1. the Fundamentals of Managerial Economics

Managerial Economics and Business Strategy , Michael R.Baye, The Mc Graw-Hill Companies , Sixth Edition 2009

Michael R. Baye, Managerial Economics and Business Strategy, 4e. ©The McGraw-Hill Companies, Inc. , 2003

Managerial Economics & Business Strategy

Chapter 1The Fundamentals of Managerial

Economics



Endang Rachmat

[email protected]

76000711

mailto:[email protected]



KONTRAK BELAJAR

HATI

FISIK

PIKIRANPIKIRAN

TOLERANSI TIDAK HADIR 20% ATAU 3 KALI PERTEMUAN (BUKAN JATAH YG HRS DIAMBIL)

BATAS KETERLAMBATAN 15 MENIT

PENILAIAN :30% = TUGAS DAN KUIS30% = UTS40% = UAS



TOPIK-TOPIK EKMANPERTEMUAN TOPIK PEMBAHASAN

1 Fundamental of Managerial Economics

2 Market Forces : Demand and supply

3 Quantitative Demand Analysis

4 The Theory of Individual Behaviour

5 The Production Process and Cost

6 The Organization of the Firm

7 The Nature of Industry

8 UJIAN TENGAH SEMESTER (UTS)

9 Managing in Competitive, monopolistic, and monopolistically Competitive Markets

10 Basic Oligopoly Models

11 Game Theory : Inside Oligopoly

12 Pricing Strategies for Firms with Market Power

13 The Economics of Information

14 Advanced Topics in Business Strategy

15 A Manager’s Guide to Government in the Marketplace

16 UJIAN AKHIR SEMESTER (UAS)



Overview Fundamental of Managerial Economics

I. Introduction

II. The Economics of Effective Management Identify Goals and Constraints Recognize the Nature and Importance of Profits Understand Incentives Understand Markets Recognize the Time Value of Money Use Marginal Analysis



CCompanyompanyCCustomustomererCCompetitorompetitor

CChangehange



ERA ZAMAN BATU

ERA PERTANIAN

ERA INDUSTRI

ERA INFORMASI

ERA BIOTECH

BBERHENTILAHERHENTILAH K KAU AU BBERPIKIRERPIKIR!!!!!!

Manusia BERPIKIR maka lahirlah budaya yang berujung pada TEKNOLOGI yang lebih maju sehingga EKONOMI dan SOSIAL pun bergerak maju. Jadi TEKNOLOGI adalah PENGGERAK perubahan yang utama :

TECHNOLOGYECONOMYSOCIAL – MARKET

3 Penggerak Utama Perubahan 3 Penggerak Utama Perubahan ::



Managerial Economics

• The Manager A person who directs resources to achieve a stated goal.

• Economics The science of making decisions in the presence of

scare resources.

• Managerial Economics The study of how to direct scarce resources in the way

that most efficiently achieves a managerial goal.



Peranan Ekonomi Manajerial dalam pembuatan Keputusan Manajerial

Solusi yang OptimalUntuk memecahkan masalah

Pengambilan keputusan manajerial

Ekonomi ManajerialPenerapan teori ekonomi dan metodologi

Ilmu pengambilan keputusan untuk memecahkan Masalah pengambilan keputusan

Teori EkonomiKerangka teoritis untukPengambilan Keputusan

Ilmu Pengambilan KeputusanAlat dan Teknik Analisis

MasalahManajemen Keputusan



Overview

I. Introduction




APA ITU BISNIS

?



SEGITIGA PENGAMAN BISNIS

(marketing departement)

HEART

HANDMINDSHARE MARKETSHARE

HEARTSHARE

HEADAPA ITU BISNIS

?



SEGITIGA PENGAMAN BISNIS

(financial departement)

CASH OUTCASH OUT

CASH CASH SURPLUSSURPLUS

CASH INCASH INAPA ITU BISNIS

?



IDENTIFY GOALS AND CONSTRAINTS

DEPARTEMENDEPARTEMEN

TT


TT


TT MAXIMIZING

PROFITS



Overview

I. Introduction




Economic vs. Accounting Profits



Economic vs. Accounting Profits

• Accounting Profits Total revenue (sales) minus cost of producing goods or

services Reported on the firm’s income statement

• Economic Profits Total revenue minus total opportunity cost



Opportunity Cost

• Accounting Costs The explicit costs of the resources needed to produce

goods or services Reported on the firm’s income statement

• Opportunity Cost The cost of the explicit and implicit resources that are

foregone when a decision is made

• Economic Profits Total revenue minus total opportunity cost



Overview

I. Introduction




Understand Incentives

• Incentives affects : How resources are used and how hard workers work.

• The role of incentives play in guiding the decisions of others

• How to construct (membangun) incentives to induce (menyebabkan) maximal effort from those you manage



Overview

I. Introduction




Market Interactions

• Consumer-Producer Rivalry Consumers attempt to locate low prices, while

producers attempt to charge high prices

• Consumer-Consumer Rivalry Scarcity of goods reduces the negotiating power of

consumers as they compete for the right to those goods

• Producer-Producer Rivalry Scarcity of consumers causes producers to compete with

one another for the right to service customers

• Government and the Market Disciplines the market process



Overview

I. IntroductionII. The Economics of Effective Management

Identify Goals and Constraints Recognize (menemu kenali) the Nature and Importance

of Profits Understand Incentives Understand Markets Recognize the Time Value of Money Use Marginal Analysis



The Time Value of Money

• Apakah nilai uang pada hari ini akan sama dengan nilai uang 6 bulan yang akan datang ?



Present Value of a Series

• Present value of a stream of future amounts (FVt) received at the end of each period for “n” periods:

P VF V

i

F V

i

F V

in

n

11

221 1 1

. . .



The Time Value of Money

• Present value (PV) of an amount (FV) to be received at the end of “n” periods when the per-period interest rate is “i”:

P VF V

i n1

Examples?



Net Present Value• Suppose a manager can purchase a stream of

future receipts (FVt ) by spending “C0” dollars today. The NPV of such a decision is

N P V CF V

i

F V

i

F V

in

n

0

11

221 1 1

. . .

NPV < 0: RejectNPV > 0: Accept



Firm Valuation• The value of a firm equals the present value of current and

future profits PV = t / (1 + i)t

• If profits grow at a constant rate (g < i) and current period profits are :

• If the growth rate in profits < interest rate and both remain constant, maximizing the present value of all future profits is the same as maximizing current profits.

0

0

1 before current profits have been paid out as dividends;

1 immediately after current profits are paid out as dividends.

Firm

Ex DividendFirm

iPV

i g

gPV

i g



Overview

I. Introduction




• Control Variables Output Price Product Quality Advertising R&D

• Basic Managerial Question: How much of the control variable should be used to maximize net benefits?

Marginal (Incremental) Analysis



Net Benefits

• Net Benefits = Total Benefits - Total Costs

• Profits = Revenue - Costs



Marginal Benefit (MB)

• Change in total benefits arising from a change in the control variable, Q:

MB = B / Q



Marginal Cost (MC)

• Change in total costs arising from a change in the control variable, Q:

MC = C / Q



Marginal Principle

• To maximize net benefits, the managerial control variable should be increased up to the point where MB = MC

• MB > MC means the last unit of the control variable increased benefits more than it increased costs

• MB < MC means the last unit of the control variable increased costs more than it increased benefits



The Geometry of Optimization

Q

Benefits & CostsBenefits

Costs

Q*

B

C Slope = MC

Slope =MB



Summary

• Make sure you include all costs and benefits when making decisions (opportunity cost)

• When decisions span time, make sure you are comparing apples to apples (PV analysis)

• Optimal economic decisions are made at the margin (marginal analysis)





1. Biaya kuliah di Perguruan Tinggi swasta untuk satu tahun meliputi $6.000 untuk uang kuliah, $2.000 untuk kamar, $1.500 untuk makan dan $500 untuk buku dan alat tulis. Mahasiswa juga dapat memperoleh $15.000 bila bekerja ketimbang kuliah dan memperoleh tingkat bunga 10% atas uang kuliah tahun pertama yang harus dibayar bila dia masuk perguruan tinggi. Hitunglah biaya eksplisit, biaya implisit dan total biaya ekonomi untuk belajar di perguruan tinggi.

2. Pemilik Perusahaan berharap memperoleh laba pada tahun pertama sebesar Rp 10,- juta serta pada tahun kedua meningkat menjadi Rp 15,- juta dan pada awal tahun ketiga dapat menjual Perusahaan dengan nilai sebesar Rp 75,- juta. Pemilik Perusahaan yakin bahwa tingkat diskonto yang sesuai untuk Perusahaan adalah 15%. Hitung nilai Perusahaan !



1. -Biaya eksplisit = $6.000 + $2.000 + $1.500 + $500 = $10.000

-Biaya implisit $15.000 + $1.000 = $16.000 (pendapatan bunga $1.000 hilang karena uang sejumlah $10.000 per tahun digunakan untuk pendidikan)

-Total biaya ekonomis untuk memasuki perguruan tinggi adalah $10.000 + $16.000 = $26.000



2 10 15 75PV = ------- + -------- + -------- (1,15) (1,15)2 (1,15)2 10 15 75 = -------- + --------- + --------- 1,15 1,3225 1,3225 = 8,69 + 11,34 + 56,71 = 76,74 Nilai perusahaan = Rp 76.740.000,-

Documents

1. the Fundamentals of Managerial Economics