Managerial Economics
朱敏
2316707
[email protected]
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TEXT BOOK
Managerial Economics :
WWW.mhhe.com/economics/
maurice7
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The author
S.Charles Maurice 得克萨斯 A&M大学
Christopher R Thomas 南佛罗里达大学
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REFERRENCE
1.
P A Samuelson，W D Nordhaus.
Economics．16th Edition，1998，McGrawHill Companies，Inc.
2. Joseph E Stiglitz．Economics．2th edition，
1997，W W Norton & Company
3. Robert S Pindyck，Daniel L Rubinfeld.
Microeconomics．5th edition，2001，
Prentice-Hall
4
4. Hal
R Varian. Intermediate
Microeconomics：A Modern Approach.
5th eds, W W Norton & Company, 1999
5. Gregory N Mankiw. Principles of
Economics. The Dryden Press, 1998
6. James R . McGuigan, R Charles Moyor,
Frederick H. Management Economics—
Application, Strategy, and Tactics
5
• 学习经济学，似乎不需要什么高度特有的天资。从智力上
来看，跟哲学或纯科学的一些学科比起来，不是很容易吗？
这门学科看起来容易，但是能学得出人头地的却很少！这
一难以理解的现象似乎是在于，作为一个杰出的经济学家，
必须具有种种才能的结合，这一点是很难能可贵的。他必
须在某种程度上是个数学家，又是历史学家、政治家和哲
学家。他必须精通的是把他要说的话写下来。他必须善于
运用思考力，从一般原则推断出个别现象，在思想奔放中，
既要触及抽象的方面，又要触及具体的方面。他必须根据
过去，研究现在，推测未来。对人类性格及其风俗习惯的
任何方面，他都不应当完全置之度外。他同时必须保持着
既不是无所为而为之，又不是不偏不倚的态度，像个艺术
家那样地头脑冷静和孤芳自赏，然而有时也必须像个政治
家那样地接近尘世环境。
——约翰·梅纳德·凯恩斯
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Why do we learn Managerial Economics?
• Business students who wish to become
successful managers of business
enterprises should understand how the
economic forces of the market create both
opportunities and constraints for making
profit.
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• Managerial Economics brings together
those topics in microeconomic theory that
can be applied to business decision making
to create a powerful and timeless way of
thinking about markets and business
decisions—both today decisions and
tomorrow.
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What is Managerial Economics?
• Managerial
economics
applies
microeconomic theory-the study of the
behavior of individual economic agents -to
business problems in order to teach
business decision makers how to use
economic analysis to make decisions that
will achieve the firm’s goal: the
maximization of profit.
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管理经济学的分析方法
• 均衡分析法
• 边际分析法
• 数学模型分析法
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均衡分析方法主要应用方向
• 制定价格
• 确定产量
• 确定要素组合
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边际分析方法主要应用方向
•
•
•
•
确定企业规模
制定价格策略
确定要素投入量
产品结构分析
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数学模型主要的应用方向
• 需求预测
• 生产分析
• 成本决策
• 市场分析
• 风险分析
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Emphasis on the Economic Way of Thinking
• The primary goal of this book continues to
teach students the economic way of
thinking about business decisions.
Managerial Economics emphasizes critical
thinking skills and provides students with a
logical way of analyzing business decisions.
• Emphasize active study rather than
passive study.
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Chapter 1
Managers,Profits,and Markets
•
Managerial
economics
and
economic theory
• maximizing profit
• separation of ownership and control
• market structure and Managerial
decision making
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Some basic understandings
In Chinese lectures, the instructor
usually follow the practice
What is
managerial
economics?
Explain
the context
Give further
examples or
analysis
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But in the original English textbook,
the order is just inverted.
To find
problems
(case study)
Try to find
solutions
To
summarize
the theory
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•1.1Managerial economics and economic
theory
• Economics tells you basis theories
and principles (which may be found
not applicable);
• Managerial economics tells you
how to manage your firm economically.
•p4
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Problems faced by
decision makers in
management
Economic
theory
Managerial economics, which
applies and extends economics
and the decision science to
solve management problems
Decision
science
Solutions to decision
problems faced by
managers
Relationship between managerial
economics and related disciplines
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• Managerial economics provides a systematic,
logical way of analyzing business decisions that
focuses on the economic forces that shape both
day-to-day decisions and long-run planning
decisions.
Managerial
economics
applies
microeconomic theory-the study of the behavior
of individual economic agents -to business
problems in order to teach business decision
makers how to use economic analysis to make
decisions that will achieve the firm’s goal: the
maximization of profit.
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• Economic theory helps managers
understand real-world business problems
by using simplifying assumptions to
abstract away from irrelevant ideas and
information and turn complexity into relative
simplicity. Like a road map, economic
theory ignores everything irrelevant to the
problem and reduces business problems to
their most essential components.
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e.g. You are an ice-cone firm. In the
just passing summer, your performance
were not so satisfactory as a whole, so
you are thinking of some possible
decisions for the next summer.
? What will you do?
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Profit maximization
Not so
satisfactory
Satisfactory EPS
( Earning per share)
Market share
Market growth rate, etc
(usu. )Profit maximization
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1.2 maximizing profit
• In practice,owners of firms,seeking to
increase their personal wealth,generally do
run a business primarily for the purpose of
making as much profit as possible.This text
focuses on making profitable business
decisions.
• •Usually firms are assumed to maximize
its profits
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1.2.1 Economic profit versus Accounting profit
• Economic profit is the difference between a
firm’s total revenue and the total economic
cost of using productive resources. The
economic cost of using resources is the
opportunity cost of using those resources.
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• For resources owned by others, the opportunity
cost of resource use is the dollar amount paid to
the resource owners.These payments made to
resource owners are called explicit costs.For
resources the firm uses that are owned by the
firm, the opportunity cost is equal to the largest
payment that the owner could have received if
those resources had been leased or sold in the
market.These costs of using a firm’s own
resources are called implicit costs.
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• economic profit
The difference between total revenue and total
economic cost, including both explicit and implicit
costs.
• explicit costs
The opportunity cost of using resources owned by
others.
• implicit costs
The opportunity costs of using resources owned
by the firm
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• accounting profit differs from economic profit
because accounting profit does not subtract from
total revenue the implicit costs of using
resources.The value of owning a business is
measured by economic profit rather than
accounting profit.
accounting profit
The difference between total revenue and explicit
costs.
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• The opportunity cost of using the owner’s own
resources is called normal profit. Normal profit is
part of total cost,just another name for the implicit
cost . When economic profit is zero, the firm is
just earning a normal profit. When economic profit
is positive (negative), the firm earns more (less)
than a normal profit. Since accountants are not
allowed to deduct normal profit as a cost,
economic profit is less than accounting profit by
the amount of normal profit:
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• Economic profit = Accounting profit Normal profit
• normal profit
The implicit cost of owner-supplied
resources.
• p7
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• Since all costs matter to owners of
a firm, maximizing economic profit,
rather than accounting profit, is the
objective of the firm’s owners.
• p23 1. 2.
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例题
• 莎伦是手艺很高的女裁缝，几年前，她以每码5美元的价格
购买了一块布料。现在由于涨价，把这块布料卖回给商店
的价格为每码15美元。沙伦打算用这块布料做衣服，卖给
她的朋友。他估计每件衣服需用4码布和4个工时，他估计
每个工时的价格为10美元。如果每件衣服能卖90美元，问：
莎伦通过制作和销售衣服能否赚得经济利润呢？
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1.2.2 maximizing the value of the firm
• The value of a firm is the price for
which it can be sold, and that price is
equal to the present value of the
expected future profits of the firm.
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Present value
MONEY
? $1000
TODAY
?
TOMORROW
Why you prefer money today?
It is the property of the passage of time.
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Since interest can be earned over
time means that, all future costs and
revenues (future cash flows) must be
discounted to get the present value
(PV).
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• value of a firm
The price for which the firm can be
sold, which equals the present value of
future profits.
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• The risk associated with not knowing future
profits of a firm is accounted for by using a
higher risk-adjusted discount rate to
calculate the present value of the firm’s
future profits. The larger (smaller) the risk
associated with future profits, the higher
(lower) the risk-adjusted discount rate used
to compute the value of the firm, and the
lower (higher) will be the value of the firm.
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• risk premium
An increase in the discount rate to
compensate investors for
uncertainty about future profits.
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• In the absence of any agency problems, the
objective of a manager is to maximize the value
of the firm. A manager will maximize the value of
a firm by making decisions that maximize profit in
every single time period, unless cost and/or
revenue conditions in any period depend upon
decisions made in other time periods.If increasing
current output has a positive effect on----.singleperiod profit.
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1.3 separation of ownership
and control
• Traditional objective: Profit Maximization
(the only objective)
• In reality: a wide range of objectives
• personal goals
• company growth target
• maximization of market share, etc
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1.3.1the principal-agent problem
• In firms where the managers are not also the
owners, the managers are agents of the owners,
or principals.
• A principal-agent problem exists when the agent
has objectives different from those of the principal,
and the principal either has difficulty enforcing
agreements with the agent or finds it too difficult
and costly to monitor the agent to verify that he or
she is furthering the principal’s objectives.
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• Agency problems arise because of moral hazard.
Moral hazard exists when either party to an
agreement has an incentive not to abide by all the
provisions of the agreement and one party cannot
cost-effectively find out if the other party is abiding
by the agreement or cannot enforce the
agreement even when the information is available.
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• Principal-agent problem
The conflict that arises when the goals of
management (the agent) do not match the goals
of the owner (the principal).
• moral hazard
Exists when either party to an agreement has an
incentive not to abide by all provisions of the
agreement and one party cannot cost-effectively
monitor the agreement.
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Illustration 1.3
• In many industries, the most profitable firms are
not the largest or fastest-growing ones, as
illustration 1.3 shows.
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1.3.2 corporate control mechanisms
• In order to address agency problems,
shareholders can employ a variety of corporate
control mechanisms. Shareholders can reduce or
eliminate agency problems by (1) requiring that
managers hold a stipulated amount of the firm’s
equity, (2) increasing the percentage of outsiders
serving on the company’s board of directors, and
(3) financing corporate investments with debt
instead of equity. Corporate takeovers also create
an incentive for managers to make decisions that
maximize the value of a firm.
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1.4 market structure and Managerial
decision making
• The structure of the market in which a firm
operates can limit the ability of managers to
increase the price of the firm’s products.
• In some markets, firms are price-takers. In these
markets prices are determined not by managers
but by market forces that cannot be controlled.
• In other markets, managers of price-setting firms
possess some degree of market power and can
raise price without losing all their sales.
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• price-taker A firm that cannot set the price
of the product it sells, since price is
determined strictly by the market forces of
demand and supply.
• price-setting firm A firm that can raise its
price without losing all of its sales.
• market power A firm’s ability to raise
price without losing all sales.
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1.4.1what is a market?
• A market is any arrangement that enables buyers
and sellers to exchange goods and services,
usually for money payments.
• A market may be a location at a certain time, a
newspaper advertisement, a website on the
Internet, or any other arrangement that works to
bring buyers and sellers together. Markets exist to
reduce transaction costs, the costs of making a
transaction.
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• market
Any arrangement through which buyers and
sellers exchange anything of value.
• transaction costs
Costs of making a transaction happen,
other than the price of the good or service
itself.
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1.4.2 different market structures
• A market structure is a set of market
characteristics that determines the
economic environment in which a firm
operates: (1) the number and size of the
firms operating in the market, (2) the
degree of product differentiation, and (3)
the likelihood of new firms entering.
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• A perfectly competitive market has a large number of
relatively small firms selling an undifferentiated product
with no barriers to entry. A monopoly market is one in
which a single firm, protected by barriers to entry,
produces a product that has no close substitutes. In a
monopolistically competitive market, a large number of
relatively small firms produce differentiated products
without any barriers to entry. Finally, in an oligopoly
market, there are only a few firms experiencing
interdependence-each firm’s pricing decision affects all
other firms’sprofits-with varying degrees of product
differentiation and barriers to entry.
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• market structure Market
characteristics that determine the
economic environment in which a firm
operates.
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• 一、我国目前研究生经济学学科的设置
（1）一级学科：理论经济学
下设二级学科（记的可能不太准）：
a、政治经济学
b、西方经济学
c、经济史
d、经济思想史
e、人口资源与环境经济学
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• （2）一级学科：应用经济学
下设二级学科：a、国民经济学
b、区域经济学
c、财政学（含税收学）
d、金融学
e、产业经济学
f、国际经济学
g、劳动经济学
h、统计学
I、数量经济学
J、国防经济学
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