INDICE
INDICE..................... ................................ ..................... ..................... ..................... ..................... ............................................. .................................. 1 INTRODUCCION.................... ............................... ..................... ..................... ..................................................... .......................................... 2 1. PUNTO DE EQUILIBRIO PARA VARIOS VARIOS PRODUCTOS O SERVICIOS (TEXTILES).................... ............................... ..................... ..................... ...................... ..................... ..................... ............................. .................. 4 2. PUNTO DE EQUILIBRIO PARA UNA EMPRESA TEXTIL....................................5 2.1 Costos fijos:.................... ............................... ..................... ..................... ..................... ....................................... ............................. .. 5 2.2 Costos varia!"s: ..................... ................................ ..................... ..................... ............................................ ................................. 5 2.# Mar$"% &" 'o%tri('i)% MC: ..................... ................................ ..................... ..................... ............................. .................. 5 #. *ACTORES DETERMINANTES QUE AUMENTAN LA PRODUCCION + ,ENTAS EN UNA EMPRESA TEXTIL..................... ................................ ..................... ..................... ..................... ..................... ................. ...... 8 #.1 ELEMENTOS DETERMINANTES...............................................................8 #.1.1 *ijos:..................... ............................... ..................... ...................... ..................... ............................................ .................................. 8 #.1.2 R"$(!ar"s: ..................... ............................... ..................... ..................... ..................... ..................... ..................... ................. ...... 8 #.2 REQUERIMIENTOS PARA EL PUNTO DE EQUILIBRIO................................9 #.# *-RMULA ENERAL..................... ................................ ..................... ............................................... ..................................... 9 /. R0*ICA DEL PUNTO DE EQUILIBRIO EQUILIBRI O..................... ................................ ...................................10 ........................10 /.1 *-RMULAS PARA OBTENER ELEMENTOS DEL PUNTO DE EQUILIBRIO. .10 .10 /.2 TCNICAS PARA PARA CLASI*ICAR LOS COSTOS SEMI,ARIABLES SEMI,ARIABLES................11 /.2.1 Mto&o &" $r3fi'as &" &is4"rsi)% o &" i%s4"''i)% vis(a! .........................11 /.2.2 Mto&o &" r"$r"si)% &" !os 56%i5os '(a&ra&os ....................................12 /.# SENSIBILIDAD PRECIO7,OLUMEN7COSTO EN UNA EMPRESA TEXTIL.....12 8. PUNTO DE EQUILIBRIO PARA EMPRESAS QUE MANE9AN ARTCULOS DE DI*ERENTE CONTRIBUCI-N MARINAL ;SOLO TEXTILES<.............................13 8.1 INCREMENTO EN ,ENTAS EN UNA EMPRESA TEXTIL............................14 8.2 CAMBIOS EN LA PRODUCCI-N EN UNA EMPRESA TEXTIL.....................15 8.2.1 ELIMINACI-N ELIMINACI- N DE AL=N PRODUCTO..............................................15 8.2.2 PROMO,ER LA PRODUCCI-N DE OTROS ARTCULOS ......................16 C)5o 'a!'(!ar "! 4(%to &" ">(i!irio "% (%a "54r"sa t"?ti! ....................................21 @. MARCO TEORICO:..................... ................................ ..................... ..................... ..................... ..................... ....................... ............ 24 @.1 LA IMPORTANCIA DE CONOCER EL PUNTO DE EQUILIBRIO EN UNA EMPRESA TEXTIL..................... ............................... ..................... ...................... ..................... .................................. ........................ 26 @.2 ,ARIABLES ,ARIABLES ASOCIADAS AL AL PUNTO DE EQUILIBRIO...............................27 Costos $astos fijos ..................... ............................... ..................... ...................... ..................... .............................27 ...................27 @.# Costos $astos varia!"s varia!"s..................... ............................... ..................... ..................... ..............................28 ....................28
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
2
@. # CONCEPTO METODICO DEL DEL PUNTO PUNTO DE EQUILIBRIO:......................................34 @./ CALCULO DEL PUNTO DE EQUILIBRIO EN ,ALORES ,ALORES MONETARIOS MONETARIOS....................35 @.8 CALCULO DEL PUNTO DE EQUILIBRIO EN UNIDADES. UNIDADES......................................36 @.@ CALCULO DEL PUNTO PUNTO DE EQUILIBRIO EN *ORMA R0*ICA.............................41 CONCLUSIONES .................... .............................. ..................... ...................... ..................... ..................... ..................... ................... ......... 46 BIBLIORA*A.................... ............................... ..................... ..................... ..................... ..................... ................................. ...................... 48
INTRODUCCION
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
3
'ost"s fijos !os 'ost"s varia!"s. Est" 4(%to &" ">(i!irio ;o &" a4a!a%'a5i" a4a!a%'a5i"%to %to '"ro< "s (%a "rra5i"%ta "strat$i'a '!av" a !a ora &" &"t"r5i%ar !a so!v"%'ia &" (% %"$o'io s( %iv"! &" r"%tai!i&a r"%tai!i&a&. &. Part" &" "sta i54orta%'ia !a &ar"5os a 'o%o'"r "% "! Co%'"4to &" E'o%o56a &" "sta s"5a%a.
Para 'o5"%ar &"fi%ir"5os a!$(%os as4"'tos 3si'os. Por Cost" *ijo &"%otar"5os to&os a>("!!os 'ost"s >(" so% i%&"4"%&i"%t"s a !a o4"ra'i)% o 5ar'a &"! %"$o'io. A>("!!os 'ost"s 'ost"s "% !os >(" s" &"" &"" i%'(rrir i%&"4"%&i"% i%&"4"%&i"%t"5"%t" t"5"%t" &" >(" "! %"$o'io %"$o'io f(%'io%" 4or "j"54!o a!>(i!"r"s $astos fijos "% a$(a "%"r$6a t"!"fo%6a s"'r"taria v"%&"&or"s "t'. E?ista o %o "?ista v"%ta a si"54r" (% 'ost" aso'ia&o. Por 'ost"s varia!"s &"%otar"5os to&o a>("!!o >(" i54!i'a "! f(%'io%a5i"% f(%'io%a5i"%to to vivo &"! %"$o'io 4or "j"54!o !a 5"r'a&"r6a o !as 5at"rias 4ri5as. A &if"r"%'ia &" !os 'ost"s fijos !os 'ost"s varia!"s 'a5ia% "% 4ro4or'i)% &ir"'ta 'o% !os vo!F5"%"s &" 4ro&(''i)% v"%tas. Para >(" "! %"$o'io t"%$a s"%ti&o "! 4r"'io &" v"%ta &"" s"r 5aor >(" "! 4r"'io &" 'o54ra. Esta &if"r"%'ia "s !o >(" s" 'o%o'" 'o5o 5ar$"% &" 'o%tri('i) 'o%tri('i)%. %. To&o "54r"sario &"" sa"r '(3! "s !a 'ifra &" ,"%tas a%(a!"s >(" a &" 'o%s"$(ir 4ara %o t"%"r 4r&i&as o 4ara "54"ar a ot"%"r "%"fi'ios. A "sa 'ifra s" !a 'o%o'" 'o5o "! G4(%to &" ">(i!irioH ;P&E<.
La ot"%'i)% &"! P&E 4art" &" sa"r '(3%to a4orta a! Mar$"% Br(to 'a&a "(ro &" ,"%tas s(4o%" 'a!'(!ar '(3%tos "(ros s" a% &" v"%&"r 4ara 'o%s"$(ir >(" s( a4orta'i)% i$(a!" !a 'ifra &" Cost"s &" Estr('t(ra ;>(" s" s(4o%" >(" so% 'ost"s fijos<.
Para "! '3!'(!o 53s "?a'to &"! P&E &""r6a a'"rs" (%a 4"rf"'ta s"4ara'i)% "%tr" Cost"s ,aria!"s ;>(" var6a% 4ro4or'io%a!5"%t" a !a "vo!('i)% &" !as ,"%tas< Cost"s *ijos ;>(" so% !os 5is5os 'o% i%&"4"%&"%'ia &" !a 'ifra &" ,"%tas<. a'"r &i'a s"4ara'i)% 'o% "?a'tit(& %o "s f3'i!. D" "'o 'o5o a "5os &i'o !os Cost"s Dir"'tos ti"%&"% a s"r "s"%'ia!5"%t" varia!"s a(%>(" %o !o s"a% to&os &"! 5is5o 5o&o "% !a 5is5a 4ro4or'i)% !os Cost"s &" Estr('t(ra ti"%&"% a s"r fijos a(%>("
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
4
'o54ara'i)% 'o% !os Cost"s &" Estr('t(ra. Asi5i!a%&o CD a Cost"s ,aria!"s CE a Cost"s *ijos.
1. PUNTO PUNTO DE EQUILI EQUILIBRI BRIO O PARA PARA VARIOS VARIOS PRODUC PRODUCTO TOS S O SERVIC SERVICIOS IOS (TEXTILES)
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
5
asta aora !a t'%i'a &" 4(%to &" ">(i!irio !o (ti!ia5os 4ara &"t"r5i%ar a >( %iv"! &" a'tiv a'tivi&a i&a& & 'o5i" 'o5i"%a %a% % !as (ti!i& (ti!i&a& a&"s. "s. Para Para "!!o "!!o as(5i5 as(5i5os os >(" >(" "?ist" "?ist" (% so!o so!o 4ro&('to 4or !o ta%to a! 'a!'(!ar !a 'a%ti&a& a 4ro&('ir "% "! 4(%to &" ">(i!irio a(to53ti'a5"%t" 4o&"5os 'o%o'"r "! va!or tota! &" !as v"%tas. P"ro "% !a r"a!i&a& t"%"5os 53s &" (% 4ro&('to o s"rvi'io "% "st" 'aso %o "s ta% f3'i! &"t"r5i%ar "! 4(%to &" ">(i!irio 4ara !a "54r"sa 'o5o (% to&o. A>(6 'ora 4r"4o%&"ra%'ia !a G5"'!a &" 4ro&('toH o s"a !a 4ro4or'i)% "% >(" v"%&"5os !os &if"r"%t"s 4ro&('tos. Si "sta 4ro4or'i)% %o s" 5a%ti"%" "! 4(%to &" ">(i!irio r"a! s" &if"r"%'iar3 'o% "! 4ro"'ta&o.
E9ERCICIO ;PUNTO DE EQUILIBRIO PARA ,ARIOS PRODUCTOS + SER,ICIOS< U% 4">("Jo "54r"sario i%&(stria! ti"%" 2 4ro&('tos A B 'o% !os si$(i"%t"s &atos: 1K Co% "sta i%for5a'i)% "sta5os "% 'o%&i'io%"s &" 'a!'(!ar "! 4r"'io 4o%&"ra&o ;P,P< &" !as v"%tas tota!"s 'osto ,aria!" (%itario ;C,UP< &" !a for5a si$(i"%t": P,P ;2#8./< ;#128.@< UM 218. C,UP ;@# ? ./< ;11 ? .@< UM @. 2K Co% "stos r"s(!ta&os a 4o&"5os 'a!'(!ar "! 4(%to &" ">(i!irio tota!: C* 2 C,U @ P,P 218 PE #K E! '3!'(!o &"! %F5"ro &" (%i&a&"s f6si'as a 4ro&('ir a %o "s ta% s"%'i!!o 'o5o '(a%&o trata5os 'o% (% so!o 4ro&('to (%a for5a s"r6a "! &istri(ir 4ro4or'io%a!5"%t" !os 'ostos fijos a 'a&a 4ro&('to "% !a 4ro4or'i)% &" !a 5"'!a ;A/ B@<. Es as6 'o5o 'a!'(!a5os !os 4(%tos &" ">(i!irio 4or 4ro&('to: C*A ./ ? 2 UM 11@ C*B .@ ? 2 UM 1/ Pro&('to ;A< C* 11@ C, @# P, 2#8 PE Pro&('to ;B< C* 1/ C, 11 P, #128 PE *i%a!5"%t" "! 4(%to &" ">(i!irio &" !a "54r"sa "s:;PEA PEB<
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
6
E9ERCICIO ;PUNTO DE EQUILIBRIO PARA ,ARIOS PRODUCTOS + SER,ICIOS< E! 4r"'i r"'io o &" v"%t v"%ta a "! 'os 'osto vari varia a!" !" 4o%& 4o%&"r "ra& a&os os "s v3!i v3!i&o &o si"5 si"54r 4r" " >(" >(" 5a%t"%$a5os "% !a 5is5a 4ro4or'i)% !a 5"'a! &" 4ro&('tos "% !as v"%tas tota!"s. Si !a 4ro4or'i)% f("ra a !a i%v"rsa "% "! "j"r'i'io 2 "sto "s A@ B/ "%to%'"s !os va!or"s 4o%&"ra&os &" 4r"'io &" v"%ta 'osto varia!" s"r6a% !os si$(i"%t"s: P,P ;2#8 .@< ;#128 ./< UM 2@@ C,UP ;@# .@< ;11 ./< UM 8 E! %("vo 4(%to &" ">(i!irio s"r3 "%to%'"s: P,P 2@@ C,UP 8 C* 2 PE Ca!'(!a%&o "! 4(%to &" ">(i!irio "% (%i&a&"s t"%"5os: C*A .@ ? 2 UM 1/ C*B ./ ? 2 UM 11@ Pro&('to ;A< C* 1/ C, @# P, 2#8 PE Pro&('to ;B< C* 1/ C, 11 P, #128 PE *i%a!5"%t" "! 4(%to &" ">(i!irio &" !a "54r"sa "s:;PEA PEB< @/ 8 18@ (%i&a&"s
2. PUNTO DE EQUILIBRIO PARA UNA EMPRESA TEXTIL VC)5o VC)5o a!!a a!!arr "! 4(%to 4(%to &" ">(i! ">(i!ir irio io 4ara 4ara (%a (%a P5"s P5"s >(" 4ro&('" 4ro&('" v"%&" v"%&" vario varioss 4ro&('tos t"?ti!"s :
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
7
S" "%ti"%&" 4or 'osto o4"rativo &" %at(ra!"a fija a>("!!os >(" %o var6a% 'o% "! %iv"! &" 4ro&(''i)% >(" so% r"'(4"ra!"s &"%tro &" !a o4"ra'i)%.
2.2 Costos varia!"s: varia!"s : Los 'ostos varia!"s a! i$(a! >(" !os 'ostos fijos ta5i% "st3% i%'or4ora&os "% "! 4ro&('to 4ro&('to fi%a!. fi%a!. Si% "5ar$o "5ar$o "stos 'ostos 'ostos varia! varia!"s "s 'o5o 4or "j"54!o "j"54!o !a 5a%o &" ora !a 5at"ria 4ri5a !os 'ostos i%&ir"'tos &" fari'a'i)% si &"4"%&"% &"! vo!(5"% &" 4ro&(''i)%.
2.# Mar$"% &" 'o%tri('i)% MC: Co%ta!"5"%t" s" 4("&" &"fi%ir a! 5ar$"% &" 'o%tri('i)% 'o5o !a &if"r"%'ia "%tr" ,"%tas ,"%tas o i%$r"sos i%$r"sos o4"ra'io% o4"ra'io%a!"s a!"s !os Costos varia!"s. varia!"s. Ta5i% 5i% s" 4("&" 4("&" &"fi%ir &"fi%ir 'o5o !a 'a%ti&a& &" i%$r"sos o4"ra'io%a!"s ;v"%tas< >(" >("&a% &is4o%i!"s 4ara '(rir !os 'ostos 4ara $"%"rar (%a (ti!i&a& o4"ra'io%a!. MC ,"%tas 7 Costos ,aria!"s E! a%3!isis &"! 4(%to &" ">(i!irio "st(&ia !a r"!a'i)% >(" "?ist" "%tr" 'ostos fijos 'ostos varia!"s vo!(5"% vo!(5"% &" v"%tas (ti!i&a&"s o4"ra'io%a!"s. o4"ra'io%a!"s. S" "%ti"%&" 4or 4(%to &" ">(i!irio a>("! %iv"! &" 4ro&(''i)% v"%tas >(" (%a "54r"sa o %"$o'io a!'a%a 4ara !o$rar !o$rar '(rir !os 'ostos 'o% s(s i%$r"sos ot"%i&os. ot"%i&os. E% otras 4a!aras 4a!aras a "st" %iv"! &" 4ro&(''i)% v"%tas !a (ti!i&a& o4"ra'io%a! "s '"ro o s"a >(" !os i%$r"sos so% i$(a!"s a !a s(5atoria &" !os 'ostos o4"ra'io%a!"s. o4"ra'io%a!"s. Ta5i% Ta5i% "! 4(%to &" ">(i!irio s" 'o%si&"ra 'o5o (%a "rra5i"%ta Fti! 4ara &"t"r5i%ar "! a4a!a%'a5i a4a!a%'a5i"%to "%to o4"rativo >(" 4("&" t"%"r (%a "54r"sa "% (% 5o5"%to &"t"r5i%a&o. La 5aor6a &" !os 'ostos fijos 4or "j"54!o: arr"%&a5i"%to &"4r"'ia'i)% sa!arios 3si'os "%tr" otros %o 4("&"% r"!a'io%ars" &ir"'ta5"%t" &ir"'ta5"%t" 'o% !os &if"r"%t"s 4ro&('tos
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
8
Mat"ria!"s &ir"'tos 4or (%i&a& 4ro&('i&a W.8 W@.# W/.8 Ma%o &" ora &ir"'ta 4or (%i&a& 4ro&('i&a W#. W2.8 W2. Cost Costos os i%&i i%&ir" r"'t 'tos os &" far fari' i'a' a'i) i)% % 4or 4or (%i& (%i&a& a& 4ro& 4ro&(' ('i& i&a a W2. W2. W1. W1. W W Tota! 'osto varia!" (%itario W18. W1.@ W W .# Costo Costoss fijos fijos tota!" tota!"s: s: Arr"%&a rr"%&a5i" 5i"%to %to &"4r"' &"4r"'ia' ia'i)% i)% W8.. sa!arios 3si'os Pr"'io &" v"%ta (%i&a& W28. W1.8 W1 W12.8 Mar$" Mar$"% % &" 'o%tri 'o%tri(' ('i)% i)% (%ita (%itario rio ;4r"' ;4r"'io io &" v"%ta v"%ta W1. W. W8.2 5"%os 'ostos varia!" (%itario< U%i&a&"s 56%i5as a 4ro&('ir ;P(%to &" E>(i!irio< #1## 12 2 8@1 VC(3%tos a4atos o!sos 'orr"as s" &""r3% 4ro&('ir 4ara %o $"%"rar %i (ti!i&a& %i 4r&i&a o4"ra'io%a! E! 4ro5"&io 4o%&"ra&o "s (%a "rra5i"%ta >(" 'o%tri(" a &"sta'ar a>("!!a a>("!!a i54orta%'ia r"!ativa r"!ativa >(" ti"%" 'a&a 4ro&('to 4ro&('to 4ara "! "54r"sario. "54r"sario. E% "! 'aso >(" s" 4r"s"%ta !a i54orta%'ia r"!ativa ti"%" >(" v"r 'o% sa"r 'a!'(!ar "! 5ar$" 5ar$"% % &" 'o%tri 'o%tri( ('i) 'i)% % 4o%&" 4o%&"ra& ra&o o 4ost"r 4ost"rio ior5" r5"%t" %t" a4!i'a a4!i'arr !as f)r5(! f)r5(!as as >(" >(" s" r">(i"r"% 4ara "! '3!'(!o &"! 4(%to &" ">(i!irio. Si$a !os si$(i"%t"s 4asos: Paso 1: E! tota! &" (%i&a&"s >(" s" va% a 4ro&('ir "%tr" a4atos o!sos 'orr"as s(5a% s(5a% 1.8 1.8.. Si s" a4!i' a4!i'a a (% a%3!is a%3!isis is "str(' "str('t(r t(ra! a! ;a%3!i ;a%3!isis sis v"rti' v"rti'a! a!< < s" 4("&" 4("&" os"rvar >(" &"! tota! &" !a 4ro&(''i)% !os a4atos r"4r"s"%ta% "! 88 !os o!sos "! #8 !as 'orr"as "! 1. Paso 2: E! 4or'"%taj" &" 4arti'i4a'i)% &" 'a&a 4ro&('to s" 5(!ti4!i'a 4or s( 5ar$"% &" 'o%tri('i)% (%itario. (%itario. E! r"s(!ta&o s"r3 "! 5ar$"% 5ar$"% &" 'o%tri('i)% 4o%&"ra&o 4o%&"ra&o &" 'a&a 4ro&('to. Si s" s(5a% "stos va!or"s 4o%&"ra&os 4o%&"ra&os s( r"s(!ta&o si54!"5"%t" si54!"5"%t" s"r3 "! 5ar$"% &" 'o%tri('i)% tota! 4o%&"ra&o ;W.8< &" !a 4ro&(''i)% &" a4atos o!sos 'orr"as. ;Por favor 'o54r("" "! r"s(!ta&o<
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
9
4ro&('to "% "! 4ortafo!io 4ortafo!io &" 4ro&('tos s"$F% s"$F% "! 4aso 1. ;Co54r("" !os !os r"s(!ta&os &" !a ta!a< Paso 8: E! va!or 'a!'(!a&o "% "! 4aso a%t"rior 'orr"s4o%&"r3 a! %F5"ro 56%i5o &" (%i&a&"s &" 'a&a 4ro&('to >(" s" t"%&r3 >(" 4ro&('ir 4ara >(" !a PMES %o arroj" %i (ti!i&a& %i 4"r&i&a o4"ra'io%a!. Por favor 'o54r("" 'o54r("" !os r"s(!ta&os r"s(!ta&os ot"%i&os as6: a< D"t"r5i%" "! 5o%to &" v"%tas v"%tas 4ara 'a&a 4ro&('to &" a'("r&o 'o% "! 4(%to &" ">(i!irio ;4r"'io &" v"%ta ? (%i&a&"s "% "! PE< !a s(5atoria &" "stos va!or"s s"r3 "! 5o%to "% 4"sos &" !as v"%tas tota!"s "% "! 4(%to &" ">(i!irio. ">(i!irio. < a!!" "! 'osto varia!" 4ara 'a&a 4ro&('to &" a'("r&o a s( 4(%to &" ">(i!irio ;'osto varia!" (%itario ? (%i&a&"s "% "! PE< !a s(5atoria &" "stos va!or"s s"r3 "! tota! &" !os 'ostos varia!"s "% "! 4(%to &" ">(i!irio. '< R"'("r&" >(" !a &if"r"%'ia "%tr" !as v"%tas tota!"s !os 'ostos varia!"s tota!"s &a 'o5o r"s(!ta&o "! 5ar$"% &" 'o%tri('i)% tota! &" !a PMES. &< D"! 5ar$"% tota! &" 'o%tri('i)% "% "! 4(%to &" ">(i!irio r"st" "! tota! &" !os 'ostos fijos. "< E! r"s(!ta&o %o &"" arrojar %i (ti!i&a& %i 4"r&i&a o4"ra'io%a!. ;S" r"'o5i"%&a traajar 'o% !a oja E?'"! o 'o% to&os !os &"'i5a!"s >(" arroj" (%a 'a!'(!a&ora %or5a! 4ara >(" s" ot"%$a (% r"s(!ta&o &" '"ro<.
3. FACTORES DETERMINANTES QUE AUMENTAN LA PRODUCCION Y VENTAS EN UNA EMPRESA TEXTIL •
•
•
E! vo!(5"% &" 4ro&(''i)% af"'tar3 &" for5a &ir"'ta a !os 'ostos varia!"s 5i"%tras >(" !os 'ostos fijos %o so% i%f!(i&os 4or "st". E! ti"54o af"'ta a! 4(%to &" ">(i!irio &" for5a >(" s" 4("&" &ar so!('i)% a !os 4ro!"5as &" for5a o4ort(%a. Los art6'(!os !as !6%"as &" 4ro&(''i)% &""% to5ars" a 'o%si&"ra'i)% 4ara
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
10
3.1.1 Fijo: So% a>("!!os >(" s" "f"'tFa% %"'"saria5"%t" %"'"saria5"%t" 'a&a 4"rio&o.
3.1.2 R!"#$%&!: So% a>("!!os >(" s" "f"'tFa% ajo 'o%tro! &ir"'tivo &" a'("r&o a 4o!6ti'as &" 4ro&(''i)% o v"%tas.
GLos 'ostos fijos so% a>("!!os >(" %o 'a5ia% a(%>(" !os vo!F5"%"s &" 4ro&(''i)% 'a5i"%H. Los 'ostos fijos so% ta5i% 'o%o'i&os 'o5o "str('t(rar!"s 4("s so% !os %"'"sarios 4ara &ar!" (%a "str('t(ra a! %iv"! &" 4ro&(''i)% 4ro&(''i)% o4"rativi&a&. o4"rativi&a&. A!$(%os 'ostos fijos 'o5(%"s so%: r"%ta &"4r"'ia'i)% "% !6%"a r"'ta s("!&os a&5i%istrativos a&5i%istrativos s("!&os &" $"r"%t"s &ir"'tivos t"!fo%os "%tr" otros. G!os 'ostos varia!"s so% a>("!!os >(" 'a5ia% '(a%&o a &if"r"%t"s %iv"!"s &" 4ro&(''i)%.H 4ro&(''i)%.H Los 'ostos varia!"s 53s 'o5(%"s so%: 5at"rias 4ri5as s("!&os a &"stajo 'o5isio%"s sor" v"%tas "%"r$6a 'o5(sti!"s &" 4ro&(''i)% "t'. E?ist"% a!$(%os otros 'ostos >(" %o s" 4("&"% '!asifi'ar 'o5o fijos o varia!"s 4or !o >(" s" !"s 'o%o'" 'o5o Costos s"5ivaria!"s o s"5ifijos Estos 'ostos so% a>("!!os >(" 4"r5a%"'"% 'o%sta%t"s &"%tro &" (% ra%$o &" 4ro&(''i)% &a&o &"s4(s &"! '(a! s" i%'r"5"%ta% 4ara vo!v"rs" a 5a%t"%"r fijos 5i"%tras !a 4ro&(''i)% f!('tF" &"%tro &"! %("vo ra%$o &"t"r5i%a&o. E! 4(%to &" ">(i!irio a&"53s &" a(&ar a a%a!iar !a i%for5a'i)% ta5i% "s (%a Fti! "rra5i"%ta 4ara !a to5a &" &"'isio%"s fija'i)% &" 4r"'ios a%3!isis &" 'ostos $astos " i%$r"sos.
3.2 REQUERIMIENTOS PARA EL PUNTO DE EQUILIBRIO Para 4o&"r r"a!iar (% a%3!isis 4or 5"&io &"! 4(%to &" ">(i!irio s" %"'"sita% (%a s"ri"
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
11
3.3 F'RMULA ENERAL E! 4(%to &" ">(i!irio "s (% 5to&o &" a%3!isis >(" "s ot"%i&o 4or 5"&io &" (%a s"ri" &" f)r5(!as 5at"53ti'as >(" va% r"!a'io%a&as (%a 'o% otra. Ar"viat(ras tr5i%os tr5i%os
. R*FICA DEL PUNTO PUNTO DE EQUILIBRIO EQUILIBRIO .1 F'RMULAS PARA PARA OBTENER ELEMENTOS ELEMENTOS DEL PUNTO DE EQUILIBRIO EQUILIBRIO Ar"viat(ras tr5i%os tr5i%os
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
12
Mar$"% &" S"$(ri&a&
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
13
.2.2 M,-oo ! &!"&!i4 ! $o 674i6o #%&%o Es (%a t'%i'a 5at"53ti'a for5a! >(" s" a (ti!ia&o 4ara "sti5ar !a 4"%&i"%t" "!
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
14
Uti!i&a& &" (% 4"rio&o ,o!(5"% &" (%i&a&"s v"%&i&as ;Pr"'io &" v"%ta (%itario 7 Costo varia!" (%itario< 7 Costos 4"ri)&i'os
La i%t"r&"4"%&"%'ia &" 'osto7vo!(5"%7(ti!i&a& 'osto7vo!(5"%7(ti!i&a& "sta r"!a'io%a&a 'o% "! "f"'to sor" !as (ti!i&a&"s &" !os 'a5ios "% v"%tas.
9. PUNTO DE EQUILIBRIO PARA EMPRESAS QUE MANEAN ART;CULOS DE DIFERENTE CONTRIBUCI'N MARINAL (SOLO TEXTILES)
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
15
•
•
•
Q(" !a 'o%tri('i)% 5ar$i%a! s"a 5( aja "% 'o%s"'("%'ia "! 4(%to &" ">(i!irio 5( a!to. Q(" !a 'o%tri('i)% 5ar$i%a! &" (%a 4r"%&a s"a 5( a!ta "% r"!a'i)% a !a &" otros art6'(!os &" v"stir. A! &"t"r5i%ar '(a!>(i"ra '(a!>(i"ra &" !os !os tr"s s(4("stos a%t"rior"s a%t"rior"s s" "st3 "% 'o%&i'io%"s 'o%&i'io%"s 4ara &"'i&ir '(a!"s s" ar3% &" 4ro5ov"r 'o% 53s i%t"%si&a& '(a!"s ar3 >(" &"jar &" 4ro&('ir.
La ot"%'i)% &"! 4(%to &" ">(i!irio a4!i'a&o a &iv"rsos art6'(!os "s si5i!ar a !os >(" s" a4!i'a a !as "54r"sas >(" fari'a% (% 4ro&('to 'o% !a 5o&a!i&a& &" >(" a >(" &"t"r5i%ar !os 'ostos fijos &" 'a&a art6'(!o. Para "f"'t(ar !a &istri('i)% &" &i'os 'ostos a 'a&a art6'(!o "?ist"% 4ro'"&i5i"%tos: •
•
•
S" a%a!ia% a&"'(a&a5"%t" !os 'ostos fijos &" 'a&a 4r"%&a as6 'o5o ta5i% !os 'ostos %o i&"%tifi'a!"s 'o% &i'o 4r"%&a. To5ar 'o5o as" 4ara 4rorrat"ar !os 'ostos fijos "! tota! &" !as v"%tas %"tas i$(a!a%&o a 1 s" asi$%ar3 a 'a&a 4r"%&a "! 4or'"%taj" >(" 'orr"s4o%&a "% at"%'i)% a s(s 4ro4ias v"%tajas "s" 4or'"%taj" "s a4!i'a&o a !os 'ostos fijos tota!"s 4ara ot"%"r !os 'ostos fijos &" 'a&a art6'(!o. E! 4rorrat"o &" !os 'ostos fijos s" a'" "% at"%'i)% a! vo!(5"% &" v"%tas !a 'o%tri('i)% 5ar$i%a! "% "! 'a54o t"?ti!.
E% !a a4!i'a'i)% &" "st" 4ro'"&i5i"%to 4ro'"&i5i"%to "s %"'"sario to5ar "% '("%ta &os fa'tor"s 4ara a'"r "! 4rorrat"o &" !os 'ostos fijos >(" so% !os si$(i"%t"s:
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
16
Co5o 4o&"5os os"rvar !a i54orta%'ia &" &"t"r5i%ar "! P. E. "% "st" ti4o &" "54r"sas 4ara 'a&a (%o &" s(s 4ro&('tos "s 'o% "! fi% &" i&"%tifi'ar a>("!!os >(" %os $"%"r"% 53s (ti!i&a&"s as6 4o&"r &ar!"s 5aor 4ro5o'i)% 'o% "! fi% &" i%'r"5"%tar !as v"%tas.
D""5os 'o%si&"rar >(" 4("&"% "?istir art6'(!os >(" %os $"%"ra% 5"%os (ti!i&a& 4"ro >(" so% art6'(!os >(" i&"%tifi'a% a !a "54r"sa "s &"'ir "s (% art6'(!o i%&is4"%sa!" "! '(a! %o s" 4("&" &"jar &" 4ro&('ir v"%&"r.
Otra (ti!i&a& &"! P. E. "s "! 4o&"r 'o%o'"r "! 5ar$"% &" s"$(ri&a& >(" sirv" 'o5o 4ar35"tro 4ara &"t"r5i%ar asta &o%&" s" 4("&" ajar "! %iv"! &" !as v"%tas as6 "star "% !a 4osii!i&a& &" r"a!iar "! a%3!isis &" 'osto7vo!(5"%7(ti!i&a& >(" s" r"fi"r" a (% 4r"'io &" v"%ta 'o%sta%t".
9.2 CAMBIOS EN LA PRODUCCI'N EN UNA EMPRESA TEXTIL
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
17
Los 4(%tos a%t"s 5"%'io%a&os &""% t"%"r si"54r" 'o5o as" !os art6'(!os >(" a 4ro&('"% 5"&ia%t" !os '(a!"s "! 'o%s(5i&or !os i&"%tifi'a.
9.2.1 ELIMINACI'N DE AL(" a!$F% 4ro&('to "st3 $"%"ra%&o 4r&i&as s"r6a 'o%v"%i"%t" to5ar !a &"'isi)% &" sa'ar!o &"! 5"r'a&o 'o%si&"ra%&o >(" %o s"a (% 4ro&('to as" o >(" i&"%tifi>(" a !a "54r"sa.
9.2.2 PROMOVER LA PRODUCCI'N DE OTROS ART;CULOS U%a v" >(" s" i&"%tifi>("% art6'(!os art6'(!os >(" $"%"ra% ("%a 'o%tri('i)% 5ar$i%a! s" &""r3% "sta!"'"r !as 4o!6ti'as %"'"sarias 4ara i%'r"5"%tar s( 'i'!o 4ro&(''i)%7
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
18
4r"'io &" v"%ta "s &" W2. &"t"r5i%ar "! PE a (% %iv"! &" v"%tas &" 12 (%i&a&"s.
PE 8 2 17 ;1Y2/< ;1Y2/< U%i&a&"s PE 8Y;2718< 1 COMPROBACI-N ,"%tas 2 ;21< Costos varia!"s 18 ;181< ;181< Co%tri('i)% 5ar$i%a! 8 Costos fijos 8 Uti!i&a&Y 4r&i&a
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
19
Pr"vio &" v"%ta W2 'ostos varia!"s (%itarios W1 'ostos fijos &" W1. Co% !os &atos a%t"rior"s &"t"r5i%": PE "% (%i&a&"s PE 1 Y ;271< 1 U%i&a&"s PE "% 4"sos PE 1Y 1 ;1Y2< 2
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
20
Q(" (ti!i&a& ot"%&r6a !a "54r"sa si v"%&i"ra W/ Uti!i&a& ;,"%tas Co"fi'i"%t" &" 'o%tri('i)% 5ar$i%a!< 7 Costos fijos Uti!i&a& ;/ .8< 7 1 1/ U%a "54r"sa >(" s" &"&i'a a !a fari'a'i)% &" art6'(!os &o5sti'os 4ara "! o$ar 'o5o so%: ra&ios 4!a%'as tosta&or"s !i'(a&oras. T" 4i&" &"t"r5i%"s "! PE 4ara 'a&a 4ro&('to 'o% r"!a'i)% a !a si$(i"%t" i%for5a'i)%:
La "54r"sa ti"%" !os si$(i"%t"s 'ostos fijos a%(a!"s:
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
21
Co54roa'io%
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
22
S" 4i&":
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
23
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
24
E% '(a!>(i"r 'aso a >(" t"%"r "% '("%ta >(" "! '3!'(!o &"! P&E "s (% "j"r'i'io &" "sti5a'i)%. Es &"'ir s" trata &" ot"%"r (%a 'ifra a4ro?i5a&a: !a 'ifra &" ,"%tas a !a >(" a4ro?i5a&a5"%t" "! B"%"fi'io &" E?4!ota'i)% "s '"ro. E! P&E s"r6a "?a'to 'o5o "5os &i'o si to&os !os Cost"s Dir"'tos >(" s" t(vi"ra% "% '("%ta 4ara ot"%"r "! Mar$"% Br(to f("ra% tota!5"%t" varia!"s to&os !os
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
25
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
26
Si% "5ar$o !a r"a!i&a& "s otra !$ #4-o ! !=#i$i>&io ! #4% !&&%6i!4-% 0i4%4i!&% >(" 4"r5it" &"t"r5i%ar "! 5o5"%to "% "! '(a! !as v"%tas '(rir3% "?a'ta5"%t" !os 'ostos "?4r"s3%&os" "% va!or"s 4or'"%taj" Yo (%i&a&"s a&"53s 5("stra !a 5a$%it(& &" !as (ti!i&a&"s o 4"r&i&as &" !a "54r"sa '(a%&o !as v"%tas "?'"&a% o 'a"% 4or &"ajo &" "st" 4(%to &" ta! for5a >(" "st" vi"%" " s"r (% 4(%to &" r"f"r"%'ia a 4artir &"! '(a! (% i%'r"5"%to "% !os vo!F5"%"s &" v"%ta $"%"rar3 (ti!i&a&"s 4"ro ta5i% (% &"'r"5"%to o'asio%ar3 4"r&i&as 4"r&i&as 4or ta! ra)% s" &""r3% a%a!iar a!$(%os as4"'tos i54orta%t"s i54orta%t"s 'o5o so% !os 'ostos fijos 'ostos varia!"s !as
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
27
'ostos '(i&a%&o >(" !a r"&(''i)% &" 'ostos %o 4"rj(&i>( 4"rj(&i>(" " !a 'a!i&a& &"! 4ro&('to
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
28
La i54orta%'ia &" 'o%o'"r s( #4 #4-o -o ! !=# !=#i$i> i$i>&io &io "s >(" !" 4"r5itir3 'o% $ra%
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
29
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
30
$(ar&a (%a "str"'a r"!a'i)% 'o% !as v"%tas. Ta Ta%tos %tos 'ostos 'o5o $astos 4("&"% s"r
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
31
E% !a fari'a'i)% &" 5("!"s &" ofi'i%a 4ara !os ">(i4os &" ')54(to s" r">(i"r" &"
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.
The world’s largest digital library
Try Scribd FREE for 30 days to access over 125 million titles without ads or interruptions! Start Free Trial Cancel Anytime.