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2PIntroductiontoEconomicGrowthandInstability.pptxIntroduction to Economic Growth and Instability Please listen to the audio as you work through the slides.
Creative Commons Attribution 4.0 License, Charles Hackner Houston Community College unless otherwise noted CC BY NC
Going to college is a contact sport!
You have to be Fierce, Committed, Don’t let go!
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CC BY Chris Sansenbach
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CC BY JMSuarez
Or, Here is the result of another approach!
Learning objectives
Students should be able to thoroughly and completely explain:
The Business cycle and its 4 phases.
Causes of economic instability,
Types of Unemployment
The costs of Unemployment and issues associated with the unequal burden of Unemployment.
The types of Inflation (including who is hurt and helped by Inflation)
The effects of Inflation on output.
Topics
Economic Growth
The Business Cycle
Unemployment – what is it and how do you measure it?
Inflation – what is it, how do you measure it, and what does it cost us?
Economic Growth
Measuring:
An increase in real GDP over time, or
An increase in real GDP per capita over time
http://www.measuringworth.com/usgdp/
http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1
http://www.bea.gov/iTable/index_nipa.cfm
Some other data sources
Check them out
Growth is a Goal – but is it a sustainable goal?
Main Sources of Growth
Increases in Resources produce 1/3 of growth
Contribution of oil since it’s discovery – the UK case
Increases in Productivity produce 2/3 of growth
Driven by machines, technology, knowledge
http://www.tradingeconomics.com/united-states/gdp-growth
Economic Growth
The Business Cycle
Level of Real Output
Time
Peak
Peak
Peak
Recession
Recession
Expansion
Expansion
Trough
Trough
Growth
Trend
Durable goods and nondurable goods industries
affected differently
Business Cycle - Characteristics
Peak
Full employment
Rising National income
Reached output capacity
Demand pull Inflation
Recession
2 consecutive quarters of negative GDP growth
Rising Unemployment
Falling national income
Falling consumer spending
Business Cycle - Characteristics
Trough
Stability
Things have gotten as bad as they are going to get
Unemployment stabilizes
GDP growth rate stabilizes
Expansionary phase
GDP rising
Employment rising
National income rising
Consumer spending rising
Some Causes of Business Cycles
Shocks and price stickiness
Supply shocks and productivity shocks
Monetary shocks
Financial boom and bust
Unexpected political events
Common link
Unexpected changes in spending
26-12
Unemployment
Twin problems of the business cycle
Unemployment
Inflation
Measurement of Unemployment
Who’s in the labor force
26-13
http://www.bls.gov/news.release/empsit.t15.htm
The measures of the Unemployment rate
Check them out.
Why do you suppose we hear very little about the big ugly one?
Unemployment rate 1948 – April 2017
What do you think your next 60 years will look like?
What can you do now to minimize the pain?
U.S. Bureau of Labor Statistics, Civilian Unemployment Rate [UNRATE], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/UNRATE, May 27, 2017
Unemployment
Measurement of Unemployment, 2002
Employed
Not in
labor
force
Under 16
and/or
institutionalized
Total
Population
288,600,000
Labor
force
142,500,000
74,700,000
71,400,000
Homemakers,
full time students,
retirees
Unemployed
8,300,000
134,200,000
Unemployment
Measurement of Unemployment
Unemployment
rate
unemployed
labor force
x
100
=
Bureau of labor statistics survey monthly
Part-Time Employment - counted as fulltime
Discouraged Workers – not counted
Unemployment
Types of Unemployment
Note the role of skills in each
Frictional Unemployment - search and wait Unemployment, transitional
Structural Unemployment -
AKA: compositional Unemployment
the composition of the labor force is slow to change.
skill requirements of employers change faster then worker skills
jobs shift geographically
Unemployment
Types of Unemployment
3. Cyclical Unemployment
Caused by decline in total spending
Occurs in recession phase of business cycle
Demand for goods and services decreases, employment falls, Unemployment rises
Unemployment
Definition of full employment
Occurs when there is no cyclical Unemployment
Full-Employment Rate of Unemployment aka the Natural Rate of Unemployment (NRU) 4 to 5 percent Unemployment
At this point the economy is said to be producing its potential output
Okun’s Law
Each 1% above NRU creates negative 3% output gap
What happens if full-employment becomes a 6 to 7 percent rate of Unemployment by the time you graduate?
Some Unemployment Issues
Aging labor force
Age discrimination
Skills exit
The driving down of wage rates
Fewer good paying jobs
Academic preparation
inequality
26-22
Unemployment
26-24
1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005
The GDP Gap
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
GDP (billions of 1996 dollars)
1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005
The Unemployment Rate
10
8
6
4
2
0
Unemployment
(percent of civilian
Labor force)
Source: Congressional Budget Office & Bureau of Economic Analysis
GDP gap
(positive)
GDP gap
(negative)
Potential GDP
Actual GDP
Unemployment
The Case of Unequal Burdens
Occupation – low vs high skilled
Age - teenagers
Race and Ethnicity – education, in lower skilled jobs, labor mkt discrimination.
Gender – similar Unemployment rates, differences in pay
Education – less education / higher Unemployment
Duration – the percentage of persons experiencing long term Unemployment lower than general Unemployment rate
Economic Costs of Unemployment
Foregone output or Potential output
Reduced national spending
Leads to reduced output
Reduced tax revenue (at all levels)
26-26
Unemployment
The more difficult to quantify costs of Unemployment
Loss of job skills,
Loss of self-respect
Political unrest,
Racial and ethnic tensions,
Mental and physical illness
Impact on families
Inflation
Defined and Measurement
A rising general level of prices
Reduction in purchasing power
Rate of Inflation calculated using index numbers
Inflation
Consumer Price Index
Consumer price index (CPI)
Market basket of 300 goods and services
Typical urban consumer
2 year updates
CPI
Price of the Most Recent Market
Basket in the Particular Year
Price estimate of the Market
Basket in 1982-1984
=
x
100
An Example
In 2002 CPI was 119 and in 2001 CPI was 116.4
The rate of Inflation from 2001 to 2002 is
Consumer Price Index - All Urban Consumers
1913 – 2012
Note the difference before and after 1959
What do you think happened?
Bls.gov
Inflation Rates: 4 Countries 1970 - 2014
Inflation
Types of Inflation
Demand pull
Cost-push
26-33
Demand-Pull Inflation
Excess spending beyond the economy’s capacity to produce.
Bids up prices
Will exist as long as there is excess total spending.
Types of Inflation
Types of Inflation
Cost-Push Inflation
Rising Per-Unit Production Costs
Per unit cost = (total input cost / units of output)
AKA - Supply-Side Inflation – sharp increases in raw materials prices
Supply Shocks – abrupt increases in raw material costs, shortages of raw materials, natural disasters
Example - oil price in 1973-74 and 1979-80.
Complexities – can be driven by demand pull Inflation,
Sustainability – cost push self limiting
Redistributive effects of Inflation
Who is Hurt by Inflation and how?
Fixed-Income Receivers
Social security, pension recipients
Purchasing power drops
Savers - purchasing power drops
Creditors – are repaid in dollars with less purchasing power
Redistributive effects of Inflation
Who is Unaffected or Helped by Inflation and how?
Flexible-Income Receivers –receive Inflation adjustments
Cost of Living Adjustments (COLAs) – some union workers
Debtors – pay back with cheaper dollars
Nominal
Interest
Rate
Real
Interest
Rate
Inflation
Premium
=
11%
5%
6%
+
Anticipated Inflation
Effects of Inflation on output
Cost-Push Inflation and Real Output
As prices rise,
Quantity of goods & services demanded fall,
Firms produce less,
Output and employment fall
Effects of Inflation on output
Demand-Pull Inflation and Real Output
Inflation increase, higher profit for firms, expansion of plants and equipment, more output, more employment.
Once economy is at full employment as demand increases, output does not increase, employment does not increase, just the level of Inflation increases.
In general, demand-pull Inflation leads to reduction in real output.
Other Inflation Issues
Deflation – generally falling prices
Stagflation
HyperInflation
26-41
KEY TERMS
full-employment rate of Unemployment
natural rate of Unemployment (NRU)
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
19851987198919911993199519971999200120032005
0
2
4
6
8
10
19851987198919911993199519971999200120032005
Chart2
| 1985.1 | 1985.1 |
| 1985.2 | 1985.2 |
| 1985.3 | 1985.3 |
| 1985.4 | 1985.4 |
| 1986.1 | 1986.1 |
| 1986.2 | 1986.2 |
| 1986.3 | 1986.3 |
| 1986.4 | 1986.4 |
| 1987.1 | 1987.1 |
| 1987.2 | 1987.2 |
| 1987.3 | 1987.3 |
| 1987.4 | 1987.4 |
| 1988.1 | 1988.1 |
| 1988.2 | 1988.2 |
| 1988.3 | 1988.3 |
| 1988.4 | 1988.4 |
| 1989.1 | 1989.1 |
| 1989.2 | 1989.2 |
| 1989.3 | 1989.3 |
| 1989.4 | 1989.4 |
| 1990.1 | 1990.1 |
| 1990.2 | 1990.2 |
| 1990.3 | 1990.3 |
| 1990.4 | 1990.4 |
| 1991.1 | 1991.1 |
| 1991.2 | 1991.2 |
| 1991.3 | 1991.3 |
| 1991.4 | 1991.4 |
| 1992.1 | 1992.1 |
| 1992.2 | 1992.2 |
| 1992.3 | 1992.3 |
| 1992.4 | 1992.4 |
| 1993.1 | 1993.1 |
| 1993.2 | 1993.2 |
| 1993.3 | 1993.3 |
| 1993.4 | 1993.4 |
| 1994.1 | 1994.1 |
| 1994.2 | 1994.2 |
| 1994.3 | 1994.3 |
| 1994.4 | 1994.4 |
| 1995.1 | 1995.1 |
| 1995.2 | 1995.2 |
| 1995.3 | 1995.3 |
| 1995.4 | 1995.4 |
| 1996.1 | 1996.1 |
| 1996.2 | 1996.2 |
| 1996.3 | 1996.3 |
| 1996.4 | 1996.4 |
| 1997.1 | 1997.1 |
| 1997.2 | 1997.2 |
| 1997.3 | 1997.3 |
| 1997.4 | 1997.4 |
| 1998.1 | 1998.1 |
| 1998.2 | 1998.2 |
| 1998.3 | 1998.3 |
| 1998.4 | 1998.4 |
| 1999.1 | 1999.1 |
| 1999.2 | 1999.2 |
| 1999.3 | 1999.3 |
| 1999.4 | 1999.4 |
| 2000.1 | 2000.1 |
| 2000.2 | 2000.2 |
| 2000.3 | 2000.3 |
| 2000.4 | 2000.4 |
| 2001.1 | 2001.1 |
| 2001.2 | 2001.2 |
| 2001.3 | 2001.3 |
| 2001.4 | 2001.4 |
| 2002.1 | 2002.1 |
| 2002.2 | 2002.2 |
| 2002.3 | 2002.3 |
| 2002.4 | 2002.4 |
| 2003.1 | 2003.1 |
| 2003.2 | 2003.2 |
| 2003.3 | 2003.3 |
| 2003.4 | 2003.4 |
| 2004.1 | 2004.1 |
| 2004.2 | 2004.2 |
| 2004.3 | 2004.3 |
| 2004.4 | 2004.4 |
| 2005.1 | 2005.1 |
| 2005.2 | 2005.2 |
| 2005.3 | 2005.3 |
| 2005.4 | 2005.4 |
Sheet1
| Potential | Actual | ||
| 1985.1 | 6026.8 | 5956.9 | |
| 1985.2 | 6074.6 | 6007.8 | |
| 1985.3 | 6123.4 | 6101.7 | |
| 1985.4 | 6173.3 | 6148.6 | |
| 1986.1 | 6224 | 6207.4 | |
| 1986.2 | 6275.2 | 6232 | |
| 1986.3 | 6326.7 | 6291.7 | |
| 1986.4 | 6378 | 6323.4 | |
| 1987.1 | 6429.2 | 6365 | |
| 1987.2 | 6480.4 | 6435 | |
| 1987.3 | 6531.4 | 6493.4 | |
| 1987.4 | 6582.4 | 6606.8 | |
| 1988.1 | 6633.5 | 6639.1 | |
| 1988.2 | 6684.7 | 6723.5 | |
| 1988.3 | 6735.9 | 6759.4 | |
| 1988.4 | 6787.1 | 6848.6 | |
| 1989.1 | 6838.3 | 6918.1 | |
| 1989.2 | 6889.2 | 6963.5 | |
| 1989.3 | 6940 | 7013.1 | |
| 1989.4 | 6990.4 | 7030.9 | |
| 1990.1 | 7040.3 | 7112.1 | |
| 1990.2 | 7089.8 | 7130.3 | |
| 1990.3 | 7138.7 | 7130.8 | |
| 1990.4 | 7187.2 | 7076.9 | |
| 1991.1 | 7235.3 | 7040.8 | |
| 1991.2 | 7282.9 | 7086.5 | |
| 1991.3 | 7330.2 | 7120.7 | |
| 1991.4 | 7377.1 | 7154.1 | |
| 1992.1 | 7423.7 | 7228.2 | |
| 1992.2 | 7470.4 | 7297.9 | |
| 1992.3 | 7517.2 | 7369.5 | |
| 1992.4 | 7564.2 | 7450.7 | |
| 1993.1 | 7611.9 | 7459.7 | |
| 1993.2 | 7660.6 | 7497.5 | |
| 1993.3 | 7710 | 7536 | |
| 1993.4 | 7760.4 | 7637.4 | |
| 1994.1 | 7812 | 7715.1 | |
| 1994.2 | 7864.7 | 7815.7 | |
| 1994.3 | 7919 | 7859.5 | |
| 1994.4 | 7974.7 | 7951.6 | |
| 1995.1 | 8031.4 | 7973.7 | |
| 1995.2 | 8089.2 | 7988 | |
| 1995.3 | 8148 | 8053.1 | |
| 1995.4 | 8208.1 | 8112 | |
| 1996.1 | 8269.6 | 8169.2 | |
| 1996.2 | 8332.6 | 8303.1 | |
| 1996.3 | 8397.2 | 8372.7 | |
| 1996.4 | 8463.6 | 8470.6 | |
| 1997.1 | 8531.6 | 8536.1 | |
| 1997.2 | 8601.3 | 8665.8 | |
| 1997.3 | 8672.7 | 8773.7 | |
| 1997.4 | 8745.7 | 8838.4 | |
| 1998.1 | 8820.4 | 8936.2 | |
| 1998.2 | 8896.7 | 8995.3 | |
| 1998.3 | 8974.5 | 9098.9 | |
| 1998.4 | 9054.1 | 9237.1 | |
| 1999.1 | 9135.6 | 9315.5 | |
| 1999.2 | 9218.8 | 9392.6 | |
| 1999.3 | 9304.1 | 9502.2 | |
| 1999.4 | 9390.6 | 9671.1 | |
| 2000.1 | 9477.9 | 9695.6 | |
| 2000.2 | 9565.8 | 9847.9 | |
| 2000.3 | 9653.3 | 9836.6 | |
| 2000.4 | 9740.7 | 9887.7 | |
| 2001.1 | 9828 | 9875.6 | |
| 2001.2 | 9915 | 9905.9 | |
| 2001.3 | 10001.9 | 9871.1 | |
| 2001.4 | 10088.4 | 9910 | |
| 2002.1 | 10174.1 | 9977.3 | |
| 2002.2 | 10258.6 | 10031.6 | |
| 2002.3 | 10341.7 | 10090.7 | |
| 2002.4 | 10422.9 | 10095.8 | |
| 2003.1 | 10502.9 | 10138.6 | |
| 2003.2 | 10582.2 | 10230.4 | |
| 2003.3 | 10661 | 10410.9 | |
| 2003.4 | 10740.4 | 10502.6 | |
| 2004.1 | 10820.1 | 10612.5 | |
| 2004.2 | 10900.4 | 10704.1 | |
| 2004.3 | 10981.6 | 10808.9 | |
| 2004.4 | 11063.4 | 10897.1 | |
| 2005.1 | 11146.4 | 10999.3 | |
| 2005.2 | 11230.7 | 11089.2 | |
| 2005.3 | 11316.4 | 11202.3 | |
| 2005.4 | 11403.9 | 11248.3 |
Sheet1
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Sheet2
| 0 | 0 |
| 0 | 0 |
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| 0 | 0 |
| 0 | 0 |
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| 0 | 0 |
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| 0 | 0 |
| 0 | 0 |
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| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
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| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
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| 0 | 0 |
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| 0 | 0 |
| 0 | 0 |
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Sheet3
Chart4
| 1985 |
| 1986 |
| 1987 |
| 1988 |
| 1989 |
| 1990 |
| 1991 |
| 1992 |
| 1993 |
| 1994 |
| 1995 |
| 1996 |
| 1997 |
| 1998 |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
| 2005 |
Sheet1
| Potential | Actual | ||
| 1985.1 | 6026.8 | 5956.9 | |
| 1985.2 | 6074.6 | 6007.8 | |
| 1985.3 | 6123.4 | 6101.7 | |
| 1985.4 | 6173.3 | 6148.6 | |
| 1986.1 | 6224 | 6207.4 | |
| 1986.2 | 6275.2 | 6232 | |
| 1986.3 | 6326.7 | 6291.7 | |
| 1986.4 | 6378 | 6323.4 | |
| 1987.1 | 6429.2 | 6365 | |
| 1987.2 | 6480.4 | 6435 | |
| 1987.3 | 6531.4 | 6493.4 | |
| 1987.4 | 6582.4 | 6606.8 | |
| 1988.1 | 6633.5 | 6639.1 | |
| 1988.2 | 6684.7 | 6723.5 | |
| 1988.3 | 6735.9 | 6759.4 | |
| 1988.4 | 6787.1 | 6848.6 | |
| 1989.1 | 6838.3 | 6918.1 | |
| 1989.2 | 6889.2 | 6963.5 | |
| 1989.3 | 6940 | 7013.1 | |
| 1989.4 | 6990.4 | 7030.9 | |
| 1990.1 | 7040.3 | 7112.1 | |
| 1990.2 | 7089.8 | 7130.3 | |
| 1990.3 | 7138.7 | 7130.8 | |
| 1990.4 | 7187.2 | 7076.9 | |
| 1991.1 | 7235.3 | 7040.8 | |
| 1991.2 | 7282.9 | 7086.5 | |
| 1991.3 | 7330.2 | 7120.7 | |
| 1991.4 | 7377.1 | 7154.1 | |
| 1992.1 | 7423.7 | 7228.2 | |
| 1992.2 | 7470.4 | 7297.9 | |
| 1992.3 | 7517.2 | 7369.5 | |
| 1992.4 | 7564.2 | 7450.7 | |
| 1993.1 | 7611.9 | 7459.7 | |
| 1993.2 | 7660.6 | 7497.5 | |
| 1993.3 | 7710 | 7536 | |
| 1993.4 | 7760.4 | 7637.4 | |
| 1994.1 | 7812 | 7715.1 | |
| 1994.2 | 7864.7 | 7815.7 | |
| 1994.3 | 7919 | 7859.5 | |
| 1994.4 | 7974.7 | 7951.6 | |
| 1995.1 | 8031.4 | 7973.7 | |
| 1995.2 | 8089.2 | 7988 | |
| 1995.3 | 8148 | 8053.1 | |
| 1995.4 | 8208.1 | 8112 | |
| 1996.1 | 8269.6 | 8169.2 | |
| 1996.2 | 8332.6 | 8303.1 | |
| 1996.3 | 8397.2 | 8372.7 | |
| 1996.4 | 8463.6 | 8470.6 | |
| 1997.1 | 8531.6 | 8536.1 | |
| 1997.2 | 8601.3 | 8665.8 | |
| 1997.3 | 8672.7 | 8773.7 | |
| 1997.4 | 8745.7 | 8838.4 | |
| 1998.1 | 8820.4 | 8936.2 | |
| 1998.2 | 8896.7 | 8995.3 | |
| 1998.3 | 8974.5 | 9098.9 | |
| 1998.4 | 9054.1 | 9237.1 | |
| 1999.1 | 9135.6 | 9315.5 | |
| 1999.2 | 9218.8 | 9392.6 | |
| 1999.3 | 9304.1 | 9502.2 | |
| 1999.4 | 9390.6 | 9671.1 | |
| 2000.1 | 9477.9 | 9695.6 | |
| 2000.2 | 9565.8 | 9847.9 | |
| 2000.3 | 9653.3 | 9836.6 | |
| 2000.4 | 9740.7 | 9887.7 | |
| 2001.1 | 9828 | 9875.6 | |
| 2001.2 | 9915 | 9905.9 | |
| 2001.3 | 10001.9 | 9871.1 | |
| 2001.4 | 10088.4 | 9910 | |
| 2002.1 | 10174.1 | 9977.3 | |
| 2002.2 | 10258.6 | 10031.6 | |
| 2002.3 | 10341.7 | 10090.7 | |
| 2002.4 | 10422.9 | 10095.8 | |
| 2003.1 | 10502.9 | 10138.6 | |
| 2003.2 | 10582.2 | 10230.4 | |
| 2003.3 | 10661 | 10410.9 | |
| 2003.4 | 10740.4 | 10502.6 | |
| 2004.1 | 10820.1 | 10612.5 | |
| 2004.2 | 10900.4 | 10704.1 | |
| 2004.3 | 10981.6 | 10808.9 | |
| 2004.4 | 11063.4 | 10897.1 | |
| 2005.1 | 11146.4 | 10999.3 | |
| 2005.2 | 11230.7 | 11089.2 | |
| 2005.3 | 11316.4 | 11202.3 | |
| 2005.4 | 11403.9 | 11248.3 | |
| Unemployment | |||
| 1985 | 7.2 | ||
| 1986 | 7 | ||
| 1987 | 6.2 | ||
| 1988 | 5.5 | ||
| 1989 | 5.3 | ||
| 1990 | 5.6 | ||
| 1991 | 6.8 | ||
| 1992 | 7.5 | ||
| 1993 | 6.9 | ||
| 1994 | 6.1 | ||
| 1995 | 5.6 | ||
| 1996 | 5.4 | ||
| 1997 | 4.9 | ||
| 1998 | 4.5 | ||
| 1999 | 4.2 | ||
| 2000 | 4 | ||
| 2001 | 4.8 | ||
| 2002 | 5.8 | ||
| 2003 | 6 | ||
| 2004 | 5.5 | ||
| 2005 | 5.1 |
Sheet1
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| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
Sheet2
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
| 0 | 0 |
Sheet3
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
%
2
.
2
100
4
.
116
4
.
116
0
.
119
=
´
-
