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Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

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J'l,t*lr,/;- (zptr,z& 0 /z.eu'r+,/r"re /.f*/"* zobtj-.t (n-,)n T ,''" +' prr-lrrn at e lR , ' J& ,*,/tforuayte €l**- /.cn vcf*f 4 a2a*ai. . -zor3 2, k?+,1) + / )') 3d:, ,a- n//e'zrrrr:,n o6t"rv6* at T l? 4?2o$,, n .Ah'* ru6, ru-)q grorD*u t" =W" r nrLol zowf (,* 4f'? +J olut{+ '^ (,r|t"o+(r*fe A^W d., t,*rtz' ,/e *{ *f f/r-^ a4,'n /= po{n't Z a. yn"ufr n=,1=t3: ltt=( ,Q Jcr; )T a^2r+rt co- tl,3l 7- c+,+), pt d-a4D7/4 ,! =-q tvl"'tr oo / zr*%l aG nt .e-o ':1q' =7:FD? ,NY ^;^ GO 2 q"1t *^r*7.*"k, y /lrr- tt = ^r*J- qt= ,""-O - "r24tf 4F zqalf t *rr= Ar.- zzu{"rL. :-="zZ ffi'z 2 e(q*)" w = 'h)t'n' letAe vtnfa"t'' eeL {o',.{h//' /=E pr4b ^,4q- r ,,otn z Jt*^^* /zw;t- 2 ?tf^ 4bq +o' ,[t, ''"7,
Transcript
Page 1: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

J'l,t*lr,/;- (zptr,z&

0 /z.eu'r+,/r"re /.f*/"*zobtj-.t (n-,)nT ,''" +'prr-lrrn at e lR ,

' J& ,*,/tforuayte €l**- /.cn vcf*f 4 a2a*ai.

. -zor32, k?+,1) + /

)') 3d:, ,a- n//e'zrrrr:,n

o6t"rv6* at

Tl?4?2o$,,

n.Ah'* ru6,ru-)q grorD*u t"

=W" r nrLolzowf (,* 4f'? +J

olut{+ '^ (,r|t"o+(r*feA^W d., t,*rtz' ,/e *{ *f f/r-^ a4,'n /= po{n't Z a. yn"ufr n=,1=t3:

ltt=(,Q

Jcr; )T a^2r+rt co-tl,3l 7- c+,+),

ptd-a4D7/4 ,! =-q

tvl"'tr oo /zr*%l aG nt .e-o

':1q' =7:FD?

,NY^;^ GO

2 q"1t

*^r*7.*"k,

y /lrr- tt = ^r*J-

qt=,""-O -

"r24tf 4F

zqalf t *rr= Ar.- zzu{"rL.:-="zZffi'z 2 e(q*)"

w = 'h)t'n'letAe

vtnfa"t'' eeL

{o',.{h//' /=E pr4b

^,4q-

r ,,otn z Jt*^^*

/zw;t- 2 ?tf^4bq +o' ,[t, ''"7,

Page 2: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

@hrervdto efi'.

6^*,-6*=

2 4* *a? f<n- /,frttu, -4,-u btr= o

so

*trf* o( EE,u.--l

_S€x;1 {

"tb ,uuorrr*A-,

f2) Uhervilo q

4

Z 2.ot;4l= t

l^*hr.Ll ! k 7,r*.i,( z.

ryt) e), I,Jo, rr*r,i/,'t!"rd^J ruer/o/-u. L

(, N) L7 F,;u /; nz+

/7 ,x,t*l' ?A "tNr$)* Frxrl) z g

F*tn'lua,. /r,-4;^L(x,/;

),) = lfqfl

IJolenttt'&tn. *"/o

zn"'/f .t@

@*D

'L-- :-(!"tf I

,zatf -

'tJ 1Q

2a15

a! Qo't

fi+s) ==

"t4"/" /'u<- t p*tLn ca,?l nea,x f,t-t/ -" al A,-toonu&.aL ,r".,$oro- /, *o(v?ry "# ..la,il-

zorc/ure )=Zo 1 ' --r/

*X /,*,4"t /'a'u$

+zt+zJt =-2

: "6r- tn'/""o-l -4o /oLu? ed g'ua- 4*T

,Llo,ilr,,^( '4 ouwTrt*.$' 7u'l-t*ztL "a r'-*"u,/ u- ./*o x- | e Eh, aJ =) .-4 Z N-/ e q G>

oa

/ ce.rAa*rA.

2x + 2l/'t 2

4 WF) t 71/+r+7+t +^77 +2^x +2A7+ 2^r.. ,4 -!

N - * 'l+z>PI(?)

)r'(?)rr=oL{+ 2 =o

Page 3: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

KL 41X+ z =g/znnL fr= *4+)

Le a)?2

4!y' -'y- 1+E= tt\w 1fi=T_

: Z +ttr- r-u4a"*

?) tt 2\ = @+ (u)62 e-b,tVJ> = Z+W-t g

\,tr 6Ep t+z^ =@A)Oa)ec @-z+E)f = z-t/z -t

1 - | t- \lL !AzJE-o=;-r

tl/4'rrrut .tz'fr-e ,t

Pttgr-uTr< ), -e'11 -

!9-- zt2"f+ >

\ -- t+vL - VL1a --

-- -'4 -' -uL- L

'gf

V etirrw 22, = e-VZl't 2r- - Z(+>

} -= t'v;Z 7 L -t'- - \r2., - w +

An+ ,JA'nur{/(4,7t,) z (z-t-.,a)

= fz+T*z-c)?e )rz-$-tE,-uQ f"'./-- )z= p -z

€ut A z -.1 rxrL e'&L

J*n'ert - u**lh^eq-

ttrh;7) = ;'J^ & ,nlw 6

/zt(2,/;)x)= 0"i 't*

-VZ "lx -E 7oUL nor,&.n" oFL fi

/) e e-vcL'fu it'-P" $'y' ft'"/'') i=-'1z )et=o ^ , / - .F.-\.r-. A.,n) w' n(-z-Vz+z)dt

+ (-z-tr +)fr=o &D

2 /*=-+T)4ru) = 2"f g)) z (-z,4tL, -z-W)

: ;?)=(t.^":)

Page 4: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

at @,f.oufa< )z 7 [xzr

fz+A"f z){tr ,)eA =o , Jr=-$i* o*_,A,n /

,Tu) = z.E f_e)4." v7 / _z*q+ lr.t cs<<-r=/"at (errr^(r$ur.&1,

- z*Wl -z+W) J-CF,^./ /. tz+ryttttz ^A*&

6) E'voy'"^fi"^-

lf\ae- ^,1=l,l

ff"'^* xzi+yz7* U. = lxl . r/orr,rr/ o-eo"k ohrru&:<

l*'W-l ,l@21F€W

) [ooo)

J..li"r"L,.e tA ft,,?.*1".6 e(

Jrluliu .D 47 6 x4':

_-:)- Jk *vwq r u-,,

dcnicttn z" #o/

b=o + z.l" ""&t 5-.^ z ft 0*= ,r a?r czz a ?o', (.rrc. /P.. .

W:,slzlet"oi*&- y 4a ,* ,.t-q*, orattgry. &>A.*,p4/*f"'A*'46 t*

= (+E+a1"erx,rr. or6eR eedl uo- 4rrirruer,^.

u) (o*rot4* = ez- (+*zox-""q

ifiilo +z**(zL)*2wet=ez e+Qoft.+L|+z*)

Page 5: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

]*+$-xt|to* iL

tlLt (.Zw+qv>c +Qb*Lc

iwz ft^, r2LnA/:

vr*)=(3""J"/t l* .,1zneffi a.

1'*4 ife'*+,Jtl*t " '

[) Z/..t^rc,^r^. , e/ir,.A erze

C-* =., ?-

k2o a) ,'t ->7o->< a l-2<

o

L)

f,.LA zrLz-zz+, =ti/-e

@+?'- +Z 4l = o ry Jf "%'u

*h(n+z*r+zb)+-r+626X*/a"'-/./,*

A+t=o

ct.ff* q.*"ffa *-fr).?+3

ts -:fr? sJz^

- - I Ju=6P1Lr.a, +f 5=

I

z3--

6.

:

z3+f,t=o => J z_ {

x

u/0

,3t tr) {x =

I = [h7)eazf z*u.=y e -ze++j f

;3 t-32

= /,t0

= bV

,w-o4-(;32

3e, = 3

'4 =a.@-Dl = 3-

frY@ t :Zf+l

lnrydrry=J J u +#+ /*

co r , nL_*I*it*= 3,

Jo

Avenu=2xZ

7-2fi+Q

A -z zxL

Page 6: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

l) l- da417/srq- se '7 lepu/"ri

,L/rzh',l ; tu

arfu B

)

L) Joun ,ez ,/"/n^,r.

/1444,

&az,n, f- tzeEOr:d 47. a* Y'L ,rr(, r -(

-a'a, = ( e'| 6q'

+t )o?-/

e'

ffolt^h,uX z *'-l

c4a

-l f=J-A q=21+n

/.^q- *t--Zt/+f -2<

ht =8".

I't"=1

,7*/.* J rr/ terzae0

Ohtcr6'r* u,i

okervdr^ ed

.r€-I-ll

it JecitLl

/Cl= I

'?*/.* fl =-4 J€rr

#'-* /t ""ou.grunli' *srcndt'.

.41"r- = 44aao 6

fr Rr*z 6 ivz nhr w4( /' @tw74f*

Mft" 6'.5)'= htu[.6,*tut-f l, e ar+l / Lt+< L

Page 7: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

ItJ"a 2'e,l%&J,,-,LL/ /.-6 Z x-tz 6 {c>*

2) old,ervoii,t

+ o zorS'?,a .(,

--ffi 2ott.y?+t-

tuNA ?a,otL /;4-,/.-f

L*/.tl=O

Jn-*""/.( nr crf)@f4 4 ll*e.^ina.' 'f,-'&tr,ry

^'J4,fhr)(r.p.Q J) F7< /,

( t*>)'

-*-L),=() a ^t^

;f*fryl^"/*;.rtlivoAr.l - f z

re /yr>/. /" t a/. */.r1ror*&*-x zZ J* ,r,Je

"= f-i 22.

A€

^Zz*=tu--a

Z zollZot 6 .b/6 _Za/,r

@ /Al ly'r t/o,

+22+J/ + y'.

_ l+Z> +t =O/+)

t

hJ *A/^. rtttttfful"*/iib /*' tSr^".V-7;L +x .eLc- n.,l/n'"*- ,2,) o _oy *zx +/ =-/"

>R, /r , czrtr) f toro)t4eR"

*e ent#nud rht /4 o).t r'H = /t' o)

-Z +G4 ?L) -

Page 8: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

,,

,h) = /o, -D r vQa-t

Lo 2 (v-t) /"*J.

/^) e.J-* )z-2 , C 7) = (-tr4 *+,€'ta,

G|rr/.j@ z\z/ o ? kLr4

4r{r)=(* , #) a?.-4 etR " f"#^-)< ,w4.

.LlLl 2 ?

=A^r, 2{" = 2o("-

L/L)J. t./L)

=A^, ' 2 {:, =

zai- frt "- <eR2r-)4 t+<q /+4r

rtn,F) lro lrx;afi; a n eoacfrhU '/*''e"6

J) gorn/e.uh,u Arhr-t(rq,M) ) /;,q ,i

e*rl,-d vtt pr;.J'L'*h.(- AT q,s,R.zr(@'"

{,-,/*in.to -*rJa

I

-/huy =344*^\ 2E '

! :i;-":7,=-'= 2: = 31 4qr=!

/uro)

h2- 46>Oc

Page 9: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

Arro,* d*r4ii ,r;/;ot- ,**r1"4 a* o.r1>",. / & rrr^hrtu# a"/7+-L/2tr4* avTs I

//b' g c^se6,a ."r^ht) *6

€r &'** cz 43* ft(,t g, ". e/R .

@

4*P = 4t

'Ti^,t') z 'l o4 zx *J aL*x) +.r*( e qah e€ + z6 wzee)

=."4 la, zl)eazz + (4J- zr)ni"r4

$*ol = 4'oh +a+

= al,x{E &v+

l-'4a/+OJ=o.T o=*ceJ . , aI iL -6+-zf,*'I b=-h

'.f*f,(*wf?loo

( *xl7ttaJ

,/u&d o p'^Z> 4*Jbe ry*,k_y'nr,+*(* Hze+5a-24.

e@ze + t4b-zQ nLz{+t n

f , k r+ z-l)th zx. + zI 4 h z o) m zfl

t Ur.rrr- .^[C,L 2,* l.. lry* Ndf roze{lnzza_

("te a, +tl i{6- -) zz +( ul -tw -f u-qb)/rl"r* -rf(ha,+il)eq zx t

)+z ( i6-zel hzz. + t 4 ftb -2,1 - zh u*zL[ir r*k

(,rU -tLu) rtn 4 e @)zr4b*rhzz)= J rln zx@6/inert-fr,fr*rt^L

I *2s-&** =e

yltru a' +66 = 3

f (z) =/y,/4 +7p

: ,I*&'."/u'(tv (2, f'*4e. pd) ^") tJ*

( t tfcf) !ir) 4a

4 d*4/u*to,u( d = f t*,y4ealI €x €o r

lf {W- J+/;c

r- f=W -) Z=fLe /r=L oa Y+o

J- $otenl4 n"*tr*tfrJ r, "4 er"t4: - * tqh* -*n(**'n

G)< =) t2+

27*

Page 10: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

t'^,dCW"rL , V4a/

@)-tJ*--4a/J!v2-2/ #{dF0 (*7), Y

=23.r

lr) E/-.+*E uo. vJt:V:a )!

lnrea-- /e'hrrvla'/q

? z Ez kafo+ il"?)=.ttAt

+€tt-E 9 +

=t Y-tq,ArJ

*?72= jr,z'tm +/21

I en 13 + tLeEq sJ,

'-trftt 9

l*r.,A*l 4 +/.4**t 7n> /*frf^T 't\'

[t=fm,v)cuzl ftegz,iJ,7 fef Y,"ilJ4t

{tA

,q"lk tt4,c*'3/

{({7

('g-'flt,=f,

a

3

I2-

uI

2^

:!n= tqrlu

Page 11: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

- 420/6

=l

baont6, cI*bu/"€ J" k0.F) | tb. ec*t,

,/ils/eno- de puh44f

or-fr* *<=IR| --'/* tu J*y'q-nu'r. 'taeAr de cgt67g,urrt' a- ./€rteJ',

/,(t f) 4 /a, ,12

0 Nota,* ,.* = 4" A y=,b/.Ce.(*,hr"-

* -2 - .^/*rn c_,)A,.. -r A/ l,-/.Ut/ Ceel's1'272

)**"-)Vr\t>l

?tdOrdn4 ,I= -,t Jena

F"h^ /,rzl/ "*: e

fl^ o/*^u.u# ,; &/

YA' ,,*,/1 -( !;,

zaL6 .zdtt,nl, z

./4 razilg - Lnzl /4=1

'z

1L'l

fu JA",f dcrrr' 6,nrus*ttce- ce4wrdr€mt (<= 22 { h<= .or)CE

/ e ,rrJp.; e "/eri€ s/?1.rok.aE(

z h*,,f'!l t

/. n r^r'/r- *"t g.

;' --&Jt/ cnrreryt'nft'' p& .{; eac4w?t*/'Q a' evuA'fu-(//

^^2oll ] t /t1?'-U e6LrE ur& b,,kn'< co+rv<prc*zh J* 47=t.qb't1

il,

2'

(u,ofu

t6 {;

ln' I",mn'r*, Ale(," 7e C+0 vten'a' ctft eno*Vorh'

g e (- *r-i iJ(r,a) {enL <A JwVc-Ao-

"f*/*. / =:t "ren'a- le

ttOt

oo

Zlu)nz =t\= I ' ,/n'

Page 12: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

(

'"*t d-r/,no/u/; R +g

xet+a+r/ _-_z

)"a /zx^rf. '/",a kfl{e o1

J"d C+57=rqg.th. let o)

*t+ z{+/ " Ca<."qaha,- /r*y'_ y',u,

z7+/+Ax/ *Za t zv7+2 .

=_^.t+A2A +t/+A

#- #+t=o fnN' =>

- * 7V=o )()+z)=o) l=o:) (U,.)

fr.=-^ (t-*.f,^]* )='t F += ./ \,.1664 flt^r&/,,-Wrl'/7->--cJ*&;,^- (t+'x1)

L\,t+7;t [y +)7+l*=ol$try7)zz *)/ro&= nA = z!*r+zS

Llrr(ro,fl = +/ + ^x

+ zs$ =o,d" ,L/-

@

'"*t d-r/*/u/;R +g

xet+a+r/ ---z)"a /

z*^+1. '/"'a kfl{4 o1

J"d C+57=rqg.tLr. /et o)" -a -ra

*t+ z{+/ " Ca<."qae,a,- /r*y'_ y',u,

z7+/+Ax/ *Za t zv7+2 .

Page 13: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

t*,.

o

Molrrrr.- /"rJ*h a

tryr)

\ ri(w)Ohen :r-ut,

,fr'j.* )=ee ef

Dw=l

@

-2 nl*4/ sfZT

- { -4o = o -z'

*t '- t

vf=

o-N

-t

\r)o

,l+ ^

7+lo

t+^

x+z\,?/

Hro) <o + kt,")

(e /t",qv#,r"f*r)_/27'

zz+afl

7g)2rc'{47)ol* #y.7-.o =/kr') A / ew'l'"'na tuu/q o)'

o,

-q

=- | '7,'

Ol1Ozt

fon ^. ,Tculnu fr-= -z

(tt" *

1r.rLo/ { a*'t."-d ?* furo"

no{< ^r*/, 4rrr.- t z(4,trht2/

G,)t /.1 V t-sr'-) = 2 Sa + ?sr-z) 7rr,,-r/fu ,ani*qlu-,1*..^L

Y- 6/ L/ = e-xe1

,)I g2--6/z+/zo- +'.- g+P- |

zt

nr 1"':-(ui-t,,;7;,2"{**

=) ftr= '?, = y's'V.%.=z'

4*Cz z a ur.-in,

c2 u*azL*Qde-

Page 14: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

f"r

Pat?-

- ltr,a t*x*^f, ,{*(n**4f h<z,r'4rt?

ian lL"P'= E

/;h",il*lE 4s

,/0.0*42't',

Q Neloh E?=l A2,ul;*"Jrrro /c t'vz'.i

Z^+::lv /.

i *4tT *$ --4

itlcr r*i,^A,..l/ e,t u& '. p"rAar&"e w @

t*#): (*x*6)

#J4=-'ok) ='- ae11

lr*r^ir* )w

-/8erJfu-*4)-4. ,r*L

/t'*z t 4.4*2h p

/rt"t *

o., *r/ elR

e*z

a4 qo

/ /:

;)

o tty s*er,sJ/ '/"-4?

?zt + ?.kdfr=2# Q xJr=&, s=1f*. '2a.-,x rJ:r""* 4 t.fr24e

/^€

Jr

1i

':'. ,n*th =26 f"i*n =^E 7(5)=*Wo

V[x= ,.9

=fLG "7rg)=/ =: /nrg

Page 15: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

lz /5 la z/2127

+ -L "l Ot L

fi.O(oro): f 3lft+,lE ft)s 6e*t6

Fp rtT,d : Exzey3€o

[322t Jt+Q'=7 #-x-(--o =) r*-s)ktA=o)

=> [' = t cz,flet'/ -.,.jrr, az?gsac*ol

F* J, : l*2=7

o/r; / =32+lt

3 3

i:rr)/*=J-G .i'*)r*

* =_, f x (Jz+tr -sxll ** 3,2?_e8+raa) d*-z

=-f' t* 2z +tt + f, ,n+E -,f | =f,o- f= ?,

Page 16: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

-"Y |n=,_4 IE'/

a1/cnel

+'t2,g/l 'LotZ qt I

Gt-

-t ..

a

=3=2"a2;/.-ynZ.^( Jn eeocw.v o-rh

/)

,lf.

h- 4=2.4-)q

/*.? at;1/-+l +<

Page 17: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

f ,d"a )lo,llllz'I

@

./ ,o/r /e rtc tnfil

--d<Ez3 /,r --s gJ'

,Z,wLh #*2rffif"r-"a*.Ju p-44 ;. a..f^?-A'". p- 244 ' 'w

7' ^ { = ffi , r7.vc aextefq h<

W' - 2o// = tlo9l

"Zatf Sp/=t7 t-ffi b/?

Toiennh.lt /. /&l

A' 2oJ7e *

2A

hlnil Tta

+ (*rt>rz T

Gnhtz't i't+))':+4

, ". t2'-a^/ot) L_=2 Ew -

6*x1z-L:JW{+x

I

G-Lvz

\

Vz

,It:

t -1

I ,;.

pT**d* &/*f,uya5ry"."/*(r"

){hil==h,fr) t) F:ie /:n?

sz+z; +1.t

:4n:tyr2no{t 2 ,+ Apr+sAr€+2AJ**)L6

+2 + A/+s):o )+q

Q*sD7*zD _z {tz^ , zr:\_ r___z _!_i4zO'f +^ y'+n0nD'

*4=o695 6^t+zsrz - n7L 6s +^J+Q=O

z,+f\h

('+t)

nll L;C; ,t-JA'r.r"t ,t rg ")

06.rcrwh. ,rA ^=-/

Ot/l'(t e*lWt*.-C

Page 18: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

,t r l.-Ma{ncr* lietJe:Q a-r7 -.Htt,ufl = 7)i

- &il)f rllqa

@

o41^

Qb r-0yr1/ &/ J:- e -

.- 2d't'-

*LJ.r."*. a,{ {+

Cr)(ok/@,."Q +t*r"dp rt"*r/t rto

b)^l* uh,i /rugdJt-(ro ,61x.t.4tl0, 3, ,hl

M,4(.(/ _/4->a llT'a'

v qz h?-

btuk t toLI

z (y *s)k+a)/+r) ,

/h'/+A / ,X *2 3:f -z.A +z+ z^

'/* )

= z +k+v)"/-- +/+2 ' ,/+) t+T,Aalfl .iu f^/.*=@Lz-,rc^,X-\83

) "(6-il ,. z \ft -L=-ZV;4)

=+zvLz Orl

t 2., F) r'e fp,*4 (ru!\.4.J.

eo (/^, ,"tft/ /z',,7,,)=/+, #) ^a+ te/P.,z',71) )tutd / lt''r#' lenl*<:

tl*/. = &"-= + 00",^_fr*t;.)o, _l+lt@l ^-,^ rDrZ, .4->a

,)

eA

fui" n,,r- o&

,- /*r^, Jr. y'i, ,4oo J*n"ndn/ a;of-4fl) a"'t- ztcb

Page 19: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

,/*h."t"l JV 0, s,

tR.*ulw'qt'^esr*rA',

J,"Ltl'oy,rutY Q,?<

;YL zat t/un"o< ttro/i" tla

hLTn*rt)o[ = Z4q,.t2=/ -7

Awto /"*'t ni*q:tq?iztl e-lirl;

J?tul

f;,.ht* i hJ.{_,-P'tl"P't ut*(

tf J-t = ;? uaf h

(-m +rzb)cot:7x + (:rb

ttzlilnst = 2c@az

ycl,wq*#"F)={rJhrilN,e{

(r"p,/.) *1 tU/Jct,ry'S O l^ 'U,.-Xr*!,6 Cx't;

/- /)

( -- I7t-V'* /t/

t"'raV* Ay'.""A&' eaqz*A

G>/^"e

ftrrrz ?&nr= ,/

r e'+.=!.

A* hi

$n ncz)> q d*t c.c t* u,, Irrt2 e/R.T*&a .* tzr&"i .4rr*/,2 4, a*ge.ru /</ar.,.,-w7x + 6ak a").

e.x z6a,Ls4* atTS a ot+sx +BJ u"e*)'z .a' ze 30 cuasa< + (26-salaLal

sb)ceaae + (zi-sE e{* nZS( ze+al) mttrd=b3 b+s1rr,,fl+ct +6/d0 @tax + (tt -6e-66--,fl)ar'e{ .

/ortorydp*lrox - ?(zo+.sl)athez -? (U-su1&Lax +lztx eaaz tr

;?,! !,'; : 3 *' [ ; : _':;:",*tfu' /4t--?e n^r*,^flq"^e ?,tr

e3*+ czco** ( h(*^i*-t*4*t

/?et?

d =f tn /)etP"/ rc+'+o) te xQrzs&/'

Page 20: Dragos-Patru Covei The Bucharest University of Economic ...Created Date: 6/23/2015 8:05:59 AM

,frrJr- &3/ o /4'fq- f4"-rc{,4/*

(t,o1 a t<o F)) t-zrfr"**/-

"lr.urt/r"& J"7frt'" '

W"^ffg'" hlfl,two(,

/"4"e-) x=z @TL f = n.*hY

/Le6 t"J 1, f

E/"Jr*> +"/,u d" "orrrrl(d ""

fr{,=Z r"> *=/l7->o q7)o

> /r=+t'*@

7=qfr',4=4 /d-Vtz/r)

F*c"^rrt/r.u-^ /o-

laler*6-*, ,..o-.,4. X17L tn4,r'

d?z--a2/..*ra ? =x

q42" 6.2 Ez 24

,'F/ -- -q ll -

Zth31/'z = 4b+"+- q


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