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MANAGERIAL ECONOMICS (EKONOMI MANAGERIAL)

Buku Wajib:
Managerial Economics, Mark Hirschey & James L. Pappas, 8th Edition, The Dryden Press, 1996. Managerial Economics in a Global Economy, Dominick Salvatore, 5th Edition, Thomson South-Western, 2004. Managerial Economics: Analysis and Strategy, Evan Douglas, 4th Edition, Prentice-Hall International, Inc., 1995.

PEMBAGIAN KELOMPOK
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 01 (15): 3 org ,presentasi 1 X 02 (10): 3 org; presentasi 1 X 03 (17): 3 org; presentasi 1 X 04 (31): 5 org; presentasi 2 X 05 (07): 2 org; presentasi 1 X 06 (24): 4 org; presentasi 2 X 07 (18): 3 org; presentasi 1 X 08 (16): 3 org; presentasi 1 X Jadi 10 minggu utk presentasi kelompok Ujian final sesuai jadwal (closed book/individu) Tugas kelompok dikirim ke:mahliamuis@yahoo.co.id

KRITERIA PENILAIAN
1. TUGAS/PRESENTASI (BOBOT 30 %) : 2. KEHADIRAN a. Keaktifan; b. Kehadiran; c. Rationalitas (Bobot 30%) 2. UJIAN FINAL ( BOBOT 40 % )

TOPIK:
Pengertian Managerial Economics

Theory of the Firm


The Nature and Function of Profits Business Ethics The International Framework of Managerial Economics

Managerial Economics and the Internet

PENGERTIAN EKONOMI MANAGERIAL (EM) Application of economic theory and methods to business and administrative decision making (Hirschey & Pappas,1996). Application of economic theory and tools of analysis of decision sciences to examine how an organization can achieve its aims or objectives most efficiently (Salvatore, 2004).

Managerial Decision Problems

Economic Theory: Microeconomics, Macroeconomics

Decision Sciences: Math. Economics, Econometrics

Managerial Economics: Application of economic theory & decision sciences tools to solve managerial decision problems.

Optimal solution to managerial decision problems

THEORY OF THE FIRM A firm an organization that combines and organizes resources for the purpose of producing goods and/or services for sale. Alasan2 Eksistensi Perusahaan: menghemat transaction costs menghemat sales taxes menghindari price controls & regulasi lainnya oleh pemerintah yg berlaku pd transaksi antar firms.

Why is Managerials Economics so valuable?


Billions of dollars are lost each year because many existing managers fail to use basic tools from managerials economics to shape pricing and output decision, optimize the production process and input mix, choose product quality, guide horizontal and vertical merger decisions, or optimally design internal and external incentives.

The Meaning of the Managerial economics


The Manager: is a person who direct resources to achieve a stated goal. (1) direct the efforts of others, (2) purchase inputs to be used in the production of goods and services, (3) in charge of making decisions. Economics is the science of making decisions in the presence of scarce resources.

Resources : anything used to produce a good or service, more generally, to achieve a goal. Decisions are important because scarcity implies that by making one choice, you give up another. Managerial economics, therefore, is the study of how to direct scarce resources in the way that most efficiently achieves a managerial goal.

Six basic principles that comprise effective management


Identify goals and constraints Recognize the nature and importance of profit. Understand incentives Understand markets Recognize the time value of money Use marginal analysis.

Identify goals and constraints


Identify well-defined goals, because achieving different goals entails making different decisions. The goals of maximizing profits requires the manager to decide the optimal price to charge for a product, how much to produce, which tecnology to use, how much of each input to use, how to reach to decisions made by competitors, etc.

Recognize the nature and importance of Profit


Economic versus accounting profits - Accounting profit is the total amount of money taken in from sales (Total revenue, or price times quantity sold). - Economic profits are the difference between the total revenue and the total opportunity cost of producing the firms goods or services. The opportunity cost of using a resource includes both the explisit (or accounting) cost of a resorce and the implicit cost of giving up the next best alternative use of the resource.

Understand incentives
Role of profits: profits signal the holders of resources when to enter and exit particular industries. In effect, changes in profit provide an incentive to resource holders to alter their use of resources. Within a firm, incentives affect how resources are used and how hard workers work. To succeed as manager, you must have a clear grasp of the role of incentives within an organization such a firm and how to construct incentives to induce maximal effort from those you manage.

Understand Markets
The power or bargaining position , of consumers and producers in the market is limited by three sources of rivalry: - Consumer-producer rivalry - Consumer-consumer rivalry - Producer-producer rivalry

Recognize the time value of money


The present value (PV) of an amount received in the future is the amount that would have to be invested today at the prevailing interest rate to generate the given future value.

FV1

FV2

FVn

PV =

(1 + r)1
n

(1 + r)2

+.... +

(1 + r)n

PV =

S (1 + r)
FVt
t=1

FV1,., FVn =

Future value setiap th selama n th PV = Present Value r = tingkat suku bunga

Contoh kasus
What is the present value of $100,- in 10 years if the interest rate is at 7 percent? PV = $100 / (1+0,07)10 = $100 / 1,97 = $50,76,-

Net Present Value (NPV)


FV1 FV2 FVn

PV =

(1 + r)1
n

(1 + r)2 - Co

+.... +

(1 + r)n

- Co

PV =

S (1 + r)
FVt
t=1

Co = current cost of the project FV1,., FVn = Future value setiap th selama n th PV = Present Value r = tingkat suku bunga

NPV dan contoh kasus


Jadi : NPV = PV Co The manager of automated products is contemplating the purchase of a new machine that will cost $300.000 and has a useful life of five years. The machine will yield (year-end) cost reductions to automated products of $50.000 in year 1, $60.000 in year 2, $75.000 in year 3 and $90.000 in year 4 and 5. What is the present value of the cost savings of the machine if interest rate is 8 percent? Should the manager purchase the machine?

Jawaban
PV=50.000/1,08 + 60.000/(1,08)2 + 75.000/(1,08)3 + 90.000/(1,08)4 + 90.000/(1,08)5 = $284,679. The present value of the new machine: NPV = PV Co = $284,679 - $300.000 = -$15.321.

Marginal Analysis
Marginal analysis states that optimal managerial decisions involve comparing the marginal (or incremental) benefits of a decision with the marginal (incremental) costs. The optimal amount of studying for this course is determined by comparing (1) the improvement in your grade that will result from an additional hour of studying and (2) the additionalcosts of studying an additional hour. So long as the benefits of studying an additional hour exceed the costs of studying an additional hour, it is profitable to continue to study. However, once an additional hour of studying adds more to costs that it does to benefits, you should stop studying.

Q given 0 1 2 3 4 5 6 7 8 9 10

B(Q) given 0 90 170 240 300 350 390 420 440 450 450

C(Q) given 0 10 30 60 100 150 210 280 360 450 550

NB(Q) (2)-(3) 0 80 140 180 200 200 180 140 80 0 -100

MB(Q) Delta (2) 90 80 70 60 50 40 30 20 10 0

MC(Q) Delta (3) 10 20 30 40 50 60 70 80 90 100

MNB(Q) (5)-(6) 80 60 40 20 0 -20 -40 -60 -80 -100

Objectives & Value of the Firm EM postulating a theory of the firm analysing managerial decision making. Theory of the firm: Traditionally asumsi, firms goal: max short-run profit. Present firms goal: max the wealth or value of the firm

The present value of all expected future profits of the firm

The wealth or value of the firm is given by:


p1 p2 + (1 + r)2 pn (1 + r)n

PV =

(1 + r)1
n

+.... +

PV =

S (1 + r)
t=1

pt

PV = present value semua expected profits

p1, p1, ., pn = expected profit setiap th selama n th.


r = discount rate yg sesuai utk mengetahui PV

t = nilainya 1 s.d. n tahun

Berhubung p = TR TC, maka:

Value of Firm =

S (1 + r)
n
t=1

TR - TC
t

Persamaan di atas merupakan tema pemersatu dlm analisis managerial decision making.

Constraints on the Operation of the Firm limitation on the availability of essential inputs limitation on space limitation in the quantity of funds available legal contraints, etc.

Constrained Optimization

Kritik Thdp the Theory of the Firm


Sales Maximization Model (W. Baumol, et al):

Manager modern corp. berusaha memax. sales stlh memperoleh laba yg memuaskan stakeholders. Management Utility Maximization (Williamson, et al):
Pemisahan management dg pemilik dlm modern firm para manager cenderung lbh memax. utility mereka ketimbang max. firm profit principle agent problem.

Satisfying Behavior (Cyert & March):


Kompleksitas, uncertainty, dan minimnya data pd modern firms not max profit but satisfactory goals: sales, profit, growth, market share, etc.

THE NATURE AND FUNCTION OF PROFITS Business Profit: Revenue explicit or accounting costs of the firm Economic Profit:

Revenue explicit and implicit costs of the firm


Explicit costs biaya yg sesungguhnya dibayarkan utk beli atau sewa input. Implicit costs nilai input yg dimiliki dan digunakan oleh perusahaan dlm proses prod. Explicit + implicit costs = economic costs

Theories of Profit
Risk Bearing Theories of Profit Profit di atas normal (ec. profit) diperlukan utk usaha2 yg resikonya di atas rata2. Frictional Theory of Profit Profit timbul krn friksi atau goncangan2 pd long-run equilibrium normal return. Monopoly Theory of Profit Profit timbul krn monopoly power yg membatasi output dan membebankan hg > perfect competition.

Innovation Theory of Profit Economic profit merupakan imbalan atas innovasi yg sukses. Managerial Efficiency Theory of Profit Jika perusahaan2 cenderung memperoleh normal return atas investasinya dlm long-run, maka hanya yg efisien yg akan memperoleh ec. profit (di atas normal).

Function of Profit konsumen menghendaki lebih banyak output industri insentif bagi perusahaan2 utk meningkatkan output insentif bagi perusahaan2 utk masuk dlm industry dlm long-run. insentif bagi perusahaan2 utk meningkatkan efisiensi.

Sinyal penting reallokasi s.daya masyarakat yg mencerminkan perubahan consumer tastes dan demand dr waktu ke waktu.

BUSINESS ETHICS
Etika sumber pedoman yg melampaui hukum yg dpt dilaksanakan. Prilaku terlarang bagi perusahaan, manager, staf, dan karyawan untuk melakukan sesuatu.

KERANGKA INTERNASIONAL EM.


Globalisasi kegiatan ekonomi dimensi internasional EM competition new skills required EM & INTERNET Superhighway utk masuk ke World Wide Web (www) akses utk informasi yg tak terbatas utk EM.

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