管理經(jīng)濟學(xué)課件

1、Managerial Economics 2316707Managerial Economics :TEXT BOOK S.Charles Maurice 得克薩斯 A&M大學(xué) Christopher R Thomas 南佛羅里達大學(xué)The author 1. P A Samuelson，W D Nordhaus. Economics16th Edition，1998，McGraw-Hill Companies，Inc. 2. Joseph E StiglitzEconomics2th edition，1997，W W Norton & Company3. Robert S Pindyck，D

2、aniel L Rubinfeld. Microeconomics5th edition，2001，Prentice-HallREFERRENCE 4. Hal R Varian. Intermediate Microeconomics：A Modern Approach. 5th eds, W W Norton & Company, 19995. Gregory N Mankiw. Principles of Economics. The Dryden Press, 19986. James R . McGuigan, R Charles Moyor, Frederick H. Manage

3、ment EconomicsApplication, Strategy, and Tactics 學(xué)習(xí)經(jīng)濟學(xué)，似乎不需要什么高度特有的天資。從智力上來看，跟哲學(xué)或純科學(xué)的一些學(xué)科比起來，不是很容易嗎？這門學(xué)科看起來容易，但是能學(xué)得出人頭地的卻很少！這一難以理解的現(xiàn)象似乎是在于，作為一個杰出的經(jīng)濟學(xué)家，必須具有種種才能的結(jié)合，這一點是很難能可貴的。他必須在某種程度上是個數(shù)學(xué)家，又是歷史學(xué)家、政治家和哲學(xué)家。他必須精通的是把他要說的話寫下來。他必須善于運用思考力，從一般原則推斷出個別現(xiàn)象，在思想奔放中，既要觸及抽象的方面，又要觸及具體的方面。他必須根據(jù)過去，研究現(xiàn)在，推測未來。對人類性格及其風俗習(xí)

4、慣的任何方面，他都不應(yīng)當完全置之度外。他同時必須保持著既不是無所為而為之，又不是不偏不倚的態(tài)度，像個藝術(shù)家那樣地頭腦冷靜和孤芳自賞，然而有時也必須像個政治家那樣地接近塵世環(huán)境。 約翰梅納德凱恩斯 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 a

5、nd constraints for making profit. 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 decisionsboth today decisions and tomorrow.What is Managerial Econo

6、mics? 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 firms goal: the maximization of profit.管理經(jīng)濟學(xué)的分析方法均衡分析法

7、邊際分析法數(shù)學(xué)模型分析法均衡分析方法主要應(yīng)用方向制定價格確定產(chǎn)量確定要素組合邊際分析方法主要應(yīng)用方向確定企業(yè)規(guī)模制定價格策略確定要素投入量產(chǎn)品結(jié)構(gòu)分析數(shù)學(xué)模型主要的應(yīng)用方向需求預(yù)測生產(chǎn)分析成本決策市場分析風險分析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

8、 thinking skills and provides students with a logical way of analyzing business decisions. Emphasize active study rather than passive study. Chapter 1 Managers,Profits,and Markets Managerial economics and economic theory maximizing profit separation of ownership and control market structure and Mana

9、gerial decision making Some basic understandings In Chinese lectures, the instructor usually follow the practiceWhat is managerial economics?Explain the contextGive further examples or analysis But in the original English textbook, the order is just inverted.To find problems (case study)Try to find

10、solutionsTo summarize the theory1.1Managerial 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.p4Problems faced by decision makers in managementManagerial economics

11、, which applies and extends economics and the decision science to solve management problemsDecision scienceEconomic theorySolutions to decision problems faced by managersRelationship between managerial economics and related disciplinesManagerial economics provides a systematic, logical way of analyz

12、ing 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

13、how to use economic analysis to make decisions that will achieve the firms goal: the maximization of profit.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

14、 simplicity. Like a road map, economic theory ignores everything irrelevant to the problem and reduces business problems to their most essential components. 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 po

15、ssible decisions for the next summer.? What will you do?Not so satisfactoryProfit maximizationSatisfactory EPS ( Earning per share)Market shareMarket growth rate, etc(usu. )Profit maximization1.2 maximizing profitIn practice,owners of firms,seeking to increase their personal wealth,generally do run

16、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 1.2.1 Economic profit versus Accounting profitEconomic profit is the difference between a firms total revenue and the

17、total economic cost of using productive resources. The economic cost of using resources is the opportunity cost of using those resources. 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 ca

18、lled 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 firms own resources are called implicit costs.economic p

19、rofitThe difference between total revenue and total economic cost, including both explicit and implicit costs.explicit costsThe opportunity cost of using resources owned by others.implicit costsThe opportunity costs of using resources owned by the firmaccounting profit differs from economic profit b

20、ecause 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 profitThe difference between total revenue and explicit costs.The opportunity cost of using the o

21、wners 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 accou

22、ntants are not allowed to deduct normal profit as a cost, economic profit is less than accounting profit by the amount of normal profit:Economic profit = Accounting profit - Normal profit normal profitThe implicit cost of owner-supplied resources.p7Since all costs matter to owners of a firm, maximiz

23、ing economic profit, rather than accounting profit, is the objective of the firms owners.p23 1. 2. 例題莎倫是手藝很高的女裁縫，幾年前，她以每碼5美元的價格購買了一塊布料?，F(xiàn)在由于漲價，把這塊布料賣回給商店的價格為每碼15美元。沙倫打算用這塊布料做衣服，賣給她的朋友。他估計每件衣服需用4碼布和4個工時，他估計每個工時的價格為10美元。如果每件衣服能賣90美元，問：莎倫通過制作和銷售衣服能否賺得經(jīng)濟利潤呢？1.2.2 maximizing the value of the firm The valu

24、e 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. Why you prefer money today?It is the property of the passage of time.Present valueMONEY $1000TODAYTOMORROW? Since interest can be earned over time means that, a

25、ll future costs and revenues (future cash flows) must be discounted to get the present value (PV).value of a firmThe price for which the firm can be sold, which equals the present value of future profits.The risk associated with not knowing future profits of a firm is accounted for by using a higher

26、 risk-adjusted discount rate to calculate the present value of the firms 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. risk

27、premiumAn increase in the discount rate to compensate investors for uncertainty about future profits. 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

28、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-.single-period profit.1.3 separation of ownership and control Traditional objective: Profit Maximization (the only objective)

29、 In reality: a wide range of objectives personal goals company growth target maximization of market share, etc1.3.1the 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 ha

30、s 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 principals objectives. Agency problems arise because of moral hazard. M

31、oral 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. Principal-ag

32、ent problemThe conflict that arises when the goals of management (the agent) do not match the goals of the owner (the principal).moral hazardExists 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 agr

33、eement.Illustration 1.3In many industries, the most profitable firms are not the largest or fastest-growing ones, as illustration 1.3 shows.1.3.2 corporate control mechanismsIn order to address agency problems, shareholders can employ a variety of corporate control mechanisms. Shareholders can reduc

34、e or eliminate agency problems by (1) requiring that managers hold a stipulated amount of the firms equity, (2) increasing the percentage of outsiders serving on the companys board of directors, and (3) financing corporate investments with debt instead of equity. Corporate takeovers also create an i

35、ncentive for managers to make decisions that maximize the value of a firm. 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 firms products. In some markets, firms are price-takers.

36、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.price-taker A firm that cannot set the price of the product

37、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 firms ability to raise price without losing all sales. 1.4.1what is a market? A market is any arrangement that enab

38、les 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.marketAny arrangement through which buyers and sellers exchange anything of value.transaction costsCosts of making a transaction happen, oth