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Глава 3 Экономика фирмы

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В§
В§ 15.
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IT03B
pHCK y6biTKOB B ITpe,ll,eJiaX BHeCeHHbiX HMH BKJia-
pe,ll,eJieHHoro Kpyra JJMU. 0HO He MO)((eT ITpOBO-
)lOB (HanpHMep, 000 << <DocArpo-MapKeTHHf>>
)lHTh OTKpbiTYJO no,ll,nHCKY Ha BhiiiYCKaeMhie MM
H3BO,
(Hec):>eJIHHOBhiH KOHUeHTpaT), 000 <<COpCKHH
aKUHH HJIH ITpO)laBaTb HX Ha pbiHKe (HaiTpHMep,
l.!T06
[OK>> (MOJlH6)leHOBhiH KOHUeHTpaT));
3A0 В«1130JIHT>> ( CTeKJIOTKaHb)) .
• KaK
H~
• Ll,Jui
Ma H
X035!11CTBEHHbiE TOBAPI-1ll.IECTBA 1-1 06ll.IECTBA
JIM3M
X035l~cTseHHble
AAeT
TOBap~LJ.1eCTBa
cnpo
~ 06LJ.1eCTBa
KliM
MaKe
Xo35l~cTBeHHHble
Xo35l~CTBeHHble
TOBap~LJ.1eCTBa
06LJ.1eCTBa
<DHpMc
M KOf,ll
HHe 0
Tosap~LJ.1eCTBO
06LJ.1eCTBO
AKl.I~OHepHoe
06LJ.1eCTBO
11 113Mf
non Hoe
c orpaH~YeHHO~
C AOnOnH~TenbHO~
TOBap~LJ.1eCTBO
Ha sepe
06LJ.1eCTBO
<DHpMc
OTBeTCTBeHHOCTbiO
OTBeTCTBeHHOCTbiO
ueJIH.
1
He BO
OTKpbiToe
,UeT K
qmpMe
3aKpbiTOe
B 6opb
В§ 16.
В§ 16.
n
2.
nPOH3BOACTBO
ITpoH
1. nPOH3BOACTBEHHA51 CI>YHKUH51
• )l,Ba ¢JaKTOpa rrpml3BO,LJ,eTBa: O)J,HH IIOeT05IHHbli:f ,
Crrpoe noTpe6tiTenei:f y,LJ,OBJieTBOpHeTeH 3a eYeT
npe,D,JIO)I(emw TOBapoB w yeJIYT ВўlwpMaMw, maBHa51
<f>yHKUMH KOTOpblX eTBO -
rrpOM3BO)J,MTb.
0 pOH3BO)J,-
3TO npeBpall(eHMe ВўlaKTOpOB npOH3BO,LJ,eTBa
B TOBapbi M yeJIYTM
(В§ 1.2).
<l>MpMbl, oeymeeTBAA-
IOIIIMe llpOM3BO,LJ,eTBO, 3aTpaY.MBaiOT ВўlaKTOpbl rrpol13BO,LJ,eTBa. B3awMoeB513h Me)I()J,y KOJIMYeeTBOM 3aTpaYeHHhiX <f>aKTOpOB M 06beMOM llpOM3Be,LJ,eHHblX
TOBapOB M yenyr Ha3hiBaeTe51 IIpOM3BO,LJ,eTBeHHOi:f
<f>YHKUMeH.
BTopoi:f -
rrepeMeHHhTH. B KpaTKoepoYHOM ne-
pHo,LJ,e
L
poM, a
K-
o6bi'-IHO eYwTaiOT rrepeMeHHbiM <t>aKTOrroeTOHHHhiM. B 3TOM enyYae Ha,LJ,
K
npo,Ll,)
ero
3a
MO)I(H
Ta Tp~
eTaB51T lliTpHX. 3TO TaKOH rrepHO)J,, B TeYeHHe
KOToporo npe,D,rrpwHTHe He yeneBaeT 3aMeHJ1Th
o6opy,D,oBaHwe, npoeTpOHTh uex, paenaxaTb HOBoe IlOJie, KOpOY.e, yBeJIMYHTb KOJIMY.eeTBO HeIIOJib3yeMOfO KanwTana. Ho B KpaTKOepoY.HOM
nepHO,LJ,e rrpe,D,npH51TJ1e MO)I(eT HaH5ITb J1JIJ1 YBO-
3ToT
JIHTb HOBbiX pa60THHKOB .
HOCTb
• KpaTKoepo'-IHhiH nepHO,LJ, ,LJ,JIH Ka)I()J,oro npe,D,-
npoH~
npoH3BO,qCTBeHH8R cfJYHK1..4HR (production function) -
npHHTHH eBOH: )J,JI51 rrpwo6peTeHH51 HOBOfO o6o-
B3aHMOCB~3b
Me>K,lly KOJlH'ieCTBOM HC!lOJlb3yeMblX
py,D,OBaHJ151 ,LJ,JIH peeTopaHa, HanpHMep Ko<t>e-
KOJlH'i
cj>aKTOPOB npoH3BOACTBa H pa3MepaMH BblllYCKa
BapKH, MO)I(eT IIOTpe60BaTbe5I O)J,HH ,LJ,eHb, a BOT
LlY
Toeapoe H ycnyr.
Ha eTpowTeJibeTBO uexa MO)I(eT yi:fTH HeeKOnh-
<l>aKTOpOB IlpOM3BO,LJ,eTBa YeTbipe -
Tpy,D,, Ka!lM-TaJI,
3eMJI51 M rrpe,D,IIpMHHMaTeJibeKMe erroe06HOeTM.
B rrpMHUIDle npoM3BO,LJ,eTBeHHM <t>YHKUIDI nOKa3bisaeT 3aBMeHMOeTh 06beMOB llpOM3BO,LJ,eTBa OT Beex
werroJTh3oBaHHbiX ВўlaKTOpoB rrpoM3BO,LJ,eTBa. Ho rroeKOJihKY JlbBMHa51 )J,OAA 3aTpaT rrpe,D,npMTMH rrpwxo,LJ,MTe51 TOJibKO Ha ,LJ,Ba ВўlaKTOpa IIpOM3BO,LJ,eTBa (Tpy,LJ,
L
w KarrwTaJI
K),
TO rrpoeTa51 npoM3BO,LJ,eTBeHHM
ВўJYHKUM51 MO)I(eT 6biTb rrpe,D,eTaBJieHa KaK 3aBMeM-
Q
MOeTb 06beMa IIpOM3BO,LJ,eTBa
OT Me!lOJib30Ba-
HM51 TOJibKO 3TMX ,LJ,Byx ВўaKTOpOB, T.e.
Q = f (K, L).
IJpOM3BO,LJ,eTBeHHa5l ВўYHKUMH BHeniHe IIOXO)I(a
Ha
<i:>YHKUJUO
В§ 9.2).
llOJie3HOeTH (eM.
KO neT. CooTBeTeTBeHHO ,LJ,JIH nepBoro enyYaH
KpaTKOepOlfHbiH nepHO,LJ, BTOporo -
AYKI.lH
ITocM
KOMI11
• PaenrHpeHJ1e npoH3BO,LJ,eTBa 3aBHeHT OT J13MeHe-
TaJI -
HH51 npOllOpUHH Me)I()J,y IIOeT05IHHbiM H rrepe-
CH,
MeHHblM ВўJaKTOpaMH. IJp11 3TOM OT,LJ,aYa nepe-
HaH n
MeHHOfO ВўlaKTOpa y6hiBaeT.
y
H npe,
• KonH'-IeeTBO <P»PM Ha pbiHKe oeTaeTeH HeJ13-
pa6oT
MeHHhiM. B KOHKpeTHOi:f OTpaenw HOBhiX qmpM
nepwc
He B03HHKaeT H HHKTO He pa30p5IeTe5I, T. e. He IIO-
YeCTB.
KH,LJ,aeT OTpaeJIH.
o6opy
Aonrocpo'IHbiH nepHo,q (long run) YeHHe KOTOporo
B 3aBwewMoeTw OT BpeMeHHoro rrepwo,LJ,a, B paM-
O)J,J1H ,LJ,eHb, a )J,JI51
HeeKOJibKO neT.
BP
HH, 3c
MeH~eTC~
6paTb
nepHOA, e Te-
KOJlHYeCTBO BCeX HC!lOJlb-
3yeMbiX cj>aKTOpOB npOH3BOACTBa.
Tpy,LJ,a
HHKa
Kax KOTOpOfO M3yYaeTe51 npOM3BO,LJ,eTBO , 3aKOHbl
BO)J,MT
ero rroBe,LJ,eHMH pa3Hbie. B 3KOHOMMKe B uenoM
OeHOBHhre xapaKTepHeTHKM npoH3BO,LJ,eTBa B ,LJ,OJI-
)1,0
fO,LJ,a),
roepOYHOM rrepHO,LJ,e eneeyiOIIIHe:
eo6ep
neT) M ,LJ,OJifO-
• 06a ¢JaKTOpa IlpOM3BO,LJ,eTBa -
pa3JIH':laiOT KpaTKOepO'-IHblM rrepMO)J, (,LJ,O
epe,D,HeepOYHblH rrepHO)J, (OT
epOY.HblH nepHO)J, (eBhillle
1
)1,0
5 JieT).
5
1
C TOYKM 3peHH51
nepeMeHHble.
HaHJITh ,LJ,ononHHTeJibHhiX pa6oY.wx (ysenwY.HTh
TO'-IHblH BpeMeHHOH nepHO)J,, eKOJibKO TO , H3MeH51-
H llOeTpOHTb HOBbiH uex (ysenHYHTb /().
eTe51 JIM KOJIHY.eeTBO HeiiOJib30BaHHbiX ВўlaKTOpOB
KparKocpo'IHbiH nepHo,q (short run) -
YeHHe KOTOporo KOJlH'ieCTBO OAHHX cj>aKTOpOB npOH3BOACTBa
MeH~eTC~.
a APYfHX
OCTaeTC~
HeH3MeHHbiM.
<l>aKTOpbi, KOJIH'-IeeTBO KOTOpbiX He MeHJieTe5I, Ha3biBaiOTeH IIOeT05IHHbiMH
(fixed factors).
<l>aKTOpbi,
KOJIHY.eeTBO KOTOpblX MeH51eTe51, Ha3hiBaiOTe51 rrepeMeHHblMH
L)
• OT,LJ,aY.a OT MaenrTa6a. PoeT npoH3BO,LJ,CTBa rrpoHexo,LJ,wT B pe3ynhTaTe ysenHYeHM wcnonb30BaHH51 ¢aKTOpOB IIpOH3BO,LJ,CTBa.
nepHOA, e Te-
(variable factors).
Ka)I()J,C
HarrpHMep, rrpe,D,rrpiDITwe MO)I(eT O,LJ,HOBpeMeHHO
TeOpHH IIpOH3BO,LJ,eTBa Ba)l(eH ,LJ,a)l(e He eTOJibKO
IlpOH3BO)J,eTBa HJIH OeTaeTe5I IIOeT051HHbiM.
5:
• PacnrHpeHHe rrpoH3BO,LJ,CTBa npoHcxo,LJ,HT npw
IIOeT05IHHOH IIpOIIOpUHJ1 Me)I()J,y )J,BYMJI HeiiOJib3yeMbiMH ВўlaKTOpaMH -
eCJIH pa3Mep HCIIOJib-
30BaHHOf0 KaiiHTaJia paeTeT, TO H pa3Mep MCIIOJib30BaHHOfO Tpy,D,a paeTeT Ha TY )l(e BeJIH-
Ypone
YHHy.
• KonMYeeTBO <t>HPM Ha pbiHKe MeH5IeTeH -
1
2
3
4
5
6
7
8
B03-
,LJ,a <t>a
OeHOBHhie xapaKTepweTHKM npow3BO,LJ,eTBa B KpaT-
HJ1KaiOT HOBbie Вўl11pMbl, a '-IaeTb Cyll(eCTByiOlilHX
3TO)J,B
Koepo'-IHOM nepwo,LJ,e eneeyiOmwe:
pa3opHeTe51 HJIH rrpeKpamaeT ,LJ,eHTenhHOeTb.
H5IIOTC
109
16. npoH3BOACTBO
2. nPOlo13BOJJ,lo1TEnbHOCTb TPYJJ,A
H3BO,LJ,HTeJihHOCTH rpy,LI,a. IIo,n: pe3epsaMH pacTa rrpo113BO,LI,l1TeJihHOCTh Tpy,LJ,a TTOHHMaiOTCSI HeHCITOJTb3ye-
IIpoH3BO,LJ,CTBeHHa51 (j:lyHKIJ;l151 noKa3bi saeT noJTHbiti
IHhrH ,
M ne-
,a KTO-
riM
K
IeHHe
~ Hl1Tb
'b H0-
0 HC-
npo,LI,YJ<T
(total product, TP) -
3a e,LJ,HHHU:Y speMeHH,
o6oeM npoH3BO,LJ,CTBa
Q = f (K, L).
Ha ero 6a3e
MO)[(HO paCC'-IHTaTh TTOKa3aTeJTb cpe,LI,Hero npO,LI,YJ<Ta Tpy,LI,a.
o6beM npoH3BOACTBa OAHHM pa6oTHHKOM,
L
coQ:>ea BOT
KOJTb-
JIY'-! aSI
a ,LJ,JTSI
3TOT TTOK33aTeJTb Ha3hiBaiOT TaJOKe TTp0113BO,LI,l1TeJTb-
AYKI..lHH (TPYAOeMKOCTb).
11 Tpy,LJ,a. TeM caMhJM npoH3BO,LJ,HTeJihHocTh Tpy-
IIocMoTpHM Ha Ta6nmzy, rroKa3bTBaiOmYJO c6opKY
(j:>HKCHpOBaHHhJH cpaKTOp 11 He 113MeH51eT-
Ha51 Jli1Hl151. Tpy,LJ, , O,LJ,HaKo , nepeMeHHhiH (j:laKTop,
pa60THHKOB. PoeT npoH3BO,LJ,CTBa B KpaTKocpo'-IHOM
Q:l l1pM
nepHO,LJ,e TTpOXO,LI,HT B pe3yJTbTaTe yseJT11':1eH1151 KOJIH-
1e no-
qeCTBa pa60TH11KOB Ha Hel13MeHHOM KOJTH':IeCTBe
o6opy,LI,OBaH1151. 3a ,LJ,eHb O,LI,HH pa60TH11K MO)J(eT C06paTh
2
KOMIThiOTepa. llp0113BO,LI,HTeJibHOCTb ero
Tpy,LJ,a COCTaBHT
2 KOMITbiOTepa
Hl1Ka MOryT C06paTh ~e
5
B ,LJ,eHb. )].sa pa60T-
KOMITbiOTepOB. llp0113-
BO,LI,HTeJibHOCTb Tpy,LI,a K3)J(,LI,Of0 113 Hl1X B03paCTaeT
,LJ,O
5 : 2 = 2,5
KOMIThiOTepa B ,LJ,eHh. Tp11 pa6oTHHKa
C06epyr ~e
1Hhre .
K3)J(,LI,Of0
reHHO
Hb
L)
3KOHOMmecKoro pa3BHT1151 crpaHhi. PbiHO':IHaSI
'-IeCTBa rrpO,LI,YKUHH Tpe6yeTCSI MeHhiiiee KOJIH-
11 rrpe,n:rrp1151Tl1e MO)J(eT HaHHMaTb ,LI,OTTOJTHHTeJTbHbJX
: ,LJ,OJT -
THIT
11 ypoBeHb
C U:eHTpaJT1130BaHHO-ITJTaHHpyeMOH 3KOHOMHKOH.
C51, y npe,LI,TTp1151Tl151 eCTh TOJi-bKO O,LJ,Ha C60p0'-1-
:nonb-
В§ 2.2)
KOilH'-IeCTBO npOAYKI..lHH, npOH3BeAeHHOe B eAHHHLlY BpeMeHH (Bbipa60TKa), HilH KOilH'-IeCTBO speMeHH, 3aTpa'-leHHOe Ha npOH3BOACTBO eAHHHI..lbl npo-
TaJT -
re-
B l1X '-IHCJTe -
npoH3BO,QHTeflbHOCTb Tpy,qa (labor productivity) -
~fe HeВ­
s
Q).
3KOHOMHKa B cpe,LI,HeM IT03BOJTSieT 6oJTee 3cpcpeK-
n epe-
HeH 3-
Q,
(rrp11
Tl1BHO pacrrpe,LI,eJISITh pecypcbi no cpasHeHHIO
KOMTThiOTepos. B KpaTKocpO':IHOM rrepHo,LJ,e KanH-
n epe -
Hei13MeHHOM 06DeMe np0113BO,LI,CTBa
L
<J>aKTOpbl, BJIIDIIOIWfe Ha IIpOH3BO!nffeJibHOCTb TJ)y,IJ,a,
3KOHOM11'-!eCKOH CHCTeMhl ( CM.
r~ pe,LI, -
o6o-
TOpbi, o6ecne':ll1BaiOmHe JTH6o poeT npoH3Bo,n:cTsa
• 06UJ,e3KOHOMULtecKue rf;aKmopbt.
HOCTbiO Tpy,LI,a.
1
JTH':IeHHe ITp0113BO,LJ,l1TeJibHOCT11 Tpy,LJ,a BJTHSIIOT cpaK-
cne,LJ,yiOI.I.J,He.
Q
APL=-
,'-I HOM
r y so-
11cxo,n:SI 113 rrpHBe,LJ,eHHoii Bhlllle Q:>opMYJibi, Ha yse-
JIH6o coKpameHHe KOJIH':IecTsa pa6oTHHKOB
Cpe,qHHH npo,qyKT rpy,qa (average product of labor,
APj -
Mhie B03MO)[(HOCT11 3KOHOMH11 Tpy,LJ,OBbJX pecypCOB.
TPYA
9 KOMITbiOTepOB. llp0113BO,II;HTeJTbHOCTb
yseJIH':IHTCSI ,[1,0 3 KOMITbiOTepOB B ,LI,eHb.
KanKJall
KonHYecrso
rosapa
npoH3BOAI1fellbHOCTb
TPYAa
B pe3yJihTaTe
AJISI
rrpoH3BO,IJ,CTBa Toro )J(e KOJTH-
'-!eCTBO cpaKTOpOB ITp0113BO,LI,CTBa, B TOM ':IHCJie
,LJ,a B o6mecTBe B u:enoM rroshmraeTcH. BoT no'-!eMY B 6oJiee pa3BHThJX crpaHax yposeHb npoH3BO,LJ,HTeJThHOCTJ.1 Tpy,LJ,a Ha OT,LJ,eJTbHbiX rrpe,LI,rrp1151TI1SIX 06bi'-IHO Bbiiiie, '-!eM B CJTa6opa3Bl1ThiX.
• BHympurjJupMeHHbte rjJaKmOpbt.
B HX '-IHCJie -
rro-
BhiiiieHHe TeXHH':IeCKOH OCHai.I.J,eHHOCTH C06CTBeHHO rrp0113BO,LI,CTBa rryTeM 11CITOJih30BaH1151 COBpeMeHHbiX TeXHOJIOfHH, HOBbiX BH,LI,OB CblpbSI
11 MaTepHaJTOB, MO,LI,epHH3aU:Hl1 o6opy,LJ,OBaHH51,
MexaHH3aUHH py':IHhiX pa6oT, HCTTOJih30BaHHSI
KOMITbiOTepl1311pOBaHHbiX CHCTeM TTp0113BO,LI,CTBa.
PoeT TeXHH'-!ecKoii soop~eHHOCTH npoH3BO,LJ,CTBa 11 YJIY'-IIIIeHue yrrpasJTeHHH HM rro3BOJTHIOT
yseJIH'-IHTb 06oeM TTp0113BO,LI,CTBa, COKpaTHTb KOJIJ.1'-IeCTBO 3aHSITbJX 11, CJie,LJ,OBaTeJibHO, yseJIH':IHTh
ITp0113BO,LI,HTeJibHOCTb Tpy,LI,a.
• Cfe;zoeeLtecKue rjJaKmopbt.
B
HX '-IHCJie -
poeT
ypOBHSI KBaJTI1(j:li1KaUH11 rrepCOHaJTa, COKpai.I.I,eHHe
,Il;OJTH PY'-!HOfO Tpy,LJ,a, MOTHBaU:1151 COTpy,LI,HHKOB
K rrp0113BO,LJ,HTeJibHOMY Tpy,LI,y, HX cp11311':1eCKOe
11 ,LJ,yXOBHOe COCTOSIHHe. EoJiee KBaJTHQ:lHU:HpOBaH-
n po-
1
2
3
4
5
.:30Ba-
r
np11
TTOJTb-
6
nOJTh-
p
7
HC-
8
1
1
1
1
1
1
1
1
BeJTH-
2
5
9
12
14
15
15
14
2,0
2,5
3,0
3,0
2,8
2,5
2,1
1,8
YposeHh npoH3BO,n:l1TeJibHOCTH rpy,LI,a 3aBHCHT oT pSI-
В· B03-
,LJ,a cpaKTOpOB 11 pe3epBOB ero pOCTa. <f>aKTOpbi -
IOI.I.I,l1X
3TO
b.
H51IOTCSI ypoBeHh 11 ,LI,HHaMHKa, BJTJ.1.SIIOI.I.J,l1e Ha rrpo-
,LI,B~e
Cl1Jlhl, TTO,II; BJI1151Hl1eM KOTOpbJX 113Me-
HbJH pa60THHK, ITOJTY'-!aiOIIIHH OT (j:>HpMhl npaBl1JlhHbie MaTepHaJThHbie J.1 COUHaJThHhie CTHMYJlhl 11 HaXO!J:51I.I.J,l1HC51 B XOpOIIIeii cpl1311':1eCKOH
11 MOpaJTbHOH cpopMe, CMO)J(eT rrp0113BeCT11 60JTbIIIe rrpo,LJ,yKIJ;HH ,LJ,a)((e np11 Hel13MeHHOH TeXHH'-!eCKOH ocHameHHOCTH rrpoH3BO,LJ,CTBa. Cne,LJ,osaTeJihHO, rrp0113BO,LI,HTeJihHOCTb Tpy,LI,a B03paCTeT.
• Pa3aeAeHue mpyaa
(eM.
В§ 3 .1).
CrreuHaJTH3aU:l151
pa60TH11KOB Ha OT,LJ,eJibHbiX '-laCTSIX TTp0113BO,LJ,CTBeHHOfO rrpouecca 06'bSICHSieT TTOCTerreHHOe
yseJTH':IeHHe ITp0113BO,LI,HTeJibHOCT11 Tpy,LI,a B BepXHeH '-laCTJ.1 Ta6JTHU:hl.
r n ABA
110
3. Y5biBAIOUJ,A51 OT,l\AYA
B KPATKOCPOYHOM nEP~O,l\E
3. 3KOHOMI-1KA ct>I-1PMbl
CTBJI5leT TeXHWJeCKYlQ no.ll,)J,ep%KY. 06IUHM rrpo.ll.YKT lJlY,ll,a B03pacTaer )J,O
9.
Ka)l(.ll,OfO )J,OITOJlHV!TeJlbHOfO pa60THJ1Ka yseJ1VI'IHHa ocHoBe rroJlHoro rrpo,ll,yKTa MO)I(HO paccqHTaTh
eme O)J,HH Ba)I(HhiH JIOKa3aTeJlh -
rrpe,ll,eJihHhiH
rrpo,ll,yKT Tpy,ll,a.
oВ·
Jlpe,ll,eJlbHhiti: rrpo)J,yKT
BaeTC5l, rrpOH3BO)J,HTeJlbHOCTb HX Tpy,ll,a paCTeT.
• CoKpaut,aiOut,uucR, HO no!lo:JICume.nbHbtu npeoellbHbtu
npooyKm mpyoa (decreasing but positive).O,ll,HaKo,
8
(
B :Io.:
HaH5IB qeTBepToro pa60THHKa, cl>HpMa o6ecrreqH-
npeAenbHbiH npOtWKT TPYtla (marginal product of labor
Jla yseJJH'IeHVIe npOV13BO.ll,CTBa TOJlbKO Ha
MPu) -
HHI(bl, JI5ITOfO -
np11pocr npoi13BO.QCTBa B peayllbTare HaHMa
,QOITOllHHTellbHoro pa6oTHI1Ka,
MPL
=
!J.Q
!J.L
.ll.YKT
np11 cj>HK-
CHpoeaHHOM 06beMe 11CITOJlb3YeMOrO KaiTHTaJla.
JI~aeT,
TOJibKO Ha
2.
3 e)J,H-
Jlpe)J,eJihHhiM rrpo-
JIOTOMY '{TO B03HVIKaeT CHTyal(IDI,
KOf)J,a CJIVIIIIKOM MHOfO pa60THVIKOB 3aHVIMalOTC5l
O)J,HVIM VI TeM )l(e )J,eJIOM. ,[l,a%e eCJ111 pa3)J,eJIHTh
pa6ory no yrraKOBKe KOMnbiOTepa 11 era .ll,OCTaBKe
~,[l,o6aBI1M
B Ta6JIHI(e Ha npe,ll,hl)J,yiUeH CTpaHH-
l(e KOJlOHKY, ITOKa3hiBaiOIUY10 npl1pOCT rrpOH3BO)J,CTBa B pe3yJlhTaTe HaHMa O)J,HOfO )J,OITOJlHHTeJihHOro pa60THHKa (!J>aiiJI
16. llpOU3800Cm80. xls.
KpamKocpo"'Hbtu nepuoo).
JlHCT
Tpy,ll, no-rrpe)I(HeM)' rrepe-
MeHHhrn Q>aKTOp, rrpe,ll,IIpiDITHe MO)I(eT HaHHMaTh
)J,onoJJHHTeJlhHhiX pa60THHKOB. KarrHTaJl -
Q>HK-
cHposaHHhiH cPaKTOp, y rrpe,ll,Jip1151TIDI eCTh TOJlbKO
O)J,Ha C60p0l{Ha51 JIHHIDI.
noKynaTeJliO Me)l(.ll,y )J,BYM5I )J,OJIOJlHHTeJlhHbiMVI
pa6oTHnKaMH, 3TO caMo no ce6e He o6ecrreqVIT
3Hal{HTeJihHOf0 pOCTa KOJlVIl{eCTBa C06paHHbiX
KOMnbiOTepoB. Ho cl>MpMa sce-TaKM HaHHMaeT pa6oTHVIKOB, JIOCKOJibKY 06IUHH npO)J,yKT JIYCTh Me)J,JleHHO, HO pacTeT. HaH5IB
6
pa6oTHHKOB, rrpe,ll,-
npiDITHe )J,OCTHraeT MaKCI1MaJlhHOfO ypOBH5l BbiJIYCKa, C06VIpa5I
15
KOMJihiOTepOB.
• CoKpaut,aiOut,uucR u omputjame!lbHbtu npeoe!lbHbtU
npooyKm mpyoa (decreasing and negative). JlocJle
3Toro rrpe,ll,eJihHhiH rrpo,ll,yKT Tpy.ll,a He rrpocTo
Tpy.Q
KanK1C111
0
1
2
3
4
5
6
7
8
1
1
1
1
1
1
1
1
1
KollHYecreo
TOBapa
npe,QellbHbiH
npo,QyKT rpy,Qa
0
2
5
0,0
2,0
3,0
4,0
3,0
2,0
1,0
0,0
-1,0
9
12
14
15
15
14
n~aeT, HO CTaHOBVITC5l OrpVII(aTeJibHbiM. 3aMeTHM,
'ITO C HaMMOM IlleCTOfO 11 Ce)J,bMOfO pa60THHKOB
0611Iee KOJIHl{eCTBO C06paHHbiX KOMnbiOTepOB
He MeH5leTC5l H O~TaeTC5l Ha ypOBHe
15
e)J,HHVIU.
Ho rrpH HatiMe ce)J,bMoro pa6oTHHKa cl>HpMe
npH)J,eTC5l nJJaTVITb Ha O)J,Hy 3apJIJiaTy 60J1bllle,
YTO qmpMe HeBhlfO)J,HO. BOChMOM HaH5IThiM pa60THVIK Y%e 5IBHO JIHIIIHVIM, OH IIpOCTO MemaeT,
0611IHM npo,ll,yKT COKpa11IaeTC5l, a B pe3yJlhTaTe
npe)J,eJihHhiM npo,ll,yKT CTaHOBI1TC5l OTpHl(aTeJlhHbiM. llo3TOMY rrpe,ll,rrp115IT!1e He Ha:ti:MeT 6oJlee
6 pa60THHKOB.
PoeT nponJBO)J,CTBa npoucxo)J,HT B pe3yJihTaTe yse-
JlOCKOJlbKY BCe 60Jiblllee KOJlH'IeCTBO pa60THHKOB
JlHqeHIDI KOJIHqeCTBa pa60THVIKOB Ha HeH3MeHHOM
pa6oTaeT Ha HeH3MeHHOM o6beMe o6opy,ll,oBaHH5l,
KOJIVI'IeCTBe o6opy.ll,OBaHIDI VI B TpH !J>aJbl:
cpe,ll,HVIM 11 npe,ll,eJihHhiM npO,ll,yKT 11X Tpy,ll,a paHO
Or,qa'la
• Yee.nu"lueaiOut,uucR u no;w:J~Cume/lbHbtU npeoe/lbHbtU
npooyKm mpyoa (increasing and positive). Ecm1
HJll1 JI03)J,HO HaqHeT COKpamaThC5l. 0TC10)J,a CJie)J,yeT TaK Ha3bJBaeMbiM 3aKOH y6bJBaiOIUeti: OT)J,aqJ1
cra11e
opoe
nepeMeHHOfO cPaKTOpa npOI13BO)J,CTBa.
BOACTB
3aKoH y6biBaiOilleff ort~a'lu (law of diminishing
returns) - B KpaTKOCpOYHOM nepi10,Qe np11 ,QOCTI1-
CTBHJI:
>K9HI111 H9KOTOporo 06beMa npOI13BO,QCTBa npe,QeJlb-
• floc
pa60THHKOB HeT, CaMa JIVIHI15l He B COCT05IHVIVI
HH'Iero npoV13BeCTH: Tpy,ll, paseH HYJllO, o6mH11
npo,ll,YKT TO)I(e HOJih. Ecm1 HaHHT O)J,HH pa6oT-
2
HHK, OH CMO)I(eT co6paTb
.ll,OJl)l(eH BCe .ll,eJlaTh CaM -
KOMJiblOTepa. Ho OH
OT nOJiy'IeHVI5l KOM-
noHeHTOB VI C60pK11 KOMITbiOTepa )1,0 era yrraKOB-
HbiH npo,QyKT nepeMeHHOrO cj>aKTopa CHI1>KaeTCSI.
KVI 11 )J,OCTaBKM noKyrraTeJilO. ,[l,o6aBJleHHe BTO-
B KpaTKocpoqHoM rrepHO)J,e poeT npoH3BO)J,CTBa
poro pa60THV1Ka IT03BOJ15leT o6ecJTe'IHTb HeKOTO-
MO)I(eT 6biTh o6ecneqeH ysenw-JeHHeM KOJinqecTBa
O)J,VIH co6HpaeT, BTOpo:H:
pa6oTHHKOB. B )J,onrocpo'IHOM nepHo.ll.e .ll,JI5l pacTa
npo,ll,aeT. B pe3yJihTaTe o6mVIti: rrpO)J,yKT B03pa-
npOH3BO)J,CTBa He06XO)J,HMO O)J,HOBpeMeHHO HaHH-
poe pa3)J,eJleHVIe Tpy,ll,a CTaeT .11.0
5.
HaeM TpeThero pa6oTHHKa Bhi3hiBa-
eT eme 6onhlllee pa3)J,eJleHVIe Tpy,ll,a -
HarrpMMep,
O)J,HH co6npaeT, BTopoti: rrpo,ll,aeT, TpeTVIH ocyme-
MaTb pa6oTHVIKOB, a TaK)I(e npHo6peTaTh 11 cosepweHCTBOBaTb o6opy.ll,OBaHI1e, yBeJIWIHBa51 TeM CaMblM pa3Mep KaJIVITaJla.
1
BoJ:\10
tosca
Q>aKT(
paJ B
HJB0-'1
.1a u
npou.
npu. 1
Y.I~
1-1PMbl
npo-
O,uyKT
lMYJ.f-
CTeT.
1/bHbiU
HaKO,
neYM-
3 e.uwnpo-
au1151,
aJOTC51
1eJIMTb
TaBKe
HblMM
neYWT
HHhlX
eT pa-
~
Me.u-
npe.u-
5I Bbl-
В§ 16.
111
npm13BOACTBO
4. OTAAYA OT MACWTA6A
B AOnrOCPOYHOM nEP~OAE
Jia npOH3BO.UHJia
-OCJie
pOCTO
leTHM,
f[MKOB
pa3Mepbr wcnoJih3yeMoro Kan 11TaJia 11 pa6oqetf
CMJibi. 0Ha MO)!(eT IIOCTpOMTb HOBbiH uex, BBeCTI1
B CTpoti .UOIIOJIHI1TeJibHYJO C60pOYHY10 JII1HI110,
np11o6pecT11 cTaHKI1 11 o6opy.uosaHI1e. O.n.HospeMeHHO Q:ll1pMa HaH11MaeT pa60THI1KOB, KOTOpble
He06XOJ1.11Mbi, YT06bi 06CJIY)!(KBaTb 3TO o6opyJJ.OBaHI1e.
nepi10Lie qmpMa MO)!(eT 3aKpbiTb OT.UeJibHbre uexa,
)l,eMOHT11pOBaTb C60pOYHbie JII1HI111, CIII1CaTb 113HOCl1BWeeCH o6opyJJ.OBaHI1e. 0 JJ.HOBpeMeHHO C COKpawaeMbiM TeM CaMblM Kaiii1TaJIOM OHa MO)!(eT
YBOJibHHTh pa6oTHWKOB. TaKKM o6pa30M, B .uonrocpoYHOM nep110.Ue o6a q>aKTOpa rrpOI13BOJI.CTBa , KOTOpble 11CIIOJib3yeT Qll1pMa (KaTII1TaJI 11 TPY.U), -
ne-
peMeHHble.
11 rpy.ua npo11cxo.u11T YBeJII1YeHI1e MacwTa6a npoH3BO.UCTBa. Ysen11YeH11e MacwTa6a 03HaYaeT poeT
IIOJIHOfO IIpO,ll,YKTa Ilp0113BOJJ.CTBa Q:ll1pMbl, a He
npocTo yBeJIMlJeHMe ee pa3Mepos. IloJIHhiti npo.UYKT MO)!(eT B03paCTI1, Hanp11Mep, ecmr qmpMa
Hal{HeT 11CnOJib30BaTb 11Me10lUI1eCH y Hee, HO IIpO-
11H11U.
CTai1BaBWI1e CTaHKI1 KJIH BBe.UeT B 3KCnJiyaTaU,H10
11pMe
uex, 3)l,aHI1e KOToporo paHbwe c.uasanocb no.u
hwe,
cKJia.u. MacwTa6 npoM3BOJJ.CTBa B03pacTeT TaK)!(e ,
pa-
.uo
200
e.n.HHHU. Y.usoHB HCnOJib30BaHHe <J:>aKT-
pos IIpOl13BO)l,CTBa, <J:>HpMa TaK)!(e YJI.BOI1Jia CBOe
npoH3BO.UCTBO. B 3TOM cJiyYae .uonrocpoYHbie
cpeJJ.HWe 113JJ.ep)!(KJ1 <J:>HpMhl He 3aBHC51T OT 06'beMOB ee IIp0113BO)l,CTBa .
• Bo3pacmQIOUJ,aJl omoatta om MaCUtma6a
(increasing return to scale) - yseJIHYeHHe KOJIWieCTBa 3aTpa'-leHHbiX <J:>aKTOpOB Ilp0113BOJJ.-
Bo3MO)!(Ha 11 o6paTH351 c11ryau1151. B .uonrocpoYHOM
TepOB
tfi
e.UHHHU TOBapa, TO, HalUIB
CTBO KaiiMTaJia, IIpOH3BOJI.CTBO TO)!(e Y.UBOHTCH B .UOJifocpoYHOM nepMo.n.e <JmpMa MO)!(eT M3MeHWTh
B pe3yJibTaTe o.n.HospeMeHHoro pocTa Kani1TaJia
fl bHbiU
J00
eme CTOJibKO )!(e pa60THI1KOB H YJJ.BOHB KOJIHYe-
CTBa B onpe.n.eneHHOe qwcno pa3 se.n.eT K yseJIH'-leHHJO o6wero npo.uyKTa npOI13BOJJ.CTBa
6oJibllle, YeM B TO )!(e YHCJIO pa3. HanpHMep,
YJI.BOHB l1CnOJib3yeMbiM Kani1TaJI H TPY.U, <J:>MpMa yTpOHT npOH3BOJI.CTBo: co
100
.uo
300
e.n.M-
HMU. B03paCTaJOIUaH OT.UaYa OT MaCWTa6a MO-
3KOHOMUeU om MaCUtma6a (economics of scale). Ee OCHOBHOti
)!(eT Ha3bJBaTbCH TaK)!(e
IIpH3HaK -
Tia)l,eHI1e cpe.UH11X JJ.OJifOCpOlfHbiX
113JJ.ep)!(eK <J:>HpMbl nO Mepe pOCTa npOH3BOJJ.CTBa.
• Y6bt8aiOUJ,QJl omoatta om MaCUtma6a (decreasing
return to scale) - yseJII1YeHHe KOJIHYeCTBa 3aTpa'-leHHhiX <J:>aKTOpOB Ilp0113BO)l,CTBa B onpe.ueJieHHOe lJHCJIO pa3 se.n.eT K ysenwreHI1JO o6mero IIpOJJ.YKTa IlpOH3BOJI.CTBa MeHbWe, YeM B TO
)!(e YHCJIO pa3. HanpHMep, y.usoHB HcnoJib3yeMbiti KaTIHTaJI 11 Tpy.U, <J:>HpMa yBeJIHYHJia npo-
1,5
nOCTp011T HOBblM uex H HatfMeT HOBblX pa6oT-
IbTaTe
HHKOB.
MaCIIlTa6a HBJIHeTC51 pOCT JJ.OJifOCpOYHhiX Cpe)l,-
f1p11 poCTe l1CTIOJih3yeMblX <J:>aKTOpOB B JJ.Ba pa3a
HHX 113JJ.ep)!(eK <J:>HpMbi no Mepe pocTa npoH3-
6onee
f[KKOB
nOJIHblM rrpO.UYKT np0113BOJI.CTBa He06H3aTeJibHO
BOJJ.CTBa.
so3pacTeT TaK)!(e B .usa pa3a. Bee 3aswcHT oT oT.ua-
Pa3JIHYHaH oT.n.aqa oT MaCUJTa6a, BCTpelfaJOwaH-
l{H OT MaCII1Ta6a.
CH B pa3HbiX <J:>HpMaX , fOBOpMT 0 TOM , YTO He06H-
i(lHWH,
paHO
JI.O
150
113BOJI.CTBO TOJibKO B
e)l,HHHU,. f1pH3HaKOM y6bJBaJOIUeM OT.UaYW OT
lTeJih-
pa3a: CO
100
ecJIM qmpMa ysem-fl!HT CBOI1 pa3Mepbr, HanpwMep
;waeT,
3aTeJibHO TOJihKO KPYTIHbie <J:>HpMbi MoryT npoH3-
Or,qa'la
or
Macwra6a (return to scale) -
B03AeH-
me.uy-
CTBHe H3MeHeHHH pa3MepOB HCnOJlb3yeMbiX Q>aK-
rLiaYM
TOpOB npOH3BO,QCTBa Ha nOilHbiH npo,QyKT npOH3BO,QCTBa.
BO.UHTh caMbJe .ueweBbre Tosapbr. OTpacJIH pa3JII1qaJOTCH no MHHHMaJibHO 3<J:><J:>eKTHBHOMy pa3Mepy
Вў11pM. B oTpacJIHX TH)!(eJioti npoMhiillJieHHOCTI1,
f)l,e 3aTpaTbl <J:>HpM Ha KaiiHTaJI OC06eHHO BblCO-
ishing
Bo3MO)!(Hbi uecKOJILKO BapuaHTOB TaKoro B03.n.eu-
KI1 ( CTaJieJIWTeMHa51 IlpOMbllllJieHHOCTb, aBTOM0-
O.OCTH-
CTBUH:
6HJieCTpOeH11e, 3HepreTHKa), OTITHMaJibHblMI1 OKa-
• JlocmOJlHHQJl omOatta Om MaCUtma6a (constant return
{O scale) - yBeJIHYeHHe KOJIMlfeCTBa 3aTpaYeHHbiX
B c<J:>epe 6blTOBbiX ycnyr 11 MeJIKOM p03Hl1YHOM
<J:>aKTOpOB npOI13BO)l,CTBa B onpe,ll,eJieHHOe YHCJIO
ToproBJIH, r.ue 3aTpaTbi <j:>HpM Ha TPY.U 11 KaiiH-
pa3 se.ueT K YBeJIHYeHHJO o6mero npo.uyKTa npo-
TaJI HeBeJIHKH, npeo6na.uaJOT MeJIKHe 11 cpe.n.HHe
H3BOJJ.CTBa B TO )!(e YHCJIO pa3. ECJII1 pa3Mep Tpy-
<JmpMbl.
~,QellbВ­
TC~.
l,ll,CTBa
recTBa
pocTa
HaHW:osep-
IM ca-
3biBaJOTC51 KpynHbie rrpe.n.np1151TWH. HanpoTHB ,
)l,a 11 KanHTaJia YMHO)!(HTb Ha HeKOTOpOe YHCJIO,
<DHpMa IIOJiyqaeT JJ.OXOJI. OT npOJJ.a)!(H npOJJ.YKTOB
npOH3BOJJ.CTBO YBeJII1YI1TC51 Ha 3TO )!(e YI1CJio. Ha-
npOH3BOJI.CTBa, HeCeT l13JJ.ep)!(Kl1 Ha npwo6peTeHWe
rrp11Mep , y.n.soeHHe Tpy.ua 11 Kaiii1TaJia npHBe.n.eT
<j:JaKTOpOB IIp0113BOJJ.CTBa H IIOJiyYaeT npH6biJib.
K y.usoeHI1JO rrpoi13BOJJ.CTBa. EcJII1 <JmpMa c noMOlllhJO
10
e.n.I1H11U Tpy.n.a 11
I0
e.n.HH11U KaiiHTa-
06 3THX nOKa3aTeJIHX JJ.eHTeJihHOCTH cj:>MpMbi B cne.n.yJOIUeM rraparpa<J:>e.
В§ 17.
В§ 1 7. 8
bl P Y '-1 K A ,
1-1 3
A E P >K K 1-1
1-1
n P 1-1 6 bl 11 b
2. PJ
<J> 1-1 P M bl
B npo
B PoceMM coeras .~~:oxo.uos yeraHOBJieH HanoroBbiM
1. ,D,OXO,D, 1t1 BbiPY'-IKA
KO.ll:eKeOM.
<J:>MpMa KaK 3KOHOMI1'-leeKI1H areHT, oeyweeTBJUIJOLUMH X03SIHeTBeHHYJO .D:eSITeJThHOeTb, JlOJTy'-laer
.D:OXO.IJ:bl 11 Heeer paeXO.D:hi.
XO)J,bi.
)l,AA ynpOLUeHMH B 3KOHOMI1'-leCKOM TeOpMM 06bTlJ-
Pacxo,
ct>HPM
HO rrpMHMMaeTeH, lJTO .ll:OXO.IJ: <PHpMbi paBeH ee Bbl-
y6biTK
pyYKe, a IIPO'-!Me .D:OXO.ll:hl OTCyreTBYJOT.
,aoxo,ll (revenue) - AeHbrl-1, nocryna10111He s pacnopsut<eHHe ct>HPMbl.
EeJIM <PMpMa npoH3BO.D:MT
Q e.D:MHMU rosapa 11 npo-
.uaer Ka)!(.li:yJO e.ll:MHMUY no HeKoropoti: ueHe
P,
KaK B
ereti:
TO MO)!(HO paCC'-IMTaTb TpH DOKa3aTeJIJI, xapaKTepu-
UHOHJ
.IJ:oXO)I.bl !IJupMbl COCTOHT H3 )I.Byx 'laCTeif:
3YJOIIIHX ,li.OXO)I.bi !IJupMbi.
OTHOC
• aoxoaoe om peMU3aU,UUj6btpyttKU -
• IloJLHbLU aoxoa (total revenue, TR) -
rroerynJTeHI1H
eyMMa .~~:eВ­
eTBHH
.D:eHe)I(HblX cpe.IJ:CTB OT peaJTM3aU11M rrpO.D:YKUM11
Her, JlOJiy'-laeMaH <PHpMOM OT npO.ll:a)I(M eBOMX
)l(e BO
11Jll1 ycJTyr, OnJTa'!eHHblX ITOKYITaTeJieM l1JTI1 3aKa3'-IM-
rosapos. OH orrpe.~~:eJTHeTeH yMHO)!(eHMeM KO-
KOM, B XO.IJ:e 06hfliHOH (reKyLUei1, orrepali,I10HHOH)
JIM'!ecrsa
npo.~~:aHHoro
rosapa Ha ero ueHy, r.e .
TMBOB.
.ll.AAYJ
HO Ilp
.ue.HTeJihHOeTI1 qmpMhi. BhiPY'!Ka MO)I<.eT rrpHHM-
TR = Q x P.
MaTh <PopMy noerynJieHHti: or rrpo.ua)I(J1, B03Har-
qecrsa
pa)I()J.eHHi1, npoLJ,eHTOB, .IJ:MBM.D:eH.D:OB HJIM JIMLJ,eH-
Uhi. HarrpHMep, ecJIM <PMpMa rrpo.~~:ana 20 e)J,HHMU
IlOKYI
3HOHHblX nJTaTe)!(eH (pO.HJITM). ,LlOXO.IJ:OM OT pea-
TOBapa no LJ,eHe 10 TbiC. p. 3a e)J,MHHUY, ee JlOJI-
Hecer
IloJTHhiH .~~:oxo.~~: 3aBMCMT or KOJTM-
rrpo.~~:aHHoro
rosapa 11 ueHbi ero e.uMHI1-
JTH3ali,MI1 rrpM3HaJOTCSI Bbipy'!Ka OT peaJTM3aLJ,MM
HbiM .~~:oxo.D: eocraBMJI 20
TOBapOB (pa60T, ycJiyr) KaK C06CTBeHHOfO npOM3-
)J,a JlOJIHbiM )J,OXO)J, Ha3hiBaJOT 06IUHM (BaJTOBhiM)
BO.D:eTBa, raK 11 paHee np11o6pereHHhiX. BhiPYYKa
OT peaJTM3aUMH onpe.IJ:eAAeTC.H MeXO.IJ:SI 113 BCeX JlOerynJieHHti:, eBSI3aHHhLX c pacqeraMH 3a peaJTM30saHHbie TOBapbi MJTI1 MMYLUeeTBeHHbie rrpaBa, Bbl-
x I0
=
200 Tbie. p. I1Hor-
.ll:OXO)J,OM (BbipyYKOM).
• CpeaHuu aoxoa (average revenue, AR) -
pe.D:eJIHeTeSI KaK OTHOIIIeHMe JlOJIHOfO .ll:OXO)J,a K KOv
<PI1HaHCOBblX .IJ:OXO-
J13BO.D:<
113,llep,
TOpbl I
<PHPMhi or e.D:HHHUhi rrpo.D:aHHoro rosapa. OH on-
pa)!(eHHhie B .D:eHe)!(HOM 11JIM HarypaJTbHOM <PopMax;
• 6HepeMU3aU,UOHHbLX aoxoaoe -
.ll:OXO.ll:
M3.D:epJ
JIHlJecrny npo.D:aHHOI1 rrpo)J,yKl(ID!, T. e.
AR _ TR
-
Q .
C TO'-ll
ua <PM
Ol.l,eHHE
• Eyxz,
.IJ:OB <PMPMhl, He CBSI3aHHhlX HarrpSIMYJO e peaJTI13a-
EcJ111 rroJIHhiH .D:OXO.ll: qmpMhi 200 ThiC. p. 11 oHa
LJ,Hei1 e10 rosapos 11 ye.rryr. BHepeaJTH3aUMOHHhiMI1
IIpO)J,aJTa 20 e)J,. TOBapa, TO ee epe)J,HHH )J,OXO.ll: 6y-
ITJiar
.~~:oxo.D: B CJIY-
o6pe
.IJ:OXO.IJ:aMH HaJIOfOITJTaTeJTbiJ..01]<a IIpM3HaJOTeSI, B '!aCTHOeTM, .D:OXO.D:bi: OT .D:OJieBOfO yYaCTH.H B .D:PYTMX
)J,eT paBeH
200
=
20
10 ThiC. p. Cpe.D:HIDi
Ha'-!11
OpraHM3aUMSIX; B BM.D:e JlOJIO)I(J1TeJibHOH (OTpHLJ,a-
qae, KOr.D:a see rosapbi <P11pMbi npo)J,aJOTCH no 0.11:-
KI1H
TeJibHOH) KypCOBOM pa3H11Uhl, o6pa3yJOLUeHCH
Hoti: M TOH )l(e LJ,eHe, paBeH LJ,eHe e.ll:HH11Ubl TOBa-
PHaJT
BCJTe.D:eTBMe OTKJIOHeHHH KypCa IIp0.IJ:a)l(l1 (ITOKYJ1-
pa. Ha rrpaKTI1Ke epe.~~:HMM.IJ:OXO.ll: o6bfliHO pacc'-IM-
Bh!IIJ
K11) HHOCTpaHHOM BaJTJOTbl OT o!PMU11aJibHOfO Kyp-
ThiBaereH, eeJIH ueHa Ha npO.II:YKli,I1JO qmpMbJ 113-
rrJiya
rrepwo.~~:a
ea; B BM.D:e wrpa<Pos, rreHei1, a_ TaJOKe CYMM B03Me-
MeHSieTCSI B reqeHHe onpe)J,eJieHHoro
MJTM
OTOII
weHHH y6hiTKOB HJIM yruep6a; or e.ua'-IH 11Myurecrsa
eeJIM <PI1pMa IIpOH3BO.ll:HT pa3JTH'!Hble MO)J,eJIM TO-
BXOll.
B apeH.IJ:y; or npe.uocraBJieHHH B rroJib30BaHHe rrpas
Bapa, '-IT06bl yCTaHOBHTb pae'!eTHbiH )J,OXO)J,, IIOJiy-
CKOJI
Ha pe3yJihTaTbl HHTeJIJieKryaJibHOM .IJ:eHTeJibHOCTI1.
'!aeMbiH <P11pMOH OT peaJTH3aUM11 Ka)I()J.OH 113 HHX.
H3Ha
KpoMe roro, BHepeaJTH3aUMOHHhiMM e'!HTaJOTeH .uo-
• IlpeaeJLbHbLU aoxoa (marginal revenue, MR)- poeT
XO.D:hi !PMpMbl B BM.D:e: npoueHTOB, JlOJiyYeHHbiX ITO
3ai1:MaM, LJ,eHHbiM 6yMaraM M .D:PYfHM .D:OJifOBblM
o6SI3aTeJibCTBaM; 6e3B03Me3.D:HO IIOJiyYeHHoro
MMY-
rroJIHoro
.~~:oxo.~~:a
rrpM pocre peaJTM3aUHH IIPO.ll:YK-
UHH Ha e.~~:HHMuY, T.e.
MR
!J.TR
!J.Q
= - - , r.~~:e ~ (AeJibTa)
IUecrsa; .ll:OXO.ll:a rrpOIIIJibiX JieT, BbiHBJieHHOfO B OT-
03HaYaer H3MeHeHI1e noKa3areAA. Ilpe)J,eJibHhii1
qerHOM (HaJTOfOBOM) rrepi10.D:e; JlOJTO)I(J1TeJibHOM
.~~:oxo.D: no3BOAAeT cy.~~:wrh o6 3$$eKTMBHOCTM rrpo-
KypCOBOM pa3H11ll,hl, B03HHKaJOIUei1 OT rrepeoueH-
M3BO.D:ersa, ITOeKOJlbKY .11:aeT B03MO)I(HOCTb OLJ,e-
KM BaJTJOTHbiX LJ,eHHOCTei1, eTOMMOeTb KOTOpbiX
HMTb OKynaeMOeTb Ka)I()J.OH .D:OIIOJIHMTeJibHO Bbl-
Bb!pa)!(eHa B 11HOerpaHHOH BaJIJOTe; eTOHMOCTH 3K-
nyeKaeMOH e.D:MHHUhi rrpo.II:YKli,MM. EeJTM np11 yse- В·
CIIJTYaTal(ID! OCHOBHbiX cpe.uerB; MenOJib30BaHHbiX
Jl11'-leHHH IIpOM3BO)J,CTBa, HaiipMMep, C 14.11:0 15 e)J,.
He ITO LJ,eJieBOMY Ha3HaYeHHJO HMyrueeTBa (B TOM
06IUMH .ll:OXO)J, yseJIH'!HTCH e 200 .11:0 210 Tble. p.,
'-IHCJTe .IJ:eHe)I(HbiX Cpe.ll:CTB), KOTOpbTe JlOJTy'-leHbl
TO rrpe.~~:eJibHbiM )J,OXO)J, Ha 3TOM MHTepBaJTe eo-
B paMKaX 6JiarorsopMTeJihHoi1 .~~:eHTeJihHOCTM, 11 .ll:PYrMe noerynJTeHH.H.
eTaBJISieT
210 200
= I0
15-14
Tbie. p.
H3f01
JieT. 1
JieHH
OTYHI
o6op:
rrpow
JieH.HJ
C51 B
repel
ce6e<
(51BHI
CKMe
30 Thl
17.
115
BbiPYYKa, 113A8P>I<KV1 11 np116blllb <jmpMbl
10
2. PACXO,D,bl Itt lt13,D,EP>KI<lt1
B npouecce ct>YHKUMOHHposaHIDI
cpl1pMa HeceT pac-
XO.llbi.
Pacxo.Qbl (expenses) Bbi-
:VIToro:
• 3KoHoMu"tecKue u3aepJICKU (economic costs)- CYM-
IBbiM
5bi'-l-
5 TbiC. p. Ha
5 TbJC. p. Ha aMOpTI13aU1110.
30 + 20 + 10 + 5 + 5 = 70 TbiC. p.
TbiC. p. Ha TOTIJII1BO 11 3HeprHIO,
npoueHT no Kpe,lli1Ty,
BblnllaTbl, KOTOPble AenaeT
<I>HpMa e npo1..1ecce o6biYHOH AesnenbHOCTH,
1o1
ee
Ma 6yxra.rnepcKMX 113,llep)[(eK 11 3aTpaT pecypcos,
IIpMHa.llJle)[(aliJ,MX rrpe,lliipi1HHMaTeJIIO 11 He BKJIIOlJeHHbiX B 6yxranTepcKI1e 113,llep)[(KM. ITpe.nrrpH-
y6biTKio1.
HI1MaTeJib MO)[(eT 11CIIOJib30BaTb B npOI13BO,llCTBe
npo-
KaK BH,llHO , pacxo.nhi cpHpMbi cocTOHT H3 .nsyx qa-
C06CTBeHHOe noMeiUeHI1e, MaTepMaJibl , cpHHaHCO-
e P,
cTeM -
Bbie pecypcbi, Tpy.n. CaM ce6e OH HH'-Iero He nna-
'epH-
H3,llep)[(eK, B03HI1Karorn:Hx B xo.ne onepay6biTKaM
THT 3a 11CnOJib30BaHI1e C06CTBeHHbJX pecypCOB.
OTHOCI1TC51 yrn:ep6 B pe3yJibTaTe CTHXHMHbiX 6e,ll-
UMOHHOM .neHTeJibHOCTH, 11 y6hiTKOB. K
3TO ero BHyrpeHHI1e, 11Jll1 He51BHble, 113,llep)[(l(11.
1 .ne-
CTBHM, Hanpi1Mep fiO)[(apa 11JIM HaBO,llHeHIDI, a TaK-
Ho 11X TaK)[(e MO)[(HO OUeHI1Tb, HO He Haiip51MYIO,
BOI1X
)[(e B03HHKIIIHM npM Bbi6biTHI1 BHeo6opOTHbiX aK-
a KaK aJibTepHaTI1BHYIO CTOMMOCTb 11JIM ,llOXO,ll
THBOB.
OT HaMJJYlJWero 113 HeJ.1CIIOJib30BaHHbiX Bapl1-
KO-
, T.e.
.lJ:JI51 ynpoweH1151 B 3KOHOMM'-IeCKOJ1 TeOpi1M 06bi'-I-
aHTOB. Ecn11 rrpe.nrrp11HI1MaTeJJb npe.nocTaBJIHeT
OJII1-
HO npMHMMaeTC51, Y.TO paCXO,llbi cpMpMbi paBHbl ee
CBOe IIOMeiUeHI1e B pacnOp5I)[(eHI1e cpMpMbl ,
fi.HH-
113,llep)[(l(aM, a y6biTKM OTCYTCTBYJOT.
OH Tep51eT ,llOXO.ll, KOTOpbiM MOf 6bl noJiyqMTb,
c.nas ero B apeH.llY .npyroli cpMpMe. 3To BH)'TpeH-
lHHU
IJoKyiia51 cpaKTOpbi IIpOM3BO,llCTBa, npe,lliipH51TMe
non-
HeCeT M3,llep)[(KM, IIOCKOJibKY Ka)[(,llb!M cpaKTOp npo-
HHe (HeSIBHbie) 113,llep)[(KH. HanpHMep, rrpe.nnpi1-
Hor-
113BO,llCTBa 11MeeT UeH)'.
HHMaTeJib J.1CfiOJib3yeT ,llJI51 IIpOH3BO,llCTBa C06-
~hiM)
CTBeHHOe IIOMern:eHHe, KOTOpoe MO)[(HO 6bill0 6bl
I13.QepH<KH (costs, C) -
OXO,ll
1 onKO-
rR
Q'
3aTpaTbl <I>HPMbl Ha <l>aK-
Topbl npOio13BOACTBa.
C TO'-IKM 3peHIDI npe,lliipMHHMaTeJI51 KaK BJia,lleJibua qmpMbi 11 ee rnaBHoro 6yxranTepa
nJ.nep.lKKn
I 6y-
TIJiaTe)[(H cpMpMbl CBOMM fiOCTaBI..U11KaM 3a 1Ipl1o6peTaeMbie cpaKTOpbi npo113BO.llCTBa 11 ycnoBHO
Ha'-II1CJieHHbie paCXO,llbJ. <DMpMa HeCeT 113,llep)[(Kl1 Ha Bhmnazy 3apnnaThi , np11o6peTeH11e MaTe-
i'OBa-
pl1anos , Tonmma, onnazy apeH,llbi noMern:eHMM,
C '-111-
BbiTIJiaTy IIpOIJ,eHTa IIO 3aeMHOMY Kaiii1TaJiy, 3KC-
1 11311JII1
nnyaTaU110HHbie paCXO,llbl Ha 3JieKTp11Y.eCTBO,
oTonneHI1e 11 rrp.
B
B 6aHKe OH MOf 6bi nOJJY'-JHTb
6yxranTepcKMe 113,llep)[(KH
I TO-
BXO.llHT H ycnoBHhie pacxo.nbr. Harrp11Mep, no-
IOJIY-
CKOJibKY 3,llaHM51 M o6opy,llOBaHI1e fiOCTerreHHO
HHX.
113HaUIJ1BaiOTC51,
MX CTOMMOCTb nepeHOCHTC51 Ha
Ty
16
B pe3yJibTaTe
10 + 4 + 16 = 30
KaK CYMMa 6yxraJITepCKMX H3,llep)[(eK H BHyrpeHHHX (He51BHbiX) H3,llep)[(eK COCTaBHT
=
100
IJpM npHH5ITI111 3KOHOMHlJeCKMX perueHHM B pacqeT npHHHMaiOTC51 3KOHOMMlJeCKMe J.13,llep)[(KM npo113BO,llCTBa, B COCTaB KOTOpbiX BXO,ll5IT 6yxranTepCKMe H3,llep)[(KM.
3KOHOMJ.1YECKJ.1E J.13AEP>KKJ.1
113fOTOBJI51eMbiM IIPO.llYKT B Te'-IeHI1e HeCKOJibKMX
[ bTa)
JieHMe 113HaumsaeMoro o6opy.llOBaHI1SI , cp11pMa
6yxramepcKiote
OTlJHCJI51eT cpe,llCTBa .llJ151 npi106peTeHI15I HOBOfO
(BH8WHI18, SIBHble)
o6opy,llOBaHIDI, peMOHTa 11 CTpOMTeJibCTBa HOBbiX
113A8P>KKI-1
Bbl-
yse5 e.n.
;, p. ,
• co-
npo113BO.llCTBeHHbiX rroMern:eHMi1. TaK11e OT'-IMCneHIDI Ha3biBaiOTC51 aMOpTI13aUMeM 11 BKJIIO'-IaiOTCH B cocTaB 6yxranTepcKMX 113,llep)[(eK. EyxranTepcKMe IB.llep)[(KI1 qmpMbi Ha3biBaiOTC5I TaK)[(e
ce6ecTOHMOCTbiO rrpo.nyKU1111 11n11 BHernHHMM
(HBHbiMH) 113,llep)[(l(aMH. HarrpMMep, 6yxranTepCKI1e 113,llep)[(KM qmpMbl 3a MeCSIU COCTaBHJIM:
30 TbiC.
I
p. Ha 3apnnazy,
20
TbiC. p. Ha MaTepMaJibl,
70 + 30 =
TblC. p.
JieT. qT06bi o6ecrre'-II1Tb nep110,llM'-JeCKOe 06HOB-
oue-
TbiC. p.
3KOHOMWieCKI1e H3,llep)[(l(l1 cpMpMbi
poeT
npo-
TbiC. p. npo-
Tb!C. p. HToro BHyrpeHHHe (HeHBHbie) H3-
.nep)[(KH ,llOCTHfaiOT
!LIYK-
.HbiM
4
UeHTa, 11 caM PYKOBO.llHT rrpoH3BO.llCTBOM, xoTH
Mor 6hi pa6oTaTb no Hai1MY 11 rronyqaTb 3apnna-
ou,euusaiOTCH no-pa3HOMy.
• EyxcMmepcKue U3aepJicKu (accounting costs)- 3TO
) O,ll-
TbJC. p., BJIO)[(HJJ B rrpe,ll-
npH51THe C06CTBeHHbie cpe,llCTBa, no KOTOpbiM
OHa
c.ny-
10
C,llaTb B apeH,lly 3a
BHYTPeHHiote
(HeRBHble) 113Aep>KKH
11 HOpMallbHaSI
npH6blllb
116
I
AFC) 6bJJUI orrpe,LJ;eneHhi TPM rroKa3aTeJUI, xa-
paKTepl13)'IOIIIMe ,li;OXO,ll; QJl1pMbi, -
nOJIHbiH, Cpe,LJ;-
HMH 11 rrpe,LJ;eJJbHhiH ,LJ;OXO,LJ;. 3KOHOMWrecKMe M3,LJ;ep)J(](J1 B KpaTKOCpoqHOM nepMO,LJ;e TaiOKe MOI)'T Bbfql{CJl51ThC51 KaK IIOJIHbie, cpe,LJ;Hl1e H rrpe,LJ;eJibHble.
noJJHble H3,qepH<KH (total costs, TC) -
3aTpaTbl
cj>lo1pMbl Ha BblnYCKaeMyiO npO,liYKI.ll-110, aJlbTepHaTio1B-
nYKIIMH. HanpMMep, rrpH npOH3BO,LJ;CTBe
l13,ll;ep)J(](J1 COCTaBJUilOT
Tosapa rroJIHhre
100 + 20 = 120
ThfC. p.
fiOJIHbie M3,LJ;ep)l(](lf COCT051T 113 IIOCT051HHhiX l1 ne-
TC = FC + VC,
peMeHHhiX:
rLI,e
• nOJIHbLe nocmoRHHbLe u3oep:>~e1Cu (total fixed costs,
FC) -
120 : 5
TOBapa OHM COCTaBJUilOT
= 24
2 e,LJ;MHMll
ThiC. p.;
• cpeoHue nepeMeHHbLe u3oep:>ICICU (average variable
costs, AVC) - nepeMeHHbre 113LI,ep:>KKl1 Ha e.n.MHHl.IY rrpOLI,yKl!l1H. ITpH TOM :>Ke npol13BoncTBe 2 e,li;MHI1l! TOBapa OHM paBHbl
CpeLI,HHe H3LI,ep:>KKl1 -
20 : 5 = 4
3aTpaThi qmpMhr, He 3asucmuue oT o6b-
H
• 6yxz
HOC1
51THe nOJJY':iaeT npM6hiJih, ecn11 6oJJbUie -
HeceT
qmp
y6biTKI1. Ecmt cpenHMe 111nep:>KKl1 coKpaiiiaiOTCH,
200
p., f
200
MMeeT MeCTO IIOJIO)!(lfTeJJbHa51 OTna':la OT MaCUITa6a, ecn11 pacTyr -
OTPHUaTeJJbHa51.
:>Ke 1
MeHeHio1e 0611.\lo1X lo13,llep>KeK np1o1 lo13MeHeHio11o1 06beMOB
CH, KOMM)'HaJihHbie ycnyrM, npoueHT Ha nonyqeH-
npolo13BO,liCTBa Ha e,lllo1Hio11.lY.
cTpaHax c IIO)!(lf3HeHHhiM Hai1MoM Ha
rrpe,LJ;-
IIpl151TMe BbLHy)K)J,eHO IIJiaTHTb He3aBMCMMO OT TOro, CKOJlbKO TOBapOB 11 ycnyr OHO rrpOH3BOni1T,
na 11 rrpoM3BonMT Jll1 soo6IIIe. HanpHMep, no naHHhiM Ta6JIHl!hi, HeCMOTp51 Ha pOCT np0113BO)J,CTBa
Q
OT
0 no 15
e,LJ;MHMU, nOCTOHHHble 113nep)[(J(}f He
MeH5IIOTCH 11 paBHbl
100
TblC. p.;
• nollHbLe nepeMeHHbLe U3oep:>ICICU (total variable cost,
VC) -
3aTpaThi qmpMhi, 3aBI1C51IIIHe OT o6beMOB
lo13-
MC = tiTC .
tiQ
HbiH KpenHThl, aMOpTH3aUHlO CBOero o6opyno-
lfx
HanpMMep, npH pocTe npOH3BOLI,CTBa c
06ll!Me H3nep:>KKl1 B03pOCJII1 C
200
29
no
HOC1
LI,O
220
30 IIIT.
TblC. p.
220-200
30-29
---=
20
Han
TbiC, p.
3TO
CYMMa cpeLI,HI1X rrocT051HHbiX H3LI,ep:>KeK H cpenHMX
.11 He.
rrepeMeHHhiX M3nep:>KeK Bcer,LJ;a pasHa cpe.n.HMM
fiHOf)l
noJIHhiM M3LI,ep:>KKaM. HanpHMep, npH BhmycKe
Mhi pa
23
rrpe)J,rr
enHHMl! TOBapa nOJIHbie cpenHMe l13nep:>KKH
paBHbi
4,35
+ 2,61 = 6,96
ThiC. p.
6biJI 6
aJibTeJ
1-13AEP>KKI-1 B KOPOTKOM nEPHOAE
CBOeH
BblnycK
nonHble
H3Aep>KKH
CpeAHHe
H3Aep>KKH
npeAellbHble
H3Aep>KKH
60THMKOB, CKOJlbKO TOBapOB OHa HaMepeHa IIp0-
FC
vc
TC
0
100
0
100
5
100
20
120 20,00 4 ,00 24,0(
15
100
40
140
AFC
AVC
ATC
MC
Kl1
HHU -
Y:>Ke
40
ThiC. p. ITepeMeHHhre H3,LJ;ep:>KKl1
paCyYT, H C HMMH paCyYT nOJTHble H3LI,ep:>KKl1;
• cpeoHue nOIIHbLe u3oep:>ICICU (average total costs,
ATC) -
3aTpaThi rrpenrrpl151Tl151 Ha e,LJ;MHHIIY Bbi-
~
nycKaeMoM rrponyKl!HM,
TC
ATC = -
Q
MaTem
A TC = AFC + A VC,
6 ,67
2,67
9 ,33
4,0
2,0
3a KOT
6biJI 6
npeLI,IIJ
HO':!HaJ
23
100
60
160
4,35
2 ,61
6,96
2,5
B pa3M
qyo ,
27
100
180
3,70
2,96
6,67
5,0
29
100 100
200
3,45
3,45
6,90
10,0
30
100 120
220
3,33
4,00
7,33
20,0
80
rLI,e
e1
sapMai
l1 OH
.
CpeLI,HMe IIOJIHbie H3LI,ep:>KKl1 TaiOKe COCTOHT l13 IIOCTOHHHhiX 11 rrepeMeHHhrx
6biJIM
BoneTE
qmpMhi Ha HMX TaiOKe coKpall!alOTCH. ITpM npo-
5 e,1J;l1Hl1ll TOBapa nepeMeHHbre M3,LJ;ep:>KCOCTaBJUilOT 20 TbfC. p.; Tlpl1 BhlnyCKe 15 enH-
o6nac1
CJI}"lae
lOTC51 ,
Q
COKPalllaeTCH, KOJTl1':1eCTBO CblpbH 11 HaHHMaeMbiX
113BoncTBe
CTaB
cPMP
peTaeT CTOJlbKO CblpbH H HaHHMaeT CTOJlbKO pa-
pa60THHKOB TaiOKe COKpalllaeTCH. J13nep:>KKl1
:>KeK
KM -
3HaqMT, npenenhHhJe 111nep:>KK11 paBHhi
:mepr1110 11 3apiiJiary pa6oTIDlKOB Hanp5IM)'IO 3a-
113BeCTH rrpu CYIIIeCTB)'IOIIIeM cnpoce. EcnM crrpoc
BOH
IIJia1
• 3/COH
TlpOM3BO)J,CTBa. 3aTpaTbl Ha Chlpbe, MaTepMaJibl,
BMC51T OT 06beMOB npOH3BOnCTBa. <I>MpMa IIpl106-
ITocK
6yxra.J
Ecn11 cpenHMe H3nep:>KKM MeHbiiie ueHhi, rrpe,LJ;npM-
apeH,LJ;y 3a IIOMeiiieHHe, B KOTOpOM OHO HaXO,li;MT-
CMJIY TaiOKe cqHTalOTCH IIOCTOHHHhlM11.
HOCTH
pacc':IJ
npe,qenbHble H3,qepH<KH (marginal costs, MC) -
pa6ory (KaK B JIIIOHHH) H3)J,ep)l(](lf Ha pa60':I)'IO
H3BJie
ueHa, 11 cpenHMe 113-
IIpOM3BO,LJ;CTBa rrpeLI,IIpl151TMe ,LJ;OJDKHO OIIJJaqMBaTb
B
0CHOJ
.n.ep:>KKH ycTaHaBJII1BalOTCH 3a enHHI1l!Y TOBapa.
eMoB npoM3BOLI,CTBa. He3aBHCMMO OT o6beMoB
BaHl151.
4. nJ
TbiC. p.
KpHTl1':1ecKH Ba:>KHhlli noKa-
cpaBHMM c ueHotl: TOBapa.
5 e,LJ;HHMU
В§ 17.
nocTOHHHbre 113LI,ep:>KKl1 Ha eni1HMIIY npo-
3aTeJTh npOl13BOnCTBa, IIOCKOJTbKy HenocpenCTBeHHO
Ha~ l.leHa scex cj>aKTOPOB npOio13BOACTBa.
HarrpMMep, rrpu BhmycKe
3. 3KOHOMI'IKA <PI'IPMbl
• cpeoHue nocmoRHHbLe U3oep:>~e1Cu (average fiXed costs,
3. nOKA3ATEn~ ~3AEP}f{EK
B В§ 17.1
nABA
y
xon 6o.
C51 Ll,p
3a 3ap1
•~PMbl
В§ 17.
r costs,
4.
117
BbiPYYKa , 1-13AeP>KKI-11-1 npi-16blnb c)mpMbl
nP~6blnb
Bo3MO)I(Hhl
r npo-
l,l1HHU
p.;
zriable
l]J1Hl1-
2 e.IIJ1-
Tpn ypoBHH 3KOHOMnYecKoif npn-
6hiJIU:
OcHOBHaH uenb qmpMbi B phiHOlJHOH 3KOHOMHKe 113BJielJeHMe rrpl16bmM B pe3yJibTaTe csoeti: JI,eHTeJibHOCTH.
• no;w:>~cume/lbHGfl npu6b/Jlb (positive profit) - nonHbiH JI,OXOJI, ¢11pMbi rrpeBblillaeT ee 3KOHOMHlJeCKI1e 113JI,ep)I(KJ1. 3TO BapMaHT, npeJI,CTaBneHHhiH
npH6binb (profit, n) -
pa3HOCTb ITOJlHbiX ,QOXO,QOB
11 ITOJlHbiX 113,Qep>KeK ci>11PMbl,
n = TR
- TC.
00CKOJibKY BbiJI,eJIJIIOTCH JI,Ba BI1JI,a M3JI,ep)l(eK -
BeHHo
6yxraJITepCK11e 11 3KOHOMH'ieCKJ1e
fe
paCClJMTaTb JI,Ba Blf,lJ,a UpU6hiJIH:
113-
mapa.
(В§ 17.2),
MO)I(HO
= 100
ThiC. p. B 3TOM cnyYae Вў11pMa noKpbmaeT
see 3KOHOMH'feCKHe H3JI,ep)I(KM 11 ee BJJaJI,eJJhUhi
ITpHCBaHBalOT KaK HOpMaJihHYIO npH6blJlb, TaK H
• 6yxcMmepcqJO npu6b/Jlb (accounting profit) -
pa3-
~mpwВ­
HOCTb ITOJIHOfO JI,OXOJI,a H 6yxraJITepCKI1X 113JI,ep)l(eK
HeceT
qmpMbL Ec1111 noJJHbiH JI,oxon: ВўwpM bl cocTaBHJI
200 TbiC.
p., 6yxraJJTepcKaJI rrpH6biJJb ВўnpMbi paBHJieTcH
MH'-IecKHe M3JI,ep)I(KJ1 -
200 - 70 = 130 TbiC.
CTOHT 113
-
113-
p. 3Ta OpH6bJJib MO)I(eT TaK-
30WT.
JI.OXOJI.
200
ThiC. p. 11 3KOHO-
TblC. p. (KOTOpbie CO-
TbiC. p. 6yxraJITepCK11X M3JI,ep)l(eK 11
BOH npl16biJIH HaJIOfOB M JI,pyrHX o6sl3aTeJibHb[)(
KaJI rrpH6blJlh COCTaBMT
TbiC. p. HOpMaJibHOH ITpH6biJ1H), 3KOHOMHlJeC-
200 - 200 = 0
TbiC. p.
B 3TOM cnyYae ВўupMa noKpbmaeT Bee 3KOHOMHpa3-
qecKHe 113JI,ep)I(KJ1, HO ee BJiaJI,eJihUhi rrpMcBansa-
(60
HOCTb llOJIHOfO D:OXOD:a 11 3KOHOMHlJeCKHX 113JI,ep-
lOT TOJlbKO HOpMaJibHylO npM6bJJib
)l(eK ВўnpMbJ. EcnH noJJHbiH n:oxoJI, Вў11pMbi co-
KOTOpM COCTaBJ151eT lJaCTb 3KOHOMMlJeCKJ1X 113JI,ep-
cTaBI1JJ
KH -
200 TblC.
100 TbiC.
TbJC. p.) ,
p., a 3KOHOMHlJeCKJ1e 113JI,ep)I(-
)l(eK. 3TO MI1HHMaJihHbiH ypoBeHb npl16bJJII1, Ha
p. , 3KOHOMHlJeCKaH npH6biJib
KOTOpbiH COrJiaCMTCH npeJI,ITpHHMMaTeJib, lJT06bi
ВўHpMbl paBHHeTCH
200 - 100
=
100
TbiC. p.
HanoMHI1M , lJTO 3KOHOMH'feCKHe H3JI,ep)I(KJ1 -
leJI,HHX
140
200
60
• 3KOHOMUttecKy/O npu6b/Jlb (economic profit) -
'biC. p.
Ecn11 nonHbiH n:oxoJI, paseH
)I(e Ha3biBaTbCH BaJIOBOH. BbllJHTaHI1eM 113 BaJIO-
nJiaTe)l(eH llOJIYYaeTCH lJMCTM npH6bJJib;
nonHhiH
ВўHpMbi paBeH ee 3KOHOMH'-IeCKI1M 113JI,ep)I(KaM.
cuna-
p., a 6yxraJITepcKHe 113n:ep)I(KJ1-
70 TbiC.
BeCb H36bJTOK npM6hiJlH CBepx HOpMaJJbHOH;
• HyAeBGfl npu6b/Jlb (zero profit) -
IIOTCH,
beMOB
paBeH
a 3KOHOMI1'feCKJ1e 113JI,ep)I(KJ1 JI0)1(11TeJlbHaH np116bJJ1h
noKa-
200 TblC. p.,
100 TblC. p., ITOcocTaBHT 200 - I 00 =
JI,OXOJI,
Bhlille: ecn11 IIOJIHbiH
rrpOJI,OJI)I(aTb JI,eHTeJibHOCTb Ha n:aHHOH Вў11pMe;
• ompuu,ameAbHGfl npu6b/Jlb (negative profit) -
non-
3TO CYMMa 6yxraJITepCKI1X (HBHbiX, BHeillH11X)
HhiH n:oxoJI, qmpMhi HJ1)1(e ee 3KOHOMHYecKHX M3-
11 HeJIBHhlX (BHYTpeHHHX) H3D:ep)l(eK.
JI,ep)l(eK. Ecn11 rroJJHhiM
200 TbiC. p.,
300 TblC. p., 3KOCOCTaBMT 200 - 300 =
JI.OXOJI.
paseH
~JI,HHM
J1Horn:a HeHBHbie (BHyTpeHHI1e) H3JI,ep)I(KM ВўHp-
a 3KOHOMJ1lJeCKHe M3JI,ep)I(KJ1-
mycKe
Mbl pacc'-IMTaTh HarrpHMYIO CJ!O)I(HO. Hanp11Mep,
HOMWleCKaH IIpH6biJih
ep)I(KH
npeJI,rrpHHMMaTeJJb He MO)I(eT OUeHMTh, KaKI1M
=
6hiJI 6bi ero JI,OXOJI,, eCJ111 y Hero eCTb HeCKOJibKO
HMMaTeJib He ITOJJyYaeT JI,a)l(e HOpMaJJhHOH rrpH-
-100
TblC. p. <l>MpMa HeCeT y6biTOK , npeJI,npu-
aJlbTepHaTMBHhiX BapMaHTOB HCIIOJib30BaHI1H
6blJ111. B pe3yJibTaTe ВўupMa n116o 6yJI,eT IThiTaTh-
CBOeH npeJI,npHHHMaTeJibCKOH 3HeprHH B pa3HbiX
CH COKpaTI1Tb 3KOHOMW-!eCKI1e 113,[J,ep)((KI1, JII160
3TOM
rrpOCTO 3aKpOeTCH, ITOCKOJibKY rrpeJI,npi1H11MaTeJlb
!P>KKH
CJiyqae BHyTpeHHHe H3JI,ep)I(KJ1 He paCC'fi1TbiBa-
He 6yJI,eT TipOJI,OJI)I(aTb y6biTOlJHylO JI,eHTeJlbHOCTb
IOTC51 , a ClJMTaiOTCH paBHbiM11 HOpMaJibHOH rrpH-
11 rrepeJtn:eT B 06JJaCTh, rJI,e OH CMO)I(eT ITOJIYYaTb
\.fC
6hiJIH
enbHble
I
~ .0
2,0
2,5
5,0
.0 ,0
!0,0
o6nacTHX co CXO)I(eH CTeneHhlO pncKa . B
(normal profit) -
ueHe
npeJI,rrpHHH-
HOpMaJihHYJO np116bJJ1b.
MaTeJibCKHX CIIOC06HOCTeti: KaK ВўaKTOpa npOH3-
3aMeTMM, '-ITO C TOlJKI1 3peHMH npeJI,Tip11HI1MaTeAA
BOJI,CTBa, T.e. MI1HI1MaJihHOMY B03Harpa)I(Jl,eHI110,
IIpH6biJib MO)I(eT 6b1Tb OTpHUaTeJibHOH, ecJIM OH He MO-
3a KOTOpoe JI,aHHbiH npeJI,np11HHMaTeJlb fOTOB
)I(eT nonyYaTb HopMaJibHYJO rrpM6biJib. HanpMMep, eCJIM
200 TbiC. p., 6yxrarrrepcKMe 113160 ThiC. p., ro npu HYnesolt 3KOHO-
6biJI 6bi npOJI,OJI)I(aTb 3aHI1MaTbCH M3 6paHHOH
rrpH IIOJIHOM JI,OXOJI,e B
npeJI,np11HMMaTeJibCKOH JI,eHTeJibHOCTb. 3TO OUe-
JI,ep)I(KM COCTaBHT
HO'-IHaH BeJ!HlJHHa, KOTOpaH npOCTO BKJ!JOqaeTCJI
MHYeCKOM np116bJJII1 npeJI,npMHI1MaTeJIIO OCTaHeTCH
B pa3Mep 3KOHOMI1'feCKHX 113JI,ep)l(eK. 0lJeB11Jl,HO ,
TOJlbKO
lJTO, eCJ!H y npeJI,npMHMMaTeJIH eCTb HeCKOJibKO
OIJeHKOM HOpMaJibHOH np116blJII1 11 3aKpbiTb Вў11pMy.
40
TbiC. p. OH MO)I(eT He comaci1TbCH c TaKOM
Bap11aHTOB 11CITOJib30BaHHH CBOHX COOC06HOCTeH
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XOJI,
npM6bmM. KaK 3TO n:ocTHraeTCH, so MHoroM 3aBM-
60JJbille B n:pyroM MeCTe, OH npOCTO 3aHMeT-
CH JI,pyrMM 6113HeCOM HJ111 JI,a)l(e ITOHJI,eT pa6oTaTb
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pa6oraer.
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TaJlbH;
CoaepweHHaR KOHKypeH~HR (perfect competition) -
O)l,HOM Q:>MpMe 11CKJIIOYI1TeJihHOe npaBO Ha rrpo-
npo)l,a
pbiHOK, KOTOpbiH OTBeYaeT CJ1e,qyi0~1-1M YC110BI-1SIM:
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Ha MHpOBOM pbiHKe , HaiTpHMep, B CJiy'!ae one-
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Windows
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DeBeers.
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noJIJ"-IaTeJTh ueHhi
(price taker).
0Ha
He MO)J(eT ITOBJIH5!Tb Ha LI,eHy CBOero TOBapa, HO
rrpo)l,aTh ero MO)!(eT JII06oe KOJIHlfeCTBO -
cnpoc
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• MoHonoAucmu<tecKaR KOHKypeHU,Ufl (monopolistic
competition) - pbiHOK CO CB060)l,HbiM BXO)l,OM,
Ha KOTOpOM CyiUeCTByeT MHOfO Q:>MpM, CaMOCT05ITeJTbHO ycTaHaBJIMBaJOIUHX LI,eHy Ha CBOIO npO)l,YJ<LI,HIO, BbiiTYCKaiOI.l.(HX )l,HQ:>Q:>epeHLI,HpOBaHHb!H
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Q:>HpM HJTH )l,YXH pa3HhlX rrp0113BO)l,HTeJTeH. <lJHpMhl
Nike, Puma
CITOpTMBHOH
Adidas - npOI13B011:HTeJTM
O)J;e)!()l,bl. lfx TOBapbi ITOMelfeHbl
11
Q:>MpMeHHhlM 3HaKOM, 11 ITOKYflaTeJib MO)J(eT OT-
HecoaepweHHaR KOHKypeH~HR (imperfect competition) - pbiHOK, Ha KOTOpOM OTCYTCTByeT XOTSI 6bl
Jll1lfl1Tb KpOCCOBKH O)l,HOH Q:>MpMbl OT )J;pyrOH .
O,liHO 1-13 YCilOB!-iiil COBepweHHOiil KOHKypeH~I-11-1.
Ha KpoccoBKH
PbiHOK uecosepmenuou KOHKYpeuu,uu MO:>KeT uMeTL
JIHIOTCH 6JIH3KHM11 3aMeHHTeJIHMH.
Ilo3TOMY
posaTb c
O)l,Hy U3 CJie)l,yiOIIJ,UX <JlopM:
• MoHonoflUR (monopoly, OT rpelf. monos - O)l,HH
11 po/eo- rrpO)l,aiO)- pbiHOK, Ha KOTOpOM )l,eH-
Nike
B YCJIO
npOH3
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6
ro ,
Nike, HO BoiHy)!()l,eHa KOHKYPMPuma 11 Adidas, 1160 3TH Tosapbi HB-
y6hn
• rrp11
o6beJ
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Ha KOTOpOM )J;eHCTByeT He60JTbWOe lfHCJIO Q:>MpM ,
n
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B CHJT
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(price maker). Y
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HanpHMep, npu npoH3BOACTBe 12 e.n. 3ro onTMMYM npOl13BO.Ll,MTeJIH, ITOCKOJibKY npOl13BO.Ll,CTBO
JII1Tb csoti rrpe.neJihHhLH .noxo)J, u rrpe.nenhHbie 113-
KOHKYPeHUI111, B ee pacnop51)[(eHI1H 11MeiOTCH )J,Ba
?olistic
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11
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C 110 .Ll,O 120 TbiC. p., a npe)J,eJibHbiH .Ll,OXO)J, COCTaBI1T
120 - 110
12
- II
= J0 ThiC.
p. 0'-leBH)J,HO, ':ITO IIpe)J,eJib-
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• npH ,IJ,aJlbHeHWeM yBeJIH'"IeHl111 npOl13BO!J:CTBa
KoHKypeHTHast cllnpMa
MH nOJI)"'eHnst MaKCUMaJib-
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11MeiOT
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KH MH-
Ma OT151Tb OKa)[(eTC51 B y6biTKe.
no pbiHO'IHOH QeHe,
MC = MR = P.
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.nep)[(KH Bhrwe .noxo.na 11 <t>upMa HeceT y6hrToK;
B )J,OJirocpo"'HOM nepHo.ne pasHa Hynro, ecnu ueHa
\1:11, Ha
OT 7 .Ll,O 14 e.Ll,. -
panHa cpe.nHMM M3)1,ep)I(KaM. Ho KOHKypeHTHaH
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In A B A 3. 3KOHOMI-1KA ct>l-1PMbl
В§ 18. <t>
OH, KaK M KOHKYpeHTHa5l cPMP-
4. MC
Ma, OIIpe)J,eJIMT 06'heM rrpOM3BO)J,CTBa, rrpH KOTO-
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122
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B OTJIW!Me
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IJ,eHy Ha CBOH TOBap. Ho '-!eM Bhlllle IJ,eHa Ha TOBap
pOM CMO)J(eT )J,OCTM'-Ih MaKCMMaJihHOM rrpM6hiJlH.
KaK l1 B YCJIOBIDIX CB060)J,bl KOHKypeHIJ,HH, MOHOITOJihHaH cPMpMa MO)J(eT yBeJIM'-IHTh rrpM6hiJih
:11 6y)J,eT paCllll1p51Th rrpOM3BO)J,CTBO )1,0 TeX rrop,
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MOHOITOJIMM, TeM HM)J(e CilpOC Ha Hero. fpacPMK
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10
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KypeHTHOM cPMPMhl, 6hmh.
B ee
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10
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nop ITOBe,ll,eHMe MOHOITOJIHCTa TOlfHO TaKOe )J(e,
Cnoco6 1. Cpa8Humb noflHbtu ooxoo c no!lHbLMU u3-
KaK :11 cPMPMhi B yCJIOBMJI:X CB060,ll,hl KOHKy-
oepJICKGMu npu pa3HblX 06oeMGX npOU3800Cm8a.
peHIJ,MM;
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• Ha 8mopoM 3mane
Ecnu I
ct>epeH
B ycno
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KaK MC
ll,l111 :
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B TOM, '-ITO COOTHOIIIeHMe Me)((,lzy )J,OXO)J,OM H l13Ll,ep)J(-
onpe,ll,eJIHT IJ,eHy, KOTOpyiO OH 6y,ll,eT B3HMaTh
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3a CBOM TOBap. ВЈcnn lleHa TOBapa KOHKypeHT-
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B COCT05IHHH 6eCKOHe'-IHO ITOBhilllaTb UeHy )J,JIJI:
Ha pi
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HOBe,
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no MOHorroJihHO BhiCOKOH u,eHe,
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onuronc
2-.
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HOpMaJihHYJO rrpl16biJib, KOTOpa51 BKJIIO'-IeHa B H3-
KO
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1 Вўwp-
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t6bl.ITM.
11, M0-
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B 3TMX pb!HOYHhiX YC.ITOBMHX:
• KapmeJlb (cartel) -
comaweHue Me)((,ll.y Вў11pMa-
MI1 0 pa3,ll.e.l1eHMJ1 pbiHKOB 11 ycTaHOBJ1eHI1M UeH.
<t>epeHu11posaHHble TlpO,ll.YKTbl, OHH ,ll.eHCTBYJOT
33,!1.atia KapTemr -
BYC.ITOBM5IX MOHODOJTHCTHqecKOH KOHKypeH~HH.
CTOHTe.llbHhiX KOHKYPHPYJOIUWX Вў11pM B MOHOTIO-
B nose,ll.eHHH Вў11pMhi MO)I(HO Bbi,ll.eJTHTb qepTbl
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• 6 KpamKocpottHOM nepuooe rjJupMa 6eoem ce6R KaK
MOHonoJlUR. Ha npOT5I)I(eHI111 He6onhworo OTpe3Ka
HB.IlHeTCH OpraHI13aUHH cTpaH -
speMeHI1 Ha onpe,ll.eJTeHHOM cerMeHTe pblHKa Ho-
3KcnopTepos
He<l>TH (OIIEK), 3a,ll.atfa KOTopotl -
peryJiupo-
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Bbie qmpMbl He ycneBaJOT B03HI1KHyrb 11.1TI1 pa30-
( Q:>aKTMYeCKH KOHTponHposaTb npe,ll.JlO)I(eHI1e)
p11TbCH. Il03TOMY, KaK J1106aH MOHOTIO.ITI15l, B KpaT-
C Ue.llhlO TTO,ll.,ll.ep)l(aHI15l Ml1pOBOH ueHbi Ha HeВўTb .
KOCpOlfHOM rrep110,ll.e Вў11pMa CHaYaJla onpe,ll.e.IUieT
KO.ITJ1l!eCTBO Tlp0113BO,ll.CTBa TOBapa, npH KOTOpOM
B 6oJibWHHCTBe cTpaH KapTeJIH 3arrpel1leHhi;
• u,eHo6oe Jluoepcm6o (price leadership)-
cyiUeCTBy-
ee npe,ll.eJTbHbiH ,ll.OXO,ll. 6y,!J.eT paBeH rrpe,ll.eJThHbiM
JOIUaH npaKTWKa ВўupM Op11eHT11pOBaTbCH np11
113,!1.ep)I(KaM, 3aTeM Ha OCHOBe aHaJ1113a KpHBOH
ycTaHOB.IleHHH ueH Ha CBOIO TlpO,ll.yKUHIO Ha M3-
crrpoca Ha CBOH TOBap ycTaHaBJTMBaeT l.(eHy Ha
MeHeHI1e ueHbi KpynHei1wero npou3BO,ll.I1TeJIH.
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06bi'fHO B CTa.lle.llHTeHHOH 11 aBTOM0611.11bHOM
,ll.y ueHOM TOBapa 11 cpe,ll.HI1M11 TIOJTHhTMM M3,!1.ep-
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)I(KaMH Ha era npOM3BO,ll.CTBO, YMHO)I(eHHYIO Ha KO-
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.ITWlleCTBO npo,ll.aHHoro Tosapa. B ycJTOBI15IX MO-
KY cTanu 11.11H K.llacc aBTOM06HJIH , a ocTanbHhie
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r )I(KaM ,
B KpaTKOCpOYHOM rrepWO,ll.e COCTOMT, KaK l1 MOHO-
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Hbie npO,ll.YKTbi C y<reTOM 3THX l.(eH;
• KOJluttecm6eHHoe JlUOepcm6o (qualitity leadership) -
laccYH-
HOH csepxnpw6hTJTM, B03HHKaJOIUei1 H3-3a cnoco6-
npaKTMKa <l>HPM B yc.I10BI1HX oJiwronO.I111H opH-
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HeoT'beMJieMaH qepTa onHronoJIMH -
В·o, YTO
BO,ll.MTb TaKOH )((e TOBap , yBH,ll.HT, liTO O,ll.Ha Вўup-
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cmpamecuB3aHMO,ll.ei1-
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< P.
11 npM6biJ1b KOHKypeHTHOH ВўupMbi , OKa)((eTCH
HI1e HOBOfO MeTO)l;a peK.IlaMhi.
KOHKY-
paBHOH HYJlJO. B ,ll.OJlrocpotiHOM nepHo,ll.e Вў11pMa
CymeCTBYJOT ,ll.Be KJiaccuqecKWe MO,ll.eJlH onHrono-
Ha pa3-
TlOJTy<raeT TO.IlbKO HOpMaJlbHYJO Tlpl16bi.I1b, MOHO-
nuu -
:aJOmei1
ITO.IlbHaH CBepxnpl16bl.ITb HC'fe3aeT.
HB.IlRJOTCH o6'beMbi BhmycKa, 11 MO,ll.eJlb EepTpaHa,
~
MO,ll.e.llb KypHo
(В§ 4.5),
IT.IlaH ,ll.eMCTBWM.
r)l;e cTpaTeruHMM
KTOBaTb
Ec.11u HeCKOJlbKO ВўwpM rrpo,ll.aiOT Ha pbiHKe M,ll.eH-
Ha3BaHHaH ITO l1MeHH ВўpaHuy3CKOf0 MaTeMaTUKa
<)'peHT-
TH'fHYIO npO,ll.YKUMJO, OHH ,ll.eMCTByiDT B YCJTOBMHX
:>K.
:>JTYYaeT
o.11urono.11uu.
TerHHMH HB.IlHIOTCH ueHbl.
a B
H3-
onoJ111H
Ko
2-3
Koma Ha pbiHKe peanbHO ecTb TOJih-
EepTpaHa
(J.
Bertand,
1822-1900),
r,ll.e CTpa-
ВўupMbi, npOH3BO,ll.Hll.I,Ue O,ll.HH 11 TOT )l(e
OT noJIO)I(eHHH ВўupMbi Ha pbiHKe BO MHoroM 3a-
TOBap , Ka)l(,ll.aH 113 HMX BblHy)l(,ll.eHa y<fi1TbLBaTb TlO-
BHCI1T TO, KaK OH3 opraHW3yeT CBOe ynpaBJieHI1e.
Be,ll.eHWe ocTanbHhiX 11 peamposaTb Ha Hero. Bo3-
06 3TOM -
C.IIeJl:YIOll.I,MH naparpaQ:>.
В§ 19
В§ 19. 6 a 11 a H c <1>
H
pM
bl
H
2. )
y n p a B 11 e H H e e tO
.ll51
1.
4>~HAHCOBAS1 OT~ETHOCTb
3TO naCC11Bhl Вў11pMbi , KOTOpble LJ,eJIHTCH Ha :
• Kanuma!l <l>11pMbl LJ,OJDKHhl COCTaBJUITh, a OTKpblTbie aKU110-
COCTOHT 113 aKU110HepHOfO KaTIJ1Ta-
Jia ( 06513aTeJibCTB cP11PMhl nepeLI, aKU110HepaM11),
HepHbie o6weCTBa 11 ny6JI11KOBaTb OT'-IeTHOCTh
pe3epBOB , COUHaJibHOfO ВўoHLJ,a 11 HepacnpeLJ,e-
o CBOeM 3KOHOMI1'-!ecKoM nono)l(eHM11, '-IT06hi pyKo-
JieHHOH npH6biJII1 11 y6biTKa;
BOLJ,CTBO qmpMhl, ee aKUMOHepbl 11 KJI11eHTbl MOfJIJ1
np11H11MaTb 11HВў0pM11pOBaHHhie perneH 1151. <l>11HaH-
• 06fl30me!lbCm6a -
:6aHMbl 11 KpeL1,11Tbl , KpeL1,11TOp-
CKaH 3aLJ,OJI)I(eHHOCTb (3aLJ,OJI)I(eHHOCTb Вў11pMbl
COBaH OT'-IeTHOCTh Вў11pMbl BKJIIO'-JaeT 6yxranTepCK11H
T10CTaBIII11KaM, LI,OYepHI1M 061l.(eCTBaM, nepCOHa-
6aJiaHC, OT'-IeT 0 Tlpl16hiJIHX 11 y6hiTKaX, OT'-IeT 06
Jiy, 6IOLJ,)I(eTy 11 yypeLJ,HTeMM).
113MeHeH11HX B KaT111TaJie , OT'-IeT 0 LI,BI1)1(eH1111 LJ,e -
AKTI1Bhi 6aJiaHca Вў11pMhi scerLJ,a paBH5110TC51 nac-
He)I(HbTX cpeLJ,CTB. Ka)(()J,aH Вў11pMa caMa peTIIaeT,
C11BaM. Ka)I(LJ,aH cTpoKa 6anaHca 11MeeT rpex3Ha'-I-
KaK eti npeLI,CTaB11Th 11HcPOpMaUMIO 0 Ce6e , XOT5I
Hhii1 KOLJ, .
B Ka)(()J,OH CTpaHe cyll.(eCTByeT MMHMMYM CBeLJ,eHI1H,
KOTOpbie cP11pMa LI,OJI)I(Ha ny6JIMKOBaTb B UeJI5IX
rrpaBI1JlbHOfO paclJeTa HaJIOfOB.
6anaHc (balance sheet) -
OT"'eT o ci>HHaHcosoM
COCTOSIHHH cpHpMbl Ha onpe,lleJieHHYIO ,llary: KOHe~
orYerHoro nep~o~o,~:~a (MeCSI~, Ksapran HJIH ro,~:~).
oaJiaHC <lJ11pMbl COLI,ep)I(J1T OTBeTbl Ha Tp11 BmKHetiIIIJ1X BOTipoca: CKOJihKO LJ,eHef eCTb y cP11pMbl (aKT11Bbi); CKOJihKO LJ,eHef <lJ11pMa LI,OJI)I(Ha (06513aTeJihCTBa) ;
KaKOB pa3Mep BKJiaLJ,a BJiaLJ,eJihUeB cP11pMb1 (KaT111TaJI).
EanaHc Вў11pMhi orrpeLJ,eJIHeTcH cPOPMYJIOH:
AKTHBbi
= KanuTaJI +
AKTHBbl (assets) -
06.H3aTeJibCTBa
3KOHOMH"'eCKHe pecypCbl cpHp-
Mbl H 06SI38TeJibCTBa ,llpyrHX JIH~ nepe,ll HeH.
AKTI1Bhi <lJ11pMhi LJ,eJIHTC51 Ha:
• o6opomHble mcmuebt -
HLI,C,
LJ,e611TOpcKa5I 3aLJ,OJI)I(eHHOCTh
(3aLJ,OJI)I(eHHOCTb TlOKyrraTeJieti nepeL!, cP11PMOH;
KpaTKOCpOYHbTe Вў11HaHCOBbie BJIO)I(eHJ151 (KpaTKOCpO'-IHbJe 3RHMhl L!,pyri1M opramnaU1151M) ; LJ,e He)I(Hbie cpeLJ,CTBa (ocTaTKM LJ,eHer B Kacce <lJ11pMbi 11 Ha ee c'-!eTax);
• 6Heo6opomHble aKmuebl -
HeMaTep11aJihHhie aKT11-
Bhi (rraTeHTbl, OpraH113aU110HHbJe paCXOLI,bi); OCHOBHhle cpeLJ,CTBa (3eMJIH, 3LJ,aH11H 11 o6opyLJ,oBaH11e),
He3aBepiiieHHOe CTp011TeJibCTBO, BJIO)I(eHJ151 B MaTep11aJibHbie UeHHOCT11 (11Myll.(eCTBO LI,JIH nepeLJ,a'-I11 B JI11311HT); LI,OJifOCpO'llihie Вў11HaHCOBhie BJIO)I(eHI151 (11HBeCT11U1111 B 3aBI1CI1Mbie o6weCTBa 11
LJ,onrocpo'-IHhie 3aMMhi).
KanHTan H o6RaarenbcTaa (capital and liabilities) HCTO"'HHKH cpe,liCTB, 06SI3aTeJibCTBa cpHpMbl nepe,ll
,~:~pyrHMH JIH~aMH.
AKTHB
KoA
I. BHE050POTHbiE AKTVIBbl
HeMarepl1anbHble aKTI1Bbl
OcHOBHble cpeACTsa
He3asepweHHoe crpo11renbCTBO
tl,OXOAHble Bn0)!{8HI15l
tJ,onrocpOYHble Вўl11HaHCOBbl8 Bn0)!{8HI15l
npOYI18 BHe060pOTHbl8 aKTI1Bbl
V1TOro no pa3Aeny I
110
120
130
135
140
150
II. 050POTHbiE AKTV1Bbl
3anacbl
Hanor Ha A06asneHHYIO CTOI1MOCTb
tJ,e611TOpCKa5l 3aAOn)!{8HHOCTb
KparKocpoYHble Вўl11HaHCOBble sn0)!{8HI15l
tl,eHe)!{Hble cpeACTBa
npOYI18 060pOTHbl8 aKTI1Bbl
V1TOro no pa3Aeny II
210
220
230
250
260
270
290
5AJ1AHC (CYMMa CTPOK 190 + 290)
300
3anacbi (Chip be 11 MaTe-
p11aJihi, He3aBepiiieHHOe Tlp0113BOLI,CTBO, fOTOBa5I
npOL!,YJ<II115I;
OCHOBHbiE CTATbl-1 6AJ1AHCA <l>I-1PMbl
nacc11s
KOA
Ill. KAnV1TAJlbl V1 PE3EPBbl
YcrasHoi1 Kan11ran
Pe3epsHbli1 Kan11ran
<l>OHA COI..ll1anbHOi1 cВўJepbl
L(eneBble Вўl11HaHcl1posaHI1e 11 nocrynneHI15l
Hepacnpe,[leneHHa5l npl16blnb npownbiX ner
V1TOro no pa3Aeny Ill
410
430
440
450
460
490
IV. tJ,OnroCPO'-IHbiE 055'13ATEnbCTBA
3ai1Mbl 11 KP8A11Tbl
npOYI18 AOnrocpOYHble 065l3aTenbCTBa
V1Toro no pa3Aeny IV
510
520
590
V. KPATKOCPO'-IHbiE 055'13ATEnbCTBA
3ai1Mbl 11 KP8A11Tbl
KpeA11TopcKa5l 3aAOn)!{eHHOCTb
3aAOn)!{8HHOCTb yYaCTH11KaM
tl,OXOAbl 6YAYU\11X nep110AOB
V1TOro no pa3Aeny V
610
620
630
640
690
5AJ1AHC (cyMMa CTPOK 490 + 590 + 690)
700
Kl!
no
В§ 19. 5anaHc qmpMbl
AHAJ1~3
2.
,lJ,.Jui
1-1
127
ynpasneHI-ie e10
6AJ1AHCA
CpO'-lHbiX 065133TeJihCTB: B OCHOBHOM 33 C'-leT OTHOCI1TeJI bHOfO COKpameH 1151 Kp3TKOCpO'-lHbiX
TOfO qT06hl Jiyqrne DOIDJTb .lli1H3MI1Ky OCHOB-
HbiX fTOK333TeJieH q:mpMbi , He06XO.lli1MO npoaHa-
065133TeJibCTB np11 Hei13MeHHblX B UeJIOM K3DI1TaJie 11 pe3epsax.
Jll1311pOB3Th BCIO ee Q:>I1H3HCOByiO OT'-leTHOCTh, HO
ni1Ta-
>aM11),
1pe.ue-
npe)l()l.e scero 6anaHc. BanaHc noKa3hiBaeT ocTaTKH cpe.ucTB (3anachr) Ha KOHeu nep11o.ua (eM.
В§ 5.1 ).
ll03TOMY )l,Jl5l 3HaJII133 DOTOKOB B Te'-leHI1e nep110.ll3
He06XO.lli1MO 11MeTb .ll3HHbie MI1H11MYM Ha KOHeU
• Fopu3oHma!lbHbtu aHlrllu3 (horizontal analysis) 3HaJII13 113MeHeHI151 K3)1(,ll,OH CT3Tbl1 6aJiaHCa B a6C01110THbiX BeJII1'-li1H3X, B npOUeHT3X 11 KaK BKJia.ll,
B o6wee 113MeHeHI1e 6anaHca. l13MeHeHI1e B a6C01110THhiX Be1111'-li1H3X fTOK33b!B3eT, H3CK011bKO
11TOp-
.UByx OT'-leTHbiX nepl10.llOB, Hanpi1Mep Ha KOHei.( npo-
l1pMbl
UIJIOfO ro.ua 11 Ha KOHeu no3anpoUIJioro ro.11,a 111m
BblpOCJia HJII1 yMeHbllli1113Cb K3)1()],35I CT3Tb51 6a-
Ha KOHeu npownoro KBapTana TeKymero ro.ua 11
113HCa B py6115IX. HanpMMep, 3a npoiiiJibii1: ro.11, o6o-
Ha KOHeu roro )((e KBaprana npownoro ro.11,a.
poTHbJe 3KTI1Bbl yse1111q111111Ch Ha
~
=
COHa-
1 nac-
{3Ha'-l-
CymecTBYIOT .usa ocuoBHbiX MeTO.lla auanu3a 6a-
nauca:
• BepmUI<:(lflbHbtU aHa!lU3 (vertical analysis) -
aHa-
11113 COCTaBa 3KTI1BOB 11 naCCI1BOB Q:>11pMbl ( <j)aHJI
19.
BOB Bh!pa)((aeTCH KaK npoueHT OT o6mero o6be-
110
120
130
135
140
150
Ma aKTI1BOB 11 nacci1BOB. Hanp11Mep, Ha KOHeu
npOlll110fO fO.ll3 3KTI1Bbl COCT05!1111 113 BHe0602094
pOTHbiX Ha - - 1 0 0 = 72% 11 113 060pOTHbiX Ha
2913
819
100
28%, a naCCMBbi Ha 71 % 113 co6cT2913
=
BeHHOfO K3f111TaJI3 11 pe3epBOB, Ha 17% 113 .II,OJI-
210
220
230
250
260
270
290
fOCpOqHbiX 11 Ha 12% 113 Kp3TKOCpO'-IH blX 065133Te11bCTB.
B
Te'-leHI1e npow11oro ro.11,a B 6anaHce
510
520
590
610
620
630
640
690
700
B
697
=
TO )((e
speM51 KanMTan 11 pe3epBbi yseJIWil1.1ll1Ch Ha 2062 -
1872
=
190
190 ThJC. p., 111111 Ha--100 = l0%no
1872
cpaBHeHI1IO C ero ypOBHeM B KOHUe fT033rTpOIII110fO ro,IJ,a. Mo)((HO paCC'-li1TaTh TaK)((e BKJI3.ll K3)((.llOi1 CT3Tbl1 6aJiaHC3 B 113MeHeHI1e 6aJI3HC3 B ue110M. Hanp11Mep, BKJI3.ll pocTa Kani1TaJia B yseJII1'-leHI1e fl3CCI1BOB COCT3BI1JI
190
100 = 74%. J1HTe-
256
peCHO , l.JTO BCe CT3Tbl1 3KTI1Ba yBe1111qi1JII1Cb 11
BKJla.ll, B pOCT 3KTI1BOB CO CTOpOHbl pOCTa BHe060pOTHbiX 3KTI1BOB COCT3BHJI 52% 11 BHe060pOTHbiX -
48%.
B TO
)((e speMH B nacc11sax Q:>11pMoi
BCe CT3Tbl1 yBeJII1l.JI11111Cb, HO O)J,Ha (Kp3TKOCpOY-
np01130lllJII1 CJie.ll,yiOUJI1e 113MeHeHI151: )1,011}1 BHe-
HbJe o6sl3aTeJibCTBa) coKpaTHJiacb. Coorser-
060pOTHhiX 3KTI1BOB HeCK011bKO COKp3THJI3Cb (C 74
CTBeHHO BKJI3)J, BCeX CT3Tei1: B pOCT naCCI1BOB
.11,0 72%), a 060pOTHbiX -
yBe1111'-li1Jl3Cb (C 26
.llO 28%). CymeCTBeHHO B03pocna .llOJI51 .llOJiro-
6anaHc
<)>11pMbl
410
430
440
450
460
490
122
122 M11H p., 111111 Ha-100 = 18%.
697
E(lflaHc rjJupMbt. x1s, JII1CT AHa!lu3 6a!laHca).
,[J,JUI 3T0f0 K3)1()],351 K3TerOpl151 3KTI1BOB 11 naCCI1-
819 -
AKT11B
BHeo6opoTHble
aKTI1Bbl
06opOTHble aKTI1Bbl
6anaHC (CYMMa CTPOK
11cXOAHble AaHHble ,
MllH p.
fT0110)Kl1TeJibHbiH, HO BKJia.ll, BHe060pOTHbiX 065!33Te11bCTB OTpl1U3TeJihH hiM .
BepTI1KanbHbiH aHa/1113,
ropi130HTallbHbiH aHa/1113
%
KoHel..l
no3anpownoro
roAa
I13MeHeHI1e,
MllH p.
I13MeHeHI1e,
%
BKilaA,
%
72
74
134
7
52
697
2657
28
100
26
100
122
256
18
10
48
100
2062
488
1872
3~
71
17
70
15
190
100
10
26
74
39
690
363
397
12
15
-34
-9
-13
700
2913
2657
100
100
256
10
100
KOA
CTpOKI1
KoHel..l
npownoro
roAa
KoHel..l
KoHel..l
no3anpownoro npownoro
roAa
roAa
190
2094
1960
290
300
819
2913
490
590
190 + 290)
nACCI1B
Kan11ra11 11 pe3epBbl
AonrocpO'lHble
06R3aTellbCTBa
KpaTKocpo'lHble
06R3aTellbCTBa
5anaHC (CYMMa CTpOK
490 + 590 + 690)
I
1
I
128
HaJI11'1Hb~ )l,eHer
3. AHAJH1H14ECK!t1E nOKA3ATEJllt1
3. 3KOHOMV1KA ctJVIPMbl
В§ 19. 5<
K KpaTKOCpO<JHOH Kpe)l,11-
4. ME
Jl ABA
(260)
(620) .
paSHO 0,7.
TOpCKOH 3a)l.OJI)!(eHHOCTH
Ha OCHOSe ВўlHHaHCOSOH OT'leTHOCTI-1 MO)I(}{O pacC<JHTaTb p5I)l, aHaJIHTH<JeCJ<HX noKa3aTeJieH (K03Вўl-
HHe K03 ВўlВўlHli,HeHTa
H~ee 3Ha<Je-
J1l06a51
eTCH B
• c})uHaHCOBaJl ycmour.tueocmb (financial stability) -
ВўlmJ,HeHTOS), KOTOpbie n03SOJI5IT COCTaSHTb sne-
noKa3aTeJib 3aBHCl1MOCTH ВўlHpMbl OT BHeiiiHHX
MeHe,liJ
<JaTJleHWe 06 3KOHOMH'leCKOM nOJIO)!(eHHH ВўlHpMbJ.
wcTO<JHHKOS ВўlHHaHC11posaHHH. HanpHMep, В·Ko-
neHHH
)l,AA
3ВўlВўll1Ul1eHT KOHll,eHTpali,HH C06CTBeHHOfO Kanl1-
o6Jler<JeHH51 pac<JeTa aHaJIHTH<JecKHx noKa3a-
TeneH. s
6anaHce qmpMhi see cTaThH HMelOT
TaJia
= (410 + 420 + 430)/ 700.
( ~<~Jab 19. EMaHC cjJupMbl
C06CTSeHHb~ cpe)l,CTS Вўll1pMbl KO seeM l1CTO'lH11-
u y npaefleHue e10. xls, JIHCThi EMaHc, AKmUBbt, IlacCU6bt, KO)l,bi CTPOK s cKo6Kax) . KaKos )l,OJl)!(eH 6hiTh
KaM cpeJJ:CTS. qeM Bbiiiie 3Ha<JeHMe 3TOfO K03 Вўl-
pa3Mep Ka)J()J,OfO noKa3aTeJl5I, yKa3aTh HeS03M0)!(-
11 MeHbiiie ee 3aBHC11MOCTb OT SHeiiiHHX ВўlaKTO-
HO , nOCKOJibKY ВўlMpMbl CWJibHO pa3JIH<JalOTC5I
pos. Ko3ВўВўHuHeHT Вў11HaHcosoro noKpbiTH51
TpeX3Ha<JHbiH HOMep
Ilpw~te
3TO OTHOIIIeHHe
Вўll1UHeHTa, TeM CTa6HIIbHee noJIO)!(eHHe ВўlMpMbl
06bi<JHI
I
I~
ee opn
THBHO
T eopu.s
=
opraHll
= 590/ (410 + 420 + 430) . OH noKa3biBaeT o6ec-
MO)!(eT
3aTeJIH OpHeHTMpOSO'lHbie 11 JJ:OJl)l(}{bl paCCMaTpH-
ne<JeHHOCTh )l,OJifOCpO'lHblX 06513aTeJibCTB Вўl11pMbl
MexaHI
Sa TbC5I S )l,WHaMHKe C TO<JKH 3peHH51 HX 113MeHe-
C06CTBeHHbiM KanHTaJIOM. qeM Bbiiiie K03ВўlВўl11-
BeTCTB
HH51 C Te<JeHHeM speMeHH.
U11eHT, TeM Bbiiiie pMCK HMeTb )l,eJlO C 3TOH Вўll1p-
Hepapx
no ВўlHHaHcOShiM xapaKTepwcTwKaM. Bee 3TH noKa-
• JlflameJICecnoco6Hocmb (solvency) -
noKa3aTeJih
HaJIH'l115I y ВўlHpMbl )l,eHe)!(HbiX cpeJJ:CTS
(260),
JJ:OCTaTO'lHb~ JJ:Jl5I pac'leTOB no KpaTKOCpO<IHOH
MOH 11 HH)J(e ee cnoco6HOCTb nOJIY'JHTb KpeJJ:MT
T aKoH.
B CJlY'lae He06XO)l,l1MOCTH.
• PeHma6efl bHOCmb (profitability) -
noKa3aTeJih
Kpe.nHTopcKoif 3a)l,OJl)!(eHHOCTH
npH6bTJihHOCTl1 Вў11pMbi. Ha ocHoBe OT<JeTa
uweHT nnaTe)!(ecnoco6HOCTH
(620). Ko3ВўВўH= 260/620 11 JJ:Jl5I
0 npH6biJl5IX l1 y6hiTKaX npH6hiJib ВўlHpMbl MO)J(-
TIJiaTe)J(ecnoco6Hoif ВўMpMbi JJ:OJl)!(eH 6hiTh He Me-
HO COnOCTaBHTb Jil160 C WHSeCTWpOBaHHbiMH
IlpM3HaKaMI1 HH3KOH TIJiaTe)!(eC-
pecy pcaMW, JlH60 C Bbipy<IKOH OT npO)l,a)!(. qeM
noco6HOCTH ВўlHpMbl C'lHTalOTCH He3Ha<JHTeJlhHbie
Bbillle 3TO COOTHOllleHHe, TeM peHTa6eJibHee
OCTaTJ<H )l,eHer Ha ee 6aHKOSCKHX C<JeTax 11 S KaC-
Вў11pMa. B
ce, cymecTBeHHbie y6hiTKH, npocpo<JeHHaH ne-
ro TOBapa Вў11pMa nonyqaeT BhiPY'JKY
6HTopcKaH 3a)l,OJl)!(eHHOCTb, KOfJJ:a noKynaTeJIH
OcTaJihHbie 6yxr anTepcKHe noKa3aTeJIH np116br-
He TIJiaTJIT sospeM5I 3a ee TOBap, npocpo'leHHaJI
JIH paCC<JHTb!BalOTC51 , KaK noKa3 aHO B Ta6Jll1ll,e
Hee
0,05-0, 1.
KpeJJ:HTOpCKa5I 3 a)l,OJl)!(eHHOCTb, eCJIH CaMa ВўlHpMa He TIJiaTHT BOBpeMH 3a KYTIJieHHbie e10 TOBapbi.
• JluKeuaHocmb (liquidity) -
pe3yJihTaTe npona)!( npoH3Be.neHHO-
(eM. Вўaifll
xls.
JIHcT
(В§ 17.1).
19. EMaHc cjJupMbt u ynpaeJleHue e10.
aKTHBa -
3TO ero cnoco6HOCTh npespalll,aTbCH
B .neHhrH. Ko3ВўВў111..1,HeHT TeKYmeif JlHKBH)l,HOcTH
= 290/620.
3TO K03 ВўlВўl11UHeHT noKpbiTH51
KpaTKOCpO<JHOH Kpe)l,HTOpCKOH 3a)l,OJl)!(eHHOCTH
Вў11pMbi
(620)
(290). Ero
1. TeopeTH-
o6opoTHhiMW aKTHBaMw
MHHHMaJihHO npHeMJieMoe 3Ha<JeHHe
MHHYC
YnpasneHYeCKHe pacXOAbl
ryT 6biTb npesparueHbl B HaJIW'lHbie )l,eHhrH, KO-
Onepa~HOHHble
po nponaTh, HanpHMep , 3anacbi CblpbH B cnyqae
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(interest) -
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npHHa,n-
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:IiM 3KO-
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s KPeAHT.
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200
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16
100
200
=
8%
rO)J,OBblX.
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)J,OXO)J, OT l1CTIOJib30BaH1151 cepBepa, npeBhllllaiOWHH
8%,
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ysenHYeHHe KanHTa-
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B
npoTI1BHOM CJiyqae oHa y6hiTOYHa.
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Вў11HaH-
(capital stock)
Ha onpe,neJieHHhii1 MOMeHT. llHBeCTl1-
Ke HJiaTI1TC51 npoueHT, KOTOphiM npe,ncTaBJIHeT
BJIHeTCH
Ul111 -
nOKa3aTeJih noToKa, T.e. pacTa 3anaca Me)(()zy
C060:ti TIJiaTy 6aHKa ВўJHpMe 3a npaBO BpeMeHHO-
3JieHHaH
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100
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ro.ny Hosoe o6opy.nosaHHe Ha
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15
15
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100
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115
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3. Blo1,D,bl UEHHbiX 5YMAr
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0603Ha4eHHOe Ha HeM '!11eJJO HHOeTpaHHbJX aK-
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10
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a LJ,eH3 I.J,eHHOM 6yM3rH -
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He~
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3TO JTJ0635I UeH-
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UeHHbJX 6yMar no Oeylll,eeTBJieHHJO 33KpenJTeHHbiX
B HHX npaB.
6yMar:
• AKt(Wl (stock - aMep., share - aH2!1.} -
sepeHI1e eo6eTBeHHOeT11. 3TO UeHH35I 6yMara,
3aKpei1JUIJOLUaSI: np3B3 ee BJJMeJibUa (aKU110Hep3)
H3 HOJJyYeHHe YaeTH npH6biJI11 3KUHOHepHOfO
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ro B HeM npoueHT3 OT HOMI1HaJibHOM eTOI1MOeTI1
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n1e 1
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espo,
100
1000
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p. 11 eBp006JIHfaU1111
10
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noJTJT.
06-
JT11f3UHSI: 06bllJHO npO)l;3eTe5l e )l;l1eKOHTOM OT
nx
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ee Kype eoeT3BJT51eT
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N-
1000
(ordi-
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u
Ka e HOM11HaJibHOH eTOHMOeTI1. HOMI1HaJibl y o6-
ee pbJH04H351 ueHa,
nary stocks},
HHCTJ
60.11-l
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n
H
so ee BJia)l;eJToUa H3 noJJytieHHe cPI1Ke11pOB3HHO-
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ket) В·
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1000
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n
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ct>up
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npaea
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Kype o6JT11rau1111,
P-
HaJJ hi
Hble I
HOMHHaJJ. Een11 o6JIHp. llpO)l;aeTeSI: 3a
850
p.,
850
100 = 85 p.
1000
cPOHD
Ha
Вў
npolf!l
• 3.MI
ynoeToBepeHHe np3B3 ee BJT3-
HaSI
(preferred stocks),
nellbU3 H3 nOKYflKY 11Jl11 npon~ npyroi1 I.J,eHHow
eBO
KOTOpble He )l;3JOT np3B3 fOJIOe3 Ha eo6p3HHH aK-
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• Epo
UHOHepOB, HO rap3HT11PYJOT BJI3D,eJJbLJ,Y npl10p11-
eHpOB3HHOH B onuHoHe ueHe. H3np11Mep, 11HBe-
Jli1U
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eTop MO)I(eT KYfl11Tb eeronH51 onuHoH Ha noKyn-
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YaeTI1 npH6billl1.
• Ont(UOH (option) -
rat
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Ky 3KUI1M no UeHe
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11Me
nHe3HHbiMH Ha KOHKpeTHOe JOp11)];114eeKOe 11Jll1
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• /(IL1
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J4 Tole.
H pbiHO'IHyJO I.J,eHy. HanpHMep, f33npoM BhmyeTHJI
23,673
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10
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6
p., )l;ep)l(aTeJTb OllUHOHa Bee p3BHO Ky-
HI1T ee 33
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4 Tbre. p.
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eyeВ·
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6 MeeHUeB I.J,eH3
p., nep-
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)1(3TeJib onu11oHa see p3BHO 6yneT BbiHy)[(,ll.eH Ky-
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(jace value},
5 p. Ho npo-
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raM
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(YKa3aHI1e '!eKO)l;aTeJISl 6aHKy BbinJI3Tl1Tb '!eKO)l;ep-
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260
50
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)l(aTeJIJO YK333HHYJO B YeKe eyMMY}, BeKeeM (non-
npl1
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• K.nu
HbJe nepHO)l;bi 3Ta LJ,eH3 eoeT3BJISIJia H
11
npo)l;aJOTeH B ВўopMe ADR (aMepi1KaHeKoi1 ne-
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cPI1P
American Depository
naTeJibeTBOM p33HbfX eTp3H LJ,eHHbie 6yM3rH MOryT
em
ll0311TapHoi1 paen11eK11 ,
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npoi13BOil:HOi1 ueHHotf 6yMarn, Bhmy-
HMeTb pa3HOe H33BaHI1e.
• JI,en
3biB
<ll~PMbl
135
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:poBaHO
lihiX aK-
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4.
KaTon ueHHbiX 6yMar 11 y'ieTy rrepexo.ua npas
Q:>opMe
Ha HMX.
aK-
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H HhJO-
6hl rrpot~,aTb 11X Ha pblHKe 11 ITOJIY'IMTb TeM C3MbTM
4>oH,qoaaR 6MpH<a (stock exchange) -
He06XO)J,MMOe Q:>11HaHCMpOBaHMe.
Ma -
10
r
3To
BJia,u,e-
Ira.
!
3MMTeHT
[yCMOT-
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4>oH,qoabli1 pbiHOK, pbiHOK Kamnana (capital market) - PbiHOK, Ha KOTOPOM OCY11.1eCTBJIS1eTCS1 KYIT11S1
<l>oH)J.oBa51 611p)l(a TeXHI1'ieCKI1 o6ecne'ii1BaeT rrpo-
Ill npo,Qa>Ka ~eHHbiX 6yMar Ill ,QpyriiiX <j>IIIH8HCOBbiX
se.ueHMe TOpfOBJIH U,eHHbiMH 6yM3f3MI1, npe.uo-
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MMOCTb.
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3a.uaya <iJoH.uosoro phmKa -
Ubl M ITOKynaTeJIM. IJpo)J,aBU,aMM MOryT 6biTb 3MMTeHTbl
(issuers) -
)J,HJiepbl 11 ynpaBJI5IIOIUI1e. <I>M311'ieCKI1e 11 MHbie
<iJnpMhl 11 .upyrne opraHI13au,MM,
n11u,a MoryT conepmaTh orrepau,HM JIMWh np11 11x
nocpe)J.HH'ieCTBe. lJ,eHHble 6yM3fl1 MOfYT TOpro-
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CTI1Hf
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11 6biJ111 BKJIJO'ieHbi B KOTHpOB3JlbHbl H CIT11COK.
В·t rau,HM
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(investors),
TOM OT
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nocKOJihKY, noK)'TiaH ueHHhie 6yMarn,
U1111. <DI1311'ieCKJ1e JIMU,a Ha3hJBaJOTC51 'iaCTHblMM
11HBeCTOpaMI1, a 10p11)1,11'ieCKI1e -
11, p -
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B
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• o6nH-
850 p.,
<iJoH.Ubi.
(listing),
T.e. peri1CTp31.1,11lO Ha 611p)l(e,
06paTHa51 rrpou,e.uypa -
11CKJIJO'ieHHe ueHHbiX 6y-
Mar 113 KOT11pOB3JlbHOfO CITI1CK3 -
H33bJB3eTCH
)J,eJIMCTI1HfOM (delisting).
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Ha <PoH.UOBOM pbiHKe .uei1cTsyeT uecKOJibKO rpynn
npoljleCCHOHa.JlbHbiX )"13CTHHKOB.
• 3MumeHm (issuer) -
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