미시경제학과 경영전략 microeconomics & business strategy. 제 1 장 미시경제학의...
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미시경제학과 경영전략Microeconomics
& Business Strategy
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제 1 장미시경제학의 기초
(Fundamentals of Microeconomics)
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개 요 (Overview)
I. 도 입II. 효과적인 경영을 위한 경제학
목표와 제약조건 파악 Identify Goals and Constraints 이윤의 역할 이해하기 Recognize the Role of Profits 유인체계 이해하기 Understand Incentives 시장에서의 다섯 가지 힘 Five Forces Model 시장 ( 市場 ) 이란 ? Understand Markets 화폐의 시간가치 Recognize the Time Value of Money 한계의 개념 Use Marginal Analysis
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경제적학 이윤과 회계학적 이윤 Economic vs. Accounting Profits
• 회계학적 이윤 Accounting Profits Total revenue (sales) minus dollar cost of producing
goods or services. Reported on the firm’s income statement.
• 경제학적 이윤 Economic Profits Total revenue minus total opportunity cost.
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기회비용 Opportunity Cost
• Accounting Costs The explicit costs of the resources needed to produce
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.
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Sustainable Industry
Profits
Power of Input Suppliers
Supplier ConcentrationPrice/Productivity of Alternative InputsRelationship-Specific InvestmentsSupplier Switching CostsGovernment Restraints
Power ofBuyers
Buyer ConcentrationPrice/Value of Substitute Products or ServicesRelationship-Specific InvestmentsCustomer Switching CostsGovernment Restraints
EntryEntry CostsSpeed of AdjustmentSunk CostsEconomies of Scale
Network EffectsReputationSwitching CostsGovernment Restraints
Substitutes & ComplementsPrice/Value of Surrogate Products or ServicesPrice/Value of Complementary Products or Services
Network EffectsGovernment Restraints
Industry RivalrySwitching CostsTiming of DecisionsInformationGovernment Restraints
ConcentrationPrice, Quantity, Quality, or Service CompetitionDegree of Differentiation
The Five Forces Framework
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시장의 역할 Market Interactions
• 소비자 - 생산자 경합 Consumer-Producer Rivalry Consumers attempt to locate low prices, while producers
attempt to charge high prices.
• 소비자간 경합 Consumer-Consumer Rivalry Scarcity of goods reduces the negotiating power of
consumers as they compete for the right to those goods.
• 생산자간 경합 Producer-Producer Rivalry Scarcity of consumers causes producers to compete with
one another for the right to service customers.
• 정부의 개입 The Role of Government Disciplines the market process.
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화폐의 시간가치 The Time Value of Money
• Present value (PV) of a lump-sum amount (FV) to be received at the end of “n” periods when the per-period interest rate is “i”:
P V
F V
i n1
• Examples: Lotto winner choosing between a single lump-sum payout of $104
million or $198 million over 25 years. Determining damages in a patent infringement case.
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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 V
F V
i
F V
i
F V
in
n
11
221 1 1
. . .
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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
F V
i
F V
i
F V
iCn
n
11
22 01 1 1
. . .
Decision Rule:If NPV < 0: Reject project
NPV > 0: Accept project
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Present Value of a Perpetuity• An asset that perpetually generates a stream of cash flows
(CF) at the end of each period is called a perpetuity.
• The present value (PV) of a perpetuity of cash flows paying the same amount at the end of each period is
i
CF
i
CF
i
CF
i
CFPVPerpetuity
...111 32
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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
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• 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?
한계 ( 점증 ) 분석 Marginal (Incremental) Analysis
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純편익 Net Benefits
• Net Benefits = Total Benefits - Total Costs
• Profits = Revenue - Costs
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한계편익Marginal Benefit (MB)
• Change in total benefits arising from a change in the control variable, Q:
• Slope (calculus derivative) of the total benefit curve.
Q
BMB
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한계비용 Marginal Cost (MC)
• Change in total costs arising from a change in the control variable, Q:
• Slope (calculus derivative) of the total cost curve
Q
CMC
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한계의 원리Marginal 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.
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The Geometry of Optimization
Q
Total Benefits & Total Costs
Benefits
Costs
Q*
B
CSlope = MC
Slope =MB
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결론 Conclusion
• 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).