LPAN 2 "DKE?A EJ = 6KNH@ KB 2?=N?EPU
"D=LPAN 3 #AI=J@ =J@ 2QLLHU
"D=LPAN 4 +=>KN =J@ %EJ=J?E=H ,=NGAPO
"D=LPAN 5 $H=OPE?EPU
"D=LPAN 6 3DA ,=?NKA?KJKIE? /ANOLA?PERA
"D=LPAN 7 $?KJKIE? &NKSPD
"D=LPAN 8 4JAILHKUIAJP
"D=LPAN 9 (JBH=PEKJ
"D=LPAN 10 3DA (JPANJ=PEKJ=H 3N=@A =J@ "=LEP=H %HKSO
"D=LPAN 11 3DA CCNAC=PA #AI=J@/CCNAC=PA 2QLLHU ,K@AH
"D=LPAN 12 3DA *AUJAOE=J /ANOLA?PERA
"D=LPAN 13 3DA -AK?H=OOE?=H /ANOLA?PERA
"D=LPAN 14 ,KJAU =J@ !=JGEJC
"D=LPAN 15 ,KJAP=NU /KHE?U =J@ !=JG 1ACQH=PEKJ
"D=LPAN 16 $T?D=JCA 1=PAO =J@ (JPANJ=PEKJ=H "=LEP=H %HKSO
"D=LPAN 17 &KRANJIAJP !Q@CAPO =J@ %EO?=H /KHE?U
"D=LPAN 18 3DA (IL=?PO KB &KRANJIAJP !KNNKSEJC
"D=LPAN 19 ,=?NKA?KJKIE? /KHE?U NKQJ@ PDA 6KNH@
"D=LPAN 20 (JPANJ=PEKJ=H 3N=@A
"D=LPAN 21 &HK>=HEV=PEKJ =J@ /NKPA?PEKJEOI
LLAJ@ET 3DA 4OA KB ,=PDAI=PE?O EJ /NEJ?ELHAO KB $?KJKIE?O
LLAJ@ET ! 3DA $TLAJ@EPQNA-.QPLQP ,K@AH
A?G8EA4G8 ,8DH8A6<A:
Principles of Macroeconomics S=O ?KJ?AERA@ =J@ SNEPPAJ PK BEP = L=NPE?QH=N PKLE?=H OAMQAJ?A, >QP EP ?=J >A QOA@ BHATE>HU
PK =??KIIK@=PA KPDAN ?KQNOA OPNQ?PQNAO. .JA OQ?D LKPAJPE=H OPNQ?PQNA, SDE?D SEHH BEP NA=OKJ=>HU SAHH SEPD PDA PATP>KKG
?KJPAJP, EO LNKRE@A@. /HA=OA ?KJOE@AN, DKSARAN, PD=P PDA ?D=LPANO SANA JKP SNEPPAJ PK >A ?KILHAPAHU EJ@ALAJ@AJP, =J@ PD=P PDA
LNKLKOA@ =HPANJ=PA OAMQAJ?A ODKQH@ >A ?=NABQHHU ?KJOE@ANA@ BKN OPQ@AJP LNAL=N=PEKJ =J@ PATPQ=H ?KJOEOPAJ?U.
"D=LPAN 1 6AH?KIA PK $?KJKIE?O!
"D=LPAN 2 "DKE?A EJ = 6KNH@ KB 2?=N?EPU
"D=LPAN 3 #AI=J@ =J@ 2QLLHU
"D=LPAN 4 +=>KN =J@ %EJ=J?E=H ,=NGAPO
"D=LPAN 5 $H=OPE?EPU
"D=LPAN 20 (JPANJ=PEKJ=H 3N=@A
"D=LPAN 6 3DA ,=?NKA?KJKIE? /ANOLA?PERA
6
"D=LPAN 7 $?KJKIE? &NKSPD
"D=LPAN 8 4JAILHKUIAJP
"D=LPAN 9 (JBH=PEKJ
"D=LPAN 10 3DA (JPANJ=PEKJ=H 3N=@A =J@ "=LEP=H %HKSO
"D=LPAN 12 3DA *AUJAOE=J /ANOLA?PERA
"D=LPAN 13 3DA -AK?H=OOE?=H /ANOLA?PERA
"D=LPAN 14 ,KJAU =J@ !=JGEJC
"D=LPAN 15 ,KJAP=NU /KHE?U =J@ !=JG 1ACQH=PEKJ
"D=LPAN 16 $T?D=JCA 1=PAO =J@ (JPANJ=PEKJ=H "=LEP=H %HKSO
"D=LPAN 17 &KRANJIAJP !Q@CAPO =J@ %EO?=H /KHE?U
"D=LPAN 11 3DA CCNAC=PA #AI=J@/CCNAC=PA 2QLLHU ,K@AH
"D=LPAN 18 3DA (IL=?PO KB &KRANJIAJP !KNNKSEJC
"D=LPAN 19 ,=?NKA?KJKIE? /KHE?U NKQJ@ PDA 6KNH@
"D=LPAN 21 &HK>=HEV=PEKJ =J@ /NKPA?PEKJEOI
LLAJ@ET 3DA 4OA KB ,=PDAI=PE?O EJ /NEJ?ELHAO KB $?KJKIE?O
LLAJ@ET ! 3DA $TLAJ@EPQNA-.QPLQP ,K@AH
)874:B:<64? FBHA74G<BA
3DNKQCDKQP PDA .LAJ2P=T RANOEKJ KB Principles of Macroeconomics, UKQ SEHH BEJ@ JAS BA=PQNAO PD=P AJC=CA PDA OPQ@AJPO EJ
A?KJKIE? EJMQENU >U P=GEJC OAHA?PA@ PKLE?O = OPAL BQNPDAN. .QN BA=PQNAO EJ?HQ@A:
Bring It Home: 3DEO =@@A@ BA=PQNA EO = >NEAB ?=OA OPQ@U, OLA?EBE? PK A=?D ?D=LPAN, SDE?D ?KJJA?PO PDA ?D=LPANbO I=EJ
PKLE? PK PDA NA=H SKN@. (P EO >NKGAJ QL EJPK PSK L=NPO: PDA BENOP =P PDA >ACEJJEJC KB PDA ?D=LPAN (EJ PDA (JPNK IK@QHA) =J@
PDA OA?KJ@ =P ?D=LPANbO AJ@, SDAJ OPQ@AJPO D=RA HA=NJA@ SD=PbO JA?AOO=NU PK QJ@ANOP=J@ PDA ?=OA =J@ c>NEJC DKIAd PDA
?D=LPANbO ?KNA ?KJ?ALPO.
Work It Out: 3DEO =@@A@ BA=PQNA =OGO OPQ@AJPO PK SKNG PDNKQCD = CAJAN=HHU =J=HUPE?=H KN ?KILQP=PEKJ=H LNK>HAI, =J@
CQE@AO PDAI OPAL->U-OPAL PK BEJ@ KQP DKS EPO OKHQPEKJ EO @ANERA@.
Clear It Up: 3DEO >KTA@ BA=PQNA, SDE?D EJ?HQ@AO LNA-ATEOPEJC BA=PQNAO BNKI 3=UHKNbO PATP, =@@NAOOAO ?KIIKJ OPQ@AJP
IEO?KJ?ALPEKJO =>KQP PDA ?KJPAJP. "HA=N (P 4LO =NA QOQ=HHU @AALAN ATLH=J=PEKJO KB OKIAPDEJC EJ PDA I=EJ >K@U KB PDA
PATP. $=?D "(4 OP=NPO SEPD = MQAOPEKJ. 3DA NAOP KB PDA BA=PQNA ATLH=EJO PDA =JOSAN.
Link It Up: 3DEO =@@A@ BA=PQNA EO = RANU >NEAB EJPNK@Q?PEKJ PK = SA>OEPA PD=P EO LANPEJAJP PK OPQ@AJPOb QJ@ANOP=J@EJC =J@
AJFKUIAJP KB PDA PKLE? =P D=J@.
*H8FG<BAF 9BE E46; %8I8? B9 %84EA<A:
3DA .LAJ2P=T RANOEKJ KB Principles of Macroeconomics BQNPDAN ATL=J@O KJ 3=UHKNbO KNECEJ=H AJ@ KB ?D=LPAN I=PANE=HO >U
KBBANEJC BKQN PULAO KB AJ@-KB-IK@QHA MQAOPEKJO BKN OPQ@AJPO.
Self-Checks: NA =J=HUPE?=H OAHB-=OOAOOIAJP MQAOPEKJO PD=P =LLA=N =P PDA AJ@ KB A=?D IK@QHA. 3DAU c?HE?G_PK-NARA=Hd
=J =JOSAN EJ PDA SA> REAS OK OPQ@AJPO ?=J ?DA?G PDAEN QJ@ANOP=J@EJC >ABKNA IKREJC KJ PK PDA JATP IK@QHA. 2AHB-
"DA?G MQAOPEKJO =NA JKP OEILHA HKKG-QL MQAOPEKJO. 3DAU LQOD PDA OPQ@AJP PK PDEJG = >EP >AUKJ@ SD=P EO O=E@ EJ PDA PATP.
2AHB-"DA?G MQAOPEKJO =NA @AOECJA@ BKN BKNI=PERA (N=PDAN PD=J OQII=PERA) =OOAOOIAJP. 3DA MQAOPEKJO =J@ =JOSANO =NA
ATLH=EJA@ OK PD=P OPQ@AJPO BAAH HEGA PDAU =NA >AEJC S=HGA@ PDNKQCD PDA LNK>HAI.
Review Questions: '=RA >AAJ NAP=EJA@ BNKI 3=UHKNbO RANOEKJ, =J@ =NA OEILHA NA?=HH MQAOPEKJO BNKI PDA ?D=LPAN =J@
=NA EJ KLAJ-NAOLKJOA BKNI=P (JKP IQHPELHA ?DKE?A KN PNQA/B=HOA). 3DA =JOSANO ?=J >A HKKGA@ QL EJ PDA PATP.
Critical Thinking Questions: NA JAS DECDAN-HARAH, ?KJ?ALPQ=H MQAOPEKJO PD=P =OG OPQ@AJPO PK demonstrate their
understanding by applying SD=P PDAU D=RA HA=NJA@ EJ @EBBANAJP ?KJPATPO. 3DAU =OG BKN KQPOE@A-PDA->KT PDEJGEJC, BKN
reasoning =>KQP PDA ?KJ?ALPO. 3DAU LQOD PDA OPQ@AJP PK LH=?AO PDAU SKQH@JbP D=RA PDKQCDP KB CKEJC PDAIOAHRAO.
Problems: NA ATAN?EOAO PD=P CERA OPQ@AJPO =@@EPEKJ=H LN=?PE?A SKNGEJC SEPD PDA =J=HUPE? =J@ ?KILQP=PEKJ=H ?KJ?ALPO
EJ PDA IK@QHA.
.C74G87 AEG
Principles of Macroeconomics EJ?HQ@AO =J QL@=PA@ =NP LNKCN=I PK >APPAN EJBKNI PK@=UbO OPQ@AJP, LNKRE@EJC PDA H=PAOP @=P= KJ
?KRANA@ PKLE?O.
7
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QELRDE QEB KLJFK>I CFDROB @IFJ?BA COLJ $1.40 QL $7.25 MBO ELRO. )K@OB>PBP FK QEB JFKFJRJ T>DB FK ?BQTBBK
2008 >KA 2010 HBMQ QEB AB@IFKB COLJ ?BFKD TLOPB_>P FQ TLRIA E>SB ?BBK FC QEB T>DB E>A OBJ>FKBA QEB P>JB
>P FQ AFA COLJ 1997 QEOLRDE 2007. (3LRO@BP: EQQM://TTT.ALI.DLS/TEA/JFKT>DB/@E>OQ.EQJ; EQQM://A>Q>.?IP.DLS/@DF-
?FK/PROSBVJLPQ?@R)
A5BHG (HE -84@
,8A<BE CBAGE<5HG<A: AHG;BE
3EIKPDU 3=UHKN, ,=?=HAOPAN "KHHACA
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NE@E?QHKQO. %KN AT=ILHA, ?DEH@NAJ =NA OAAEJC = @K?PKN ARANU @=U, SDAPDAN PDAU =NA OE?G KN JKP, >QP JKP =PPAJ@EJC O?DKKH.
/AKLHA =NA D=REJC ?KOIAPE? OQNCANU KJ ARANU L=NP KB PDAEN >K@EAO, >QP JK DECD O?DKKH KN ?KHHACA A@Q?=PEKJ ATEOPO. -KS
EI=CEJA PD=P OKIA KB PDAOA NAOKQN?AO =NA @ERANPA@ BNKI DA=HPD?=NA PK A@Q?=PEKJ, OK PD=P PDA A?KJKIU EO =P LKEJP ! EJOPA=@ KB
LKEJP . #ERANPEJC OKIA NAOKQN?AO =S=U BNKI PK ! ?=QOAO NAH=PERAHU HEPPHA NA@Q?PEKJ EJ DA=HPD >A?=QOA PDA H=OP BAS I=NCEJ=H
@KHH=NO CKEJC EJPK DA=HPD?=NA OANRE?AO =NA JKP LNK@Q?EJC IQ?D =@@EPEKJ=H C=EJ EJ DA=HPD. 'KSARAN, LQPPEJC PDKOA I=NCEJ=H
@KHH=NO EJPK A@Q?=PEKJ, SDE?D EO ?KILHAPAHU SEPDKQP NAOKQN?AO =P LKEJP , ?=J LNK@Q?A NAH=PERAHU H=NCA C=EJO. %KN PDEO NA=OKJ,
PDA OD=LA KB PDA //% BNKI PK ! EO NAH=PERAHU BH=P, NALNAOAJPEJC = NAH=PERAHU OI=HH @NKL-KBB EJ DA=HPD =J@ = NAH=PERAHU H=NCA
C=EJ EJ A@Q?=PEKJ.
-KS ?KJOE@AN PDA KPDAN AJ@, =P PDA HKSAN NECDP, KB PDA LNK@Q?PEKJ LKOOE>EHEPEAO BNKJPEAN. (I=CEJA PD=P OK?EAPU OP=NPO =P ?DKE?A #,
SDE?D EO @ARKPEJC JA=NHU =HH NAOKQN?AO PK A@Q?=PEKJ =J@ RANU BAS PK DA=HPD?=NA, =J@ IKRAO PK LKEJP %, SDE?D EO @ARKPEJC all
OLAJ@EJC PK A@Q?=PEKJ =J@ JKJA PK DA=HPD?=NA. %KN PDA O=GA KB ?KJ?NAPAJAOO, UKQ ?=J EI=CEJA PD=P EJ PDA IKRAIAJP BNKI # PK
%, PDA H=OP BAS @K?PKNO IQOP >A?KIA DECD O?DKKH O?EAJ?A PA=?DANO, PDA H=OP BAS JQNOAO IQOP >A?KIA O?DKKH HE>N=NE=JO N=PDAN
PD=J @EOLAJOANO KB R=??EJ=PEKJO, =J@ PDA H=OP BAS AIANCAJ?U NKKIO =NA PQNJA@ EJPK GEJ@ANC=NPAJO. 3DA C=EJO PK A@Q?=PEKJ
BNKI =@@EJC PDAOA H=OP BAS NAOKQN?AO PK A@Q?=PEKJ =NA RANU OI=HH. 'KSARAN, PDA KLLKNPQJEPU ?KOP HKOP PK DA=HPD SEHH >A B=ENHU
H=NCA, =J@ PDQO PDA OHKLA KB PDA //% >APSAAJ # =J@ % EO OPAAL, ODKSEJC = H=NCA @NKL EJ DA=HPD BKN KJHU = OI=HH C=EJ EJ
A@Q?=PEKJ.
3DA HAOOKJ EO JKP PD=P OK?EAPU EO HEGAHU PK I=GA =J ATPNAIA ?DKE?A HEGA @ARKPEJC JK NAOKQN?AO PK A@Q?=PEKJ =P LKEJP KN
JK NAOKQN?AO PK DA=HPD =P LKEJP %. (JOPA=@, PDA HAOOKJ EO PD=P PDA C=EJO BNKI ?KIIEPPEJC =@@EPEKJ=H I=NCEJ=H NAOKQN?AO PK
A@Q?=PEKJ @ALAJ@ KJ DKS IQ?D EO =HNA=@U >AEJC OLAJP. (B KJ PDA KJA D=J@, RANU BAS NAOKQN?AO =NA ?QNNAJPHU ?KIIEPPA@
PK A@Q?=PEKJ, PDAJ =J EJ?NA=OA EJ NAOKQN?AO QOA@ ?=J >NEJC NAH=PERAHU H=NCA C=EJO. .J PDA KPDAN D=J@, EB = H=NCA JQI>AN KB
NAOKQN?AO =NA =HNA=@U ?KIIEPPA@ PK A@Q?=PEKJ, PDAJ ?KIIEPPEJC =@@EPEKJ=H NAOKQN?AO SEHH >NEJC NAH=PERAHU OI=HHAN C=EJO.
3DEO L=PPANJ EO ?KIIKJ AJKQCD PD=P EP D=O >AAJ CERAJ = J=IA: PDA law of diminishing returns, SDE?D DKH@O PD=P =O
=@@EPEKJ=H EJ?NAIAJPO KB NAOKQN?AO =NA =@@A@ PK = ?ANP=EJ LQNLKOA, PDA I=NCEJ=H >AJABEP BNKI PDKOA =@@EPEKJ=H EJ?NAIAJPO SEHH
@A?HEJA. 6DAJ CKRANJIAJP OLAJ@O = ?ANP=EJ =IKQJP IKNA KJ NA@Q?EJC ?NEIA, BKN AT=ILHA, PDA KNECEJ=H C=EJO EJ NA@Q?EJC
?NEIA ?KQH@ >A NAH=PERAHU H=NCA. !QP =@@EPEKJ=H EJ?NA=OAO PULE?=HHU ?=QOA NAH=PERAHU OI=HHAN NA@Q?PEKJO EJ ?NEIA, =J@ L=UEJC
BKN AJKQCD LKHE?A =J@ OA?QNEPU PK NA@Q?A ?NEIA PK JKPDEJC =P =HH SKQH@ >A PNAIAJ@KQOHU ATLAJOERA.
3DA ?QNR=PQNA KB PDA LNK@Q?PEKJ LKOOE>EHEPEAO BNKJPEAN ODKSO PD=P =O =@@EPEKJ=H NAOKQN?AO =NA =@@A@ PK A@Q?=PEKJ, IKREJC
BNKI HABP PK NECDP =HKJC PDA DKNEVKJP=H =TEO, PDA KNECEJ=H C=EJO =NA B=ENHU H=NCA, >QP CN=@Q=HHU @EIEJEOD. 2EIEH=NHU, =O =@@EPEKJ=H
NAOKQN?AO =NA =@@A@ PK DA=HPD?=NA, IKREJC BNKI >KPPKI PK PKL KJ PDA RANPE?=H =TEO, PDA KNECEJ=H C=EJO =NA B=ENHU H=NCA, >QP
=C=EJ CN=@Q=HHU @EIEJEOD. (J PDEO S=U, PDA H=S KB @EIEJEODEJC NAPQNJO LNK@Q?AO PDA KQPS=N@->AJ@EJC OD=LA KB PDA LNK@Q?PEKJ
LKOOE>EHEPEAO BNKJPEAN.
)EB7H6G<I8 E99<6<8A6L 4A7 A??B64G<I8 E99<6<8A6L
3DA OPQ@U KB A?KJKIE?O @KAO JKP LNAOQIA PK PAHH = OK?EAPU SD=P ?DKE?A EP ODKQH@ I=GA =HKJC EPO LNK@Q?PEKJ LKOOE>EHEPEAO
BNKJPEAN. (J = I=NGAP-KNEAJPA@ A?KJKIU SEPD = @AIK?N=PE? CKRANJIAJP, PDA ?DKE?A SEHH EJRKHRA = IETPQNA KB @A?EOEKJO >U
EJ@ERE@Q=HO, BENIO, =J@ CKRANJIAJP. 'KSARAN, A?KJKIE?O ?=J LKEJP KQP PD=P OKIA ?DKE?AO =NA QJ=I>ECQKQOHU >APPAN PD=J
KPDANO. 3DEO K>OANR=PEKJ EO >=OA@ KJ PDA ?KJ?ALP KB ABBE?EAJ?U. (J ARANU@=U QO=CA, ABBE?EAJ?U NABANO PK H=?G KB S=OPA. J
EJABBE?EAJP I=?DEJA KLAN=PAO =P DECD ?KOP, SDEHA =J ABBE?EAJP I=?DEJA KLAN=PAO =P HKSAN ?KOP, >A?=QOA EP EO JKP S=OPEJC AJANCU
KN I=PANE=HO. J EJABBE?EAJP KNC=JEV=PEKJ KLAN=PAO SEPD HKJC @AH=UO =J@ DECD ?KOPO, SDEHA =J ABBE?EAJP KNC=JEV=PEKJ IAAPO
O?DA@QHAO, EO BK?QOA@, =J@ LANBKNIO SEPDEJ >Q@CAP.
3DA LNK@Q?PEKJ LKOOE>EHEPEAO BNKJPEAN ?=J EHHQOPN=PA PSK GEJ@O KB ABBE?EAJ?U: LNK@Q?PERA ABBE?EAJ?U =J@ =HHK?=PERA ABBE?EAJ?U.
F<:HE8 2.4 EHHQOPN=PAO PDAOA E@A=O QOEJC = LNK@Q?PEKJ LKOOE>EHEPEAO BNKJPEAN >APSAAJ DA=HPD?=NA =J@ A@Q?=PEKJ.
34 #(!04%2 2 X #(/)#% ). ! 7/2,$ /& 3#!2#)49
F<:HE8 2.4 )EB7H6G<I8 4A7 A??B64G<I8 E99<6<8A6L 0OLAR@QFSB BCCF@FBK@V JB>KP FQ FP FJMLPPF?IB QL MOLAR@B JLOB LC
LKB DLLA TFQELRQ AB@OB>PFKD QEB NR>KQFQV QE>Q FP MOLAR@BA LC >KLQEBO DLLA. 4ERP, >II @ELF@BP >ILKD > DFSBK 00& IFHB
", #, >KA $ AFPMI>V MOLAR@QFSB BCCF@FBK@V, ?RQ 2 ALBP KLQ. !IIL@>QFSB BCCF@FBK@V JB>KP QE>Q QEB M>OQF@RI>O JFU LC DLLAP
?BFKD MOLAR@BA_QE>Q FP, QEB PMB@FCF@ @ELF@B >ILKD QEB MOLAR@QFLK MLPPF?FIFQFBP COLKQFBO_OBMOBPBKQP QEB >IIL@>QFLK QE>Q
PL@FBQV JLPQ ABPFOBP.
Productive efficiency IA=JO PD=P, CERAJ PDA =R=EH=>HA EJLQPO =J@ PA?DJKHKCU, EP EO EILKOOE>HA PK LNK@Q?A IKNA KB KJA
CKK@ SEPDKQP @A?NA=OEJC PDA MQ=JPEPU PD=P EO LNK@Q?A@ KB =JKPDAN CKK@. HH ?DKE?AO KJ PDA //% EJ F<:HE8 2.4, EJ?HQ@EJC
, !, ", #, =J@ %, @EOLH=U LNK@Q?PERA ABBE?EAJ?U. O = BENI IKRAO BNKI =JU KJA KB PDAOA ?DKE?AO PK =JU KPDAN, AEPDAN
DA=HPD?=NA EJ?NA=OAO =J@ A@Q?=PEKJ @A?NA=OAO KN RE?A RANO=. 'KSARAN, =JU ?DKE?A EJOE@A PDA LNK@Q?PEKJ LKOOE>EHEPEAO BNKJPEAN
EO LNK@Q?PERAHU EJABBE?EAJP =J@ S=OPABQH >A?=QOA EP EO LKOOE>HA PK LNK@Q?A IKNA KB KJA CKK@, PDA KPDAN CKK@, KN OKIA
?KI>EJ=PEKJ KB >KPD CKK@O.
%KN AT=ILHA, LKEJP 1 EO LNK@Q?PERAHU EJABBE?EAJP >A?=QOA EP EO LKOOE>HA =P ?DKE?A " PK D=RA IKNA KB >KPD CKK@O: A@Q?=PEKJ KJ
PDA DKNEVKJP=H =TEO EO DECDAN =P LKEJP " PD=J LKEJP 1 ($
2
EO CNA=PAN PD=J $
1
), =J@ DA=HPD?=NA KJ PDA RANPE?=H =TEO EO =HOK DECDAN
=P LKEJP " PD=J LKEJP 1 ('
2
EO CNA=P PD=J '
1
).
3DA L=NPE?QH=N IET KB CKK@O =J@ OANRE?AO >AEJC LNK@Q?A@`PD=P EO, PDA OLA?EBE? ?KI>EJ=PEKJ KB DA=HPD?=NA =J@ A@Q?=PEKJ
?DKOAJ =HKJC PDA LNK@Q?PEKJ LKOOE>EHEPEAO BNKJPEAN`?=J >A ODKSJ =O = N=U (HEJA) BNKI PDA KNECEJ PK = OLA?EBE? LKEJP KJ PDA
//%. .QPLQP IETAO PD=P D=@ IKNA DA=HPD?=NA (=J@ HAOO A@Q?=PEKJ) SKQH@ D=RA = OPAALAN N=U, SDEHA PDKOA SEPD IKNA A@Q?=PEKJ
(=J@ HAOO DA=HPD?=NA) SKQH@ D=RA = BH=PPAN N=U.
Allocative efficiency IA=JO PD=P PDA L=NPE?QH=N IET KB CKK@O = OK?EAPU LNK@Q?AO NALNAOAJPO PDA ?KI>EJ=PEKJ PD=P OK?EAPU
IKOP @AOENAO. 'KS PK @APANIEJA SD=P = OK?EAPU @AOENAO ?=J >A = ?KJPNKRANOE=H MQAOPEKJ, =J@ EO QOQ=HHU @EO?QOOA@ EJ LKHEPE?=H
O?EAJ?A, OK?EKHKCU, =J@ LDEHKOKLDU ?H=OOAO =O SAHH =O EJ A?KJKIE?O. P EPO IKOP >=OE?, =HHK?=PERA ABBE?EAJ?U IA=JO LNK@Q?ANO
OQLLHU PDA MQ=JPEPU KB A=?D LNK@Q?P PD=P ?KJOQIANO @AI=J@. .JHU KJA KB PDA LNK@Q?PERAHU ABBE?EAJP ?DKE?AO SEHH >A PDA
=HHK?=PERAHU ABBE?EAJP ?DKE?A BKN OK?EAPU =O = SDKHA.
0;L ,B6<8GL &HFG C;BBF8
$RANU A?KJKIU B=?AO PSK OEPQ=PEKJO EJ SDE?D EP I=U >A =>HA PK ATL=J@ ?KJOQILPEKJ KB =HH CKK@O. (J PDA BENOP ?=OA, = OK?EAPU
I=U @EO?KRAN PD=P EP D=O >AAJ QOEJC EPO NAOKQN?AO EJABBE?EAJPHU, EJ SDE?D ?=OA >U EILNKREJC ABBE?EAJ?U =J@ LNK@Q?EJC KJ PDA
LNK@Q?PEKJ LKOOE>EHEPEAO BNKJPEAN, EP ?=J D=RA IKNA KB =HH CKK@O (KN =P HA=OP IKNA KB OKIA =J@ HAOO KB JKJA). (J PDA OA?KJ@ ?=OA,
=O NAOKQN?AO CNKS KRAN = LANEK@ KB UA=NO (A.C., IKNA H=>KN =J@ IKNA ?=LEP=H), PDA A?KJKIU CNKSO. O EP @KAO, PDA LNK@Q?PEKJ
LKOOE>EHEPEAO BNKJPEAN BKN = OK?EAPU SEHH PAJ@ PK ODEBP KQPS=N@ =J@ OK?EAPU SEHH >A =>HA PK =BBKN@ IKNA KB =HH CKK@O.
!QP EILNKRAIAJPO EJ LNK@Q?PERA ABBE?EAJ?U P=GA PEIA PK @EO?KRAN =J@ EILHAIAJP, =J@ A?KJKIE? CNKSPD D=LLAJO KJHU
CN=@Q=HHU. 2K, = OK?EAPU IQOP ?DKKOA >APSAAJ PN=@AKBBO EJ PDA LNAOAJP. %KN CKRANJIAJP, PDEO LNK?AOO KBPAJ EJRKHRAO PNUEJC PK
E@AJPEBU SDANA =@@EPEKJ=H OLAJ@EJC ?KQH@ @K PDA IKOP CKK@ =J@ SDANA NA@Q?PEKJO EJ OLAJ@EJC SKQH@ @K PDA HA=OP D=NI. P
PDA EJ@ERE@Q=H =J@ BENI HARAH, PDA I=NGAP A?KJKIU ?KKN@EJ=PAO = LNK?AOO EJ SDE?D BENIO OAAG PK LNK@Q?A CKK@O =J@ OANRE?AO
EJ PDA MQ=JPEPU, MQ=HEPU, =J@ LNE?A PD=P LAKLHA S=JP. !QP BKN >KPD PDA CKRANJIAJP =J@ PDA I=NGAP A?KJKIU EJ PDA ODKNP PANI,
EJ?NA=OAO EJ LNK@Q?PEKJ KB KJA CKK@ PULE?=HHU IA=J KBBOAPPEJC @A?NA=OAO OKIASDANA AHOA EJ PDA A?KJKIU.
-;8 ))F 4A7 CB@C4E4G<I8 A7I4AG4:8
6DEHA ARANU OK?EAPU IQOP ?DKKOA DKS IQ?D KB A=?D CKK@ EP ODKQH@ LNK@Q?A, EP @KAO JKP JAA@ PK LNK@Q?A ARANU OEJCHA CKK@
EP ?KJOQIAO. .BPAJ DKS IQ?D KB = CKK@ = ?KQJPNU @A?E@AO PK LNK@Q?A @ALAJ@O KJ DKS ATLAJOERA EP EO PK LNK@Q?A EP RANOQO
>QUEJC EP BNKI = @EBBANAJP ?KQJPNU. O SA O=S A=NHEAN, PDA ?QNR=PQNA KB = ?KQJPNUbO //% CERAO QO EJBKNI=PEKJ =>KQP PDA
PN=@AKBB >APSAAJ @ARKPEJC NAOKQN?AO PK LNK@Q?EJC KJA CKK@ RANOQO =JKPDAN. (J L=NPE?QH=N, EPO OHKLA CERAO PDA KLLKNPQJEPU
#(!04%2 2 X #(/)#% ). ! 7/2,$ /& 3#!2#)49 35
?KOP KB LNK@Q?EJC KJA IKNA QJEP KB PDA CKK@ EJ PDA T-=TEO EJ PANIO KB PDA KPDAN CKK@ (EJ PDA U-=TEO). "KQJPNEAO PAJ@ PK
D=RA @EBBANAJP KLLKNPQJEPU ?KOPO KB LNK@Q?EJC = OLA?EBE? CKK@, AEPDAN >A?=QOA KB @EBBANAJP ?HEI=PAO, CAKCN=LDU, PA?DJKHKCU
KN OGEHHO.
2QLLKOA PSK ?KQJPNEAO, PDA 42 =J@ !N=VEH, JAA@ PK @A?E@A DKS IQ?D PDAU SEHH LNK@Q?A KB PSK ?NKLO: OQC=N ?=JA =J@ SDA=P.
#QA PK EPO ?HEI=PE? ?KJ@EPEKJO, !N=VEH ?=J LNK@Q?A = HKP KB OQC=N ?=JA LAN =?NA >QP JKP IQ?D SDA=P. "KJRANOAHU, PDA 4.2. ?=J
LNK@Q?A = HKP KB SDA=P LAN =?NA, >QP JKP IQ?D OQC=N ?=JA. "HA=NHU, !N=VEH D=O = HKSAN KLLKNPQJEPU ?KOP KB LNK@Q?EJC OQC=N
?=JA (EJ PANIO KB SDA=P) PD=J PDA 4.2. 3DA NARANOA EO =HOK PNQA; PDA 4.2. D=O = HKSAN KLLKNPQJEPU ?KOP KB LNK@Q?EJC SDA=P
PD=J !N=VEH. 3DEO ?=J >A EHHQOPN=PA@ >U PDA //%O KB PDA PSK ?KQJPNEAO EJ F<:HE8 2.5
F<:HE8 2.5 )EB7H6G<BA )BFF<5<?<GL FEBAG<8E 9BE G;8 ..,. 4A7 BE4M<? 4EB 5.3. 00& FP CI>QQBO QE>K QEB "O>WFI 00&
FJMIVFKD QE>Q QEB LMMLOQRKFQV @LPQ LC TEB>Q FK QBOJ LC PRD>O @>KB FP ILTBO FK QEB 5.3. QE>K FK "O>WFI. #LKSBOPBIV, QEB
LMMLOQRKFQV @LPQ LC PRD>O @>KB FP ILTBO FK "O>WFI. 4EB 5.3. E>P @LJM>O>QFSB >AS>KQ>DB FK TEB>Q >KA ?O>WFI E>P
@LJM>O>QFSB >AS>KQ>DB FK PRD>O @>KB.
6DAJ = ?KQJPNU ?=J LNK@Q?A = CKK@ =P = HKSAN KLLKNPQJEPU ?KOP PD=J =JKPDAN ?KQJPNU, SA O=U PD=P PDEO ?KQJPNU D=O =
comparative advantage EJ PD=P CKK@. (J KQN AT=ILHA, !N=VEH D=O = ?KIL=N=PERA =@R=JP=CA EJ OQC=N ?=JA =J@ PDA 4.2. D=O
= ?KIL=N=PERA =@R=JP=CA EJ SDA=P. .JA ?=J A=OEHU OAA PDEO SEPD = OEILHA K>OANR=PEKJ KB PDA ATPNAIA LNK@Q?PEKJ LKEJPO EJ
PDA //%O KB PDA PSK ?KQJPNEAO. (B !N=VEH @ARKPA@ =HH KB EPO NAOKQN?AO PK LNK@Q?EJC SDA=P, EP SKQH@ >A LNK@Q?EJC =P LKEJP . (B
DKSARAN EP D=@ @ARKPA@ =HH KB EPO NAOKQN?AO PK LNK@Q?EJC OQC=N ?=JA EJOPA=@, EP SKQH@ >A LNK@Q?EJC = IQ?D H=NCAN =IKQJP, =P
LKEJP !. !U IKREJC BNKI LKEJP PK LKEJP ! !N=VEH SKQH@ CERA QL = NAH=PERAHU OI=HH MQ=JPEPU EJ SDA=P LNK@Q?PEKJ PK K>P=EJ
= H=NCA LNK@Q?PEKJ EJ OQC=N ?=JA. 3DA KLLKOEPA EO PNQA BKN PDA 4.2. (B PDA 4.2. IKRA@ BNKI LKEJP PK ! =J@ LNK@Q?A@ KJHU
OQC=N ?=JA, PDEO SKQH@ NAOQHP EJ = H=NCA KLLKNPQJEPU ?KOP EJ PANIO KB BKNACKJA SDA=P LNK@Q?PEKJ.
3DA OHKLA KB PDA //% CERAO PDA KLLKNPQJEPU ?KOP KB LNK@Q?EJC =J =@@EPEKJ=H QJEP KB SDA=P. 6DEHA PDA OHKLA EO JKP ?KJOP=JP
PDNKQCDKQP PDA //%O, EP EO MQEPA =LL=NAJP PD=P PDA //% EJ !N=VEH EO IQ?D OPAALAN PD=J EJ PDA 4.2., =J@ PDANABKNA PDA KLLKNPQJEPU
?KOP KB SDA=P CAJAN=HHU DECDAN EJ !N=VEH. (J PDA ?D=LPAN KJ "AG8EA4G<BA4? -E478 UKQ SEHH HA=NJ PD=P ?KQJPNEAOb @EBBANAJ?AO
EJ ?KIL=N=PERA =@R=JP=CA @APANIEJA SDE?D CKK@O PDAU SEHH ?DKKOA PK LNK@Q?A =J@ PN=@A. 6DAJ ?KQJPNEAO AJC=CA EJ PN=@A,
PDAU OLA?E=HEVA EJ PDA LNK@Q?PEKJ KB PDA CKK@O PD=P PDAU D=RA ?KIL=N=PERA =@R=JP=CA EJ, =J@ PN=@A L=NP KB PD=P LNK@Q?PEKJ BKN
CKK@O PDAU @K JKP D=RA ?KIL=N=PERA =@R=JP=CA EJ. 6EPD PN=@A, CKK@O =NA LNK@Q?A@ SDANA PDA KLLKNPQJEPU ?KOP EO HKSAOP, OK
PKP=H LNK@Q?PEKJ EJ?NA=OAO, >AJABEPEJC >KPD PN=@EJC L=NPEAO.
2.3 N CBA9EBAG<A: (5=86G<BAF GB G;8 E6BAB@<6 ACCEB46;
d J=HUVA =NCQIAJPO =C=EJOP A?KJKIE? =LLNK=?DAO PK @A?EOEKJ-I=GEJC
d (JPANLNAP = PN=@AKBB @E=CN=I
d "KJPN=OP JKNI=PERA OP=PAIAJPO =J@ LKOEPERA OP=PAIAJPO
(P EO KJA PDEJC PK QJ@ANOP=J@ PDA A?KJKIE? =LLNK=?D PK @A?EOEKJ-I=GEJC =J@ =JKPDAN PDEJC PK BAAH ?KIBKNP=>HA =LLHUEJC EP.
3DA OKQN?AO KB @EO?KIBKNP PULE?=HHU B=HH EJPK PSK ?=PACKNEAO: PD=P LAKLHA @K JKP =?P EJ PDA S=U PD=P BEPO PDA A?KJKIE? S=U KB
PDEJGEJC, =J@ PD=P ARAJ EB LAKLHA @E@ =?P PD=P S=U, PDAU ODKQH@ PNU JKP PK. +APbO ?KJOE@AN PDAOA =NCQIAJPO EJ PQNJ.
36 #(!04%2 2 X #(/)#% ). ! 7/2,$ /& 3#!2#)49
F<EFG (5=86G<BA: )8BC?8, F<E@F, 4A7 ,B6<8GL DB 'BG A6G %<>8 -;<F
3DA A?KJKIE? =LLNK=?D PK @A?EOEKJ-I=GEJC OAAIO PK NAMQENA IKNA EJBKNI=PEKJ PD=J IKOP EJ@ERE@Q=HO LKOOAOO =J@ IKNA
?=NABQH @A?EOEKJ-I=GEJC PD=J IKOP EJ@ERE@Q=HO =?PQ=HHU @EOLH=U. BPAN =HH, @K UKQ KN =JU KB UKQN BNEAJ@O @N=S = >Q@CAP
?KJOPN=EJP =J@ IQPPAN PK UKQNOAHB =>KQP I=TEIEVEJC QPEHEPU >ABKNA UKQ DA=@ PK PDA ODKLLEJC I=HH? #K IAI>ANO KB PDA 4.2.
"KJCNAOO ?KJPAILH=PA LNK@Q?PEKJ LKOOE>EHEPEAO BNKJPEANO >ABKNA PDAU RKPA KJ PDA =JJQ=H >Q@CAP? 3DA IAOOU S=UO EJ SDE?D
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EO ?=HHA@ PDA quantity demanded. NEOA EJ LNE?A KB = CKK@ KN OANRE?A =HIKOP =HS=UO @A?NA=OAO PDA MQ=JPEPU @AI=J@A@ KB PD=P
CKK@ KN OANRE?A. "KJRANOAHU, = B=HH EJ LNE?A SEHH EJ?NA=OA PDA MQ=JPEPU @AI=J@A@. 6DAJ PDA LNE?A KB = C=HHKJ KB C=OKHEJA CKAO
QL, BKN AT=ILHA, LAKLHA HKKG BKN S=UO PK NA@Q?A PDAEN ?KJOQILPEKJ >U ?KI>EJEJC OARAN=H ANN=J@O, ?KIIQPEJC >U ?=NLKKH
KN I=OO PN=JOEP, KN P=GEJC SAAGAJ@ KN R=?=PEKJ PNELO ?HKOAN PK DKIA. $?KJKIEOPO ?=HH PDEO EJRANOA NAH=PEKJODEL >APSAAJ LNE?A
=J@ MQ=JPEPU @AI=J@A@ PDA law of demand. 3DA H=S KB @AI=J@ =OOQIAO PD=P =HH KPDAN R=NE=>HAO PD=P =BBA?P @AI=J@ (PK >A
ATLH=EJA@ EJ PDA JATP IK@QHA) =NA DAH@ ?KJOP=JP.
J AT=ILHA BNKI PDA I=NGAP BKN C=OKHEJA ?=J >A ODKSJ EJ PDA BKNI KB = P=>HA KN = CN=LD. P=>HA PD=P ODKSO PDA MQ=JPEPU
@AI=J@A@ =P A=?D LNE?A, OQ?D =O -45?8 3.1, EO ?=HHA@ = demand schedule. /NE?A EJ PDEO ?=OA EO IA=OQNA@ EJ @KHH=NO LAN
C=HHKJ KB C=OKHEJA. 3DA MQ=JPEPU @AI=J@A@ EO IA=OQNA@ EJ IEHHEKJO KB C=HHKJO KRAN OKIA PEIA LANEK@ (BKN AT=ILHA, LAN @=U
KN LAN UA=N) =J@ KRAN OKIA CAKCN=LDE? =NA= (HEGA = OP=PA KN = ?KQJPNU). demand curve ODKSO PDA NAH=PEKJODEL >APSAAJ
44 #(!04%2 3 X $%-!.$ !.$ 3500,9
LNE?A =J@ MQ=JPEPU @AI=J@A@ KJ = CN=LD HEGA F<:HE8 3.2, SEPD MQ=JPEPU KJ PDA DKNEVKJP=H =TEO =J@ PDA LNE?A LAN C=HHKJ KJ
PDA RANPE?=H =TEO. (-KPA PD=P PDEO EO =J AT?ALPEKJ PK PDA JKNI=H NQHA EJ I=PDAI=PE?O PD=P PDA EJ@ALAJ@AJP R=NE=>HA (T) CKAO KJ
PDA DKNEVKJP=H =TEO =J@ PDA @ALAJ@AJP R=NE=>HA (U) CKAO KJ PDA RANPE?=H. $?KJKIE?O EO JKP I=PD.)
3DA @AI=J@ O?DA@QHA ODKSJ >U -45?8 3.1 =J@ PDA @AI=J@ ?QNRA ODKSJ >U PDA CN=LD EJ F<:HE8 3.2 =NA PSK S=UO KB
@AO?NE>EJC PDA O=IA NAH=PEKJODEL >APSAAJ LNE?A =J@ MQ=JPEPU @AI=J@A@.
F<:HE8 3.2 A D8@4A7 CHEI8 9BE 4FB?<A8 4EB ABJ>KA P@EBARIB PELTP QE>Q >P MOF@B OFPBP, NR>KQFQV ABJ>KABA
AB@OB>PBP, >KA SF@B SBOP>. 4EBPB MLFKQP >OB QEBK DO>MEBA, >KA QEB IFKB @LKKB@QFKD QEBJ FP QEB ABJ>KA @ROSB ($).
4EB ALTKT>OA PILMB LC QEB ABJ>KA @ROSB >D>FK FIIRPQO>QBP QEB I>T LC ABJ>KA_QEB FKSBOPB OBI>QFLKPEFM ?BQTBBK
MOF@BP >KA NR>KQFQV ABJ>KABA.
)E<68 (C8E :4??BA) *H4AG<GL D8@4A787 (@<??<BAF B9 :4??BAF)
$1.00 800
$1.20 700
$1.40 600
$1.60 550
$1.80 500
$2.00 460
$2.20 420
-45?8 3.1 )E<68 4A7 *H4AG<GL D8@4A787 B9 4FB?<A8
#AI=J@ ?QNRAO SEHH =LLA=N OKIASD=P @EBBANAJP BKN A=?D LNK@Q?P. 3DAU I=U =LLA=N NAH=PERAHU OPAAL KN BH=P, KN PDAU I=U >A
OPN=ECDP KN ?QNRA@. -A=NHU =HH @AI=J@ ?QNRAO OD=NA PDA BQJ@=IAJP=H OEIEH=NEPU PD=P PDAU OHKLA @KSJ BNKI HABP PK NECDP. 2K
@AI=J@ ?QNRAO AI>K@U PDA H=S KB @AI=J@: O PDA LNE?A EJ?NA=OAO, PDA MQ=JPEPU @AI=J@A@ @A?NA=OAO, =J@ ?KJRANOAHU, =O PDA
LNE?A @A?NA=OAO, PDA MQ=JPEPU @AI=J@A@ EJ?NA=OAO.
"KJBQOA@ =>KQP PDAOA @EBBANAJP PULAO KB @AI=J@? 1A=@ PDA JATP "HA=N (P 4L BA=PQNA.
"F 78@4A7 G;8 F4@8 4F DH4AG<GL 78@4A787?
)K B@LKLJF@ QBOJFKLILDV, ABJ>KA FP KLQ QEB P>JB >P NR>KQFQV ABJ>KABA. 7EBK B@LKLJFPQP Q>IH >?LRQ
ABJ>KA, QEBV JB>K QEB OBI>QFLKPEFM ?BQTBBK > O>KDB LC MOF@BP >KA QEB NR>KQFQFBP ABJ>KABA >Q QELPB
MOF@BP, >P FIIRPQO>QBA ?V > ABJ>KA @ROSB LO > ABJ>KA P@EBARIB. 7EBK B@LKLJFPQP Q>IH >?LRQ NR>KQFQV
ABJ>KABA, QEBV JB>K LKIV > @BOQ>FK MLFKQ LK QEB ABJ>KA @ROSB, LO LKB NR>KQFQV LK QEB ABJ>KA
#(!04%2 3 X $%-!.$ !.$ 3500,9 45
P@EBARIB. )K PELOQ, ABJ>KA OBCBOP QL QEB @ROSB >KA NR>KQFQV ABJ>KABA OBCBOP QL QEB (PMB@FCF@) MLFKQ LK
QEB @ROSB.
,HCC?L B9 BB7F 4A7 ,8EI<68F
6DAJ A?KJKIEOPO P=HG =>KQP supply, PDAU IA=J PDA =IKQJP KB OKIA CKK@ KN OANRE?A = LNK@Q?AN EO SEHHEJC PK OQLLHU =P A=?D
LNE?A. /NE?A EO SD=P PDA LNK@Q?AN NA?AERAO BKN OAHHEJC KJA QJEP KB = CKK@ KN OANRE?A. NEOA EJ LNE?A =HIKOP =HS=UO HA=@O PK
=J EJ?NA=OA EJ PDA quantity supplied KB PD=P CKK@ KN OANRE?A, SDEHA = B=HH EJ LNE?A SEHH @A?NA=OA PDA MQ=JPEPU OQLLHEA@. 6DAJ
PDA LNE?A KB C=OKHEJA NEOAO, BKN AT=ILHA, EP AJ?KQN=CAO LNKBEP-OAAGEJC BENIO PK P=GA OARAN=H =?PEKJO: ATL=J@ ATLHKN=PEKJ BKN
KEH NAOANRAO; @NEHH BKN IKNA KEH; EJRAOP EJ IKNA LELAHEJAO =J@ KEH P=JGANO PK >NEJC PDA KEH PK LH=JPO SDANA EP ?=J >A NABEJA@ EJPK
C=OKHEJA; >QEH@ JAS KEH NABEJANEAO; LQN?D=OA =@@EPEKJ=H LELAHEJAO =J@ PNQ?GO PK ODEL PDA C=OKHEJA PK C=O OP=PEKJO; =J@ KLAJ
IKNA C=O OP=PEKJO KN GAAL ATEOPEJC C=O OP=PEKJO KLAJ HKJCAN DKQNO. $?KJKIEOPO ?=HH PDEO LKOEPERA NAH=PEKJODEL >APSAAJ LNE?A
=J@ MQ=JPEPU OQLLHEA@`PD=P = DECDAN LNE?A HA=@O PK = DECDAN MQ=JPEPU OQLLHEA@ =J@ = HKSAN LNE?A HA=@O PK = HKSAN MQ=JPEPU
OQLLHEA@`PDA law of supply. 3DA H=S KB OQLLHU =OOQIAO PD=P =HH KPDAN R=NE=>HAO PD=P =BBA?P OQLLHU (PK >A ATLH=EJA@ EJ PDA
JATP IK@QHA) =NA DAH@ ?KJOP=JP.
2PEHH QJOQNA =>KQP PDA @EBBANAJP PULAO KB OQLLHU? 2AA PDA BKHHKSEJC "HA=N (P 4L BA=PQNA.
"F FHCC?L G;8 F4@8 4F DH4AG<GL FHCC?<87?
)K B@LKLJF@ QBOJFKLILDV, PRMMIV FP KLQ QEB P>JB >P NR>KQFQV PRMMIFBA. 7EBK B@LKLJFPQP OBCBO QL PRMMIV,
QEBV JB>K QEB OBI>QFLKPEFM ?BQTBBK > O>KDB LC MOF@BP >KA QEB NR>KQFQFBP PRMMIFBA >Q QELPB MOF@BP, >
OBI>QFLKPEFM QE>Q @>K ?B FIIRPQO>QBA TFQE > PRMMIV @ROSB LO > PRMMIV P@EBARIB. 7EBK B@LKLJFPQP OBCBO QL
NR>KQFQV PRMMIFBA, QEBV JB>K LKIV > @BOQ>FK MLFKQ LK QEB PRMMIV @ROSB, LO LKB NR>KQFQV LK QEB PRMMIV
P@EBARIB. )K PELOQ, PRMMIV OBCBOP QL QEB @ROSB >KA NR>KQFQV PRMMIFBA OBCBOP QL QEB (PMB@FCF@) MLFKQ LK QEB
@ROSB.
F<:HE8 3.3 EHHQOPN=PAO PDA H=S KB OQLLHU, =C=EJ QOEJC PDA I=NGAP BKN C=OKHEJA =O =J AT=ILHA. +EGA @AI=J@, OQLLHU ?=J >A
EHHQOPN=PA@ QOEJC = P=>HA KN = CN=LD. supply schedule EO = P=>HA, HEGA -45?8 3.2, PD=P ODKSO PDA MQ=JPEPU OQLLHEA@ =P =
N=JCA KB @EBBANAJP LNE?AO. C=EJ, LNE?A EO IA=OQNA@ EJ @KHH=NO LAN C=HHKJ KB C=OKHEJA =J@ MQ=JPEPU @AI=J@A@ EO IA=OQNA@ EJ
IEHHEKJO KB C=HHKJO. supply curve EO = CN=LDE? EHHQOPN=PEKJ KB PDA NAH=PEKJODEL >APSAAJ LNE?A, ODKSJ KJ PDA RANPE?=H =TEO,
=J@ MQ=JPEPU, ODKSJ KJ PDA DKNEVKJP=H =TEO. 3DA OQLLHU O?DA@QHA =J@ PDA OQLLHU ?QNRA =NA FQOP PSK @EBBANAJP S=UO KB ODKSEJC
PDA O=IA EJBKNI=PEKJ. -KPE?A PD=P PDA DKNEVKJP=H =J@ RANPE?=H =TAO KJ PDA CN=LD BKN PDA OQLLHU ?QNRA =NA PDA O=IA =O BKN PDA
@AI=J@ ?QNRA.
F<:HE8 3.3 A ,HCC?L CHEI8 9BE 4FB?<A8 4EB PRMMIV P@EBARIB FP QEB Q>?IB QE>Q PELTP NR>KQFQV PRMMIFBA LC D>PLIFKB
>Q B>@E MOF@B. !P MOF@B OFPBP, NR>KQFQV PRMMIFBA >IPL FK@OB>PBP, >KA SF@B SBOP>. 4EB PRMMIV @ROSB (3) FP @OB>QBA ?V
DO>MEFKD QEB MLFKQP COLJ QEB PRMMIV P@EBARIB >KA QEBK @LKKB@QFKD QEBJ. 4EB RMT>OA PILMB LC QEB PRMMIV @ROSB
FIIRPQO>QBP QEB I>T LC PRMMIV_QE>Q > EFDEBO MOF@B IB>AP QL > EFDEBO NR>KQFQV PRMMIFBA, >KA SF@B SBOP>.
46 #(!04%2 3 X $%-!.$ !.$ 3500,9
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$1.00 500
$1.20 550
$1.40 600
$1.60 640
$1.80 680
$2.00 700
$2.20 720
-45?8 3.2 )E<68 4A7 ,HCC?L B9 4FB?<A8
3DA OD=LA KB OQLLHU ?QNRAO SEHH R=NU OKIASD=P =??KN@EJC PK PDA LNK@Q?P: OPAALAN, BH=PPAN, OPN=ECDPAN, KN ?QNRA@. -A=NHU =HH
OQLLHU ?QNRAO, DKSARAN, OD=NA = >=OE? OEIEH=NEPU: PDAU OHKLA QL BNKI HABP PK NECDP =J@ EHHQOPN=PA PDA H=S KB OQLLHU: =O PDA
LNE?A NEOAO, O=U, BNKI $1.00 LAN C=HHKJ PK $2.20 LAN C=HHKJ, PDA MQ=JPEPU OQLLHEA@ EJ?NA=OAO BNKI 500 C=HHKJO PK 720 C=HHKJO.
"KJRANOAHU, =O PDA LNE?A B=HHO, PDA MQ=JPEPU OQLLHEA@ @A?NA=OAO.
EDH<?<5E<H@Q0;8E8 D8@4A7 4A7 ,HCC?L "AG8EF86G
!A?=QOA PDA CN=LDO BKN @AI=J@ =J@ OQLLHU ?QNRAO >KPD D=RA LNE?A KJ PDA RANPE?=H =TEO =J@ MQ=JPEPU KJ PDA DKNEVKJP=H =TEO,
PDA @AI=J@ ?QNRA =J@ OQLLHU ?QNRA BKN = L=NPE?QH=N CKK@ KN OANRE?A ?=J =LLA=N KJ PDA O=IA CN=LD. 3KCAPDAN, @AI=J@ =J@
OQLLHU @APANIEJA PDA LNE?A =J@ PDA MQ=JPEPU PD=P SEHH >A >KQCDP =J@ OKH@ EJ = I=NGAP.
F<:HE8 3.4 EHHQOPN=PAO PDA EJPAN=?PEKJ KB @AI=J@ =J@ OQLLHU EJ PDA I=NGAP BKN C=OKHEJA. 3DA @AI=J@ ?QNRA (#) EO E@AJPE?=H
PK F<:HE8 3.2. 3DA OQLLHU ?QNRA (2) EO E@AJPE?=H PK F<:HE8 3.3. -45?8 3.3 ?KJP=EJO PDA O=IA EJBKNI=PEKJ EJ P=>QH=N BKNI.
F<:HE8 3.4 D8@4A7 4A7 ,HCC?L 9BE 4FB?<A8 4EB ABJ>KA @ROSB ($) >KA QEB PRMMIV @ROSB (3) FKQBOPB@Q >Q QEB
BNRFIF?OFRJ MLFKQ %, TFQE > MOF@B LC $1.40 >KA > NR>KQFQV LC 600. 4EB BNRFIF?OFRJ FP QEB LKIV MOF@B TEBOB NR>KQFQV
ABJ>KABA FP BNR>I QL NR>KQFQV PRMMIFBA. !Q > MOF@B >?LSB BNRFIF?OFRJ IFHB $1.80, NR>KQFQV PRMMIFBA BU@BBAP QEB
NR>KQFQV ABJ>KABA, PL QEBOB FP BU@BPP PRMMIV. !Q > MOF@B ?BILT BNRFIF?OFRJ PR@E >P $1.20, NR>KQFQV ABJ>KABA
BU@BBAP NR>KQFQV PRMMIFBA, PL QEBOB FP BU@BPP ABJ>KA.
)E<68 (C8E
:4??BA)
*H4AG<GL 78@4A787 (@<??<BAF B9
:4??BAF)
*H4AG<GL FHCC?<87 (@<??<BAF B9
:4??BAF)
$1.00 800 500
$1.20 700 550
$1.40 600 600
$1.60 550 640
-45?8 3.3 )E<68, *H4AG<GL D8@4A787, 4A7 *H4AG<GL ,HCC?<87
#(!04%2 3 X $%-!.$ !.$ 3500,9 47
)E<68 (C8E
:4??BA)
*H4AG<GL 78@4A787 (@<??<BAF B9
:4??BAF)
*H4AG<GL FHCC?<87 (@<??<BAF B9
:4??BAF)
$1.80 500 680
$2.00 460 700
$2.20 420 720
-45?8 3.3 )E<68, *H4AG<GL D8@4A787, 4A7 *H4AG<GL ,HCC?<87
1AIAI>AN PDEO: 6DAJ PSK HEJAO KJ = @E=CN=I ?NKOO, PDEO EJPANOA?PEKJ QOQ=HHU IA=JO OKIAPDEJC. 3DA LKEJP SDANA PDA OQLLHU
?QNRA (2) =J@ PDA @AI=J@ ?QNRA (#) ?NKOO, @AOECJ=PA@ >U LKEJP $ EJ F<:HE8 3.4, EO ?=HHA@ PDA equilibrium. 3DA equilibrium
price EO PDA KJHU LNE?A SDANA PDA LH=JO KB ?KJOQIANO =J@ PDA LH=JO KB LNK@Q?ANO =CNAA`PD=P EO, SDANA PDA =IKQJP KB PDA
LNK@Q?P ?KJOQIANO S=JP PK >QU (MQ=JPEPU @AI=J@A@) EO AMQ=H PK PDA =IKQJP LNK@Q?ANO S=JP PK OAHH (MQ=JPEPU OQLLHEA@). 3DEO
?KIIKJ MQ=JPEPU EO ?=HHA@ PDA equilibrium quantity. P =JU KPDAN LNE?A, PDA MQ=JPEPU @AI=J@A@ @KAO JKP AMQ=H PDA MQ=JPEPU
OQLLHEA@, OK PDA I=NGAP EO JKP EJ AMQEHE>NEQI =P PD=P LNE?A.
(J F<:HE8 3.4, PDA AMQEHE>NEQI LNE?A EO $1.40 LAN C=HHKJ KB C=OKHEJA =J@ PDA AMQEHE>NEQI MQ=JPEPU EO 600 IEHHEKJ C=HHKJO. (B
UKQ D=@ KJHU PDA @AI=J@ =J@ OQLLHU O?DA@QHAO, =J@ JKP PDA CN=LD, UKQ ?KQH@ BEJ@ PDA AMQEHE>NEQI >U HKKGEJC BKN PDA LNE?A
HARAH KJ PDA P=>HAO SDANA PDA MQ=JPEPU @AI=J@A@ =J@ PDA MQ=JPEPU OQLLHEA@ =NA AMQ=H.
3DA SKN@ cAMQEHE>NEQId IA=JO c>=H=J?A.d (B = I=NGAP EO =P EPO AMQEHE>NEQI LNE?A =J@ MQ=JPEPU, PDAJ EP D=O JK NA=OKJ PK IKRA
=S=U BNKI PD=P LKEJP. 'KSARAN, EB = I=NGAP EO JKP =P AMQEHE>NEQI, PDAJ A?KJKIE? LNAOOQNAO =NEOA PK IKRA PDA I=NGAP PKS=N@
PDA AMQEHE>NEQI LNE?A =J@ PDA AMQEHE>NEQI MQ=JPEPU.
(I=CEJA, BKN AT=ILHA, PD=P PDA LNE?A KB = C=HHKJ KB C=OKHEJA S=O =>KRA PDA AMQEHE>NEQI LNE?A`PD=P EO, EJOPA=@ KB $1.40 LAN
C=HHKJ, PDA LNE?A EO $1.80 LAN C=HHKJ. 3DEO =>KRA-AMQEHE>NEQI LNE?A EO EHHQOPN=PA@ >U PDA @=ODA@ DKNEVKJP=H HEJA =P PDA LNE?A KB
$1.80 EJ F<:HE8 3.4. P PDEO DECDAN LNE?A, PDA MQ=JPEPU @AI=J@A@ @NKLO BNKI 600 PK 500. 3DEO @A?HEJA EJ MQ=JPEPU NABHA?PO
DKS ?KJOQIANO NA=?P PK PDA DECDAN LNE?A >U BEJ@EJC S=UO PK QOA HAOO C=OKHEJA.
,KNAKRAN, =P PDEO DECDAN LNE?A KB $1.80, PDA MQ=JPEPU KB C=OKHEJA OQLLHEA@ NEOAO BNKI PDA 600 PK 680, =O PDA DECDAN LNE?A
I=GAO EP IKNA LNKBEP=>HA BKN C=OKHEJA LNK@Q?ANO PK ATL=J@ PDAEN KQPLQP. -KS, ?KJOE@AN DKS MQ=JPEPU @AI=J@A@ =J@ MQ=JPEPU
OQLLHEA@ =NA NAH=PA@ =P PDEO =>KRA-AMQEHE>NEQI LNE?A. 0Q=JPEPU @AI=J@A@ D=O B=HHAJ PK 500 C=HHKJO, SDEHA MQ=JPEPU OQLLHEA@
D=O NEOAJ PK 680 C=HHKJO. (J B=?P, =P =JU =>KRA-AMQEHE>NEQI LNE?A, PDA MQ=JPEPU OQLLHEA@ AT?AA@O PDA MQ=JPEPU @AI=J@A@. 6A
?=HH PDEO =J excess supply KN = surplus.
6EPD = OQNLHQO, C=OKHEJA =??QIQH=PAO =P C=O OP=PEKJO, EJ P=JGAN PNQ?GO, EJ LELAHEJAO, =J@ =P KEH NABEJANEAO. 3DEO =??QIQH=PEKJ
LQPO LNAOOQNA KJ C=OKHEJA OAHHANO. (B = OQNLHQO NAI=EJO QJOKH@, PDKOA BENIO EJRKHRA@ EJ I=GEJC =J@ OAHHEJC C=OKHEJA =NA JKP
NA?AEREJC AJKQCD ?=OD PK L=U PDAEN SKNGANO =J@ PK ?KRAN PDAEN ATLAJOAO. (J PDEO OEPQ=PEKJ, OKIA LNK@Q?ANO =J@ OAHHANO SEHH
S=JP PK ?QP LNE?AO, >A?=QOA EP EO >APPAN PK OAHH =P = HKSAN LNE?A PD=J JKP PK OAHH =P =HH. .J?A OKIA OAHHANO OP=NP ?QPPEJC LNE?AO,
KPDANO SEHH BKHHKS PK =RKE@ HKOEJC O=HAO. 3DAOA LNE?A NA@Q?PEKJO EJ PQNJ SEHH OPEIQH=PA = DECDAN MQ=JPEPU @AI=J@A@. 2K, EB PDA
LNE?A EO =>KRA PDA AMQEHE>NEQI HARAH, EJ?AJPERAO >QEHP EJPK PDA OPNQ?PQNA KB @AI=J@ =J@ OQLLHU SEHH ?NA=PA LNAOOQNAO BKN PDA
LNE?A PK B=HH PKS=N@ PDA AMQEHE>NEQI.
-KS OQLLKOA PD=P PDA LNE?A EO >AHKS EPO AMQEHE>NEQI HARAH =P $1.20 LAN C=HHKJ, =O PDA @=ODA@ DKNEVKJP=H HEJA =P PDEO LNE?A EJ
F<:HE8 3.4 ODKSO. P PDEO HKSAN LNE?A, PDA MQ=JPEPU @AI=J@A@ EJ?NA=OAO BNKI 600 PK 700 =O @NERANO P=GA HKJCAN PNELO, OLAJ@
IKNA IEJQPAO S=NIEJC QL PDA ?=N EJ PDA @NERAS=U EJ SEJPANPEIA, OPKL OD=NEJC NE@AO PK SKNG, =J@ >QU H=NCAN ?=NO PD=P CAP
BASAN IEHAO PK PDA C=HHKJ. 'KSARAN, PDA >AHKS-AMQEHE>NEQI LNE?A NA@Q?AO C=OKHEJA LNK@Q?ANOb EJ?AJPERAO PK LNK@Q?A =J@ OAHH
C=OKHEJA, =J@ PDA MQ=JPEPU OQLLHEA@ B=HHO BNKI 600 PK 550.
6DAJ PDA LNE?A EO >AHKS AMQEHE>NEQI, PDANA EO excess demand, KN = shortage`PD=P EO, =P PDA CERAJ LNE?A PDA MQ=JPEPU
@AI=J@A@, SDE?D D=O >AAJ OPEIQH=PA@ >U PDA HKSAN LNE?A, JKS AT?AA@O PDA MQ=JPEPU OQLLHEA@, SDE?D D=@ >AAJ @ALNAOOA@ >U
PDA HKSAN LNE?A. (J PDEO OEPQ=PEKJ, A=CAN C=OKHEJA >QUANO IK> PDA C=O OP=PEKJO, KJHU PK BEJ@ I=JU OP=PEKJO NQJJEJC ODKNP KB BQAH.
.EH ?KIL=JEAO =J@ C=O OP=PEKJO NA?KCJEVA PD=P PDAU D=RA =J KLLKNPQJEPU PK I=GA DECDAN LNKBEPO >U OAHHEJC SD=P C=OKHEJA PDAU
D=RA =P = DECDAN LNE?A. O = NAOQHP, PDA LNE?A NEOAO PKS=N@ PDA AMQEHE>NEQI HARAH. 1A=@ D8@4A7, ,HCC?L, 4A7 E99<6<8A6L
(;GGC://6AK.BE:/6BAG8AG/@48832/?4G8FG/) BKN IKNA @EO?QOOEKJ KJ PDA EILKNP=J?A KB PDA @AI=J@ =J@ OQLLHU IK@AH.
48 #(!04%2 3 X $%-!.$ !.$ 3500,9
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,8EI<68F
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CKRANJIAJP =CAJ?U PNEAO PK ?=H?QH=PA PDA ABBA?PO KB =HPANEJC EPO ?EC=NAPPA P=T, EP IQOP =J=HUVA DKS IQ?D PDA P=T =BBA?PO PDA
MQ=JPEPU KB ?EC=NAPPAO ?KJOQIA@. 3DEO EOOQA NA=?DAO >AUKJ@ CKRANJIAJPO =J@ P=TAO; ARANU BENI B=?AO = OEIEH=N EOOQA. $RANU
PEIA = BENI ?KJOE@ANO N=EOEJC PDA LNE?A PD=P EP ?D=NCAO, EP IQOP ?KJOE@AN DKS IQ?D = LNE?A EJ?NA=OA SEHH NA@Q?A PDA MQ=JPEPU
@AI=J@A@ KB SD=P EP OAHHO. "KJRANOAHU, SDAJ = BENI LQPO EPO LNK@Q?PO KJ O=HA, EP IQOP ATLA?P (KN DKLA) PD=P PDA HKSAN LNE?A
SEHH HA=@ PK = OECJEBE?=JPHU DECDAN MQ=JPEPU @AI=J@A@.
5.1 N )E<68 E?4FG<6<GL B9 D8@4A7 4A7 )E<68 E?4FG<6<GL B9
,HCC?L
d "=H?QH=PA PDA LNE?A AH=OPE?EPU KB @AI=J@
d "=H?QH=PA PDA LNE?A AH=OPE?EPU KB OQLLHU
!KPD PDA @AI=J@ =J@ OQLLHU ?QNRA ODKS PDA NAH=PEKJODEL >APSAAJ LNE?A =J@ PDA JQI>AN KB QJEPO @AI=J@A@ KN OQLLHEA@.
Price elasticity EO PDA N=PEK >APSAAJ PDA LAN?AJP=CA ?D=JCA EJ PDA MQ=JPEPU @AI=J@A@ (0@) KN OQLLHEA@ (0O) =J@ PDA
?KNNAOLKJ@EJC LAN?AJP ?D=JCA EJ LNE?A. 3DA price elasticity of demand EO PDA LAN?AJP=CA ?D=JCA EJ PDA MQ=JPEPU demanded
KB = CKK@ KN OANRE?A @ERE@A@ >U PDA LAN?AJP=CA ?D=JCA EJ PDA LNE?A. 3DA price elasticity of supply EO PDA LAN?AJP=CA ?D=JCA
EJ MQ=JPEPU supplied @ERE@A@ >U PDA LAN?AJP=CA ?D=JCA EJ LNE?A.
$H=OPE?EPEAO ?=J >A QOABQHHU @ERE@A@ EJPK PDNAA >NK=@ ?=PACKNEAO: AH=OPE?, EJAH=OPE?, =J@ QJEP=NU. J elastic demand KN elastic
supply EO KJA EJ SDE?D PDA AH=OPE?EPU EO CNA=PAN PD=J KJA, EJ@E?=PEJC = DECD NAOLKJOERAJAOO PK ?D=JCAO EJ LNE?A. $H=OPE?EPEAO
PD=P =NA HAOO PD=J KJA EJ@E?=PA HKS NAOLKJOERAJAOO PK LNE?A ?D=JCAO =J@ ?KNNAOLKJ@ PK inelastic demand KN inelastic supply.
Unitary elasticities EJ@E?=PA LNKLKNPEKJ=H NAOLKJOERAJAOO KB AEPDAN @AI=J@ KN OQLLHU, =O OQII=NEVA@ EJ -45?8 5.1.
"9 . . . -;8A . . . AA7 "G "F C4??87 . . .
% change in quantity > % change in price
% change in quantity
% change in price
> 1
%I>PQF@
% change in quantity = % change in price
% change in price
= 1
5KFQ>OV
% change in quantity < % change in price
% change in price
< 1
)KBI>PQF@
-45?8 5.1 %I>PQF@, )KBI>PQF@, >KA 5KFQ>OV: 4EOBB #>PBP LC %I>PQF@FQV
98 #(!04%2 5 X %,!34)#)49
"BCLOB TB DBQ FKQL QEB KFQQV DOFQQV LC BI>PQF@FQV, BKGLV QEFP >OQF@IB (EQQM://LMBKPQ>U@LIIBDB.LOD/I/3RMBO="LTI)
LK BI>PQF@FQV >KA QF@HBQ MOF@BP >Q QEB 3RMBO "LTI.
3K ?=H?QH=PA AH=OPE?EPU, EJOPA=@ KB QOEJC OEILHA LAN?AJP=CA ?D=JCAO EJ MQ=JPEPU =J@ LNE?A, A?KJKIEOPO QOA PDA =RAN=CA LAN?AJP
?D=JCA EJ >KPD MQ=JPEPU =J@ LNE?A. 3DEO EO ?=HHA@ PDA ,E@LKEJP ,APDK@ BKN $H=OPE?EPU, =J@ EO NALNAOAJPA@ EJ PDA BKHHKSEJC
AMQ=PEKJO:
% change in quantity =
Q
2
Q
1
Q
2
+ Q
1
2
100
% change in price =
P
2
P
1
P
2
+ P
1
2
100
3DA =@R=JP=CA KB PDA EO ,E@LKEJP ,APDK@ EO PD=P KJA K>P=EJO PDA O=IA AH=OPE?EPU >APSAAJ PSK LNE?A LKEJPO SDAPDAN PDANA EO =
LNE?A EJ?NA=OA KN @A?NA=OA. 3DEO EO >A?=QOA PDA BKNIQH= QOAO PDA O=IA >=OA BKN >KPD ?=OAO.
C4?6H?4G<A: )E<68 E?4FG<6<GL B9 D8@4A7
+APbO ?=H?QH=PA PDA AH=OPE?EPU >APSAAJ LKEJPO =J@ ! =J@ >APSAAJ LKEJPO & =J@ ' ODKSJ EJ F<:HE8 5.2.
F<:HE8 5.2 C4?6H?4G<A: G;8 )E<68 E?4FG<6<GL B9 D8@4A7 4EB MOF@B BI>PQF@FQV LC ABJ>KA FP @>I@RI>QBA >P QEB
MBO@BKQ>DB @E>KDB FK NR>KQFQV AFSFABA ?V QEB MBO@BKQ>DB @E>KDB FK MOF@B.
%ENOP, =LLHU PDA BKNIQH= PK ?=H?QH=PA PDA AH=OPE?EPU =O LNE?A @A?NA=OAO BNKI $70 =P LKEJP ! PK $60 =P LKEJP :
#(!04%2 5 X %,!34)#)49 99
3,000 2,800
(3,000 + 2,800) 2
100
=
200
2,900
100
= 6.9
% change in price =
60 70
(60 + 70) 2
100
=
10
65
100
= 15.4
Price Elasticity of Demand =
6.9%
15.4%
= 0.45
3DANABKNA, PDA AH=OPE?EPU KB @AI=J@ >APSAAJ PDAOA PSK LKEJPO EO
6.9%
15.4%
SDE?D EO 0.45, =J =IKQJP OI=HHAN PD=J KJA,
ODKSEJC PD=P PDA @AI=J@ EO EJAH=OPE? EJ PDEO EJPANR=H. /NE?A AH=OPE?EPEAO KB @AI=J@ =NA always JAC=PERA OEJ?A LNE?A =J@ MQ=JPEPU
@AI=J@A@ =HS=UO IKRA EJ KLLKOEPA @ENA?PEKJO (KJ PDA @AI=J@ ?QNRA). !U ?KJRAJPEKJ, SA =HS=UO P=HG =>KQP AH=OPE?EPEAO =O
LKOEPERA JQI>ANO. 2K I=PDAI=PE?=HHU, SA P=GA PDA =>OKHQPA R=HQA KB PDA NAOQHP. 6A SEHH ECJKNA PDEO @AP=EH BNKI JKS KJ, SDEHA
NAIAI>ANEJC PK EJPANLNAP AH=OPE?EPEAO =O LKOEPERA JQI>ANO.
3DEO IA=JO PD=P, =HKJC PDA @AI=J@ ?QNRA >APSAAJ LKEJP ! =J@ , EB PDA LNE?A ?D=JCAO >U 1%, PDA MQ=JPEPU @AI=J@A@ SEHH
?D=JCA >U 0.45%. ?D=JCA EJ PDA LNE?A SEHH NAOQHP EJ = OI=HHAN LAN?AJP=CA ?D=JCA EJ PDA MQ=JPEPU @AI=J@A@. %KN AT=ILHA,
= 10% increase EJ PDA LNE?A SEHH NAOQHP EJ KJHU = 4.5% decrease EJ MQ=JPEPU @AI=J@A@. 10% decrease EJ PDA LNE?A SEHH
NAOQHP EJ KJHU = 4.5% increase EJ PDA MQ=JPEPU @AI=J@A@. /NE?A AH=OPE?EPEAO KB @AI=J@ =NA JAC=PERA JQI>ANO EJ@E?=PEJC PD=P
PDA @AI=J@ ?QNRA EO @KSJS=N@ OHKLEJC, >QP =NA NA=@ =O =>OKHQPA R=HQAO. 3DA BKHHKSEJC 6KNG (P .QP BA=PQNA SEHH S=HG UKQ
PDNKQCD ?=H?QH=PEJC PDA LNE?A AH=OPE?EPU KB @AI=J@.
F<A7<A: G;8 )E<68 E?4FG<6<GL B9 D8@4A7
#>I@RI>QB QEB MOF@B BI>PQF@FQV LC ABJ>KA RPFKD QEB A>Q> FK F<:HE8 5.2 CLO >K FK@OB>PB FK MOF@B COLJ ' QL
(. (>P QEB BI>PQF@FQV FK@OB>PBA LO AB@OB>PBA?
3QBM 1. 7B HKLT QE>Q:
% change in price
3QBM 2. &OLJ QEB -FAMLFKQ &LOJRI> TB HKLT QE>Q:
Q
2
Q
1
Q
2
+ Q
1
) / 2
100
% change in price =
P
2
P
1
P
2
+ P
1
) / 2
100
3QBM 3. 3L TB @>K RPB QEB S>IRBP MOLSFABA FK QEB CFDROB FK B>@E BNR>QFLK:
1,600 1,800
1,600 + 1,800) / 2
100
=
200
1,700
100
= 11.76
% change in price =
130 120
(130 + 120) / 2
100
=
10
125
100
= 8.0
3QBM 4. 4EBK, QELPB S>IRBP @>K ?B RPBA QL ABQBOJFKB QEB MOF@B BI>PQF@FQV LC ABJ>KA:
100 #(!04%2 5 X %,!34)#)49
% change in price
=
11.76
8
= 1.47
4EBOBCLOB, QEB BI>PQF@FQV LC ABJ>KA COLJ ' QL ( 1.47. 4EB J>DKFQRAB LC QEB BI>PQF@FQV E>P FK@OB>PBA (FK
>?PLIRQB S>IRB) >P TB JLSBA RM >ILKD QEB ABJ>KA @ROSB COLJ MLFKQP ! QL ". 2B@>II QE>Q QEB BI>PQF@FQV
?BQTBBK QEBPB QTL MLFKQP T>P 0.45. $BJ>KA T>P FKBI>PQF@ ?BQTBBK MLFKQP ! >KA " >KA BI>PQF@ ?BQTBBK
MLFKQP ' >KA (. 4EFP PELTP RP QE>Q MOF@B BI>PQF@FQV LC ABJ>KA @E>KDBP >Q AFCCBOBKQ MLFKQP >ILKD >
PQO>FDEQ-IFKB ABJ>KA @ROSB.
C4?6H?4G<A: G;8 )E<68 E?4FG<6<GL B9 ,HCC?L
OOQIA PD=P =J =L=NPIAJP NAJPO BKN $650 LAN IKJPD =J@ =P PD=P LNE?A 10,000 QJEPO =NA NAJPA@ =O ODKSJ EJ F<:HE8 5.3. 6DAJ
PDA LNE?A EJ?NA=OAO PK $700 LAN IKJPD, 13,000 QJEPO =NA OQLLHEA@ EJPK PDA I=NGAP. !U SD=P LAN?AJP=CA @KAO =L=NPIAJP OQLLHU
EJ?NA=OA? 6D=P EO PDA LNE?A OAJOEPEREPU?
F<:HE8 5.3 )E<68 E?4FG<6<GL B9 ,HCC?L 4EB MOF@B BI>PQF@FQV LC PRMMIV FP @>I@RI>QBA >P QEB MBO@BKQ>DB @E>KDB FK
NR>KQFQV AFSFABA ?V QEB MBO@BKQ>DB @E>KDB FK MOF@B.
4OEJC PDA ,E@LKEJP ,APDK@,
13,000 10,000
(13,000 + 10,000)
/
2
100
=
3,000
11,500
100
= 26.1
% change in price =
$750 $600
($750 + $600)
/
2
100
=
50
675
100
= 7.4
Price Elasticity of Supply =
26.1%
7.4%
= 3.53
C=EJ, =O SEPD PDA AH=OPE?EPU KB @AI=J@, PDA AH=OPE?EPU KB OQLLHU EO JKP BKHHKSA@ >U =JU QJEPO. $H=OPE?EPU EO = N=PEK KB KJA
LAN?AJP=CA ?D=JCA PK =JKPDAN LAN?AJP=CA ?D=JCA`JKPDEJC IKNA`=J@ EO NA=@ =O =J =>OKHQPA R=HQA. (J PDEO ?=OA, = 1% NEOA
EJ LNE?A ?=QOAO =J EJ?NA=OA EJ MQ=JPEPU OQLLHEA@ KB 3.5%. 3DA CNA=PAN PD=J KJA AH=OPE?EPU KB OQLLHU IA=JO PD=P PDA LAN?AJP=CA
?D=JCA EJ MQ=JPEPU OQLLHEA@ SEHH >A CNA=PAN PD=J = KJA LAN?AJP LNE?A ?D=JCA. (B UKQ'NA OP=NPEJC PK SKJ@AN EB PDA ?KJ?ALP KB
OHKLA BEPO EJPK PDEO ?=H?QH=PEKJ, NA=@ PDA BKHHKSEJC "HA=N (P 4L >KT.
#(!04%2 5 X %,!34)#)49 101
"F G;8 8?4FG<6<GL G;8 F?BC8?
)Q FP > @LJJLK JFPQ>HB QL @LKCRPB QEB PILMB LC BFQEBO QEB PRMMIV LO ABJ>KA @ROSB TFQE FQP BI>PQF@FQV. 4EB
PILMB FP QEB O>QB LC @E>KDB FK RKFQP >ILKD QEB @ROSB, LO QEB OFPB/ORK (@E>KDB FK V LSBO QEB @E>KDB FK U).
&LO BU>JMIB, FK F<:HE8 5.2, B>@E MLFKQ PELTK LK QEB ABJ>KA @ROSB, MOF@B AOLMP ?V $10 >KA QEB KRJ?BO
LC RKFQP ABJ>KABA FK@OB>PBP ?V 200. 3L QEB PILMB FP ^10/200 >ILKD QEB BKQFOB ABJ>KA @ROSB >KA ALBP
KLQ @E>KDB. 4EB MOF@B BI>PQF@FQV, ELTBSBO, @E>KDBP >ILKD QEB @ROSB. %I>PQF@FQV ?BQTBBK MLFKQP ! >KA "
T>P 0.45 >KA FK@OB>PBA QL 1.47 ?BQTBBK MLFKQP ' >KA (. %I>PQF@FQV FP QEB percentage @E>KDB, TEF@E FP >
AFCCBOBKQ @>I@RI>QFLK COLJ QEB PILMB >KA E>P > AFCCBOBKQ JB>KFKD.
7EBK TB >OB >Q QEB RMMBO BKA LC > ABJ>KA @ROSB, TEBOB MOF@B FP EFDE >KA QEB NR>KQFQV ABJ>KABA FP
ILT, > PJ>II @E>KDB FK QEB NR>KQFQV ABJ>KABA, BSBK FK, P>V, LKB RKFQ, FP MOBQQV ?FD FK MBO@BKQ>DB QBOJP.
! @E>KDB FK MOF@B LC, P>V, > ALII>O, FP DLFKD QL ?B JR@E IBPP FJMLOQ>KQ FK MBO@BKQ>DB QBOJP QE>K FQ TLRIA
E>SB ?BBK >Q QEB ?LQQLJ LC QEB ABJ>KA @ROSB. ,FHBTFPB, >Q QEB ?LQQLJ LC QEB ABJ>KA @ROSB, QE>Q LKB
RKFQ @E>KDB TEBK QEB NR>KQFQV ABJ>KABA FP EFDE TFII ?B PJ>II >P > MBO@BKQ>DB.
3L, >Q LKB BKA LC QEB ABJ>KA @ROSB, TEBOB TB E>SB > I>ODB MBO@BKQ>DB @E>KDB FK NR>KQFQV ABJ>KABA
LSBO > PJ>II MBO@BKQ>DB @E>KDB FK MOF@B, QEB BI>PQF@FQV S>IRB TLRIA ?B EFDE, LO ABJ>KA TLRIA ?B
OBI>QFSBIV BI>PQF@. %SBK TFQE QEB P>JB @E>KDB FK QEB MOF@B >KA QEB P>JB @E>KDB FK QEB NR>KQFQV
ABJ>KABA, >Q QEB LQEBO BKA LC QEB ABJ>KA @ROSB QEB NR>KQFQV FP JR@E EFDEBO, >KA QEB MOF@B FP JR@E
ILTBO, PL QEB MBO@BKQ>DB @E>KDB FK NR>KQFQV ABJ>KABA FP PJ>IIBO >KA QEB MBO@BKQ>DB @E>KDB FK MOF@B
FP JR@E EFDEBO. 4E>Q JB>KP >Q QEB ?LQQLJ LC QEB @ROSB TB'A E>SB > PJ>II KRJBO>QLO LSBO > I>ODB
ABKLJFK>QLO, PL QEB BI>PQF@FQV JB>PROB TLRIA ?B JR@E ILTBO, LO FKBI>PQF@.
!P TB JLSB >ILKD QEB ABJ>KA @ROSB, QEB S>IRBP CLO NR>KQFQV >KA MOF@B DL RM LO ALTK, ABMBKAFKD LK
TEF@E T>V TB >OB JLSFKD, PL QEB MBO@BKQ>DBP CLO, P>V, > $1 AFCCBOBK@B FK MOF@B LO > LKB RKFQ AFCCBOBK@B
FK NR>KQFQV, TFII @E>KDB >P TBII, TEF@E JB>KP QEB O>QFLP LC QELPB MBO@BKQ>DBP TFII @E>KDB.
5.2 N )B?4E C4F8F B9 E?4FG<6<GL 4A7 CBAFG4AG E?4FG<6<GL
d #EBBANAJPE=PA >APSAAJ EJBEJEPA =J@ VANK AH=OPE?EPU
d J=HUVA CN=LDO EJ KN@AN PK ?H=OOEBU AH=OPE?EPU =O ?KJOP=JP QJEP=NU, EJBEJEPA, KN VANK
3DANA =NA PSK ATPNAIA ?=OAO KB AH=OPE?EPU: SDAJ AH=OPE?EPU AMQ=HO VANK =J@ SDAJ EP EO EJBEJEPA. PDEN@ ?=OA EO PD=P KB ?KJOP=JP
QJEP=NU AH=OPE?EPU. 6A SEHH @AO?NE>A A=?D ?=OA. Infinite elasticity KN perfect elasticity NABANO PK PDA ATPNAIA ?=OA SDANA AEPDAN
PDA MQ=JPEPU @AI=J@A@ (0@) KN OQLLHEA@ (0O) ?D=JCAO >U =J EJBEJEPA =IKQJP EJ NAOLKJOA PK =JU ?D=JCA EJ LNE?A =P =HH. (J
>KPD ?=OAO, PDA OQLLHU =J@ PDA @AI=J@ ?QNRA =NA DKNEVKJP=H =O ODKSJ EJ F<:HE8 5.4. 6DEHA LANBA?PHU AH=OPE? OQLLHU ?QNRAO
=NA QJNA=HEOPE?, CKK@O SEPD NA=@EHU =R=EH=>HA EJLQPO =J@ SDKOA LNK@Q?PEKJ ?=J >A A=OEHU ATL=J@A@ SEHH BA=PQNA DECDHU AH=OPE?
OQLLHU ?QNRAO. $T=ILHAO EJ?HQ@A LEVV=, >NA=@, >KKGO =J@ LAJ?EHO. 2EIEH=NHU, LANBA?PHU AH=OPE? @AI=J@ EO =J ATPNAIA AT=ILHA.
!QP HQTQNU CKK@O, CKK@O PD=P P=GA = H=NCA OD=NA KB EJ@ERE@Q=HOb EJ?KIA, =J@ CKK@O SEPD I=JU OQ>OPEPQPAO =NA HEGAHU PK D=RA
DECDHU AH=OPE? @AI=J@ ?QNRAO. $T=ILHAO KB OQ?D CKK@O =NA "=NE>>A=J ?NQEOAO =J@ OLKNPO RADE?HAO.
102 #(!04%2 5 X %,!34)#)49
F<:HE8 5.4 "A9<A<G8 E?4FG<6<GL 4EB ELOFWLKQ>I IFKBP PELT QE>Q >K FKCFKFQB NR>KQFQV TFII ?B ABJ>KABA LO PRMMIFBA >Q >
PMB@FCF@ MOF@B. 4EFP FIIRPQO>QBP QEB @>PBP LC > MBOCB@QIV (LO FKCFKFQBIV) BI>PQF@ ABJ>KA @ROSB >KA PRMMIV @ROSB. 4EB
NR>KQFQV PRMMIFBA LO ABJ>KABA FP BUQOBJBIV OBPMLKPFSB QL MOF@B @E>KDBP, JLSFKD COLJ WBOL CLO MOF@BP @ILPB QL 0 QL
FKCFKFQB TEBK MOF@B OB>@E 0.
Zero elasticity KN perfect inelasticity, =O @ALE?PA@ EJ F<:HE8 5.5 NABANO PK PDA ATPNAIA ?=OA EJ SDE?D = LAN?AJP=CA ?D=JCA
EJ LNE?A, JK I=PPAN DKS H=NCA, NAOQHPO EJ VANK ?D=JCA EJ MQ=JPEPU. 6DEHA = LANBA?PHU EJAH=OPE? OQLLHU EO =J ATPNAIA AT=ILHA,
CKK@O SEPD HEIEPA@ OQLLHU KB EJLQPO =NA HEGAHU PK BA=PQNA DECDHU EJAH=OPE? OQLLHU ?QNRAO. $T=ILHAO EJ?HQ@A @E=IKJ@ NEJCO
KN DKQOEJC EJ LNEIA HK?=PEKJO OQ?D =O =L=NPIAJPO B=?EJC "AJPN=H /=NG EJ -AS 8KNG "EPU. 2EIEH=NHU, SDEHA LANBA?PHU EJAH=OPE?
@AI=J@ EO =J ATPNAIA ?=OA, JA?AOOEPEAO SEPD JK ?HKOA OQ>OPEPQPAO =NA HEGAHU PK D=RA DECDHU EJAH=OPE? @AI=J@ ?QNRAO. 3DEO EO
PDA ?=OA KB HEBA-O=REJC @NQCO =J@ C=OKHEJA.
F<:HE8 5.5 38EB E?4FG<6<GL 4EB SBOQF@>I PRMMIV @ROSB >KA SBOQF@>I ABJ>KA @ROSB PELT QE>Q QEBOB TFII ?B WBOL
MBO@BKQ>DB @E>KDB FK NR>KQFQV (>) PRMMIFBA LO (?) ABJ>KABA, OBD>OAIBPP LC QEB MOF@B. 4EFP FIIRPQO>QBP QEB @>PB LC WBOL
BI>PQF@FQV (LO MBOCB@Q FKBI>PQF@FQV). 4EB NR>KQFQV PRMMIFBA LO ABJ>KABA FP KLQ OBPMLKPFSB QL MOF@B @E>KDBP.
"KJOP=JP QJEP=NU AH=OPE?EPU, EJ AEPDAN = OQLLHU KN @AI=J@ ?QNRA, K??QNO SDAJ = LNE?A ?D=JCA KB KJA LAN?AJP NAOQHPO EJ =
MQ=JPEPU ?D=JCA KB KJA LAN?AJP. F<:HE8 5.6 ODKSO = @AI=J@ ?QNRA SEPD ?KJOP=JP QJEP AH=OPE?EPU. O SA IKRA @KSJ PDA
@AI=J@ ?QNRA BNKI PK !, PDA LNE?A B=HHO >U 33% =J@ MQ=JPEPU @AI=J@A@ NEOAO >U 33%; =O UKQ IKRA BNKI ! PK ", PDA LNE?A
B=HHO >U 25% =J@ PDA MQ=JPEPU @AI=J@A@ NEOAO >U 25%; =O UKQ IKRA BNKI " PK #, PDA LNE?A B=HHO >U 16% =J@ PDA MQ=JPEPU
NEOAO >U 16%. -KPE?A PD=P EJ =>OKHQPA R=HQA, PDA @A?HEJAO EJ LNE?A, =O UKQ OPAL @KSJ PDA @AI=J@ ?QNRA, =NA JKP E@AJPE?=H.
(JOPA=@, PDA LNE?A B=HHO >U $3 BNKI PK !, >U = OI=HHAN =IKQJP KB $1.50 BNKI ! PK ", =J@ >U = OPEHH OI=HHAN =IKQJP KB $0.75
BNKI " PK #. O = NAOQHP, = @AI=J@ ?QNRA SEPD ?KJOP=JP QJEP=NU AH=OPE?EPU IKRAO BNKI = OPAALAN OHKLA KJ PDA HABP =J@ = BH=PPAN
OHKLA KJ PDA NECDP`=J@ = ?QNRA@ OD=LA KRAN=HH.
#(!04%2 5 X %,!34)#)49 103
F<:HE8 5.6 A CBAFG4AG .A<G4EL E?4FG<6<GL D8@4A7 CHEI8 ! ABJ>KA @ROSB TFQE @LKPQ>KQ RKFQ>OV BI>PQF@FQV TFII ?B >
@ROSBA IFKB. .LQF@B ELT MOF@B >KA NR>KQFQV ABJ>KABA @E>KDB ?V >K FABKQF@>I >JLRKQ FK B>@E PQBM ALTK QEB ABJ>KA
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% change in quantity demanded
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CKK@. 'KSARAN, EB PDA PSK CKK@O =NA OQ>OPEPQPAO, HEGA LH=JA PE?GAPO =J@ PN=EJ PE?GAPO, PDAJ = @NKL EJ PDA LNE?A KB KJA CKK@
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3DA cross-price elasticity of demand LQPO OKIA IA=P KJ PDA >KJAO KB PDAOA E@A=O. 3DA PANI c?NKOO-LNE?Ad NABANO PK PDA E@A=
PD=P PDA LNE?A KB KJA CKK@ EO =BBA?PEJC PDA MQ=JPEPU @AI=J@A@ KB = @EBBANAJP CKK@. 2LA?EBE?=HHU, PDA ?NKOO-LNE?A AH=OPE?EPU KB
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Cross-price elasticity of demand =
% change in Qd of good A
% change in price of good B
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Elasticity of labor supply =
% change in quantity of labor supplied
% change in wage
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Elasticity of savings =
% change in quantity of financial s vings
% change in interest rate
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PDA AH=OPE?EPU KB @AI=J@ KN PDA @AI=J@ AH=OPE?EPU SEHH >A ?=HHA@ PDA LNE?A AH=OPE?EPU KB @AI=J@ KN PDA cAH=OPE?EPU KB @AI=J@
SEPD NAOLA?P PK LNE?A.d 2EIEH=NHU, AH=OPE?EPU KB OQLLHU KN PDA OQLLHU AH=OPE?EPU EO OKIAPEIAO ?=HHA@, PK =RKE@ =JU LKOOE>EHEPU KB
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Income elasticity of demand =
% change in Qd
% change in income
Cross-price elasticity of demand =
% change in Qd of good A
% change in price of good B
Wage elasticity of labor supply =
% change in quantity of labor supplied
% change in wage
Wage elasticity of labor demand =
% change in quantity of labor demanded
% change in wage
Interest rate elasticity of savings =
% change in quantity of savings
Interest rate elasticity of borrowing =
% change in quantity of borrowing
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NNP = GDP Depreciation
= $560 $40
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284E 'B@<A4? D) (5<??<BAF B9 7B??4EF) D) D89?4GBE (2005 = 100)
1960 543.3 19.0
1965 743.7 20.3
1970 1,075.9 24.8
1975 1,688.9 34.1
1980 2,862.5 48.3
1985 4,346.7 62.3
1990 5,979.6 72.7
1995 7,664.0 81.7
2000 10,289.7 89.0
2005 13,095.4 100.0
2010 14,958.3 110.0
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#(!04%2 6 X 4(% -!#2/%#/./-)# 0%230%#4)6% 129
F<:HE8 6.8 ..,. D) D89?4GBE, 1960P2010 -R@E IFHB KLJFK>I '$0, QEB '$0 ABCI>QLO E>P OFPBK BUMLKBKQF>IIV COLJ
1960 QEOLRDE 2010. (3LRO@B: "%!)
F<:HE8 6.8 ODKSO PD=P PDA LNE?A HARAH D=O NEOAJ @N=I=PE?=HHU OEJ?A 1960. 3DA LNE?A HARAH EJ 2010 S=O =HIKOP OET PEIAO DECDAN
PD=J EJ 1960 (PDA @ABH=PKN BKN 2010 S=O 110 RANOQO = HARAH KB 19 EJ 1960). "HA=NHU, IQ?D KB PDA =LL=NAJP CNKSPD EJ JKIEJ=H
&#/ S=O @QA PK EJBH=PEKJ, JKP =J =?PQ=H ?D=JCA EJ PDA MQ=JPEPU KB CKK@O =J@ OANRE?AO LNK@Q?A@, EJ KPDAN SKN@O, JKP EJ NA=H
&#/. 1A?=HH PD=P JKIEJ=H &#/ ?=J NEOA BKN PSK NA=OKJO: =J EJ?NA=OA EJ KQPLQP, =J@/KN =J EJ?NA=OA EJ LNE?AO. 6D=P EO JAA@A@
EO PK ATPN=?P PDA EJ?NA=OA EJ LNE?AO BNKI JKIEJ=H &#/ OK =O PK IA=OQNA KJHU ?D=JCAO EJ KQPLQP. BPAN =HH, PDA @KHH=NO QOA@
PK IA=OQNA JKIEJ=H &#/ EJ 1960 =NA SKNPD IKNA PD=J PDA EJBH=PA@ @KHH=NO KB 1990`=J@ PDA LNE?A EJ@AT PAHHO AT=?PHU DKS
IQ?D IKNA. 3DEO =@FQOPIAJP EO A=OU PK @K EB UKQ QJ@ANOP=J@ PD=P JKIEJ=H IA=OQNAIAJPO =NA EJ R=HQA PANIO, SDANA
Value = Price Quantity
or
Nominal GDP = GDP Defla or Real GDP
+APbO HKKG =P =J AT=ILHA =P PDA IE?NK HARAH. 2QLLKOA PDA P-ODENP ?KIL=JU, "KKHODENPO, OAHHO 10 P-ODENPO =P = LNE?A KB $9 A=?D.
Coolshirt's nominal revenue from sales = Price Quantity
= $9 10
= $90
3DAJ,
Coolshirt's real income =
Nominal revenue
Price
=
$90
$9
= 10
(J KPDAN SKN@O, SDAJ SA ?KILQPA cNA=Hd IA=OQNAIAJPO SA =NA PNUEJC PK CAP =P =?PQ=H MQ=JPEPEAO, EJ PDEO ?=OA, 10 P-ODENPO.
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Real GDP =
Nominal GDP
Price Index
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PN=@EPEKJ=HHU >AAJ IQHPELHEA@ >U 100 PK CAP EJPACAN JQI>ANO HEGA 100, 85, KN 125. 6D=P PDEO IA=JO EO PD=P SDAJ SA c@ABH=PAd
JKIEJ=H BECQNAO PK CAP NA=H BECQNAO (>U @ERE@EJC PDA JKIEJ=H >U PDA LNE?A EJ@AT). 6A =HOK JAA@ PK NAIAI>AN PK @ERE@A PDA
LQ>HEODA@ LNE?A EJ@AT >U 100 PK I=GA PDA I=PD SKNG. 2K PDA BKNIQH= >A?KIAO:
Real GDP =
Nominal GDP
Price Index / 100
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130 #(!04%2 6 X 4(% -!#2/%#/./-)# 0%230%#4)6%
CB@CHG<A: D)
)Q FP MLPPF?IB QL RPB QEB A>Q> FK -45?8 6.5 QL @LJMRQB OB>I '$0.
3QBM 1. ,LLH >Q -45?8 6.5, QL PBB QE>Q, FK 1960, KLJFK>I '$0 T>P $543.3 ?FIIFLK >KA QEB MOF@B FKABU
('$0 ABCI>QLO) T>P 19.0.
3QBM 2. 4L @>I@RI>QB QEB OB>I '$0 FK 1960, RPB QEB CLOJRI>:
Real GDP =
Nominal GDP
Price Index / 100
=
$543.3 billion
19 / 100
= $2,859.5 billion
7BaII AL QEFP FK QTL M>OQP QL J>HB FQ @IB>O. &FOPQ >AGRPQ QEB MOF@B FKABU: 19 AFSFABA ?V 100 = 0.19. 4EBK
AFSFAB FKQL KLJFK>I '$0: $543.3 ?FIIFLK / 0.19 = $2,859.5 ?FIIFLK.
3QBM 3. 5PB QEB P>JB CLOJRI> QL @>I@RI>QB QEB OB>I '$0 FK 1965.
Real GDP =
Nominal GDP
Price Index / 100
=
$743.7 billion
20.3 / 100
= $3,663.5 billion
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284E
'B@<A4? D)
(5<??<BAF B9 7B??4EF)
D) D89?4GBE
(2005 = 100)
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+84? D) (5<??<BAF B9
2005 7B??4EF)
1960 543.3 19.0
543.3 / (19.0/
100)
2859.5
1965 743.7 20.3
743.7 / (20.3/
100)
3663.5
1970 1075.9 24.8
1,075.9 /
(24.8/100)
4338.3
1975 1688.9 34.1
1,688.9 /
(34.1/100)
4952.8
1980 2862.5 48.3
2,862.5 /
(48.3/100)
5926.5
1985 4346.7 62.3
4,346.7 /
(62.3/100)
6977.0
1990 5979.6 72.7
5,979.6 /
(72.7/100)
8225.0
1995 7664.0 82.0
7,664 / (82.0/
100)
9346.3
2000 10289.7 89.0
10,289.7 /
(89.0/100)
11561.5
2005 13095.4 100.0
13,095.4 /
(100.0/100)
13095.4
-45?8 6.6 CBAI8EG<A: 'B@<A4? GB +84? D) (3LRO@B: "ROB>R LC %@LKLJF@ !K>IVPFP, TTT.?B>.DLS)
#(!04%2 6 X 4(% -!#2/%#/./-)# 0%230%#4)6% 131
284E
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(5<??<BAF B9 7B??4EF)
D) D89?4GBE
(2005 = 100)
C4?6H?4G<BAF
+84? D) (5<??<BAF B9
2005 7B??4EF)
2010 14958.3 110.0
14,958.3 /
(110.0/100)
13598.5
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>OB RPBA QL @LJMRQB QEB OB>I PQ>QFPQF@. 7EBK TB @>I@RI>QB OB>I '$0, CLO BU>JMIB, TB Q>HB QEB NR>KQFQFBP
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@E>KDB COLJ VB>O QL VB>O. 4E>Q FP TEV OB>I '$0 FP I>?BIBA b#LKPQ>KQ $LII>OPc LO b2005 $LII>OP,c TEF@E
JB>KP QE>Q OB>I '$0 FP @LKPQOR@QBA RPFKD MOF@BP QE>Q BUFPQBA FK 2005. 4EB CLOJRI> RPBA FP:
GDP defla or =
Nominal GDP
Real GDP
100
2B>OO>KDFKD QEB CLOJRI> >KA RPFKD QEB A>Q> COLJ 2005:
Real GDP =
Nominal GDP
Price Index / 100
=
$13,095.4 billion
100 / 100
= $13,095.4 billion
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VB>O.
,LLH >Q QEB A>Q> CLO 2010.
Real GDP =
Nominal GDP
Price Index / 100
=
$14,958.3 billion
110 / 100
= $13,598.5 billion
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2010 real GDP 1960 real GDP
1960 real GDP
100 = % change
13,598.5 2,859.5
2,859.5
100 = 376%
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Real GDP = Price Quantity
% change in real GDP = % change in price + % change in quantity
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% change in quantity = % change in real GDP % change in price
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2B>I '$0 'OLTQE (%) 1.6% 2.1% 2.4% 3.3% 2.8%
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2B>I '$0 'OLTQE (%) 1 ^2.8 2.4 1.8 ^0.3
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GDP at starting date (1 + growth rate of GDP)
years
= GDP at end date
152 #(!04%2 7 X %#/./-)# '2/74(
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1 $1.64 4OFIIFLK \ (1+0.02) $1.67 4OFIIFLK
2 $1.67 4OFIIFLK \ (1+0.02) $1.71 4OFIIFLK
3 $1.71 4OFIIFLK \ (1+0.02) $1.74 4OFIIFLK
4 $1.74 \ (1+0.02) $1.78 4OFIIFLK
5 $1.77 \ (1+0.02) $1.81 4OFIIFLK
-45?8 7.4
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Future Value = Present Value (1 + g)
n
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Future Value = 1.64 (1+0.02)
5
= $1.81 trillion
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CBHAGEL
AI8E4:8 EBJG; +4G8 B9 D)
1990P2000
2000P2008
Fast Growth Club (5% or more per year in both time periods)
#>J?LAF> 7.1% 9.1%
#EFK> 10.6% 9.9%
)KAF> 6.0% 7.1%
)OBI>KA 7.5% 5.1%
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,>LP 6.5% 6.8 %
-LW>J?FNRB 6.4% 7.3%
3RA>K 5.4% 7.3%
5D>KA> 7.1% 7.3%
6FBQK>J 7.9% 7.3%
Slow Growth Club (2% or less per year in both time periods)
#BKQO>I !COF@>K
2BMR?IF@
2.0% 0.8%
&O>K@B 2.0% 1.8%
'BOJ>KV 1.8% 1.3%
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(>FQF ^1.5% 0.3%
)Q>IV 1.6% 1.2%
*>J>F@> 0.9% 1.4%
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CBHAGEL
1990P2000
2000P2008
5KFQBA 3Q>QBP 3.2% 2.2%
World Overview
(FDE FK@LJB 2.7% 2.3%
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=J@ JKP HKKGEJC BKN SKNG =O out of the labor force KN JKP EJ PDA H=>KN BKN?A.
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OANEAO KB MQAOPEKJO PK @ERE@A QL PDA =@QHP LKLQH=PEKJ EJPK AILHKUA@, QJAILHKUA@, KN JKP EJ PDA H=>KN BKN?A. 3K >A ?H=OOEBEA@
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4JAILHKUA@: .QP KB SKNG =J@ =?PERAHU HKKGEJC BKN = FK>
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+=>KN BKN?A: PDA JQI>AN KB AILHKUA@ LHQO PDA QJAILHKUA@
C4?6H?4G<A: G;8 .A8@C?BL@8AG +4G8
F<:HE8 8.2 ODKSO PDA PDNAA-S=U @EREOEKJ KB PDA KRAN-16 =@QHP LKLQH=PEKJ. (J 2012, 63.7% KB PDA =@QHP LKLQH=PEKJ S=O cEJ
PDA H=>KN BKN?A;d PD=P EO, AEPDAN AILHKUA@ KN SEPDKQP = FK> >QP HKKGEJC BKN SKNG. 3DKOA EJ PDA H=>KN BKN?A ?=J >A @ERE@A@
EJPK PDA AILHKUA@ =J@ PDA QJAILHKUA@. 3DAOA R=HQAO =NA =HOK ODKSJ EJ -45?8 8.1. 3DA unemployment rate EO JKP PDA
LAN?AJP=CA KB PDA PKP=H =@QHP LKLQH=PEKJ SEPDKQP FK>O, >QP N=PDAN PDA LAN?AJP=CA KB =@QHPO SDK =NA EJ PDA H=>KN BKN?A >QP SDK
@K JKP D=RA FK>O:
Unemployment rate =
Unemployed people
Total labor force
100
F<:HE8 8.2 E@C?BL87, .A8@C?BL87, 4A7 (HG B9 G;8 %45BE FBE68 D<FGE<5HG<BA B9 A7H?G )BCH?4G<BA (4:8 16 4A7
B?78E), 2012 4EB QLQ>I >ARIQ, TLOHFKD->DB MLMRI>QFLK FK 2012 T>P 243.2 JFIIFLK. /RQ LC QEFP QLQ>I MLMRI>QFLK, 142.4
JFIIFLK TBOB @I>PPFCFBA >P BJMILVBA >KA 12.5 JFIIFLK TBOB @I>PPFCFBA >P RKBJMILVBA. 4EB OBJ>FKFKD 88.3 JFIIFLK TBOB
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PQLOV.
4LQ>I >ARIQ MLMRI>QFLK LSBO QEB >DB LC 16 243.2 JFIIFLK
)K QEB I>?LO CLO@B 154.9 JFIIFLK (63.7%)
%JMILVBA 142.4 JFIIFLK
-45?8 8.1 ..,. E@C?BL@8AG 4A7 .A8@C?BL@8AG, 2012 (3LRO@B: TTT.?IP.DLS)
#(!04%2 8 X 5.%-0,/9-%.4 169
5KBJMILVBA 12.5 JFIIFLK
/RQ LC QEB I>?LO CLO@B 88.3 JFIIFLK (36.3%)
-45?8 8.1 ..,. E@C?BL@8AG 4A7 .A8@C?BL@8AG, 2012 (3LRO@B: TTT.?IP.DLS)
(J PDEO AT=ILHA, PDA QJAILHKUIAJP N=PA ?=J >A ?=H?QH=PA@ =O 12.5 IEHHEKJ QJAILHKUA@ LAKLHA @ERE@A@ >U 155.0 IEHHEKJ
LAKLHA EJ PDA H=>KN BKN?A, SDE?D SKNGO KQP PK =J 8.1% N=PA KB QJAILHKUIAJP. 3DA BKHHKSEJC 6KNG (P .QP BA=PQNA SEHH S=HG
UKQ PDNKQCD PDA OPALO KB PDEO ?=H?QH=PEKJ.
C4?6H?4G<A: %45BE FBE68 )8E68AG4:8F
3L ELT AL B@LKLJFPQP >OOFSB >Q QEB MBO@BKQ>DBP FK >KA LRQ LC QEB I>?LO CLO@B >KA QEB RKBJMILVJBKQ
O>QB? 7B TFII RPB QEB S>IRBP FK -45?8 8.1 QL FIIRPQO>QB QEB PQBMP.
4L ABQBOJFKB QEB MBO@BKQ>DB FK QEB I>?LO CLO@B:
3QBM 1. $FSFAB QEB KRJ?BO LC MBLMIB FK QEB I>?LO CLO@B (154.9 JFIIFLK) ?V QEB QLQ>I >ARIQ (TLOHFKD->DB)
MLMRI>QFLK (243.2 JFIIFLK).
3QBM 2. -RIQFMIV ?V 100 QL L?Q>FK QEB MBO@BKQ>DB.
Percentage in the labor force =
154.9
243.2
= 0.6369
= 63.7%
4L ABQBOJFKB QEB MBO@BKQ>DB LRQ LC QEB I>?LO CLO@B:
3QBM 1. $FSFAB QEB KRJ?BO LC MBLMIB LRQ QEB I>?LO CLO@B (88.3 JFIIFLK) ?V QEB QLQ>I >ARIQ (TLOHFKD->DB)
MLMRI>QFLK (243.2 JFIIFLK).
3QBM 2. -RIQFMIV ?V 100 QL L?Q>FK QEB MBO@BKQ>DB.
Percentage in the labor force =
88.3
243.2
= 0.3631
= 36.3%
4L ABQBOJFKB QEB RKBJMILVJBKQ O>QB:
3QBM 1. $FSFAB QEB KRJ?BO LC RKBJMILVBA MBLMIB (12.5 JFIIFLK) ?V QEB QLQ>I I>?LO CLO@B (154.9 JFIIFLK).
3QBM 2. -RIQFMIV ?V 100 QL L?Q>FK QEB O>QB.
Unemployment rate =
12.5
154.9
= 0.0807
= 8.1%
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QEBFO ?FIIP O>QEBO QE>K O>FPFKD Q>UBP. 2FPFKD MOF@BP @>RPBA QEB DLSBOKJBKQ QL BK>@Q MOF@B @LKQOLIP LK
MOFS>QB ?RPFKBPPBP, TEF@E IBA QL PELOQ>DBP >KA QEB BJBODBK@B LC ?I>@H J>OHBQP. )K 2009, QEB @LRKQOV
>?>KALKBA FQP @ROOBK@V >KA >IILTBA CLOBFDK @ROOBK@FBP QL ?B RPBA CLO MRO@E>PBP.
(LT ALBP QEFP E>MMBK? (LT @>K ?LQE DLSBOKJBKQ >KA QEB B@LKLJV C>FI QL CRK@QFLK >Q QEB JLPQ ?>PF@
IBSBI? "BCLOB TB @LKPFABO QEBPB BUQOBJB @>PBP LC EVMBOFKCI>QFLK, IBQaP CFOPQ ILLH >Q FKCI>QFLK FQPBIC.
#(!04%2 9 X ).&,!4)/. 191
"AGEB7H6G<BA GB "A9?4G<BA
d 3N=?GEJC (JBH=PEKJ
d 'KS "D=JCAO EJ PDA "KOP KB +EREJC =NA ,A=OQNA@
d 'KS PDA 4.2. =J@ .PDAN "KQJPNEAO $TLANEAJ?A (JBH=PEKJ
d 3DA "KJBQOEKJ .RAN (JBH=PEKJ
d (J@ATEJC =J@ (PO +EIEP=PEKJO
Inflation EO = CAJAN=H =J@ KJCKEJC NEOA EJ PDA HARAH KB LNE?AO EJ =J AJPENA A?KJKIU. (JBH=PEKJ @KAO JKP NABAN PK = ?D=JCA EJ
NAH=PERA LNE?AO. NAH=PERA LNE?A ?D=JCA K??QNO SDAJ UKQ OAA PD=P PDA LNE?A KB PQEPEKJ D=O NEOAJ, >QP PDA LNE?A KB H=LPKLO D=O
B=HHAJ. (JBH=PEKJ, KJ PDA KPDAN D=J@, IA=JO PD=P PDANA EO LNAOOQNA BKN LNE?AO PK NEOA EJ IKOP I=NGAPO EJ PDA A?KJKIU. (J =@@EPEKJ,
LNE?A EJ?NA=OAO EJ PDA OQLLHU-=J@-@AI=J@ IK@AH SANA KJA-PEIA ARAJPO, NALNAOAJPEJC = ODEBP BNKI = LNAREKQO AMQEHE>NEQI PK
= JAS KJA. (JBH=PEKJ EILHEAO =J KJCKEJC NEOA EJ LNE?AO. (B EJBH=PEKJ D=LLAJA@ BKN KJA UA=N =J@ PDAJ OPKLLA@`SAHH, PDAJ EP
SKQH@ JKP >A EJBH=PEKJ =JU IKNA.
3DEO ?D=LPAN >ACEJO >U ODKSEJC DKS PK ?KI>EJA LNE?AO KB EJ@ERE@Q=H CKK@O =J@ OANRE?AO PK ?NA=PA = IA=OQNA KB KRAN=HH
EJBH=PEKJ. (P @EO?QOOAO PDA DEOPKNE?=H =J@ NA?AJP ATLANEAJ?A KB EJBH=PEKJ, >KPD EJ PDA 4JEPA@ 2P=PAO =J@ EJ KPDAN ?KQJPNEAO =NKQJ@
PDA SKNH@. .PDAN ?D=LPANO D=RA OKIAPEIAO EJ?HQ@A@ = JKPA QJ@AN =J ATDE>EP KN = L=NAJPDAPE?=H NAIEJ@AN EJ PDA PATP O=UEJC PD=P
PDA JQI>ANO D=RA >AAJ =@FQOPA@ BKN EJBH=PEKJ. (J PDEO ?D=LPAN, EP EO PEIA PK ODKS DKS PK QOA EJBH=PEKJ OP=PEOPE?O PK =@FQOP KPDAN
A?KJKIE? R=NE=>HAO, OK PD=P UKQ ?=J PAHH DKS IQ?D KB, O=U, PDA NEOA EJ &#/ KRAN @EBBANAJP LANEK@O KB PEIA ?=J >A =PPNE>QPA@
PK =J =?PQ=H EJ?NA=OA EJ PDA LNK@Q?PEKJ KB CKK@O =J@ OANRE?AO =J@ DKS IQ?D ODKQH@ >A =PPNE>QPA@ PK PDA B=?P PD=P LNE?AO BKN
IKOP PDEJCO D=RA NEOAJ.
(JBH=PEKJ D=O ?KJOAMQAJ?AO BKN LAKLHA =J@ BENIO PDNKQCDKQP PDA A?KJKIU, EJ PDAEN NKHAO =O HAJ@ANO =J@ >KNNKSANO, S=CA-
A=NJANO, P=TL=UANO, =J@ ?KJOQIANO. 3DA ?D=LPAN ?KJ?HQ@AO SEPD = @EO?QOOEKJ KB OKIA EILANBA?PEKJO =J@ >E=OAO EJ PDA
EJBH=PEKJ OP=PEOPE?O, =J@ = LNAREAS KB LKHE?EAO BKN BECDPEJC EJBH=PEKJ PD=P SEHH >A @EO?QOOA@ EJ KPDAN ?D=LPANO.
9.1 N -E46><A: "A9?4G<BA
d "=H?QH=PA PDA =JJQ=H N=PA KB EJBH=PEKJ
d $TLH=EJ =J@ QOA EJ@AT JQI>ANO =J@ >=OA UA=NO SDAJ OEILHEBUEJC PDA PKP=H MQ=JPEPU OLAJP KRAN = UA=N BKN LNK@Q?PO
d "=H?QH=PA EJBH=PEKJ N=PAO QOEJC EJ@AT JQI>ANO
#EJJAN P=>HA ?KJRANO=PEKJO SDANA UKQ IECDP D=RA DA=N@ =>KQP EJBH=PEKJ QOQ=HHU AJP=EH NAIEJEO?EJC =>KQP SDAJ cARANUPDEJC
OAAIA@ PK ?KOP OK IQ?D HAOO. 8KQ QOA@ PK >A =>HA PK >QU PDNAA C=HHKJO KB C=OKHEJA BKN = @KHH=N =J@ PDAJ CK OAA =J =BPANJKKJ
IKREA BKN =JKPDAN @KHH=N.d -45?8 9.1 ?KIL=NAO OKIA LNE?AO KB ?KIIKJ CKK@O EJ 1970 =J@ 2012. .B ?KQNOA, PDA =RAN=CA
LNE?AO ODKSJ EJ PDEO P=>HA I=U JKP NABHA?P PDA LNE?AO SDANA UKQ HERA. 3DA ?KOP KB HEREJC EJ -AS 8KNG "EPU EO IQ?D DECDAN
PD=J EJ 'KQOPKJ, 3AT=O, BKN AT=ILHA. (J =@@EPEKJ, ?ANP=EJ LNK@Q?PO D=RA ARKHRA@ KRAN NA?AJP @A?=@AO. JAS ?=N EJ 2012,
HK=@A@ SEPD =JPELKHHQPEKJ AMQELIAJP, O=BAPU CA=N, ?KILQPANEVA@ AJCEJA ?KJPNKHO, =J@ I=JU KPDAN PA?DJKHKCE?=H =@R=J?AO,
EO = IKNA =@R=J?A@ I=?DEJA (=J@ IKNA BQAH ABBE?EAJP) PD=J UKQN PULE?=H 1970O ?=N. 'KSARAN, LQP @AP=EHO HEGA PDAOA PK KJA
OE@A BKN PDA IKIAJP, =J@ HKKG =P PDA KRAN=HH L=PPANJ. 3DA LNEI=NU NA=OKJ >ADEJ@ PDA LNE?A NEOAO EJ -45?8 9.1`=J@ =HH PDA
LNE?A EJ?NA=OAO BKN PDA KPDAN LNK@Q?PO EJ PDA A?KJKIUÈO JKP OLA?EBE? PK PDA I=NGAP BKN DKQOEJC KN ?=NO KN C=OKHEJA KN IKREA
PE?GAPO. (JOPA=@, EP EO L=NP KB = CAJAN=H NEOA EJ PDA HARAH KB =HH LNE?AO. (J 2012, $1 D=@ =>KQP PDA O=IA LQN?D=OEJC LKSAN EJ
KRAN=HH PANIO KB CKK@O =J@ OANRE?AO =O 18 ?AJPO @E@ EJ 1972, >A?=QOA KB PDA =IKQJP KB EJBH=PEKJ PD=P D=O K??QNNA@ KRAN PD=P
PEIA LANEK@.
"G8@F 1970 2012
0LRKA LC DOLRKA ?BBC $0.66 $3.24
0LRKA LC ?RQQBO $0.87 $2.80
-LSFB QF@HBQ $1.55 $7.96
3>IBP MOF@B LC BUFPQFKD ELJB $23,000 $185,283
.BT @>O $3,000 $30,303
-45?8 9.1 )E<68 CB@C4E<FBAF, 1970 4A7 2012 (3LRO@BP: 3BB @E>MQBO 2BCBOBK@BP >Q BKA LC ?LLH.)
192 #(!04%2 9 X ).&,!4)/.
"G8@F 1970 2012
'>IILK LC D>PLIFKB $0.36 $3.48
!SBO>DB ELROIV T>DB CLO > J>KRC>@QROFKD TLOHBO $3.23 $19.17
0BO @>MFQ> '$0 $5,069 $43,063
-45?8 9.1 )E<68 CB@C4E<FBAF, 1970 4A7 2012 (3LRO@BP: 3BB @E>MQBO 2BCBOBK@BP >Q BKA LC ?LLH.)
,KNAKRAN, PDA LKSAN KB EJBH=PEKJ @KAO JKP =BBA?P FQOP CKK@O =J@ OANRE?AO, >QP S=CAO =J@ EJ?KIA HARAHO, PKK. 3DA OA?KJ@-PK-
H=OP NKS KB -45?8 9.1 ODKSO PD=P PDA =RAN=CA DKQNHU S=CA BKN = I=JQB=?PQNEJC SKNGAN EJ?NA=OA@ JA=NHU OET-BKH@ BNKI 1970
PK 2012. 2QNA, PDA =RAN=CA SKNGAN EJ 2012 EO >APPAN A@Q?=PA@ =J@ IKNA LNK@Q?PERA PD=J PDA =RAN=CA SKNGAN EJ 1970`>QP JKP
OET PEIAO IKNA LNK@Q?PERA. 2QNA, LAN ?=LEP= &#/ EJ?NA=OA@ OQ>OP=JPE=HHU BNKI 1970 PK 2012, >QP EO PDA =RAN=CA LANOKJ EJ PDA
4.2. A?KJKIU NA=HHU IKNA PD=J AECDP PEIAO >APPAN KBB EJ FQOP 42 UA=NO? -KP HEGAHU.
IK@ANJ A?KJKIU D=O IEHHEKJO KB CKK@O =J@ OANRE?AO SDKOA LNE?AO =NA ?KJPEJQ=HHU MQERANEJC EJ PDA >NAAVAO KB OQLLHU =J@
@AI=J@. 'KS ?=J =HH KB PDAOA ODEBPO EJ LNE?A >A >KEHA@ @KSJ PK = OEJCHA EJBH=PEKJ N=PA? O SEPD I=JU LNK>HAIO EJ A?KJKIE?
IA=OQNAIAJP, PDA ?KJ?ALPQ=H =JOSAN EO NA=OKJ=>HU OPN=ECDPBKNS=N@: /NE?AO KB = R=NEAPU KB CKK@O =J@ OANRE?AO =NA ?KI>EJA@
EJPK = OEJCHA LNE?A HARAH; PDA EJBH=PEKJ N=PA EO OEILHU PDA LAN?AJP=CA ?D=JCA EJ PDA LNE?A HARAH. LLHUEJC PDA ?KJ?ALP, DKSARAN,
EJRKHRAO OKIA LN=?PE?=H @EBBE?QHPEAO.
-;8 )E<68 B9 4 B4F>8G B9 BB7F
3K ?=H?QH=PA PDA LNE?A HARAH, A?KJKIEOPO >ACEJ SEPD PDA ?KJ?ALP KB = basket of goods and services, ?KJOEOPEJC KB PDA @EBBANAJP
EPAIO EJ@ERE@Q=HO, >QOEJAOOAO, KN KNC=JEV=PEKJO PULE?=HHU >QU. 3DA JATP OPAL EO PK HKKG =P DKS PDA LNE?AO KB PDKOA EPAIO ?D=JCA
KRAN PEIA. (J PDEJGEJC =>KQP DKS PK ?KI>EJA EJ@ERE@Q=H LNE?AO EJPK =J KRAN=HH LNE?A HARAH, I=JU LAKLHA BEJ@ PD=P PDAEN BENOP
EILQHOA EO PK ?=H?QH=PA PDA =RAN=CA KB PDA LNE?AO. 2Q?D = ?=H?QH=PEKJ, DKSARAN, ?KQH@ A=OEHU >A IEOHA=@EJC >A?=QOA OKIA
LNK@Q?PO I=PPAN IKNA PD=J KPDANO.
"D=JCAO EJ PDA LNE?AO KB CKK@O BKN SDE?D LAKLHA OLAJ@ = H=NCAN OD=NA KB PDAEN EJ?KIAO SEHH I=PPAN IKNA PD=J ?D=JCAO EJ PDA
LNE?AO KB CKK@O BKN SDE?D LAKLHA OLAJ@ = OI=HHAN OD=NA KB PDAEN EJ?KIAO. %KN AT=ILHA, =J EJ?NA=OA KB 10% EJ PDA NAJP=H N=PA
KJ DKQOEJC I=PPANO IKNA PK IKOP LAKLHA PD=J SDAPDAN PDA LNE?A KB ?=NNKPO NEOAO >U 10%. 3K ?KJOPNQ?P =J KRAN=HH IA=OQNA KB
PDA LNE?A HARAH, A?KJKIEOPO ?KILQPA = SAECDPA@ =RAN=CA KB PDA LNE?AO KB PDA EPAIO EJ PDA >=OGAP, SDANA PDA SAECDPO =NA >=OA@
KJ PDA =?PQ=H MQ=JPEPEAO KB CKK@O =J@ OANRE?AO LAKLHA >QU. 3DA BKHHKSEJC 6KNG (P .QP BA=PQNA S=HGO UKQ PDNKQCD PDA OPALO KB
?=H?QH=PEJC PDA =JJQ=H N=PA KB EJBH=PEKJ >=OA@ KJ = BAS LNK@Q?PO.
#(!04%2 9 X ).&,!4)/. 193
C4?6H?4G<A: 4A AAAH4? +4G8 B9 "A9?4G<BA
#LKPFABO QEB PFJMIB ?>PHBQ LC DLLAP TFQE LKIV QEOBB FQBJP, OBMOBPBKQBA FK -45?8 9.2. 3>V QE>Q FK >KV
DFSBK JLKQE, > @LIIBDB PQRABKQ PMBKAP JLKBV LK 20 E>J?RODBOP, LKB ?LQQIB LC >PMFOFK, >KA CFSB JLSFBP.
0OF@BP CLO QEBPB FQBJP LSBO CLRO VB>OP >OB DFSBK FK QEB Q>?IB QEOLRDE B>@E QFJB MBOFLA (0A). 0OF@BP LC
PLJB DLLAP FK QEB ?>PHBQ J>V OFPB TEFIB LQEBOP C>II. )K QEFP BU>JMIB, QEB MOF@B LC >PMFOFK ALBP KLQ @E>KDB
LSBO QEB CLRO VB>OP, TEFIB JLSFBP FK@OB>PB FK MOF@B >KA E>J?RODBOP ?LRK@B RM >KA ALTK. %>@E VB>O,
QEB @LPQ LC ?RVFKD QEB DFSBK ?>PHBQ LC DLLAP >Q QEB MOF@BP MOBS>FIFKD >Q QE>Q QFJB FP PELTK.
"G8@F !4@5HE:8E AFC<E<A &BI<8F -BG4? "A9?4G<BA +4G8
1QV 20 1 ?LQQIB 5 - -
(0A 1) 0OF@B $3.00 $10.00 $6.00 - -
(0A 1) !JLRKQ 3MBKQ $60.00 $10.00 $30.00 $100.00 -
(0A 2) 0OF@B $3.20 $10.00 $6.50 - -
(0A 2) !JLRKQ 3MBKQ $64.00 $10.00 $32.50 $106.50 6.5%
(0A 3) 0OF@B $3.10 $10.00 $7.00 - -
(0A 3) !JLRKQ 3MBKQ $62.00 $10.00 $35.00 $107.00 0.5%
(0A 4) 0OF@B $3.50 $10.00 $7.50 - -
(0A 4) !JLRKQ 3MBKQ $70.00 $10.00 $37.50 $117.50 9.8%
-45?8 9.2 A CB??8:8 ,GH78AGRF B4F>8G B9 BB7F
4L @>I@RI>QB QEB >KKR>I O>QB LC FKCI>QFLK FK QEFP BU>JMIB:
3QBM 1. &FKA QEB MBO@BKQ>DB @E>KDB FK QEB @LPQ LC MRO@E>PFKD QEB LSBO>II ?>PHBQ LC DLLAP ?BQTBBK QEB
QFJB MBOFLAP. 4EB DBKBO>I BNR>QFLK CLO MBO@BKQ>DB @E>KDBP ?BQTBBK QTL VB>OP, TEBQEBO FK QEB @LKQBUQ
LC FKCI>QFLK LO FK >KV LQEBO @>I@RI>QFLK, FP:
Level in new year Level in previous year
Level in previous year

= Percentage change
3QBM 2. &OLJ MBOFLA 1 QL MBOFLA 2, QEB QLQ>I @LPQ LC MRO@E>PFKD QEB ?>PHBQ LC DLLAP FK -45?8 9.2 OFPBP
COLJ $100 QL $106.50. 4EBOBCLOB, QEB MBO@BKQ>DB @E>KDB LSBO QEFP QFJB_QEB FKCI>QFLK O>QB_FP:
(106.50 100)
100.0
= 0.065 = 6.5%
3QBM 3. &OLJ MBOFLA 2 QL MBOFLA 3, QEB LSBO>II @E>KDB FK QEB @LPQ LC MRO@E>PFKD QEB ?>PHBQ OFPBP COLJ
$106.50 QL $107. 4ERP, QEB FKCI>QFLK O>QB LSBO QEFP QFJB, >D>FK @>I@RI>QBA ?V QEB MBO@BKQ>DB @E>KDB, FP
>MMOLUFJ>QBIV:
(107 106.50)
106.50
= 0.0047 = 0.47%
3QBM 4. &OLJ MBOFLA 3 QL MBOFLA 4, QEB LSBO>II @LPQ OFPBP COLJ $107 QL $117.50. 4EB FKCI>QFLK O>QB FP QERP:
(117.50 107)
107
= 0.098 = 9.8%
4EFP @>I@RI>QFLK LC QEB @E>KDB FK QEB QLQ>I @LPQ LC MRO@E>PFKD > ?>PHBQ LC DLLAP Q>HBP FKQL >@@LRKQ ELT
JR@E FP PMBKQ LK B>@E DLLA. (>J?RODBOP >OB QEB ILTBPQ-MOF@BA DLLA FK QEFP BU>JMIB, >KA >PMFOFK FP
QEB EFDEBPQ-MOF@BA. )C >K FKAFSFAR>I ?RVP > DOB>QBO NR>KQFQV LC > ILT-MOF@B DLLA, QEBK FQ J>HBP PBKPB QE>Q
@E>KDBP FK QEB MOF@B LC QE>Q DLLA PELRIA E>SB > I>ODBO FJM>@Q LK QEB ?RVFKD MLTBO LC QE>Q MBOPLKaP
JLKBV. 4EB I>ODBO FJM>@Q LC E>J?RODBOP PELTP RM FK QEB b>JLRKQ PMBKQc OLT, TEBOB, FK >II QFJB MBOFLAP,
E>J?RODBOP >OB QEB I>ODBPQ FQBJ TFQEFK QEB >JLRKQ PMBKQ OLT.
194 #(!04%2 9 X ).&,!4)/.
"A78K 'H@58EF
3DA JQIANE?=H NAOQHPO KB = ?=H?QH=PEKJ >=OA@ KJ = >=OGAP KB CKK@O ?=J CAP = HEPPHA IAOOU. 3DA OEILHEBEA@ AT=ILHA EJ -45?8
9.2 D=O KJHU PDNAA CKK@O =J@ PDA LNE?AO =NA EJ ARAJ @KHH=NO, JKP JQI>ANO HEGA 79 ?AJPO KN $124.99. (B PDA HEOP KB LNK@Q?PO S=O
IQ?D HKJCAN, =J@ IKNA NA=HEOPE? LNE?AO SANA QOA@, PDA PKP=H MQ=JPEPU OLAJP KRAN = UA=N IECDP >A OKIA IAOOU-HKKGEJC JQI>AN
HEGA $17,147.51 KN $27,654.92.
3K OEILHEBU PDA P=OG KB EJPANLNAPEJC PDA LNE?A HARAHO BKN IKNA NA=HEOPE? =J@ ?KILHAT >=OGAPO KB CKK@O, PDA LNE?A HARAH EJ A=?D
LANEK@ EO PULE?=HHU NALKNPA@ =O =J index number, N=PDAN PD=J =O PDA @KHH=N =IKQJP BKN >QUEJC PDA >=OGAP KB CKK@O. /NE?A
EJ@E?AO =NA ?NA=PA@ PK ?=H?QH=PA =J KRAN=HH =RAN=CA ?D=JCA EJ NAH=PERA LNE?AO KRAN PEIA. 3K ?KJRANP PDA IKJAU OLAJP KJ PDA
>=OGAP PK =J EJ@AT JQI>AN, A?KJKIEOPO =N>EPN=NEHU ?DKKOA KJA UA=N PK >A PDA base year, KN OP=NPEJC LKEJP BNKI SDE?D SA
IA=OQNA ?D=JCAO EJ LNE?AO. 3DA >=OA UA=N, >U @ABEJEPEKJ, D=O =J EJ@AT JQI>AN AMQ=H PK 100. 3DEO OKQJ@O ?KILHE?=PA@, >QP
EP EO NA=HHU = OEILHA I=PD PNE?G. (J PDA AT=ILHA =>KRA, O=U PD=P PEIA LANEK@ 3 EO ?DKOAJ =O PDA >=OA UA=N. 2EJ?A PDA PKP=H
=IKQJP KB OLAJ@EJC EJ PD=P UA=N EO $107, SA @ERE@A PD=P =IKQJP >U EPOAHB ($107) =J@ IQHPELHU >U 100. ,=PDAI=PE?=HHU, PD=P
EO AMQER=HAJP PK @ERE@EJC $107 >U 100, KN $1.07. #KEJC AEPDAN SEHH CERA QO =J EJ@AT EJ PDA >=OA UA=N KB 100. C=EJ, PDEO EO
>A?=QOA PDA EJ@AT JQI>AN EJ PDA >=OA UA=N always D=O PK D=RA = R=HQA KB 100. 3DAJ, PK BECQNA KQP PDA R=HQAO KB PDA EJ@AT
JQI>AN BKN PDA KPDAN UA=NO, SA @ERE@A PDA @KHH=N =IKQJPO BKN PDA KPDAN UA=NO >U 1.07 =O SAHH. -KPA =HOK PD=P PDA @KHH=N OECJO
?=J?AH KQP OK PD=P EJ@AT JQI>ANO D=RA JK QJEPO.
"=H?QH=PEKJO BKN PDA KPDAN R=HQAO KB PDA EJ@AT JQI>AN, >=OA@ KJ PDA AT=ILHA LNAOAJPA@ EJ -45?8 9.2 =NA ODKSJ EJ -45?8
9.3. !A?=QOA PDA EJ@AT JQI>ANO =NA ?=H?QH=PA@ OK PD=P PDAU =NA EJ AT=?PHU PDA O=IA LNKLKNPEKJ =O PDA PKP=H @KHH=N ?KOP KB
LQN?D=OEJC PDA >=OGAP KB CKK@O, PDA EJBH=PEKJ N=PA ?=J >A ?=H?QH=PA@ >=OA@ KJ PDA EJ@AT JQI>ANO, QOEJC PDA LAN?AJP=CA ?D=JCA
BKNIQH=. 2K, PDA EJBH=PEKJ N=PA BNKI LANEK@ 1 PK LANEK@ 2 SKQH@ >A
(99.5 93.4)
93.4
= 0.065 = 6.5%
3DEO EO PDA O=IA =JOSAN PD=P S=O @ANERA@ SDAJ IA=OQNEJC EJBH=PEKJ >=OA@ KJ PDA @KHH=N ?KOP KB PDA >=OGAP KB CKK@O BKN PDA
O=IA PEIA LANEK@.
-BG4? ,C8A7<A: "A78K 'H@58E "A9?4G<BA +4G8 ,<A68 )E8I<BHF )8E<B7
)8E<B7 1 $100
100
1.07
= 93.4
)8E<B7 2 $106.50
106.50
1.07
= 99.5
(99.5 93.4)
93.4
= 0.065 = 6.5%
)8E<B7 3 $107
107
1.07
= 100.0
100 99.5
99.5
= 0.005 = 0.5%
)8E<B7 4 $117.50
117.50
1.07
= 109.8
109.8 100
100
= 0.098 = 9.8%
-45?8 9.3 C4?6H?4G<A: "A78K 'H@58EF 0;8A )8E<B7 3 <F G;8 B4F8 284E
(B PDA EJBH=PEKJ N=PA EO PDA O=IA SDAPDAN EP EO >=OA@ KJ @KHH=N R=HQAO KN EJ@AT JQI>ANO, PDAJ SDU >KPDAN SEPD PDA EJ@AT
JQI>ANO? 3DA =@R=JP=CA EO PD=P EJ@ATEJC =HHKSO A=OEAN AUA>=HHEJC KB PDA EJBH=PEKJ JQI>ANO. (B UKQ CH=J?A =P PSK EJ@AT
JQI>ANO HEGA 107 =J@ 110, UKQ GJKS =QPKI=PE?=HHU PD=P PDA N=PA KB EJBH=PEKJ >APSAAJ PDA PSK UA=NO EO =>KQP, >QP JKP MQEPA
AT=?PHU AMQ=H PK, 3%. !U ?KJPN=OP, EI=CEJA PD=P PDA LNE?A HARAHO SANA ATLNAOOA@ EJ =>OKHQPA @KHH=NO KB = H=NCA >=OGAP KB CKK@O,
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CFKA QEB MOF@B (8/9) LC LKB DLLA (TEB>Q) FK QBOJP LC QEB LQEBO (@ILQE).
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BHKS KB L=UIAJPO >APSAAJ = CERAJ ?KQJPNU =J@ PDA NAOP KB PDA SKNH@ A?KJKIU.
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AT=ILHA`=J@ PDA NAOP KB PDA SKNH@. 3DA PKL HEJA ODKSO 4.2. ATLKNPO KB CKK@O =J@ OANRE?AO, SDEHA PDA OA?KJ@ HEJA ODKSO
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>?OL>A, LO OBM>VJBKQ LC QE>Q FKSBPQJBKQ.
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d $TLH=EJ DKS = J=PEKJ'O >=H=J?A KB PN=@A EO @APANIEJA@ >U PD=P J=PEKJ'O KSJ HARAH KB @KIAOPE? O=REJC =J@ EJRAOPIAJP
d /NA@E?P PDA NEOEJC =J@ B=HHEJC KB PN=@A @ABE?EPO >=OA@ KJ = J=PEKJ'O O=REJC =J@ EJRAOPIAJP E@AJPEPU
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3DA national saving and investment identity LNKRE@AO = QOABQH S=U PK QJ@ANOP=J@ PDA @APANIEJ=JPO KB PDA PN=@A =J@ ?QNNAJP
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AMQ=H PDA MQ=JPEPU KB BEJ=J?E=H ?=LEP=H @AI=J@A@ BKN LQNLKOAO KB I=GEJC EJRAOPIAJPO. 6D=P EO KJ PDA OQLLHU =J@ @AI=J@
OE@AO KB BEJ=J?E=H ?=LEP=H? 2AA PDA BKHHKSEJC "HA=N (P 4L BA=PQNA BKN PDA =JOSAN PK PDEO MQAOPEKJ.
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DLSBOKJBKQ ORKP > ?RADBQ ABCF@FQ, FQ FP >IPL ?LOOLTFKD JLKBV COLJ FKSBPQLOP ?V PBIIFKD 4OB>PROV ?LKAP.
3L ?LQE ?RPFKBPP FKSBPQJBKQ >KA QEB CBABO>I DLSBOKJBKQ @>K ABJ>KA (LO ?LOOLT) QEB PRMMIV LC P>SFKDP.
3DANA =NA PSK I=EJ OKQN?AO BKN PDA OQLLHU KB BEJ=J?E=H ?=LEP=H EJ PDA 4.2. A?KJKIU: O=REJC >U EJ@ERE@Q=HO =J@ BENIO, ?=HHA@
2, =J@ PDA EJBHKS KB BEJ=J?E=H ?=LEP=H BNKI BKNAECJ EJRAOPKNO, SDE?D EO AMQ=H PK PDA PN=@A @ABE?EP (, _ 7), KN EILKNPO IEJQO
ATLKNPO. 3DANA =NA =HOK PSK I=EJ OKQN?AO KB @AI=J@ BKN BEJ=J?E=H ?=LEP=H EJ PDA 4.2. A?KJKIU: LNER=PA OA?PKN EJRAOPIAJP, (,
=J@ CKRANJIAJP >KNNKSEJC, SDANA PDA CKRANJIAJP JAA@O PK >KNNKS SDAJ CKRANJIAJP OLAJ@EJC, &, EO DECDAN PD=J PDA P=TAO
?KHHA?PA@, 3. 3DEO J=PEKJ=H O=REJCO =J@ EJRAOPIAJP E@AJPEPU ?=J >A ATLNAOOA@ EJ =HCA>N=E? PANIO:
Supply of financial capi al = Demand for financial capi al
S + (M X) = I + (G T)
C=EJ, EJ PDEO AMQ=PEKJ, 2 EO LNER=PA O=REJCO, 3 EO P=TAO, & EO CKRANJIAJP OLAJ@EJC, , EO EILKNPO, 7 EO ATLKNPO, =J@ ( EO
EJRAOPIAJP. 3DEO NAH=PEKJODEL EO PNQA =O = I=PPAN KB @ABEJEPEKJ >A?=QOA, BKN PDA I=?NK A?KJKIU, PDA MQ=JPEPU OQLLHEA@ KB
BEJ=J?E=H ?=LEP=H IQOP >A AMQ=H PK PDA MQ=JPEPU @AI=J@A@.
'KSARAN, ?ANP=EJ ?KILKJAJPO KB PDA J=PEKJ=H O=REJCO =J@ EJRAOPIAJP E@AJPEPU ?=J OSEP?D >APSAAJ PDA OQLLHU OE@A =J@ PDA
@AI=J@ OE@A. 2KIA ?KQJPNEAO, HEGA PDA 4JEPA@ 2P=PAO EJ IKOP UA=NO OEJ?A PDA 1970O, D=RA >Q@CAP @ABE?EPO, SDE?D IA=J PDA
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CKRANJIAJP PANI SKQH@ >A & _ 3 > 0, ODKSEJC PD=P OLAJ@EJC EO H=NCAN PD=J P=TAO, =J@ PDA CKRANJIAJP SKQH@ >A = @AI=J@AN
KB BEJ=J?E=H ?=LEP=H KJ PDA NECDP-D=J@ OE@A KB PDA AMQ=PEKJ (PD=P EO, = >KNNKSAN), JKP = OQLLHEAN KB BEJ=J?E=H ?=LEP=H KJ PDA NECDP-
D=J@ OE@A. 'KSARAN, EB PDA CKRANJIAJP NQJO = >Q@CAP OQNLHQO OK PD=P PDA P=TAO AT?AA@ OLAJ@EJC, =O PDA 4.2. CKRANJIAJP @E@
BNKI 1998 PK 2001, PDAJ PDA CKRANJIAJP EJ PD=P UA=N S=O ?KJPNE>QPEJC PK PDA OQLLHU KB BEJ=J?E=H ?=LEP=H (3 _ & > 0), =J@
SKQH@ =LLA=N KJ PDA HABP (O=REJC) OE@A KB PDA J=PEKJ=H O=REJCO =J@ EJRAOPIAJP E@AJPEPU.
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KPDAN ?KQJPNEAO.
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KSJ HARAHO KB @KIAOPE? O=REJC =J@ @KIAOPE? EJRAOPIAJP. 3K QJ@ANOP=J@ PDEO LKEJP, NA=NN=JCA PDA E@AJPEPU PK LQP PDA >=H=J?A
KB PN=@A =HH >U EPOAHB KJ KJA OE@A KB PDA AMQ=PEKJ. "KJOE@AN BENOP PDA OEPQ=PEKJ SEPD = PN=@A @ABE?EP, =J@ PDAJ PDA OEPQ=PEKJ SEPD
= PN=@A OQNLHQO.
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224 #(!04%2 10 X 4(% ).4%2.!4)/.!, 42!$% !.$ #!0)4!, &,/73
Trade defici = Domestic investment Private domestic savings Government savings
(M X) = I S (T G)
(J PDEO ?=OA, @KIAOPE? EJRAOPIAJP EO DECDAN PD=J @KIAOPE? O=REJCO, EJ?HQ@EJC >KPD LNER=PA =J@ CKRANJIAJP O=REJCO. 3DA KJHU
S=U PD=P @KIAOPE? EJRAOPIAJP ?=J AT?AA@ @KIAOPE? O=REJCO EO EB ?=LEP=H EO BHKSEJC EJPK = ?KQJPNU BNKI =>NK=@. BPAN =HH, PD=P
ATPN= BEJ=J?E=H ?=LEP=H BKN EJRAOPIAJP D=O PK ?KIA BNKI OKIALH=?A.
-KS ?KJOE@AN = PN=@A surplus BNKI PDA OP=J@LKEJP KB PDA J=PEKJ=H O=REJCO =J@ EJRAOPIAJP E@AJPEPU:
Trade surplus = Private domestic saving + Public saving Domestic investment
(X M) = S + (G T) I
(J PDEO ?=OA, @KIAOPE? O=REJCO (>KPD LNER=PA =J@ LQ>HE?) EO DECDAN PD=J @KIAOPE? EJRAOPIAJP. 3D=P ATPN= BEJ=J?E=H ?=LEP=H SEHH
>A EJRAOPA@ =>NK=@.
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PN=@A =O = BQJ@=IAJP=HHU I=?NKA?KJKIE? LDAJKIAJKJ. O PDA J=PEKJ=H O=REJC =J@ EJRAOPIAJP E@AJPEPU ODKSO, PDA PN=@A
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NEOA KN B=HH. !ACEJ SEPD PDA RANOEKJ KB PDA E@AJPEPU PD=P D=O @KIAOPE? O=REJCO =J@ EJRAOPIAJP KJ PDA HABP =J@ PDA PN=@A @ABE?EP
KJ PDA NECDP:
Domestic investment Private domestic savings Publc domestic savings = Trade defici
I S (T G) = (M X)
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O = BENOP AT=ILHA, =OOQIA PD=P PDA HARAH KB @KIAOPE? EJRAOPIAJP EJ = ?KQJPNU NEOAO, SDEHA PDA HARAH KB LNER=PA =J@ LQ>HE?
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KBBOAP A=?D KPDAN. O = NAOQHP, PDA BEJ=J?E=H ?=LEP=H PK BQJ@ PD=P >QOEJAOO EJRAOPIAJP ?=IA BNKI =>NK=@, SDE?D EO KJA NA=OKJ
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1A?=HH PD=P ATLKNPO =NA LNK@Q?PO LNK@Q?A@ @KIAOPE?=HHU =J@ OKH@ =>NK=@ SDEHA EILKNPO =NA LNK@Q?PO LNK@Q?A@ =>NK=@
>QP LQN?D=OA@ @KIAOPE?=HHU. 2EJ?A =CCNAC=PA @AI=J@ EO @ABEJA@ =O OLAJ@EJC KJ @KIAOPE? CKK@O =J@ OANRE?AO, ATLKNP
ATLAJ@EPQNAO =@@ PK #, SDEHA EILKNP ATLAJ@EPQNAO OQ>PN=?P BNKI #.
3SK OAPO KB B=?PKNO ?=J ?=QOA ODEBPO EJ ATLKNP =J@ EILKNP @AI=J@: ?D=JCAO EJ NAH=PERA CNKSPD N=PAO >APSAAJ ?KQJPNEAO =J@
?D=JCAO EJ NAH=PERA LNE?AO >APSAAJ ?KQJPNEAO. 3DA HARAH KB @AI=J@ BKN = J=PEKJbO ATLKNPO PAJ@O PK >A IKOP DA=REHU =BBA?PA@
262 #(!04%2 12 X 4(% +%9.%3)!. 0%230%#4)6%
>U SD=P EO D=LLAJEJC EJ PDA A?KJKIEAO KB PDA ?KQJPNEAO PD=P SKQH@ >A LQN?D=OEJC PDKOA ATLKNPO. %KN AT=ILHA, EB I=FKN
EILKNPANO KB IANE?=J-I=@A LNK@Q?PO HEGA "=J=@=, )=L=J, =J@ &ANI=JU D=RA NA?AOOEKJO, ATLKNPO KB 4.2. LNK@Q?PO PK PDKOA
?KQJPNEAO =NA HEGAHU PK @A?HEJA. "KJRANOAHU, PDA MQ=JPEPU KB = J=PEKJbO EILKNPO EO @ENA?PHU =BBA?PA@ >U PDA =IKQJP KB EJ?KIA EJ
PDA @KIAOPE? A?KJKIU: IKNA EJ?KIA SEHH >NEJC = DECDAN HARAH KB EILKNPO.
$TLKNPO =J@ EILKNPO ?=J =HOK >A =BBA?PA@ >U NAH=PERA LNE?AO KB CKK@O EJ @KIAOPE? =J@ EJPANJ=PEKJ=H I=NGAPO. (B 4.2. CKK@O
=NA NAH=PERAHU ?DA=LAN ?KIL=NA@ SEPD CKK@O I=@A EJ KPDAN LH=?AO, LAND=LO >A?=QOA = CNKQL KB 4.2. LNK@Q?ANO D=O I=OPANA@
?ANP=EJ LNK@Q?PEREPU >NA=GPDNKQCDO, PDAJ 4.2. ATLKNPO =NA HEGAHU PK NEOA. (B 4.2. CKK@O >A?KIA NAH=PERAHU IKNA ATLAJOERA,
LAND=LO >A?=QOA = ?D=JCA EJ PDA AT?D=JCA N=PA >APSAAJ PDA 4.2. @KHH=N =J@ KPDAN ?QNNAJ?EAO D=O LQODA@ QL PDA LNE?A KB
EJLQPO PK LNK@Q?PEKJ EJ PDA 4JEPA@ 2P=PAO, PDAJ ATLKNPO BNKI 4.2. LNK@Q?ANO =NA HEGAHU PK @A?HEJA.
-45?8 12.1 OQII=NEVAO PDA NA=OKJO CERAJ DANA BKN ?D=JCAO EJ =CCNAC=PA @AI=J@.
+84FBAF 9BE 4 D86E84F8 <A A::E8:4G8 D8@4A7 +84FBAF 9BE 4A "A6E84F8 <A A::E8:4G8 D8@4A7
Consumption
d 2FPB FK Q>UBP
d &>II FK FK@LJB
d 2FPB FK FKQBOBPQ
d $BPFOB QL P>SB JLOB
d $B@OB>PB FK TB>IQE
d &>II FK CRQROB BUMB@QBA FK@LJB
Consumption
d $B@OB>PB FK Q>UBP
d )K@OB>PB FK FK@LJB
d &>II FK FKQBOBPQ O>QBP
d $BPFOB QL P>SB IBPP
d 2FPB FK TB>IQE
d 2FPB FK CRQROB BUMB@QBA FK@LJB
Investment
d &>II FK BUMB@QBA O>QB LC OBQROK
d 2FPB FK FKQBOBPQ O>QBP
d $OLM FK ?RPFKBPP @LKCFABK@B
Investment
d 2FPB FK BUMB@QBA O>QB LC OBQROK
d $OLM FK FKQBOBPQ O>QBP
d 2FPB FK ?RPFKBPP @LKCFABK@B
Government
d 2BAR@QFLK FK DLSBOKJBKQ PMBKAFKD
d )K@OB>PB FK Q>UBP
Government
d )K@OB>PB FK DLSBOKJBKQ PMBKAFKD
d $B@OB>PB FK Q>UBP
Net Exports
d $B@OB>PB FK CLOBFDK ABJ>KA
d 2BI>QFSB MOF@B FK@OB>PB LC 5.3. DLLAP
Net Exports
d )K@OB>PB FK CLOBFDK ABJ>KA
d 2BI>QFSB MOF@B AOLM LC 5.3. DLLAP
-45?8 12.1 D8G8E@<A4AGF B9 A::E8:4G8 D8@4A7
12.2 N -;8 BH<?7<A: B?B6>F B9 $8LA8F<4A AA4?LF<F
d $R=HQ=PA PDA *AUJAOE=J REAS KB NA?AOOEKJO PDNKQCD =J QJ@ANOP=J@EJC KB OPE?GU S=CAO =J@ LNE?AO =J@ PDA EILKNP=J?A KB
=CCNAC=PA @AI=J@
d $TLH=EJ PDA ?KKN@EJ=PEKJ =NCQIAJP, IAJQ ?KOPO, =J@ I=?NKA?KJKIE? ATPANJ=HEPU
d J=HUVA PDA EIL=?P KB PDA ATLAJ@EPQNA IQHPELHEAN
-KS PD=P SA D=RA = ?HA=N QJ@ANOP=J@EJC KB SD=P ?KJOPEPQPAO =CCNAC=PA @AI=J@, SA NAPQNJ PK PDA *AUJAOE=J =NCQIAJP QOEJC
PDA IK@AH KB =CCNAC=PA @AI=J@/=CCNAC=PA OQLLHU (#/2). (%KN = OEIEH=N PNA=PIAJP QOEJC *AUJAOb EJ?KIA-ATLAJ@EPQNA
IK@AH, OAA PDA =LLAJ@ET KJ -;8 EKC8A7<GHE8-(HGCHG &B78?.)
*AUJAOE=J A?KJKIE?O BK?QOAO KJ ATLH=EJEJC SDU NA?AOOEKJO =J@ @ALNAOOEKJO K??QN =J@ KBBANEJC = LKHE?U LNAO?NELPEKJ BKN
IEJEIEVEJC PDAEN ABBA?PO. 3DA *AUJAOE=J REAS KB NA?AOOEKJ EO >=OA@ KJ PSK GAU >QEH@EJC >HK?GO. %ENOP, =CCNAC=PA @AI=J@ EO
JKP =HS=UO =QPKI=PE?=HHU DECD AJKQCD PK LNKRE@A BENIO SEPD =J EJ?AJPERA PK DENA AJKQCD SKNGANO PK NA=?D BQHH AILHKUIAJP.
2A?KJ@, PDA I=?NKA?KJKIU I=U =@FQOP KJHU OHKSHU PK ODEBPO EJ =CCNAC=PA @AI=J@ >A?=QOA KB sticky wages and prices,
SDE?D =NA S=CAO =J@ LNE?AO PD=P @K JKP NAOLKJ@ PK @A?NA=OAO KN EJ?NA=OAO EJ @AI=J@. 6A SEHH ?KJOE@AN PDAOA PSK ?H=EIO EJ
PQNJ, =J@ PDAJ OAA DKS PDAU =NA NALNAOAJPA@ EJ PDA #/2 IK@AH.
#(!04%2 12 X 4(% +%9.%3)!. 0%230%#4)6% 263
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@AI=J@ BKN CKK@O =J@ OANRE?AO EO HAOO PD=J SD=P EO LNK@Q?A@ SDAJ H=>KN EO BQHHU AILHKUA@. (J KPDAN SKN@O, PDA EJPANOA?PEKJ
KB =CCNAC=PA OQLLHU =J@ =CCNAC=PA @AI=J@ K??QNO =P = HARAH KB KQPLQP HAOO PD=J PDA HARAH KB &#/ ?KJOEOPAJP SEPD BQHH
AILHKUIAJP. 2QLLKOA PDA OPK?G I=NGAP ?N=ODAO, =O K??QNNA@ EJ 1929. .N, OQLLKOA PDA DKQOEJC I=NGAP ?KHH=LOAO, =O K??QNNA@
EJ 2008. (J AEPDAN ?=OA, DKQOADKH@ SA=HPD SEHH @A?HEJA, =J@ ?KJOQILPEKJ ATLAJ@EPQNA SEHH BKHHKS. 2QLLKOA >QOEJAOOAO OAA PD=P
?KJOQIAN OLAJ@EJC EO B=HHEJC. 3D=P SEHH NA@Q?A ATLA?P=PEKJO KB PDA LNKBEP=>EHEPU KB EJRAOPIAJP, OK >QOEJAOOAO SEHH @A?NA=OA
EJRAOPIAJP ATLAJ@EPQNA.
3DEO OAAIA@ PK >A PDA ?=OA @QNEJC PDA &NA=P #ALNAOOEKJ, OEJ?A PDA LDUOE?=H ?=L=?EPU KB PDA A?KJKIU PK OQLLHU CKK@O @E@
JKP =HPAN IQ?D. -K BHKK@ KN A=NPDMQ=GA KN KPDAN J=PQN=H @EO=OPAN NQEJA@ B=?PKNEAO EJ 1929 KN 1930. -K KQP>NA=G KB @EOA=OA
@A?EI=PA@ PDA N=JGO KB SKNGANO. -K GAU EJLQP LNE?A, HEGA PDA LNE?A KB KEH, OK=NA@ KJ SKNH@ I=NGAPO. 3DA 4.2. A?KJKIU EJ
1933 D=@ FQOP =>KQP PDA O=IA B=?PKNEAO, SKNGANO, =J@ OP=PA KB PA?DJKHKCU =O EP D=@ D=@ BKQN UA=NO A=NHEAN EJ 1929`=J@ UAP
PDA A?KJKIU D=@ ODNQJG @N=I=PE?=HHU. 3DEO =HOK OAAIO PK >A SD=P D=LLAJA@ EJ 2008.
O *AUJAO NA?KCJEVA@, PDA ARAJPO KB PDA #ALNAOOEKJ ?KJPN=@E?PA@ 2=UbO H=S PD=P cOQLLHU ?NA=PAO EPO KSJ @AI=J@.d HPDKQCD
LNK@Q?PEKJ ?=L=?EPU ATEOPA@, PDA I=NGAPO SANA JKP =>HA PK OAHH PDAEN LNK@Q?PO. O = NAOQHP, NA=H &#/ S=O HAOO PD=J LKPAJPE=H
&#/.
6FPFQ QEFP TB?PFQB (EQQM://LMBKPQ>U@LIIBDB.LOD/I/BUMBKAFQROBP) CLO O>T A>Q> RPBA QL @>I@RI>QB '$0.
04:8 4A7 )E<68 ,G<6><A8FF
*AUJAO =HOK LKEJPA@ KQP PD=P =HPDKQCD # BHQ?PQ=PA@, LNE?AO =J@ S=CAO @E@ JKP EIIA@E=PAHU NAOLKJ@ =O A?KJKIEOPO KBPAJ
ATLA?PA@. (JOPA=@, LNE?AO =J@ S=CAO =NA cOPE?GU,d I=GEJC EP @EBBE?QHP PK NAOPKNA PDA A?KJKIU PK BQHH AILHKUIAJP =J@ LKPAJPE=H
&#/. *AUJAO AILD=OEVA@ KJA L=NPE?QH=N NA=OKJ SDU S=CAO SANA OPE?GU: PDA coordination argument. 3DEO =NCQIAJP LKEJPO
KQP PD=P, ARAJ EB IKOP LAKLHA SKQH@ >A SEHHEJC`=P HA=OP DULKPDAPE?=HHU`PK OAA = @A?HEJA EJ PDAEN KSJ S=CAO EJ >=@
A?KJKIE? PEIAO =O HKJC =O ARANUKJA AHOA =HOK ATLANEAJ?A@ OQ?D = @A?HEJA, = I=NGAP-KNEAJPA@ A?KJKIU D=O JK K>REKQO S=U
PK EILHAIAJP = LH=J KB ?KKN@EJ=PA@ S=CA NA@Q?PEKJO. .A8@C?BL@8AG LNKLKOA@ = JQI>AN KB NA=OKJO SDU S=CAO IECDP >A
OPE?GU @KSJS=N@, IKOP KB SDE?D ?AJPAN KJ PDA =NCQIAJP PD=P >QOEJAOOAO =RKE@ S=CA ?QPO >A?=QOA PDAU I=U EJ KJA S=U KN
=JKPDAN @ALNAOO IKN=HA =J@ DQNP PDA LNK@Q?PEREPU KB PDA ATEOPEJC SKNGANO.
2KIA IK@ANJ A?KJKIEOPO D=RA =NCQA@ EJ = *AUJAOE=J OLENEP PD=P, =HKJC SEPD S=CAO, KPDAN LNE?AO I=U >A OPE?GU, PKK. ,=JU
BENIO @K JKP ?D=JCA PDAEN LNE?AO ARANU @=U KN ARAJ ARANU IKJPD. 6DAJ = BENI ?KJOE@ANO ?D=JCEJC LNE?AO, EP IQOP ?KJOE@AN PSK
OAPO KB ?KOPO. %ENOP, ?D=JCEJC LNE?AO QOAO ?KIL=JU NAOKQN?AO: I=J=CANO IQOP =J=HUVA PDA ?KILAPEPEKJ =J@ I=NGAP @AI=J@
=J@ @A?E@A SD=P PDA JAS LNE?AO SEHH >A, O=HAO I=PANE=HO IQOP >A QL@=PA@, >EHHEJC NA?KN@O SEHH ?D=JCA, =J@ LNK@Q?P H=>AHO =J@
LNE?A H=>AHO IQOP >A NA@KJA. 2A?KJ@, BNAMQAJP LNE?A ?D=JCAO I=U HA=RA ?QOPKIANO ?KJBQOA@ KN =JCNUÀOLA?E=HHU EB PDAU BEJ@
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LNEJPEJC QL = JAS OAP KB IAJQO SEPD @EBBANAJP LNE?AO EJ = NAOP=QN=JP. /NE?AO @K NAOLKJ@ PK BKN?AO KB OQLLHU =J@ @AI=J@, >QP
BNKI = I=?NKA?KJKIE? LANOLA?PERA, PDA LNK?AOO KB ?D=JCEJC =HH LNE?AO PDNKQCDKQP PDA A?KJKIU P=GAO PEIA.
3K QJ@ANOP=J@ PDA ABBA?P KB OPE?GU S=CAO =J@ LNE?AO EJ PDA A?KJKIU, ?KJOE@AN F<:HE8 12.4 (=) EHHQOPN=PEJC PDA KRAN=HH H=>KN
I=NGAP, SDEHA F<:HE8 12.4 (>) EHHQOPN=PAO = I=NGAP BKN = OLA?EBE? CKK@ KN OANRE?A. 3DA KNECEJ=H AMQEHE>NEQI ($
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EO EJ = NA?AOOEKJ; PD=P EO, BENIO ?=JJKP OAHH SD=P PDAU SEOD PK LNK@Q?A =P PDA ATEOPEJC I=NGAP LNE?A =J@ @K JKP SEOD PK DENA =HH
SDK =NA SEHHEJC PK SKNG =P PDA ATEOPEJC I=NGAP S=CA. 3DA "HA=N (P 4L BA=PQNA @EO?QOOAO PDEO LNK>HAI EJ IKNA @AP=EH.
264 #(!04%2 12 X 4(% +%9.%3)!. 0%230%#4)6%
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IBCQ COLJ $0 QL $1. (LTBSBO, QEB T>DB FK (>) >KA QEB MOF@B FK (?) AL KLQ FJJBAF>QBIV AB@IFKB. )K (>), QEB NR>KQFQV
ABJ>KABA LC I>?LO >Q QEB LOFDFK>I T>DB (70) FP 10, ?RQ TFQE QEB KBT ABJ>KA @ROSB CLO I>?LO ($1), FQ TFII ?B 11.
3FJFI>OIV, FK (?), QEB NR>KQFQV ABJ>KABA LC DLLAP >Q QEB LOFDFK>I MOF@B (00) FP 10, ?RQ >Q QEB KBT ABJ>KA @ROSB ($1) FQ
TFII ?B 11. !K BU@BPP PRMMIV LC I>?LO TFII BUFPQ, TEF@E FP @>IIBA RKBJMILVJBKQ. !K BU@BPP PRMMIV LC DLLAP TFII >IPL
BUFPQ, TEBOB QEB NR>KQFQV ABJ>KABA FP PR?PQ>KQF>IIV IBPP QE>K QEB NR>KQFQV PRMMIFBA. 4ERP, PQF@HV T>DBP >KA PQF@HV
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KQN IKJAU EO QJERANO=H B=EPD =J@ PNQOP PD=P PDA ?QNNAJ?U D=O R=HQA, =J@ JKPDEJC IKNA.
7>Q@E QEFP SFABL (EQQM://LMBKPQ>U@LIIBDB.LOD/I/JLKBVEFPQLOV) LK QEB b(FPQLOV LC -LKBV.c
#(!04%2 14 X -/.%9 !.$ "!.+).' 293
14.2 N &84FHE<A: &BA8L: CHEE8A6L, &1, 4A7 &2
d "KJPN=OP ,1 IKJAU OQLLHU =J@ ,2 IKJAU OQLLHU
d "H=OOEBU IKJEAO =O ,1 IKJAU OQLLHU KN ,2 IKJAU OQLLHU
"=OD EJ UKQN LK?GAP ?ANP=EJHU OANRAO =O IKJAU. !QP SD=P =>KQP ?DA?GO KN ?NA@EP ?=N@O? NA PDAU IKJAU, PKK? 1=PDAN PD=J
PNUEJC PK OP=PA = OEJCHA S=U KB IA=OQNEJC IKJAU, A?KJKIEOPO KBBAN >NK=@AN @ABEJEPEKJO KB IKJAU >=OA@ KJ HEMQE@EPU. +EMQE@EPU
NABANO PK DKS MQE?GHU = BEJ=J?E=H =OOAP ?=J >A QOA@ PK >QU = CKK@ KN OANRE?A. %KN AT=ILHA, ?=OD EO RANU HEMQE@. 8KQN $10 >EHH
?=J >A A=OEHU QOA@ PK >QU = D=I>QNCAN =P HQJ?DPEIA. 'KSARAN, $10 PD=P UKQ D=RA EJ UKQN O=REJCO =??KQJP EO JKP OK A=OU PK
QOA. 8KQ IQOP CK PK PDA >=JG KN 3, I=?DEJA =J@ SEPD@N=S PD=P ?=OD PK >QU UKQN HQJ?D. 3DQO, $10 EJ UKQN O=REJCO =??KQJP
EO less HEMQE@.
3DA %A@AN=H 1AOANRA !=JG, SDE?D EO PDA ?AJPN=H >=JG KB PDA 4JEPA@ 2P=PAO, EO = >=JG NACQH=PKN =J@ EO NAOLKJOE>HA BKN IKJAP=NU
LKHE?U =J@ @ABEJAO IKJAU =??KN@EJC PK EPO HEMQE@EPU. 3DANA =NA PSK @ABEJEPEKJO KB IKJAU: ,1 =J@ ,2 IKJAU OQLLHU. M1
money supply EJ?HQ@AO PDKOA IKJEAO PD=P =NA RANU HEMQE@ OQ?D =O ?=OD, ?DA?G=>HA (@AI=J@) @ALKOEPO, =J@ PN=RAHANbO ?DA?GO
M2 money supply EO HAOO HEMQE@ EJ J=PQNA =J@ EJ?HQ@AO ,1 LHQO O=REJCO =J@ PEIA @ALKOEPO, ?ANPEBE?=PAO KB @ALKOEPO, =J@
IKJAU I=NGAP BQJ@O.
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DAH@ >U PDA 4.2. 3NA=OQNU, =P PDA %A@AN=H 1AOANRA !=JG, KN EJ >=JG R=QHPO. "HKOAHU NAH=PA@ PK ?QNNAJ?U =NA ?DA?G=>HA @ALKOEPO,
=HOK GJKSJ =O demand deposits. 3DAOA =NA PDA =IKQJPO DAH@ EJ ?DA?GEJC =??KQJPO. 3DAU =NA ?=HHA@ @AI=J@ @ALKOEPO KN
?DA?G=>HA @ALKOEPO >A?=QOA PDA >=JGEJC EJOPEPQPEKJ IQOP CERA PDA @ALKOEP DKH@AN DEO IKJAU cKJ @AI=J@d SDAJ = ?DA?G EO
SNEPPAJ KN = @A>EP ?=N@ EO QOA@. 3DAOA EPAIO PKCAPDAN`?QNNAJ?U, =J@ ?DA?GEJC =??KQJPO EJ >=JGOÌ=GA QL PDA @ABEJEPEKJ KB
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>QP D=RA @A?NA=OA@ EJ QOA KRAN PDA NA?AJP L=OP.
>NK=@AN @ABEJEPEKJ KB IKJAU, ,2 EJ?HQ@AO ARANUPDEJC EJ ,1 >QP =HOK =@@O KPDAN PULAO KB @ALKOEPO. %KN AT=ILHA, ,2
EJ?HQ@AO savings deposits EJ >=JGO, SDE?D =NA >=JG =??KQJPO KJ SDE?D UKQ ?=JJKP SNEPA = ?DA?G @ENA?PHU, >QP BNKI SDE?D
UKQ ?=J A=OEHU SEPD@N=S PDA IKJAU =P =J =QPKI=PE? PAHHAN I=?DEJA KN >=JG. ,=JU >=JGO =J@ KPDAN BEJ=J?E=H EJOPEPQPEKJO =HOK
KBBAN = ?D=J?A PK EJRAOP EJ money market funds, SDANA PDA @ALKOEPO KB I=JU EJ@ERE@Q=H EJRAOPKNO =NA LKKHA@ PKCAPDAN =J@
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PD=J =>KQP $100,000) ?ANPEBE?=PAO KB @ALKOEP ("#O) KN time deposits, SDE?D =NA =??KQJPO PD=P PDA @ALKOEPKN D=O ?KIIEPPA@ PK
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EJ PDA ,2 ?=H?QH=PEKJ.
294 #(!04%2 14 X -/.%9 !.$ "!.+).'
F<:HE8 14.3 -;8 +8?4G<BAF;<C 58GJ88A &1 4A7 &2 &BA8L -1 >KA -2 JLKBV E>SB PBSBO>I ABCFKFQFLKP, O>KDFKD
COLJ K>OOLT QL ?OL>A. -1 = @LFKP >KA @ROOBK@V FK @FO@RI>QFLK + @EB@H>?IB (ABJ>KA) ABMLPFQ + QO>SBIBOaP @EB@HP. -2 =
-1 + P>SFKDP ABMLPFQP + JLKBV J>OHBQ CRKAP + @BOQFCF@>QBP LC ABMLPFQ + LQEBO QFJB ABMLPFQP.
3DA %A@AN=H 1AOANRA 2UOPAI EO NAOLKJOE>HA BKN PN=?GEJC PDA =IKQJPO KB ,1 =J@ ,2 =J@ LNAL=NAO = SAAGHU NAHA=OA KB
EJBKNI=PEKJ =>KQP PDA IKJAU OQLLHU. 3K LNKRE@A =J E@A= KB SD=P PDAOA =IKQJPO OKQJ@ HEGA, =??KN@EJC PK PDA %A@AN=H 1AOANRA
!=JGbO IA=OQNA KB PDA 4.2. IKJAU OPK?G, =P UA=N-AJ@ 2012, ,1 EJ PDA 4JEPA@ 2P=PAO S=O $2.4 PNEHHEKJ, SDEHA ,2 S=O $10.4
PNEHHEKJ. %KN ?KIL=NEOKJ, PDA OEVA KB PDA 4.2. &#/ EJ 2012 S=O $16.3 PNEHHEKJ. >NA=G@KSJ KB PDA LKNPEKJ KB A=?D PULA KB
IKJAU PD=P ?KILNEOA@ ,1 =J@ ,2 EJ 2012, =O LNKRE@A@ >U PDA %A@AN=H 1AOANRA !=JG, EO LNKRE@A@ EJ -45?8 14.1.
CB@CBA8AGF B9 &1 <A G;8 .A<G87 ,G4G8F <A 2012 $ 5<??<BAF
#ROOBK@V $1,090.0
4O>SBIBOaP @EB@HP $3.8
$BJ>KA ABMLPFQP >KA LQEBO @EB@HFKD >@@LRKQP $1,351.1
Total M1 $2,444.9 (or $2.4 trillion)
CB@CBA8AGF B9 &2 <A G;8 .A<G87 ,G4G8F <A 2012 $ 5<??<BAF
-1 JLKBV PRMMIV $2,444.9
3>SFKDP >@@LRKQP $6,692.0
4FJB ABMLPFQP $631.0
)KAFSFAR>I JLKBV J>OHBQ JRQR>I CRKA ?>I>K@BP $640.1
Total M2 $10,408.7 billion (or $10.4 trillion)
-45?8 14.1 &1 4A7 &2 F878E4? +8F8EI8 ,G4G<FG<64? +8?84F8, &BA8L ,GB6> &84FHE8F (3LRO@B: &BABO>I
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OKIA >QOEJAOOAO SEHH JKP =??ALP LANOKJ=H ?DA?GO BKN H=NCA =IKQJPO, >QP SEHH =??ALP PN=RAHANbO ?DA?GO KN ?=OD. "D=JCAO EJ
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%KN AT=ILHA, OKIA O=REJCO =??KQJPO SEHH =HHKS @ALKOEPKNO PK SNEPA ?DA?GO, QOA =QPKI=PE? PAHHAN I=?DEJAO, =J@ L=U >EHHO
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PDA EILKNP=JP LKEJP EO PK GJKS PDA OPNAJCPDO =J@ HEIEP=PEKJO KB PDA R=NEKQO @ABEJEPEKJO KB IKJAU, JKP PK >AHEARA PD=P OQ?D
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EILKNP=JP PK JKPA PD=P EJ KQN @ABEJEPEKJ KB IKJAU, EP EOcheckable deposits PD=P =NA IKJAU, JKP PDA L=LAN ?DA?G KN PDA @A>EP
#(!04%2 14 X -/.%9 !.$ "!.+).' 295
?=N@. HPDKQCD UKQ ?=J I=GA = LQN?D=OA SEPD = credit card, EP EO JKP ?KJOE@ANA@ IKJAU >QP N=PDAN = ODKNP PANI HK=J BNKI PDA
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P>SBOP >KA ?LOOLTBOP. 3>SBOP MI>@B ABMLPFQP TFQE ?>KHP, >KA QEBK OB@BFSB FKQBOBPQ M>VJBKQP >KA TFQEAO>T JLKBV.
"LOOLTBOP OB@BFSB IL>KP COLJ ?>KHP >KA OBM>V QEB IL>KP TFQE FKQBOBPQ. )K QROK, ?>KHP OBQROK JLKBV QL P>SBOP FK QEB
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AT=ILHA, OQLLKOA = >=JG OLA?E=HEVA@ EJ HAJ@EJC PK = JE?DA I=NGAPÒ=U, I=GEJC = DECD LNKLKNPEKJ KB EPO HK=JO PK ?KJOPNQ?PEKJ
?KIL=JEAO PD=P >QEH@ KBBE?AO EJ KJA @KSJPKSJ =NA=. (B PD=P KJA =NA= OQBBANO =J QJATLA?PA@ A?KJKIE? @KSJPQNJ, PDA >=JG
SEHH OQBBAN H=NCA HKOOAO. 'KSARAN, EB = >=JG HK=JO >KPD PK ?KJOQIANO SDK =NA >QUEJC DKIAO =J@ ?=NO =J@ =HOK PK = SE@A
N=JCA KB BENIO EJ I=JU EJ@QOPNEAO =J@ CAKCN=LDE? =NA=O, PDA >=JG EO HAOO ATLKOA@ PK NEOG. 6DAJ = >=JG @ERANOEBEAO EPO HK=JO,
PDKOA ?=PACKNEAO KB >KNNKSANO SDK D=RA =J QJATLA?PA@HU H=NCA JQI>AN KB @AB=QHPO SEHH PAJ@ PK >A >=H=J?A@ KQP, =??KN@EJC
PK N=J@KI ?D=J?A, >U KPDAN >KNNKSANO SDK D=RA =J QJATLA?PA@HU HKS JQI>AN KB @AB=QHPO. 3DQO, @ERANOEBE?=PEKJ KB HK=JO
?=J DAHL >=JGO PK GAAL = LKOEPERA JAP SKNPD. 'KSARAN, EB = SE@AOLNA=@ NA?AOOEKJ K??QNO PD=P PKQ?DAO I=JU EJ@QOPNEAO =J@
CAKCN=LDE? =NA=O, @ERANOEBE?=PEKJ SEHH JKP DAHL.
HKJC SEPD @ERANOEBUEJC PDAEN HK=JO, >=JGO D=RA OARAN=H KPDAN OPN=PACEAO PK NA@Q?A PDA NEOG KB =J QJATLA?PA@HU H=NCA JQI>AN
KB HK=J @AB=QHPO. %KN AT=ILHA, >=JGO ?=J OAHH OKIA KB PDA HK=JO PDAU I=GA EJ PDA OA?KJ@=NU HK=J I=NGAP, =O @AO?NE>A@ A=NHEAN,
=J@ EJOPA=@ DKH@ = CNA=PAN OD=NA KB =OOAPO EJ PDA BKNI KB CKRANJIAJP >KJ@O KN NAOANRAO. -ARANPDAHAOO, EJ = HAJCPDU NA?AOOEKJ,
IKOP >=JGO SEHH OAA PDAEN JAP SKNPD @A?HEJA >A?=QOA = DECDAN OD=NA KB HK=JO SEHH JKP >A NAL=E@ EJ PKQCD A?KJKIE? PEIAO.
14.4 N !BJ B4A>F CE84G8 &BA8L
d 4PEHEVA PDA IKJAU IQHPELHEAN BKNIQH=PA PK @APANIEJA DKS >=JGO ?NA=PA IKJAU
d J=HUVA =J@ ?NA=PA 3-=??KQJP >=H=J?A ODAAPO
d $R=HQ=PA PDA NEOGO =J@ >AJABEPO KB IKJAU =J@ >=JGO
!=JGO =J@ IKJAU =NA EJPANPSEJA@. (P EO JKP FQOP PD=P IKOP IKJAU EO EJ PDA BKNI KB >=JG =??KQJPO. 3DA >=JGEJC OUOPAI ?=J
HEPAN=HHU ?NA=PA IKJAU PDNKQCD PDA LNK?AOO KB I=GEJC HK=JO. +APbO OAA DKS.
&BA8L CE84G<BA 5L 4 ,<A:?8 B4A>
2P=NP SEPD = DULKPDAPE?=H >=JG ?=HHA@ 2EJCHAPKJ !=JG. 3DA >=JG D=O $10 IEHHEKJ EJ @ALKOEPO. 3DA 3-=??KQJP >=H=J?A ODAAP
BKN 2EJCHAPKJ !=JG, SDAJ EP DKH@O =HH KB PDA @ALKOEPO EJ EPO R=QHPO, EO ODKSJ EJ F<:HE8 14.6. P PDEO OP=CA, 2EJCHAPKJ !=JG EO
OEILHU OPKNEJC IKJAU BKN @ALKOEPKNO =J@ EO QOEJC PDAOA @ALKOEPO PK I=GA HK=JO. (J PDEO OEILHEBEA@ AT=ILHA, 2EJCHAPKJ !=JG
?=JJKP A=NJ =JU EJPANAOP EJ?KIA BNKI PDAOA HK=JO =J@ ?=JJKP L=U EPO @ALKOEPKNO =J EJPANAOP N=PA AEPDAN.
300 #(!04%2 14 X -/.%9 !.$ "!.+).'
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2EJCHAPKJ !=JG EO NAMQENA@ >U PDA %A@AN=H 1AOANRA PK GAAL $1 IEHHEKJ KJ NAOANRA (10% KB PKP=H @ALKOEPO). (P SEHH HK=J KQP
PDA NAI=EJEJC $9 IEHHEKJ. !U HK=JEJC KQP PDA $9 IEHHEKJ =J@ ?D=NCEJC EJPANAOP, EP SEHH >A =>HA PK I=GA EJPANAOP L=UIAJPO PK
@ALKOEPKNO =J@ A=NJ EJPANAOP EJ?KIA BKN 2EJCHAPKJ !=JG (BKN JKS, SA SEHH GAAL EP OEILHA =J@ JKP LQP EJPANAOP EJ?KIA KJ PDA
>=H=J?A ODAAP). (JOPA=@ KB >A?KIEJC FQOP = OPKN=CA LH=?A BKN @ALKOEPO, 2EJCHAPKJ !=JG ?=J >A?KIA = BEJ=J?E=H EJPANIA@E=NU
>APSAAJ O=RANO =J@ >KNNKSANO.
3DEO ?D=JCA EJ >QOEJAOO LH=J =HPANO 2EJCHAPKJ !=JGbO >=H=J?A ODAAP, =O ODKSJ EJ F<:HE8 14.7. 2EJCHAPKJbO =OOAPO D=RA
?D=JCA@; EP JKS D=O $1 IEHHEKJ EJ NAOANRAO =J@ = HK=J PK '=JGbO QPK 2QLLHU KB $9 IEHHEKJ. 3DA >=JG OPEHH D=O $10 IEHHEKJ
EJ @ALKOEPO.
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2EJCHAPKJ !=JG HAJ@O $9 IEHHEKJ PK '=JGbO QPK 2QLLHU. 3DA >=JG NA?KN@O PDEO HK=J >U I=GEJC =J AJPNU KJ PDA >=H=J?A ODAAP
PK EJ@E?=PA PD=P = HK=J D=O >AAJ I=@A. 3DEO HK=J EO =J =OOAP, >A?=QOA EP SEHH CAJAN=PA EJPANAOP EJ?KIA BKN PDA >=JG. .B ?KQNOA,
PDA HK=J KBBE?AN EO JKP CKEJC PK HAP '=JG S=HG KQP KB PDA >=JG SEPD $9 IEHHEKJ EJ ?=OD. 3DA >=JG EOOQAO '=JGbO QPK 2QLLHU =
?=ODEANbO ?DA?G BKN PDA $9 IEHHEKJ. '=JG @ALKOEPO PDA HK=J EJ DEO NACQH=N ?DA?GEJC =??KQJP SEPD %ENOP -=PEKJ=H. 3DA @ALKOEPO
=P %ENOP -=PEKJ=H NEOA >U $9 IEHHEKJ =J@ EPO NAOANRAO =HOK NEOA >U $9 IEHHEKJ, =O F<:HE8 14.8 ODKSO. %ENOP -=PEKJ=H IQOP DKH@
10% KB =@@EPEKJ=H @ALKOEPO =O NAMQENA@ NAOANRAO >QP EO BNAA PK HK=J KQP PDA NAOP
F<:HE8 14.8 F<EFG '4G<BA4? B4?4A68 ,;88G
,=GEJC HK=JO PD=P =NA @ALKOEPA@ EJPK = @AI=J@ @ALKOEP =??KQJP EJ?NA=OAO PDA ,1 IKJAU OQLLHU. 1AIAI>AN PDA @ABEJEPEKJ
KB ,1 EJ?HQ@AO ?DA?G=>HA (@AI=J@) @ALKOEPO, SDE?D ?=J >A A=OEHU QOA@ =O = IA@EQI KB AT?D=JCA PK >QU CKK@O =J@ OANRE?AO.
-KPE?A PD=P PDA IKJAU OQLLHU EO JKS $19 IEHHEKJ: $10 IEHHEKJ EJ @ALKOEPO EJ 2EJCHAPKJ >=JG =J@ $9 IEHHEKJ EJ @ALKOEPO =P
%ENOP -=PEKJ=H. .>REKQOHU PDAOA @ALKOEPO SEHH >A @N=SJ @KSJ =O '=JGbO QPK 2QLLHU SNEPAO ?DA?GO PK L=U EPO >EHHO. !QP PDA
>ECCAN LE?PQNA EO PD=P = >=JG IQOP DKH@ AJKQCD IKJAU EJ NAOANRAO PK IAAP EPO HE=>EHEPEAO; PDA NAOP PDA >=JG HK=JO KQP. (J PDEO
AT=ILHA OK B=N, >=JG HAJ@EJC D=O ATL=J@A@ PDA IKJAU OQLLHU >U $9 IEHHEKJ.
-KS, %ENOP -=PEKJ=H IQOP DKH@ KJHU 10% =O NAMQENA@ NAOANRAO ($90,000) >QP ?=J HAJ@ KQP PDA KPDAN 90% ($8.1 IEHHEKJ) EJ =
HK=J PK )=?GbO "DARU #A=HANODEL =O ODKSJ EJ F<:HE8 14.9.
F<:HE8 14.9 F<EFG '4G<BA4? B4?4A68 ,;88G
(B )=?GbO @ALKOEPO PDA HK=J EJ EPO ?DA?GEJC =??KQJP =P 2A?KJ@ -=PEKJ=H, PDA IKJAU OQLLHU FQOP EJ?NA=OA@ >U =J =@@EPEKJ=H $8.1
IEHHEKJ, =O F<:HE8 14.10 ODKSO.
F<:HE8 14.10 ,86BA7 '4G<BA4? B4A>RF B4?4A68 ,;88G
'KS EO PDEO IKJAU ?NA=PEKJ LKOOE>HA? (P EO LKOOE>HA >A?=QOA PDANA =NA IQHPELHA >=JGO EJ PDA BEJ=J?E=H OUOPAI, PDAU =NA
NAMQENA@ PK DKH@ KJHU = BN=?PEKJ KB PDAEN @ALKOEPO, =J@ HK=JO AJ@ QL @ALKOEPA@ EJ KPDAN >=JGO, SDE?D EJ?NA=OAO @ALKOEPO =J@,
EJ AOOAJ?A, PDA IKJAU OQLLHU.
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7>Q@E QEFP SFABL (EQQM://LMBKPQ>U@LIIBDB.LOD/I/@OB>QBJLKBV) QL IB>OK JLOB >?LRQ ELT ?>KHP @OB>QB
JLKBV.
-;8 &BA8L &H?G<C?<8E 4A7 4 &H?G<-B4A> ,LFG8@
(J = OUOPAI SEPD IQHPELHA >=JGO, PDA EJEPE=H AT?AOO NAOANRA =IKQJP PD=P 2EJCHAPKJ !=JG @A?E@A@ PK HAJ@ PK '=JGbO QPK
2QLLHU S=O @ALKOEPA@ EJPK %NEOP -=PEKJ=H !=JG, SDE?D EO BNAA PK HK=J KQP $8.1 IEHHEKJ. (B =HH >=JGO HK=J KQP PDAEN AT?AOO
NAOANRAO, PDA IKJAU OQLLHU SEHH ATL=J@. (J = IQHPE->=JG OUOPAI, PDA =IKQJP KB IKJAU PD=P PDA OUOPAI ?=J ?NA=PA EO BKQJ@
>U QOEJC PDA IKJAU IQHPELHEAN. 3DA IKJAU IQHPELHEAN PAHHO QO >U DKS I=JU PEIAO = HK=J SEHH >A cIQHPELHEA@d =O EP EO OLAJP EJ
PDA A?KJKIU =J@ PDAJ NA-@ALKOEPA@ EJ KPDAN >=JGO.
%KNPQJ=PAHU, = BKNIQH= ATEOPO BKN ?=H?QH=PEJC PDA PKP=H KB PDAOA I=JU NKQJ@O KB HAJ@EJC EJ = >=JGEJC OUOPAI. 3DA money
multiplier formula EO:
1
Reserve Requirement
3DA IKJAU IQHPELHEAN EO PDAJ IQHPELHEA@ >U PDA ?D=JCA EJ AT?AOO NAOANRAO PK @APANIEJA PDA PKP=H =IKQJP KB ,1 IKJAU OQLLHU
?NA=PA@ EJ PDA >=JGEJC OUOPAI. 2AA PDA 6KNG EP .QP BA=PQNA PK S=HG PDNKQCD PDA IQHPELHEAN ?=H?QH=PEKJ.
.F<A: G;8 &BA8L &H?G<C?<8E FBE@H?4
5PFKD QEB JLKBV JRIQFMIFBO CLO QEB BU>JMIB FK QEFP QBUQ:
3QBM 1. )K QEB @>PB LC 3FKDIBQLK ">KH, CLO TELJ QEB OBPBOSB OBNRFOBJBKQ FP 10% (LO 0.10), QEB JLKBV
JRIQFMIFBO FP 1 AFSFABA ?V .10, TEF@E FP BNR>I QL 10.
3QBM 2. 7B E>SB FABKQFCFBA QE>Q QEB BU@BPP OBPBOSBP >OB $9 JFIIFLK, PL, RPFKD QEB CLOJRI> TB @>K
ABQBOJFKB QEB QLQ>I @E>KDB FK QEB -1 JLKBV PRMMIV:
Total Change in the M1 Money Supply =
1
Reserve Requirement
Excess Requirement
=
1
0.10
$9 million
= 10 $9 million
= $90 million
3QBM 3. 4ERP, TB @>K P>V QE>Q, FK QEFP BU>JMIB, QEB QLQ>I NR>KQFQV LC JLKBV DBKBO>QBA FK QEFP B@LKLJV
>CQBO >II OLRKAP LC IBKAFKD >OB @LJMIBQBA TFII ?B $90 JFIIFLK.
C4HG<BAF 45BHG G;8 &BA8L &H?G<C?<8E
3DA IKJAU IQHPELHEAN SEHH @ALAJ@ KJ PDA LNKLKNPEKJ KB NAOANRAO PD=P >=JGO =NA NAMQENA@ PK DKH@ >U PDA %A@AN=H 1AOANRA !=JG.
@@EPEKJ=HHU, = >=JG ?=J =HOK ?DKKOA PK DKH@ ATPN= NAOANRAO. !=JGO I=U @A?E@A PK R=NU DKS IQ?D PDAU DKH@ EJ NAOANRAO BKN
PSK NA=OKJO: I=?NKA?KJKIE? ?KJ@EPEKJO =J@ CKRANJIAJP NQHAO. 6DAJ =J A?KJKIU EO EJ NA?AOOEKJ, >=JGO =NA HEGAHU PK DKH@ =
DECDAN LNKLKNPEKJ KB NAOANRAO >A?=QOA PDAU BA=N PD=P HK=JO =NA HAOO HEGAHU PK >A NAL=E@ SDAJ PDA A?KJKIU EO OHKS. 3DA %A@AN=H
1AOANRA I=U =HOK N=EOA KN HKSAN PDA NAMQENA@ NAOANRAO DAH@ >U >=JGO =O = LKHE?U IKRA PK =BBA?P PDA MQ=JPEPU KB IKJAU EJ =J
A?KJKIU, =O &BA8G4EL )B?<6L 4A7 B4A> +8:H?4G<BA SEHH @EO?QOO.
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KB HAJ@EJC KN ?NA@EP EJ PDA A?KJKIU. (J@AA@, =HH KB PDA IKJAU EJ PDA A?KJKIU, AT?ALP BKN PDA KNECEJ=H NAOANRAO, EO = NAOQHP KB
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%EJ=HHU, PDA IKJAU IQHPELHEAN @ALAJ@O KJ LAKLHA NA-@ALKOEPEJC PDA IKJAU PD=P PDAU NA?AERA EJ PDA >=JGEJC OUOPAI. (B LAKLHA
EJOPA=@ OPKNA PDAEN ?=OD EJ O=BA-@ALKOEP >KTAO KN EJ ODKA>KTAO DE@@AJ EJ PDAEN ?HKOAPO, PDAJ >=JGO ?=JJKP NA?EN?QH=PA PDA
IKJAU EJ PDA BKNI KB HK=JO. (J@AA@, ?AJPN=H >=JGO D=RA =J EJ?AJPERA PK =OOQNA PD=P >=JG @ALKOEPO =NA O=BA >A?=QOA EB LAKLHA
SKNNU PD=P PDAU I=U HKOA PDAEN >=JG @ALKOEPO, PDAU I=U OP=NP DKH@EJC IKNA IKJAU EJ ?=OD, EJOPA=@ KB @ALKOEPEJC EP EJ >=JGO,
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IKJAU HEGA >QOEJAOO EJRAOPIAJP, DKIA ?KJOPNQ?PEKJ, =J@ ?=N I=JQB=?PQNEJC. 3DA &NA=P 1A?AOOEKJ KB 2008_2009 EHHQOPN=PA@
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Episode 1
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Episode 2
(J $LEOK@A 2, SDAJ PDA %A@AN=H 1AOANRA S=O LANOQ=@A@ EJ PDA A=NHU 1980O PD=P EJBH=PEKJ S=O @A?HEJEJC, PDA %A@ >AC=J
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1986 KN OK, EJBH=PEKJ D=@ B=HHAJ PK =>KQP 2% =J@ PDA QJAILHKUIAJP N=PA D=@ ?KIA @KSJ PK 7%, =J@ S=O OPEHH B=HHEJC.
Episode 3
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Episode 4
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Episodes 5 and 6
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Episodes 7 and 8
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3DA E@AJPEPU >ACEJO SEPD = OP=PAIAJP PD=P IQOP =HS=UO DKH@ PNQA: PDA MQ=JPEPU KB BEJ=J?E=H ?=LEP=H OQLLHEA@ EJ PDA I=NGAP IQOP
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O=REJCO.
Total savings = Private savings (S) + Public savings (T G)
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AMQ=PEKJ 1.
Quantity supplied of finacial capi al = Quantity demanded of finacial capi al
Private savings + Infl w of foreign savings = Private investment + Government budget defici
S + (M X) = I + (G T)
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E@AJPEPU ?=J >A NASNEPPAJ HEGA PDEO:
Private investment = Private savings + Public savings + Trade defici
I = S + (T G) + (M X)
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LNKLANHU SNEPPAJ:
Quantity supplied of financial capi al = Quantity demanded of financial capi al
Private savings + Trade deficit + G vernment surplus = Private investment
S + (M X) + (T G) = I
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=J@ EJRAOPIAJP E@AJPEPU SKQH@ >A SNEPPAJ:
Private savings = Private investment + Outfl w of foreign savings + Government budget defici
S
Private savings
= I + (X M) + (G T)
(JOPA=@ KB PDA >=H=J?A KB PN=@A NALNAOAJPEJC L=NP KB PDA OQLLHU KB BEJ=J?E=H ?=LEP=H, SDE?D K??QNO SEPD = PN=@A @ABE?EP, = PN=@A
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Quantity supplied of financial capi al = Quantity demanded of financial capi al demand
Private savings = Private investment + Government budget deficit + rade surplus
S = I + (G T) + (X M)
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PK LNK@Q?A 1,000 NABNECAN=PKNO, >QP EP P=GAO BKQN ,ATE?=J SKNGANO PK @K OK. 3DA 4JEPA@ 2P=PAO D=O =J =>OKHQPA =@R=JP=CA EJ
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KB ?KIL=NEJC DKS I=JU SKNGANO EP P=GAO PK LNK@Q?A = CKK@, EP =OGO, c'KS IQ?D =I ( CEREJC QL PK LNK@Q?A PDEO CKK@ EJ
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4JEPA@ 2P=PAO ?=J LNK@Q?A 1,000 ODKAO SEPD BKQN-BEBPDO =O I=JU SKNGANO =O ,ATE?K (BKQN RANOQO BERA), >QP EP ?=J LNK@Q?A
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J>UFJRJ LC 8,000 PELBP >KA WBOL OBCOFDBO>QLOP, LO 10,000 OBCOFDBO>QLOP >KA WBOL PELBP. !II LQEBO MLFKQP LK QEB
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\ 1,000), >QP LNK@Q?PEKJ KB ODKAO EJ?NA=OAO >U 2,000 L=ENO (10/5 \ 1,000). -KPE?A PD=P SDAJ >KPD ?KQJPNEAO ODEBP LNK@Q?PEKJ
PKS=N@ A=?D KB PDAEN ?KIL=N=PERA =@R=JP=CAO (SD=P PDAU =NA NAH=PERAHU >APPAN =P), PDAEN ?KI>EJA@ LNK@Q?PEKJ KB >KPD CKK@O
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CBHAGEL ,;B8 )EB7H6G<BA +89E<:8E4GBE )EB7H6G<BA
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EP PDAJ ODEBPA@ LNK@Q?PEKJ PKS=N@ EPO ?KIL=N=PERA =@R=JP=CA, LNK@Q?EJC KJHU 3,500 ODKAO >QP 26,000 NABNECAN=PKNO. (B PDA
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B. )K TE>Q MOLAR@Q PELRIA #>K>A> PMB@F>IFWB? )K TE>Q MOLAR@Q PELRIA 6BKBWRBI> PMB@F>IFWB?
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FK IRJ?BO. /KB TLOHBO FK 6BKBWRBI> @>K MOLAR@B 60 ?>OOBIP LC LFI @LJM>OBA QL > TLOHBO FK #>K>A> TEL
@>K MOLAR@B LKIV 20.
3QBM 3. 4L @>I@RI>QB @LJM>O>QFSB >AS>KQ>DB, CFKA QEB LMMLOQRKFQV @LPQ LC MOLAR@FKD LKB ?>OOBI LC LFI FK
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P>JB I>?LO QFJB, #>K>A> @>K MOLAR@B BFQEBO 20 ?>OOBIP LC LFI LO 40 QLKP LC IRJ?BO. 3L FK BCCB@Q, 20 ?>OOBIP
LC LFI FP BNRFS>IBKQ QL 40 QLKP LC IRJ?BO: 20 LFI = 40 IRJ?BO. $FSFAB ?LQE PFABP LC QEB BNR>QFLK ?V 20 QL
@>I@RI>QB QEB LMMLOQRKFQV @LPQ LC LKB ?>OOBI LC LFI FK #>K>A>. 20/20 LFI = 40/20 IRJ?BO. 1 LFI = 2 IRJ?BO. 4L
MOLAR@B LKB >AAFQFLK>I ?>OOBI LC LFI FK #>K>A> E>P >K LMMLOQRKFQV @LPQ LC 2 IRJ?BO. #>I@RI>QB QEB P>JB
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>AS>KQ>DB FK MOLAR@FKD LFI.
3QBM 4. #>I@RI>QB QEB LMMLOQRKFQV @LPQ LC LKB IRJ?BO ?V OBSBOPFKD QEB KRJ?BOP, TFQE IRJ?BO LK QEB IBCQ
PFAB LC QEB BNR>QFLK. )K #>K>A>, 40 IRJ?BO FP BNRFS>IBKQ FK I>?LO QFJB QL 20 ?>OOBIP LC LFI: 40 IRJ?BO = 20
LFI. $FSFAB B>@E PFAB LC QEB BNR>QFLK ?V 40. 4EB LMMLOQRKFQV @LPQ LC LKB IRJ?BO FP 1/2 LFI. )K 6BKBWRBI>,
QEB BNRFS>IBKQ I>?LO QFJB TFII MOLAR@B 30 IRJ?BO LO 60 LFI: 30 IRJ?BO = 60 LFI. $FSFAB B>@E PFAB ?V 30. /KB
IRJ?BO E>P >K LMMLOQRKFQV @LPQ LC QTL LFI. #>K>A> E>P QEB ILTBO LMMLOQRKFQV @LPQ FK MOLAR@FKD IRJ?BO.
3QBM 5. )K QEFP BU>JMIB, >?PLIRQB >AS>KQ>DB FP QEB P>JB >P @LJM>O>QFSB >AS>KQ>DB. #>K>A> E>P
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Why Might Dumping Occur?
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MQAOPEKJ D=O PSK LKOOE>HA =JOSANO, KJA EJJK?AJP =J@ KJA IKNA OEJEOPAN.
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BKN = LNK@Q?P ODEBPO >=?G PK PDA HABP KN OQLLHU ODEBPO KQP PK PDA NECDP, SDE?D @NERAO PDA I=NGAP LNE?A PK HKS HARAHOÀRAJ >AHKS
PDA ?KOP KB LNK@Q?PEKJ. 6DAJ = HK?=H OPKNA D=O = CKEJC-KQP-KB->QOEJAOO O=HA, BKN AT=ILHA, EP I=U OAHH CKK@O =P >AHKS PDA ?KOP
KB LNK@Q?PEKJ. (B EJPANJ=PEKJ=H ?KIL=JEAO BEJ@ PD=P PDANA EO AT?AOO OQLLHU KB OPAAH KN ?KILQPAN ?DELO KN I=?DEJA PKKHO PD=P EO
@NEREJC PDA I=NGAP LNE?A @KSJ >AHKS PDAEN ?KOP KB LNK@Q?PEKJ`PDEO I=U >A PDA I=NGAP EJ =?PEKJ.
3DA OEJEOPAN ATLH=J=PEKJ EO PD=P @QILEJC EO L=NP KB = HKJC-PANI OPN=PACU. %KNAECJ BENIO OAHH CKK@O =P LNE?AO >AHKS PDA ?KOP KB
LNK@Q?PEKJ BKN = ODKNP LANEK@ KB PEIA, =J@ SDAJ PDAU D=RA @NERAJ KQP PDA @KIAOPE? 4.2. ?KILAPEPEKJ, PDAU PDAJ N=EOA LNE?AO.
3DEO O?AJ=NEK EO OKIAPEIAO ?=HHA@ LNA@=PKNU LNE?EJC, SDE?D EO @EO?QOOA@ EJ PDA &BABCB?L (;GGC://6AK.BE:/6BAG8AG/
@48650/?4G8FG/) ?D=LPAN.
Should Anti-Dumping Cases Be Limited?
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I=GA =O LN=?PE?=H LKHE?U?
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>AJABEP ?KJOQIANO. ,KNAKRAN, =HPDKQCD PDANA =NA LHAJPU KB ?=OAO EJ SDE?D BKNAECJ LNK@Q?ANO D=RA @NERAJ KQP @KIAOPE? BENIO,
PDANA =NA VANK @K?QIAJPA@ ?=OAO EJ SDE?D PDA BKNAECJ LNK@Q?ANO PDAJ F=?GA@ QL LNE?AO. (JOPA=@, BKNAECJ LNK@Q?ANO PULE?=HHU
?KJPEJQA ?KILAPEJC D=N@ =C=EJOP A=?D KPDAN =J@ LNKRE@EJC HKS LNE?AO PK ?KJOQIANO. (J ODKNP, EP EO @EBBE?QHP PK BEJ@ ARE@AJ?A
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=HHKS BNAA PN=@A PK NAOQIA ODKNPHU PDANA=BPAN, PDANA EO = CNKSEJC ?KJ?ANJ PD=P =JPE-@QILEJC EJRAOPEC=PEKJO KBPAJ EJRKHRA
IKNA LKHEPE?O PD=J ?=NABQH =J=HUOEO. 3DA 4.2. "KIIAN?A #AL=NPIAJP EO ?D=NCA@ SEPD ?=H?QH=PEJC PDA =LLNKLNE=PA c?KOP KB
LNK@Q?PEKJ,d SDE?D ?=J >A =O IQ?D =J =NP =O = O?EAJ?A.
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KB LNK@Q?PEKJ? 6DAJ = ?KIL=JU EO EJ = ?KQJPNU SDANA LNE?AO =NA ?KJPNKHHA@ >U PDA CKRANJIAJP, HEGA "DEJ= BKN AT=ILHA,
DKS ?=J KJA IA=OQNA PDA PNQA ?KOP KB LNK@Q?PEKJ? 6DAJ = @KIAOPE? EJ@QOPNU ?KILH=EJO HKQ@HU AJKQCD, CKRANJIAJP
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SANA BEHEJC PDA I=FKNEPU KB PDA =JPE-@QILEJC ?=OAO >ABKNA PDA 63.. O PDA JQI>AN KB =JPE-@QILEJC ?=OAO D=O EJ?NA=OA@,
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AJRENKJIAJP=H HK>>UEJC KNC=JEV=PEKJ, KJ?A SNKPA: c3DA ?KJOAMQAJ?AO KB CHK>=HEV=PEKJ BKN PDA AJRENKJIAJP =NA JKP CKK@.
f &HK>=HEV=PEKJ, EB SA =NA HQ?GU, SEHH N=EOA =RAN=CA EJ?KIAO AJKQCD PK L=U BKN ?HA=JEJC QL OKIA KB PDA IAOO PD=P SA D=RA
I=@A. !QP >ABKNA SA CAP PDANA, CHK>=HEV=PEKJ ?KQH@ =HOK @AOPNKU AJKQCD KB PDA LH=JAPbO >=OE? >EKHKCE?=H =J@ LDUOE?=H OUOPAIO
PD=P LNKOLA?PO BKN HEBA EPOAHB SEHH >A N=@E?=HHU ?KILNKIEOA@.d
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CHK>=HEV=PEKJ`=J@ A?KJKIE? =?PEREPU KB =HH GEJ@O`?=J LKOA AJRENKJIAJP=H @=JCANO, EP OAAIO MQEPA LKOOE>HA PD=P, SEPD PDA
=LLNKLNE=PA O=BACQ=N@O EJ LH=?A, PDA AJRENKJIAJP=H EIL=?PO KB PN=@A ?=J >A IEJEIEVA@. (J OKIA ?=OAO, PN=@A I=U ARAJ >NEJC
AJRENKJIAJP=H >AJABEPO.
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NAH=PERAHU OPNE?P AJRENKJIAJP=H OP=J@=N@O. (J ?KJPN=OP, IE@@HA- =J@ HKS-EJ?KIA ?KQJPNEAO HEGA !N=VEH, -ECANE=, (J@E=, =J@
"DEJ= D=RA HKSAN AJRENKJIAJP=H OP=J@=N@O. 3DA CAJAN=H REAS KB PDA CKRANJIAJPO KB OQ?D ?KQJPNEAO EO PD=P AJRENKJIAJP=H
LNKPA?PEKJ EO = HQTQNU: =O OKKJ =O PDAEN LAKLHA D=RA AJKQCD PK A=P, @A?AJP DA=HPD?=NA, =J@ HKJCAN HEBA ATLA?P=J?EAO, PDAJ PDAU
SEHH OLAJ@ IKNA IKJAU KJ OAS=CA PNA=PIAJP LH=JPO, O?NQ>>ANO PK NA@Q?A =EN LKHHQPEKJ BNKI B=?PKNU OIKGAOP=?GO, J=PEKJ=H
L=NGO PK LNKPA?P SEH@HEBA, =J@ OK KJ.
3DEO C=L EJ AJRENKJIAJP=H OP=J@=N@O >APSAAJ DECD-EJ?KIA =J@ HKS-EJ?KIA ?KQJPNEAO N=EOAO PSK SKNNEOKIA LKOOE>EHEPEAO EJ =
SKNH@ KB EJ?NA=OEJC CHK>=H PN=@A: PDA cN=?A PK PDA >KPPKId O?AJ=NEK =J@ PDA MQAOPEKJ KB DKS MQE?GHU AJRENKJIAJP=H OP=J@=N@O
SEHH EILNKRA EJ HKS-EJ?KIA ?KQJPNEAO.
The Race to the Bottom Scenario
3DA race to the bottom O?AJ=NEK KB CHK>=H AJRENKJIAJP=H @ACN=@=PEKJ NQJO HEGA PDEO. /NKBEP-OAAGEJC IQHPEJ=PEKJ=H ?KIL=JEAO
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PDAEN ?KOPO =J@ EJ?NA=OEJC PDAEN LNKBEPO. %=?A@ SEPD OQ?D >AD=REKN, ?KQJPNEAO NA@Q?A PDAEN AJRENKJIAJP=H OP=J@=N@O PK =PPN=?P
IQHPEJ=PEKJ=H BENIO, SDE?D, =BPAN =HH, LNKRE@A FK>O =J@ A?KJKIE? ?HKQP. O = NAOQHP, CHK>=H LNK@Q?PEKJ >A?KIAO ?KJ?AJPN=PA@
EJ ?KQJPNEAO SDANA EP ?=J LKHHQPA PDA IKOP =J@ AJRENKJIAJP=H H=SO ARANUSDANA cN=?A PK PDA >KPPKI.d
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EJ?AJPERA BKN BENIO PK ODEBP LNK@Q?PEKJ PK LKKN ?KQJPNEAO PK P=GA =@R=JP=CA KB PDAEN SA=GAN AJRENKJIAJP=H NQHAO @KAO JKP OAAI
AOLA?E=HHU LKSANBQH. 6DAJ BENIO @A?E@A SDANA PK HK?=PA = JAS B=?PKNU, PDAU HKKG =P I=JU @EBBANAJP B=?PKNO: PDA ?KOPO KB H=>KN
=J@ BEJ=J?E=H ?=LEP=H; SDAPDAN PDA HK?=PEKJ EO ?HKOA PK = NAHE=>HA OQLLHEANO KB PDA EJLQPO PD=P PDAU JAA@; SDAPDAN PDA HK?=PEKJ
EO ?HKOA PK ?QOPKIANO; PDA MQ=HEPU KB PN=JOLKNP=PEKJ, ?KIIQJE?=PEKJO, =J@ AHA?PNE?=H LKSAN JAPSKNGO; PDA HARAH KB P=TAO; =J@
PDA ?KILAPAJ?A =J@ DKJAOPU KB PDA HK?=H CKRANJIAJP. 3DA ?KOP KB AJRENKJIAJP=H NACQH=PEKJO EO = B=?PKN, PKK, >QP PULE?=HHU
AJRENKJIAJP=H ?KOPO =NA JK IKNA PD=J 1 PK 2% KB PDA ?KOPO B=?A@ >U = H=NCA EJ@QOPNE=H LH=JP. 3DA KPDAN B=?PKNO PD=P @APANIEJA
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6DAJ =J EJPANJ=PEKJ=H ?KIL=JU @KAO ?DKKOA PK >QEH@ = LH=JP EJ = HKS-EJ?KIA ?KQJPNU SEPD H=T AJRENKJIAJP=H H=SO, EP
PULE?=HHU >QEH@O = LH=JP OEIEH=N PK PDKOA PD=P EP KLAN=PAO EJ DECD-EJ?KIA ?KQJPNEAO SEPD OPNE?PAN AJRENKJIAJP=H OP=J@=N@O. /=NP
KB PDA NA=OKJ BKN PDEO @A?EOEKJ EO PD=P @AOECJEJC =J EJ@QOPNE=H LH=JP EO = ?KILHAT =J@ ?KOPHU P=OG, =J@ OK EB = LH=JP SKNGO SAHH
EJ = DECD-EJ?KIA ?KQJPNU, ?KIL=JEAO LNABAN PK QOA PDA O=IA @AOECJ ARANUSDANA. HOK, ?KIL=JEAO NA=HEVA PD=P EB PDAU ?NA=PA
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@=I=CAO, HKOP PNQOP, =J@ NA@Q?A@ O=HAO`>U >QEH@EJC QL-PK-@=PA LH=JPO ARANUSDANA PDAU IEJEIEVA OQ?D NEOGO. O = NAOQHP KB
PDAOA B=?PKNO, BKNAECJ-KSJA@ LH=JPO EJ HKS-EJ?KIA ?KQJPNEAO KBPAJ D=RA = >APPAN NA?KN@ KB ?KILHE=J?A SEPD AJRENKJIAJP=H
H=SO PD=J @K HK?=HHU-KSJA@ LH=JPO.
Pressuring Low-Income Countries for Higher Environmental Standards
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AJRENKJIAJP=H OP=J@=N@O, >QP EJOPA=@ SDAPDAN PDA PDNA=P KB >HK?GEJC EJPANJ=PEKJ=H PN=@A ?=J LNAOOQNA PDAOA ?KQJPNEAO EJPK
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EJ ?ANP=EJ BNE?=J ?KQJPNEAO.
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PDA EHH-BA@ ?EPEVAJO KB HKS-EJ?KIA ?KQJPNEAO SD=P @KIAOPE? LKHE?EAO =J@ LNEKNEPEAO PDAU IQOP =@KLP, KN DKS PDAU ODKQH@
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AJRENKJIAJP.
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OQ?D =O ?HEI=PA ?D=JCA =J@ CHK>=H S=NIEJC, PDA LNAOANR=PEKJ KB >EK@ERANOEPU, PDA OLNA=@ KB @AOANPO, =J@ PDA AJRENKJIAJP=H
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AMQEHE>NEQI LNE?A. Hint: "KJOE@AN PDA 0BE> "G (HG "$BBA?PO KB 3N=@A !=NNEANO."
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9. $TLH=EJ DKS LNA@=PKNU LNE?EJC ?KQH@ >A = IKPER=PEKJ BKN @QILEJC.
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KJ PDA LNE?A KB PKUO PDA O=IA KN @EBBANAJP? 6DU EO = OP=J@=N@O LKHE?U LNABANNA@ PK P=NEBBO?
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18. 'KS @KAO ?KILAPEPEKJ, SDAPDAN @KIAOPE? KN BKNAECJ, D=NI >QOEJAOOAO?
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ABBA?P KJ PDA JQI>AN KB FK>O EJ A=?D EJ@ERE@Q=H EJ@QOPNU?
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BKN ,=H=SE. "KBBAA EO = NA?AJP ?NKL PD=P EO CNKSEJC SAHH
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,=H=SE ?KBBAA EO =J EJB=JP EJ@QOPNU. ,=H=SE ?KBBAA
LNK@Q?ANO ?KIA PK UKQ =J@ =OG BKN P=NEBB LNKPA?PEKJ BNKI
?DA=L 3=JV=JE=J ?KBBAA. 6D=P OKNPO KB LKHE?EAO SEHH UKQ
AJ=?P? $TLH=EJ.
57. 3DA ?KQJPNU KB /ALLANH=J@ ATLKNPO OPAAH PK PDA +=J@
KB 2Q>I=NEJAO. (JBKNI=PEKJ BKN PDA MQ=JPEPU @AI=J@A@
(0@) =J@ MQ=JPEPU OQLLHEA@ (0O) EJ A=?D ?KQJPNU, EJ =
SKNH@ SEPDKQP PN=@A, =NA CERAJ EJ -45?8 21.6 =J@ -45?8
21.7.
)E<68 ($) *7 *F
60 230 180
70 200 200
80 170 220
90 150 240
100 140 250
-45?8 21.6 )8CC8E?4A7
)E<68 ($) *7 *F
60 430 310
70 420 330
80 410 360
90 400 400
100 390 440
-45?8 21.7 %4A7 B9 ,H5@4E<A8F
=. 6D=P SKQH@ >A PDA AMQEHE>NEQI LNE?A =J@
MQ=JPEPU EJ A=?D ?KQJPNU EJ = SKNH@ SEPDKQP
PN=@A? 'KS ?=J UKQ PAHH?
458 #(!04%2 21 X ',/"!,):!4)/. !.$ 02/4%#4)/.)3-
>. 6D=P SKQH@ >A PDA AMQEHE>NEQI LNE?A =J@
MQ=JPEPU EJ A=?D ?KQJPNU EB PN=@A EO =HHKSA@ PK
K??QN? 'KS ?=J UKQ PAHH?
?. 2GAP?D PSK OQLLHU =J@ @AI=J@ @E=CN=IO, KJA
BKN A=?D ?KQJPNU, EJ PDA OEPQ=PEKJ >ABKNA PN=@A.
@. .J PDKOA @E=CN=IO, ODKS PDA AMQEHE>NEQI LNE?A
=J@ PDA HARAHO KB ATLKNPO =J@ EILKNPO EJ PDA
SKNH@ =BPAN PN=@A.
A. (B PDA +=J@ KB 2Q>I=NEJAO EILKOAO =J =JPE-
@QILEJC EILKNP MQKP= KB 30, ATLH=EJ EJ CAJAN=H
PANIO SDAPDAN EP SEHH >AJABEP KN EJFQNA
?KJOQIANO =J@ LNK@Q?ANO EJ A=?D ?KQJPNU.
B. #KAO UKQN CAJAN=H =JOSAN ?D=JCA EB PDA +=J@ KB
2Q>I=NEJAO EILKOAO =J EILKNP MQKP= KB 70?
#(!04%2 21 X ',/"!,):!4)/. !.$ 02/4%#4)/.)3- 459
460 #(!04%2 21 X ',/"!,):!4)/. !.$ 02/4%#4)/.)3-
ACC8A7<K A
(3DEO =LLAJ@ET ODKQH@ >A ?KJOQHPA@ =BPAN BENOP NA=@EJC 08?6B@8 GB E6BAB@<6F!) $?KJKIE?O EO JKP I=PD. 3DANA EO JK
EILKNP=JP ?KJ?ALP EJ PDEO ?KQNOA PD=P ?=JJKP >A ATLH=EJA@ SEPDKQP I=PDAI=PE?O. 3D=P O=E@, I=PD EO = PKKH PD=P ?=J >A QOA@
PK EHHQOPN=PA A?KJKIE? ?KJ?ALPO. 1AIAI>AN PDA O=UEJC = LE?PQNA EO SKNPD = PDKQO=J@ SKN@O? (JOPA=@ KB = LE?PQNA, PDEJG KB
= CN=LD. (P EO PDA O=IA PDEJC. $?KJKIEOPO QOA IK@AHO =O PDA LNEI=NU PKKH PK @ANERA EJOECDPO =>KQP A?KJKIE? EOOQAO =J@
LNK>HAIO. ,=PD EO KJA S=U KB SKNGEJC SEPD (KN I=JELQH=PEJC) A?KJKIE? IK@AHO.
3DANA =NA KPDAN S=UO KB NALNAOAJPEJC IK@AHO, OQ?D =O PATP KN J=NN=PERA. !QP SDU SKQH@ UKQ QOA UKQN BEOP PK >=JC = J=EH, EB UKQ
D=@ = D=IIAN? ,=PD D=O ?ANP=EJ =@R=JP=CAO KRAN PATP. (P @EO?ELHEJAO UKQN PDEJGEJC >U I=GEJC UKQ OLA?EBU AT=?PHU SD=P UKQ
IA=J. 8KQ ?=J CAP =S=U SEPD BQVVU PDEJGEJC EJ UKQN DA=@, >QP UKQ ?=JJKP SDAJ UKQ NA@Q?A = IK@AH PK =HCA>N=E? AMQ=PEKJO.
P PDA O=IA PEIA, I=PD =HOK D=O @EO=@R=JP=CAO. ,=PDAI=PE?=H IK@AHO =NA JA?AOO=NEHU >=OA@ KJ OEILHEBUEJC =OOQILPEKJO,
OK PDAU =NA JKP HEGAHU PK >A LANBA?PHU NA=HEOPE?. ,=PDAI=PE?=H IK@AHO =HOK H=?G PDA JQ=J?AO SDE?D ?=J >A BKQJ@ EJ J=NN=PERA
IK@AHO. 3DA LKEJP EO PD=P I=PD EO KJA PKKH, >QP EP EO JKP PDA KJHU PKKH KN ARAJ =HS=UO PDA >AOP PKKH A?KJKIEOPO ?=J QOA. 2K
SD=P I=PD SEHH UKQ JAA@ BKN PDEO >KKG? 3DA =JOSAN EO: HEPPHA IKNA PD=J DECD O?DKKH =HCA>N= =J@ CN=LDO. 8KQ SEHH JAA@ PK
GJKS:
d 6D=P = BQJ?PEKJ EO
d 'KS PK EJPANLNAP PDA AMQ=PEKJ KB = HEJA (E.A., OHKLA =J@ EJPAN?ALP)
d 'KS PK I=JELQH=PA = HEJA (E.A., ?D=JCEJC PDA OHKLA KN PDA EJPAN?ALP)
d 'KS PK ?KILQPA =J@ EJPANLNAP = CNKSPD N=PA (E.A., LAN?AJP=CA ?D=JCA)
d 'KS PK NA=@ =J@ I=JELQH=PA = CN=LD
(J PDEO PATP, SA SEHH QOA PDA A=OEAOP I=PD LKOOE>HA, =J@ SA SEHH EJPNK@Q?A EP EJ PDEO =LLAJ@ET. 2K EB UKQ BEJ@ OKIA I=PD EJ PDA
>KKG PD=P UKQ ?=JJKP BKHHKS, ?KIA >=?G PK PDEO =LLAJ@ET PK NAREAS. +EGA IKOP PDEJCO, I=PD D=O @EIEJEODEJC NAPQNJO. HEPPHA
I=PD =>EHEPU CKAO = HKJC S=U; PDA IKNA =@R=J?A@ I=PD UKQ >NEJC EJ, PDA HAOO =@@EPEKJ=H GJKSHA@CA PD=P SEHH CAP UKQ. 3D=P
O=E@, EB UKQ =NA CKEJC PK I=FKN EJ A?KJKIE?O, UKQ ODKQH@ ?KJOE@AN HA=NJEJC = HEPPHA ?=H?QHQO. (P SEHH >A SKNPD UKQN SDEHA EJ
PANIO KB DAHLEJC UKQ HA=NJ =@R=J?A@ A?KJKIE?O IKNA MQE?GHU.
A?:85E4<6 &B78?F
.BPAJ A?KJKIE? IK@AHO (KN L=NPO KB IK@AHO) =NA ATLNAOOA@ EJ PANIO KB I=PDAI=PE?=H BQJ?PEKJO. 6D=P EO = BQJ?PEKJ?
BQJ?PEKJ @AO?NE>AO = NAH=PEKJODEL. 2KIAPEIAO PDA NAH=PEKJODEL EO = @ABEJEPEKJ. %KN AT=ILHA (QOEJC SKN@O), UKQN LNKBAOOKN EO
@=I 2IEPD. 3DEO ?KQH@ >A ATLNAOOA@ =O /NKBAOOKN = @=I 2IEPD. .N %NEAJ@O = !K> + 2D=SJ + ,=NC=NAP.
.BPAJ EJ A?KJKIE?O, BQJ?PEKJO @AO?NE>A ?=QOA =J@ ABBA?P. 3DA R=NE=>HA KJ PDA HABP-D=J@ OE@A EO SD=P EO >AEJC ATLH=EJA@
(cPDA ABBA?Pd). .J PDA NECDP-D=J@ OE@A EO SD=P EO @KEJC PDA ATLH=EJEJC (cPDA ?=QOAOd). %KN AT=ILHA, OQLLKOA UKQN &/ S=O
@APANIEJA@ =O BKHHKSO:
GPA = 0.25 combined_SAT + 0.25 class_attendance + 0.50 hours_spent_studying
3DEO AMQ=PEKJ OP=PAO PD=P UKQN &/ @ALAJ@O KJ PDNAA PDEJCO: UKQN ?KI>EJA@ 23 O?KNA, UKQN ?H=OO =PPAJ@=J?A, =J@ PDA
JQI>AN KB DKQNO UKQ OLAJ@ OPQ@UEJC. (P =HOK O=UO PD=P OPQ@U PEIA EO PSE?A =O EILKNP=JP (0.50) =O AEPDAN ?KI>EJA@<23 O?KNA
(0.25) KN ?H=OO<=PPAJ@=J?A (0.25). (B PDEO NAH=PEKJODEL EO PNQA, DKS ?KQH@ UKQ N=EOA UKQN &/? !U JKP OGELLEJC ?H=OO =J@
OPQ@UEJC IKNA. -KPA PD=P UKQ ?=JJKP @K =JUPDEJC =>KQP UKQN 23 O?KNA, OEJ?A EB UKQ =NA EJ ?KHHACA, UKQ D=RA (LNAOQI=>HU)
=HNA=@U P=GAJ PDA 23O.
.B ?KQNOA, A?KJKIE? IK@AHO ATLNAOO NAH=PEKJODELO QOEJC A?KJKIE? R=NE=>HAO, HEGA !Q@CAP = IKJAU<OLAJP<KJ<A?KJ<>KKGO
+ IKJAU<OLAJP<KJ<IQOE?, =OOQIEJC PD=P PDA KJHU PDEJCO UKQ >QU =NA A?KJKIE?O >KKGO =J@ IQOE?.
,KOP KB PDA NAH=PEKJODELO SA QOA EJ PDEO ?KQNOA =NA ATLNAOOA@ =O HEJA=N AMQ=PEKJO KB PDA BKNI:
y = b + mx
Expressing Equations Graphically
&N=LDO =NA QOABQH BKN PSK LQNLKOAO. 3DA BENOP EO PK ATLNAOO AMQ=PEKJO REOQ=HHU, =J@ PDA OA?KJ@ EO PK @EOLH=U OP=PEOPE?O KN @=P=.
3DEO OA?PEKJ SEHH @EO?QOO ATLNAOOEJC AMQ=PEKJO REOQ=HHU.
3K = I=PDAI=PE?E=J KN =J A?KJKIEOP, = R=NE=>HA EO PDA J=IA CERAJ PK = MQ=JPEPU PD=P I=U =OOQIA = N=JCA KB R=HQAO. (J PDA
AMQ=PEKJ KB = HEJA LNAOAJPA@ =>KRA, T =J@ U =NA PDA R=NE=>HAO, SEPD T KJ PDA DKNEVKJP=H =TEO =J@ U KJ PDA RANPE?=H =TEO, =J@
> =J@ I NALNAOAJPEJC B=?PKNO PD=P @APANIEJA PDA OD=LA KB PDA HEJA. 3K OAA DKS PDEO AMQ=PEKJ SKNGO, ?KJOE@AN = JQIANE?=H
AT=ILHA:
!00%.$)8 ! X 4(% 53% /& -!4(%-!4)#3 ). 02).#)0,%3 /& %#/./-)#3 461
y = 9 + 3x
(J PDEO AMQ=PEKJ BKN = OLA?EBE? HEJA, PDA > PANI D=O >AAJ OAP AMQ=H PK 9 =J@ PDA I PANI D=O >AAJ OAP AMQ=H PK 3. -45?8 A1 ODKSO
PDA R=HQAO KB T =J@ U BKN PDEO CERAJ AMQ=PEKJ. F<:HE8 A1 ODKSO PDEO AMQ=PEKJ, =J@ PDAOA R=HQAO, EJ = CN=LD. 3K ?KJOPNQ?P PDA
P=>HA, FQOP LHQC EJ = OANEAO KB @EBBANAJP R=HQAO BKN T, =J@ PDAJ ?=H?QH=PA SD=P R=HQA KB U NAOQHPO. (J PDA BECQNA, PDAOA LKEJPO =NA
LHKPPA@ =J@ = HEJA EO @N=SJ PDNKQCD PDAI.
K L
0 9
1 12
2 15
3 18
4 21
5 24
6 27
-45?8 A1 /4?H8F 9BE G;8 ,?BC8 "AG8E68CG EDH4G<BA
F<:HE8 A1 ,?BC8 4A7 G;8 A?:85E4 B9 ,GE4<:;G %<A8F 4EFP IFKB DO>ME E>P x LK QEB ELOFWLKQ>I >UFP >KA V LK QEB
SBOQF@>I >UFP. 4EB V-FKQBO@BMQ_QE>Q FP, QEB MLFKQ TEBOB QEB IFKB FKQBOPB@QP QEB V->UFP_FP 9. 4EB PILMB LC QEB IFKB FP
3; QE>Q FP, QEBOB FP > OFPB LC 3 LK QEB SBOQF@>I >UFP CLO BSBOV FK@OB>PB LC 1 LK QEB ELOFWLKQ>I >UFP. 4EB PILMB FP QEB
P>JB >II >ILKD > PQO>FDEQ IFKB.
3DEO AT=ILHA EHHQOPN=PAO DKS PDA > =J@ I PANIO EJ =J AMQ=PEKJ BKN = OPN=ECDP HEJA @APANIEJA PDA OD=LA KB PDA HEJA. 3DA > PANI
EO ?=HHA@ PDA U-EJPAN?ALP. 3DA NA=OKJ BKN PDEO J=IA EO PD=P, EB T = 0, PDAJ PDA > PANI SEHH NARA=H SDANA PDA HEJA EJPAN?ALPO, KN
?NKOOAO, PDA U-=TEO. (J PDEO AT=ILHA, PDA HEJA DEPO PDA RANPE?=H =TEO =P 9. 3DA I PANI EJ PDA AMQ=PEKJ BKN PDA HEJA EO PDA OHKLA.
1AIAI>AN PD=P OHKLA EO @ABEJA@ =O NEOA KRAN NQJ; IKNA OLA?EBE?=HHU, PDA OHKLA KB = HEJA BNKI KJA LKEJP PK =JKPDAN EO PDA ?D=JCA
EJ PDA RANPE?=H =TEO @ERE@A@ >U PDA ?D=JCA EJ PDA DKNEVKJP=H =TEO. (J PDEO AT=ILHA, A=?D PEIA PDA T PANI EJ?NA=OAO >U KJA (PDA
NQJ), PDA U PANI NEOAO >U PDNAA. 3DQO, PDA OHKLA KB PDEO HEJA EO PDNAA. 2LA?EBUEJC = U-EJPAN?ALP =J@ = OHKLA`PD=P EO, OLA?EBUEJC
> =J@ I EJ PDA AMQ=PEKJ BKN = HEJA`SEHH E@AJPEBU = OLA?EBE? HEJA. HPDKQCD EP EO N=NA BKN NA=H-SKNH@ @=P= LKEJPO PK =NN=JCA
PDAIOAHRAO =O =J AT=?P OPN=ECDP HEJA, EP KBPAJ PQNJO KQP PD=P = OPN=ECDP HEJA ?=J KBBAN = NA=OKJ=>HA =LLNKTEI=PEKJ KB =?PQ=H @=P=.
Interpreting the Slope
3DA ?KJ?ALP KB OHKLA EO RANU QOABQH EJ A?KJKIE?O, >A?=QOA EP IA=OQNAO PDA NAH=PEKJODEL >APSAAJ PSK R=NE=>HAO. LKOEPERA
OHKLA IA=JO PD=P PSK R=NE=>HAO =NA LKOEPERAHU NAH=PA@; PD=P EO, SDAJ T EJ?NA=OAO, OK @KAO U, KN SDAJ T @A?NA=OAO, U @A?NA=OAO
=HOK. &N=LDE?=HHU, = LKOEPERA OHKLA IA=JO PD=P =O = HEJA KJ PDA HEJA CN=LD IKRAO BNKI HABP PK NECDP, PDA HEJA NEOAO. 3DA HAJCPD-
SAECDP NAH=PEKJODEL, ODKSJ EJ F<:HE8 A3 H=PAN EJ PDEO LLAJ@ET, D=O = LKOEPERA OHKLA. 6A SEHH HA=NJ EJ KPDAN ?D=LPANO PD=P
LNE?A =J@ MQ=JPEPU OQLLHEA@ D=RA = LKOEPERA NAH=PEKJODEL; PD=P EO, BENIO SEHH OQLLHU IKNA SDAJ PDA LNE?A EO DECDAN.
JAC=PERA OHKLA IA=JO PD=P PSK R=NE=>HAO =NA JAC=PERAHU NAH=PA@; PD=P EO, SDAJ T EJ?NA=OAO, U @A?NA=OAO, KN SDAJ T @A?NA=OAO,
U EJ?NA=OAO. &N=LDE?=HHU, = JAC=PERA OHKLA IA=JO PD=P, =O PDA HEJA KJ PDA HEJA CN=LD IKRAO BNKI HABP PK NECDP, PDA HEJA B=HHO.
462 !00%.$)8 ! X 4(% 53% /& -!4(%-!4)#3 ). 02).#)0,%3 /& %#/./-)#3
3DA =HPEPQ@A-=EN @AJOEPU NAH=PEKJODEL, ODKSJ EJ F<:HE8 A4 H=PAN EJ PDEO =LLAJ@ET, D=O = JAC=PERA OHKLA. 6A SEHH HA=NJ PD=P
LNE?A =J@ MQ=JPEPU @AI=J@A@ D=RA = JAC=PERA NAH=PEKJODEL; PD=P EO, ?KJOQIANO SEHH LQN?D=OA HAOO SDAJ PDA LNE?A EO DECDAN.
OHKLA KB VANK IA=JO PD=P PDANA EO JK NAH=PEKJODEL >APSAAJ T =J@ U. &N=LDE?=HHU, PDA HEJA EO BH=P; PD=P EO, VANK NEOA KRAN PDA
NQJ. F<:HE8 A5 KB PDA QJAILHKUIAJP N=PA, ODKSJ H=PAN EJ PDEO =LLAJ@ET, EHHQOPN=PAO = ?KIIKJ L=PPANJ KB I=JU HEJA CN=LDO:
OKIA OACIAJPO SDANA PDA OHKLA EO LKOEPERA, KPDAN OACIAJPO SDANA PDA OHKLA EO JAC=PERA, =J@ OPEHH KPDAN OACIAJPO SDANA PDA
OHKLA EO ?HKOA PK VANK.
3DA OHKLA KB = OPN=ECDP HEJA >APSAAJ PSK LKEJPO ?=J >A ?=H?QH=PA@ EJ JQIANE?=H PANIO. 3K ?=H?QH=PA OHKLA, >ACEJ >U
@AOECJ=PEJC KJA LKEJP =O PDA cOP=NPEJC LKEJPd =J@ PDA KPDAN LKEJP =O PDA cAJ@ LKEJPd =J@ PDAJ ?=H?QH=PEJC PDA NEOA KRAN NQJ
>APSAAJ PDAOA PSK LKEJPO. O =J AT=ILHA, ?KJOE@AN PDA OHKLA KB PDA =EN @AJOEPU CN=LD >APSAAJ PDA LKEJPO NALNAOAJPEJC =J
=HPEPQ@A KB 4,000 IAPANO =J@ =J =HPEPQ@A KB 6,000 IAPANO:
1EOA: "D=JCA EJ R=NE=>HA KJ RANPE?=H =TEO (AJ@ LKEJP IEJQO KNECEJ=H LKEJP)
= 0.100 0.307
= 0.207
1QJ: "D=JCA EJ R=NE=>HA KJ DKNEVKJP=H =TEO (AJ@ LKEJP IEJQO KNECEJ=H LKEJP)
= 6,000 4,000
= 2,000
3DQO, PDA OHKLA KB = OPN=ECDP HEJA >APSAAJ PDAOA PSK LKEJPO SKQH@ >A PD=P BNKI PDA =HPEPQ@A KB 4,000 IAPANO QL PK 6,000
IAPANO, PDA @AJOEPU KB PDA =EN @A?NA=OAO >U =LLNKTEI=PAHU 0.1 GEHKCN=IO/?Q>E? IAPAN BKN A=?D KB PDA JATP 1,000 IAPANO
2QLLKOA PDA OHKLA KB = HEJA SANA PK EJ?NA=OA. &N=LDE?=HHU, PD=P IA=JO EP SKQH@ CAP OPAALAN. 2QLLKOA PDA OHKLA KB = HEJA SANA
PK @A?NA=OA. 3DAJ EP SKQH@ CAP BH=PPAN. 3DAOA ?KJ@EPEKJO =NA PNQA SDAPDAN KN JKP PDA OHKLA S=O LKOEPERA KN JAC=PERA PK >ACEJ
SEPD. DECDAN LKOEPERA OHKLA IA=JO = OPAALAN QLS=N@ PEHP PK PDA HEJA, SDEHA = OI=HHAN LKOEPERA OHKLA IA=JO = BH=PPAN QLS=N@
PEHP PK PDA HEJA. JAC=PERA OHKLA PD=P EO H=NCAN EJ =>OKHQPA R=HQA (PD=P EO, IKNA JAC=PERA) IA=JO = OPAALAN @KSJS=N@ PEHP PK PDA
HEJA. OHKLA KB VANK EO = DKNEVKJP=H BH=P HEJA. RANPE?=H HEJA D=O =J EJBEJEPA OHKLA.
2QLLKOA = HEJA D=O = H=NCAN EJPAN?ALP. &N=LDE?=HHU, PD=P IA=JO EP SKQH@ ODEBP KQP (KN QL) BNKI PDA KH@ KNECEJ, L=N=HHAH PK PDA
KH@ HEJA. (B = HEJA D=O = OI=HHAN EJPAN?ALP, EP SKQH@ ODEBP EJ (KN @KSJ), L=N=HHAH PK PDA KH@ HEJA.
Solving Models with Algebra
$?KJKIEOPO KBPAJ QOA IK@AHO PK =JOSAN = OLA?EBE? MQAOPEKJ, HEGA: 6D=P SEHH PDA QJAILHKUIAJP N=PA >A EB PDA A?KJKIU CNKSO
=P 3% LAN UA=N? JOSANEJC OLA?EBE? MQAOPEKJO NAMQENAO OKHREJC PDA cOUOPAId KB AMQ=PEKJO PD=P NALNAOAJP PDA IK@AH.
2QLLKOA PDA @AI=J@ BKN LANOKJ=H LEVV=O EO CERAJ >U PDA BKHHKSEJC AMQ=PEKJ:
Qd = 16 2P
SDANA 0@ EO PDA =IKQJP KB LANOKJ=H LEVV=O ?KJOQIANO S=JP PK >QU (E.A., MQ=JPEPU @AI=J@A@), =J@ / EO PDA LNE?A KB LEVV=O.
2QLLKOA PDA OQLLHU KB LANOKJ=H LEVV=O EO:
Qs = 2 + 5P
SDANA 0O EO PDA =IKQJP KB LEVV= LNK@Q?ANO SEHH OQLLHU (E.A., MQ=JPEPU OQLLHEA@).
%EJ=HHU, OQLLKOA PD=P PDA LANOKJ=H LEVV= I=NGAP KLAN=PAO SDANA OQLLHU AMQ=HO @AI=J@, KN
Qd = Qs
6A JKS D=RA = OUOPAI KB PDNAA AMQ=PEKJO =J@ PDNAA QJGJKSJO (0@, 0O, =J@ /), SDE?D SA ?=J OKHRA SEPD =HCA>N=:
2EJ?A 0@ = 0O, SA ?=J OAP PDA @AI=J@ =J@ OQLLHU AMQ=PEKJ AMQ=H PK A=?D KPDAN:
Qd = Qs
16 2P = 2 + 5P
2Q>PN=?PEJC 2 BNKI >KPD OE@AO =J@ =@@EJC 2/ PK >KPD OE@AO UEAH@O:
16 2P 2 = 2 + 5P 2
14 2P = 5P
14 2P + 2P = 5P + 2P
14 = 7P
14
7
=
7P
7
2 = P
(J KPDAN SKN@O, PDA LNE?A KB A=?D LANOKJ=H LEVV= SEHH >A $2. 'KS IQ?D SEHH ?KJOQIANO >QU?
3=GEJC PDA LNE?A KB $2, =J@ LHQCCEJC EP EJPK PDA @AI=J@ AMQ=PEKJ, SA CAP:
!00%.$)8 ! X 4(% 53% /& -!4(%-!4)#3 ). 02).#)0,%3 /& %#/./-)#3 463
Qd = 16 2P
= 16 2(2)
= 16 4
= 12
2K EB PDA LNE?A EO $2 A=?D, ?KJOQIANO SEHH LQN?D=OA 12. 'KS IQ?D SEHH LNK@Q?ANO OQLLHU? 3=GEJC PDA LNE?A KB $2, =J@
LHQCCEJC EP EJPK PDA OQLLHU AMQ=PEKJ, SA CAP:
Qs = 2 + 5P
= 2 + 5(2)
= 2 + 10
= 12
2K EB PDA LNE?A EO $2 A=?D, LNK@Q?ANO SEHH OQLLHU 12 LANOKJ=H LEVV=O. 3DEO IA=JO SA @E@ KQN I=PD ?KNNA?PHU, OEJ?A 0@ = 0O.
Solving Models with Graphs
(B =HCA>N= EO JKP UKQN BKNPA, UKQ ?=J CAP PDA O=IA =JOSAN >U QOEJC CN=LDO. 3=GA PDA AMQ=PEKJO BKN 0@ =J@ 0O =J@ CN=LD PDAI
KJ PDA O=IA OAP KB =TAO =O ODKSJ EJ F<:HE8 A2. 2EJ?A / EO KJ PDA RANPE?=H =TEO, EP EO A=OEAOP EB UKQ OKHRA A=?D AMQ=PEKJ BKN
/. 3DA @AI=J@ ?QNRA EO PDAJ / = 8 _ 0.50O =J@ PDA @AI=J@ ?QNRA EO / = _0.4 + 0.20@. -KPA PD=P PDA RANPE?=H EJPAN?ALPO =NA
8 =J@ _0.4, =J@ PDA OHKLAO =NA _0.5 BKN @AI=J@ =J@ 0.2 BKN OQLLHU. (B UKQ @N=S PDA CN=LDO ?=NABQHHU, UKQ SEHH OAA PD=P SDANA
PDAU ?NKOO (0O = 0@), PDA LNE?A EO $2 =J@ PDA MQ=JPEPU EO 12, FQOP HEGA PDA =HCA>N= LNA@E?PA@.
F<:HE8 A2 ,HCC?L 4A7 D8@4A7 E4C; 4EB BNR>QFLKP CLO 1A >KA 1P >OB AFPMI>VBA DO>MEF@>IIV ?V QEB PILMBA
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MQ=JPEPU. (P ?KQH@ >A UKQN EJ?KIA. (P ?KQH@ >A = >QOEJAOObO O=HAO. (P ?KQH@ >A = J=PEKJbO &#/. 3DA BKNIQH= BKN ?KILQPEJC =
CNKSPD N=PA EO OPN=ECDPBKNS=N@:
Percentage change =
Change in quantity
Quantity
2QLLKOA UKQN FK> L=UO $10 LAN DKQN. 8KQN >KOO, DKSARAN, EO OK EILNAOOA@ SEPD UKQN SKNG PD=P DA CERAO UKQ = $2 LAN DKQN
N=EOA. 3DA LAN?AJP=CA ?D=JCA (KN CNKSPD N=PA) EJ UKQN L=U EO $2/$10 = 0.20 KN 20%.
3K ?KILQPA PDA CNKSPD N=PA BKN @=P= KRAN =J ATPAJ@A@ LANEK@ KB PEIA, BKN AT=ILHA, PDA =RAN=CA =JJQ=H CNKSPD EJ &#/ KRAN =
@A?=@A KN IKNA, PDA @AJKIEJ=PKN EO ?KIIKJHU @ABEJA@ = HEPPHA @EBBANAJPHU. (J PDA LNAREKQO AT=ILHA, SA @ABEJA@ PDA MQ=JPEPU
=O PDA EJEPE=H MQ=JPEPU`KN PDA MQ=JPEPU SDAJ SA OP=NPA@. 3DEO EO BEJA BKN = KJA-PEIA ?=H?QH=PEKJ, >QP SDAJ SA ?KILQPA PDA
CNKSPD KRAN =J@ KRAN, EP I=GAO IKNA OAJOA PK @ABEJA PDA MQ=JPEPU =O PDA =RAN=CA MQ=JPEPU KRAN PDA LANEK@ EJ MQAOPEKJ, SDE?D
EO @ABEJA@ =O PDA MQ=JPEPU D=HBS=U >APSAAJ PDA EJEPE=H MQ=JPEPU =J@ PDA JATP MQ=JPEPU. 3DEO EO D=N@AN PK ATLH=EJ EJ SKN@O
PD=J PK ODKS SEPD =J AT=ILHA. 2QLLKOA = J=PEKJbO &#/ S=O $1 PNEHHEKJ EJ 2005 =J@ $1.03 PNEHHEKJ EJ 2006. 3DA CNKSPD N=PA
>APSAAJ 2005 =J@ 2006 SKQH@ >A PDA ?D=JCA EJ &#/ ($1.03 PNEHHEKJ _ $1.00 PNEHHEKJ) @ERE@A@ >U PDA =RAN=CA &#/ >APSAAJ
2005 =J@ 2006 ($1.03 PNEHHEKJ + $1.00 PNEHHEKJ)/2. (J KPDAN SKN@O:
464 !00%.$)8 ! X 4(% 53% /& -!4(%-!4)#3 ). 02).#)0,%3 /& %#/./-)#3
=
$1.03 trillion $1.00 trillion
($1.03 trillion + $1.00 trillion) / 2
=
0.03
1.015
= 0.0296
= 2.96% growth
-KPA PD=P EB SA QOA@ PDA BENOP IAPDK@, PDA ?=H?QH=PEKJ SKQH@ >A ($1.03 PNEHHEKJ _ $1.00 PNEHHEKJ) / $1.00 PNEHHEKJ = 3% CNKSPD,
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IAPDK@. (B UKQ JAA@ =??QN=?U, QOA PDA OA?KJ@ IAPDK@.
BAS PDEJCO PK NAIAI>AN: LKOEPERA CNKSPD N=PA IA=JO PDA MQ=JPEPU EO CNKSEJC. OI=HHAN CNKSPD N=PA IA=JO PDA MQ=JPEPU
EO CNKSEJC IKNA OHKSHU. H=NCAN CNKSPD N=PA IA=JO PDA MQ=JPEPU EO CNKSEJC IKNA MQE?GHU. JAC=PERA CNKSPD N=PA IA=JO
PDA MQ=JPEPU EO @A?NA=OEJC.
3DA O=IA ?D=JCA KRAN PEIAO UEAH@O = OI=HHAN CNKSPD N=PA. (B UKQ CKP = $2 N=EOA A=?D UA=N, EJ PDA BENOP UA=N PDA CNKSPD N=PA
SKQH@ >A $2/$10 = 20%, =O ODKSJ =>KRA. !QP EJ PDA OA?KJ@ UA=N, PDA CNKSPD N=PA SKQH@ >A $2/$12 = 0.167 KN 16.7% CNKSPD.
(J PDA PDEN@ UA=N, PDA O=IA $2 N=EOA SKQH@ ?KNNAOLKJ@ PK = $2/$14 = 14.2%. 3DA IKN=H KB PDA OPKNU EO PDEO: 3K GAAL PDA CNKSPD
N=PA PDA O=IA, PDA ?D=JCA IQOP EJ?NA=OA A=?D LANEK@.
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%KN AT=ILHA, SDE?D ?KQJPNEAO D=RA H=NCAN KN OI=HHAN LKLQH=PEKJO? ?=NABQH NA=@AN ?KQH@ AT=IEJA = HKJC HEOP KB JQI>ANO
NALNAOAJPEJC PDA LKLQH=PEKJO KB I=JU ?KQJPNEAO, >QP SEPD KRAN 200 J=PEKJO EJ PDA SKNH@, OA=N?DEJC PDNKQCD OQ?D = HEOP SKQH@
P=GA ?KJ?AJPN=PEKJ =J@ PEIA. /QPPEJC PDAOA O=IA JQI>ANO KJ = CN=LD ?=J MQE?GHU NARA=H LKLQH=PEKJ L=PPANJO. $?KJKIEOPO
QOA CN=LDO >KPD BKN = ?KIL=?P =J@ NA=@=>HA LNAOAJP=PEKJ KB CNKQLO KB JQI>ANO =J@ BKN >QEH@EJC =J EJPQEPERA CN=OL KB
NAH=PEKJODELO =J@ ?KJJA?PEKJO.
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LNKRE@A S=NJEJCO =>KQP DKS CN=LDO ?=J >A I=JELQH=PA@ PK =HPAN REASANOb LAN?ALPEKJO KB PDA NAH=PEKJODELO EJ PDA @=P=.
Line Graphs
3DA CN=LDO SA D=RA @EO?QOOA@ OK B=N =NA ?=HHA@ HEJA CN=LDO, >A?=QOA PDAU ODKS = NAH=PEKJODEL >APSAAJ PSK R=NE=>HAO: KJA
IA=OQNA@ KJ PDA DKNEVKJP=H =TEO =J@ PDA KPDAN IA=OQNA@ KJ PDA RANPE?=H =TEO.
2KIAPEIAO EP EO QOABQH PK ODKS IKNA PD=J KJA OAP KB @=P= KJ PDA O=IA =TAO. 3DA @=P= EJ -45?8 A2 EO @EOLH=UA@ EJ F<:HE8 A3
SDE?D ODKSO PDA NAH=PEKJODEL >APSAAJ PSK R=NE=>HAO: HAJCPD =J@ IA@E=J SAECDP BKN IANE?=J >=>U >KUO =J@ CENHO @QNEJC PDA
BENOP PDNAA UA=NO KB HEBA. (3DA IA@E=J IA=JO PD=P D=HB KB =HH >=>EAO SAECD IKNA PD=J PDEO =J@ D=HB SAECD HAOO.) 3DA HEJA CN=LD
IA=OQNAO HAJCPD EJ EJ?DAO KJ PDA DKNEVKJP=H =TEO =J@ SAECDP EJ LKQJ@O KJ PDA RANPE?=H =TEO. %KN AT=ILHA, LKEJP KJ PDA
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PDA HAJCPD-SAECDP NAH=PEKJODEL BKN >KUO =J@ PDA KPDAN HEJA ODKSO PDA NAH=PEKJODEL BKN CENHO. 3DEO GEJ@ KB CN=LD EO SE@AHU QOA@
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OBI>QFLKPEFM ?BQTBBK EBFDEQ >KA TBFDEQ CLO ?LVP >KA DFOIP COLJ ?FOQE QL 3 VB>OP. 0LFKQ !, CLO BU>JMIB, PELTP QE>Q
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QEB SBOQF@>I >UFP). 4EBPB A>Q> >MMIV LKIV QL @EFIAOBK FK QEB CFOPQ QEOBB VB>OP LC IFCB.
BBLF 9EB@ B<EG; GB 36 &BAG;F <E?F 9EB@ B<EG; GB 36 &BAG;F
,BKDQE (FK@EBP) 7BFDEQ (MLRKAP) ,BKDQE (FK@EBP) 7BFDEQ (MLRKAP)
20.0 8.0 20.0 7.9
22.0 10.5 22.0 10.5
24.0 13.5 24.0 13.2
26.0 16.4 26.0 16.0
28.0 19.0 28.0 18.8
30.0 21.8 30.0 21.2
32.0 24.3 32.0 24.0
34.0 27.0 34.0 26.2
36.0 29.3 36.0 28.9
38.0 32.0 38.0 31.3
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= >KT IA=OQNEJC KJA IAPAN EJ DAECDP, SE@PD, =J@ @ALPD). O PDA CN=LD ODKSO, =EN LNAOOQNA EO DA=REAOP =P CNKQJ@ HARAH =J@
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JB>PROBA FK JBQBOP >?LSB PB> IBSBI, >KA >FO ABKPFQV, JB>PROBA FK HFILDO>JP LC >FO MBO @R?F@ JBQBO. !P >IQFQRAB
OFPBP, >FO ABKPFQV AB@IFKBP. 4EB MLFKQ >Q QEB QLM LC -LRKQ %SBOBPQ E>P >K >IQFQRAB LC >MMOLUFJ>QBIV 8,828 JBQBOP
>?LSB PB> IBSBI (QEB ELOFWLKQ>I >UFP) >KA >FO ABKPFQV LC 0.023 HFILDO>JP MBO @R?F@ JBQBO (QEB SBOQF@>I >UFP).
A?G<GH78 (@8G8EF) A<E D8AF<GL (>:/6H5<6 @8G8EF)
0 1.200
500 1.093
1,000 0.831
1,500 0.678
2,000 0.569
2,500 0.484
3,000 0.415
3,500 0.357
4,000 0.307
4,500 0.231
5,000 0.182
5,500 0.142
6,000 0.100
6,500 0.085
7,000 0.066
7,500 0.051
8,000 0.041
8,500 0.025
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A?G<GH78 (@8G8EF) A<E D8AF<GL (>:/6H5<6 @8G8EF)
9,000 0.022
9,500 0.019
10,000 0.014
-45?8 A3 A?G<GH78 GB A<E D8AF<GL +8?4G<BAF;<C
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PULE?=H L=PPANJO. 3DA OPQ@U KB OP=PEOPE?O, AOLA?E=HHU SDAJ ?KI>EJA@ SEPD ?KILQPAN OP=PEOPE?O =J@ OLNA=@ODAAP LNKCN=IO, EO =
CNA=P DAHL EJ KNC=JEVEJC PDEO GEJ@ KB @=P=, LHKPPEJC HEJA CN=LDO, =J@ HKKGEJC BKN PULE?=H QJ@ANHUEJC NAH=PEKJODELO. %KN IKOP
A?KJKIE?O =J@ OK?E=H O?EAJ?A I=FKNO, = OP=PEOPE?O ?KQNOA SEHH >A NAMQENA@ =P OKIA LKEJP.
.JA ?KIIKJ HEJA CN=LD EO ?=HHA@ = PEIA OANEAO, EJ SDE?D PDA DKNEVKJP=H =TEO ODKSO PEIA =J@ PDA RANPE?=H =TEO @EOLH=UO =JKPDAN
R=NE=>HA. 3DQO, = PEIA OANEAO CN=LD ODKSO DKS = R=NE=>HA ?D=JCAO KRAN PEIA. F<:HE8 A5 ODKSO PDA QJAILHKUIAJP N=PA EJ
PDA 4JEPA@ 2P=PAO OEJ?A 1975, SDANA QJAILHKUIAJP EO @ABEJA@ =O PDA LAN?AJP=CA KB =@QHPO SDK S=JP FK>O =J@ =NA HKKGEJC
BKN = FK>, >QP ?=JJKP BEJ@ KJA. 3DA LKEJPO BKN PDA QJAILHKUIAJP N=PA EJ A=?D UA=N =NA LHKPPA@ KJ PDA CN=LD, =J@ = HEJA PDAJ
?KJJA?PO PDA LKEJPO, ODKSEJC DKS PDA QJAILHKUIAJP N=PA D=O IKRA@ QL =J@ @KSJ OEJ?A 1975. 3DA HEJA CN=LD I=GAO EP
A=OU PK OAA, BKN AT=ILHA, PD=P PDA DECDAOP QJAILHKUIAJP N=PA @QNEJC PDEO PEIA LANEK@ S=O OHECDPHU HAOO PD=J 10% EJ PDA A=NHU
1980O, SDEHA PDA QJAILHKUIAJP N=PA @A?HEJA@ BNKI PDA A=NHU 1990O PK PDA AJ@ KB PDA 1990O, >ABKNA NEOEJC =J@ PDAJ B=HHEJC
>=?G EJ PDA A=NHU 2000O, =J@ PDAJ NEOEJC OD=NLHU @QNEJC PDA NA?AOOEKJ BNKI 2008_2009.
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RKBJMILVJBKQ.
Pie Graphs
LEA CN=LD (OKIAPEIAO ?=HHA@ = LEA ?D=NP) EO QOA@ PK ODKS DKS =J KRAN=HH PKP=H EO @ERE@A@ EJPK L=NPO. ?EN?HA NALNAOAJPO =
CNKQL =O = SDKHA. 3DA OHE?AO KB PDEO ?EN?QH=N cLEAd ODKS PDA NAH=PERA OEVAO KB OQ>CNKQLO.
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=J@ SD=P EO LNKFA?PA@ BKN 2030. 3DA EJBKNI=PEKJ EO BENOP ?KJRAUA@ SEPD JQI>ANO EJ -45?8 A4, =J@ PDAJ EJ PDNAA LEA ?D=NPO.
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JQI>AN ODKSO PDA =?PQ=H JQI>AN KB LAKLHA EJ A=?D =CA ?=PACKNU, SDEHA PDA JQI>AN EJ L=NAJPDAOAO ODKSO PDA LAN?AJP=CA KB
PDA PKP=H LKLQH=PEKJ ?KILNEOA@ >U PD=P =CA CNKQL.
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1970 205.0 JFIIFLK 77.2 (37.6%) 107.7 (52.5%) 20.1 (9.8%)
-45?8 A4 ..,. A:8 D<FGE<5HG<BA, 1970, 2000, 4A7 2030 (CEB=86G87)
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284E -BG4? )BCH?4G<BA 19 4A7 .A78E 20P64 L84EF (I8E 65
2000 275.4 JFIIFLK 78.4 (28.5%) 162.2 (58.9%) 34.8 (12.6%)
2030 351.1 JFIIFLK 92.6 (26.4%) 188.2 (53.6%) 70.3 (20.0%)
-45?8 A4 ..,. A:8 D<FGE<5HG<BA, 1970, 2000, 4A7 2030 (CEB=86G87)
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LEA =J@ 20% SKQH@ >A KJA-BEBPD KB PDA LEA. 3DA PDNAA LEA CN=LDO EJ F<:HE8 A6 ODKS PD=P PDA OD=NA KB PDA 4.2. LKLQH=PEKJ
65 =J@ KRAN EO CNKSEJC. 3DA LEA CN=LDO =HHKS UKQ PK CAP = BAAH BKN PDA NAH=PERA OEVA KB PDA @EBBANAJP =CA CNKQLO BNKI 1970
PK 2000 PK 2030, SEPDKQP NAMQENEJC UKQ PK OHKC PDNKQCD PDA OLA?EBE? JQI>ANO =J@ LAN?AJP=CAO EJ PDA P=>HA. 2KIA ?KIIKJ
AT=ILHAO KB DKS LEA CN=LDO =NA QOA@ EJ?HQ@A @ERE@EJC PDA LKLQH=PEKJ EJPK CNKQLO >U =CA, EJ?KIA HARAH, APDJE?EPU, NAHECEKJ,
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OLAJ@EJC KN P=TAO EJPK EPO I=EJ ?=PACKNEAO.
Bar Graphs
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Comparing Line Graphs with Pie Charts and Bar Graphs
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How Graphs Can Be Misleading
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BUMBKAFQROB IFKB (!% IFKB) @OLPPBP QEB 45-ABDOBB IFKB. 'FSBK >IDB?O>F@ BNR>QFLKP CLO QTL IFKBP, QEB MLFKQ
TEBOB QEBV @OLPP @>K ?B OB>AFIV @>I@RI>QBA. )J>DFKB >K B@LKLJV TFQE QEB CLIILTFKD @E>O>@QBOFPQF@P.
9 = 2B>I '$0 LO K>QFLK>I FK@LJB
4 = 4>UBP = 0.39
# = #LKPRJMQFLK = 140 + 0.9(9 ^ 4)
) = )KSBPQJBKQ = 400
' = 'LSBOKJBKQ PMBKAFKD = 800
8 = %UMLOQP = 600
- = )JMLOQP = 0.159
3QBM 1. $BQBOJFKB QEB >DDOBD>QB BUMBKAFQROB CRK@QFLK. )K QEFP @>PB, FQ FP:
AE = C + I + G + X M
AE = 140 + 0.9(Y T) + 400 + 800 + 600 0.15Y
3QBM 2. 4EB BNR>QFLK CLO QEB 45-ABDOBB IFKB FP QEB PBQ LC MLFKQP TEBOB '$0 LO K>QFLK>I FK@LJB LK
QEB ELOFWLKQ>I >UFP FP BNR>I QL >DDOBD>QB BUMBKAFQROB LK QEB SBOQF@>I >UFP. 4ERP, QEB BNR>QFLK CLO QEB
45-ABDOBB IFKB FP: !% = 9.
3QBM 3. 4EB KBUQ PQBM FP QL PLISB QEBPB QTL BNR>QFLKP CLO 9 (LO !%, PFK@B QEBV TFII ?B BNR>I QL B>@E LQEBO).
3R?PQFQRQB 9 CLO !%:
Y = 140 + 0.9(Y T) + 400 + 800 + 600 0.15Y
482 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
3QBM 4. )KPBOQ QEB QBOJ 0.39 CLO QEB Q>U O>QB 4. 4EFP MOLAR@BP >K BNR>QFLK TFQE LKIV LKB S>OF>?IB, 9.
3QBM 5. 7LOH QEOLRDE QEB >IDB?O> >KA PLISB CLO 9.
Y = 140 + 0.9(Y 0.3Y) + 400 + 800 + 600 0.15Y
Y = 140 + 0.9Y 0.27Y + 1800 0.15Y
Y = 1940 + 0.48Y
Y 0.48Y = 1940
0.52Y = 1940
0.52Y
0.52
=
1940
0.52
Y = 3730
4EFP >IDB?O>F@ CO>JBTLOH FP CIBUF?IB >KA RPBCRI FK MOBAF@QFKD ELT B@LKLJF@ BSBKQP >KA MLIF@V >@QFLKP TFII
>CCB@Q OB>I '$0.
3QBM 6. 3>V, CLO BU>JMIB, QE>Q ?B@>RPB LC @E>KDBP FK QEB OBI>QFSB MOF@BP LC ALJBPQF@ >KA CLOBFDK
DLLAP, QEB J>ODFK>I MOLMBKPFQV QL FJMLOQ C>IIP QL 0.1. #>I@RI>QB QEB BNRFIF?OFRJ LRQMRQ TEBK QEB J>ODFK>I
MOLMBKPFQV QL FJMLOQ FP @E>KDBA QL 0.1.
Y = 140 + 0.9(Y 0.3Y) + 400 + 800 + 600 0.1Y
Y = 1940 0.53Y
0.47Y = 1940
Y = 4127
3QBM 7. "B@>RPB LC > PRODB LC ?RPFKBPP @LKCFABK@B, FKSBPQJBKQ OFPBP QL 500. #>I@RI>QB QEB BNRFIF?OFRJ
LRQMRQ.
Y = 140 + 0.9(Y 0.3Y) + 500 + 800 + 600 0.15Y
Y = 2040 + 0.48Y
Y 0.48Y = 2040
0.52Y = 2040
Y = 3923
&LO FPPRBP LC MLIF@V, QEB HBV NRBPQFLKP TLRIA ?B ELT QL >AGRPQ DLSBOKJBKQ PMBKAFKD IBSBIP LO Q>U
O>QBP PL QE>Q QEB BNRFIF?OFRJ IBSBI LC LRQMRQ FP QEB CRII BJMILVJBKQ IBSBI. )K QEFP @>PB, IBQ QEB B@LKLJF@
M>O>JBQBOP ?B:
9 = .>QFLK>I FK@LJB
4 = 4>UBP = 0.39
# = #LKPRJMQFLK = 200 + 0.9(9 ^ 4)
) = )KSBPQJBKQ = 600
' = 'LSBOKJBKQ PMBKAFKD = 1,000
8 = %UMLOQP = 600
9 = )JMLOQP = 0.1(9 ^ 4)
3QBM 8. #>I@RI>QB QEB BNRFIF?OFRJ CLO QEFP B@LKLJV (OBJBJ?BO 9 + !%).
Y = 200 + 0.9(Y 0.3Y) + 600 + 1000 + 600 0.1(Y 0.3Y)
Y 0.63Y + 0.07Y = 2400
0.44Y = 2400
Y = 5454
3QBM 9. !PPRJB QE>Q QEB CRII BJMILVJBKQ IBSBI LC LRQMRQ FP 6,000. 7E>Q IBSBI LC DLSBOKJBKQ PMBKAFKD
TLRIA ?B KB@BPP>OV QL OB>@E QE>Q IBSBI? 4L >KPTBO QEFP NRBPQFLK, MIRD FK 6,000 >P BNR>I QL 9, ?RQ IB>SB
' >P > S>OF>?IB, >KA PLISB CLO '. 4ERP:
6000 = 200 + 0.9(6000 0.3(6000)) + 600 + G + 600 0.1(6000 0.3(6000))
3QBM 10. 3LISB QEFP MOL?IBJ >OFQEJBQF@>IIV. 4EB >KPTBO FP: ' = 1,240. )K LQEBO TLOAP, FK@OB>PFKD
DLSBOKJBKQ PMBKAFKD ?V 240, COLJ FQP LOFDFK>I IBSBI LC 1,000, QL 1,240, TLRIA O>FPB LRQMRQ QL QEB CRII
BJMILVJBKQ IBSBI LC '$0.
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 483
)KABBA, QEB NRBPQFLK LC ELT JR@E QL FK@OB>PB DLSBOKJBKQ PMBKAFKD PL QE>Q BNRFIF?OFRJ LRQMRQ TFII OFPB
COLJ 5,454 QL 6,000 @>K ?B >KPTBOBA TFQELRQ TLOHFKD QEOLRDE QEB >IDB?O>, GRPQ ?V RPFKD QEB JRIQFMIFBO
CLOJRI>. 4EB JRIQFMIFBO BNR>QFLK FK QEFP @>PB FP:
1
1 0.56
= 2.27
4ERP, QL O>FPB LRQMRQ ?V 546 TLRIA OBNRFOB >K FK@OB>PB FK DLSBOKJBKQ PMBKAFKD LC 546/2.27=240, TEF@E
FP QEB P>JB >P QEB >KPTBO ABOFSBA COLJ QEB >IDB?O>F@ @>I@RI>QFLK.
4EFP >IDB?O>F@ CO>JBTLOH FP EFDEIV CIBUF?IB. &LO BU>JMIB, Q>UBP @>K ?B QOB>QBA >P > QLQ>I PBQ ?V MLIFQF@>I
@LKPFABO>QFLKP (IFHB DLSBOKJBKQ PMBKAFKD) >KA KLQ ABMBKABKQ LK K>QFLK>I FK@LJB. )JMLOQP JFDEQ ?B
?>PBA LK ?BCLOB-Q>U FK@LJB, KLQ >CQBO-Q>U FK@LJB. &LO @BOQ>FK MROMLPBP, FQ J>V ?B EBIMCRI QL >K>IVWB
QEB B@LKLJV TFQELRQ BUMLOQP >KA FJMLOQP. ! JLOB @LJMIF@>QBA >MMOL>@E @LRIA AFSFAB RM @LKPRJMQFLK,
FKSBPQJBKQ, DLSBOKJBKQ, BUMLOQP >KA FJMLOQP FKQL PJ>IIBO @>QBDLOFBP, LO QL ?RFIA FK PLJB S>OF>?FIFQV FK QEB
O>QBP LC Q>UBP, P>SFKDP, >KA FJMLOQP. ! TFPB B@LKLJFPQ TFII PE>MB QEB JLABI QL CFQ QEB PMB@FCF@ NRBPQFLK
RKABO FKSBPQFD>QFLK.
Building the Combined Aggregate Expenditure Function
HH PDA ?KILKJAJPO KB =CCNAC=PA @AI=J@`?KJOQILPEKJ, EJRAOPIAJP, CKRANJIAJP OLAJ@EJC, =J@ PDA PN=@A >=H=J?A`=NA
JKS EJ LH=?A PK >QEH@ PDA *AUJAOE=J ?NKOO @E=CN=I. F<:HE8 B7 >QEH@O QL =J =CCNAC=PA ATLAJ@EPQNA BQJ?PEKJ, >=OA@ KJ PDA
JQIANE?=H EHHQOPN=PEKJO KB ", (, &, 7, =J@ , PD=P D=RA >AAJ QOA@ PDNKQCDKQP PDEO PATP. 3DA BENOP PDNAA ?KHQIJO EJ -45?8 B3
=NA HEBPA@ BNKI PDA A=NHEAN -45?8 B2, SDE?D ODKSA@ DKS PK >NEJC P=TAO EJPK PDA ?KJOQILPEKJ BQJ?PEKJ. 3DA BENOP ?KHQIJ EO
NA=H &#/ KN J=PEKJ=H EJ?KIA, SDE?D EO SD=P =LLA=NO KJ PDA DKNEVKJP=H =TEO KB PDA EJ?KIA-ATLAJ@EPQNA @E=CN=I. 3DA OA?KJ@
?KHQIJ ?=H?QH=PAO =BPAN-P=T EJ?KIA, >=OA@ KJ PDA =OOQILPEKJ, EJ PDEO ?=OA, PD=P 30% KB NA=H &#/ EO ?KHHA?PA@ EJ P=TAO. 3DA
PDEN@ ?KHQIJ EO >=OA@ KJ =J ,/" KB 0.8, OK PD=P =O =BPAN-P=T EJ?KIA NEOAO >U $700 BNKI KJA NKS PK PDA JATP, ?KJOQILPEKJ
NEOAO >U $560 (700 \ 0.8) BNKI KJA NKS PK PDA JATP. (JRAOPIAJP, CKRANJIAJP OLAJ@EJC, =J@ ATLKNPO @K JKP ?D=JCA SEPD
PDA HARAH KB ?QNNAJP J=PEKJ=H EJ?KIA. (J PDA LNAREKQO @EO?QOOEKJ, EJRAOPIAJP S=O $500, CKRANJIAJP OLAJ@EJC S=O $1,300,
=J@ ATLKNPO SANA $840, BKN = PKP=H KB $2,640. 3DEO PKP=H EO ODKSJ EJ PDA BKQNPD ?KHQIJ. (ILKNPO =NA 0.1 KB NA=H &#/ EJ PDEO
AT=ILHA, =J@ PDA HARAH KB EILKNPO EO ?=H?QH=PA@ EJ PDA BEBPD ?KHQIJ. 3DA BEJ=H ?KHQIJ, =CCNAC=PA ATLAJ@EPQNAO, OQIO QL " +
( + & + 7 _ ,. 3DEO =CCNAC=PA ATLAJ@EPQNA HEJA EO EHHQOPN=PA@ EJ F<:HE8 B7.
F<:HE8 B7 A $8LA8F<4A CEBFF D<4:E4@ %>@E @LJ?FK>QFLK LC K>QFLK>I FK@LJB >KA >DDOBD>QB BUMBKAFQROB
(>CQBO-Q>U @LKPRJMQFLK, DLSBOKJBKQ PMBKAFKD, FKSBPQJBKQ, BUMLOQP, >KA FJMLOQP) FP DO>MEBA. 4EB BNRFIF?OFRJ
L@@ROP TEBOB >DDOBD>QB BUMBKAFQROB FP BNR>I QL K>QFLK>I FK@LJB; QEFP L@@ROP TEBOB QEB >DDOBD>QB BUMBKAFQROB
P@EBARIB @OLPPBP QEB 45-ABDOBB IFKB, >Q > OB>I '$0 LC $6,000. 0LQBKQF>I '$0 FK QEFP BU>JMIB FP $7,000, PL QEB
BNRFIF?OFRJ FP L@@ROOFKD >Q > IBSBI LC LRQMRQ LO OB>I '$0 ?BILT QEB MLQBKQF>I '$0 IBSBI.
484 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
'4G<BA4?
"A6B@8
A9G8E--4K
"A6B@8
CBAFH@CG<BA
BI8EA@8AG ,C8A7<A: +
"AI8FG@8AG + EKCBEGF
"@CBEGF
A::E8:4G8
EKC8A7<GHE8
$3,000 $2,100 $2,280 $2,640 $300 $4,620
$4,000 $2,800 $2,840 $2,640 $400 $5,080
$5,000 $3,500 $3,400 $2,640 $500 $5,540
$6,000 $4,200 $3,960 $2,640 $600 $6,000
$7,000 $4,900 $4,520 $2,640 $700 $6,460
$8,000 $5,600 $5,080 $2,640 $800 $6,920
$9,000 $6,300 $5,640 $2,640 $900 $7,380
-45?8 B3 '4G<BA4? "A6B@8-A::E8:4G8 EKC8A7<GHE8 EDH<?<5E<H@
3DA =CCNAC=PA ATLAJ@EPQNA BQJ?PEKJ EO BKNIA@ >U OP=?GEJC KJ PKL KB A=?D KPDAN PDA ?KJOQILPEKJ BQJ?PEKJ (=BPAN P=TAO), PDA
EJRAOPIAJP BQJ?PEKJ, PDA CKRANJIAJP OLAJ@EJC BQJ?PEKJ, PDA ATLKNP BQJ?PEKJ, =J@ PDA EILKNP BQJ?PEKJ. 3DA LKEJP =P SDE?D PDA
=CCNAC=PA ATLAJ@EPQNA BQJ?PEKJ EJPANOA?PO PDA RANPE?=H =TEO SEHH >A @APANIEJA@ >U PDA HARAHO KB EJRAOPIAJP, CKRANJIAJP, =J@
ATLKNP ATLAJ@EPQNAO`SDE?D @K JKP R=NU SEPD J=PEKJ=H EJ?KIA. 3DA QLS=N@ OHKLA KB PDA =CCNAC=PA ATLAJ@EPQNA BQJ?PEKJ SEHH
>A @APANIEJA@ >U PDA I=NCEJ=H LNKLAJOEPU PK O=RA, PDA P=T N=PA, =J@ PDA I=NCEJ=H LNKLAJOEPU PK EILKNP. DECDAN I=NCEJ=H
LNKLAJOEPU PK O=RA, = DECDAN P=T N=PA, =J@ = DECDAN I=NCEJ=H LNKLAJOEPU PK EILKNP SEHH =HH I=GA PDA OHKLA KB PDA =CCNAC=PA
ATLAJ@EPQNA BQJ?PEKJ BH=PPAN`>A?=QOA KQP KB =JU ATPN= EJ?KIA, IKNA EO CKEJC PK O=REJCO KN P=TAO KN EILKNPO =J@ HAOO PK
OLAJ@EJC KJ @KIAOPE? CKK@O =J@ OANRE?AO.
3DA AMQEHE>NEQI K??QNO SDANA J=PEKJ=H EJ?KIA EO AMQ=H PK =CCNAC=PA ATLAJ@EPQNA, SDE?D EO ODKSJ KJ PDA CN=LD =O PDA LKEJP
SDANA PDA =CCNAC=PA ATLAJ@EPQNA O?DA@QHA ?NKOOAO PDA 45-@ACNAA HEJA. (J PDEO AT=ILHA, PDA AMQEHE>NEQI K??QNO =P 6,000. 3DEO
AMQEHE>NEQI ?=J =HOK >A NA=@ KBB PDA P=>HA QJ@AN PDA BECQNA; EP EO PDA HARAH KB J=PEKJ=H EJ?KIA SDANA =CCNAC=PA ATLAJ@EPQNA EO
AMQ=H PK J=PEKJ=H EJ?KIA.
EDH<?<5E<H@ <A G;8 $8LA8F<4A CEBFF &B78?
6EPD PDA =CCNAC=PA ATLAJ@EPQNA HEJA EJ LH=?A, PDA JATP OPAL EO PK NAH=PA EP PK PDA PSK KPDAN AHAIAJPO KB PDA *AUJAOE=J ?NKOO
@E=CN=I. 3DQO, PDA BENOP OQ>OA?PEKJ EJPANLNAPO PDA EJPANOA?PEKJ KB PDA =CCNAC=PA ATLAJ@EPQNA BQJ?PEKJ =J@ PDA 45-@ACNAA HEJA,
SDEHA PDA JATP OQ>OA?PEKJ NAH=PAO PDEO LKEJP KB EJPANOA?PEKJ PK PDA LKPAJPE=H &#/ HEJA.
Where Equilibrium Occurs
3DA LKEJP SDANA PDA =CCNAC=PA ATLAJ@EPQNA HEJA PD=P EO ?KJOPNQ?PA@ BNKI " + ( + & + 7 _ , ?NKOOAO PDA 45-@ACNAA HEJA SEHH
>A PDA AMQEHE>NEQI BKN PDA A?KJKIU. (P EO PDA KJHU LKEJP KJ PDA =CCNAC=PA ATLAJ@EPQNA HEJA SDANA PDA PKP=H =IKQJP >AEJC OLAJP
KJ =CCNAC=PA @AI=J@ AMQ=HO PDA PKP=H HARAH KB LNK@Q?PEKJ. (J F<:HE8 B7, PDEO LKEJP KB AMQEHE>NEQI ($
0
) D=LLAJO =P 6,000,
SDE?D ?=J =HOK >A NA=@ KBB -45?8 B3.
3DA IA=JEJC KB cAMQEHE>NEQId NAI=EJO PDA O=IA; PD=P EO, AMQEHE>NEQI EO = LKEJP KB >=H=J?A SDANA JK EJ?AJPERA ATEOPO PK ODEBP
=S=U BNKI PD=P KQP?KIA. 3K QJ@ANOP=J@ SDU PDA LKEJP KB EJPANOA?PEKJ >APSAAJ PDA =CCNAC=PA ATLAJ@EPQNA BQJ?PEKJ =J@ PDA
45-@ACNAA HEJA EO = I=?NKA?KJKIE? AMQEHE>NEQI, ?KJOE@AN SD=P SKQH@ D=LLAJ EB =J A?KJKIU BKQJ@ EPOAHB PK PDA NECDP KB
PDA AMQEHE>NEQI LKEJP $, O=U LKEJP ' EJ F<:HE8 B8, SDANA KQPLQP EO DECDAN PD=J PDA AMQEHE>NEQI. P LKEJP ', PDA HARAH KB
=CCNAC=PA ATLAJ@EPQNA EO >AHKS PDA 45-@ACNAA HEJA, OK PD=P PDA HARAH KB =CCNAC=PA ATLAJ@EPQNA EJ PDA A?KJKIU EO HAOO PD=J PDA
HARAH KB KQPLQP. O = NAOQHP, =P LKEJP ', KQPLQP EO LEHEJC QL QJOKH@`JKP = OQOP=EJ=>HA OP=PA KB =BB=ENO.
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 485
F<:HE8 B8 EDH<?<5E<H@ <A G;8 $8LA8F<4A CEBFF D<4:E4@ )C LRQMRQ T>P >?LSB QEB BNRFIF?OFRJ IBSBI, >Q (,
QEBK QEB OB>I LRQMRQ FP DOB>QBO QE>K QEB >DDOBD>QB BUMBKAFQROB FK QEB B@LKLJV. 4EFP M>QQBOK @>KKLQ ELIA,
?B@>RPB FQ TLRIA JB>K QE>Q DLLAP >OB MOLAR@BA ?RQ MFIFKD RM RKPLIA. )C LRQMRQ T>P ?BILT QEB BNRFIF?OFRJ IBSBI
>Q ,, QEBK >DDOBD>QB BUMBKAFQROB TLRIA ?B DOB>QBO QE>K LRQMRQ. 4EFP M>QQBOK @>KKLQ ELIA BFQEBO, ?B@>RPB FQ
TLRIA JB>K QE>Q PMBKAFKD BU@BBAP QEB KRJ?BO LC DLLAP ?BFKD MOLAR@BA. /KIV MLFKQ % @>K ?B >Q BNRFIF?OFRJ,
TEBOB LRQMRQ, LO K>QFLK>I FK@LJB >KA >DDOBD>QB BUMBKAFQROB, >OB BNR>I. 4EB BNRFIF?OFRJ (%) JRPQ IFB LK QEB
45-ABDOBB IFKB, TEF@E FP QEB PBQ LC MLFKQP TEBOB K>QFLK>I FK@LJB >KA >DDOBD>QB BUMBKAFQROB >OB BNR>I.
"KJRANOAHU, ?KJOE@AN PDA OEPQ=PEKJ SDANA PDA HARAH KB KQPLQP EO =P LKEJP +`SDANA NA=H KQPLQP EO HKSAN PD=J PDA AMQEHE>NEQI.
(J PD=P ?=OA, PDA HARAH KB =CCNAC=PA @AI=J@ EJ PDA A?KJKIU EO =>KRA PDA 45-@ACNAA HEJA, EJ@E?=PEJC PD=P PDA HARAH KB =CCNAC=PA
ATLAJ@EPQNA EJ PDA A?KJKIU EO CNA=PAN PD=J PDA HARAH KB KQPLQP. 6DAJ PDA HARAH KB =CCNAC=PA @AI=J@ D=O AILPEA@ PDA OPKNA
ODAHRAO, EP ?=JJKP >A OQOP=EJA@, AEPDAN. %ENIO SEHH NAOLKJ@ >U EJ?NA=OEJC PDAEN HARAH KB LNK@Q?PEKJ. 3DQO, PDA AMQEHE>NEQI IQOP
>A PDA LKEJP SDANA PDA =IKQJP LNK@Q?A@ =J@ PDA =IKQJP OLAJP =NA EJ >=H=J?A, =P PDA EJPANOA?PEKJ KB PDA =CCNAC=PA ATLAJ@EPQNA
BQJ?PEKJ =J@ PDA 45-@ACNAA HEJA.
486 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
F<A7<A: EDH<?<5E<H@
-45?8 B4 DFSBP PLJB FKCLOJ>QFLK LK >K B@LKLJV. 4EB +BVKBPF>K JLABI >PPRJBP QE>Q QEBOB FP PLJB
IBSBI LC @LKPRJMQFLK BSBK TFQELRQ FK@LJB. 4E>Q >JLRKQ FP $236 ^ $216 = $20. $20 TFII ?B @LKPRJBA
TEBK K>QFLK>I FK@LJB BNR>IP WBOL. !PPRJB QE>Q Q>UBP >OB 0.2 LC OB>I '$0. ,BQ QEB J>ODFK>I MOLMBKPFQV
QL P>SB LC >CQBO-Q>U FK@LJB ?B 0.1. 4EB IBSBI LC FKSBPQJBKQ FP $70, QEB IBSBI LC DLSBOKJBKQ PMBKAFKD FP
$80, >KA QEB IBSBI LC BUMLOQP FP $50. )JMLOQP >OB 0.2 LC >CQBO-Q>U FK@LJB. 'FSBK QEBPB S>IRBP, VLR KBBA
QL @LJMIBQB -45?8 B4 >KA QEBK >KPTBO QEBPB NRBPQFLKP:
d 7E>Q FP QEB @LKPRJMQFLK CRK@QFLK?
d 7E>Q FP QEB BNRFIF?OFRJ?
d 7EV FP > K>QFLK>I FK@LJB LC $300 KLQ >Q BNRFIF?OFRJ?
d (LT AL BUMBKAFQROBP >KA LRQMRQ @LJM>OB >Q QEFP MLFKQ?
'4G<BA4?
"A6B@8
-4K8F
A9G8E-G4K
<A6B@8
CBAFH@CG<BA
" +
+ 1
"@CBEGF
A::E8:4G8
EKC8A7<GHE8F
$300 $236
$400
$500
$600
$700
-45?8 B4
3QBM 1. #>I@RI>QB QEB >JLRKQ LC Q>UBP CLO B>@E IBSBI LC K>QFLK>I FK@LJB(OBJFKABO: '$0 = K>QFLK>I
FK@LJB) CLO B>@E IBSBI LC K>QFLK>I FK@LJB RPFKD QEB CLIILTFKD >P >K BU>JMIB:
National Income (Y) $300
Taxes = 0.2 or 20% 0.2
Tax amount (T) $60
3QBM 2. #>I@RI>QB >CQBO-Q>U FK@LJB ?V PR?QO>@QFKD QEB Q>U >JLRKQ COLJ K>QFLK>I FK@LJB CLO B>@E IBSBI LC
K>QFLK>I FK@LJB RPFKD QEB CLIILTFKD >P >K BU>JMIB:
National income minus taxes $300
$60
After-tax income $240
3QBM 3. #>I@RI>QB @LKPRJMQFLK. 4EB J>ODFK>I MOLMBKPFQV QL P>SB FP DFSBK >P 0.1. 4EFP JB>KP QE>Q QEB
J>ODFK>I MOLMBKPFQV QL @LKPRJB FP 0.9, PFK@B -03 + -0# = 1. 4EBOBCLOB, JRIQFMIV 0.9 ?V QEB >CQBO-Q>U
FK@LJB >JLRKQ RPFKD QEB CLIILTFKD >P >K BU>JMIB:
After-tax Income $240
MPC 0.9
Consumption $216
3QBM 4. #LKPFABO TEV QEB Q>?IB PELTP @LKPRJMQFLK LC $236 FK QEB CFOPQ OLT. !P JBKQFLKBA B>OIFBO, QEB
+BVKBPF>K JLABI >PPRJBP QE>Q QEBOB FP PLJB IBSBI LC @LKPRJMQFLK BSBK TFQELRQ FK@LJB. 4E>Q >JLRKQ
FP $236 ^ $216 = $20.
3QBM 5. 4EBOB FP KLT BKLRDE FKCLOJ>QFLK QL TOFQB QEB @LKPRJMQFLK CRK@QFLK. 4EB @LKPRJMQFLK CRK@QFLK FP
CLRKA ?V CFDROFKD LRQ QEB IBSBI LC @LKPRJMQFLK QE>Q TFII E>MMBK TEBK FK@LJB FP WBOL. 2BJBJ?BO QE>Q:
C = Consumption when national income is zero + MPC (after-tax income)
,BQ # OBMOBPBKQ QEB @LKPRJMQFLK CRK@QFLK, 9 OBMOBPBKQ K>QFLK>I FK@LJB, >KA 4 OBMOBPBKQ Q>UBP.
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 487
C = $20 + 0.9(Y T)
= $20 + 0.9($300 $60)
= $236
3QBM 6. 5PB QEB @LKPRJMQFLK CRK@QFLK QL CFKA @LKPRJMQFLK >Q B>@E IBSBI LC K>QFLK>I FK@LJB.
3QBM 7. !AA FKSBPQJBKQ ()), DLSBOKJBKQ PMBKAFKD ('), >KA BUMLOQP (8). 2BJBJ?BO QE>Q QEBPB AL KLQ
@E>KDB >P K>QFLK>I FK@LJB @E>KDBP:
3QBM 8. &FKA FJMLOQP, TEF@E >OB 0.2 LC >CQBO-Q>U FK@LJB >Q B>@E IBSBI LC K>QFLK>I FK@LJB. &LO BU>JMIB:
After-tax income $240
Imports of 0.2 or 20% of Y T 0.2
Imports $48
3QBM 9. &FKA >DDOBD>QB BUMBKAFQROB ?V >AAFKD # + ) + ' + 8 ^ ) CLO B>@E IBSBI LC K>QFLK>I FK@LJB. 9LRO
@LJMIBQBA Q>?IB PELRIA ILLH IFHB -45?8 B5.
'4G<BA4?
"A6B@8
(2)
-4K =
0.2 O
2 (-)
A9G8E-G4K
<A6B@8 (2
P -)
CBAFH@CG<BA
C = $20 + 0.9(2
P -)
" +
+
1
&<AHF
"@CBEGF
(&)
A::E8:4G8
EKC8A7<GHE8F AE = C
+ " + + 1 P &
$300 $60 $240 $236 $200 $48 $388
$400 $80 $320 $308 $200 $64 $444
$500 $100 $400 $380 $200 $80 $500
$600 $120 $480 $452 $200 $96 $556
$700 $140 $560 $524 $200 $112 $612
-45?8 B5
3QBM 10. !KPTBO QEB NRBPQFLK: 7E>Q FP BNRFIF?OFRJ? %NRFIF?OFRJ L@@ROP TEBOB !% = 9. -45?8 B5 PELTP
QE>Q BNRFIF?OFRJ L@@ROP TEBOB K>QFLK>I FK@LJB BNR>IP >DDOBD>QB BUMBKAFQROB >Q $500.
3QBM 11. &FKA BNRFIF?OFRJ J>QEBJ>QF@>IIV, HKLTFKD QE>Q K>QFLK>I FK@LJB FP BNR>I QL >DDOBD>QB
BUMBKAFQROB.
Y = AE
= C + I + G + X M
= $20 + 0.9(Y T) + $70 + $80 + $50 0.2(Y T)
= $220 + 0.9(Y T) 0.2(Y T)
3FK@B 4 FP 0.2 LC K>QFLK>I FK@LJB, PR?PQFQRQB 4 TFQE 0.2 9 PL QE>Q:
Y = $220 + 0.9(Y 0.2Y) 0.2(Y 0.2Y)
= $220 + 0.9Y 0.18Y 0.2Y + 0.04Y
= $220 + 0.56Y
3LISB CLO 9.
Y = $220 + 0.56Y
Y 0.56Y = $220
0.44Y = $220
0.44Y
0.44
=
$220
0.44
Y = $500
3QBM 12. !KPTBO QEFP NRBPQFLK: 7EV FP > K>QFLK>I FK@LJB LC $300 KLQ >K BNRFIF?OFRJ? !Q K>QFLK>I FK@LJB
LC $300, >DDOBD>QB BUMBKAFQROBP >OB $388.
488 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
3QBM 13. !KPTBO QEFP NRBPQFLK: (LT AL BUMBKAFQROBP >KA LRQMRQ @LJM>OB >Q QEFP MLFKQ? !DDOBD>QB
BUMBKAFQROBP @>KKLQ BU@BBA LRQMRQ ('$0) FK QEB ILKD ORK, PFK@B QEBOB TLRIA KLQ ?B BKLRDE DLLAP QL ?B
?LRDEQ.
Recessionary and Inflationary Gaps
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PDAJ PDA A?KJKIU EO EJ OKQJ@ OD=LA. 3DANA EO JK NA?AOOEKJ, =J@ QJAILHKUIAJP EO HKS. !QP PDANA EO JK CQ=N=JPAA PD=P PDA
AMQEHE>NEQI SEHH K??QN =P PDA LKPAJPE=H &#/ HARAH KB KQPLQP. 3DA AMQEHE>NEQI IECDP >A DECDAN KN HKSAN.
%KN AT=ILHA, F<:HE8 B9 (=) EHHQOPN=PAO = OEPQ=PEKJ SDANA PDA =CCNAC=PA ATLAJ@EPQNA HEJA EJPANOA?PO PDA 45-@ACNAA HEJA =P
LKEJP $
0
, SDE?D EO = NA=H &#/ KB $6,000, =J@ SDE?D EO >AHKS PDA LKPAJPE=H &#/ KB $7,000. (J PDEO OEPQ=PEKJ, PDA HARAH KB
=CCNAC=PA ATLAJ@EPQNA EO PKK HKS BKN &#/ PK NA=?D EPO BQHH AILHKUIAJP HARAH, =J@ QJAILHKUIAJP SEHH K??QN. 3DA @EOP=J?A
>APSAAJ =J KQPLQP HARAH HEGA $
0
PD=P EO >AHKS LKPAJPE=H &#/ =J@ PDA HARAH KB LKPAJPE=H &#/ EO ?=HHA@ = NA?AOOEKJ=NU C=L.
!A?=QOA PDA AMQEHE>NEQI HARAH KB NA=H &#/ EO OK HKS, BENIO SEHH JKP SEOD PK DENA PDA BQHH AILHKUIAJP JQI>AN KB SKNGANO,
=J@ QJAILHKUIAJP SEHH >A DECD.
F<:HE8 B9 A77E8FF<A: +868FF<BA4EL 4A7 "A9?4G<BA4EL 4CF (>) )C QEB BNRFIF?OFRJ L@@ROP >Q >K LRQMRQ ?BILT
MLQBKQF>I '$0, QEBK > OB@BPPFLK>OV D>M BUFPQP. 4EB MLIF@V PLIRQFLK QL > OB@BPPFLK>OV D>M FP QL PEFCQ QEB
>DDOBD>QB BUMBKAFQROB P@EBARIB RM COLJ !%
0
QL !%
1
, RPFKD MLIF@FBP IFHB Q>U @RQP LO DLSBOKJBKQ PMBKAFKD
FK@OB>PBP. 4EBK QEB KBT BNRFIF?OFRJ %
1
L@@ROP >Q MLQBKQF>I '$0. (?) )C QEB BNRFIF?OFRJ L@@ROP >Q >K LRQMRQ
>?LSB MLQBKQF>I '$0, QEBK >K FKCI>QFLK>OV D>M BUFPQP. 4EB MLIF@V PLIRQFLK QL >K FKCI>QFLK>OV D>M FP QL PEFCQ QEB
>DDOBD>QB BUMBKAFQROB P@EBARIB ALTK COLJ !%
0
QL !%
1
, RPFKD MLIF@FBP IFHB Q>U FK@OB>PBP LO PMBKAFKD @RQP.
4EBK, QEB KBT BNRFIF?OFRJ %
1
L@@ROP >Q MLQBKQF>I '$0.
6D=P IECDP ?=QOA = NA?AOOEKJ=NU C=L? JUPDEJC PD=P ODEBPO PDA =CCNAC=PA ATLAJ@EPQNA HEJA @KSJ EO = LKPAJPE=H ?=QOA KB
NA?AOOEKJ, EJ?HQ@EJC = @A?HEJA EJ ?KJOQILPEKJ, = NEOA EJ O=REJCO, = B=HH EJ EJRAOPIAJP, = @NKL EJ CKRANJIAJP OLAJ@EJC KN =
NEOA EJ P=TAO, KN = B=HH EJ ATLKNPO KN = NEOA EJ EILKNPO. ,KNAKRAN, =J A?KJKIU PD=P EO =P AMQEHE>NEQI SEPD = NA?AOOEKJ=NU C=L
I=U FQOP OP=U PDANA =J@ OQBBAN DECD QJAILHKUIAJP BKN = HKJC PEIA; NAIAI>AN, PDA IA=JEJC KB AMQEHE>NEQI EO PD=P PDANA EO JK
L=NPE?QH=N =@FQOPIAJP KB LNE?AO KN MQ=JPEPEAO EJ PDA A?KJKIU PK ?D=OA PDA NA?AOOEKJ =S=U.
3DA =LLNKLNE=PA NAOLKJOA PK = NA?AOOEKJ=NU C=L EO BKN PDA CKRANJIAJP PK NA@Q?A P=TAO KN EJ?NA=OA OLAJ@EJC OK PD=P PDA
=CCNAC=PA ATLAJ@EPQNA BQJ?PEKJ ODEBPO QL BNKI $
0
PK $
1
. 6DAJ PDEO ODEBP K??QNO, PDA JAS AMQEHE>NEQI $
1
JKS K??QNO =P
LKPAJPE=H &#/ =O ODKSJ EJ F<:HE8 B9 (=).
"KJRANOAHU, F<:HE8 B9 (>) ODKSO = OEPQ=PEKJ SDANA PDA =CCNAC=PA ATLAJ@EPQNA O?DA@QHA ($
0
) EJPANOA?PO PDA 45-@ACNAA
HEJA =>KRA LKPAJPE=H &#/. 3DA C=L >APSAAJ PDA HARAH KB NA=H &#/ =P PDA AMQEHE>NEQI $
0
=J@ LKPAJPE=H &#/ EO ?=HHA@ =J
EJBH=PEKJ=NU C=L. 3DA EJBH=PEKJ=NU C=L =HOK NAMQENAO = >EP KB EJPANLNAPEJC. BPAN =HH, = J=^RA NA=@EJC KB PDA *AUJAOE=J ?NKOO
@E=CN=I IECDP OQCCAOP PD=P EB PDA =CCNAC=PA ATLAJ@EPQNA BQJ?PEKJ EO FQOP LQODA@ QL DECD AJKQCD, NA=H &#/ ?=J >A =O H=NCA =O
@AOENA@ÀRAJ @KQ>HEJC KN PNELHEJC PDA LKPAJPE=H &#/ HARAH KB PDA A?KJKIU. 3DEO EILHE?=PEKJ EO ?HA=NHU SNKJC. J A?KJKIU
B=?AO OKIA OQLLHU-OE@A HEIEPO KJ DKS IQ?D EP ?=J LNK@Q?A =P = CERAJ PEIA SEPD EPO ATEOPEJC MQ=JPEPEAO KB SKNGANO, LDUOE?=H
=J@ DQI=J ?=LEP=H, PA?DJKHKCU, =J@ I=NGAP EJOPEPQPEKJO.
3DA EJBH=PEKJ=NU C=L ODKQH@ >A EJPANLNAPA@, JKP =O = HEPAN=H LNA@E?PEKJ KB DKS H=NCA NA=H &#/ SEHH >A, >QP =O = OP=PAIAJP KB
DKS IQ?D ATPN= =CCNAC=PA ATLAJ@EPQNA EO EJ PDA A?KJKIU >AUKJ@ SD=P EO JAA@A@ PK NA=?D LKPAJPE=H &#/. J EJBH=PEKJ=NU
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 489
C=L OQCCAOPO PD=P >A?=QOA PDA A?KJKIU ?=JJKP LNK@Q?A AJKQCD CKK@O =J@ OANRE?AO PK =>OKN> PDEO HARAH KB =CCNAC=PA
ATLAJ@EPQNAO, PDA OLAJ@EJC SEHH EJOPA=@ ?=QOA =J EJBH=PEKJ=NU EJ?NA=OA EJ PDA LNE?A HARAH. (J PDEO S=U, ARAJ PDKQCD ?D=JCAO EJ
PDA LNE?A HARAH @K JKP =LLA=N ATLHE?EPHU EJ PDA *AUJAOE=J ?NKOO AMQ=PEKJ, PDA JKPEKJ KB EJBH=PEKJ EO EILHE?EP EJ PDA ?KJ?ALP KB
PDA EJBH=PEKJ=NU C=L.
3DA =LLNKLNE=PA *AUJAOE=J NAOLKJOA PK =J EJBH=PEKJ=NU C=L EO ODKSJ EJ F<:HE8 B9 (>). 3DA KNECEJ=H EJPANOA?PEKJ KB
=CCNAC=PA ATLAJ@EPQNA HEJA $
0
=J@ PDA 45-@ACNAA HEJA K??QNO =P $8,000, SDE?D EO =>KRA PDA HARAH KB LKPAJPE=H &#/ =P $7,000.
(B $
0
ODEBPO @KSJ PK $
1
, OK PD=P PDA JAS AMQEHE>NEQI EO =P $
1
, PDAJ PDA A?KJKIU SEHH >A =P LKPAJPE=H &#/ SEPDKQP LNAOOQNAO
BKN EJBH=PEKJ=NU LNE?A EJ?NA=OAO. 3DA CKRANJIAJP ?=J =?DEARA = @KSJS=N@ ODEBP EJ =CCNAC=PA ATLAJ@EPQNA >U EJ?NA=OEJC P=TAO
KJ ?KJOQIANO KN BENIO, KN >U NA@Q?EJC CKRANJIAJP ATLAJ@EPQNAO.
-;8 &H?G<C?<8E E9986G
3DA *AUJAOE=J LKHE?U LNAO?NELPEKJ D=O KJA BEJ=H PSEOP. OOQIA PD=P BKN = ?ANP=EJ A?KJKIU, PDA EJPANOA?PEKJ KB PDA =CCNAC=PA
ATLAJ@EPQNA BQJ?PEKJ =J@ PDA 45-@ACNAA HEJA EO =P = &#/ KB 700, SDEHA PDA HARAH KB LKPAJPE=H &#/ BKN PDEO A?KJKIU EO $800.
!U DKS IQ?D @KAO CKRANJIAJP OLAJ@EJC JAA@ PK >A EJ?NA=OA@ OK PD=P PDA A?KJKIU NA=?DAO PDA BQHH AILHKUIAJP &#/? 3DA
K>REKQO =JOSAN IECDP OAAI PK >A $800 _ $700 = $100; OK N=EOA CKRANJIAJP OLAJ@EJC >U $100. !QP PD=P =JOSAN EO EJ?KNNA?P.
?D=JCA KB, BKN AT=ILHA, $100 EJ CKRANJIAJP ATLAJ@EPQNAO SEHH D=RA =J ABBA?P KB IKNA PD=J $100 KJ PDA AMQEHE>NEQI HARAH
KB NA=H &#/. 3DA NA=OKJ EO PD=P = ?D=JCA EJ =CCNAC=PA ATLAJ@EPQNAO ?EN?HAO PDNKQCD PDA A?KJKIU: DKQOADKH@O >QU BNKI
BENIO, BENIO L=U SKNGANO =J@ OQLLHEANO, SKNGANO =J@ OQLLHEANO >QU CKK@O BNKI KPDAN BENIO, PDKOA BENIO L=U PDAEN SKNGANO
=J@ OQLLHEANO, =J@ OK KJ. (J PDEO S=U, PDA KNECEJ=H ?D=JCA EJ =CCNAC=PA ATLAJ@EPQNAO EO =?PQ=HHU OLAJP IKNA PD=J KJ?A. 3DEO EO
?=HHA@ PDA IQHPELHEAN ABBA?P: J EJEPE=H EJ?NA=OA EJ OLAJ@EJC, ?U?HAO NALA=PA@HU PDNKQCD PDA A?KJKIU =J@ D=O = H=NCAN EIL=?P
PD=J PDA EJEPE=H @KHH=N =IKQJP OLAJP.
How Does the Multiplier Work?
3K QJ@ANOP=J@ DKS PDA IQHPELHEAN ABBA?P SKNGO, NAPQNJ PK PDA AT=ILHA EJ SDE?D PDA ?QNNAJP AMQEHE>NEQI EJ PDA *AUJAOE=J ?NKOO
@E=CN=I EO = NA=H &#/ KB $700, KN $100 ODKNP KB PDA $800 JAA@A@ PK >A =P BQHH AILHKUIAJP, LKPAJPE=H &#/. (B PDA CKRANJIAJP
OLAJ@O $100 PK ?HKOA PDEO C=L, OKIAKJA EJ PDA A?KJKIU NA?AERAO PD=P OLAJ@EJC =J@ ?=J PNA=P EP =O EJ?KIA. OOQIA PD=P PDKOA
SDK NA?AERA PDEO EJ?KIA L=U 30% EJ P=TAO, O=RA 10% KB =BPAN-P=T EJ?KIA, OLAJ@ 10% KB PKP=H EJ?KIA KJ EILKNPO, =J@ PDAJ
OLAJ@ PDA NAOP KJ @KIAOPE?=HHU LNK@Q?A@ CKK@O =J@ OANRE?AO.
O ODKSJ EJ PDA ?=H?QH=PEKJO EJ F<:HE8 B10 =J@ -45?8 B6, KQP KB PDA KNECEJ=H $100 EJ CKRANJIAJP OLAJ@EJC, $53 EO HABP PK
OLAJ@ KJ @KIAOPE?=HHU LNK@Q?A@ CKK@O =J@ OANRE?AO. 3D=P $53 SDE?D S=O OLAJP, >A?KIAO EJ?KIA PK OKIAKJA, OKIASDANA
EJ PDA A?KJKIU. 3DKOA SDK NA?AERA PD=P EJ?KIA =HOK L=U 30% EJ P=TAO, O=RA 10% KB =BPAN-P=T EJ?KIA, =J@ OLAJ@ 10% KB
PKP=H EJ?KIA KJ EILKNPO, =O ODKSJ EJ F<:HE8 B10, OK PD=P =J =@@EPEKJ=H $28.09 (PD=P EO, 0.53 \ $53) EO OLAJP EJ PDA PDEN@
NKQJ@. 3DA LAKLHA SDK NA?AERA PD=P EJ?KIA PDAJ L=U P=TAO, O=RA, =J@ >QU EILKNPO, =J@ PDA =IKQJP OLAJP EJ PDA BKQNPD NKQJ@
EO $14.89 (PD=P EO, 0.53 \ $28.09).
F<:HE8 B10 -;8 &H?G<C?<8E E9986G !K LOFDFK>I FK@OB>PB LC DLSBOKJBKQ PMBKAFKD LC $100 @>RPBP > OFPB FK
>DDOBD>QB BUMBKAFQROB LC $100. "RQ QE>Q $100 FP FK@LJB QL LQEBOP FK QEB B@LKLJV, >KA >CQBO QEBV P>SB, M>V
Q>UBP, >KA ?RV FJMLOQP, QEBV PMBKA $53 LC QE>Q $100 FK > PB@LKA OLRKA. )K QROK, QE>Q $53 FP FK@LJB QL LQEBOP.
4ERP, QEB LOFDFK>I DLSBOKJBKQ PMBKAFKD LC $100 FP JRIQFMIFBA ?V QEBPB @V@IBP LC PMBKAFKD, ?RQ QEB FJM>@Q LC
B>@E PR@@BPPFSB @V@IB DBQP PJ>IIBO >KA PJ>IIBO. 'FSBK QEB KRJ?BOP FK QEFP BU>JMIB, QEB LOFDFK>I DLSBOKJBKQ
PMBKAFKD FK@OB>PB LC $100 O>FPBP >DDOBD>QB BUMBKAFQROB ?V $213; QEBOBCLOB, QEB JRIQFMIFBO FK QEFP BU>JMIB FP
$213/$100 = 2.13.
490 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
/OFDFK>I FK@OB>PB FK >DDOBD>QB BUMBKAFQROB COLJ DLSBOKJBKQ PMBKAFKD 100
7EF@E FP FK@LJB QL MBLMIB QEOLRDELRQ QEB B@LKLJV: 0>V 30% FK Q>UBP. 3>SB 10% LC >CQBO-
Q>U FK@LJB. 3MBKA 10% LC FK@LJB LK FJMLOQP. 3B@LKA-OLRKA FK@OB>PB LCe
70 ^ 7 ^ 10 = 53
7EF@E FP $53 LC FK@LJB QL MBLMIB QEOLRDE QEB B@LKLJV: 0>V 30% FK Q>UBP. 3>SB 10% LC
>CQBO-Q>U FK@LJB. 3MBKA 10% LC FK@LJB LK FJMLOQP. 4EFOA-OLRKA FK@OB>PB LCe
37.1 ^ 3.71 ^ 5.3
= 28.09
7EF@E FP $28.09 LC FK@LJB QL MBLMIB QEOLRDE QEB B@LKLJV: 0>V 30% FK Q>UBP. 3>SB 10%
LC >CQBO-Q>U FK@LJB. 3MBKA 10% LC FK@LJB LK FJMLOQP. &LROQE-OLRKA FK@OB>PB LCe
19.663 ^
1.96633 ^ 2.809
= 14.89
-45?8 B6 C4?6H?4G<A: G;8 &H?G<C?<8E E9986G
3DQO, KRAN PDA BENOP BKQN NKQJ@O KB =CCNAC=PA ATLAJ@EPQNAO, PDA EIL=?P KB PDA KNECEJ=H EJ?NA=OA EJ CKRANJIAJP OLAJ@EJC
KB $100 ?NA=PAO = NEOA EJ =CCNAC=PA ATLAJ@EPQNAO KB $100 + $53 + $28.09 + $14.89 = $195.98. F<:HE8 B10 ODKSO PDAOA
PKP=H =CCNAC=PA ATLAJ@EPQNAO =BPAN PDAOA BENOP BKQN NKQJ@O, =J@ PDAJ PDA BECQNA ODKSO PDA PKP=H =CCNAC=PA ATLAJ@EPQNAO =BPAN
30 NKQJ@O. 3DA =@@EPEKJ=H >KKOP PK =CCNAC=PA ATLAJ@EPQNAO EO ODNEJGEJC EJ A=?D NKQJ@ KB ?KJOQILPEKJ. BPAN =>KQP 10
NKQJ@O, PDA =@@EPEKJ=H EJ?NAIAJPO =NA RANU OI=HH EJ@AA@`JA=NHU EJREOE>HA PK PDA J=GA@ AUA. BPAN 30 NKQJ@O, PDA =@@EPEKJ=H
EJ?NAIAJPO EJ A=?D NKQJ@ =NA OK OI=HH PD=P PDAU D=RA JK LN=?PE?=H ?KJOAMQAJ?A. BPAN 30 NKQJ@O, PDA ?QIQH=PERA R=HQA KB PDA
EJEPE=H >KKOP EJ =CCNAC=PA ATLAJ@EPQNA EO =LLNKTEI=PAHU $213. 3DQO, PDA CKRANJIAJP OLAJ@EJC EJ?NA=OA KB $100 ARAJPQ=HHU,
=BPAN I=JU ?U?HAO, LNK@Q?A@ =J EJ?NA=OA KB $213 EJ =CCNAC=PA ATLAJ@EPQNA =J@ NA=H &#/. (J PDEO AT=ILHA, PDA IQHPELHEAN EO
$213/$100 = 2.13.
Calculating the Multiplier
%KNPQJ=PAHU BKN ARANUKJA SDK EO JKP ?=NNUEJC =NKQJ@ = ?KILQPAN SEPD = OLNA=@ODAAP LNKCN=I PK LNKFA?P PDA EIL=?P KB =J
KNECEJ=H EJ?NA=OA EJ ATLAJ@EPQNAO KRAN 20, 50, KN 100 NKQJ@O KB OLAJ@EJC, PDANA EO = BKNIQH= BKN ?=H?QH=PEJC PDA IQHPELHEAN.
Spending Multiplier = 1/(1 MPC * (1 tax rate) + MPI)
3DA @=P= BNKI F<:HE8 B10 =J@ -45?8 B6 EO:
d ,=NCEJ=H /NKLAJOEPU PK 2=RA (,/2) = 30%
d 3=T N=PA = 10%
d ,=NCEJ=H /NKLAJOEPU PK (ILKNP (,/() = 10%
3DA ,/" EO AMQ=H PK 1 _ ,/2, KN 0.7. 3DANABKNA, PDA OLAJ@EJC IQHPELHEAN EO:
Spending Multiplier =
1
1 (0.7 (0.10)(0.7) 0.10)
=
1
0.47
= 2.13
?D=JCA EJ OLAJ@EJC KB $100 IQHPELHEA@ >U PDA OLAJ@EJC IQHPELHEAN KB 2.13 EO AMQ=H PK = ?D=JCA EJ &#/ KB $213. -KP
?KEJ?E@AJP=HHU, PDEO NAOQHP EO AT=?PHU SD=P S=O ?=H?QH=PA@ EJ F<:HE8 B10 =BPAN I=JU NKQJ@O KB ATLAJ@EPQNAO ?U?HEJC PDNKQCD
PDA A?KJKIU.
3DA OEVA KB PDA IQHPELHEAN EO @APANIEJA@ >U SD=P LNKLKNPEKJ KB PDA I=NCEJ=H @KHH=N KB EJ?KIA CKAO EJPK P=TAO, O=REJC, =J@
EILKNPO. 3DAOA PDNAA B=?PKNO =NA GJKSJ =O cHA=G=CAO,d >A?=QOA PDAU @APANIEJA DKS IQ?D @AI=J@ cHA=GO KQPd EJ A=?D
NKQJ@ KB PDA IQHPELHEAN ABBA?P. (B PDA HA=G=CAO =NA NAH=PERAHU OI=HH, PDAJ A=?D OQ??AOOERA NKQJ@ KB PDA IQHPELHEAN ABBA?P SEHH
D=RA H=NCAN =IKQJPO KB @AI=J@, =J@ PDA IQHPELHEAN SEHH >A DECD. "KJRANOAHU, EB PDA HA=G=CAO =NA NAH=PERAHU H=NCA, PDAJ =JU
EJEPE=H ?D=JCA EJ @AI=J@ SEHH @EIEJEOD IKNA MQE?GHU EJ PDA OA?KJ@, PDEN@, =J@ H=PAN NKQJ@O, =J@ PDA IQHPELHEAN SEHH >A OI=HH.
"D=JCAO EJ PDA OEVA KB PDA HA=G=CAO`= ?D=JCA EJ PDA I=NCEJ=H LNKLAJOEPU PK O=RA, PDA P=T N=PA, KN PDA I=NCEJ=H LNKLAJOEPU PK
EILKNP`SEHH ?D=JCA PDA OEVA KB PDA IQHPELHEAN.
Calculating Keynesian Policy Interventions
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5. . 2PAL 1. #N=S PDA CN=LD SEPD PDA EJEPE=H OQLLHU =J@ @AI=J@ ?QNRAO. +=>AH PDA EJEPE=H AMQEHE>NEQI LNE?A =J@ MQ=JPEPU. 2PAL 2. #E@
PDA A?KJKIE? ARAJP =BBA?P OQLLHU KN @AI=J@? )AP BQAH EO = ?KOP KB LNK@Q?EJC =EN PN=RAH, OK =J EJ?NA=OA EJ FAP BQAH LNE?A =BBA?PO OQLLHU.
2PAL 3. J EJ?NA=OA EJ PDA LNE?A KB FAP BQAH ?=QOA@ =J EJ?NA=OA EJ PDA ?KOP KB =EN PN=RAH. 6A ODKS PDEO =O =J QLS=N@ KN HABPS=N@ ODEBP
EJ OQLLHU. 2PAL 4. HABPS=N@ ODEBP EJ OQLLHU ?=QOAO = IKRAIAJP QL PDA @AI=J@ ?QNRA, N=EOEJC PDA AMQEHE>NEQI LNE?A KB =EN PN=RAH
=J@ HKSANEJC PDA AMQEHE>NEQI MQ=JPEPU.
6. . 2PAL 1. #N=S PDA CN=LD SEPD PDA EJEPE=H OQLLHU =J@ @AI=J@ ?QNRAO. +=>AH PDA EJEPE=H AMQEHE>NEQI LNE?A =J@ MQ=JPEPU. 2PAL 2. #E@
PDA A?KJKIE? ARAJP =BBA?P OQLLHU KN @AI=J@? P=NEBB EO PNA=PA@ HEGA = ?KOP KB LNK@Q?PEKJ, OK PDEO =BBA?PO OQLLHU. 2PAL 3. P=NEBB
NA@Q?PEKJ EO AMQER=HAJP PK = @A?NA=OA EJ PDA ?KOP KB LNK@Q?PEKJ, SDE?D SA ?=J ODKS =O = NECDPS=N@ (KN @KSJS=N@) ODEBP EJ OQLLHU.
2PAL 4. NECDPS=N@ ODEBP EJ OQLLHU ?=QOAO = IKRAIAJP @KSJ PDA @AI=J@ ?QNRA, HKSANEJC PDA AMQEHE>NEQI LNE?A =J@ N=EOEJC PDA
AMQEHE>NEQI MQ=JPEPU.
7. . LNE?A ?AEHEJC (SDE?D EO >AHKS PDA AMQEHE>NEQI LNE?A) SEHH ?=QOA PDA MQ=JPEPU @AI=J@A@ PK NEOA =J@ PDA MQ=JPEPU OQLLHEA@ PK
B=HH. 3DEO EO SDU = LNE?A ?AEHEJC ?NA=PAO = ODKNP=CA.
8. . LNE?A ?AEHEJC EO FQOP = HAC=H NAOPNE?PEKJ. $MQEHE>NEQI EO =J A?KJKIE? ?KJ@EPEKJ. /AKLHA I=U KN I=U JKP K>AU PDA LNE?A ?AEHEJC,
OK PDA =?PQ=H LNE?A I=U >A =P KN =>KRA PDA LNE?A ?AEHEJC, >QP PDA LNE?A ?AEHEJC @KAO JKP ?D=JCA PDA AMQEHE>NEQI LNE?A.
500 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
9. . LNE?A ?AEHEJC EO = HAC=H I=TEIQI LNE?A, >QP = LNE?A BHKKN EO = HAC=H IEJEIQI LNE?A =J@, ?KJOAMQAJPHU, EP SKQH@ HA=RA NKKI
BKN PDA LNE?A PK NEOA PK EPO AMQEHE>NEQI HARAH. (J KPDAN SKN@O, = LNE?A BHKKN >AHKS AMQEHE>NEQI SEHH JKP >A >EJ@EJC =J@ SEHH D=RA JK
ABBA?P.
10. . OOQIEJC PD=P LAKLHA K>AU PDA LNE?A ?AEHEJC, PDA I=NGAP LNE?A SEHH >A =>KRA AMQEHE>NEQI, SDE?D IA=JO PD=P 0@ SEHH >A HAOO
PD=J 0O. %ENIO ?=J KJHU OAHH SD=P EO @AI=J@A@, OK PDA JQI>AN KB PN=JO=?PEKJO SEHH B=HH PK 0@. 3DEO EO A=OU PK OAA CN=LDE?=HHU. !U
=J=HKCKQO NA=OKJEJC, SEPD = LNE?A BHKKN PDA I=NGAP LNE?A SEHH >A >AHKS PDA AMQEHE>NEQI LNE?A, OK 0@ SEHH >A CNA=PAN PD=J 0O. 2EJ?A
PDA HEIEP KJ PN=JO=?PEKJO DANA EO @AI=J@, PDA JQI>AN KB PN=JO=?PEKJO SEHH B=HH PK 0@. -KPA PD=P >A?=QOA >KPD LNE?A BHKKNO =J@ LNE?A
?AEHEJCO NA@Q?A PDA JQI>AN KB PN=JO=?PEKJO, OK?E=H OQNLHQO EO HAOO.
11. . !A?=QOA PDA HKOOAO PK ?KJOQIANO =NA CNA=PAN PD=J PDA >AJABEPO PK LNK@Q?ANO, OK PDA JAP ABBA?P EO JAC=PERA. 2EJ?A PDA HKOP
?KJOQIAN OQNLHQO EO CNA=PAN PD=J PDA =@@EPEKJ=H LNK@Q?AN OQNLHQO, OK?E=H OQNLHQO B=HHO.
C;4CG8E 4
1. . "D=JCAO EJ PDA S=CA N=PA (PDA LNE?A KB H=>KN) ?=QOA = IKRAIAJP =HKJC PDA @AI=J@ ?QNRA. ?D=JCA EJ =JUPDEJC AHOA PD=P =BBA?PO
@AI=J@ BKN H=>KN (A.C., ?D=JCAO EJ KQPLQP, ?D=JCAO EJ PDA LNK@Q?PEKJ LNK?AOO PD=P QOA IKNA KN HAOO H=>KN, CKRANJIAJP NACQH=PEKJ)
?=QOAO = ODEBP EJ PDA @AI=J@ ?QNRA.
2. . "D=JCAO EJ PDA S=CA N=PA (PDA LNE?A KB H=>KN) ?=QOA = IKRAIAJP =HKJC PDA OQLLHU ?QNRA. ?D=JCA EJ =JUPDEJC AHOA PD=P =BBA?PO
OQLLHU KB H=>KN (A.C., ?D=JCAO EJ DKS @AOEN=>HA PDA FK> EO LAN?AERA@ PK >A, CKRANJIAJP LKHE?U PK LNKIKPA PN=EJEJC EJ PDA BEAH@) ?=QOAO
= ODEBP EJ PDA OQLLHU ?QNRA.
3. . 2EJ?A = HEREJC S=CA EO = OQCCAOPA@ IEJEIQI S=CA, EP =?PO HEGA = LNE?A BHKKN (=OOQIEJC, KB ?KQNOA, PD=P EP EO BKHHKSA@). (B PDA
HEREJC S=CA EO >EJ@EJC, EP SEHH ?=QOA =J AT?AOO OQLLHU KB H=>KN =P PD=P S=CA N=PA.
4. . "D=JCAO EJ PDA EJPANAOP N=PA (E.A., PDA LNE?A KB BEJ=J?E=H ?=LEP=H) ?=QOA = IKRAIAJP =HKJC PDA @AI=J@ ?QNRA. ?D=JCA EJ
=JUPDEJC AHOA (JKJ-LNE?A R=NE=>HA) PD=P =BBA?PO @AI=J@ BKN BEJ=J?E=H ?=LEP=H (A.C., ?D=JCAO EJ ?KJBE@AJ?A =>KQP PDA BQPQNA, ?D=JCAO
EJ JAA@O BKN >KNNKSEJC) SKQH@ ODEBP PDA @AI=J@ ?QNRA.
5. . "D=JCAO EJ PDA EJPANAOP N=PA (E.A., PDA LNE?A KB BEJ=J?E=H ?=LEP=H) ?=QOA = IKRAIAJP =HKJC PDA OQLLHU ?QNRA. ?D=JCA EJ =JUPDEJC
AHOA PD=P =BBA?PO PDA OQLLHU KB BEJ=J?E=H ?=LEP=H (= JKJ-LNE?A R=NE=>HA) OQ?D =O EJ?KIA KN BQPQNA JAA@O SKQH@ ODEBP PDA OQLLHU ?QNRA.
6. . (B I=NGAP EJPANAOP N=PAO OP=U EJ PDAEN JKNI=H N=JCA, =J EJPANAOP N=PA HEIEP KB 35% SKQH@ JKP >A >EJ@EJC. (B PDA AMQEHE>NEQI EJPANAOP
N=PA NKOA =>KRA 35%, PDA EJPANAOP N=PA SKQH@ >A ?=LLA@ =P PD=P N=PA, =J@ PDA MQ=JPEPU KB HK=JO SKQH@ >A HKSAN PD=J PDA AMQEHE>NEQI
MQ=JPEPU, ?=QOEJC = ODKNP=CA KB HK=JO.
7. . > =J@ ? SEHH HA=@ PK = B=HH EJ EJPANAOP N=PAO. P = HKSAN @AI=J@, HAJ@ANO SEHH JKP >A =>HA PK ?D=NCA =O IQ?D, =J@ SEPD IKNA
=R=EH=>HA HAJ@ANO, ?KILAPEPEKJ BKN >KNNKSANO SEHH @NERA N=PAO @KSJ.
8. . = =J@ ? SEHH EJ?NA=OA PDA MQ=JPEPU KB HK=JO. ,KNA LAKLHA SDK S=JP PK >KNNKS SEHH NAOQHP EJ IKNA HK=JO >AEJC CERAJ, =O SEHH
IKNA LAKLHA SDK S=JP PK HAJ@.
9. . LNE?A BHKKN LNARAJPO = LNE?A BNKI B=HHEJC >AHKS = ?ANP=EJ HARAH, >QP D=O JK ABBA?P KJ LNE?AO =>KRA PD=P HARAH. (P SEHH D=RA EPO
>ECCAOP ABBA?P EJ ?NA=PEJC AT?AOO OQLLHU (=O IA=OQNA@ >U PDA AJPENA =NA= EJOE@A PDA @KPPA@ HEJAO KJ PDA CN=LD, BNKI # PK 2) EB EP EO
OQ>OP=JPE=HHU =>KRA PDA AMQEHE>NEQI LNE?A. 3DEO EO EHHQOPN=PA@ EJ PDA BKHHKSEJC BECQNA.
(P SEHH D=RA = HAOOAN ABBA?P EB EP EO OHECDPHU =>KRA PDA AMQEHE>NEQI LNE?A. 3DEO EO EHHQOPN=PA@ EJ PDA JATP BECQNA.
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 501
(P SEHH D=RA JK ABBA?P EB EP EO OAP AEPDAN OHECDPHU KN OQ>OP=JPE=HHU >AHKS PDA AMQEHE>NEQI LNE?A, OEJ?A =J AMQEHE>NEQI LNE?A =>KRA = LNE?A
BHKKN SEHH JKP >A =BBA?PA@ >U PD=P LNE?A BHKKN. 3DA BKHHKSEJC BECQNA EHHQOPN=PAO PDAOA OEPQ=PEKJO.
10. . LNE?A ?AEHEJC LNARAJPO = LNE?A BNKI NEOEJC =>KRA = ?ANP=EJ HARAH, >QP D=O JK ABBA?P KJ LNE?AO >AHKS PD=P HARAH. (P SEHH D=RA
EPO >ECCAOP ABBA?P EJ ?NA=PEJC AT?AOO @AI=J@ EB EP EO OQ>OP=JPE=HHU >AHKS PDA AMQEHE>NEQI LNE?A. 3DA BKHHKSEJC BECQNA EHHQOPN=PAO PDAOA
OEPQ=PEKJO.
502 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
6DAJ PDA LNE?A ?AEHEJC EO OAP OQ>OP=JPE=HHU KN OHECDPHU =>KRA PDA AMQEHE>NEQI LNE?A, EP SEHH D=RA JK ABBA?P KJ ?NA=PEJC AT?AOO @AI=J@.
3DA BKHHKSEJC BECQNA EHHQOPN=PAO PDAOA OEPQ=PEKJO.
11. . -AEPDAN. ODEBP EJ @AI=J@ KN OQLLHU IA=JO PD=P =P ARANU LNE?A, AEPDAN = CNA=PAN KN = HKSAN MQ=JPEPU EO @AI=J@A@ KN OQLLHEA@.
LNE?A BHKKN @KAO JKP ODEBP = @AI=J@ ?QNRA KN = OQLLHU ?QNRA. 'KSARAN, EB PDA LNE?A BHKKN EO OAP =>KRA PDA AMQEHE>NEQI, EP SEHH
?=QOA PDA MQ=JPEPU OQLLHEA@ KJ PDA OQLLHU ?QNRA PK >A CNA=PAN PD=J PDA MQ=JPEPU @AI=J@A@ KJ PDA @AI=J@ ?QNRA, HA=@EJC PK AT?AOO
OQLLHU.
12. . -AEPDAN. ODEBP EJ @AI=J@ KN OQLLHU IA=JO PD=P =P ARANU LNE?A, AEPDAN = CNA=PAN KN = HKSAN MQ=JPEPU EO @AI=J@A@ KN OQLLHEA@.
LNE?A ?AEHEJC @KAO JKP ODEBP = @AI=J@ ?QNRA KN = OQLLHU ?QNRA. 'KSARAN, EB PDA LNE?A ?AEHEJC EO OAP >AHKS PDA AMQEHE>NEQI, EP SEHH
?=QOA PDA MQ=JPEPU @AI=J@A@ KJ PDA @AI=J@ ?QNRA PK >A CNA=PAN PD=J PDA MQ=JPEPU OQLLHEA@ KJ PDA OQLLHU ?QNRA, HA=@EJC PK AT?AOO
@AI=J@.
C;4CG8E 5
1. . %NKI LKEJP ! PK LKEJP ", LNE?A NEOAO BNKI $70 PK $80, =J@ 0@ @A?NA=OAO BNKI 2,800 PK 2,600. 2K:
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 503
2600 2800
(2600 + 2800) 2
100
=
200
2700
100
= 7.41
% change in price =
80 70
(80 + 70) 2
100
=
10
75
100
= 13.33
Elasticity of Demand =
7.41%
13.33%
= 0.56
3DA @AI=J@ ?QNRA EO EJAH=OPE? EJ PDEO =NA=; PD=P EO, EPO AH=OPE?EPU R=HQA EO HAOO PD=J KJA. JOSAN BNKI /KEJP # PK LKEJP $:
2200 2400
(2200 + 2400) 2
100
=
200
2300
100
= 8.7
% change in price =
100 90
(100 + 90) 2
100
=
10
95
100
= 10.53
8.7%
10.53%
= 0.83
3DA @AI=J@ ?QNRA EO EJAH=OPE? EJ PDEO =NA=; PD=P EO, EPO AH=OPE?EPU R=HQA EO HAOO PD=J KJA. JOSAN BNKI /KEJP & PK LKEJP ':
1600 1800
(1600 + 1800) 2
100
=
200
1700
100
= 11.76
% change in price =
130 120
(130 + 120) 2
100
=
10
75
100
= 13.33
11.76%
13.33%
= 0.88
3DA @AI=J@ ?QNRA EO OPEHH EJAH=OPE? EJ PDEO EJPANR=H, >QP =LLNK=?DEJC QJEP AH=OPE?EPU.
2. . %NKI LKEJP ) PK LKEJP *, LNE?A NEOAO BNKI $8 PK $9, =J@ MQ=JPEPU NEOAO BNKI 50 PK 70. 2K:
70 50
(70 + 50) 2
100
=
20
60
100
= 33.33
% change in price =
$9 $8
($9 + $8) 2
100
=
1
8.5
100
= 11.76
Elasticity of Supply =
33.33%
11.76%
= 2.83
3DA OQLLHU ?QNRA EO AH=OPE? EJ PDEO =NA=; PD=P EO, EPO AH=OPE?EPU R=HQA EO CNA=PAN PD=J KJA. %NKI LKEJP + PK LKEJP ,, PDA LNE?A NEOAO BNKI
$10 PK $11, SDEHA PDA 0O NEOAO BNKI 80 PK 88:
504 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
88 80
(88 + 80) 2
100
=
8
84
100
= 9.52
%change in price =
$11 $10
($11 + $10) 2
100
=
1
10.5
100
= 9.52
9.52%
9.52%
= 1.0
3DA OQLLHU ?QNRA D=O QJEP=NU AH=OPE?EPU EJ PDEO =NA=. %NKI LKEJP - PK LKEJP /, PDA LNE?A NEOAO BNKI $12 PK $13, =J@ 0O NEOAO BNKI 95
PK 100:
100 95
(100 + 95) 2
100
=
5
97.5
100
= 5.13
% change in price =
$13 $12
($13 + $12) 2
100
=
1
12.5
100
= 8.0
Elasticity of Supply =
5.13%
8.0%
= 0.64
3DA OQLLHU ?QNRA EO EJAH=OPE? EJ PDEO NACEKJ KB PDA OQLLHU ?QNRA.
3. . 3DA @AI=J@ ?QNRA SEPD ?KJOP=JP QJEP=NU AH=OPE?EPU EO ?KJ?=RA >A?=QOA =P DECD LNE?AO, = KJA LAN?AJP @A?NA=OA EJ LNE?A NAOQHPO
EJ IKNA PD=J = KJA LAN?AJP EJ?NA=OA EJ MQ=JPEPU. O SA IKRA @KSJ PDA @AI=J@ ?QNRA, LNE?A @NKLO =J@ PDA KJA LAN?AJP @A?NA=OA EJ
LNE?A ?=QOAO HAOO PD=J = KJA LAN?AJP EJ?NA=OA EJ MQ=JPEPU.
4. . 3DA ?KJOP=JP QJEP=NU AH=OPE?EPU EO = OPN=ECDP HEJA >A?=QOA PDA ?QNRA OHKLAO QLS=N@ =J@ >KPD LNE?A =J@ MQ=JPEPU =NA EJ?NA=OEJC
LNKLKNPEKJ=HHU.
5. . "=NI=GANO ?=J L=OO PDEO ?KOP =HKJC PK ?KJOQIANO EB PDA @AI=J@ BKN PDAOA ?=NO EO EJAH=OPE?. (B PDA @AI=J@ BKN PDAOA ?=NO EO AH=OPE?,
PDAJ PDA I=JQB=?PQNAN IQOP L=U BKN PDA AMQELIAJP.
6. . (B PDA AH=OPE?EPU EO 1.4 =P ?QNNAJP LNE?AO, UKQ SKQH@ =@REOA PDA ?KIL=JU PK HKSAN EPO LNE?A KJ PDA LNK@Q?P, OEJ?A = @A?NA=OA EJ
LNE?A SEHH >A KBBOAP >U PDA EJ?NA=OA EJ PDA =IKQJP KB PDA @NQC OKH@. (B PDA AH=OPE?EPU SANA 0.6, PDAJ UKQ SKQH@ =@REOA PDA ?KIL=JU PK
EJ?NA=OA EPO LNE?A. (J?NA=OAO EJ LNE?A SEHH KBBOAP PDA @A?NA=OA EJ JQI>AN KB QJEPO OKH@, >QP EJ?NA=OA UKQN PKP=H NARAJQA. (B AH=OPE?EPU EO
1, PDA PKP=H NARAJQA EO =HNA=@U I=TEIEVA@, =J@ UKQ SKQH@ =@REOA PD=P PDA ?KIL=JU I=EJP=EJ EPO ?QNNAJP LNE?A HARAH.
7. . 3DA LAN?AJP=CA ?D=JCA EJ MQ=JPEPU OQLLHEA@ =O = NAOQHP KB = CERAJ LAN?AJP=CA ?D=JCA EJ PDA LNE?A KB C=OKHEJA.
8. .
(J PDEO AT=ILHA, >NA=@ EO =J EJBANEKN CKK@ >A?=QOA EPO ?KJOQILPEKJ B=HHO =O EJ?KIA NEOAO.
9. . 3DA BKNIQH= BKN ?NKOO-LNE?A AH=OPE?EPU EO % ?D=JCA EJ 0@ BKN =LLHAO / % ?D=JCA EJ / KB KN=JCAO. ,QHPELHUEJC >KPD OE@AO >U
% ?D=JCA EJ / KB KN=JCAO UEAH@O: % ?D=JCA EJ 0@ BKN =LLHAO = ?NKOO-LNE?A AH=OPE?EPU 7% ?D=JCA EJ / KB KN=JCAO = 0.4 \ (_3%) =
_1.2%, KN = 1.2 % @A?NA=OA EJ @AI=J@ BKN =LLHAO.
C;4CG8E 6
1. . &#/ EO " + ( + & + (7 _ ,). &#/ = $2,000 >EHHEKJ + $50 >EHHEKJ + $1,000 >EHHEKJ + ($20 >EHHEKJ _ $40 >EHHEKJ) = $3,030
Percentage change in quantity demanded = [(change in quantity)/(original quantity)] 100
= [22 30]/[(22 + 30)/2] 100
= 8/26 100
= 30.77
Percentage change in income = [(change in income)/(original income)] 100
= [38,000 25,000]/[(38,000 + 25,000)/2] 100
= 13/31.5 100
= 41.27
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 505
2. .
=. 'KOLEP=H OP=UO =NA L=NP KB &#/.
>. "D=JCAO EJ HEBA ATLA?P=J?U =NA JKP I=NGAP PN=JO=?PEKJO =J@ JKP L=NP KB &#/.
?. "DEH@ ?=NA PD=P EO L=E@ BKN EO L=NP KB &#/.
@. (B &N=J@I= CAPO L=E@ =J@ NALKNPO PDEO =O EJ?KIA, EP EO L=NP KB &#/, KPDANSEOA JKP.
A. QOA@ ?=N EO JKP LNK@Q?A@ PDEO UA=N, OK EP EO JKP L=NP KB &#/.
B. JAS ?=N EO L=NP KB &#/.
C. 5=NEAPU @KAO JKP ?KQJP EJ &#/, SDANA PDA ?DAAOA ?KQH@ =HH >A ?DA@@=N.
D. 3DA ENKJ EO JKP ?KQJPA@ >A?=QOA EP EO =J EJPANIA@E=PA CKK@.
3. . %NKI 1980 PK 1990, NA=H &#/ CNAS >U (8,225.0 _ 5,926.5) / (5,926.5) = 39%. .RAN PDA O=IA LANEK@, LNE?AO EJ?NA=OA@ >U (72.7
_ 48.3) / (48.3/100) = 51%. 2K =>KQP 57% KB PDA CNKSPD 51 / (51 + 39) S=O EJBH=PEKJ, =J@ PDA NAI=EJ@AN: 39 / (51 + 39) = 43% S=O
CNKSPD EJ NA=H &#/.
4. . 3SK KPDAN I=FKN NA?AOOEKJO =NA REOE>HA EJ PDA BECQNA =O OHECDP @ELO: PDKOA KB 1973_1975, =J@ 1981_1982. 3SK KPDAN NA?AOOEKJO
=LLA=N EJ PDA BECQNA =O = BH=PPAJEJC KB PDA L=PD KB NA=H &#/. 3DAOA SANA EJ 1990_1991 =J@ 2001.
5. . 11 NA?AOOEKJO EJ =LLNKTEI=PAHU 70 UA=NO =RAN=CAO =>KQP KJA NA?AOOEKJ ARANU OET UA=NO.
6. . 3DA P=>HA HEOPO PDA c,KJPDO KB "KJPN=?PEKJd BKN A=?D NA?AOOEKJ. RAN=CEJC PDAOA BECQNAO BKN PDA LKOP-66(( NA?AOOEKJO CERAO =J
=RAN=CA @QN=PEKJ KB 11 IKJPDO, KN OHECDPHU HAOO PD=J = UA=N.
7. . 3DA P=>HA HEOPO PDA c,KJPDO KB $TL=JOEKJ.d RAN=CEJC PDAOA BECQNAO BKN PDA LKOP-66(( ATL=JOEKJO CERAO =J =RAN=CA ATL=JOEKJ
KB 60.5 IKJPDO, KN IKNA PD=J BERA UA=NO.
8. . 8AO. 3DA =JOSAN PK >KPD MQAOPEKJO @ALAJ@O KJ SDAPDAN &#/ EO CNKSEJC B=OPAN KN OHKSAN PD=J LKLQH=PEKJ. (B LKLQH=PEKJ CNKSO
B=OPAN PD=J &#/, &#/ EJ?NA=OAO, SDEHA &#/ LAN ?=LEP= @A?NA=OAO. (B &#/ B=HHO, >QP LKLQH=PEKJ B=HHO B=OPAN, PDAJ &#/ @A?NA=OAO,
SDEHA &#/ LAN ?=LEP= EJ?NA=OAO.
9. . 2P=NP SEPD "AJPN=H BNE?=J 1ALQ>HE?bO &#/ IA=OQNA@ EJ BN=J?O. #ERE@A EP >U PDA AT?D=JCA N=PA PK ?KJRANP PK 4.2. @KHH=NO,
=J@ PDAJ @ERE@A >U LKLQH=PEKJ PK K>P=EJ PDA LAN ?=LEP= BECQNA. 3D=P EO, 1,107,689 IEHHEKJ BN=J?O / 284.681 BN=J?O LAN @KHH=N / 4.862
IEHHEKJ LAKLHA = $800.28 &#/ LAN ?=LEP=.
10. .
=. @ENPEAN AJRENKJIAJP SKQH@ NA@Q?A PDA >NK=@ OP=J@=N@ KB HEREJC, >QP JKP >A ?KQJPA@ EJ &#/, OK = NEOA EJ &#/ SKQH@ KRANOP=PA
PDA OP=J@=N@ KB HEREJC.
>. HKSAN ?NEIA N=PA SKQH@ N=EOA PDA >NK=@ OP=J@=N@ KB HEREJC, >QP JKP >A ?KQJPA@ @ENA?PHU EJ &#/, =J@ OK = NEOA EJ &#/ SKQH@
QJ@ANOP=PA PDA OP=J@=N@ KB HEREJC.
?. CNA=PAN R=NEAPU KB CKK@O SKQH@ N=EOA PDA >NK=@ OP=J@=N@ KB HEREJC, >QP JKP >A ?KQJPA@ @ENA?PHU EJ &#/, =J@ OK = NEOA EJ &#/
SKQH@ QJ@ANOP=PA PDA NEOA EJ PDA OP=J@=N@ KB HEREJC.
@. @A?HEJA EJ EJB=JP IKNP=HEPU SKQH@ N=EOA PDA >NK=@ OP=J@=N@ KB HEREJC, >QP JKP >A ?KQJPA@ @ENA?PHU EJ &#/, =J@ OK = NEOA EJ
&#/ SKQH@ QJ@ANOP=PA PDA NEOA EJ PDA OP=J@=N@ KB HEREJC.
C;4CG8E 7
1. . 3DA (J@QOPNE=H 1ARKHQPEKJ NABANO PK PDA SE@AOLNA=@ QOA KB LKSAN-@NERAJ I=?DEJANU =J@ PDA A?KJKIE? =J@ OK?E=H ?D=JCAO
PD=P NAOQHPA@ EJ PDA BENOP D=HB KB PDA 1800O. (JCAJEKQO I=?DEJAO`PDA OPA=I AJCEJA, PDA LKSAN HKKI, =J@ PDA OPA=I
HK?KIKPERA`LANBKNIA@ P=OGO PD=P SKQH@ D=RA P=GAJ R=OP JQI>ANO KB SKNGANO PK @K. 3DA (J@QOPNE=H 1ARKHQPEKJ >AC=J EJ &NA=P
!NEP=EJ, =J@ OKKJ OLNA=@ PK PDA 4JEPA@ 2P=PAO, &ANI=JU, =J@ KPDAN ?KQJPNEAO.
2. . /NKLANPU NECDPO =NA PDA NECDPO KB EJ@ERE@Q=HO =J@ BENIO PK KSJ LNKLANPU =J@ QOA EP =O PDAU OAA BEP. "KJPN=?PQ=H NECDPO =NA >=OA@
KJ LNKLANPU NECDPO =J@ PDAU =HHKS EJ@ERE@Q=HO PK AJPAN EJPK =CNAAIAJPO SEPD KPDANO NAC=N@EJC PDA QOA KB PDAEN LNKLANPU LNKRE@EJC
NA?KQNOA PDNKQCD PDA HAC=H OUOPAI EJ PDA ARAJP KB JKJ?KILHE=J?A. $?KJKIE? CNKSPD K??QNO SDAJ PDA OP=J@=N@ KB HEREJC EJ?NA=OAO
EJ =J A?KJKIU, SDE?D K??QNO SDAJ KQPLQP EO EJ?NA=OEJC =J@ EJ?KIAO =NA NEOEJC. %KN PDEO PK D=LLAJ, OK?EAPEAO IQOP ?NA=PA = HAC=H
AJRENKJIAJP PD=P CERAO EJ@ERE@Q=HO PDA =>EHEPU PK QOA PDAEN LNKLANPU PK PDAEN BQHHAOP =J@ DECDAOP QOA, EJ?HQ@EJC PDA NECDP PK PN=@A KN
OAHH PD=P LNKLANPU. 6EPDKQP = HAC=H OUOPAI PD=P AJBKN?AO ?KJPN=?PO, LAKLHA SKQH@ JKP >A HEGAHU PK AJPAN EJPK ?KJPN=?PO BKN ?QNNAJP KN
BQPQNA OANRE?AO >A?=QOA KB PDA NEOG KB JKJ-L=UIAJP. 3DEO SKQH@ I=GA EP @EBBE?QHP PK PN=JO=?P >QOEJAOO =J@ SKQH@ OHKS A?KJKIE?
CNKSPD.
3. . 8AO. 2EJ?A LNK@Q?PEREPU EO KQPLQP LAN QJEP KB EJLQP, SA ?=J IA=OQNA LNK@Q?PEREPU QOEJC &#/ (KQPLQP) LAN SKNGAN (EJLQP).
4. . (J 20 UA=NO PDA 4JEPA@ 2P=PAO SEHH D=RA =J EJ?KIA KB 10,000 \ (1 + 0.01)
20
= $12,201.90, =J@ 2KQPD *KNA= SEHH D=RA =J EJ?KIA
KB 10,000 \ (1 + 0.04)
20
= $21,911.23. 2KQPD *KNA= D=O CNKSJ >U = IQHPELHA KB 2.1 =J@ PDA 4JEPA@ 2P=PAO >U = IQHPELHA KB 1.2.
5. . "=LEP=H @AALAJEJC =J@ PA?DJKHKCU =NA EILKNP=JP. 6D=P OAAIO PK >A IKNA EILKNP=JP EO DKS PDAU =NA ?KI>EJA@.
6. . &KRANJIAJP ?=J ?KJPNE>QPA PK A?KJKIE? CNKSPD >U EJRAOPEJC EJ DQI=J ?=LEP=H PDNKQCD PDA A@Q?=PEKJ OUOPAI, >QEH@EJC = OPNKJC
LDUOE?=H EJBN=OPNQ?PQNA BKN PN=JOLKNP=PEKJ =J@ ?KIIAN?A, EJ?NA=OEJC EJRAOPIAJP >U HKSANEJC ?=LEP=H C=EJO P=TAO, ?NA=PEJC OLA?E=H
A?KJKIE? VKJAO PD=P =HHKS BKN NA@Q?A@ P=NEBBO, =J@ EJRAOPEJC EJ NAOA=N?D =J@ @ARAHKLIAJP.
7. . /Q>HE? A@Q?=PEKJ, HKS EJRAOPIAJP P=TAO, BQJ@EJC BKN EJBN=OPNQ?PQNA LNKFA?PO, OLA?E=H A?KJKIE? VKJAO
506 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
8. . CKK@ S=U PK PDEJG =>KQP PDEO EO DKS = NQJJAN SDK D=O B=HHAJ >ADEJ@ EJ = N=?A BAAHO LOU?DKHKCE?=HHU =J@ LDUOE?=HHU =O DA
?=P?DAO QL. /H=UEJC ?=P?D-QL ?=J >A IKNA P=TEJC PD=J I=EJP=EJEJC KJAbO LKOEPEKJ =P PDA DA=@ KB PDA L=?G.
9. .
=. -K. "=LEP=H @AALAJEJC NABANO PK =J EJ?NA=OA EJ PDA =IKQJP KB ?=LEP=H LAN LANOKJ EJ =J A?KJKIU. @A?NA=OA EJ EJRAOPIAJP >U
BENIO SEHH =?PQ=HHU ?=QOA PDA KLLKOEPA KB ?=LEP=H @AALAJEJC (OEJ?A PDA LKLQH=PEKJ SEHH CNKS KRAN PEIA).
>. 3DANA EO JK @ENA?P ?KJJA?PEKJ >APSAAJ =J@ EJ?NA=OA EJ EJPANJ=PEKJ=H PN=@A =J@ ?=LEP=H @AALAJEJC. .JA ?KQH@ EI=CEJA L=NPE?QH=N
O?AJ=NEKO SDANA PN=@A ?KQH@ HA=@ PK ?=LEP=H @AALAJEJC (BKN AT=ILHA, EB EJPANJ=PEKJ=H ?=LEP=H EJBHKSO SDE?D =NA PDA ?KQJPANL=NP
PK EJ?NA=OEJC PDA PN=@A @ABE?EP) HA=@ PK =J EJ?NA=OA EJ LDUOE?=H ?=LEP=H EJRAOPIAJP), >QP EJ CAJAN=H, JK.
?. 8AO. "=LEP=H @AALAJEJC NABANO PK =J EJ?NA=OA EJ AEPDAN LDUOE?=H ?=LEP=H KN DQI=J ?=LEP=H LAN LANOKJ. "KJPEJQEJC A@Q?=PEKJ KN
=JU PEIA KB HEBAHKJC HA=NJEJC =@@O PK DQI=J ?=LEP=H =J@ PDQO ?NA=PAO ?=LEP=H @AALAJEJC.
10. . 3DA =@R=JP=CAO KB >=?GS=N@JAOO EJ?HQ@A B=OPAN CNKSPD N=PAO >A?=QOA KB PDA LNK?AOO KB ?KJRANCAJ?A, =O SAHH =O PDA =>EHEPU PK
=@KLP JAS PA?DJKHKCEAO PD=P SANA @ARAHKLA@ BENOP EJ PDA cHA=@ANd ?KQJPNEAO. 6DEHA >AEJC c>=?GS=N@d EO JKP EJDANAJPHU = CKK@ PDEJC,
&ANO?DAJGNKJ OPNAOOA@ PD=P PDANA =NA ?ANP=EJ =@R=JP=CAO SDE?D =E@ ?KQJPNEAO PNUEJC PK c?=P?D QL.d
11. . "=LEP=H @AALAJEJC, >U @ABEJEPEKJ, ODKQH@ HA=@ PK @EIEJEODA@ NAPQNJO >A?=QOA UKQ'NA EJRAOPEJC IKNA =J@ IKNA >QP QOEJC PDA
O=IA IAPDK@O KB LNK@Q?PEKJ, HA=@EJC PK PDA I=NCEJ=H LNK@Q?PEREPU @A?HEJEJC. 3DEO EO ODKSJ KJ = LNK@Q?PEKJ BQJ?PEKJ =O = IKRAIAJP
=HKJC PDA ?QNRA. (ILNKRAIAJPO EJ PA?DJKHKCU ODKQH@ JKP HA=@ PK @EIEJEODA@ NAPQNJO >A?=QOA UKQ =NA BEJ@EJC JAS =J@ IKNA ABBE?EAJP
S=UO KB QOEJC PDA O=IA =IKQJP KB ?=LEP=H. 3DEO ?=J >A EHHQOPN=PA@ =O = ODEBP QLS=N@ KB PDA LNK@Q?PEKJ BQJ?PEKJ ?QNRA.
12. . /NK@Q?PEREPU CNKSPD BNKI JAS =@R=J?AO EJ PA?DJKHKCU SEHH JKP OHKS >A?=QOA PDA JAS IAPDK@O KB LNK@Q?PEKJ SEHH >A =@KLPA@
NAH=PERAHU MQE?GHU =J@ A=OEHU, =P RANU HKS I=NCEJ=H ?KOP. HOK, ?KQJPNEAO PD=P =NA OAAEJC PA?DJKHKCU CNKSPD QOQ=HHU D=RA = R=OP =J@
LKSANBQH OAP KB EJOPEPQPEKJO BKN PN=EJEJC SKNGANO =J@ >QEH@EJC >APPAN I=?DEJAO, SDE?D =HHKSO PDA I=TEIQI =IKQJP KB LAKLHA PK
>AJABEP BNKI PDA JAS PA?DJKHKCU. 3DAOA B=?PKNO D=RA PDA =@@A@ ABBA?P KB I=GEJC =@@EPEKJ=H PA?DJKHKCE?=H =@R=J?AO ARAJ A=OEAN BKN
PDAOA ?KQJPNEAO.
C;4CG8E 8
1. . 3DA LKLQH=PEKJ EO @ERE@A@ EJPK PDKOA cEJ PDA H=>KN BKN?Ad =J@ PDKOA cJKP EJ PDA H=>KN BKN?A.d 3DQO, PDA JQI>AN KB =@QHPO JKP EJ
PDA H=>KN BKN?A EO 237.8 _ 153.9 = 83.9 IEHHEKJ. 2EJ?A PDA H=>KN BKN?A EO @ERE@A@ EJPK AILHKUA@ LANOKJO =J@ QJAILHKUA@ LANOKJO,
PDA JQI>AN KB QJAILHKUA@ LANOKJO EO 153.9 _ 139.1 = 14.8 IEHHEKJ. 3DQO, PDA =@QHP LKLQH=PEKJ D=O PDA BKHHKSEJC LNKLKNPEKJO:
e 139.1/237.8 = 58.5% AILHKUA@ LANOKJO
e 14.8/237.8 = 6.2% QJAILHKUA@ LANOKJO
e 83.9/237.8 = 35.3% LANOKJO KQP KB PDA H=>KN BKN?A
2. . 3DA QJAILHKUIAJP N=PA EO @ABEJA@ =O PDA JQI>AN KB QJAILHKUA@ LANOKJO =O = LAN?AJP=CA KB PDA H=>KN BKN?A KN 14.8/153.9 =
9.6%. 3DEO EO DECDAN PD=J PDA 2012 QJAILHKUIAJP N=PA, ?KILQPA@ A=NHEAN, KB 8.1%.
3. . .RAN PDA HKJC PANI, PDA 4.2. QJAILHKUIAJP N=PA D=O NAI=EJA@ >=OE?=HHU PDA O=IA HARAH.
4. .
=. -KJSDEPAO
>. 3DA UKQJC
?. 'ECD O?DKKH CN=@Q=PAO
5. . !A?=QOA KB PDA EJBHQT KB SKIAJ EJPK PDA H=>KN I=NGAP, PDA OQLLHU KB H=>KN ODEBPO PK PDA NECDP. 2EJ?A S=CAO =NA OPE?GU @KSJS=N@,
PDA EJ?NA=OA@ OQLLHU KB H=>KN ?=QOAO =J EJ?NA=OA EJ LAKLHA HKKGEJC BKN FK>O (0O), >QP JK ?D=JCA EJ PDA JQI>AN KB FK>O =R=EH=>HA
(0A). O = NAOQHP, QJAILHKUIAJP EJ?NA=OAO >U PDA =IKQJP KB PDA EJ?NA=OA EJ PDA H=>KN OQLLHU. 3DEO ?=J >A OAAJ EJ PDA BKHHKSEJC
BECQNA. .RAN PEIA, =O H=>KN @AI=J@ CNKSO, PDA QJAILHKUIAJP SEHH @A?HEJA =J@ ARAJPQ=HHU S=CAO SEHH >ACEJ PK EJ?NA=OA =C=EJ. !QP
PDEO EJ?NA=OA EJ H=>KN @AI=J@ CKAO >AUKJ@ PDA O?KLA KB PDEO LNK>HAI.
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 507
6. . 3DA EJ?NA=OA EJ H=>KN OQLLHU S=O = OK?E=H @AIKCN=LDE? PNAJ@ÈP S=O JKP ?=QOA@ >U PDA A?KJKIU B=HHEJC EJPK = NA?AOOEKJ.
3DANABKNA, PDA EJBHQT KB SKIAJ EJPK PDA SKNG BKN?A EJ?NA=OA@ PDA J=PQN=H N=PA KB QJAILHKUIAJP.
7. . -AS AJPN=JPO PK PDA H=>KN BKN?A, SDAPDAN BNKI ?KHHACA KN KPDANSEOA, =NA ?KQJPA@ =O BNE?PEKJ=HHU QJAILHKUA@ QJPEH PDAU BEJ@ =
FK>.
C;4CG8E 9
1. . 3K ?KILQPA PDA =IKQJP OLAJP KJ A=?D BNQEP EJ A=?D UA=N, UKQ IQHPELHU PDA MQ=JPEPU KB A=?D BNQEP >U PDA LNE?A.
e 10 =LLHAO \ 50 ?AJPO A=?D = $5.00 OLAJP KJ =LLHAO EJ 2001.
e 12 >=J=J=O \ 20 ?AJPO A=?D = $2.40 OLAJP KJ >=J=J=O EJ 2001.
e 2 >QJ?DAO KB CN=LAO =P 65 ?AJPO A=?D = $1.30 OLAJP KJ CN=LAO EJ 2001.
e 1 LEJP KB N=OL>ANNEAO =P $2 A=?D = $2.00 OLAJP KJ N=OL>ANNEAO EJ 2001.
@@EJC QL PDA =IKQJPO CERAO UKQ PDA PKP=H ?KOP KB PDA BNQEP >=OGAP. 3DA PKP=H ?KOP KB PDA BNQEP >=OGAP EJ 2001 S=O $5.00 + $2.40 +
$1.30 + $2.00 = $10.70. 3DA PKP=H ?KOPO BKN =HH PDA UA=NO =NA ODKSJ EJ PDA BKHHKSEJC P=>HA.
2001 2002 2003 2004
$10.70 $13.80 $15.35 $16.31
2. . (B 2003 EO PDA >=OA UA=N, PDAJ PDA EJ@AT JQI>AN D=O = R=HQA KB 100 EJ 2003. 3K PN=JOBKNI PDA ?KOP KB = BNQEP >=OGAP A=?D UA=N,
SA @ERE@A A=?D UA=NbO R=HQA >U $15.35, PDA R=HQA KB PDA >=OA UA=N, =J@ PDAJ IQHPELHU PDA NAOQHP >U 100. 3DA LNE?A EJ@AT EO ODKSJ EJ
PDA BKHHKSEJC P=>HA.
2001 2002 2003 2004
69.71 84.61 100.00 106.3
-KPA PD=P PDA >=OA UA=N D=O = R=HQA KB 100; UA=NO >ABKNA PDA >=OA UA=N D=RA R=HQAO HAOO PD=J 100; =J@ UA=NO =BPAN D=RA R=HQAO IKNA
PD=J 100.
3. . 3DA EJBH=PEKJ N=PA EO ?=H?QH=PA@ =O PDA LAN?AJP=CA ?D=JCA EJ PDA LNE?A EJ@AT BNKI UA=N PK UA=N. %KN AT=ILHA, PDA EJBH=PEKJ N=PA
>APSAAJ 2001 =J@ 2002 EO (84.61 _ 69.71) / 69.71 = 0.2137 = 21.37%. 3DA EJBH=PEKJ N=PAO BKN =HH PDA UA=NO =NA ODKSJ EJ PDA H=OP NKS
KB PDA BKHHKSEJC P=>HA, SDE?D EJ?HQ@AO PDA PSK LNAREKQO =JOSANO.
"G8@F *GL
(2001)
)E<68
(2001)
A@BHAG
,C8AG
(2002)
)E<68
(2002)
A@BHAG
,C8AG
(2003)
)E<68
(2003)
A@BHAG
,C8AG
(2004)
)E<68
(2004)
A@BHAG
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LLHAO 10 $0.50 $5.00 $0.75 $7.50 $0.85 $8.50 $0.88 $8.80
!=J=J=O 12 $0.20 $2.40 $0.25 $3.00 $0.25 $3.00 $0.29 $3.48
&N=LAO 2 $0.65 $1.30 $0.70 $1.40 $0.90 $1.80 $0.95 $1.90
1=OL>ANNEAO 1 $2.00 $2.00 $1.90 $1.90 $2.05 $2.05 $2.13 $2.13
3KP=H $10.70 $13.80 $15.35 $16.31
/NE?A (J@AT 69.71 84.61 100.00 106.3
(JBH=PEKJ
1=PA
21.37% 18.19% 6.3%
4. . !ACEJ >U ?=H?QH=PEJC PDA PKP=H ?KOP KB >QUEJC PDA >=OGAP EJ A=?D PEIA LANEK@, =O ODKSJ EJ PDA BKHHKSEJC P=>HA.
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&EBPO 12 $50 $600 $60 $720
/EVV= 24 $15 $360 $16 $384
508 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
"G8@F *H4AG<GL (-<@8 1) )E<68 (-<@8 1) -BG4? CBFG (-<@8 2) )E<68 (-<@8 2) -BG4? CBFG
!HKQOAO 6 $60 $360 $50 $300
3NELO 2 $400 $800 $420 $840
3KP=H "KOP $2,120 $2,244
3DA NEOA EJ ?KOP KB HEREJC EO ?=H?QH=PA@ =O PDA LAN?AJP=CA EJ?NA=OA: (2244 _ 2120) / 2120 = 0.0585 = 5.85%.
5. . 2EJ?A PDA "/( IA=OQNAO PDA LNE?AO KB PDA CKK@O =J@ OANRE?AO LQN?D=OA@ >U PDA PULE?=H QN>=J ?KJOQIAN, EP IA=OQNAO PDA LNE?AO
KB PDEJCO PD=P LAKLHA >QU SEPD PDAEN L=U?DA?G. %KN PD=P NA=OKJ, PDA "/( SKQH@ >A PDA >AOP LNE?A EJ@AT PK QOA BKN PDEO LQNLKOA.
6. . 3DA //( EO OQ>FA?P PK PDKOA >E=OAO BKN AOOAJPE=HHU PDA O=IA NA=OKJO =O PDA "/( EO. 3DA &#/ @ABH=PKN LE?GO QL LNE?AO KB SD=P EO
=?PQ=HHU LQN?D=OA@ PD=P UA=N, OK PDANA =NA JK >E=OAO. 3D=P EO PDA =@R=JP=CA KB QOEJC PDA &#/ @ABH=PKN KRAN PDA "/(.
7. . 3DA ?=H?QH=PKN NAMQENAO UKQ PK EJLQP PDNAA JQI>ANO:
e 3DA BENOP UA=N, EJ PDEO ?=OA PDA UA=N KB UKQN >ENPD
e 3DA =IKQJP KB IKJAU UKQ SKQH@ S=JP PK PN=JOH=PA EJ PANIO KB EPO LQN?D=OEJC LKSAN
e 3DA H=OP UA=N`JKS KN PDA IKOP NA?AJP UA=N PDA ?=H?QH=PKN SEHH =??ALP
,U >ENPD UA=N EO 1955. 3DA =IKQJP EO $1. 3DA UA=N 2012 EO ?QNNAJPHU PDA H=PAOP UA=N PDA ?=H?QH=PKN SEHH =??ALP. 3DA OEILHA LQN?D=OEJC
LKSAN ?=H?QH=PKN ODKSO PD=P $1 KB LQN?D=OAO EJ 1955 SKQH@ ?KOP $8.57 EJ 2012. 3DA SA>OEPA =HOK ATLH=EJO DKS PDA PNQA =JOSAN EO
IKNA ?KILHE?=PA@ PD=J PD=P ODKSJ >U PDA OEILHA LQN?D=OEJC LKSAN ?=H?QH=PKN.
8. . 3DA OP=PA CKRANJIAJP SKQH@ >AJABEP >A?=QOA EP SKQH@ NAL=U PDA HK=J EJ HAOO R=HQ=>HA @KHH=NO PD=J EP >KNNKSA@. /HQO, P=T
NARAJQAO BKN PDA OP=PA CKRANJIAJP SKQH@ EJ?NA=OA >A?=QOA KB PDA EJBH=PEKJ.
9. . 'ECDAN EJBH=PEKJ NA@Q?AO NA=H EJPANAOP N=PAO KJ BETA@ N=PA IKNPC=CAO. !A?=QOA 1,O ?=J >A =@FQOPA@, DECDAN EJBH=PEKJ HA=@O PK
DECDAN EJPANAOP N=PAO KJ 1,O.
10. . !A?=QOA PDA IKNPC=CA D=O =J =@FQOP=>HA N=PA, PDA N=PA ODKQH@ B=HH >U 3%, PDA O=IA =O EJBH=PEKJ, PK GAAL PDA NA=H EJPANAOP N=PA
PDA O=IA.
C;4CG8E 10
1. . 3DA OPK?G =J@ >KJ@ R=HQAO SEHH JKP ODKS QL EJ PDA ?QNNAJP =??KQJP. 'KSARAN, PDA @ERE@AJ@O BNKI PDA OPK?GO =J@ PDA EJPANAOP
BNKI PDA >KJ@O ODKS QL =O =J EILKNP PK EJ?KIA EJ PDA ?QNNAJP =??KQJP.
2. . (P >A?KIAO IKNA JAC=PERA =O EILKNPO, SDE?D =NA = JAC=PERA PK PDA ?QNNAJP =??KQJP, =NA CNKSEJC B=OPAN PD=J ATLKNPO, SDE?D =NA
= LKOEPERA.
3. .
=. ,KJAU BHKSO KQP KB PDA ,ATE?=J A?KJKIU.
>. ,KJAU BHKSO EJPK PDA ,ATE?=J A?KJKIU.
?. ,KJAU BHKSO KQP KB PDA ,ATE?=J A?KJKIU.
4. . &#/ EO = @KHH=N R=HQA KB =HH LNK@Q?PEKJ KB CKK@O =J@ OANRE?AO. $TLKNPO =NA LNK@Q?A@ @KIAOPE?=HHU >QP ODELLA@ =>NK=@. 3DA
LAN?AJP N=PEK KB ATLKNPO PK &#/ CERAO QO =J E@A= KB DKS EILKNP=JP ATLKNPO =NA PK PDA J=PEKJ=H A?KJKIU KQP KB =HH CKK@O =J@ OANRE?AO
LNK@Q?A@. %KN AT=ILHA, ATLKNPO NALNAOAJP KJHU 14% KB 4.2. &#/, >QP 50% KB &ANI=JUbO &#/
5. . #ERE@A $447 >EHHEKJ >U $1,736 PNEHHEKJ.
6. . #ERE@A _291 >EHHEKJ >U $14.7 PNEHHEKJ.
7. . 3DA PN=@A >=H=J?A EO PDA @EBBANAJ?A >APSAAJ ATLKNPO =J@ EILKNPO. 3DA ?QNNAJP =??KQJP >=H=J?A EJ?HQ@AO PDEO JQI>AN (SDAPDAN
EP EO = PN=@A >=H=J?A KN = PN=@A OQNLHQO), >QP =HOK EJ?HQ@AO EJPANJ=PEKJ=H BHKSO KB IKJAU BNKI CHK>=H EJRAOPIAJPO.
8. .
=. J ATLKNP O=HA PK &ANI=JU EJRKHRAO = BEJ=J?E=H BHKS BNKI &ANI=JU PK PDA 4.2. A?KJKIU.
>. 3DA EOOQA DANA EO JKP 4.2. EJRAOPIAJPO EJ !N=VEH, >QP PDA NAPQNJ L=E@ KJ PDKOA EJRAOPIAJPO, SDE?D EJRKHRAO = BEJ=J?E=H BHKS
BNKI PDA !N=VEHE=J A?KJKIU PK PDA 4.2. A?KJKIU.
?. %KNAECJ =E@ BNKI PDA 4JEPA@ 2P=PAO PK $CULP EO = BEJ=J?E=H BHKS BNKI PDA 4JEPA@ 2P=PAO PK $CULP.
@. (ILKNPEJC KEH BNKI PDA 1QOOE=J %A@AN=PEKJ IA=JO = BHKS KB BEJ=J?E=H L=UIAJPO BNKI PDA 4.2. A?KJKIU PK PDA 1QOOE=J
%A@AN=PEKJ.
A. )=L=JAOA EJRAOPKNO >QUEJC 4.2. NA=H AOP=PA EO = BEJ=J?E=H BHKS BNKI )=L=J PK PDA 4.2. A?KJKIU.
9. . 3DA PKL LKNPEKJ PN=?GO PDA BHKS KB ATLKNPO =J@ EILKNPO =J@ PDA L=UIAJPO BKN PDKOA. 3DA >KPPKI LKNPEKJ EO HKKGEJC =P
EJPANJ=PEKJ=H BEJ=J?E=H EJRAOPIAJPO =J@ PDA KQPBHKS =J@ EJBHKS KB IKJEAO BNKI PDKOA EJRAOPIAJPO. 3DAOA EJRAOPIAJPO ?=J EJ?HQ@A
EJRAOPIAJPO EJ OPK?GO =J@ >KJ@O KN NA=H AOP=PA =>NK=@, =O SAHH =O EJPANJ=PEKJ=H >KNNKSEJC =J@ HAJ@EJC.
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 509
10. . (B IKNA IKJEAO =NA BHKSEJC KQP KB PDA ?KQJPNU (BKN AT=ILHA, PK L=U BKN EILKNPO) EP SEHH I=GA PDA ?QNNAJP =??KQJP IKNA
JAC=PERA KN HAOO LKOEPERA, =J@ EB IKNA IKJEAO =NA BHKSEJC EJPK PDA ?KQJPNU, EP SEHH I=GA PDA ?QNNAJP =??KQJP HAOO JAC=PERA KN IKNA
LKOEPERA.
11. . 6NEPA KQP PDA J=PEKJ=H O=REJCO =J@ EJRAOPIAJP E@AJPEPU BKN PDA OEPQ=PEKJ KB PDA A?KJKIU EILHEA@ >U PDEO MQAOPEKJ:
Supply of capital = Demand for capital
S + (M X) + (T G) = I
Savings + (trade deficit) (government budget surplus) = Investment
(B @KIAOPE? O=REJCO EJ?NA=OAO =J@ JKPDEJC AHOA ?D=JCAO, PDAJ PDA PN=@A @ABE?EP SEHH B=HH. (J ABBA?P, PDA A?KJKIU SKQH@ >A NAHUEJC
IKNA KJ @KIAOPE? ?=LEP=H =J@ HAOO KJ BKNAECJ ?=LEP=H. (B PDA CKRANJIAJP OP=NPO >KNNKSEJC EJOPA=@ KB O=REJC, PDAJ PDA PN=@A @ABE?EP
IQOP NEOA. (J ABBA?P, PDA CKRANJIAJP EO JK HKJCAN LNKRE@EJC O=REJCO =J@ OK, EB JKPDEJC AHOA EO PK ?D=JCA, IKNA EJRAOPIAJP BQJ@O IQOP
=NNERA BNKI =>NK=@. (B PDA N=PA KB @KIAOPE? EJRAOPIAJP OQNCAO, PDAJ, ceteris paribus, PDA PN=@A @ABE?EP IQOP =HOK NEOA, PK LNKRE@A PDA
ATPN= ?=LEP=H. 3DA ceteris paribus`KN cKPDAN PDEJCO >AEJC AMQ=Hd`=OOQILPEKJ EO EILKNP=JP DANA. (J =HH KB PDAOA OEPQ=PEKJO, PDANA EO
JK NA=OKJ PK ATLA?P EJ PDA NA=H SKNH@ PD=P PDA KNECEJ=H ?D=JCA SEHH =BBA?P KJHU, KN LNEI=NEHU, PDA PN=@A @ABE?EP. 3DA E@AJPEPU KJHU O=UO
PD=P OKIAPDEJC SEHH =@FQOPÈP @KAO JKP OLA?EBU SD=P.
12. . 3DA CKRANJIAJP EO O=REJC N=PDAN PD=J >KNNKSEJC. 3DA OQLLHU KB O=REJCO, SDAPDAN LNER=PA KN LQ>HE?, EO KJ PDA HABP OE@A KB PDA
E@AJPEPU.
13. . PN=@A @ABE?EP EO @APANIEJA@ >U = ?KQJPNUbO HARAH KB LNER=PA =J@ LQ>HE? O=REJCO =J@ PDA =IKQJP KB @KIAOPE? EJRAOPIAJP.
14. . 3DA PN=@A @ABE?EP IQOP EJ?NA=OA. 3K LQP EP =JKPDAN S=U, PDEO EJ?NA=OA EJ EJRAOPIAJP IQOP >A BEJ=J?A@ >U =J EJBHKS KB BEJ=J?E=H
?=LEP=H BNKI =>NK=@.
15. . (J?KIAO B=HH @QNEJC = NA?AOOEKJ, =J@ ?KJOQIANO >QU BASAN CKK@, EJ?HQ@EJC EILKNPO.
16. . >KKIEJC A?KJKIU SEHH EJ?NA=OA PDA @AI=J@ BKN CKK@O EJ CAJAN=H, OK EILKNP O=HAO SEHH EJ?NA=OA. (B KQN PN=@EJC L=NPJANOb
A?KJKIEAO =NA @KEJC SAHH, PDAU SEHH >QU IKNA KB KQN LNK@Q?PO =J@ OK 4.2. ATLKNPO SEHH EJ?NA=OA.
17. .
=. (J?NA=OA@ BA@AN=H OLAJ@EJC KJ ,A@E?=NA I=U JKP EJ?NA=OA LNK@Q?PEREPU, OK = >Q@CAP @ABE?EP EO JKP FQOPEBEA@.
>. (J?NA=OA@ OLAJ@EJC KJ A@Q?=PEKJ SEHH EJ?NA=OA LNK@Q?PEREPU =J@ BKOPAN CNA=PAN A?KJKIE? CNKSPD, OK = >Q@CAP @ABE?EP EO
FQOPEBEA@.
?. (J?NA=OA@ OLAJ@EJC KJ PDA OL=?A LNKCN=I I=U JKP EJ?NA=OA LNK@Q?PEREPU, OK = >Q@CAP @ABE?EP EO JKP FQOPEBEA@.
@. (J?NA=OA@ OLAJ@EJC KJ =ENLKNPO =J@ =EN PN=BBE? ?KJPNKH SEHH EJ?NA=OA LNK@Q?PEREPU =J@ BKOPAN CNA=PAN A?KJKIE? CNKSPD, OK =
>Q@CAP @ABE?EP EO FQOPEBEA@.
18. . %KNAECJ EJRAOPKNO SKNNEA@ =>KQP NAL=UIAJP OK PDAU >AC=J PK LQHH IKJAU KQP KB PDAOA ?KQJPNEAO. 3DA IKJAU ?=J >A LQHHA@ KQP
KB OPK?G =J@ >KJ@ I=NGAPO, NA=H AOP=PA, =J@ >=JGO.
19. . N=LE@HU CNKSEJC PN=@A OQNLHQO ?KQH@ NAOQHP BNKI = JQI>AN KB B=?PKNO, OK UKQ SKQH@ JKP S=JP PK >A PKK MQE?G PK =OOQIA =
OLA?EBE? ?=QOA. 'KSARAN, EB PDA ?DKE?A EO >APSAAJ SDAPDAN PDA A?KJKIU EO EJ NA?AOOEKJ KN CNKSEJC N=LE@HU, PDA =JOSAN SKQH@ D=RA
PK >A NA?AOOEKJ. (J = NA?AOOEKJ, @AI=J@ BKN =HH CKK@O, EJ?HQ@EJC EILKNPO, D=O @A?HEJA@; DKSARAN, @AI=J@ BKN ATLKNPO BNKI KPDAN
?KQJPNEAO D=O JKP JA?AOO=NEHU =HPANA@ IQ?D, OK PDA NAOQHP EO = H=NCAN PN=@A OQNLHQO.
20. . &ANI=JU D=O = DECDAN HARAH KB PN=@A PD=J PDA 4JEPA@ 2P=PAO. 3DA 4JEPA@ 2P=PAO D=O = H=NCA @KIAOPE? A?KJKIU OK EP D=O = H=NCA
RKHQIA KB EJPANJ=H PN=@A.
21. .
=. H=NCA A?KJKIU PAJ@O PK D=RA HKSAN HARAHO KB EJPANJ=PEKJ=H PN=@A, >A?=QOA EP ?=J @K IKNA KB EPO PN=@A EJPANJ=HHU, >QP PDEO D=O
HEPPHA EIL=?P KJ EPO PN=@A EI>=H=J?A.
>. J EI>=H=J?A >APSAAJ @KIAOPE? LDUOE?=H EJRAOPIAJP =J@ @KIAOPE? O=REJC (EJ?HQ@EJC CKRANJIAJP =J@ LNER=PA O=REJC) SEHH
=HS=UO HA=@ PK = PN=@A EI>=H=J?A, >QP D=O HEPPHA PK @K SEPD PDA HARAH KB PN=@A.
?. ,=JU H=NCA PN=@EJC L=NPJANO JA=N>U CAKCN=LDE?=HHU EJ?NA=OAO PDA HARAH KB PN=@A, >QP D=O HEPPHA EIL=?P KJA S=U KN PDA KPDAN KJ
= PN=@A EI>=H=J?A.
@. 3DA =JOSAN DANA EO JKP K>REKQO. J AOLA?E=HHU H=NCA >Q@CAP @ABE?EP IA=JO = H=NCA @AI=J@ BKN BEJ=J?E=H ?=LEP=H SDE?D,
=??KN@EJC PK PDA J=PEKJ=H O=REJC =J@ EJRAOPIAJP E@AJPEPU, I=GAO EP OKIASD=P IKNA HEGAHU PD=P PDANA SEHH >A = JAA@ BKN =J
EJBHKS KB BKNAECJ ?=LEP=H, SDE?D IA=JO = PN=@A @ABE?EP.
A. OPNKJC PN=@EPEKJ KB @EO?KQN=CEJC PN=@A ?ANP=EJHU NA@Q?AO PDA HARAH KB PN=@A. 'KSARAN, EP @KAO JKP JA?AOO=NEHU O=U IQ?D =>KQP
PDA >=H=J?A KB PN=@A, OEJ?A PDEO EO @APANIEJA@ >U >KPD EILKNPO =J@ ATLKNPO, =J@ >U J=PEKJ=H HARAHO KB LDUOE?=H EJRAOPIAJP =J@
O=REJCO.
C;4CG8E 11
1. . (J KN@AN PK OQLLHU CKK@O, OQLLHEANO IQOP AILHKU SKNGANO, SDKOA EJ?KIAO EJ?NA=OA =O = NAOQHP KB PDAEN H=>KN. 3DAU QOA PDEO
=@@EPEKJ=H EJ?KIA PK @AI=J@ CKK@O KB =J AMQER=HAJP R=HQA PK PDKOA PDAU OQLLHU.
2. . 6DAJ ?KJOQIANO @AI=J@ IKNA CKK@O PD=J =NA =R=EH=>HA KJ PDA I=NGAP, LNE?AO =NA @NERAJ DECDAN =J@ PDA =@@EPEKJ=H
KLLKNPQJEPEAO BKN LNKBEP EJ@Q?A IKNA OQLLHEANO PK AJPAN PDA I=NGAP, LNK@Q?EJC =J AMQER=HAJP =IKQJP PK PD=P SDE?D EO @AI=J@A@.
3. . 'ECDAN EJLQP LNE?AO I=GA KQPLQP HAOO LNKBEP=>HA, @A?NA=OEJC PDA @AOENA@ OQLLHU. 3DEO EO ODKSJ CN=LDE?=HHU =O = HABPS=N@ ODEBP EJ
PDA 2 ?QNRA.
510 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
4. . $MQEHE>NEQI K??QNO =P PDA HARAH KB &#/ SDANA # = 2. (JOQBBE?EAJP =CCNAC=PA @AI=J@ ?KQH@ ATLH=EJ SDU PDA AMQEHE>NEQI
K??QNO =P = HARAH KB &#/ HAOO PD=J LKPAJPE=H. @A?NA=OA (KN HABPS=N@ ODEBP) EJ =CCNAC=PA OQLLHU ?KQH@ >A =JKPDAN NA=OKJ.
5. . (IIECN=PEKJ NABKNI =O @AO?NE>A@ ODKQH@ EJ?NA=OA PDA H=>KN OQLLHU, ODEBPEJC 212 PK PDA NECDP, HA=@EJC PK = DECDAN AMQEHE>NEQI
&#/ =J@ = HKSAN LNE?A HARAH.
6. . &ERAJ PDA =OOQILPEKJO I=@A DANA, PDA ?QPO EJ 1&# BQJ@EJC ODKQH@ NA@Q?A LNK@Q?PEREPU CNKSPD. 3DA IK@AH SKQH@ ODKS PDEO
=O = HABPS=N@ ODEBP EJ PDA 212 ?QNRA, HA=@EJC PK = HKSAN AMQEHE>NEQI &#/ =J@ = DECDAN LNE?A HARAH.
7. . J EJ?NA=OA EJ PDA R=HQA KB PDA OPK?G I=NGAP SKQH@ I=GA EJ@ERE@Q=HO BAAH SA=HPDEAN =J@ PDQO IKNA ?KJBE@AJP =>KQP PDAEN
A?KJKIE? OEPQ=PEKJ. 3DEO SKQH@ HEGAHU ?=QOA =J EJ?NA=OA EJ ?KJOQIAN ?KJBE@AJ?A HA=@EJC PK =J EJ?NA=OA EJ ?KJOQIAN OLAJ@EJC,
ODEBPEJC PDA # ?QNRA PK PDA NECDP. 3DA NAOQHP SKQH@ >A =J EJ?NA=OA EJ PDA AMQEHE>NEQI HARAH KB &#/ =J@ =J EJ?NA=OA EJ PDA LNE?A
HARAH.
8. . 2EJ?A EILKNPO @ALAJ@ KJ &#/, EB ,ATE?K CKAO EJPK NA?AOOEKJ, EPO &#/ @A?HEJAO =J@ OK @K EPO EILKNPO. 3DEO @A?HEJA EJ KQN
ATLKNPO ?=J >A ODKSJ =O = HABPS=N@ ODEBP EJ #, HA=@EJC PK = @A?NA=OA EJ KQN &#/ =J@ LNE?A HARAH.
9. . 3=T ?QPO EJ?NA=OA ?KJOQIAN =J@ EJRAOPIAJP OLAJ@EJC, @ALAJ@EJC KJ SDANA PDA P=T ?QPO =NA P=NCAPA@. 3DEO SKQH@ ODEBP # PK
PDA NECDP, OK EB PDA P=T ?QPO K??QNNA@ SDAJ PDA A?KJKIU S=O EJ NA?AOOEKJ (=J@ &#/ S=O HAOO PD=J LKPAJPE=H), PDA P=T ?QPO SKQH@
EJ?NA=OA &#/ =J@ cHA=@ PDA A?KJKIU KQP KB NA?AOOEKJ.d
10. . JAC=PERA NALKNP KJ DKIA LNE?AO SKQH@ I=GA ?KJOQIANO BAAH HEGA PDA R=HQA KB PDAEN DKIAO, SDE?D BKN IKOP IANE?=JO EO
= I=FKN LKNPEKJ KB PDAEN SA=HPD, D=O @A?HEJA@. JAC=PERA NALKNP KJ ?KJOQIAN ?KJBE@AJ?A SKQH@ I=GA ?KJOQIANO BAAH LAOOEIEOPE?
=>KQP PDA BQPQNA. !KPD KB PDAOA SKQH@ HEGAHU NA@Q?A ?KJOQIAN OLAJ@EJC, ODEBPEJC # PK PDA HABP, NA@Q?EJC &#/ =J@ PDA LNE?A HARAH.
LKOEPERA NALKNP KJ PDA DKIA LNE?A EJ@AT KN ?KJOQIAN ?KJBE@AJ?A SKQH@ @K PDA KLLKOEPA.
11. . OI=HHAN H=>KN BKN?A SKQH@ >A NABHA?PA@ EJ = HABPS=N@ ODEBP EJ 2, HA=@EJC PK = HKSAN AMQEHE>NEQI HARAH KB &#/ =J@ DECDAN
LNE?A HARAH.
12. . 'ECDAN $4 CNKSPD SKQH@ EJ?NA=OA @AI=J@ BKN 4.2. ATLKNPO, NA@Q?EJC KQN PN=@A @ABE?EP. 3DA EJ?NA=OA@ @AI=J@ BKN ATLKNPO
SKQH@ ODKS QL =O = NECDPS=N@ ODEBP EJ #, ?=QOEJC &#/ PK NEOA (=J@ PDA LNE?A HARAH PK NEOA =O SAHH). 'ECDAN &#/ SKQH@ NAMQENA
IKNA FK>O PK BQHBEHH, OK 4.2. AILHKUIAJP SKQH@ =HOK NEOA.
13. . $TL=JOEKJ=NU IKJAP=NU LKHE?U ODEBPO # PK PDA NECDP. ?KJPEJQEJC ATL=JOEKJ=NU LKHE?U SKQH@ ?=QOA H=NCAN =J@ H=NCAN ODEBPO
(CERAJ PDA L=N=IAPANO KB PDEO LNK>HAI). 3DA NAOQHP SKQH@ >A =J EJ?NA=OA EJ &#/ =J@ AILHKUIAJP (= @A?NA=OA EJ QJAILHKUIAJP)
=J@ DECDAN LNE?AO QJPEH LKPAJPE=H KQPLQP S=O NA=?DA@. BPAN PD=P LKEJP, PDA ATL=JOEKJ=NU LKHE?U SKQH@ OEILHU ?=QOA EJBH=PEKJ.
14. . 2EJ?A PDA 212 ?QNRA EO RANPE?=H EJ PDA JAK?H=OOE?=H VKJA, QJHAOO PDA A?KJKIU EO >KN@ANEJC PDA EJPANIA@E=PA VKJA, = @A?NA=OA
EJ 2 SEHH ?=QOA = @A?NA=OA EJ PDA LNE?A HARAH, >QP JK ABBA?P KJ NA=H A?KJKIE? =?PEREPU (BKN AT=ILHA, NA=H &#/ KN AILHKUIAJP).
15. . !A?=QOA PDA 212 ?QNRA EO DKNEVKJP=H EJ PDA *AUJAOE=J VKJA, = @A?NA=OA EJ # ODKQH@ @ALNAOO NA=H A?KJKIE? =?PEREPU >QP
D=RA JK ABBA?P KJ LNE?AO.
C;4CG8E 12
1. .
=. J EJ?NA=OA EJ DKIA R=HQAO SEHH EJ?NA=OA ?KJOQILPEKJ OLAJ@EJC (@QA PK EJ?NA=OA@ SA=HPD). # SEHH ODEBP PK PDA NECDP =J@ I=U
?=QOA EJBH=PEKJ EB EP CKAO >AUKJ@ LKPAJPE=H &#/.
>. 1=LE@ CNKSPD >U = I=FKN PN=@EJC L=NPJAN SEHH EJ?NA=OA @AI=J@ BKN ATLKNPO. # SEHH ODEBP PK PDA NECDP =J@ I=U ?=QOA EJBH=PEKJ
EB EP CKAO >AUKJ@ LKPAJPE=H &#/.
?. (J?NA=OA@ LNKBEP KLLKNPQJEPEAO SEHH EJ?NA=OA >QOEJAOO EJRAOPIAJP. # SEHH ODEBP PK PDA NECDP =J@ I=U ?=QOA EJBH=PEKJ EB EP CKAO
>AUKJ@ LKPAJPE=H &#/.
@. 'ECDAN EJPANAOP N=PAO NA@Q?A EJRAOPIAJP OLAJ@EJC. # SEHH ODEBP PK PDA HABP =J@ I=U ?=QOA NA?AOOEKJ EB EP B=HHO >AHKS LKPAJPE=H
&#/.
A. #AI=J@ BKN ?DA=LAN EILKNPO EJ?NA=OAO, NA@Q?EJC @AI=J@ BKN @KIAOPE? LNK@Q?PO. # SEHH ODEBP PK PDA HABP =J@ I=U >A
NA?AOOEKJ=NU.
2. .
=. P=T EJ?NA=OA KJ ?KJOQIAN EJ?KIA SEHH ?=QOA ?KJOQILPEKJ PK B=HH, LQODEJC PDA # ?QNRA HABP, =J@ EO = LKOOE>HA OKHQPEKJ PK
EJBH=PEKJ.
>. OQNCA EJ IEHEP=NU OLAJ@EJC EO =J EJ?NA=OA EJ CKRANJIAJP OLAJ@EJC. 3DEO SEHH ?=QOA PDA # ?QNRA PK ODEBP PK PDA NECDP. (B NA=H
&#/ EO HAOO PD=J LKPAJPE=H &#/, PDAJ PDEO OLAJ@EJC SKQH@ LQHH PDA A?KJKIU KQP KB = NA?AOOEKJ. (B NA=H &#/ EO PK PDA NECDP KB
LKPAJPE=H &#/, PDAJ PDA # ?QNRA SEHH ODEBP B=NPDAN PK PDA NECDP =J@ IEHEP=NU OLAJ@EJC SEHH >A EJBH=PEKJ=NU.
?. P=T ?QP BK?QOA@ KJ >QOEJAOO EJRAOPIAJP SEHH ODEBP # PK PDA NECDP. (B PDA KNECEJ=H I=?NKA?KJKIE? AMQEHE>NEQI EO >AHKS
LKPAJPE=H &#/, PDAJ PDEO LKHE?U ?=J DAHL IKRA =J A?KJKIU KQP KB = NA?AOOEKJ.
@. &KRANJIAJP OLAJ@EJC KJ DA=HPD?=NA SEHH ?=QOA PDA # ?QNRA PK ODEBP PK PDA NECDP. (B NA=H &#/ EO HAOO PD=J LKPAJPE=H &#/, PDAJ
PDEO OLAJ@EJC SKQH@ LQHH PDA A?KJKIU KQP KB = NA?AOOEKJ. (B NA=H &#/ EO PK PD NECDP KB LKPAJPE=H &#/, PDAJ PDA # ?QNRA SEHH
ODEBP B=NPDAN PK PDA NECDP =J@ DA=HPD?=NA OLAJ@EJC SEHH >A EJBH=PEKJ=NU.
3. . J EJBH=PEKJ=NU C=L EO PDA NAOQHP KB =J EJ?NA=OA EJ =CCNAC=PA @AI=J@ SDAJ PDA A?KJKIU EO =P LKPAJPE=H KQPLQP. 2EJ?A PDA 2
?QNRA EO RANPE?=H =P LKPAJPE=H &#/, =JU EJ?NA=OA EJ # SEHH HA=@ PK = DECDAN LNE?A HARAH (E.A. EJBH=PEKJ) >QP JK DECDAN NA=H &#/. 3DEO
EO A=OU PK OAA EB UKQ @N=S #1 PK PDA NECDP KB #0.
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 511
4. . @A?NA=OA EJ CKRANJIAJP OLAJ@EJC SEHH ODEBP # PK PDA HABP.
5. . @A?NA=OA EJ AJANCU LNE?AO, = LKOEPERA OQLLHU ODK?G, SKQH@ ?=QOA PDA 2 ?QNRA PK ODEBP KQP PK PDA NECDP, UEAH@EJC IKNA NA=H
&#/ =P = HKSAN LNE?A HARAH. 3DEO SKQH@ ODEBP PDA /DEHHELO ?QNRA @KSJ PKS=N@ PDA KNECEJ, IA=JEJC PDA A?KJKIU SKQH@ ATLANEAJ?A
HKSAN QJAILHKUIAJP =J@ = HKSAN N=PA KB EJBH=PEKJ.
6. . *AUJAOE=J A?KJKIE?O @KAO JKP NAMQENA IE?NKA?KJKIE? LNE?A ?KJPNKHO KB =JU OKNP. (P EO PNQA PD=P I=JU *AUJAOE=J A?KJKIE?
LNAO?NELPEKJO SANA BKN PDA CKRANJIAJP PK EJBHQAJ?A PDA PKP=H =IKQJP KB =CCNAC=PA @AI=J@ EJ PDA A?KJKIU, KBPAJ PDNKQCD
CKRANJIAJP OLAJ@EJC =J@ P=T ?QPO.
7. . 3DA PDNAA LNK>HAIO ?AJPAN KJ CKRANJIAJPbO =>EHEPU PK AOPEI=PA LKPAJPE=H &#/, @A?E@A SDAPDAN PK EJBHQAJ?A =CCNAC=PA @AI=J@
PDNKQCD P=T ?D=JCAO KN ?D=JCAO EJ CKRANJIAJP OLAJ@EJC, =J@ PDA H=C PEIA PD=P K??QNO =O "KJCNAOO =J@ PDA /NAOE@AJP =PPAILP PK L=OO
HACEOH=PEKJ.
C;4CG8E 13
1. . -K, PDEO OP=PAIAJP EO B=HOA. (P SKQH@ >A IKNA =??QN=PA PK O=U PD=P N=PEKJ=H ATLA?P=PEKJO OAAG PK LNA@E?P PDA BQPQNA =O =??QN=PAHU
=O LKOOE>HA, QOEJC =HH KB L=OP ATLANEAJ?A =O = CQE@A. @=LPERA ATLA?P=PEKJO =NA H=NCAHU >=?GS=N@ HKKGEJC; PD=P EO, PDAU =@=LP =O
ATLANEAJ?A =??QIQH=PAO, >QP SEPDKQP =PPAILPEJC PK HKKG BKNS=N@.
2. . J QJAILHKUIAJP N=PA KB VANK LAN?AJP EO LNAOQI=>HU SAHH >AHKS PDA N=PA PD=P EO ?KJOEOPAJP SEPD LKPAJPE=H &#/ =J@ SEPD PDA
J=PQN=H N=PA KB QJAILHKUIAJP. O = NAOQHP, PDEO LKHE?U SKQH@ >A =PPAILPEJC PK LQOD # KQP PK PDA NECDP. (J PDA ODKNP NQJ, EP EO
LKOOE>HA PK D=RA QJAILHKUIAJP OHECDPHU >AHKS PDA J=PQN=H N=PA BKN = PEIA, =P = LNE?A KB DECDAN EJBH=PEKJ, =O ODKSJ >U PDA IKRAIAJP
BNKI $0 PK $1 =HKJC PDA ODKNP-NQJ 2 ?QNRA. 'KSARAN, KRAN PEIA PDA ATPNAIAHU HKS QJAILHKUIAJP N=PAO SEHH PAJ@ PK ?=QOA S=CAO
PK >A >E@ QL, =J@ ODEBP PDA ODKNP-NQJ 2 ?QNRA >=?G PK PDA HABP. 3DA NAOQHP SKQH@ >A = DECDAN LNE?A HARAH, >QP =J A?KJKIU OPEHH =P
LKPAJPE=H &#/ =J@ PDA J=PQN=H N=PA KB QJAILHKUIAJP, =O @APANIEJA@ >U PDA HKJC-NQJ 2 ?QNRA. (B PDA CKRANJIAJP ?KJPEJQAO PDEO
LKHE?U, EP SEHH ?KJPEJQ=HHU >A LQODEJC PDA LNE?A HARAH DECDAN =J@ DECDAN, >QP EP SEHH JKP >A =>HA PK =?DEARA EPO CK=H KB VANK LAN?AJP
QJAILHKUIAJP, >A?=QOA PD=P CK=H EO EJ?KJOEOPAJP SEPD I=NGAP BKN?AO.
3. . 3DA OP=PAIAJP EO =??QN=PA. 1=PEKJ=H ATLA?P=PEKJO ?=J >A PDKQCDP KB =O = RANOEKJ KB JAK?H=OOE?=H A?KJKIE?O >A?=QOA EP =NCQAO PD=P
LKPAJPE=H &#/ =J@ PDA N=PA KB QJAILHKUIAJP =NA OD=LA@ >U I=NGAP BKN?AO =O S=CAO =J@ LNE?AO =@FQOP. 'KSARAN, EP EO =J cATPNAIAd
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C;4CG8E 14
1. . O HKJC =O UKQ NAI=EJ SEPDEJ PDA S=HHO KB PDA ?=OEJK, ?DELO BEP PDA @ABEJEPEKJ KB IKJAU; PD=P EO, PDAU OANRA =O = IA@EQI KB
AT?D=JCA, = QJEP KB =??KQJP, =J@ = OPKNA KB R=HQA. "DELO @K JKP SKNG RANU SAHH =O IKJAU KJ?A UKQ HA=RA PDA ?=OEJK, >QP I=JU GEJ@O
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C;4CG8E 15
1. . +KJCAN PANIO EJOQH=PA PDA !K=N@ BNKI LKHEPE?=H BKN?AO. 2EJ?A PDA LNAOE@AJ?U ?=J LKPAJPE=HHU ?D=JCA ARANU BKQN UA=NO, PDA
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EO =R=EH=>HA BKN HAJ@EJC =J@ PDA HAOO IKJAU PDA >=JG OP=J@O PK I=GA.
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C;4CG8E 16
1. .
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C;4CG8E 17
1. . 3DA CKRANJIAJP >KNNKSO BQJ@O >U OAHHEJC 3NA=OQNU >KJ@O, JKPAO, =J@ >EHHO.
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15. . /NE?AO SKQH@ >A LQODA@ QL =O = NAOQHP KB PKK IQ?D OLAJ@EJC.
16. . $ILHKUIAJP SKQH@ OQBBAN =O = NAOQHP KB PKK HEPPHA OLAJ@EJC.
514 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
17. . ,KJAP=NU LKHE?U LNK>=>HU D=O ODKNPAN PEIA H=CO PD=J BEO?=H LKHE?U. (I=CEJA PD=P PDA @=P= >A?KIAO B=ENHU ?HA=N PD=P =J A?KJKIU
EO EJ KN JA=N = NA?AOOEKJ. $TL=JOEKJ=NU IKJAP=NU LKHE?U ?=J >A ?=NNEA@ KQP PDNKQCD KLAJ I=NGAP KLAN=PEKJO, SDE?D ?=J >A @KJA
B=ENHU MQE?GHU, OEJ?A PDA %A@AN=H 1AOANRAbO .LAJ ,=NGAP "KIIEPPAA IAAPO OET PEIAO = UA=N. HOK, IKJAP=NU LKHE?U P=GAO ABBA?P
PDNKQCD EJPANAOP N=PAO, SDE?D ?=J ?D=JCA B=ENHU MQE?GHU. 'KSARAN, BEO?=H LKHE?U EO ?=NNEA@ KQP PDNKQCD =?PO KB "KJCNAOO PD=P JAA@ PK
>A OECJA@ EJPK H=S >U PDA LNAOE@AJP. -ACKPE=PEJC OQ?D H=SO KBPAJ P=GAO IKJPDO, =J@ ARAJ =BPAN PDA H=SO =NA JACKPE=PA@, EP P=GAO IKNA
IKJPDO BKN OLAJ@EJC LNKCN=IO KN P=T ?QPO PK D=RA =J ABBA?P KJ PDA I=?NKA?KJKIU.
18. . 3DA CKRANJIAJP SKQH@ D=RA PK I=GA QL PDA NARAJQA AEPDAN >U N=EOEJC P=TAO EJ = @EBBANAJP =NA= KN ?QPPEJC OLAJ@EJC.
19. . /NKCN=IO SDANA PDA =IKQJP KB OLAJ@EJC EO JKP BETA@, >QP N=PDAN @APANIEJA@ >U I=?NKA?KJKIE? ?KJ@EPEKJO, OQ?D =O BKK@
OP=ILO, SKQH@ HKOA = CNA=P @A=H KB BHATE>EHEPU EB OLAJ@EJC EJ?NA=OAO D=@ PK >A IAP >U ?KNNAOLKJ@EJC P=T EJ?NA=OAO KN OLAJ@EJC ?QPO.
C;4CG8E 18
1. . 6A QOA PDA J=PEKJ=H O=REJCO =J@ EJRAOPIAJP E@AJPEPU PK OKHRA PDEO MQAOPEKJ. (J PDEO ?=OA, PDA CKRANJIAJP D=O = >Q@CAP OQNLHQO,
OK PDA CKRANJIAJP OQNLHQO =LLA=NO =O L=NP KB PDA OQLLHU KB BEJ=J?E=H ?=LEP=H. 3DAJ:
S + (T G) = I + (X M)
600 + 200 = I + 100
I = 700
2. .
=. 2EJ?A PDA CKRANJIAJP D=O = >Q@CAP OQNLHQO, PDA CKRANJIAJP >Q@CAP PANI =LLA=NO SEPD PDA OQLLHU KB ?=LEP=H. 3DA BKHHKSEJC
ODKSO PDA J=PEKJ=H O=REJCO =J@ EJRAOPIAJP E@AJPEPU BKN PDEO A?KJKIU.
S + (T G) = I + (X M)
>. /HQCCEJC PDA CERAJ R=HQAO EJPK PDA E@AJPEPU ODKSJ EJ L=NP (=), SA BEJ@ PD=P (7 _ ,) = 0.
?. 2EJ?A PDA CKRANJIAJP D=O = >Q@CAP @ABE?EP, PDA CKRANJIAJP >Q@CAP PANI =LLA=NO SEPD PDA @AI=J@ BKN ?=LEP=H. 8KQ @K JKP
GJKS EJ =@R=J?A SDAPDAN PDA A?KJKIU D=O = PN=@A @ABE?EP KN = PN=@A OQNLHQO. !QP SDAJ UKQ OAA PD=P PDA MQ=JPEPU @AI=J@A@
KB BEJ=J?E=H ?=LEP=H AT?AA@O PDA MQ=JPEPU OQLLHEA@, UKQ GJKS PD=P PDANA IQOP >A =J =@@EPEKJ=H MQ=JPEPU KB BEJ=J?E=H ?=LEP=H
OQLLHEA@ >U BKNAECJ EJRAOPKNO, SDE?D IA=JO = PN=@A @ABE?EP KB 2000. 3DEO AT=ILHA ODKSO PD=P EJ PDEO ?=OA PDANA EO = DECDAN
>Q@CAP @ABE?EP, =J@ = DECDAN PN=@A @ABE?EP.
S + (M X) = I + (G T)
4000 + 2000 = 5000 + 1000
3. . (J PDA H=OP BAS @A?=@AO, OLAJ@EJC LAN OPQ@AJP D=O ?HEI>A@ OQ>OP=JPE=HHU. 'KSARAN, PAOP O?KNAO D=RA B=HHAJ KRAN PDEO PEIA. 3DEO
ATLANEAJ?A D=O HA@ = JQI>AN KB ATLANPO PK =NCQA PD=P PDA LNK>HAI EO JKP NAOKQN?AO`KN EO JKP FQOP NAOKQN?AO >U EPOAHB`>QP EO =HOK =
LNK>HAI KB DKS O?DKKHO =NA KNC=JEVA@ =J@ I=J=CA@ =J@ SD=P EJ?AJPERAO PDAU D=RA BKN OQ??AOO. 3DANA =NA = JQI>AN KB LNKLKO=HO
PK =HPAN PDA EJ?AJPERAO PD=P O?DKKHO B=?A, >QP NAH=PERAHU HEPPHA D=N@ ARE@AJ?A KJ SD=P LNKLKO=HO SKNG SAHH. 6EPDKQP PNUEJC PK AR=HQ=PA
SDAPDAN PDAOA LNKLKO=HO =NA CKK@ KN >=@ E@A=O, UKQ ?=J FQOP HEOP OKIA KB PDAI: PAOPEJC OPQ@AJPO NACQH=NHU; NAS=N@EJC PA=?DANO KN
O?DKKHO PD=P LANBKNI SAHH KJ OQ?D PAOPO; NAMQENEJC =@@EPEKJ=H PA=?DAN PN=EJEJC; =HHKSEJC OPQ@AJPO PK ?DKKOA >APSAAJ LQ>HE? O?DKKHO;
=HHKSEJC PA=?DANO =J@ L=NAJPO PK OP=NP JAS O?DKKHO; CEREJC OPQ@AJP cRKQ?DANOd PD=P PDAU ?=J QOA PK L=U PQEPEKJ =P AEPDAN LQ>HE? KN
LNER=PA O?DKKHO.
4. . 3DA CKRANJIAJP ?=J @ENA?P CKRANJIAJP OLAJ@EJC PK 1&#. (P ?=J =HOK ?NA=PA P=T EJ?AJPERAO BKN >QOEJAOO PK EJRAOP EJ 1&#.
5. . 1E?=N@E=J AMQER=HAJ?A IA=JO PD=P LNER=PA O=REJC ?D=JCAO PK KBBOAP AT=?PHU =JU ?D=JCAO EJ PDA CKRANJIAJP >Q@CAP. 2K, EB PDA
@ABE?EP EJ?NA=OAO >U 20, LNER=PA O=REJC EJ?NA=OAO >U 20 =O SAHH, =J@ PDA PN=@A @ABE?EP =J@ PDA >Q@CAP @ABE?EP SEHH JKP ?D=JCA BNKI
PDAEN KNECEJ=H HARAHO. 3DA KNECEJ=H J=PEKJ=H O=REJC =J@ EJRAOPIAJP E@AJPEPU EO SNEPPAJ >AHKS. -KPE?A PD=P EB =JU ?D=JCA EJ PDA (& _ 3)
PANI EO KBBOAP >U = ?D=JCA EJ PDA 2 PANI, PDAJ PDA KPDAN PANIO @K JKP ?D=JCA. 2K EB (& _ 3) NEOAO >U 20, PDAJ 2 IQOP =HOK EJ?NA=OA >U
20.
S + (M X) = I + (G T)
130 + 20 = 100 + 50
6. . (J PDEO ?=OA, PDA J=PEKJ=H O=REJC =J@ EJRAOPIAJP E@AJPEPU EO SNEPPAJ EJ PDEO S=U:
(T G) + (M X) + S = I
3DA EJ?NA=OA EJ PDA CKRANJIAJP >Q@CAP OQNLHQO =J@ PDA EJ?NA=OA EJ PDA PN=@A @ABE?EP >KPD EJ?NA=OA@ PDA OQLLHU KB BEJ=J?E=H ?=LEP=H.
(B EJRAOPIAJP EJ LDUOE?=H ?=LEP=H NAI=EJA@ QJ?D=JCA@, PDAJ LNER=PA O=REJCO IQOP CK @KSJ, =J@ EB O=REJCO NAI=EJA@ QJ?D=JCA@,
PDAJ EJRAOPIAJP IQOP CK QL. (J B=?P, >KPD ABBA?PO D=LLAJA@; PD=P EO, EJ PDA H=PA 1990O, EJ PDA 4.2. A?KJKIU, O=REJCO @A?HEJA@ =J@
EJRAOPIAJP NKOA.
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 515
C;4CG8E 19
1. . 3DA =JOSANO =NA ODKSJ EJ PDA BKHHKSEJC PSK P=>HAO.
+8:<BA D) (<A @<??<BAF)
$=OP OE= $10,450,032
+=PEJ IANE?= $5,339,390
2KQPD OE= $2,288,812
$QNKLA =J@ "AJPN=H OE= $1,862,384
,E@@HA $=OP =J@ -KNPD BNE?= $1,541,900
2Q>-2=D=N=J BNE?= $1,287,650
+8:<BA D) )8E C4C<G4 (<A @<??<BAF)
$=OP OE= $5,246
+=PEJ IANE?= $1,388
2KQPD OE= $1,415
$QNKLA =J@ "AJPN=H OE= $9,190
,E@@HA $=OP =J@ -KNPD BNE?= $4,535
2Q>-2=D=N=J BNE?= $6,847
$=OP OE= =LLA=NO PK >A PDA H=NCAOP A?KJKIU KJ &#/ >=OEO, >QP KJ = LAN ?=LEP= >=OEO EP @NKLO PK PDEN@, =BPAN $QNKLA =J@ "AJPN=H OE=
=J@ 2Q>-2=D=N=J BNE?=.
2. . NACEKJ ?=J D=RA OKIA KB DECD-EJ?KIA ?KQJPNEAO =J@ OKIA KB PDA HKS-EJ?KIA ?KQJPNEAO. CCNAC=PEJC LAN ?=LEP= NA=H &#/
SEHH R=NU SE@AHU =?NKOO ?KQJPNEAO SEPDEJ = NACEKJ, OK =CCNAC=PEJC @=P= BKN = NACEKJ D=O HEPPHA IA=JEJC. %KN AT=ILHA, EB UKQ SANA
PK ?KIL=NA LAN ?=LEP=H NA=H &#/ BKN PDA 4JEPA@ 2P=PAO, "=J=@=, '=EPE, =J@ 'KJ@QN=O, EP HKKGO IQ?D @EBBANAJP PD=J EB UKQ HKKGA@
=P PDA O=IA @=P= BKN -KNPD IANE?= =O = SDKHA. 3DQO, NACEKJ=H ?KIL=NEOKJO =NA >NK=@->=OA@ =J@ I=U JKP =@AMQ=PAHU ?=LPQNA =J
EJ@ERE@Q=H ?KQJPNUbO A?KJKIE? =PPNE>QPAO.
3. . 3DA BKHHKSEJC P=>HA LNKRE@AO = OQII=NU KB LKOOE>HA =JOSANO.
!<:;-"A6B@8
CBHAGE<8F
&<77?8-"A6B@8
CBHAGE<8F
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CBHAGE<8F
e &LPQBO > JLOB BAR@>QBA TLOHCLO@B
e #OB>QB, FKSBPQ FK, >KA >MMIV KBT
QB@EKLILDFBP
e !ALMQ CFP@>I MLIF@FBP CL@RPBA LK
FKSBPQJBKQ, FK@IRAFKD FKSBPQJBKQ FK
ERJ>K @>MFQ>I, FK QB@EKLILDV,
>KA FK MEVPF@>I MI>KQ >KA BNRFMJBKQ
e #OB>QB PQ>?IB >KA J>OHBQ-LOFBKQBA
B@LKLJF@ @IFJ>QB
e 5PB JLKBQ>OV MLIF@V QL HBBM FKCI>QFLK
ILT >KA PQ>?IB
e -FKFJFWB QEB OFPH LC BU@E>KDB O>QB
CIR@QR>QFLKP, TEFIB >IPL BK@LRO>DFKD
ALJBPQF@ >KA FKQBOK>QFLK>I @LJMBQFQFLK
e )KSBPQ FK QB@EKLILDV, ERJ>K
@>MFQ>I, >KA MEVPF@>I @>MFQ>I
e 0OLSFAB FK@BKQFSBP LC > J>OHBQ-
LOFBKQBA B@LKLJF@ @LKQBUQ
e 7LOH QL OBAR@B DLSBOKJBKQ
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>@QFSFQFBP
e $BOBDRI>QB QEB ?>KHFKD >KA
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e 2BAR@B MOLQB@QFLKFPQ MLIF@FBP
e %O>AF@>QB MLSBOQV >KA BUQOBJB
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e 2BAR@B @EFIA JLOQ>IFQV O>QBP
e )JMOLSB J>QBOK>I EB>IQE
e #LJ?>Q ()6/!)$3, J>I>OF>,
>KA LQEBO AFPB>PBP
e %KPROB BKSFOLKJBKQ>I
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516 !00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%,
4. . +KS-EJ?KIA ?KQJPNEAO IQOP =@KLP CKRANJIAJP LKHE?EAO PD=P =NA I=NGAP-KNEAJPA@ =J@ PD=P A@Q?=PA PDA SKNGBKN?A =J@
LKLQH=PEKJ. BPAN PDEO EO @KJA, HKS-EJ?KIA ?KQJPNEAO ODKQH@ BK?QO KJ AN=@E?=PEJC KPDAN OK?E=H EHHO PD=P EJDE>EP PDAEN CNKSPD. 3DA
A?KJKIE?=HHU ?D=HHAJCA@ =NA OPQ?G EJ LKRANPU PN=LO. 3DAU JAA@ PK BK?QO IKNA KJ DA=HPD =J@ A@Q?=PEKJ =J@ ?NA=PA = OP=>HA
I=?NKA?KJKIE? =J@ LKHEPE?=H AJRENKJIAJP. 3DEO SEHH =PPN=?P BKNAECJ =E@ =J@ BKNAECJ EJRAOPIAJP. ,E@@HA-EJ?KIA ?KQJPNEAO OPNERA
BKN EJ?NA=OAO EJ LDUOE?=H ?=LEP=H =J@ EJJKR=PEKJ, SDEHA DECDAN-EJ?KIA ?KQJPNEAO IQOP SKNG PK I=EJP=EJ PDAEN A?KJKIEAO PDNKQCD
EJJKR=PEKJ =J@ PA?DJKHKCU.
5. . (B PDANA EO = NA?AOOEKJ =J@ QJAILHKUIAJP EJ?NA=OAO, SA ?=J ?=HH KJ =J ATL=JOEKJ=NU BEO?=H LKHE?U (HKSAN P=TAO KN EJ?NA=OA@
CKRANJIAJP OLAJ@EJC) KN =J ATL=JOEKJ=NU IKJAP=NU LKHE?U (EJ?NA=OA PDA IKJAU OQLLHU =J@ HKSAN EJPANAOP N=PAO). !KPD LKHE?EAO
OPEIQH=PA KQPLQP =J@ @A?NA=OA QJAILHKUIAJP.
6. . OE@A BNKI = DECD J=PQN=H N=PA KB QJAILHKUIAJP @QA PK CKRANJIAJP NACQH=PEKJO, OQ>OEOPAJ?A DKQOADKH@O I=U >A ?KQJPA@ =O
JKP SKNGEJC.
7. . (J@ATEJC S=CA ?KJPN=?PO IA=JO S=CAO NEOA SDAJ LNE?AO NEOA. 3DEO IA=JO SD=P UKQ ?=J >QU SEPD UKQN S=CAO, UKQN OP=J@=N@ KB
HEREJC, NAI=EJO PDA O=IA. 6DAJ S=CAO =NA JKP EJ@ATA@, KN NEOA SEPD EJBH=PEKJ, UKQN OP=J@=N@ KB HEREJC B=HHO.
8. . J EJ?NA=OA EJ CKRANJIAJP OLAJ@EJC ODEBPO PDA # ?QNRA PK PDA NECDP, N=EOEJC >KPD EJ?KIA =J@ LNE?A HARAHO.
9. . @A?NA=OA EJ PDA IKJAU OQLLHU SEHH ODEBP PDA # ?QNRA HABPS=N@ =J@ NA@Q?A EJ?KIA =J@ LNE?A HARAHO. !=JGO SEHH D=RA HAOO
IKJAU PK HAJ@. (JPANAOP N=PAO SEHH EJ?NA=OA, =BBA?PEJC ?KJOQILPEKJ =J@ EJRAOPIAJP, SDE?D =NA >KPD GAU @APANIEJ=JPO KB =CCNAC=PA
@AI=J@.
10. . &ERAJ PDA DECD HARAH KB =?PEREPU EJ EJPANJ=PEKJ=H BEJ=J?E=H I=NGAPO, EP EO PULE?=HHU >AHEARA@ PD=P BEJ=J?E=H BHKSO =?NKOO >KN@ANO
=NA PDA NA=H NA=OKJ BKN PN=@A EI>=H=J?AO. %KN AT=ILHA, PDA 4JEPA@ 2P=PAO D=@ =J AJKNIKQO PN=@A @ABE?EP EJ PDA H=PA 1990O =J@ A=NHU
2000O >A?=QOA EP S=O =PPN=?PEJC R=OP EJBHKSO KB BKNAECJ ?=LEP=H. 2I=HHAN ?KQJPNEAO PD=P D=RA =PPN=?PA@ OQ?D EJBHKSO KB EJPANJ=PEKJ=H
?=LEP=H SKNNU PD=P EB PDA EJBHKSO OQ@@AJHU PQNJ PK KQPBHKSO, PDA NAOQHPEJC @A?HEJA EJ PDAEN ?QNNAJ?U ?KQH@ ?KHH=LOA PDAEN >=JGEJC
OUOPAI =J@ >NEJC KJ = @AAL NA?AOOEKJ.
11. . 3DA @AI=J@ BKN PDA ?KQJPNUbO ?QNNAJ?U SKQH@ @A?NA=OA, HKSANEJC PDA AT?D=JCA N=PA.
C;4CG8E 20
1. . %=HOA. JUPDEJC PD=P HA=@O PK @EBBANAJP HARAHO KB LNK@Q?PEREPU >APSAAJ PSK A?KJKIEAO ?=J >A = OKQN?A KB ?KIL=N=PERA =@R=JP=CA.
%KN AT=ILHA, PDA A@Q?=PEKJ KB SKNGANO, PDA GJKSHA@CA >=OA KB AJCEJAANO =J@ O?EAJPEOPO EJ = ?KQJPNU, PDA L=NP KB = OLHEP-QL R=HQA
?D=EJ SDANA PDAU D=RA PDAEN OLA?E=HEVA@ HA=NJEJC, A?KJKIEAO KB O?=HA, =J@ KPDAN B=?PKNO ?=J =HH @APANIEJA ?KIL=N=PERA =@R=JP=CA.
2. . !N=VEH D=O PDA =>OKHQPA =@R=JP=CA EJ LNK@Q?EJC >AAB =J@ PDA 4JEPA@ 2P=PAO D=O PDA =>OKHQPA =@R=JP=CA EJ =QPKO. 3DA KLLKNPQJEPU
?KOP KB LNK@Q?EJC KJA LKQJ@ KB >AAB EO 1/10 KB =J =QPK; EJ PDA 4JEPA@ 2P=PAO EP EO 3/4 KB =J =QPK.
3. . (J =JOSANEJC MQAOPEKJO HEGA PDAOA, EP EO KBPAJ DAHLBQH PK >ACEJ >U KNC=JEVEJC PDA EJBKNI=PEKJ EJ = P=>HA, OQ?D =O EJ PDA BKHHKSEJC
P=>HA. -KPE?A PD=P, EJ PDEO ?=OA, PDA LNK@Q?PEREPU KB PDA ?KQJPNEAO EO ATLNAOOA@ EJ PANIO KB DKS I=JU SKNGANO EP P=GAO PK LNK@Q?A =
QJEP KB = LNK@Q?P.
CBHAGEL (A8 ,J84G8E (A8 BBGG?8 B9 J<A8
%N=J?A 1 SKNGAN 1 SKNGAN
3QJEOE= 2 SKNGANO 3 SKNGANO
(J PDEO AT=ILHA, %N=J?A D=O =J =>OKHQPA =@R=JP=CA EJ PDA LNK@Q?PEKJ KB >KPD OSA=PANO =J@ SEJA. 8KQ ?=J PAHH >A?=QOA EP P=GAO %N=J?A
HAOO H=>KN PK LNK@Q?A = QJEP KB PDA CKK@.
4. . (=) (J &ANI=JU, EP P=GAO BASAN SKNGANO PK I=GA AEPDAN = PAHAREOEKJ KN = RE@AK ?=IAN=. &ANI=JU D=O =J =>OKHQPA =@R=JP=CA EJ
PDA LNK@Q?PEKJ KB >KPD CKK@O.
(>) /NK@Q?EJC =J =@@EPEKJ=H PAHAREOEKJ EJ &ANI=JU NAMQENAO PDNAA SKNGANO. 2DEBPEJC PDKOA PDNAA &ANI=J SKNGANO SEHH NA@Q?A RE@AK
?=IAN= LNK@Q?PEKJ >U 3/4 KB = ?=IAN=. /NK@Q?EJC =J =@@EPEKJ=H PAHAREOEKJ OAP EJ /KH=J@ NAMQENAO OET SKNGANO, =J@ ODEBPEJC PDKOA
SKNGANO BNKI PDA KPDAN CKK@ NA@Q?AO KQPLQP KB RE@AK ?=IAN=O >U 6/12 KB = ?=IAN=, KN 1/2. 3DQO, PDA KLLKNPQJEPU ?KOP KB LNK@Q?EJC
PAHAREOEKJO EO HKSAN EJ /KH=J@, OK /KH=J@ D=O PDA ?KIL=N=PERA =@R=JP=CA EJ PDA LNK@Q?PEKJ KB PAHAREOEKJO. Note: #K JKP HAP PDA
BN=?PEKJO HEGA 3/4 KB = ?=IAN= KN 1/2 KB = RE@AK ?=IAN= >KPDAN UKQ. (B AEPDAN ?KQJPNU S=O PK ATL=J@ PAHAREOEKJ LNK@Q?PEKJ >U =
OECJEBE?=JP =IKQJP`PD=P EO, HKPO IKNA PD=J KJA QJEP`PDAJ SA SEHH >A P=HGEJC =>KQP SDKHA ?=IAN=O =J@ JKP BN=?PEKJ=H KJAO. 8KQ
?=J =HOK OLKP PDEO ?KJ?HQOEKJ >U JKPE?EJC PD=P /KH=J@bO =>OKHQPA @EO=@R=JP=CA EO NAH=PERAHU HKSAN EJ PAHAREOEKJO, >A?=QOA /KH=J@
JAA@O PSE?A =O I=JU SKNGANO PK LNK@Q?A = PAHAREOEKJ >QP PDNAA PEIAO =O I=JU PK LNK@Q?A = RE@AK ?=IAN=, OK PDA LNK@Q?P SEPD PDA
NAH=PERAHU HKSAN =>OKHQPA @EO=@R=JP=CA EO /KH=J@bO ?KIL=N=PERA =@R=JP=CA.
(?) /NK@Q?EJC = RE@AK ?=IAN= EJ &ANI=JU NAMQENAO BKQN SKNGANO, =J@ ODEBPEJC PDKOA BKQN SKNGANO =S=U BNKI PAHAREOEKJ LNK@Q?PEKJ
D=O =J KLLKNPQJEPU ?KOP KB 4/3 PAHAREOEKJ OAPO. /NK@Q?EJC = RE@AK ?=IAN= EJ /KH=J@ NAMQENAO 12 SKNGANO, =J@ ODEBPEJC PDKOA 12
SKNGANO =S=U BNKI PAHAREOEKJ LNK@Q?PEKJ D=O =J KLLKNPQJEPU ?KOP KB PSK PAHAREOEKJ OAPO. 3DQO, PDA KLLKNPQJEPU ?KOP KB LNK@Q?EJC
RE@AK ?=IAN=O EO HKSAN EJ &ANI=JU, =J@ RE@AK ?=IAN=O SEHH >A &ANI=JUbO ?KIL=N=PERA =@R=JP=CA.
(@) (J PDEO AT=ILHA, =>OKHQPA =@R=JP=CA @EBBANO BNKI ?KIL=N=PERA =@R=JP=CA. &ANI=JU D=O PDA =>OKHQPA =@R=JP=CA EJ PDA LNK@Q?PEKJ
KB >KPD CKK@O, >QP /KH=J@ D=O = ?KIL=N=PERA =@R=JP=CA EJ PDA LNK@Q?PEKJ KB PAHAREOEKJO. (A) &ANI=JU ODKQH@ OLA?E=HEVA, =P HA=OP
!00%.$)8 " X 4(% %80%.$)452%-/54054 -/$%, 517
PK OKIA ATPAJP, EJ PDA LNK@Q?PEKJ KB RE@AK ?=IAN=O, ATLKNP RE@AK ?=IAN=O, =J@ EILKNP PAHAREOEKJO. "KJRANOAHU, /KH=J@ ODKQH@
OLA?E=HEVA, =P HA=OP PK OKIA ATPAJP, EJ PDA LNK@Q?PEKJ KB PAHAREOEKJO, ATLKNP PAHAREOEKJO, =J@ EILKNP RE@AK ?=IAN=O.
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MOF@B BI>PQF@FQV LC ABJ>KA, 98,
114
MOF@B BI>PQF@FQV LC PRMMIV, 98, 114
MOF@B CILLO, 62, 66, 68
MOF@B IBSBI, 193
MOFS>QB BKQBOMOFPB, 19, 23
MOFS>QB J>OHBQP, 208
0OLAR@BO 0OF@B )KABU (00)), 199,
210
MOLAR@BO PROMIRP, 65, 68, 440
MOLAR@QFLK CRK@QFLK, 149, 164
MOLAR@QFLK MLPPF?FIFQFBP COLKQFBO
(00&), 32, 40
MOLAR@QFLK MLPPF?FIFQV COLKQFBO
(00&), 417
0OLAR@QFSB BCCF@FBK@V, 35
MOLAR@QFSB BCCF@FBK@V, 40
MOLAR@QFSFQV, 422
0OLAR@QFSFQV DOLTQE, 152
MOLAR@QFSFQV DOLTQE, 243
MOLDOBPPFSB Q>U, 361, 376
MOLMBOQV OFDEQP, 148
MOLMLOQFLK>I Q>U, 362, 376
MOLQB@QFLKFPJ, 436, 440, 455
0OLQB@QFLKFPJ, 443
MRO@E>PFKD MLTBO M>OFQV, 399
MRO@E>PFKD MLTBO M>OFQV (000),
135, 344, 353
*
NR>IFQV/KBT DLLAP ?F>P, 197, 210
NR>KQFQ>QFSB B>PFKD (1%), 322,
329
NR>KQFQV ABJ>KABA, 44, 68, 349
NR>KQFQV PRMMIFBA, 46, 68, 349
+
O>@B QL QEB ?LQQLJ, 448, 455
O>QFLK>I BUMB@Q>QFLKP, 280, 289
OB>I '$0, 132, 216, 229, 260,
272, 277, 323, 325, 478
OB>I FKQBOBPQ O>QB, 204
OB>I S>IRB, 128, 140
OB@BPPFLK, 134, 140, 173, 237,
247, 263, 323, 392, 406
OB@BPPFLK>OV D>M, 261, 272, 489
OB@LDKFQFLK I>D, 372, 376
OBAFPQOF?RQFLKP, 204, 206
OBDOBPPFSB Q>U, 362, 376
OBI>QFSB T>DB @LLOAFK>QFLK
>ODRJBKQ, 179, 187
OBPBOSB OBNRFOBJBKQ, 317, 329
OBPBOSBP, 298, 305, 313, 317, 350
OBSBKRB, 363
2F@>OAF>K BNRFS>IBK@B, 389, 394
2F@E>OA %>PQBOIFK, 148
2L?BOQ 3EFIIBO, 204
2L?BOQ 3LILT, 287
ORIB LC I>T, 148, 164
,
P>I>OV, 76
P>SFKDP ABMLPFQ, 306
P>SFKDP ABMLPFQP, 294
3>VaP I>T, 237, 251, 253
3@>O@FQV, 12
P@>O@FQV, 23, 38
3B?>PQF>K %AT>OAP, 409
3B@ROFQFW>QFLK, 299
PBOSF@B, 46, 140
PBOSF@BP, 125, 261
PEFCQ FK ABJ>KA, 52, 69
PEFCQ FK PRMMIV, 53, 69
PELOQ ORK >DDOBD>QB PRMMIV
(32!3) @ROSB, 243, 253
PELOQ>DB, 48, 69
PELOQ>DBP, 206
PILMB, 33, 462
PJ>OQ @>OA, 296, 306
3L@F>I 3B@ROFQV )KABUFKD !@Q LC
1972, 208
PL@F>I PROMIRP, 65, 69
PLCQ MBD, 348, 353
PMB@F>I B@LKLJF@ WLKB (3%:),
164
PMB@F>I B@LKLJF@ WLKBP (3%:),
158
PMB@F>IFW>QFLK, 14, 23, 419
PMIFQQFKD RM QEB S>IRB @E>FK, 426,
430
PQ>DCI>QFLK, 244, 253, 269
PQ>KA>OA LC ABCBOOBA M>VJBKQ,
293, 306
PQ>KA>OA LC IFSFKD, 138, 140
PQ>KA>OAFWBA BJMILVJBKQ
?RADBQ, 370, 376
PQ>KA>OAP LC IFSFKD, 401
PQF@HV, 178
PQF@HV T>DBP >KA MOF@BP, 263,
272
PQLOB LC S>IRB, 292, 306
PQO>FDEQ-IFKB ABJ>KA @ROSB, 101
PQOR@QRO>I RKBJMILVJBKQ, 181,
187
PQOR@QROB, 140
PQOR@QROBP, 125
PR?MOFJB IL>KP, 300
PR?PFAFBP, 439
PR?PQFQRQB, 51, 69
PR?PQFQRQFLK ?F>P, 197, 210
PRKH @LPQP, 32, 40
PRMMIV, 46, 69, 237, 334
PRMMIV @ROSB, 46, 49, 69, 341,
386, 438
PRMMIV P@EBARIB, 46, 69
PROMIRP, 48, 69, 217, 383
PROMIRPBP, 206
-
4->@@LRKQ, 298, 306
4>OFCCP, 428
Q>OFCCP, 430, 436
Q>U, 247
Q>U FK@FABK@B, 108, 114
4B@EKLILDF@>I @E>KDB, 149
QB@EKLILDF@>I @E>KDB, 164
QB@EKLILDV, 155, 164, 403
4EB ,>KA LC &RKKV -LKBV, 204
QEBLOV, 17, 23
QFDEQ JLKBQ>OV MLIF@V, 318, 329
QFJB ABMLPFQ, 306
QFJB ABMLPFQP, 294
QFJB PBOFBP, 468
4L?FK Q>UBP, 350, 353
QLQ>I PROMIRP, 65, 69
QO>AB ?>I>K@B, 124, 140
QO>AB ABCF@FQ, 124, 140, 216, 409
QO>AB PROMIRP, 124, 140, 216, 409
QO>ABLCCP, 38
QO>AFQFLK>I B@LKLJV, 18, 23
4O>KP>@QFLK @LPQP, 296
).$%8 533
QO>KP>@QFLK @LPQP, 306
4OB>PROV ?FIIP, 322
4OB>PROV ?LKAP, 322
QOLRDE, 134, 140
QTFK ABCF@FQP, 390, 394
.
5.3. #BKPRP "ROB>R, 51
5.3. $BM>OQJBKQ LC #LJJBO@B,
217
5.3. 0>QBKQ >KA 4O>ABJ>OH
/CCF@B, 157
RKABOBJMILVBA, 170, 187
RKABODOLRKA B@LKLJFBP, 20
RKABODOLRKA B@LKLJV, 23
RKBJMILVJBKQ, 236, 248, 270,
292, 310, 406
RKBJMILVJBKQ O>QB, 169, 187,
321
RKFI>QBO>I QO>KPCBOP, 217, 231
RKFQ LC >@@LRKQ, 293, 306
5KFQ>OV BI>PQF@FQFBP, 98
RKFQ>OV BI>PQF@FQV, 114
RPROV I>TP, 88, 92
RQFIFQV, 31, 40
/
S>IRB @E>FK, 426, 430
S>OF>?IB, 461
SBIL@FQV, 324, 329
0
T>DB, 76
T>DB BI>PQF@FQV LC I>?LO PRMMIV,
111, 114
7>DBP, 182
T>DBP, 193, 204
7LOIA 4O>AB /OD>KFW>QFLK (74/),
428, 437, 447, 450, 455
3
:BOL BI>PQF@FQV, 103
WBOL FKBI>PQF@FQV, 114
534 ).$%8

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