Chapter 1The Nature and Scope of Managerial EconomicsThe Scope of Managerial EconomicsThe Theory of the FirmFunction of ProfitsBusiness EthicsInternatl Framework & Managerial EconomicsAppendix: The Basic of D, S, and Equilibrium

Chapter 1The Nature and Scope of Managerial EconomicsRuang Lingkup Ekonomi ManajerialTheory PerusahaanFungsi Keuntungan/LabaEtika BisnisKerangka Internasional & Managerial EconomicsLampiran: The Basic of D, S, and Equilibrium Bab 1Karakteristik & Ruang Lingkup Ekonomi Manajerial

Management Decision ProblemsEconomic theory Microeconomics MacroeconomicsDecision Sciences Mathematical Economics EconometricsOPTIMAL SOLUTIONS TO MANAGERIAL DECISION PROBLEMSto examine how an organization can achieve its aims or objectives most efficiently.EKONOMI MANAJERIAL Aplikasi dari teori ekonomi dan alat pengambilan keputusan utk memecahkan masalah keputusan manajerial The Nature of Managerial Economics

MANAGERIAL ECONOMICS Application of economic theory and decision science tools to solve managerial decision problems

Masalah Keputusan Manajemen Economic theory Microeconomics MacroeconomicsDecision Sciences Mathematical Economics EconometricsOPTIMAL SOLUTIONS TO MANAGERIAL DECISION PROBLEMSto examine how an organization can achieve its aims or objectives most efficiently.EKONOMI MANAJERIAL Aplikasi dari teori ekonomi dan alat pengambilan keputusan utk memecahkan masalah keputusan manajerial Ruang Lingkup Ekonomi Manajerial SOLUSI OPTIMAL UNTUK MASALAH KEPUTUSAN MANAJERIALIlmu Pengambilan Keputusan: Mathematical Economics Econometrics

MANAGERIAL ECONOMICS

Penerapan teori ilmu ekonomi dan alat-alat analisa dari ilmu pengambilan keputusan (decision science) untuk mengetahui bagaimana suatu organisasi dapat mencapai tujuannya secara lebih efisien.

The application of economic theory and the tools of analysis of decision science to examine how an organization can achieve its aims or objectives most efficiently.

EKONOMI MANAJERIAL

Penerapan teori ilmu ekonomi dan alat-alat analisa dari ilmu pengambilan keputusan (decision science) untuk mengetahui bagaimana suatu organisasi dapat mencapai tujuannya secara lebih efisien.

*A person who directs/commands resources toachieve a stated goal. All individuals whodirect the efforts of otherspurchase inputs to be used in productionare in charge of making other decisions such as product price or quality. (1) MANAGER

*

Seseorang yang mengarahkan sumberdaya untuk mencapai tujuan yang direncanakan. Setiap orang yang:mengarahkan seluruh upaya orang lain; mengadakan inputs yang diperlukan dalam berproduksi; yang bertanggung jawab di dalam pengambilan keputusan: harga produk atau kualitasnya.

(1) MANAGER

*(2) ECONOMICSThe science of making decisions in the presence of scarce resources.

What goods and services will be produced and it what quantities ? How will the various goods and service be produced ?When will the various goods and services be produced ?Where will the various goods and services be produced ?Who will consume the various goods and services ?

*(2) Ilmu Ekonomi Ilmu pembuatan keputusan dalam kelangkaan sumber daya tersedia

APA dan berapa jumlah barang dan jasa yang akan diproduksi ? BAGAIMANA barang dan jasa akan diproduksi? KAPAN barang dan jasa akan diproduksi? DIMANA barang dan jasa akan diproduksi? SIAPA yang akan mengkonsumsi barang dan jasa itu?

*EconomicsSetiap orang menghadapi ketidak puasan.Orang kaya & Miskinsama2 menghadapi kelangkaan.Scarcity Means that our wants exceed the resources available to satisfy them. Everyone has some unsatisfied wants.

Scarcity is not poverty.The poor and the rich both face scarcity. Kita mengorbankan sesuatu untuk mendapatkan yang lain. Nilai yang tertinggi yang kita korbankan adalah opportunity cost dari sesuatu yang kita pilih. Opportunity cost adalah nilai tertinggi dari alternative yang hilang.ChoicesFace with scarcity, people must make choices among the available alternatives. Choices is a trade off. We give up some things to get something else. The highest valued alternative we give up is the opportunity cost of what we choose.The opportunity cost of any action is the highest valued alternative forgone. Ilmu EkonomiIlmu yg menjelaskan pilihan yang kita lakukan ketika kita menghadapi kelangkaan. Economicsis the science of the choices the science that explains the choices we make as we cope with scarcity.

* Ilmu Ekonomi

Kelangkaan: Keinginan kita melebih dari sumberdaya tersedia. Setiap orang menghadapi ketidak puasan.

Kelangkaan bukannya kemiskinan.Orang kaya & miskin sama2 menghadapi kelangkaan.

Pilihan. Menghadapi kelangkaan kita harus mengambil pilihan dari alternatif yang ada.Kita mengorbankan sesuatu untuk mendapatkan yang lain. Nilai yang tertinggi yang kita korbankan adalah opportunity cost dari sesuatu yang kita pilih. Opportunity cost adalah nilai tertinggi dari alternative yang hilang. Ilmu EkonomiIlmu yg menjelaskan pilihan yang kita lakukan ketika kita menghadapi kelangkaan.

Matematika Ekonomi

Jumlah diminta: Q Dimulai dengan model: Q = f (P, Y, Pc, Ps) Pc, komplementer; Ps, substitusi Untuk meramal permintaan masa depan dari barang tertentu + Ekonometrika (regression analysis) Qd = 400 250 P Qs = - 200 + 500 PEquilibrium: 400 250 P = - 200 + 500 P P = $ 0.80 (3) Mathematical Economics

Quantity demanded Q Begin with a model: Q = f (P, Y, Pc, Ps) Pc, complementary ; Ps, substitute to forecast the future demand for the commodity + Econometrics (regression analysis) Qd = 400 250 P Qs = - 200 + 500 PEquilibrium: 400 250 P = - 200 + 500 P P = $ 0.80; Q = 200

(3) Matematika Ekonomi

Jumlah diminta: Q Dimulai dengan model: Q = f (P, Y, Pc, Ps) Pc, komplementer; Ps, substitusi Utk meramal permintaan masa depan barang tertentu + Ekonometrika (regression analysis) Qd = 400 250 P Qs = - 200 + 500 PEquilibrium: 400 250 P = - 200 + 500 P P = $ 0.80

200-200SD0,800400PQQd = 400 250 P Qs = - 200 + 500 PEquilibrium: 400 250 P = - 200 + 500 P P = $ 0.80 ; Q = 200E: equil. pointE

5 steps in Managerial Decision Making:Establishing the objective of the firm or organizationDefining the problem or obstacles that the firm or organization faces in trying to achieve its objectiveIdentifying the range of possible solutionsSelecting the best solution availableImplementing that decision.pp.6-7See: Case Application 1-1

Menetapkan tujuan dari perusahaan atau organisasi Merumuskan permasalahan atau hambatan yang dihadapi oleh perusahaan atau organisasi dalam upaya utk mencapai tujuannya Mengindentifikasi urutan solusi/pemecahan yang layak Memilih solusi terbaik dari yang tersedia Melaksanakan keputusan yang diambil pp.6-7See: Case Application 1-15 langkah dalam membuat Keputusan Manajerial Salvatore, hal 7

Theory of the Firm

A Firm is an organization:Combines and organizes resources for the purpose of producing goods and/or services for sale. Proprietorships, firms owned by one individuals Partnerships = owned by two or more individuals Corporations = owned by stockholdersInternalizes all transactions (contracts): many functions within the firm; Saves on sales tax and avoids price control Reducing transactions costs.Maximizes the wealth or value of the firm.p.8

Teori PerusahaanPerusahaan adalah sebuah organisasi:Menggabungkan dan mengorganisasikan sumberdaya untuk tujuan memproduksi barang atau jasa untuk dijual. Proprietorships, dimiliki oleh satu orang Partnerships = dimiliki oleh dua orang atau lebih Corporations = dimiliki oleh pemegang sahamMenginternalisasikan berbagai transaksi (contracts): berbagai fungsi dalam perusahaan Menghemat pajak penjualan dan menghindari kontrol harga Pengurangan biaya transaksi.Memaksimumkan kekayaan atau value of the firm.p.8

The present value (PV) of all expected future profits (n)TR = Total Revenue; TC = Total CostsValue of the Firm

Nilai PerusahaanThe present value (PV) atau nilai sekarang dari seluruh keuntungan yang diperkirakan dimasa datang ( all expected future profits : n)TR = Total Revenue; TC = Total Costs

(1)(2)

DISCOUNTING & COMPOUNDING TABLEDISCOUNT FACTOR i = 8%How much $1.00 at a future date is worth today ?Tahun 1 = 1 : (1 + 0.08) = 0.925 926 Tahun 2 = 1 : (1.08)(1.08) = 1 : (1.1664) = 0.857 339Gittinger, p. 361t = 1, 2, ...., nN = jumlah tahuni = tingkat bunga diskonto (discount factor)

FV = 1(3)

PVYEAR0.925.92610.857.33920.793.8323 0.735.03040.680.58350.630.17060.583.49070.540.26980.500.24990.463.193100.428.883110.397.114120.367.698130.340.461140.315.24215Source : Gitinger (1982 ) p.309

NET PRESENT VALUE (NPV)

INTERNAL RATE OF RETURN (IRR)Bt = manfaat yang diperoleh tiap tahunCt = biaya yang dikeluarkan tiap tahun

t = 1, 2, ...., nn = jumlah tahuni = tingkat bunga diskonto (discount factor)

B = TR; C = TC

Alternative Theories The objective of the FirmsSales Maximization p.11After an adequate rate of profit has been earned Strong correlation: executives salaries & sales, not salaries & profitsA Model of Management Utility Maximization: management/agent >< ownership/principalPrincipal-agent problem maximizing managers benefits rather than principals (owners) interest. A satisficing behavior: a satisficing rather than a maximizing value managers p.12 Satisfactory goal in sales, profits, growth, mkt share etc

Teori Lainnya Tujuan dari PerusahaanMemaksimumkan Penjualan p.11Setelah memperoleh tingkat keuntungan/laba yang cukup/memadai Hubungan yang kuat: gaji eksekutif & penjualan, bukannya hubungan gaji & labaSuatu Model Memaksimumkan Kepuasan Manajemen: manajemen/agent >< pemilik/principalMasalah pemilik-mgt/agent memaksimumkan benefit manager dari pada kepentingan principal (pemilik) Suatu keinginan kepuasan: mendapatkan kepuasan dari pada suatu nilai yang maksimum managers p.12Tujuan kepuasan dalam: penjualan, laba, pertumbuhan, pangsa pasar etc

Definitions of ProfitBusiness Profit: Total revenue minus the explicit or accounting costs of production.Economic Profit: Total revenue minus the explicit and implicit costs of production. Implicit costs = salary & return could earn from other firms. P.14Opportunity Cost: Implicit value of a resource in its best alternative use.p.14Profit rates differ among firms: steel, textiles, railroad earn low profitscomparing pharmaceutical, office equipment, high tech industries

Difinisi Laba/KeuntunganLaba Bisnis: Penerimaan total dikurangi biaya explicit atau accounting dari kegiatan produksi.Laba Ekonomi: Penerimaan total minus biaya explicit dan implicit dari kegiatan produksi. Biaya implicit = gaji & penerinaan yang didapat dari perusahaan lain. p.14Opportunity Cost: Nilai implicit dari penggunaan suatu sumberdaya yang terbaikp.14Tingkat laba berbeda diantara perusahaan: baja, tekstil, KA mempe-roleh laba rendah dibandingkan dengan indutri farmasi, alat kantor, Industri teknologi canggih.

The Economic Profit :Revenue econ costs (opportunity costs)A business profits = $ 30,000.-But the entrepreneur could have earned $ 35,000.- by managing another firm and $ 10,000.- by landing out his capital.Economic profits = $30,000.- $ 35,000.- $ 10,000.- = $ 15,000.- ( economic loss)$ 35,000.- = implicit or opportunity costp. 14

KEUNTUNGAN EKONOMI :Penerimaan biaya ekon (biaya oportunitas)Keuntungan bisnis = $ 30,000.-Tetapi pengusaha juga mendapat penghasilan $ 35,000.- dengan mengelola perusahaan lain dan $ 10,000.- dengan menyewakan kapitalnya.Keuntungan ekonomi = $30,000.- $ 35,000.- $ 10,000.- = $ 15,000.- (kerugian ekonomi)$ 35,000.- = biaya implisit atau opportunity costp. 14

Econ Profit = Normal ProfitThe amount of profit required to keep an entrepreneur in particular line of production

A theoretical concept for the economist

In practiced it could not be precisely calculated

Earning more than normal profit = other firms will be attracted into that industry

Laba Ekonomi = Laba Normal Jumlah laba yang dibutuhkan untuk mempertahankan seorang pengusaha berada dalam suatu kegiatan memproduksi

Suatu konsep teoritis dari para ekonom

Dalam praktek laba normal sulit dihitung secara tepat

Mendapat lebih banyak dari normal profit = perusahaan lain akan tertarik masuk dalam industri tersebut.

Theories of ProfitRisk-Bearing Theories of Profit above normal profit (i.e. econ profits): petroleum exploration because of the greater risk Frictional Theory of Profit in long run may earn a profit or incur loss = a normal return or zero (economic) profitMonopoly Theory of Profit can continue to earn profits even in the long run because can restrict output & charge higher pricesInnovation Theory of Profit profit is the reward for the introduction of a successful innovation. The patent system is design to protect the profit of successful innovatorManagerial Efficiency Theory of Profit if average firm tends to earn a normal return in the long run firms that are more efficient would earn above normal returns and economic profits.pp.15-16

Teori LabaTeori Laba dalam Menghadapi Resiko diatas keuntungan normal (keuntungan ekonomi): explorasi minyak karena besarnya resikoTeori Laba karena Pergesekan dalam jangka panjang berkemungkinan beruntung atau rugi = laba normal atau zero (economic) profitTeori Laba Monopoly terus mendapat keuntungan walaupun dlm jangka panjang karena dpt membatasi produksi & menetapkan harga lebih tinggiTeori Laba Inovasi keuntungan diperoleh karena berhasilnya suatu inovasi. Sistem patent diatur utk melindungi keuntungan dari innovator yang sukses. Teori Laba Efisiensi Manajerial jika satu perusahaan cendrung mendapat keuntungan normal dalam jangka panjang perusahaan2 yg lebih efisien akan mendapat laba diatas keuntungan normal dan keuntungan ekonomi.pp.15-16Hal 16-17

Function of ProfitProfit is a signal that guides the allocation of societys resources.High profits in an industry are a signal that buyers want more of what the industry produces.Low (or negative) profits in an industry are a signal that buyers want less of what the industry produces.p.16hal 17

PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.

Slide *Fungsi LabaLaba adalah sinyal yang mengarahkan alokasi sumbar daya masyarakat Laba yang besar dari suatu industri adalah sinyal bhw pembeli menyukai lebih banyak apa yg diproduksi industri Laba yg rendah (atau negatif) dlm suatu industri adalah sinyal bhw pembeli kurang menyukai apa yg diproduksi industri. p.16hal 17

Business Ethics

The code or guidelines that prescribe acceptable behavior in business behavior & business transactions Identifies types of behavior that businesses and their employees should not engage in.Source of guidance that goes beyond enforceable laws.pp.17-19hal 19

PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.

Slide *Etika Bisnis

Tuntunan atau pedoman yg menggambar-kan tingkah laku yg diterima di dalam bisnis dan transaksi bisnis Identifikasi dari bentuk tingkah laku yg tidak boleh dilakukan oleh pebisnis dan pegawainya. Sumber tuntunan di luar hukum yg ditegakkan .pp.17-19hal 19

The Changing Environment of Managerial EconomicsGlobalization of Economic ActivityGoods and ServicesCapitalTechnologySkilled LaborTechnological ChangeTelecommunications AdvancesThe Internet and the World Wide Web

pp.21-25

PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.

Slide *Perobahan Lingkungan dari Ekonomi Manajerial Globalisasi Aktifitas EkonomiBarang dan jasaKapitalTeknologiTK terampilPerobahan TeknologiTelekomunikasi yang majuInternet dan the World Wide Web

pp.21-25

GLOBAL CORPORATIONS IN 2000p.22

CompanyCountryTotal Sales (billions $)Foreign Sales (%)Foreign Assets (%)Foreign Employment (%)NestleSwitzerland49.698.588.397.1British PeroleumUK148.171.376.482.4HondaJapan57.572.955.450.0VolkswagenGermany79.672.656.349.4FiatItaly53.666.955.150.1SonyJapan63.767.244.360.0UnileverNetherl/UK44.358.938.872.9IBMUS88.457.948.853.7

TEN ECONOMIC PRINCIPLES FOR MANAGERSThe Role of Managers Is to Make DecisionsDecisions Are Always Among AlternativesDecision Alternatives Always Have Costs and BenefitsThe Anticipated Objective of Management Is to Increase the Firms ValueThe Firms Value Is Measured by Its Expected ProfitsThe Firms Sale Revenue Depends on D for Its ProductThe Firm Must Minimize Cost for Each Level of OutputThe Firm Must Develop a Strategy Consistent with Its MarketThe Firms Growth Depends on Rational Investment DecisionsSuccessful Firms Deal Rationally and Ethically With Laws and Regulations T&T p.3-10

PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.

Slide *SEPULUH PRINSIP EKONOMI UTK MANAJERPeranan Manajer utk membuat keputusan Keputusan selalu diantara beberapa pilihanPilihan keputusan selalu mempunyai biaya & manfaat Tujuan Manajemen utk menaikkan Nilai Perusahaan Nilai perusahaan diukur oleh perkiraan labanya Pendapatan Penjualan Perusahaan tergantung pd permintaan dari produknya. Perusahaan harus meminimalkan biaya utk setiap tingkat produksiPerusahaan harus mengembangkan suatu Strategi yg konsisten dengan pasarnyaPertunbuhan perusahaan tergantung pada keputusan investasi yg rasional Perusahaan yg berhasil berlaku Rasional dan Etis dengan Hukum dan Peraturan. T&T p.3-10

TEN ECONOMIC PRINCIPLES FOR MANAGERSThe Role of Managers Is to Make Decisions. No firm has unlimited resources managers must make decisions how the resources (material, human, financial) are employed. Decisions Are Always Among Alternatives whether to be open or closed; whether to buy new or the old one Choices are always among alternatives. Decision Alternatives Always Have Costs and Benefits The opportunity cost of any choice is measured by the forgone (next best) alternative. Increasing output would be a rational decision if the additional benefit exceeds the additional cost = the marginal or incremental approach to decision making.

The Anticipated Objective of Management Is to Increase the Firms Value The value of the firm = the profits; The Principal- Agent Problem: the objectives of the shareholders/principal and the managers/agents do not coincide the firm may not be run in a way that maximize its value. The Firms Value Is Measured by Its Expected Profits the present value = discounted measures.

The Firms Sale Revenue Depends on D for Its Product the ability to generate revenue from sales depends on the actions of the buyers source of D = individual consumer.

The Firm Must Minimize Cost for Each Level of Output minimizing cost: (1) technology of production & (2) input prices.The Firm Must Develop a Strategy Consistent with Its Market the number of sellers & how they behave; few sellers advertising, physical changes in products, improving conditions for customers. The Firms Growth Depends on Rational Investment Decisions capital project analysis: looking a long way into the future (10 or 20 years). Calculating stream of benefits public sector projects: metropolitan commuter railways, dams, stadiums, and irrigation projects risk is an important consideration, the rate of discount applied to future returns: projects riskiness

Successful Firms Deal Rationally and Ethically With Laws and Regulations managers do not always behave nicely. Monopoly firms have used predatory practices; produced dangerous product, pollution rules of the game: fair trade, antitrust, consumer protection, environmental protection. The message to managers: care must be taken to bahave ethically and to make certain the rules of game are followed. For ignorance is no excuse.

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