Page 460 - DECO401_MICROECONOMIC_THEORY_HINDI

O;f"V vFkZ'kkL=k osQ fl¼kar

uksV ,d O;fDr ij fopkj dhft, tks vius ?kj dks vkx }kjk u"V gksus osQ fo#¼ chek djokus dk fu.kZ; ysrk
gSA ;fn ?kj dk ewY; #- 20,00,000 gS rFkk ,d lky esa blosQ vkx yx tkus dh laHkkO;rk (probability)
400 esa ,d (1@400) gSA mlosQ ikl nks fodYi gSaμigyk] ;fn og chek ugha djokrk] rFkk dksbZ vkx ugha
yxrh] rks ?kj dk ewY; #- 20,00,000 laiw.kZ jgrk gS rFkk vkx yxus dh fLFkfr esa] 'kwU; gks tkrk gSA nwljk]
;fn og chek [kjhnrk gS rFkk #- 5,000 oaQiuh dks izhfe;e osQ :i esa nsrk gS] rks mlosQ ?kj dk ewY; vkx
u yxus dh fLFkfr esa 8 o"kZ osQ var rd #- 20,00,000 μ #- 5,000 = #- 19,95,000 jg tkrk gSA ;fn
?kj vkx ls u"V gks tkrk gS rks chek oaQiuh ?kj dk tksf[ke mlosQ ekfyd dks #- 20,00,000 nsdj iwjk djsxhA
2- fofoèkhdj.k (Diversification)

tksf[ke dks fofoèkhdj.k }kjk ?kVk ldrs gSaA tc ,d iQeZ osQoy ,d gh izdkj osQ O;olk; ij è;ku nsus
osQ LFkku ij u;s izdkj osQ O;olk; esa foLrkj djrh gS] rks tksf[ke dks de dj nsrh gSA chek oaQifu;k¡ ykHk
dks vfèkdre djus okyh iQes± gksrh gSaA vr% osQoy ,d izdkj dk chek djus osQ LFkku ij] os ?kj] thou]
dkj] LokLF; vkfn osQ fy, chek csprh gSaA fofHkUu izdkj osQ chek esa fofoèkhdj.k djosQ] os tksf[ke dks
iSQykrh gSaA blh izdkj] ,d fuos'kd LVkWd cktkj esa O;kikj djosQ fofoèkhdj.k }kjk viuk tksf[ke de dj
ldrk gSA vius cktkj iksVZiQksfy;ks esa fofHkUu LVkWdksa dks fofHkUu vuqikrksa esa feykdj] og tksf[ke okys LVkWd
ls visf{kr gkfu dks de dj ldrk gSA

3- Ý;wplZ cktkj (Futures Market)
O;fDr Ý;wplZ cktkj }kjk Hkh vius tksf[ke dks de djus dk iz;kl djrs gSaA vkerkSj ij Ý;wplZ cktkj] Ñf"k
mRiknksa rFkk LVkWd vkfn osQ ekeys esa ekStwn jgrk gSA eku yks fd fdlku pkoy mxkrk gS rFkk og ugha tkurk
fd pkoy dh dher iQly dVus osQ ckn fxjsxh ;k c<+sxhA og vius Hkfo"; dh mit rFkk vk; osQ fo"k;
esa vfuf'pr gksrk gSA vr% og de cktkj dher dh laHkkouk osQ fo#¼ chek pkgrk gSA vius Hkfo"; osQ
tksf[ke dks iwjk djus osQ fy, og ,d Fkksd fooszQrk osQ lkFk] pkoy dh fo'ks"k ek=kk] Hkfo"; dh ,d fo'ks"k
rkjh[k dks ,d fo'ks"k dher ij nsus osQ fy, Hkfo"; osQ vuqcaèk esa izos'k djrk gSA ;fn ,d cksjh pkoy dh
visf{kr fuEu dher #- 300 gS rFkk ,d cksjh dh mPp dher #- 400 visf{kr gS rks mfpr laHkkfor lqiqnZxh
dher (fair odds delivery price) #- 350 gksrh gSA bl dher ij pkoy nssus osQ fy, ,d Hkfo"; dk
fyf[kr vuqcaèk djosQ] fdlku vius tksf[ke visf{kr ewY; dk R;kx fd, fcuk] viuk tksf[ke de dj ysrk gSA

Lo&ewY;kadu (Self Assessment)

fuEufyf[kr dFkuksa esa ls lgh@xyr Nk¡fV,
(State whether the following statements are True/False)μ
8- lkekU;r% ;g vis{kk dh tkrh gS fd cM+s tksf[ke ls cM+s ykHk dh izkfIr gksxhA
9- tq, esa flDdk mNkydj f[kykM+h dks Hkqxrku fd;k tkrk gSA
10- ,d tksf[ke bPNqd O;fDr laHkkouk osQ vius i{k esa u gkssus dh fLFkfr esa [ksy essa Hkkx ugha ysrkA

4- ok;nk cktkj (Forward Market)
,d ok;nk cktkj esa] Hkfo"; dh ,d fo'ks"k rkjh[k ij] vkt LohÑr dh x;h dher ij Hkfo"; esa eky lqiqnZ
djus osQ fy, vkt vuqcaèk fd;k tkrk gSA ok;nk cktkj vusd oLrqvksa rFkk lkèkuksa tSls phuh] xsg¡w] pk;]
lksuk] pk¡nh] fons'kh eqnzk vkfn osQ fy, gksrs gSaA
lksus osQ ,d ok;nk cktkj ij fopkj dhft,A bldh orZeku (;k vkt dh) dher #- 5,000 izfr 10 xzke
gSA bls rqjar lqiqnZxh osQ fy, gkftj dher (spot price) dgrs gSaA yksx vxys o"kZ Hkh blh rkjh[k dks

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