Chapter经济管理解说.ppt

Chapter 1 Managers, Profits, and Markets 教材：《管理经济学》，Maurcie, Thomas著，（第10版英文版），机械工业出版社 课堂参与： 15% 课程作业： 15% 课程结束考试： 70% Managerial Economics Theory Managerial economics applies microeconomic theory to business problems How to use economic analysis to make decisions to achieve firm’s goal of profit maximization Microeconomics Study of behavior of individual economic agents Economic Cost of Resources Opportunity cost of using any resource is: What firm owners must give up to use the resource Market-supplied resources Owned by others hired, rented, or leased Owner-supplied resources Owned used by the firm Total Economic Cost Total Economic Cost Sum of opportunity costs of both market-supplied resources owner-supplied resources Explicit Costs Monetary payments to owners of market-supplied resources Implicit Costs Nonmonetary opportunity costs of using owner-supplied resources Economic Cost of Using Resources (Figure 1.1) Types of Implicit Costs Opportunity cost of cash provided by owners Equity capital Opportunity cost of using land or capital owned by the firm Opportunity cost of owner’s time spent managing or working for the firm Economic Profit versus Accounting Profit Economic profit = Total revenue – Total economic cost = Total revenue – Explicit costs – Implicit costs Accounting profit = Total revenue – Explicit costs Accounting profit does not subtract implicit costs from total revenue Firm owners must cover all costs of all resources used by the firm Objective is to maximize economic profit 假设一个企业收益$5 000 000，显性成本$3 000 000，业主为企业提供了 l 000 000资本。如果所有者在最好的可能投资中，他的l 000000能够挣得10％的回报(以相同的风险)，正常利润是$100 000。经济利润是1 900 000(=5 000000 - $3 000000 - S100 000)。假定还是这个企业只得到3 10000，那么企业就只能赚到正常利润，经济利润是零。 Maximizing the Value of a Firm Value of a firm Price for which it can be sold Equal to net present value of expected future profit Risk premium Accounts for risk of not knowing futur