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'5< CAB>9G8255 2 D8=0=A>2>< >B=>H5=88 ?@54?@8OB85, B5< <5=55 @8A:>20==K 8 1>;55 2K3>4=K 8=25AB8F88 2 =53>. KH5A:070==>5 ?>72>;O5B A45;0BL 2K2>4, GB> D8=0=A>20O CAB>9G82>ABL ?@54?@8OB8O 83@05B G@572KG09=> 206=CN @>;L 2 >15A?5G5=88 CAB>9G82>3> @0728B8O, :0: >B45;L=KE ?@54?@8OB89, B0: 8 >1I5AB20 2 F5;><. =0;87 CAB>9G82>AB8 D8=0=A>2>3> A>AB>O=8O =0 BC 8;8 8=CN 40BC ?>72>;O5B >B25B8BL =0 2>?@>A, =0A:>;L:> ?@028;L=> ?@54?@8OB85 C?@02;O;> D8=0=A>2K<8 @5AC@A0<8 2 B5G5=85 ?5@8>40, ?@54H5AB2>202H53> MB>9 40B5. 54>AB0B>G=0O D8=0=A>20O CAB>9G82>ABL <>65B ?@825AB8 : =5?;0B565A?>A>1=>AB8 ?@54?@8OB8O 8 >BACBAB28N C =53> A@54AB2 4;O @0728B8O ?@>872>4AB20, 0 871KB>G=0O - ?@5?OBAB2>20BL @0728B8N, >BO3>I0O 70B@0BK ?@54?@8OB8O 87;8H=8<8 70?0A0<8 8 @575@20<8. "0:8< >1@07><, ACI=>ABL D8=0=A>2>9 CAB>9G82>AB8 >?@545;O5BAO MDD5:B82=K< D>@<8@>20=85<, @0A?@545;5=85< 8 8A?>;L7>20=85< D8=0=A>2KE @5AC@A>2, :>B>@>5 >15A?5G8205B @0728B85 ?@54?@8OB8O =0 >A=>25 @>AB0 ?@81K;8 8 :0?8B0;0 ?@8 A>E@0=5=88 ?;0B565A?>A>1=>AB8 8 :@548B>A?>A>1=>AB8 2 CA;>28OE 4>?CAB8<>3> @8A:0. 4=8< 87 >1>1I0NI8E ?>:070B5;59 D8=0=A>2>9 CAB>9G82>AB8 O2;O5BAO 87;8H5: 8;8 =54>AB0B>: 8AB>G=8:>2 A@54AB2 4;O D>@<8@>20=8O A>1AB25==KE >1>@>B=KE A@54AB2. ;O 53> >?@545;5=8O @0AAG8BK20NBAO B0:85 ?>:070B5;8, :0: =0;8G85 A>1AB25==KE >1>@>B=KE A@54AB2, =0;8G85 A>1AB25==KE 8 4>;3>A@>G=KE 705<=KE 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 8 70B@0B 8 >1I0O 25;8G8=0 >A=>2=KE 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 8 70B@0B. 1I0O 25;8G8=0 70?0A>2 (AB@>:0 210 0:B820 10;0=A0) = ? (1) ;O E0@0:B5@8AB8:8 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 8 70B@0B 8A?>;L7C5BAO =5A:>;L:> ?>:070B5;59, :>B>@K5 >B@060NB @07;8G=K5 284K 8AB>G=8:>2. 1. 0;8G85 A>1AB25==KE >1>@>B=KE A@54AB2: !! = 0?8B0; 8 @575@2K  =5>1>@>B.0:B82K = (AB@. 490 - AB@. 190) (2) 2. 0;8G85 A>1AB25==KE 8 4>;3>A@>G=KE 705<=KE 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 8;8 DC=:F8>=8@CNI89 :0?8B0; ($): $ = [0?8B0; 8 @575@2K + >;3>A@>G=K5 ?0AA82K]  - =5>1>@>B=K5 0:B82K = ([AB@. 490 + AB@. 590] - AB@. 190) (3) 3. 1I0O 25;8G8=0 >A=>2=KE 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 (!>1AB25==K5 8 4>;3>A@>G=K5 705<=K5 8AB>G=8:8 + @0B:>A@>G=K5 :@548BK 8 709<K - =5>1>@>B=K5 0:B82K):  = [0?8B0; 8 @575@2K + >;3>A@>G=K5 ?0AA82K + + @0B:>A@>G=K5 :@548BK 8 709<K] - =5>1>@>B=K5 0:B82K = (AB@. 490 + + AB@. 590 + AB@. 610) - AB@. 190 (4) "@5< ?>:070B5;O< =0;8G8O 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2 A>>B25BAB2CNB B@8 ?>:070B5;O >15A?5G5==>AB8 70?0A>2 8AB>G=8:0<8 D>@<8@>20=8O: 1. 7;8H5: (+) 8;8 =54>AB0B>: (-) A>1AB25==KE >1>@>B=KE A@54AB2: $! = !!  ? = AB@. 490 - AB@. 190 - AB@. 210 (5) 2. 7;8H5: (+) 8;8 =54>AB0B>: (-) A>1AB25==KE 8 4>;3>A@>G=KE 705<=KE 8AB>G=8:>2 D>@<8@>20=8O 70?0A>2: $B = $  ? = AB@. 490 + AB@. 590 - AB@. 190 - AB@. 210 (6) 3. 7;8H5: (+) 8;8 =54>AB0B>: (-) >1I59 25;8G8=K >A=>2=KE 8AB>G=8:>2 4;O D>@<8@>20=8O 70?0A>2: $ =   ? = AB@. 490 +AB@. 590 + AB@. 610 - AB@. 190 - AB@. 210 (7) ! ?><>ILN MB8E ?>:070B5;59 <K <>65< >?@545;8BL B@5E:><?>=5=B=K9 ?>:070B5;L B8?0 D8=0=A>2>9 A8BC0F88:  EMBED Equation.3  (8)  B01;8F5 1.1. ?@54AB02;5=K B8?K D8=0=A>2KE A8BC0F89. "01;8F0 1.1 !2>4=0O B01;8F0 ?>:070B5;59 ?> B8?0< D8=0=A>2KE A8BC0F89 >:070B5;8"8? D8=0=A>2>9 A8BC0F881A>;NB=0O =57028A8<>ABL>@<0;L=0O =57028A8<>ABL5CAB>9G82>5 A>AB>O=85@878A=>5 A>AB>O=85$! = !! - ?$A  EMBED Equation.3 0$A < 0$A < 0$A < 0$" = $ - ?$B EMBED Equation.3 0$B EMBED Equation.3 0$B < 0$B < 0$= -?$ EMBED Equation.3 0$ EMBED Equation.3 0$ EMBED Equation.3 0$> < 0 >7<>6=> 2K45;5=85 4 B8?>2 D8=0=A>2KE A8BC0F89: 1. 1A>;NB=0O =57028A8<>ABL D8=0=A>2>3> A>AB>O=8O. -B>B B8? A8BC0F88 2AB@5G05BAO :@09=5 @54:>, ?@54AB02;O5B A>1>9 :@09=89 B8? D8=0=A>2>9 CAB>9G82>AB8 8 >B25G05B A;54CNI8< CA;>28O<: $A > 0; $B >0; $> > 0; B.5. B@5E:><?>=5=B=K9 ?>:070B5;L B8?0 A8BC0F88: S($) = {1, 1, 1}; 2. >@<0;L=0O =57028A8<>ABL D8=0=A>2>3> A>AB>O=8O, :>B>@0O 30@0=B8@C5B ?;0B565A?>A>1=>ABL: $A < 0; $B > 0; $ > 0; B.5. S($) = {0, 1, 1}; 3. 5CAB>9G82>5 D8=0=A>2>5 A>AB>O=85, A>?@O65==>5 A =0@CH5=85< ?;0B565A?>A>1=>AB8, => ?@8 :>B>@>< 2A5 65 A>E@0=O5BAO 2>7<>6=>ABL 2>AAB0=>2;5=8O @02=>25A8O ?CB5< ?>?>;=5=8O 8AB>G=8:>2 A>1AB25==KE A@54AB2 70 AG5B A>:@0I5=8O 4518B>@A:>9 704>;65==>AB8, CA:>@5=8O >1>@0G8205<>AB8 70?0A>2: $A < 0; $B < 0; $ > 0; B.5. S($) = {0, 0, 1} 4. @878A=>5 D8=0=A>2>5 A>AB>O=85, ?@8 :>B>@>< ?@54?@8OB85 ?>;=>ABLN 7028A8B >B 705<=KE 8AB>G=8:>2 D8=0=A8@>20=8O. !>1AB25==>3> :0?8B0;0 8 4>;3>- 8 :@0B:>A@>G=KE :@548B>2 8 709<>2 =5 E20B05B 4;O D8=0=A8@>20=8O <0B5@80;L=KE >1>@>B=KE A@54AB2, B> 5ABL ?>?>;=5=85 70?0A>2 845B 70 AG5B A@54AB2, >1@07CNI8EAO 2 @57C;LB0B5 70<54;5=8O ?>30H5=8O :@548B>@A:>9 704>;65==>AB8, B.5. S($) = {0, 0, 0}. B=>A8B5;L=K5 ?>:070B5;8 D8=0=A>2>9 CAB>9G82>AB8, ?@54AB02;5=K 2 B01;8F5 1.2 [12; A.167]. "01;8F0 1.2 B=>A8B5;L=K5 ?>:070B5;8 D8=0=A>2>9 CAB>9G82>AB8 08<5=>20=85 ?>:070B5;O!?>A>1 @0AG5B0>@<0;L=>5 >3@0=8G5=85>OA=5=8O>MDD8F85=B :0?8B0;870F88 (?;5G> D8=0=A>2>3> @KG030) EMBED Equation.3  EMBED Equation.3 5 2KH5 1,5>:07K205B, A:>;L:> 705<=KE A@54AB2 >@30=870F8O ?@82;5:;0 =0 1 @C1. 2;>65==KE 2 0:B82K A>1AB25==KE A@54AB2>MDD8F85=B >15A?5G5==>AB8 A>1AB25==K<8 8AB>G=8:0<8 D8=0=A8@>20=8O EMBED Equation.3  EMBED Equation.3 86=OO 3@0=8F0 0,1; >?B8<0;L=>5 e"0,5>:07K205B, :0:0O G0ABL >1>@>B=KE 0:B82>2 D8=0=A8@C5BAO 70 AG5B A>1AB25==KE 8AB>G=8:>2>MDD8F85=B D8=0=A>2>9 =57028A8<>AB8 (02B>=><88) EMBED Equation.3  EMBED Equation.3 0,4 d" U3 d" 0,6>:07K205B C45;L=K9 25A A>1AB25==KE A@54AB2 2 >1I59 AC<<5 8AB>G=8:>2 D8=0=A8@>20=8O>MDD8F85=B D8=0=A8@>20=8O EMBED Equation.3  EMBED Equation.3 U4 e" 0,7; >?B8<0;L=>5 H"1,5>:07K205B, :0:0O G0ABL 45OB5;L=>AB8 D8=0=A8@C5BAO 70 AG5B A>1AB25==KE, 0 :0:0O - 70 AG5B 705<=KE A@54AB2>MDD8F85=B D8=0=A>2>9 CAB>9G82>AB8 EMBED Equation.3  EMBED Equation.3 U5 e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