1、Managerial Economics,Chen Hongjun Henan University of Technology,Managerial Economics,Instructor Chen Hongjun Personal Email: Public Email: Pass word: cooool,1. Outline for today,Introductions Discussion of Course Requirements Course Introduction Ch.1 Managers,Profits, and Markets,The Cornell Note-t

2、aking System,2. Reading list,Managerial Economics（管理經(jīng)濟學） Christopher R.Thomas and S.Charles Maurice (2005 8th edition機械工業(yè)出版社) 管理經(jīng)濟學， Christopher R.Thomas and S.Charles Maurice （原書第8版，中譯本，機械工業(yè)出版社） 管理經(jīng)濟學，馬克。赫斯切（Mark Hirschey原書第10版，機械工業(yè)出版社 ） 管理經(jīng)濟學，H克雷格。彼得森；w?？死锼埂⒁姿?，（第4版，中國人民大學出版社）,Where is it 管理經(jīng)濟學所處的

3、位置,3. Where is it,3.1 What is Economics ?經(jīng)濟學是什么 ?,Economics is an empirical science resting on the assertion or postulate of selfishness or self-interest to explain human behavior. 經(jīng)濟學是一門實證科學，基于自利的假設，去解釋人類的行為。,What is Economics?,Study of how economic agents choose to use their scarce resources. Scar

4、city Necessitates Choice Who are economic agents? We develop theories and models to explain their behavior. Thus, economics is the study of Human Behavior!,Economic agents,The real world: an incredible diversity Size: from corner store to Microsoft Operations: from one outlet to almost all countries

5、 Diversity: from single product (wheat farm) to many (Sony) From one industry to many Ownership: from sole proprietor to multinational listed company Structure: from one person operations to multi-department From sole operations (production to sale) to specialisation in manufacturing, wholesale, ret

6、ail, marketing, consulting,3.2. The Scope of Economics,Microeconomics is the study of decision making by firms, households and individuals. 研究經(jīng)濟行為人的個體行為以及其行為之間的相互作用。 Macroeconomics is the study of the economy as a whole, or major sectors of the economy. 研究整體經(jīng)濟（產出，失業(yè)，通貨膨脹） 研究兩件事：長期的經(jīng)濟增長和短期的經(jīng)濟波動,4. Wh

7、at is Managerial Economics?,Application of economic theory and analytical tools to help managers make better decisions. Draws primarily on applied microeconomics. Goal of this course is to show how these tools can be used.,Approach to this class,Review economic theory Add mathematical models to basi

8、c economic theory Apply statistical models to understand and predict firm demand Interpret and communicate results Goal is to apply economic theory and tools to business analysis,Is it useful?,Student of managerial economics: Will I ever use this? Professor: Only if your career is successful.,Three

9、Basic Economic Assumptions 經(jīng)濟學的三大假設,5. Some preliminaries 預備知識:,(1). Scarcity資源是稀缺的,經(jīng)濟學一開篇：沒有稀缺就沒有 經(jīng)濟學 Resources of a community are limited, however the peoples wants are unlimited. Both individuals and nations have limited resources Nations have a limited number of factories, machines, workers, and

10、 natural resources. Individuals have only so much money and so much time Your family cant provide all wants for a household. society cant possibly provide everything that its people want. 人民眾而貨財寡 - 韓非子.備內 鋁比金子還貴,-早期 -勞動力稀缺- -經(jīng)濟學理論建立在勞動的基礎上 -后來 -土地，資本稀缺 -新理論 -經(jīng)濟的發(fā)展 -海洋，水，大氣，稀缺 -現(xiàn)代經(jīng)濟學注意力：生態(tài)，環(huán)保,An inte

11、rnational school teacher throws a question:whats your own opinion on food scarcity in other countries?An African student: whats food?A European student: whats scarcity?An American student: what are other countries?A Chinese student: whats my own opinion?,（2）Self-interest 自利,人是自利的，總要追求自己的利益最大化 利己假設是必

12、要的，符合現(xiàn)實的，無利不起早 利他 否認了個人利益：一大二公，毫不利己、專 門利人 佛曰：我不下地獄, 誰下地獄 輿人欲人富貴，棺人欲人死喪，人不貴則輿不用，人不死則棺不買，非有人賊，利在其中 - 韓非子.備內,經(jīng)濟學家相信，一個法制社會，只要保證嚴格的法律和秩序，每個人在追求自身利益的同時，也就是在為社會利益服務。 Invisible Hand Smith tried to show that, in a free market, an individual pursuing his own self-interest tends to also promote the good of hi

13、s community as a whole through a principle that he called “the invisible hand”. He argued that each individual maximizing revenue for himself maximizes the total revenue of society as a whole, as this is identical with the sum total of individual revenues.,(3)Rationality 個體理性假設,在既定約束條件下，最優(yōu)化個人既定目標（或效

14、用目標） 理性意味著：根據(jù)成本收益準則進行決策 The Cost-Benefit Principle 個人理性行為可分為兩個層次： 一. 效用目標：每個人都有幸福的追求 二. 最小代價實現(xiàn)效用目標,“how we organize our institutions, how we think, and how we behave are determined by how we get our bread.” - John F. Henry,The Cost-Benefit Principle,An individual (or a firm or a society) should take

15、 an action if, and only if, the extra benefits from taking the action are at least as great as the extra costs,Should I do activity x? C(x) = the costs of doing x B(x) = the benefits of doing x If B(x) C(x), do x; otherwise dont.,Ch.1 Managers,Profits, and Markets,Economic cost of Using Resources Re

16、source :market-supplied resources (人工，原材料，設備，即資源為他人所有，企業(yè)通過雇傭，租借或租賃形式獲得) and owner-supplied resources（所有者投入的資金，時間和勞動，以及企業(yè)擁有和使用的土地，建筑物或設備資產） Opportunity cost: what a firms owners give up to use resources to produce goods or services.(聽課的機會成本,工作還是讀研？ ),Economic cost of Using Resources,Total economic co

17、st=Explicit costs of market-supplied resources(the monetary payments to resource owners) + Implicit Costs of Owner-supplied resources(the returns forgone by not taking the owners resources to market) 總經(jīng)濟成本=市場供給資源的顯性成本+自有資源的隱性成本,Economic profit versus Accounting Profit,Economic profit=Total revenue T

18、otal economic cost = Total revenue Explicit costs Implicit costs Accounting profit=Total revenue Explicit costs In this book whenever we refer to “profit”,we will mean Economic profit,Applied problems,MBA Manager and Tailor,Ch.1 Managers,Profits, and Markets,Goals of a firm are Value of the firm sho

19、uld be maximal: The present value of the firms expected future cash flows ,Present value of expected future profits,where: TRt = the firms Total Rev. in year t TCt = the firms Total Cost in year t i = the interest rate and t goes from 1 (next year) to n (the last year in the planning horizon),Econom

20、ic profit concept,Profit the firm owner makes over and above what their labor and capital employed in the business could earn elsewhere. In competitive industries profits are zero Why? What are competitive industries? Are most industries competitive industries?,Situations with positive profits,Innov

21、ations Market entry is not (easily) possible Risk involved Industry is not competitive,Ch.1 Managers,Profits, and Markets,Optimal Decisions Best decision helps achieve objectives most efficiently. Maximizing the Value of the Firm Value maximization requires serving customers efficiently. What do cus

22、tomers want? How can customers best be served?,Economic agents“The firm”,The real world: an incredible diversity Size: from corner store to Microsoft Operations: from one outlet to almost all countries Diversity: from single product (wheat farm) to many (Sony) From one industry to many Ownership: from sole proprietor to multinational listed company Structure: from on