function [PHI, Teta] = LM_eq(M_)

    NumberOfParameters = M_.param_nbr;
        for ii = 1:NumberOfParameters
                paramname = M_.param_names{ii};
                eval([ paramname ' = M_.params(' int2str(ii) ');']);
        end

% --- markup target (aggregate MC) ---
mc_star     = (eps_mc - 1)/eps_mc;
g           = @(Phi) varphi(M_, Phi) - mc_star;
PHI         = fzero(g, [0, 1]) ;
Teta        = PHI.*(1./(1 - gama)) ;

end