(. . 102) ,
,
. ,
,
Fo
Q ( )
. 102.
I i" 1
| 4 -TVs^^
I. 1. 1
=
10.
-
.
,
( ).
, -,
, -, ,
.
, I , R
(
) j - .
1(1 + ) = Rr
,
100 . , 40%.
: 1(1+ ) =
= 100(1 + 0,4) = 140 . .
10%, : i = 40 10 = 30%.
- 1(1+ ) (1+ ) = R2.
100(1+ 0,4)2 = 196 . .
I =
1 =
R.
R2
(1 + )2
:
1= + +... + (10 21
1 + (1 + )2 (1 + r)n v ' '
, ,
^^'16 . . 103 - v
.
(time preference). ,
1 .
. , 100 .
. . 100 .,
0. (. 103) -
|
|
. 323
. ,
" ". ,
?
X f
S
5 g
Si 2 5*
11,5
, ,
A! N \
\ V
\*
\
!-\ \
!!\ \
.....4\-. \
: -{\ \ ' '
' ,
. .
. 10- -3.
10 . . .
, 10 . .
, 10 ., 11,5 .
. L.
. . , , -
,
,
.
. 104.
10
.
.
,
(marginal rate of time preference)
,
, .,
KL MRTP = 2/, = 11,5/10 = 1,15.
MN MRTP = 30/10 = 3,
MRTP ;