1 / 47

Ekonomi Bisnis dan Manajerial

Ekonomi Bisnis dan Manajerial. 1.Mengetahui ruang lingkup mata kuliah ini 2. Mengetahui lingkungan ekonomi di dalam mana bisnis dilakukan. What is MICROECONOMICS?. MICRO: study of economic behavior of (relatively) "small" units, e.g., workers, firms Versus MACRO:

dakota
Download Presentation

Ekonomi Bisnis dan Manajerial

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Ekonomi Bisnis dan Manajerial 1.Mengetahui ruang lingkup mata kuliah ini 2. Mengetahui lingkungan ekonomi di dalam mana bisnis dilakukan

  2. What is MICROECONOMICS? MICRO: • study of economic behavior of (relatively) "small" units, e.g., workers, firms Versus MACRO: • study of economy as a whole, • aggregate actor behavior • Remarkable consensus on micro's underlying principles • "laws" and tools of analysis, but vast differences in terms of what to do with the analysis. • Micro inherently conservative (?!).

  3. Price S D Quantity Role of Theory Microeconomic theory evolved gradually • 1700s & late 1800s. • Marshall’s famous "scissors" • Few changes to core of micro theory in many decades. "Theory provides means or framework for explaining complex reality” • Simplifies/abstracts from reality • Need not fully or precisely describe reality Basic Supply and Demand Curves

  4. Role of Theory • Best test of 'good' theory? • Whether it explains/predicts what it's designed to, NOT whether its assumptions are correct or reflect reality • CAVEAT: • Many controversies & issues here • Can have seemingly good theory, but as result of non-modeled events or other supporting circumstances, lousy results

  5. Positive v. Normative Analysis Economists & others often called on to assess best policy approach. • Positive analysis — "WHAT IS“ • Normative analysis — "WHAT SHOULD BE" Important Distinction • Much of micro in realm of positive analysis, dealing w/propositions that can be tested in terms of underlying logic (qualitative analysis) & empirical evidence (quantitative analysis)

  6. Positive v. Normative Analysis • Qualitatively determining expected effects of particular policy, based on micro theory • Likely effects on employment, production, prices • Quantitatively determining size of actual effects of particular policy. • Stats./econometrics & statistical significance • Then, go further (Steps 1 & 2). Use value judgments to decide whether or not such effects are desired — realm of normative analysis. • Economists no better than anyone else at making these …

  7. Value Judgments "When analysis comes in conflict with [strongly held] values, values trump analysis every time." • Theda Skocpol (1997 Harvard) on 'welfare devolution’ Continuing debate on the ‘success’ of welfare reform in U.S. CEA, Bill Clinton, Al From, Bush, others: • Was it policy or the economy & how much of each? J. Bishop’s 1998 & R. Blank’s 2002 analysis of impacts v. CEA’s

  8. Welfare Reform’s ‘Success’? Consider Blank (2002)—

  9. Why POLITICAL ECONOMY? Why not just microeconomics taught by UT’s econ tribe? • Cheaper, easier? Why not? • For starters, check out stark contrast in treatments by B&Z, Kuttner, Blank & McGurn … QUESTIONS • Do “free markets” exist? Yes & No. So what? • What share of GDP produced & sold in “free markets”?

  10. Considerations • Influence of laws, institutions & “rules of the game” • Effects of power & influence on market outcomes • Issues surrounding “one-man/one vote,” “one-dollar/one-vote” • The Endowment Issue • Effects of policies & policy shifts on markets & on market outcomes

  11. Considerations • Question: How deterministic is market analysis? • Question: Is there ‘play’ in markets? If so, how much? • 2001 Austin Equity Comm. & “living wage” issue; see J. Siedlecki piece, LBJ Journal (Spring/Summer 2005 – Link to article) • Question: Do markets sometimes fail and, if so, whats’ to be done about it?

  12. The Imperial Market Considerable “market worship” • Not just among economists, but policymakers of almost all stripes (Kuttner, ch. 2) Theory of Second Best • i.e., where markets have multiple ‘distortions,’ removing one to create purer market won’t necessarily improve overall outcomes.

  13. Market Analysis: Terms & Concepts Market defined as — " Area” where potential buyers & sellers of a good/service interact "interplay of all potential buyers & sellers involved in” Prices (to economists) Relative (or real) prices, i.e., price relative to prices of all other goods/services at point in time. Issue more one of dynamics, change over time...

  14. Market Analysis: Key Actors Buyers/consumers • Theoretical abstraction largely ignores important market intermediaries, e.g., unions, trade associations. ‘Lost’ tribe of economists who emphasize institutions & their effects within a market economy. • Pure market analysis insufficient, per se Galbraith Marshall

  15. Market Analysis: Time Time • One of more important dimensions of market analysis • S & D responses can & do vary enormously over the short- and longer-term!

  16. Behavioral Assumptions Critical foundation for what follows: • Self-interested behavior • actors pursue own goals & objectives • Rational behavior • actors weigh choices & actions and act deliberately • Scarce resources • or, as a famous (non-practicing) economist put it, "you can't always get what you want!” Note: 1 + 2 => generally prefer more to less

  17. Behavioral Assumptions THUS, • Actors must choose among available options, pursuing desires rationally with limited resources or • "Actors make choices subject to a resource constraint"

  18. Production Possibilities Frontier • All possible combinations of goods/services a rational actor can attain with fixed resources • Technology • [What does this mean?] Illustrate with 2 choices • Say... research reports, R, and research proposals, P • Might also view as Present v. Future

  19. Research Reports (present) Research Proposals (future) PPF Production Possibilities Curve

  20. Research Reports (present) A Research Proposals (future) PPF Production Possibilities Curve

  21. Research Reports (present) A B Research Proposals (future) PPF Production Possibilities Curve

  22. Research Reports (present) A C B Research Proposals (future) PPF Production Possibilities Curve

  23. Research Reports (present) A C D B Research Proposals (future) PPF Production Possibilities Curve

  24. PPF Opportunity Cost: • Amount of one good that must be foregone to produce added unit of another • PPF slope • Marginal Rate of Transformation, MRT • Defined as: ∆R / ∆P • Think "rise over run”

  25. PPF Questions Q1: Why is PPF concave? A1: Efficiency of resource use dictates that as shift resources to producing more of one, less of another, become less efficient in doing so. Q2: Which goods combination = BEST? A2: Don't know (yet)! Depends on "preferences"which we'll get to shortly.

  26. PPF Questions … Q3: Why not either devote more resources to production or improve technology to attain greater amounts of BOTH goods? A3: Can't! In the short run, resources & technology are both FIXED.

  27. Opportunity Cost • Economic or opportunity cost of given action or choice comprised of both: • EXPLICIT (or accounting) Cost • defined typically in terms of monetary costs; • IMPLICIT (or non-monetary) Cost • imputed value of alternative use of resources • “Value of resource in its best alternative use", includes both explicit (monetary) and implicit (or non-monetary) costs • Key concept in micro & policy analysis • Numerous applications, e.g., benefit/cost analysis

  28. Discussion Significance of accounting v. economic costs, in terms of: • Education & career choices? • The environment? • Welfare reform and related interventions? What of "sunk costs"? • Already incurred, can't recoup. So, forget them.

  29. Demand Schedules & Curves Demand • Schedule of prices & associated quantities of goods/services consumers willing & able to purchase. Demand Schedule, for example: • Functionally Q1 = a + bP1

  30. Demand Schedules & Curves Law of Demand • The lower the price of a good or service, the larger the quantity consumers wish to purchase (demand), ceteris paribus. • Law of D —> negative slope for D curve! • NOTE TERMS! Distinguish carefully between: • ∆Qd (movement along) versus • ∆ in D, a shift in D Curve • Ceteris paribus — tastes, incomes, prices of other goods. E.g. iPods...

  31. Demand for iPods Price D1 Quantity Demand Schedules & Curves

  32. Demand Schedules & Curves Demand for iPods Price D2 D1 Quantity

  33. Demand Depends On... Incomes: Response depends very much on TYPE of good/service! • If “normal” good, increase in average household income, Y • With P unchanged, leads to increased consumption of iPods • That is, demand shifts from D1 to D2 • If "inferior" good, increase in Y • With P unchanged, leads to decreased iPod consumption, again a demand shift.

  34. Inferior Goods? Inferior goods: • Spam • Texas wines • Hamburger • Others? *Most goods = Normal*

  35. Demand Depends On... Prices of Other Goods • Depends very much on WHICH other goods! Examples... • CD Prices? Sharp drop in P of CDs leads to increased consumption of CD players • A shift out in demand, from D1 to D2. • Complements in consumption, I.e., their consumption "goes together"...

  36. Demand Depends On... Prices of Other Goods • another example • VCRs? Sharp drop in P of DVD players leads to decreased consumption of VCRs • a shift in demand from D2 to D1. • Substitutes in consumption, alternatives for meeting same needs... • “Either/or” goods.

  37. Demand Depends On... Tastes & Preferences • Can deal with these any number of ways: Consider introduction of new alternatives • growth of live music venues, DATs & DAT players, iPods, "retro" (vinyl) movement • E.g., the Wine Industry

  38. Supply Schedules & Curves SUPPLY, the producer side of the market: • schedule of prices & associated quantities producers willing & able to produce & sell at point in time. LAW of SUPPLY: • Higher the price, the larger the quantity producers will want to produce (supply) at any point in time, cet. par. So, positive slope! P as "reward for production": • As more produced, per-unit opportunity cost of production tends to increase. Higher Ps needed to elicit greater Qs. Ceteris paribus: • Technology/production techniques, input factor prices/availability generally. Try same e.g., iPods...

  39. Supply of iPods Price S1 Quantity Supply Schedules & Curves

  40. Supply Schedules Consider: • Technology of Production • Intro of new, more efficient production techniques (e.g. HPWO) allows producers to produce more at every P. So, supply shifts out from S1 to S2 • Input Supply Conditions • Increase in labor costs—one NOT offset by productivity increases—leads to reduced supply, a shift from S2 to S1.

  41. Supply of iPods Price S1 S2 Quantity Supply Schedules & Curves

  42. Market Equilibrium, Disequilibrium Equilibrium P & Q —> no forces acting to make them different! • Static, not really dynamic. Example? • Try the market for Applied Microeconomics textbooks...

  43. Price S D Quantity Market Equilibrium Applied Microeconomics Textbook Market

  44. Price Pe$125 S D Qe Quantity Market Equilibrium Applied Microeconomics Textbook Market

  45. Price Surplus P1$200 Pe$125 S D Q2 Qe Q1 Quantity Market Equilibrium Applied Microeconomics Textbook Market

  46. Price Surplus P1$200 Pe$125 P2$75 Shortage S D Qe Quantity Market Equilibrium Applied Microeconomics Textbook Market Q1 Q2

  47. Government Interventions... • NYC rent controls, minimum wage hikes (1977-81, 1989, 1995) • classic illustrations of impact of market interventions • wage/price controls (1971-74) Q: Are such interventions “bad”? • Maybe, if you're a market worshiper • Otherwise, depends upon your values & other non-market considerations ... • Some adverse market & non-market responses— • Non-price rationing • Quality deterioration • Black markets

More Related