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Topic 1 Introduction to Managerial Economics 2009.Spring

Topic 1 Introduction to Managerial Economics 2009.Spring. Some Examples. Boeing ’ s Struggle to Retain Market Leadership The Disney Corporation: Expansion of the Magic Kingdom In What Size Production Runs Should Toyota Produce Its Cars?. 傳統經濟學（理論） Theory of Consumer Behavior Theory of Firm

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Topic 1 Introduction to Managerial Economics 2009.Spring

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  1. Topic 1Introduction to Managerial Economics2009.Spring

  2. Some Examples • Boeing’s Struggle to Retain Market Leadership • The Disney Corporation: Expansion of the Magic Kingdom • In What Size Production Runs Should Toyota Produce Its Cars?

  3. 傳統經濟學（理論） • Theory of Consumer Behavior • Theory of Firm • Theory of Market Structure and Pricing 決策理論（分析方法） Numerical Analysis Statistical Estimation Forecasting Game Theory Optimization Risk Analysis 管理經濟學 （應用經濟理論與決策 方法解決企業問題） 提供企業最佳決策 Relationships of Managerial Economics to Other Disciplines

  4. The Process of decision-making • Identify objectives • Define the problem • Identify possible solutions • Select the best possible solution • Implement the decision

  5. Theory of the firm A theory indicating how a firm behaves and what its goals are Value of the firm The present value of the firm’s expected future cash flows

  6. n t=1 Present value of expected future profits (TRt - TCt) (1+i)t where: TRt = the firm’s TR in year t TCt = the firm’s TC in year t i = the interest rate and t goes from 1 (next year) to n (the last year in the planning horizon)

  7. Principal-agent problem Occurs when owners can only imperfectly monitor the behavior of employees

  8. Price Demand Quantity Market demand curve Shows the amount of a commodity that buyers would like to purchase at various prices

  9. Price Supply Quantity Market supply curve Shows the amount of a commodity that sellers would offer at various prices

  10. Supply Price Demand Quantity Market equilibrium price A price that can be maintained

  11. Price Supply Demand Quantity Demand shifts: left

  12. Price Supply Demand Quantity Demand shifts: right

  13. Price Supply Demand Quantity Supply shifts: right

  14. Price Supply Demand Quantity Supply shifts: left

  15. See you Next Week Be Happy!!

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