nid opssiend $04S09 ap UOLIVULL]Sd ap suIUIa Te Z3 ap solny $0 sejouesop ered cperise3aconbojus un veuoraed "Spppq stuavodiua> san 505% q pl Bay estan seer se WO 4| 724 S iLeie rap epee set som sos But ss) 8 : ee as sane PANY Ue 9 = 25 jp wivd vouoy, wun se leg CLA) elequus op asSsep op rangomissg“L 7 ft ‘soipyeuoundao san aénp f | i g i P zB 7 i 2 eebll [Ere 4 Peed [EEE z geez] [OE g to -scuip op msi on ead upprmunce opm un pee 62 $4 8F3 “ep ued wun 9 i ; i e i 2 i % SF) fy " BEL sek a fil |PEE ras] |2F | z err issn pig alone os teeta ee ae Efietoonope ig eau nore Sarpy SrchenSaepaapand peanarany cea peak sg deg 9 Cy et anal x pusnag isinep sv conus et a eer otse meen Lge AML Snes op aS 5 Se sray ead opssasoe S16 woomosasin'v1 20 yootoumeat 5 SOLAN) / gL NIODS ‘501800 30 NogWNISS 30 svaNDEL J” OTD Ries ea‘um sjoaesop 335 e119 GANS ap Sof ny s 9p upperedoud ew esed sound jy ounp tumoyse ou soya fp upeseae ofp fon s94 Sopadow 9p unoeSTURpE ef uo eh EUTTELIY Be 4103 eweibop (2 22 embig iN 21 ommoaaisa v1 an yore A SOLEINED J 7'L NODS “ag sopap sansa eae a app neo ‘nb seageuns " Found perp wonsesp eases spore Sy eu A abayqes ap me eafewaye Un 9p a jap ered wn a otto 9 1 Seraduosop eun uo ezuowises opestaht az . apap 9p fo 99 a fetes Ppt on rerrape z El. QERELEEE Fi [ea Z. él HERES ESSE | Fed boot Pee ig Efren el ae PPP’ LE 2EREE “je PR REY) sore 5 : Fairies Ge ke], 2 i ae i : : Bleel) £7 F £ |e : Plarh # Pee] pen ee te a a : & iz z H epmiucone 1d sani Sof aqouusag seuIayo excloyv ond 2 EEPEBS/ FE i @ Ee fag] FF eke a 8 2°93] dE 1 ee 2 e FS] 4y z Bele af EE Boe ge] E 2 oF eteier EP ails: * gt aebt) af pf gPS [st HELE: geese! e iin Peale Praha ie £8 t a Mm mbeaonit ap 0 wa op epperned Tre pen : + ‘ aes bg : np ap aundeyp 95 ‘1800 30 NOES? SO-SYONORL /_LOMUEYD GLE noroawed v130 YEOIONHNAL A SOILBONGD / 1 NWORSrp ue 509) ‘span a ou map Anus oajspuoie wh BSE (os aprap seus © ey osu “jrauibu ap out 9p siaio} uo woDese sys os amb 1ze NpORoAMoD ¥130 YoDTONUMEL XSOLsIIROD | ZL NORORS ‘peaiou oane>sar ap saiyea Of saunas & nus 9p 0 ‘sos » sysos op euo8ayen svn wate sesedad 7 a uss om os ab ne ood yo ss 28s bua sof dian 99 eons 3p euoy us epaledaaa ovr mers 3 ‘009 poiad sp u> gyn ‘so1soa aa Noosa Sa vORDAL YZ OMNUIKD)soe Teno 2d Saguoyay siep ap aivary eueng wun 3 09.03 Ki eo} 2 Sy _aingpp ‘ons of 204 4 souopeligge se ap steno s8uniagio SOADE ST 9p JR (Ze omMoRASD ¥1 30 WOOTOMMEAL A SOLERONOD / Z'/ NODOES eunSj sod upiques ouss“opesed [ap sopernsas we west 252 ojaanp os ns eed eperdande wane) 91 wus ox anb ayzaeD0y 99 oBLeqar [p ted uppeusoyuy ap edlound ayuany es popy—473n02 2p \wueuouour 9s £3 lide ajuaweayrad iu sepepnn ‘SoUOpeT gD “Soande ap sode salua2 ‘sed ajuoioyut eso} U9 So u . ai s z Be seyeogers a8 “ep 01800 J@ srisvan opes6ul qj eee SRS ‘s01s09 30 NoGHUSS 30 SHORORL /_LONWAYD‘ular ep oe ssiuap ety gaen oe Upoe He UO , ‘O9s = (wel zrsuoU' sess = MD ssucyeap ap ey of ua a asa] an Se | sPpmuts eowoy upioeedises ap aporpa [2 oad exe opeeeu9p ou wEPOd | et “opiaased evan ap ooidivo> suuou oyasrp un ap ats Dp acco wysa9 ep, 1 Usuon wsuotd 2s anb se 2 apap uo ypu fap angen fap ues e 0M (yo -onyaaja ap soln #01 uo esis uy ap sou oadaud s9pueid woo wpeasogas ‘sas ap up}resodiouy ef ap OUNo> Ie Ip Ste (S0UOOH) NCOs 3a SHTHS SANDAL /- EL NODES so1S09 30 NommWSa 30 SYONDRL J OTUMED,2 PERE SIN eo “WI Roo ‘opessuad soy syeso}] sod ajqgenquie> 3p 50>) aod soe ‘pepnedes 2p yemoyy sod euetd 9p jide> ap 20 savas 0] wos sojduala sony ‘eouanye uno eumges af anb ,pepyun aod sas, un ap oa fea a spl comes sae soy fo you nana sp onto rath tne Sere iti ale acral omen Tage tp co apes olay Sis np een See op cae si a sero eyeyun eojuoas ZL vote? jeoaeyun ent -owsld us seo uote Jeonsins 6pt snd omeyd ms ‘gor = 766 sta 255 s06t (ous 008 (uoeByseneas) O08) * OTA +9, upszudao auoias 0d opep re opepiod fs yp wn daa 21 osnoua ure ab pagan uss opine “ so1s00 31 NoRWHSS 30 SORORL / LOTed erepursnsanb Ap (4809 9p 1 ‘oinposd of onb ensanu #2 oda jap seit fp pone opewsyea oss yp aso (3 ‘seou00 "225 = onusquneuoseyse ap sn 104 onsugw ese = ssopunue 9p osuinu = 4 RRR ena mee Ree 50 easap as anb ojsm> = 3 apuop ze S01500 20 oR HOMIES / 12 N9DORS sousn0 2a nocowmuss 20 SvoNaL /. LOTWEDsedans aed et VL ap sauonera sop aqu2sap tum (20403) 95 on sp wunpucied uprsows9 9p oiouss ola un so soLnME wyoNENE| we OgDHOP ae AnD wads ap 9 ops e BION ui ‘vopeiuounoodr ‘spo op scout ap aston, au808, aun mimeietinaee: aicaneees i sone pepr er a | mes | a. | ~. mperesiideengn encima secon eoypadss reenquos ap ownsany cue ap anda “own neg cue souolesed ap sndouny ogee wosnauisue3 (vate s01S0930 NpOWIUSS SO-EVONDRL / LOMO 0ue>oyy @usIeu] 9p onuaLseUed=p (3 9's O1awara wag eo eupsaysopey soquie ua Sou ynue ewe) je"aogy EE oyun ctepen y81= 8 ‘ fio, sf, ml” FR 2H vig “q Sopw =n Boy ‘g=nowes {8 Bow = y 80] -"Z Boy od ‘ERT O=vepwop tee 9p uopuny red opuaye pou! stun ap eraupt js wtdnp os an ln 9p pepnue> ef us versus ‘yy oot ap aed Sep auoq Fes = 9e7 % SouOKTUH COKE = ¥D (mua EAE uo es =Y> “Mm 0a ap ewejd e eed ayumnds wopeso e] ouongo 05 (2) PEN e| vO? "ERY ‘So1s09 Sa NGKOMSS3OSYORCRL ¢ LOMND iavenge 95 (5) Uptoena9 v1 9c Gt SP8RS = ou tle = fs od 8, oct me ¢ se86 sez r ose we £ i815 cd z aves ones t epanunoe 12uppERUS so © sp Sezypuaide ap taund eun seD|de aqpp 38 {a eyfdnp ab and 234 tpe> sg pp awuersu09 uorsMUTUIP 2p e=e) Sparen fs spapal eed Sau {oy uno fanb sas seudies 2p a1un18 fy "opespens aid 30d Jes 7 ee ovawara sewoy veo = 01/19 = L/L =" suange 98) wameN e| 095, apas'3 ape a SRRTED pucid oda a ~ "Zoo =m nb eaz9590 25 (92) Us SEH04 19 = Lepen DE + cog + gery HOO = yah sod ope ves“ ps7 soy cp = SEE = wo pro od ‘isco sa NoDWISS 39 SOROAL / LOMOsp sasoyen £0] z(naye> ered wey yey 9 = 0 sai goad 9588 noomos ot 2 + 4 © os z or ‘ rep (ao annoy ye seauad se 03 e's ovawara sd uaojdu as an sovep 50 2p o10us 2 > Syu eda | adnyssu0> oy SOlep 9p UpyPErTEULOU K UOURIIO Ze YL sous00 29 NoDHMUSS aa-VONDaL 7 LOMAoral cy ea eogpuanb oy0u ap ED. re 9p eyo 9 AUR AEN js Vooeaugd ap AERA _é earth Ly = euse wee fe wee ape TS ap ppdes ay aga C35. I ao ~ squopenseim Ho5 “ZT eeE = (SENT = AAECRIG = (O16 Me GNSE aN 08 wesc one rreez wes qos as seus tr ere at af Tomy fp aoypadd as uppensa eas eaduo 2816 19990 + 1eBt =0180> popu 30 05 nuns e639 1 ngomos sootsuos ap away 9 35 ez o1awara e6590= 7 = (or OigcaarO— mest caer COO ees HI) __ ver aot ~ Geenors ~ (ose see co) ment ee es orort iS 7 009 Fe 5 coro, 638 + forme” ass € tose HF z tv az i & ‘« fi ‘501800 30 NODHNESS 29 HEHORL /_ LOTUS‘oquaunoop ap uppoapardar suse sap sostap 80) ouosp uo vasteude oor 4 #191498uF ap E409 507 [aezubulco apugp s0q7 saunas soy awser'tsa 1 gums 2969 wise uasernbas ej anb soluatodk 198 vea ue alngey syne uapand anb e e1uen> Ue ‘9p uo|oewnse e| A ap soqusuiaja Soy ys" oy st upoandoud | owo> jeune pura 2p seep $0] ap auod ruse tir Sa 199 Cop ese uppand Us. ‘spat aub zo eu en anima sures Sse 30 5 | puso] ap onuap uaAnyout 2s s208 v anb‘soanonsutupe A seseuad S005 + ye cr80 90 ossaos 1a Na SOSOD 30 NODHNUSS YT / GE NOOORS = eiso0 Banoromusa aa svoRERL JOM1 6) coo 449 sasaunu sapeprun set aonpord wed sesso v90 0 9s Batblga o> moun 9p 521qwes OE 2P 29] tani ap soqugey ago ap oe ap sexy ef Jounigo eaed aezypunide ap $03 dis anb ojduo> We ap SORDUIP 03509 re dead ajuonsayy 39" oraines ae 20) BYE cys0K0 20 Ossnoat 15 N3 901500 Ba NOOMNSS T/L NEDORS ‘1s00 so NomWMUSA BaSYORORL / LOMLeD “pp rear p15 aguuesuD 0d 05 25 °P np ord jeanb ewaye opearow ap ofprssun anb wins S| {SPE Y=: 30 osi00ud 1 N2 SOL800 30 NOOMMISA YT / SL NODORS ‘vse |e woo uneee ne Kanymigeojeeo ap cideaue® ia L-eNTA = 5 B 8 5 g af 85 og 28 ee B32 [OF ge Ue z W E z ae z 3 e 3 : 2 i le FE i spats lo “Li fae ‘nusaig0 01809 300823008 >)‘onjlgo ooisoo J eanizejnuew 2p cio 9p upEWHSS ZZ Eun uo exed ean>ejnUea ap EO) z$ ua quniaep a8 un zi-L o1awal =. ey ouny spe sajeuopunaues sewoqaresay eZ fe uoaoos 8 2 os ‘osoeud jap 0 opposd _- "1p 9 ed ovaspos [ap pou sod “e>aap cago op ouew ap somuaaantal sO MPH AP {Bet 01290 30 osszcaid 8 N S01S09 39 MRDWMSSY 7 GE NDORS ee aeor roses 9p od ex emnbs See Sree at PE, CASO 30 ossoMKA aN SOLSOD 39 HHGHTUSSY] J S'LNODDAS nf op mun eso Spronas ap senunand Irn ESRsiep v9 epereds 173 wun an a6 o8 Up ap ely sot eum ua asrowgsion pond ossrSu fs Koyso> poland ps3 uooewis wpe ox boy op >, vee kom oe FL 8 ec sauooRs seo uo ~esnou upsorejncpor‘ofieqiu tis souenad sono “ry sosasSur 2 4509509 es a se ern nr eee mn oaidn oyafoud ouenbad un exed ‘ep sofny So} op uoIseWNSA 9° onyoese ep Sofnyy So] op Uo} O°Z ‘eausej91098u09 OF LeunBla | ‘s01S00 39 NOMS ID SHANDSL J LONDule ap SEND 4 ‘sabynuop!anb osu Taajediutud queda sat i} “legos op jeide® op upowadnoas e sinus taroue op yg feoqwou puss (2 ap Coy | uo ips ouso>aueuseandodss DODOIES A oo'se1s 72N8> 201 preg ef aol esata undp tos 0x2 sue Sy ua OANDAS ap OIA Ap FORWOL! FO TCO ERS + OOVOLEE ORE TES - WETS =) cOORLTT 5 overs s os 0H8 * ovine © covers z ovr 1 (ouneeis+ ons one 28- =) ons st 08— ° © sivedueo) waa oe 0 a ‘ upysesodo ap soso 507 ‘2p ase e509 equsacs ap uefusigo a ab soiep 50] 2p os fo uo> aese|NoeD eupod LP9E eRe LZ WIOORS evzoruel 7.aose jap esasSuy @ o3s09 99 vODEUNEE E| BIE Ona BF BIH ort mee ort ont ops ‘oes as oS so5016), exanie {a04e) oxonuainbo 9 ey (3 esis sae edinbs jor Seay fring i Saw SORT o1S00 30 NoKNISS BOSVONOAL / LOTUSScho f Sppr ont “aud cojouajp so, some sperpens sud e000 sewoiqoid 6°L yo 90K NON) POE A YH BS 2 0 MES, rasa pow si vay afap9) mesgoyy 204 mend 'p2 Wz 9 BOK MAN "OD 400 serouosejou gz ‘01s00 20 neous aa SEMRL /_LOMUINDcoo: “2pepten ap aus emoeqautar In sssoseei 3p ey sobedia 2p seu s2jauaiew 5] ap ap ayy twopesunape ap seen se) sappeouge 9p SOBs HED ap jonny supe ap £140 ap ouy ‘fanapexgo pou apes i ses ap wasn sno clan 9b sd stad sexopeynainad 2p eyotSun09 wun “BEL juga sai wus ae an pqs _p sagas opoy sos asnpaid wpzedino> ey 6u0 © ge smmemy 7 GL NIDDIG (erg) ose (9) cenesa0o bed 2p S03 fod 9p 50150 aweuaes -uposnpaad 9p j450) ‘eunjn neue ugprouges op sorsnpey ‘Regrc e ap quan op B acts 67 ean St onb op oP wo 6 9p O51 0 UO) “ZEL 01500 33 NOGWHISS 20 SVORERL /_LOTRINDPs or ove pro ered yaad sp wosesTayy pepunas ap seuss ‘wopeyumiues undo esos soe us sepeuounsed sue & sojsueuoners'spepran ‘usu pp oman onr00es np 900 ‘wove! Soule ‘ob spomwn op OveeL spsompes "0480, reer ee W9t Sz vinoliin ww 129x330 C1MONO IWOH / YL SOEs fee SESE 50 MCA: if ETNA: “eiACNE TB J EXRMRO ADCONA CE COSTED ORIEIVO 968 ue ag 4E - gat g is il we gf ce ay S 2: fe 2 te. fe g @ ff 52 a g 8 af 28 : 2 g £5 Ble 3 & gh fepety si 4 5 ibasee of $ 3 ii Seezii # g 2 BBE gelies 3 i E Wothke: i i ba EetE 3 5 m ogieedr es 2 ad s 9g treeitess i 25 : 3 22b2eets 3 ig g Bnd ; bf ga seks = a cs: egy = ISHS OURNE* 295°. IONS HENS TEA, = INE Begs 29$+ 229810 < 28S = quuaene tHe 98 a ays SHS ASC,» TABS HHH TEAS. = SIS VSHECETAS Weare 99136" = eaFHS HASH REIS = AUS ZESHS HED. = MLS ‘HS S180, ~ NH) SHS HAS. = LABS USHIS +81 = LISI EHS HES LW. = ISIS ALOE ID#'D < LSI Ig1O8 ISHS 2138". ZASHISTASHS + LIRA = LSI TISHS C1889, = CESS “HHS® 136, = LUE HH LBS", = CLIPS B18 198. = LISS SHS 6 CB8"-¥. = LISS AOS 138 0 « £198 ‘Gun ssn = (qUsIOs THsHS Sasa, = subs zIsH -sEas=9. = SUIS SUIS 2945+ SRE sh» SUIS BOE OEIIS LV, = SLIFIS SIOSSIDE D © S138 eins as81vINAS = caucios usHs casa, css UB 2198 a. = 2185 4480S sa, = 140 NU TD. = TUSIS HS IDK, = LISS YOHE TTBS = ELSI TOS ZEINV BIS = ret ones = nig v= es tag #0 < BE eos +4980 < 99015 = ‘aise st36 1S SHS S138. ape ait ae a, = yas pennL -soynaias gL 9p 9 ope 2 7 sumysooou as anb (opeuinbew 9p edu sro op aroun fe t>npad auld e| ap OMDSIPS -E ;pepwun/og 1s = PrP. n/oco$ + Pepwan/ort$ ap so upoonpoud ey exed ouaxeu fap [ey 4509 [9 "S>UOIN wane) (smn) jun ZT ws ern -5 oe 08 01809 op jesouayod upteonps: ap seaie se] exed oys09 ap seiw op ouaIUuioa!qeISS Luoroanposd e} e1ed sojeusyeU So} ap S0}S09 So} 9p UO!NEWRSS an oe am otsongsco (22 emer wat ase sequnnuienoy ap orqwes ap ody + Teuinbew sp oduoi,. + wpreqndyue ap odvany =e Taunaon ‘eruoviman ois 20.1 rad 1b ‘ody or tino aunty nb 9 snip nga ap oon Sooty alate eocodua oso wants op aden eae) Sted aba == . so1s09 30 Npiowuusa 2a SYONDAL LOUD"us 9p ooatd f einjomauew op S09 jp Pe URDEUIES WE emf ‘onbedu op osasoid wed c1s00 ep eieyy CL em 1s osmosis -ayapox edison [op ugonpar eu, pep 99 2p OMe 304 9p ay ease *1-ojquies 215 20d sopensje uaa a ou seanesay ap NUS 9p A couees op oun cise isa so syoNDAL LOTUS, 486 ohusrao cats09 30 NODE OWN / Gy ZOCNRLY 20 noo Lt702 APéwoCEB / Resruesies a Las process 6.98 a) VP = $171,592 b) VA = 337,415 6.99 a) Tk =75.¥% byTIR = 794% OTR = 8.40 a) VP(1O%) = $60,150 b)si 6.44 VP{lW%) = $17,208 6.42 VA(12%) = $3,468 Lanta para ef PEDI co Io para et VEA 6.43 No, nw 4s una inversivn rentable 6.44 FEDI para el FDA 010 = S6s,0k10 6.45 a) FDI paca FDA 1-10 b) VPCI2%) = $2,143,061 ‘85,701,000 6.46 cept Ia propwesta Il CAPITULO 7 74 Con 7s 1a 7.8 a) ly = 15K; 1, — 2084 yc saziv 17 ad Ly = 176 PY aaa HAS Cot = $7910 78 79 cestimaciones alta Lajas dl 59.88%; por lo tanto, no dele cesperarae que la estimackin sea mids exae to del 454 TAO Cost = S12 641919 TAA a) Casto = $6.300/0in0 TAZ a\Costo = $229,707 bb) Coste = $127,512 TH3 Costa = $945 900, TAG Coy, = $1541 94.3 hors hy = 108 horas; 2, cS = 175 horas 197 horas. p49 hors TAA7 1AM the nsuccion en cases inlets TAB Coste total = $225,678 TAD a) fy = BR = 15h 0 156! \, 21530 158% 7.20 a) Costs = 50,631 1 51.5x (a v= 23,000 1 cost = $1,215, 1) Db) SE = 59,730 R= 09765 721 7.22 1.23 728 1.25 7.26 7.28 7.29 7:30 nat CAPITULO 8 Bt a2 as aa 35 a6 ar ant az ata ata é a)y = 018134 0A by R099 hy = $101.58 4 Precio unitario de venta = $248,000 Precio unitarie de venta == $81 50/artetacte 4) Utilidad pudxina = $26.04; maggen de utiidad = 6.61% by Coste objetivo a margen de wiidad der 15% == $965.22 (no pce alearzarse} X =4497 unidades a) Coste taal de manufaetana 284.4; previo untario de vena = $2741.92 1B) Costa objet = 42,000 Costo total = $2,239.40 5 =009 (ean de apaunalizaje el 90") 2) Precis sitar de venta = $1145 por uviae b) Casto ubjetive = $49 por usdad 0) Es penble «jue se kg ha recacednt de LOL wn ol cuss unitari i 96 Fenege eta el easto del materia! para la pee Acc lae ppv planta a) VP.) == 86.082 by VPG,) = 88,001 N- Laie Seteceioninr la sitincidn 2 (Vlg = 84.000) La alternativa B tiene ef VP menos negat ven el momento O (VP = $369,070) ‘Alternative 1 (VP = $10,000) $881,746; $92,069; $3156; y $4061 f=2I?% VE, = $19231 a) Inversién taal de capital 1b) VPCI2%) = —$24, 5864440 1) VA(H) = ~$5,524.460 Pasi) = $43,755 N= anos TK, = 1.85% por ano a) VP (on AB) = $14,205, 1) VA (er RB) $44,992