. .

. .



:



Junk Value

. .




...

...

. .

 Net Cash Flow

( Present value )

. .

13.5.
( ...) 6.5.
%2.5
%5
%90
%7.5

20

350
.
115

. .


Pay-Back Period

.

. .

n
i I 0
i1

:

.1

.2
2 1
.3

.4

Pay-Back Period = I /
= I
=

. .

 A B C

2-

1-

()60

()40

25

25

25

25

()70

()30

70

20

10

75

()50

()50

50

20

20

50

. .


( )I/
:
N = 100/25 = 4 years

B C :

. .

100

)(100

100

)(100

70

70

)(30

50

50

)(50

20

90

)(10

20

70

)(30

10

100

20

90

)(10

75

175

75

50

140

40

. .

 3 = B

3 = C +
:
= 3

= 0.25 = 40/10

B

. .

 ( ):
= 1
%25 = 100)41( = A
%33.3 = 100)31( = B
%30.8 = 100)3.251( = C

. .

i
I0
i 1 (1 r ) n
n

N
1
2
NPV

.....
I0
1
2
N
) (1 r ) (1 r
) (1 r

If NPV = 0 or NPV > 0 accept

If NPV < 0 reject

. .

120
18 ( %3)
%75
13000 %4
5.5
20
1.3

%5

. .

Rt
C0

t
)* t 1 (1 k
)Return (net cash flow
IRR
Initial cost of project

= Rt
= *k
= C0

. .

. .

P = 40
TFC = 200
AVC = 5
QBE = 40

. .

 :
TC = Q(avc) + TFC

TR = P.Q

TR = TC
P.Q = Q(avc) + TFC
P.Q - Q(avc) = TFC
Q(P-avc) = TFC
)QB = TFC/(P-avc

. .


.
QB = (TFC + ) / (P-avc)

P = 10
Avc = 5
TFC = 1OO
QB = 100/5 = 20
TR = 10*20 = 200
TC = 100 + (5*20) = 200

= 200 200 = 0

. .

.1
.2
.3
.4

()

( )

. .


:
%5
%5
%5

. .