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D 'HQJHIL\DWÖYHPLNWDUÖDUWDU
E 'HQJHIL\DWÖYHPLNWDUÖD]DOÖU 7DOHELQ IL\DW HVQHNOLøL ELU PDOÖQ WDOHS HGLOHQ
F 'HQJHIL\DWÖYHPLNWDUÖGHøLûPH] PLNWDUÖQÖQ EX PDOÖQ IL\DWÖQD NDUûÖ GX\DUOÖOÖøÖQÖQ
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GHøLûPHQLQ R PDOÖQ IL\DWÖQGDNL GHøLûPH\H

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%∆Q (Q1 − Q0 ) / Q0
ε D= =
%∆P ( P1 − P0 ) / P0

gUQHN %LU PDOÖQ IL\DWÖ OLUDGDQ OLUD\D

oÖNWÖøÖQGD PDOÖQ WDOHS HGLOHQ PLNWDUÖ ELULPGHQ
ELULPH GûPHNWHGLU %X PDOÖQ WDOHELQ IL\DW
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(300 − 400) / 400
εD = = −0,5
(150 − 100) / 100

<RUXP 0DOÖQ IL\DWÖ DUWWÖøÖQGD WDOHS HGLOHQ

PLNWDUD]DOPDNWDGÖU


GûWøQGH WDOHS HGLOHQ PLNWDU ELULPGHQ

ELULPH oÖNPDNWDGÖU %X PDOÖQ WDOHELQ IL\DW HVQHNOLøL

NDoWÖU"

(600 − 400) / 400

εD = = −1
(50 − 100) / 100

<RUXP 0DOÖQ IL\DWÖ D]DOGÖøÖQGD WDOHS

HGLOHQPLNWDUDUWPDNWDGÖU

7DOHELQ IL\DW GX\DUOÖOÖøÖQÖQ \NVHN \D GD GûNOø

HVQHN ROXS ROPDGÖøÖ EXOXQDQ GHøHU LOH

NÖ\DVODQDUDNEXOXQXU
Æ

ε D <1 HVQHNROPD\DQLQHODVWLNWDOHS

Æ
ε D =1
Æ
ELULPHVQHNWDOHS

ε D >1 HVQHNWDOHSHODVWLN
Æ

ε D = WDP\DGDVRQVX]HODVWLNWDOHS
Æ
ε D =0 WDPLQHODVWLNWDOHS

16
P P 'RøUXVDO ELU WDOHS HøULVL ]HULQGH HVQHNOLN KHU
QRNWDGD GHøLûLU <DQL ELU WDOHS HøULVL ]HULQGH
GHøLûLN QRNWDODU LoLQ \DSDFDøÖPÖ] KHVDSODPDGD IDUNOÖ
ε D >1 ε D <1 HVQHNOLN GHøHUOHUL EXOXUX] <XNDUÖGDNL ûHNLOGH
KHVDSODPD VRQXFX EXOXQDFDN HVQHNOLN GHøHUOHUL
\DNODûÖN RODUDN J|VWHULOPHNWHGLU 7DOHS HøULVLQLQ 3

D HNVHQLQLNHVWLøLQRNWDGDHVQHNOLN4HNVHQLQL
D

Q Q NHVWLøL QRNWDGD LVH HVQHNOLN ·GÖU (øULQLQ
JHRPHWULN RODUDN WDP RUWDVÖQGD LVH HVQHNOLN

<XNDUÖGDNL ûHNLOOHU LNL IDUNOÖ WNHWLFLQLQ WDOHS
GHøHULQL DOÖU 1LVSHWHQ \NVHN IL\DW G]H\OHULQGH
HøULOHULGLU 6ROGDNL WNHWLFLQLQ IL\DW GHøLûLPLQH GDKD
GDKD \NVHN ELU HVQHNOLN WDOHS HøULVLQLQ VW NÖVPÖ
GX\DUOÖ LNHQ IL\DW DUWÖQFD WDOHS oRN GûPû
QLVSHWHQ GûN IL\DW G]H\OHULQGH LVH GDKD GûN ELU
VDøGDNLQLQ IL\DW GHøLûLPLQH GDKD D] GX\DUOÖ
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NDoDUWDUVDDUWVÖQWDOHS HVQHNOLøL KHVDSOÖ\RUGXN 9H KDQJL QRNWD LoLQ
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PHROPD\DFDøÖGÖU7DOHS NDUûÖODûÖ\RUGXN %X VDNÖQFD\Ö RUWDGDQ NDOGÖUPDN
IL\DWGHøLûPHOHULQHKLoD DPDFÖ\OD ´LNL QRNWD DUDVÖQGDNL RUWDODPD
\DNX\GXUPX\RU HVQHNOLøLQ |OoOGø \D\ DUN HVQHNOLøLµ GL\H
ELUKHVDSODPD\|QWHPLJHOLûWLULOPLûWLU

(Q1 − Q0 ) /(Q1 + Q0 )
ε DYAY =
7DOHS(VQHNOLøLLVHWD
( P1 − P0 ) /( P1 + P0 )
OHS\DWD\HNVHQHSDUDOHO
RODUDNoL]LOLUYHIL\DWGH <XNDUÖGDNL |UQHøLPL]L \D\ HVQHNOLøL LOH o|]HOLP
øLûPHOHULQHWDPDPHQD\DN 1RW 6ÖQDYGD \D\ HVQHNOLøLQL KHVDSODPDQÖ]
X\GXUX\RUDQODPÖQDJHOLU LVWHQL\RUVD EX |]HOOLNOH EHOLUWLOLU (øHU VRUXGD
g\OHNLIL\DWGHøLûLPOHUL EHOLUWLOPHPLûVH QRNWD HVQHNOLøLQL ²LON VD\IDGDNL
LOHWDOHSWDPDPHQ\HUGH IRUPONXOODQÖUVÖQÖ]

øLûWLULU
oÖNWÖøÖQGD PDOÖQ WDOHS HGLOHQ PLNWDUÖ ELULPGHQ
ELULPH GûPHNWHGLU %X PDO LoLQ WDOHELQ IL\DW
HVQHNOLøLQL\D\HVQHNOLøLLOHEXOXQX]
7DOHS(VQHNOLøLKHUQRN
WDGDLVHWDOHS\DQGDNL (100 − 150) /(100 + 150)

ûHNLOGHJ|UOGøJLELELU
ε DYAY = = −1,4
(400 − 300) /( 400 + 300)
KLSHUEROGU%XGXUXP
GDIL\DWWDNLOLNGHøL <RUXPODPDGD ELU IDUNOÖOÖN ROXûPD] EX PDOÖQ IL\DWÖ
ûLPOHUKHU]DPDQWDOHEL DUWWÖøÖQGD WDOHS HGLOHQ PLNWDU RUWDODPD RODUDN
RUDQÖQGDHWNLOHPHN D]DOPDNWDGÖU

WHGLU
7DOHELQ )L\DW (VQHNOLøLQL (WNLOH\HQ
)DNW|UOHU

• 0DOÖQ LNDPH HGLOHELOLULOLN GHUHFHVL (øHU
WDOHS HVQHNOLøLQL |OoWøP] PDO LNDPHVL ERO
P (fiyat)
ELU PDO LVH WDOHS HVQHNOLøL \NVHN RODFDNWÖU

ε D = −∞
0DOÖEDûNDPDOODUODLNDPHHWPHRODQDøÖYDULVH

− ∞ < ε D < −1 IL\DWDUWÖûODUÖQDGDKDGX\DUOÖROXUX]oQNRQXQ
\HULQH EDûND PDO DOPD RODQDøÖPÖ] YDU ùNDPHVL

ε D = −1 −1 < ε D < 0
ROPD\DQ ELU PDOGDQ EDKVHGL\RU LVHN WDOHS
HVQHNOLøL GûN RODFDNWÖU %X LKWL\DFÖPÖ]Ö
NDUûÖODPDN LoLQ EX PDOÖ WNHWPHN GÖûÖQGD
εD = 0 VHoHQHøLPL] \RN EX GXUXPGD IL\DW

Q (miktar) GHøLûLPOHULQH GX\DUOÖOÖøÖPÖ] GDKD GûN
17
RODFDNWÖU IL\DW GHøLûLPOHUL EL]L ID]ODFD ε GELø( < 0 LVH oÖNDQ GHøHU QHJDWLI LVH JHOLULPL]
HWNLOHPH\HFHNWLU
DUWWÖøÖ KDOGH EX PDOÖQ WNHWLPLQL D]DOWWÖøÖPÖ]
• 0DOÖQ EWoH LoLQGHNL \HUL (øHU PDOÖQ
DQODPÖQD JHOLU %X WU PDOODUD 'húh. )$.ù5
EWoHPL]GHNL \HUL oRN GûNVH IL\DW
0$/ GHQLU *HOLULPL] DUWWÖøÖQGD GûN PDOODUGDQ
GHøLûLPOHULQL SHN GLNNDWH DOPD\Ö] \DQL HVQHNOLN
GDKD D] NXOODQÖU GDKD ONV PDOODUD GRøUX JHoLû
GûNWU $QFDN PDOÖQ EWoHPL]GHNL \HUL
\DSDUÖ]0HVHODPDUJDULQGûNELUPDOGÖU*HOLULPL]
E\NVH EWoHPL]LQ E\N ELU NÖVPÖQÖ EX PDOD
DUWWÖøÖQGD PDUJDULQ WNHWLPLQL DUWWÖUPDN \HULQH
D\ÖUÖ\RULVHNIL\DWGHøLûLPOHULQHNDUûÖoRNGX\DUOÖ
WHUH\DøÖNXOODQPD\DEDûODUÖ]
ROXUX]\DQLWDOHSHVQHNOLøL\NVHNROXU
& d$35$=7$/(3(61(./ù÷ù
• )L\DW GHøLûLPOHULQLQ JHoLFL YH\D VUHNOL
ROPDVÖ )L\DWWDNL GHøLûLPLQ JHoLFL ROGXøX dDSUD] WDOHS HVQHNOLøL ELU PDOÖQ IL\DWÖQGDNL
ELOLQL\RUVD HVQHNOLN \NVHNWLU IL\DWÖQ ûX DQGDNL GHøLûPHQLQ GLøHU PDOÖQ WDOHELQL NDo HWNLOHGLøLQL
DUWÖûÖQÖQ JHoLFL ROGXøXQX PDOÖQ ELU VUH VRQUD J|VWHULU $ YH % PDOODUÖ JLEL LNL PDOGDQ
WHNUDU XFX]OD\DFDøÖQÖ GûQ\RUVDN ûX DQGDNL EDKVHWWLøLPL]LGûQHOLP

IL\DW GHøLûLPLQH WHSNLPL] \NVHN ROXU GDKD
VRQUD DOPD\Ö WHUFLK HGHUL] )L\DWWDNL GHøLûLPLQ

%QB (Q1B − Q0B ) / Q0B
ε AB = =
VUHNOL ROGXøX GûQO\RUVD LVH WDOHS HVQHNOLøL % PA ( P1 A − P0A ) / P0A
GDKDGûNRODFDNWÖU
• ùKWL\DFÖQ 1LWHOLøL ]RUXQOXONV PDO gUQHN .R\XQ HWL IL\DWÖ <7/ GHQ <7/ \H
7NHWLOPHVL ]RUXQOX PDOODU LoLQ WDOHS HVQHNOLøL \NVHOGLøLQGH GDQD HWL WNHWLPL NJ GDQ NJ D
GûNWUIL\DWQHNDGDUDUWDUVDDUWVÖQWDOHELPL] \NVHOPHNWHGLU 'DQD HWL YH NR\XQ HWL DUDVÖQGDNL

oRN D] GûHFHNWLU oQN R PDOÖ WNHWPHN oDSUD]WDOHSHVQHNOLøLQLKHVDSOD\DOÖP

]RUXQGD\Ö] /NV PDOODU LoLQ LVH WDOHS HVQHNOLøL
\NVHNWLU ONV PDOODUÖ WNHWPHN ]RUXQGD

(60 − 40) / 40
ε AB = = 2
GHøLOL] EX VHEHSOH IL\DW GHøLûLPOHULQH GDKD (10 − 8) / 8
GX\DUOÖ\Ö]
<RUXP .R\XQ HWL IL\DWÖ DUWWÖøÖQGD GDKD HWL

• .ÖVD YH X]XQ G|QHPGH HVQHNOLN .ÖVD
WDOHELDUWPDNWDGÖUVRQXoSR]LWLIoÖNWÖ
G|QHPGH HVQHNOLN GDKD GûN X]XQ G|QHPGH
LVHGDKD\NVHNWLU gUQHN $ PDOÖQÖQ IL\DWÖ <7/ GHQ <7/ \H

\NVHOGLøLQGH % PDOÖQÖQ WDOHS HGLOHQ PLNWDUÖ
% 7$/(%ù1*(/ù5(61(./ù÷ù

ELULPGHQ ELULPH GûPHNWHGLU $ YH % PDOODUÖ
7DOHELQ IL\DW HVQHNOLøL IL\DWWDNL GHøLûLPOHULQ DUDVÖQGDNLoDSUD]WDOHSHVQHNOLøLQLKHVDSOD\ÖQÖ]

WDOHSWH \DUDWDFDøÖ GHøLûLPOHU LOH LOJLOHQL\RUGX

(400 − 600) / 600
7DOHELQ JHOLU HVQHNOLøL LVH D\QÖ PDQWÖNWDQ KDUHNHWOH
ε AB = = −0,66
JHOLUGHNL GHøLûLPOHULQ WDOHSWH \DUDWDFDøÖ (150 − 100) / 100
GHøLûLPOHULOHLOJLOHQPHNWHGLU <RUXP $ PDOÖQÖQ IL\DWÖ DUWWÖøÖQGD %
PDOÖQÖQ WDOHEL D]DOPDNWDGÖU VRQXo

%∆Q (Q1 − Q0 ) / Q0
ε GELø( = = ,*HOLU QHJDWLIoÖNWÖ
% ∆I ( I1 − I 0 ) / I 0
7DOHELQoDSUD]HVQHNOLøLQLQ·DJ|UHGXUXPXSR]LWLI
gUQHN %LU DLOHQLQ \ÖOOÖN JHOLUL <7/ GHQ \D GD QHJDWLI ROPDVÖ PDOODUÖQ ELUELUL\OH LOLûNLVL
<7/ \H oÖNWÖøÖQGD \ÖOOÖN HW WNHWLPL NJ·GDQ KDNNÖQGDILNLUYHULU

NJ·D \NVHOPHNWHGLU%XDLOHQLQ HWWNHWLPLLoLQ JHOLU

ε AB > 0 LVHoÖNDQGHøHUSR]LWLILVH$PDOÖQÖQIL\DWÖ
HVQHNOLøLQLKHVDSOD\DOÖP
DUWWÖøÖQGD % PDOÖQÖQ WDOHEL DUWÖ\RU GHPHNWLU $ YH %
(Q1 − Q0 ) / Q0 (70 − 50) / 50 PDOODUÖ ù.$0( 0$//$5GÖU ùON |UQHøLPL]GH

ε GELø( = = = 1,6 NR\XQYHGDQDHWLLNDPHPDOODUD|UQHNWLU
( I1 − I 0 ) / I 0 (7500 − 6000) / 6000
ε AB < 0 LVH oÖNDQ GHøHU QHJDWLI LVH $ PDOÖQÖQ
<RUXP %X DLOHQLQ JHOLUL DUWWÖøÖQGD HW
IL\DWÖ DUWWÖøÖQGD % PDOÖQÖQ WDOHEL D]DOÖ\RU GHPHNWLU
WNHWLPLDUWPDNWDGÖU
%X GXUXPGD $ YH % PDOODUÖ 7$0$0/$<,&,
7DOHELQ JHOLU HVQHNOLøLQLQ ·D J|UH GXUXPX SR]LWLI 0$//$5 GÖU %HQ]LQ IL\DWÖ LOH RWRPRELO WDOHEL
\D GD QHJDWLI ROPDVÖ EL]LP PDOÖQ QLWHOLøL\OH LOJLOL DUDVÖQGDNLLOLûNL\LKDWÖUOD\ÖQ

NDUDUYHUPHPL]LVDøODU
ε AB = 0 LVH $ PDOÖQÖQ IL\DWÖQGDNL DUWÖû % PDOÖQÖQ
ε GELø( > 0 LVH oÖNDQ GHøHU SR]LWLI LVH JHOLULPL] WDOHELQL HWNLOHPL\RU GHPHNWLU %|\OH PDOODUD
DUWWÖNoD EX PDOGDQ GDKD ID]OD NXOODQGÖøÖPÖ] ù/ùú.ù6ù=0$//$5GHQLU3HUXNLOHWRSOXLøQH -
DQODPÖQD JHOLU %X WU PDOODUD 1250$/ 0$/
GHQLU
18
' 723/$0 *(/ù5 ù/( (61(./ù.

$5$6,1'$.ùù/ùú.ù

P P
%LU UHWLFLQLQ VDWDFDøÖ PDOÖQ IL\DWÖQÖ GûUS
GûUPHPH NRQXVXQGD NDUDU YHUPH\H oDOÖûWÖøÖQÖ ε D >1 ε D <1

GûQHOLP hUHWLFL EX NDUDUÖ YHULUNHQ WDOHS
HVQHNOLøLQLQGHøHULQHGLNNDWHWPHOLGLU

D
• 7NHWLFLOHUIL\DWGHøLûLPLQHoRNGX\DUOÖLVHWDOHS
D
HVQHNOLøL \NVHN LVH IL\DWÖQÖ GûUPHVL

Q Q

UHWLFLQLQ OHKLQH RODFDNWÖU )L\DW D]ÖFÖN ELOH
%X NH] ûHNOLQ WHUVLQH G|QGøQH GLNNDW HGHOLP
GûVH WDOHS HGLOHQ PLNWDU oRN DUWDFDNWÖU
hUHWLFL IL\DWÖQ \NVHOPHVL QHGHQL\OH ELU ND]DQo HOGH
'ROD\ÖVÖ\OD UHWLFLQLQ WRSODP JHOLUL KDVÖODWÖ
HGHUNHQ WDOHS HGLOHQ PLNWDUÖQ D]DOPDVÖ QHGHQL\OH
DUWDFDNWÖU$ûDøÖGDûHNLO
ND]DQFÖ D]DOPDNWDGÖU úLPGL EX ND]DQo YH ND\EÖ
• 7NHWLFLOHU IL\DW GHøLûLPLQH NDUûÖ GX\DUVÖ] LVH
NDUûÖODûWÖUDFDN ROXUVDN VRO WDUDIWD WDOHS HVQHNOLøL
WDOHS HVQHNOLøL GûN LVH IL\DWÖQÖ GûUPHVL
·GHQ E\NWU YH UHWLFLQLQ ND]DQFÖ oDSUD] WDUDOÖ
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