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6HWUDWDGHUHDOL]DUHOIUHVDGRGHUDQXUDTXHVHUHSUHVHQWDHQODILJXUD
6HFRQRFHQORVVLJXLHQWHVGDWRV
/RQJLWXGDPHFDQL]DU PPSURIXQGLGDGGHUDQXUD PPDQFKXUDGHIUHVD PPQ~PHUR
GHILORVGHODIUHVD GLiPHWURGHODIUHVD PP(OiQJXORGHSRVLFLyQGHOILORVHFXQGDULRGH
OD IUHVD HV.¶ žHOGHGHVSUHQGLPLHQWRHVGHg ž\HOGHLQFOLQDFLyQGHOILORl ž
/DV FRQGLFLRQHV GH FRUWH UHFRPHQGDGDV SRU OD H[SHULHQFLD GH HVWH WLSR GH RSHUDFLRQHV VRQ
U

9HORFLGDGGHFRUWH9 PPLQDYDQFHSRUILORQRGHEHVHUPD\RUGHPP/DPiTXLQDHV
XQDIUHVDGRUDFRQYHQFLRQDO\WLHQHJDPDGLVFUHWDGHYHORFLGDGHVGHFDEH]DOHQWUH\USP
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FRQ UD]yQ GH SURJUHVLyQ JHRPpWULFD GH   /D JDPD GH YHORFLGDGHV GH DYDQFH HQ [ HV WDPELpQ
GLVFUHWDFRQUD]yQGHSURJUHVLyQJHRPpWULFDHQWUH\PPPLQ(OPRWRUGHOFDEH]DOGHOD
IUHVDGRUDWLHQHXQDSRWHQFLDGHN:\XQh 
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D D D 
U U &Pi[

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SURFHVR
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19 3 WDOTXHW VHDPtQLPR

I & P

9 PPLQ

&Pi[

9&  ¼   PP  PLQ
9& = p ¼ ' ) ¼ 1 “ 1 ˆ = =  USP 
p ¼ ') p ¼  PP

6HWLHQHXQDJDPDGLVFUHWDGHYHORFLGDGHVGHJLUR

1  =  USP  L 1 =  “ 1 M = 1  ¼ (L 1 ) 
M


1ŸUSP

3RUWDQWRVHHOLJH1 USPSDUDFXPSOLU9 PPLQ




&

9I = 1 ILORV ¼ D I ¼ 1 <  ¼  PP ¼  USP =  PP  PLQ 


6HWLHQHWDPELpQXQDJDPDGLVFUHWDGHYHORFLGDGHVGHDYDQFH

9I  =  PP  PLQ  L =  “ 9IM = 9I  ¼ (L ) 
M


9 ŸPPPLQ

I

6HHOLJH 9 =  PP  PLQ SDUDTXH D <  PP 


I I

6XSRQLHQGRTXHKD\DSRWHQFLDHQODPiTXLQDHVWDVFRQGLFLRQHVVHUtDQODVROXFLyQ


5HVWULFFLyQGHSRWHQFLD

3& = S 6 ¼ .  ¼ .  ¼ / < ¼ / = ¼ 9; 

6HVXSRQHTXHHODYDQFHYiOLGRHVHOGDGRSRU9 \1DQWHULRUHV

I

9  PP  PLQ
D = = =  PP <  PP 
1 ¼ 1  ¼  USP
I
I


ILORV


 q

q¶


 q
D / 



/ 



3 <

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/ 

=


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SXQWR GHO PLVPR 3RU HOOR VH FDOFXOD HO HVSHVRU PHGLR GH YLUXWD SDUD q  YDORU PHGLR HQWUH q 
B

iQJXOR SDUD HO FXDO HO H[WUHPR FRUWD HO Pi[LPR HVSHVRU GH YLUXWD \ q  SRVLFLyQ DQJXODU GHO RWUR


H[WUHPRGHOILOR



')
-D3
 ¼D3  ¼  PP
FRV q = = - = - =  “ q = ž =  UDG 
') ')  PP


/ ¼ WDJ l 6  ¼ WDJ 
/ODPDQGRqDq q VHWLHQH / = ¼ WDJ l 6 = 5 ¼ q‡ “ q‡ = = = =  UDG 
5 
 


q  = q - q‡ =  -  =  UDG = ž 

q + q
q=  =  UDG = ž 
B



 - FRV q  - FRV 
D& = DI ¼ =  PP ¼ =  PP 
q 

D&  .
 


 

,QWHUSRODQGRSDUD D & =  PP VHWLHQH. 

.  =  - [ ¼ -  -  ] =  




 1 PP P  PLQ
3& =  ¼ ¼  ¼  PP ¼  PP ¼  ¼ - ¼ =  : <  : 
PP 
PLQ PP  V

3RUORWDQWRVRQYiOLGRV1 USP\9 PPPLQ

I


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/ / +  ¼ D + ' ) ( +  ¼  +  ) PP
W= = ; = =  PLQ 
9I 9I  PP  PLQ


)XHU]DGHFRUWHPi[LPD

)&Pi[ = S 6 ¼ $ &Pi[ 
D q

& 

D &  = D I ¼ VHQ q  =  ¼ VHQ  =  PP  q

 D /  D


D & = D I ¼ VHQ q =  ¼ VHQ  =  PP 

3 <
&


D + D &  + 
$ &Pi[ = / = ¼ & = ¼ =  PP  
 

1
)&Pi[ =  ¼  PP  =  1 
PP 






'  D  
5D = I = =  ¼  - PP 


 ¼ U  ¼ 
)


5 Pi[ =  ¼ 5 D =  ¼  - PP 

D
I