罗伯特·S.平狄克-微观经济学（第九版）PindyckPPT_Ch.15.pptxVIP

MICROECONOMICSby Robert S. Pindyck Daniel RubinfeldNinth EditionCopyright ? 2016, 2012, 2009 Pearson Education, Inc. All Rights Reserved Chapter 15Investment, Time, and Capital Markets (1 of 2)CHAPTER OUTLINE15.1 Stocks versus Flows15.2 Present Discounted Value15.3 The Value of a Bond15.4 The Net Present Value Criterion for Capital Investment Decisions15.5 Adjustments for Risk15.6 Investment Decisions by Consumers15.7 Investments in Human Capital15.8 Intertemporal Production Decisions Depletable Resources15.9 How Are Interest Rates Determined?LIST OF EXAMPLES15.1 The Value of Lost Earnings15.2 The Yields on Corporate Bonds15.3 The Value of a New York City Taxi Medallion15.4 Capital Investment in the Disposable Diaper Industry15.5 Choosing an Air Conditioner and a New Car15.6 Should You Go to Business School?15.7 How Depletable Are Depletable Resources? Investment, Time, and Capital Markets (2 of 2)Capital expenditures involve the purchases of factories and equipment that are expected to last for years. This introduces the element of time.How much are future profits worth today? In this chapter, we will learn how to calculate the current value of future flows of money. This is the basis for our study of the firm’s investment decisions.Individuals also make decisions involving costs and benefits occurring at different points in time, and the same principles apply.We will also discuss investments in human capital. Does it make economic sense, for example, to go to college or graduate school rather than take a job and start earning an income? 15.1 Stocks versus FlowsIf a firm owns an electric motor factory worth $10 million, we say that it has a capital stock worth $10 million. Let’s take a closer look at this producer.Labor and raw materials: 20,000 worker-hours and 20,000 pounds of copper per monthOutput: 8000 electric motors per monthWage: $15 per hourPrice of copper: $2.00 per poundVariable cost: (20,000)($15) + (20,000)($2.00) = $340,000 per monthAverage varia