1 2 1 2 + A MBA B MBA

lim sin x 1 x = 1, lim( 1 + ) = e x 0 x x x

1996 MBA MBA $100,000 1 ( ), $45,000 $100,000 49% 3.1 2, 38,500 81,400 24 3.5 3 ( ), 45.000 95,000 45 3.8 4 55,000 110,640 62 4.2

Q E = X Q / Q Q X = = X / X X Q Q P Q E = = 250 P Q P 250 E = ( 250) = 139. 45000

E Q P P Q P P = = = 139 15 000 250 45000 59 95.,. E Q P P Q =

Q Q P P > Q Q P P = Q Q P P < Q Q P P > Q Q P P = Q Q P P <

Q Q Q1 E I 2 I 1 I 2 1 1 Q Q1 = = I I 1 Q I1 = I Q1 Q Q1 150 60 800 E = = 4. 5 2400 1800 60 I1 I

Qy Px E px = Px Q y

TPL APL = L TPL MPL = L dtpl MPL = dl

K C W = L r r

MP MP P P MP P MP P I k L K L L k k = = MP MP W r MP W MP r L k L k < < MP P MP P MP P N N 1 1 2 2 = = = Λ Λ

α β α β α+ β α β α+ β A( λl) ( λk) = Aλ L K = λ Q λ λ α β λ λ α β

= AFC = TFC Q AVC = TVC Q TC AC AFC AVC Q TC MC TCQ Q

PQ = AVCQ + TFC TFC Q = ( P AVC)

25, 000 Q = = 5000( ) 12. 00 7. 00

P = A BQ TR = BQ 2 + AQ 3 3 TC = aq + bq + cq + TFC 3 2 π = TR TC = aq ( B + b) Q + ( A C) Q FC 2 ( B + b) + 3a( A C) B b Qmx = 3a P = A BQ 2 TR = BQ + AQ TC = AVC Q + TFC π = R TC 2 = BQ + ( A AVC) Q TFC A AVC Qπ max = 2B P = A BQ π max π max A + AVC = 2

(a) (b)

C B C C C B B A A A A B

1986 1987 1988 1989 1990 1987 1988 1989 1990 1991

1 2 3

C B A

C B A

C A B

1 2 3 4

TFC BEP = P VC TFC BEP = P VC 120000 = 10 4 = 20000( )

+ + + + + = = = = = = =

B A

(1) (3) (2)(4)

30

=

= 1050000 50 700000 + + = = 105000 + 50000 + 358000 = = 7000 7714%. =

+ = 141000 + 60000 = = 6.7 3000000 + = 141000 + 60000 = 6.7 1 (3200000 + 2795800) 2 = + =

141000 + 60000 = 3000000 3000000 ( 3200000 + 2795800) = 6. 7% 100. = 6. 7% 1 2 141000 30000 = ( 1200000 + 1125800) 1 2 = 955%. 147000 30000 = 50000 = 2. 22

= = 22. 20 = 10 2. 22 0. 736 = 22. 20 = 363%. 0. 736 = 33. 60% 2. 22

1500000 3200000 46 88% =. 1700000 3200000 53.12 1700000 1500000 113.3

3000000 ( 3200000 + 3000000) 0.97 1 2 3000000 1 ( 1950000 + 2000000) 2 = 151. 3000000 1 ( 3850000 + 260000) 2 = 9. 3 360 1 385000260000 = 2 360 3000000 = 38. 7

2, 100, 000 1 ( 480, 000 + 435, 000) 2 = 4. 59 360 = 360 1 ( 480, 000 + 435, 000) 2 360 2, 100, 000 = 784.

1. 2. 3. 4. 5. 6. 7.

b b = = 11550 97020 300 2200 231.

( - )- =750 100 50 40 250 ( - )- =950 120 50 40 250 ( - )- =350 120 45 42 250 ( - )- =110 120 45 42 250 ( - )- =90 120 45 42 270 +200-600 -240-20 -600

3 2 1

n n MPt Wt t = t ( 15. 2) t= 1 ( 1+ r) t= 1 ( 1 + r) n n MPt Wt MP0 + t = W0 + K + t ( 15. 3) t= 1 ( 1 + r ) t= 1 ( 1+ r ) n n MPt Wt t > t ( 15. 4) t= 1 ( 1 + r) t= 1 ( 1 + r) n n MPt Wt G = t t ( 155. ) t= 1 ( 1 + r ) t= 1 ( 1 + r ) n MPt Wt G = + r ( 15. 6 ) ( 1 ) t t= 1

n MPt Wt G = = 0 ( 1510. ) r t t= 1 ( 1 + )

n n Wt = MPt K ( 1516. ) t= 1 t= 1

= = =

2 10 11 3 4 5 6 7 8 1 12 9

1 2 3 4 / 5 6 7 10 11

FOB + 1 450 + = 1 110% 08% 504. 4.

= 850 1-4% = 885.42 1

15086. 15091. + ) 0. 0010 + ) 0. 0015 15096. 15106.

12 / = / 12 12 = 9. 5 7 3 1. 96 = 12. 100 12 0.012 12 = 1.96 3 = 2.5

1 100 i i ;i = 38 10 ; 1 100 38 380 1 / / / 2 193 2 193 10 386

1 7 7970 01283.. =

b a 12.97 4.1255 = 3.1439 12.98 4.1245 = 3.1470 b a 4.1245 12.98 = 0.3178 4. 1255 0.3181 12. 97

P* = P (S F)

P ( S F) 16030. 1. 6040 ) 0. 0140 15890. ) 0. 0135 15905. 0. 0140 16030. 15890. 0. 0135 16040. 15905.

1 1 1 2 3 4

9 (1.9) (9.9) 8 7 6 5 4 3 2 1 (5.5) (1.1) (9.1) 1 2 3 4 5 6 7 8 9

7. 4. 5. 6. 3. 2. 1.

:

A 1 4 8 7 3 6 7 5 B 2

19 2