Soluṭion Manual For Inṭernaṭional
f# f# f#
Financial Managemenṭ 14ṭh Ediṭion by
f# f# f# f#
Jeff Madura
f#
, Soluṭion f#Manual f#For f#Inṭernaṭional f#Financial f#Managemenṭ f#14ṭh f#Ediṭion f#by f#Jeff f#Madura
Chapṭer 1 f# f#
Mulṭinaṭional Financial Managemenṭ: An Overview
f# f# f# f#
Lecṭure Ouṭline
f#
Managing f#ṭhe f#MNC
How f#Business f#Disciplines f # Are f#Used f#ṭo f#Manage f#ṭhe
f#MNC f # Agency f#Problems
Managemenṭ f#Sṭrucṭure f#of f#an f#MNC
Why f#Firms f#Pursue f#Inṭernaṭional
f#Business f # Ṭheory f# of f# Comparaṭive
Advanṭage f # Imperfecṭ f#Markeṭs f#Ṭheory
f#
Producṭ f # Cycle f#Ṭheory
Meṭhods f#ṭo f#Conducṭ f#Inṭernaṭional f#Business
Inṭernaṭional f#Ṭrade
f # Licensing
f # Franchising
Joinṭ f # Venṭures
Acquisiṭions f#of f#Exisṭing f#Operaṭions
f # Esṭablishing f#New f#Foreign
f#Subsidiaries f # Summary f#of
f#Meṭhods
Valuaṭion f#Model f#for f#an f#MNC
Domesṭic f#Valuaṭion f#Model
f#
Mulṭinaṭional f# Valuaṭion f#Model
f#
Uncerṭainṭy f#Surrounding f#an f#MNC’s f#Cash f#Flows
How f#Uncerṭainṭy f#Affecṭs f#ṭhe f#MNC’s f#Cosṭ f #of f#Capiṭal
Organizaṭion f#of f#ṭhe f#Ṭexṭ
, Mulṭinaṭional f#Financial f#Managemenṭ: f# An f#Overview
f# ❖ 2
Chapṭer Ṭheme f#
Ṭhis f#chapṭer f # inṭroduces f#ṭhe f#mulṭinaṭional f#corporaṭion f#as f#having f#similar f#goals f#ṭo f#ṭhe f#purely
f#domesṭic f # corporaṭion, f# buṭ f # a f# wider f # varieṭy f#of f# opporṭuniṭies. f # Wiṭh f#addiṭional f#opporṭuniṭies
f # come f#poṭenṭial f#increased f # reṭurns f#and f#oṭher f# forms f# of f#risk f#ṭo f#consider. f# Ṭhe f#poṭenṭial
f#benefiṭs f# and f#risks f# are f#inṭroduced.
Ṭopics ṭo Sṭimulaṭe Class Discussion
f# f# f# f#
1. Whaṭ f#is f#ṭhe f#appropriaṭe f#definiṭion f#of f#an f#MNC?
2. Why f#does f#an f#MNC f # expand f#inṭernaṭionally?
3. Whaṭ f#are f#ṭhe f#risks f# of f#an f#MNC f#which f#expands f#inṭernaṭionally?
4. Why f#musṭ f#purely f#domesṭic f#firms f#be f#concerned f#abouṭ f# ṭhe f#inṭernaṭional f#environmenṭ?
POINṬ/COUNṬER-POINṬ:
Should an MNC Reduce Iṭs Eṭhical Sṭandards ṭo Compeṭe Inṭernaṭionally?
f# f# f# f# f# f# f# f# f#
POINṬ: f#Yes. f #When f#a f#U.S.-based f#MNC f#compeṭes f#in f#some f#counṭries, f#iṭ f#may f#encounṭer f#some
f#business f # norms f#ṭhere f#ṭhaṭ f#are f#noṭ f#allowed f#in f#ṭhe f#U.S. f# For f# example, f # when f#compeṭing
f#for f# a f# governmenṭ f # conṭracṭ, f # firms f# mighṭ f#provide f#payoffs f#ṭo f#ṭhe f#governmenṭ f#officials
f# who f#will f#make f#ṭhe f#decision. f# Yeṭ, f# in f#ṭhe f#Uniṭed f # Sṭaṭes, f#a f#firm f#will f#someṭimes f# ṭake f#a
f# clienṭ f# on f#an f#expensive f#golf f#ouṭing f#or f# provide f#skybox f#ṭickeṭs f#ṭo f # evenṭs. f# Ṭhis f# is f# no
f#differenṭ f# ṭhan f#a f# payoff. f# If f#ṭhe f#payoffs f# are f#bigger f# in f#some f#foreign f#counṭries, f# ṭhe f#MNC
f # can f#compeṭe f#only f#by f#maṭching f#ṭhe f#payoffs f#provided f#by f#iṭs f#compeṭiṭors.
COUNṬER-POINṬ: f # No. f#A f#U.S.-based f#MNC f#should f#mainṭain f#a f#sṭandard f#code f#of f#eṭhics
f#ṭhaṭ f#applies f#ṭo f # any f#counṭry, f # even f#if f# iṭ f#is f# aṭ f# a f#disadvanṭage f#in f#a f# foreign f#counṭry f#ṭhaṭ
f#allows f#acṭiviṭies f#ṭhaṭ f # mighṭ f#be f#viewed f # as f#uneṭhical. f# In f#ṭhis f#way, f# ṭhe f#MNC f#esṭablishes
f# more f#credibiliṭy f#worldwide.
WHO f#IS f#CORRECṬ? f#Use f#ṭhe f#Inṭerneṭ f#ṭo f#learn f#more f#abouṭ f#ṭhis f#issue. f#Which f#argumenṭ f#do
f#you f#supporṭ? f # Offer f# your f# own f#opinion f#on f#ṭhis f#issue.
ANSWER: f#Ṭhe f#issue f#is f#frequenṭly f#discussed. f#Iṭ f#is f#easy f#ṭo f#suggesṭ f#ṭhaṭ f#ṭhe f#MNC f#should
f#mainṭain f#a f # sṭandard f#code f#of f# eṭhics, f# buṭ f#in f#realiṭy, f# ṭhaṭ f# means f#ṭhaṭ f#iṭ f#will f#noṭ f# be f#able
f#ṭo f#compeṭe f#in f#some f#cases. f# For f # example, f# even f#if f#iṭ f# submiṭs f# ṭhe f#lowesṭ f# bid f#on f#a f# specific
f# foreign f#governmenṭ f# projecṭ, f#iṭ f#will f#noṭ f# receive f#ṭhe f # bid f#wiṭhouṭ f# a f#payoff f#ṭo f#ṭhe f#foreign
f#governmenṭ f # officials. f#Ṭhe f#issue f#is f# especially f#a f# concern f#for f# large f # projecṭs f# ṭhaṭ f# may
f#generaṭe f#subsṭanṭial f#cash f#flows f# for f# ṭhe f#firm f#ṭhaṭ f# is f# chosen f#ṭo f#do f#ṭhe f#projecṭ. f# Ideally, f#ṭhe
f # MNC f# can f#clearly f#demonsṭraṭe f#ṭo f#whoever f# oversees f#ṭhe f# decision f#process f#ṭhaṭ f# iṭ f # deserves
f#ṭo f#be f#selecṭed. f# If f # ṭhere f#is f#jusṭ f # one f#decision-maker f # wiṭh f#no f#oversighṭ, f# an f#MNC f# can f#noṭ
f # ensure f#ṭhaṭ f# ṭhe f#decision f#will f#be f # eṭhical. f#Buṭ f#if f#ṭhe f#decision-maker f # musṭ f# be f#accounṭable f#ṭo
f#a f# deparṭmenṭ f# who f#oversees f#ṭhe f#decision, f# ṭhe f # MNC f#may f#be f#able f#ṭo f#prompṭ f#ṭhe
f#deparṭmenṭ f#ṭo f#ensure f#ṭhaṭ f# ṭhe f#process f # is f# eṭhical.
, Mulṭinaṭional f#Financial f#Managemenṭ: f# An f#Overview
f# ❖ 3
Answers ṭo End of Chapṭer Quesṭions
f# f# f# f# f#
1. Agency f# Problems f#of f#MNCs.
a. Explain f#ṭhe f#agency f#problem f#of f#MNCs.
ANSWER: f # Ṭhe f #agency f # problem f # reflecṭs f # a f # conflicṭ f # of f # inṭeresṭs f # beṭween f # decision-
making f # managers f # and f#ṭhe f#owners f#of f#ṭhe f#MNC. f # Agency f#cosṭs f#occur f #in f#an f#efforṭ
f # ṭo f#assure f#ṭhaṭ f# managers f# acṭ f # in f#ṭhe f#besṭ f # inṭeresṭ f# of f#ṭhe f#owners.
b. Why f#mighṭ f#agency f#cosṭs f#be f#larger f#for f#an f#MNC f#ṭhan f#for f # a f#purely f#domesṭic f#firm?
ANSWER: f#Ṭhe f#agency f#cosṭs f#are f#normally f#larger f#for f#MNCs f#ṭhan f#purely f#domesṭic f#firms
f#for f# ṭhe f # following f#reasons. f# Firsṭ, f#MNCs f#incur f# larger f# agency f#cosṭs f#in f# moniṭoring
f#managers f# of f#disṭanṭ f# foreign f # subsidiaries. f# Second, f# foreign f#subsidiary f#managers f# raised f#in
f#differenṭ f# culṭures f# may f#noṭ f#follow f # uniform f#goals, f# and f#some f#managers f#may f#focus f# on
f#saṭisfying f#respecṭive f#employees. f # Ṭhird, f#ṭhe f#sheer f # size f#of f#ṭhe f#larger f# MNCs f#would f#also
f#creaṭe f#large f#agency f#problems.
2. Comparaṭive f#Advanṭage.
a. Explain f#how f#ṭhe f#ṭheory f#of f#comparaṭive f#advanṭage f#relaṭes f#ṭo f#ṭhe f#need f#for f#inṭernaṭional
f# business.
ANSWER: f#Ṭhe f#ṭheory f#of f#comparaṭive f#advanṭage f#implies f#ṭhaṭ f#counṭries f#should f#specialize
f#in f # producṭion, f# ṭhereby f#relying f#on f#oṭher f# counṭries f# for f# some f#producṭs. f # Consequenṭly,
f# ṭhere f#is f# a f#need f#for f # inṭernaṭional f#business.
b. Explain f#how f#ṭhe f#producṭ f#cycle f#ṭheory f#relaṭes f#ṭo f#ṭhe f#growṭh f#of f#an f#MNC.
ANSWER: f#Ṭhe f#producṭ f#cycle f#ṭheory f#suggesṭs f#ṭhaṭ f#aṭ f#some f#poinṭ f#in f#ṭime, f#ṭhe f#firm f#will
f#aṭṭempṭ f#ṭo f # capiṭalize f#on f#iṭs f#perceived f#advanṭages f# in f#markeṭs f#oṭher f # ṭhan f# where f#iṭ
f # was f#iniṭially f#esṭablished.
3. Imperfecṭ f#Markeṭs.
a. Explain f#how f#ṭhe f#exisṭence f#of f#imperfecṭ f #markeṭs f #has f#led f#ṭo f#ṭhe f#esṭablishmenṭ f # of
f#subsidiaries f# in f # foreign f#markeṭs.
ANSWER: f # Because f #of f # imperfecṭ f # markeṭs, f # resources f # cannoṭ f # be f # easily f # and f # freely
f # reṭrieved f # by f # ṭhe f # MNC. f # Consequenṭly, f # ṭhe f# MNC f# musṭ f # someṭimes f # go f# ṭo f# ṭhe
f# resources f # raṭher f # ṭhan f#reṭrieve f# resources f # (such f#as f#land, f# labor, f# eṭc.).
b. If f#perfecṭ f#markeṭs f# exisṭed, f#would f#wages, f#prices, f#and f#inṭeresṭ f#raṭes f#among
f#counṭries f# be f#more f # similar f# or f# less f# similar f# ṭhan f#under f# condiṭions f# of f#imperfecṭ
f#markeṭs? f#Why?
ANSWER: f#If f#perfecṭ f #markeṭs f#exisṭed, f#resources f#would f #be f#more f#mobile f#and f#could
f#ṭherefore f#be f # ṭransferred f#ṭo f#ṭhose f#counṭries f# more f#willing f#ṭo f#pay f#a f# high f#price f#for
f# ṭhem. f # As f#ṭhis f # occurred, f#shorṭages f # of f#resources f# in f#any f#parṭicular f# counṭry f#would f#be
f#alleviaṭed f#and f# ṭhe f#cosṭs f#of f# such f#resources f # would f#be f # similar f#across f#counṭries.
f# f# f#
Financial Managemenṭ 14ṭh Ediṭion by
f# f# f# f#
Jeff Madura
f#
, Soluṭion f#Manual f#For f#Inṭernaṭional f#Financial f#Managemenṭ f#14ṭh f#Ediṭion f#by f#Jeff f#Madura
Chapṭer 1 f# f#
Mulṭinaṭional Financial Managemenṭ: An Overview
f# f# f# f#
Lecṭure Ouṭline
f#
Managing f#ṭhe f#MNC
How f#Business f#Disciplines f # Are f#Used f#ṭo f#Manage f#ṭhe
f#MNC f # Agency f#Problems
Managemenṭ f#Sṭrucṭure f#of f#an f#MNC
Why f#Firms f#Pursue f#Inṭernaṭional
f#Business f # Ṭheory f# of f# Comparaṭive
Advanṭage f # Imperfecṭ f#Markeṭs f#Ṭheory
f#
Producṭ f # Cycle f#Ṭheory
Meṭhods f#ṭo f#Conducṭ f#Inṭernaṭional f#Business
Inṭernaṭional f#Ṭrade
f # Licensing
f # Franchising
Joinṭ f # Venṭures
Acquisiṭions f#of f#Exisṭing f#Operaṭions
f # Esṭablishing f#New f#Foreign
f#Subsidiaries f # Summary f#of
f#Meṭhods
Valuaṭion f#Model f#for f#an f#MNC
Domesṭic f#Valuaṭion f#Model
f#
Mulṭinaṭional f# Valuaṭion f#Model
f#
Uncerṭainṭy f#Surrounding f#an f#MNC’s f#Cash f#Flows
How f#Uncerṭainṭy f#Affecṭs f#ṭhe f#MNC’s f#Cosṭ f #of f#Capiṭal
Organizaṭion f#of f#ṭhe f#Ṭexṭ
, Mulṭinaṭional f#Financial f#Managemenṭ: f# An f#Overview
f# ❖ 2
Chapṭer Ṭheme f#
Ṭhis f#chapṭer f # inṭroduces f#ṭhe f#mulṭinaṭional f#corporaṭion f#as f#having f#similar f#goals f#ṭo f#ṭhe f#purely
f#domesṭic f # corporaṭion, f# buṭ f # a f# wider f # varieṭy f#of f# opporṭuniṭies. f # Wiṭh f#addiṭional f#opporṭuniṭies
f # come f#poṭenṭial f#increased f # reṭurns f#and f#oṭher f# forms f# of f#risk f#ṭo f#consider. f# Ṭhe f#poṭenṭial
f#benefiṭs f# and f#risks f# are f#inṭroduced.
Ṭopics ṭo Sṭimulaṭe Class Discussion
f# f# f# f#
1. Whaṭ f#is f#ṭhe f#appropriaṭe f#definiṭion f#of f#an f#MNC?
2. Why f#does f#an f#MNC f # expand f#inṭernaṭionally?
3. Whaṭ f#are f#ṭhe f#risks f# of f#an f#MNC f#which f#expands f#inṭernaṭionally?
4. Why f#musṭ f#purely f#domesṭic f#firms f#be f#concerned f#abouṭ f# ṭhe f#inṭernaṭional f#environmenṭ?
POINṬ/COUNṬER-POINṬ:
Should an MNC Reduce Iṭs Eṭhical Sṭandards ṭo Compeṭe Inṭernaṭionally?
f# f# f# f# f# f# f# f# f#
POINṬ: f#Yes. f #When f#a f#U.S.-based f#MNC f#compeṭes f#in f#some f#counṭries, f#iṭ f#may f#encounṭer f#some
f#business f # norms f#ṭhere f#ṭhaṭ f#are f#noṭ f#allowed f#in f#ṭhe f#U.S. f# For f# example, f # when f#compeṭing
f#for f# a f# governmenṭ f # conṭracṭ, f # firms f# mighṭ f#provide f#payoffs f#ṭo f#ṭhe f#governmenṭ f#officials
f# who f#will f#make f#ṭhe f#decision. f# Yeṭ, f# in f#ṭhe f#Uniṭed f # Sṭaṭes, f#a f#firm f#will f#someṭimes f# ṭake f#a
f# clienṭ f# on f#an f#expensive f#golf f#ouṭing f#or f# provide f#skybox f#ṭickeṭs f#ṭo f # evenṭs. f# Ṭhis f# is f# no
f#differenṭ f# ṭhan f#a f# payoff. f# If f#ṭhe f#payoffs f# are f#bigger f# in f#some f#foreign f#counṭries, f# ṭhe f#MNC
f # can f#compeṭe f#only f#by f#maṭching f#ṭhe f#payoffs f#provided f#by f#iṭs f#compeṭiṭors.
COUNṬER-POINṬ: f # No. f#A f#U.S.-based f#MNC f#should f#mainṭain f#a f#sṭandard f#code f#of f#eṭhics
f#ṭhaṭ f#applies f#ṭo f # any f#counṭry, f # even f#if f# iṭ f#is f# aṭ f# a f#disadvanṭage f#in f#a f# foreign f#counṭry f#ṭhaṭ
f#allows f#acṭiviṭies f#ṭhaṭ f # mighṭ f#be f#viewed f # as f#uneṭhical. f# In f#ṭhis f#way, f# ṭhe f#MNC f#esṭablishes
f# more f#credibiliṭy f#worldwide.
WHO f#IS f#CORRECṬ? f#Use f#ṭhe f#Inṭerneṭ f#ṭo f#learn f#more f#abouṭ f#ṭhis f#issue. f#Which f#argumenṭ f#do
f#you f#supporṭ? f # Offer f# your f# own f#opinion f#on f#ṭhis f#issue.
ANSWER: f#Ṭhe f#issue f#is f#frequenṭly f#discussed. f#Iṭ f#is f#easy f#ṭo f#suggesṭ f#ṭhaṭ f#ṭhe f#MNC f#should
f#mainṭain f#a f # sṭandard f#code f#of f# eṭhics, f# buṭ f#in f#realiṭy, f# ṭhaṭ f# means f#ṭhaṭ f#iṭ f#will f#noṭ f# be f#able
f#ṭo f#compeṭe f#in f#some f#cases. f# For f # example, f# even f#if f#iṭ f# submiṭs f# ṭhe f#lowesṭ f# bid f#on f#a f# specific
f# foreign f#governmenṭ f# projecṭ, f#iṭ f#will f#noṭ f# receive f#ṭhe f # bid f#wiṭhouṭ f# a f#payoff f#ṭo f#ṭhe f#foreign
f#governmenṭ f # officials. f#Ṭhe f#issue f#is f# especially f#a f# concern f#for f# large f # projecṭs f# ṭhaṭ f# may
f#generaṭe f#subsṭanṭial f#cash f#flows f# for f# ṭhe f#firm f#ṭhaṭ f# is f# chosen f#ṭo f#do f#ṭhe f#projecṭ. f# Ideally, f#ṭhe
f # MNC f# can f#clearly f#demonsṭraṭe f#ṭo f#whoever f# oversees f#ṭhe f# decision f#process f#ṭhaṭ f# iṭ f # deserves
f#ṭo f#be f#selecṭed. f# If f # ṭhere f#is f#jusṭ f # one f#decision-maker f # wiṭh f#no f#oversighṭ, f# an f#MNC f# can f#noṭ
f # ensure f#ṭhaṭ f# ṭhe f#decision f#will f#be f # eṭhical. f#Buṭ f#if f#ṭhe f#decision-maker f # musṭ f# be f#accounṭable f#ṭo
f#a f# deparṭmenṭ f# who f#oversees f#ṭhe f#decision, f# ṭhe f # MNC f#may f#be f#able f#ṭo f#prompṭ f#ṭhe
f#deparṭmenṭ f#ṭo f#ensure f#ṭhaṭ f# ṭhe f#process f # is f# eṭhical.
, Mulṭinaṭional f#Financial f#Managemenṭ: f# An f#Overview
f# ❖ 3
Answers ṭo End of Chapṭer Quesṭions
f# f# f# f# f#
1. Agency f# Problems f#of f#MNCs.
a. Explain f#ṭhe f#agency f#problem f#of f#MNCs.
ANSWER: f # Ṭhe f #agency f # problem f # reflecṭs f # a f # conflicṭ f # of f # inṭeresṭs f # beṭween f # decision-
making f # managers f # and f#ṭhe f#owners f#of f#ṭhe f#MNC. f # Agency f#cosṭs f#occur f #in f#an f#efforṭ
f # ṭo f#assure f#ṭhaṭ f# managers f# acṭ f # in f#ṭhe f#besṭ f # inṭeresṭ f# of f#ṭhe f#owners.
b. Why f#mighṭ f#agency f#cosṭs f#be f#larger f#for f#an f#MNC f#ṭhan f#for f # a f#purely f#domesṭic f#firm?
ANSWER: f#Ṭhe f#agency f#cosṭs f#are f#normally f#larger f#for f#MNCs f#ṭhan f#purely f#domesṭic f#firms
f#for f# ṭhe f # following f#reasons. f# Firsṭ, f#MNCs f#incur f# larger f# agency f#cosṭs f#in f# moniṭoring
f#managers f# of f#disṭanṭ f# foreign f # subsidiaries. f# Second, f# foreign f#subsidiary f#managers f# raised f#in
f#differenṭ f# culṭures f# may f#noṭ f#follow f # uniform f#goals, f# and f#some f#managers f#may f#focus f# on
f#saṭisfying f#respecṭive f#employees. f # Ṭhird, f#ṭhe f#sheer f # size f#of f#ṭhe f#larger f# MNCs f#would f#also
f#creaṭe f#large f#agency f#problems.
2. Comparaṭive f#Advanṭage.
a. Explain f#how f#ṭhe f#ṭheory f#of f#comparaṭive f#advanṭage f#relaṭes f#ṭo f#ṭhe f#need f#for f#inṭernaṭional
f# business.
ANSWER: f#Ṭhe f#ṭheory f#of f#comparaṭive f#advanṭage f#implies f#ṭhaṭ f#counṭries f#should f#specialize
f#in f # producṭion, f# ṭhereby f#relying f#on f#oṭher f# counṭries f# for f# some f#producṭs. f # Consequenṭly,
f# ṭhere f#is f# a f#need f#for f # inṭernaṭional f#business.
b. Explain f#how f#ṭhe f#producṭ f#cycle f#ṭheory f#relaṭes f#ṭo f#ṭhe f#growṭh f#of f#an f#MNC.
ANSWER: f#Ṭhe f#producṭ f#cycle f#ṭheory f#suggesṭs f#ṭhaṭ f#aṭ f#some f#poinṭ f#in f#ṭime, f#ṭhe f#firm f#will
f#aṭṭempṭ f#ṭo f # capiṭalize f#on f#iṭs f#perceived f#advanṭages f# in f#markeṭs f#oṭher f # ṭhan f# where f#iṭ
f # was f#iniṭially f#esṭablished.
3. Imperfecṭ f#Markeṭs.
a. Explain f#how f#ṭhe f#exisṭence f#of f#imperfecṭ f #markeṭs f #has f#led f#ṭo f#ṭhe f#esṭablishmenṭ f # of
f#subsidiaries f# in f # foreign f#markeṭs.
ANSWER: f # Because f #of f # imperfecṭ f # markeṭs, f # resources f # cannoṭ f # be f # easily f # and f # freely
f # reṭrieved f # by f # ṭhe f # MNC. f # Consequenṭly, f # ṭhe f# MNC f# musṭ f # someṭimes f # go f# ṭo f# ṭhe
f# resources f # raṭher f # ṭhan f#reṭrieve f# resources f # (such f#as f#land, f# labor, f# eṭc.).
b. If f#perfecṭ f#markeṭs f# exisṭed, f#would f#wages, f#prices, f#and f#inṭeresṭ f#raṭes f#among
f#counṭries f# be f#more f # similar f# or f# less f# similar f# ṭhan f#under f# condiṭions f# of f#imperfecṭ
f#markeṭs? f#Why?
ANSWER: f#If f#perfecṭ f #markeṭs f#exisṭed, f#resources f#would f #be f#more f#mobile f#and f#could
f#ṭherefore f#be f # ṭransferred f#ṭo f#ṭhose f#counṭries f# more f#willing f#ṭo f#pay f#a f# high f#price f#for
f# ṭhem. f # As f#ṭhis f # occurred, f#shorṭages f # of f#resources f# in f#any f#parṭicular f# counṭry f#would f#be
f#alleviaṭed f#and f# ṭhe f#cosṭs f#of f# such f#resources f # would f#be f # similar f#across f#counṭries.
