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Managerial Economics and Business Strategy

Chapter One : The fundamentals of Managerial

Economics

Manager is a person who directs resources to achieve astated goal.

Economics is the science of making decisions in the

presence of scarce resources.

Managerial economics is the study of how to direct scarce

resources in the way that most efficiently achieves a

managerial goal.

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Head Line: Chapter 1 Amcott Company merugi $3,5 M berbuntut

manager dipecat (fired)

Tahun ini Amcott (persh.yg bergerak di bidang software)rugi $3,5 M dimana $1,7 M diantaranya berasal daridivisi pemrograman alih bhs.dari Perancis ke Inggris(magicword software programm/MSP).RUPS

memutuskan Mr.Ralph (sang manager) hrs.diganti!Mr.Ralph tdk.menerima kalau ia dikatakan harus tanggung jawab thd.kerugian itu, karena menurut catatannya darisitu sebenarnya ia justru menangguk untung $1 M,perhitungannya MSP tsb.ia jual dgn.nilai $7M per

thn.dan berlaku selama 3 thn.dan dibayar masing2diawal thn.Padahal MSP tsb.biaya produksinya hanya$20 M

Pertanyaan:bagaimana komentar sdr.!

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Inside Business 1-2: Profits and the Evolution of theComputer Industry.

Hkm.ekonomi mengatakan setiap ada keuntungan yg.lebih baik dlm.satuindustri dibandingkan industri yg.lain, maka akan mendorong perusahaan(firm) baru akan masuk ke industri itu dan begitu sebaliknya.Bekerjanyahkm.ekonomi ini sangat jelas kita lihat dlm.industri komputer saat ini.

Tahun 70-an,pabrikan PC menangguk keuntungan yg.sangat fantastis daribisnis ini.Hal ini merangsang pemain baru masuk ke pasar.Persaingan dibisnis ini menjadi sangat ketat, inovasi-inovasi baru dilakukan (kapasitasdan kecepatan pemrosesan berkembang luar biasa) dan harga PC.menjadisemakin murah.Siapa yg.senang dalam hal ini?

Keuntungan pabrikan menjadi turun,pabrikan-pabrikan yg.tdk.bekerjaefisien tergusur dan keluar dari pasar.

Pemain-pemain baru yg.inovatif seperti Dell dan HP.khususnya di pasarEropa mendesak pabrikan2 lama,karena mrk.mampu membuat strategiyg.pas dalam bisnis ini al.mereka fokus dan hanya melayani segmen pasarttt.saja (seperti PC.Notebook)

→Dlm.texbook disebut “Niche-Strategies”

(data lebih rinci lihat di Kasus)

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Firms’ goals:

1.Economic profit maximization

2.Accounting profit maximization

3.Revenue maximization 4.Maintained a certain level of profit

5.Enlarged a market share

6.Create employment 7.etc.

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What are the goal of Firms?

1.Clinton R. Wharton , CEO of Teachers Insurance and

Annuity Association-College Retirement Equities Fund:

To attempt to consistently improve the long-term health of the

corporation and manager must resist a narrow focus that

looks only at short-term profits.

2.Lord Hansen, CEO of Hanson PLC:Service to its customers, quality of it goods and services,

effective research and development, a positive attitude about

environment, combined with welfare of its employees and

pensioners are critical. These must be aligned with to

increase shareholder’s value.

3.The overall goal of most firms is to maximize profits or the

firm’s value.

What is a profit?

Economic profit versus Accounting profit.

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The Nature and Function of Profits.

1. Business/Accounting profit refers to therevenue of the firm minus the explicitcosts/the actual out-of pocket

expenditures only.

2. Economic profit equals the revenue of the firm minus its explicit costs andimplicit costs refer to the value of theinputs owned and used by the firm in itsproduction process.

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Theories of Profit.

1. Risk-Bearing Theories of Profit

2. Frictional Theory of Profit

3. Monopoly Theory of Profit

4. Innovation Theory of Profit

5. Managerial Efficiency Theory of Profit

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Concept of profit. Profit is defined as the excess of revenue over costs. For a

nonprofit institution, an excess of revenue over cost is called asurplus. The attainment of a profit (or the avoidance of a deficit) is

seen as a measure of managerial effectiveness.

Competition for profits among private business firms leads :1.to the ongoing availability of high-quality goods and services atreasonable price.2.to increasing productivity.3.to continuing economic growth and well-being for the nation’speople.

So profit should be seen as :1.reward for enterprise.

2.reward for risking capital.3.reward for superior insight and judgment concerning marketconditions.

Profit should not be seen as :1.profiteering or gouging the consumer because consumer illwill is

likely to hurt the firm in the longer term.

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Tugas utama setiap manager adalah : memaksimalkan keuntungan perusahaan

( profit maximization ) utk.kurun waktu ttt.

Tugas tsb.memiliki 2 implikasi yaitu:

1.Mengupayakan terjadinya peningkatanpenerimaan persh.dari waktu ke waktu(revenue enhancement).

2.Mengendalikan proses produksi agarbiaya produksi yg.dikeluarkan terhindar

dari adanya pemborosan-pemborosan(cost control), sehingga mencapai titik minimal.

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Ad 1.Mencakup langkah-langkah a.l.: a.menghasilkan produk yg.diinginkan pasar

(riset, inovasi, pengembangan produk) b.menetapkan jumlah dan harga jual produk

optimal c.melakukan promosi seperlunya

Ad 2.Mencakup langkah-langkah a.l.: a.menggunakan input sebanyak

yg.dibutuhkan/menghindari pemborosan b.mengadakan input dgn.cara yg.ekonomis c.menciptakan sistim pemberian kompensasi/gaji

yg.merangsang karyawan kerja produktif

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Apa yg.dimaksudkan dgn.biaya produksi?

1.Menurut konsep akuntansi : mencakup seluruh pengeluaranpersh.(dlm.satuan moneter) utk.membeli/menyewa seluruh input yg.digunakan/dibutuhkan dlm.proses produksi yg.betul-betulhanya berasal dari luar persh saja. Biaya produksi ini disebut jugaexplicit cost atau out-of pocket cost.

2.Menurut konsep ilmu ekonomi : mencakup seluruh pengeluaranpersh.(dlm.satuan moneter) utk.membeli/menyewa seluruh input yg.digunakan/dibutuhkan dlm.proses produksi baik yg.berasaldari luar persh.(explicit cost) maupun yg.berasal dari dlm.persh.itusendiri (dihitung dgn.menggunakan konsep biaya oportunitas).Biaya produksi ini disebut juga implicit cost.

Pertanyaan: 1.Menurut sdr.mana yg.lebih besar : biaya produksi menurut

akuntansi atau ilmu ekonomi? Jelaskan!

2.Coba sdr.hitung berapa besarnya biaya produksi utk.membuat 1loyang “kue tart” yg.sdr.buat pada hari Minggu dgn.berpedomanresep praktis yg.ada di majalah “Femina”!

3.Coba sdr.hitung berapa biaya produksi yg.dikeluarkan pabrik gula “Madukismo” utk.membuat 1 Kw.gula pasir?Jelaskan!

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The basic principles that compriseeffective management:

1.Identify goals and constraints2.Recognize the importance of profits3.Understand incentives4.Understand markets

5.Recognize the time value of money and6.Use marginal analysis

Present value is the amount that would have

to be invested today at the prevailing interestrate to generate the given future value.

Net present value is the present value theincome stream generated by a project minus

the current cot of the project.

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Marginal benefit is the change in total benefitsarising from a change in the managerial controlvariable, Q.

Marginal cost is the change in total cost arisingfrom a change in the management control, Q.

Incremental revenue is the additional revenuethat stem from a yes-or-no decision.

Incremental cost is the additional cost that stemfrom a yes-or-no decision.

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Principles:

1. Profits signal to resource holder where resources are most highlyvalued by society

2. If the growth rate in profits is less than the interest rate and bothare constant, maximizing long-term profits is the same asmaximizing current (short-term) profits.

3. To maximize net benefits, the manager should increase the

managerial control variable to the point where marginal benefitsequal marginal costs. This level of managerial control variablecorresponds to the level at which marginal net benefits are zero,nothing more can be gained by further change in that variable.

4. When the control variable is infinitely divisible, the slope of a total

value a curve at a given point is the marginal value at that point.In particular, the slope of the total benefit curve at a given Q ismarginal benefit of that level Q. The slope of the net benefitcurve at a given Q is the marginal net benefit of that level of Q.

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Contoh 1.Perusahaan Raksasa Amcot yang bergerak di bidang softwarekomputer, pada tahun lalu rugi sebesar $3,5 juta dimana $1,7 jutadiantaranya disebabkan karena kesalahan manager dalam menjual

software baru (“Magicword software”) yaitu software yang dapatmengubah bhs. Perancis langsung ke bhs.Inggris.Program itu dijualselama 3 tahun berturut-turut dengan harga $7juta per tahun -flat.Dan untuk membuat program tsb.perusahaan telah keluar uang $20 juta. Akibat kesalahan /kerugian itu manager dipecat (fired).Kenapa dari

program “MWS” itu kok dikatakan rugi $1,7 juta? Catatan: short-term rate is 7% annually.

Contoh2.Manager sebuah usaha di bidang automated product berpikiruntuk membeli mesin baru dalam rangka ekspansi

usaha.Harga mesin $300.000 yang memiliki useful life 5tahun.Selama itu diperkirakan di masing-masing tahun mesintsb. menghasilkan uang $50.000 - $60.000 - $75.000 – $90.000 - $90.000 atau total sebesar $365.000.Menurut sdr.layakkah pemikiran tsb.dilaksanakan?Catatan:short-term interest rate is 8% annually

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Contoh 3.

Perusahaan yang bekerja di bidangconstruction engineering mempelajarikemungkinan penggunaan struktur baruuntuk menghasilkan produk tertentu (Y).Benefits (penerimaan) dan cost (korbanan)

yang timbul akibat penggunaan strukturbaru tsb. dikaitkan dengan jumlah Y yangdiproduksi adalah sbb.:B(Y) = 300Y – 6Y² sedang C(Y) = 4Y².

Menurut sdr.berapa Y harus diproduksi agarNB (keuntungan) mencapai maksimal? Dan berapabesarnya keuntungan itu? Jelaskan!

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Tugas 1. 1.Utk.soal yg.ada di contoh 2, kalau seandainya: a.tingkat bunga berubah menjadi 5% per

tahun, jawab kembali soal itu! b.kalau seandainya tingkat bunga tetap 8% per

tahun, tapi umur teknis mesin 8 tahun danmasing-masing tahun ke-6,7 dan 8 menghasilkan$65.000 maka jawab kembali soal itu!

2.Diketahui suatu proyek mendatangkan totalbenefit sbb.: B(Q)=150+28Q-5Q² danmemerlukan biaya total sbb.: C(Q)=100+8Q

a.pada tingkat Q berapa keuntungan/net benefit

maksimal? b.berapa total benefit,total cost dan keuntungan

pada Q tsb. soal a.? Jelaskan jawaban sdr.! c.buat tabel spt.tabel 1-1 hal.19

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Pengantar Bab 2.

Di muka sdh.dijelaskan bahwa utk.terciptanyamanajemen yg.efektif a.l.manager harusmengenali situasi pasar.Cara yg.paling baik utk.itu adalah dgn jalan mempelajari kekuatan-kekuatan yg.ada di pasar dan ternyata kekuatanitu ada 2 yaitu permintaan (demand )

yg.menggambarkan kekuatan pembeli dankekuatan penawaran (supply ) yg.menggambarkan kekuatan penjual.

Secara lebih teknis cara utk. mengenali kekuatan

tsb.adalah mengidentifikasi faktor-faktor apa saja yg.mempengaruhi kekuatan permintaan danpenawaran dan seberapa besar serta bagaimanafaktor-faktor itu mempengaruhinya.

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25 global most admired companies (2002)

01.General electric: electronic (USA) 03.Microsoft: computers (USA) 06.Johnson&Johnson: pharmaceuticals (USA) 09.Intel: semiconductors (USA)

15.Procter&Gamble: soaps and cosmetics (USA) 16.Pepsico: beverage (USA) 19.Exxon mobil: petroleum refining (USA) 20.Cocacola enterprise: beverages (USA) 24.Nokia: network communications (Finland) 25.Toyota: motor vehicles (Japan)

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Head Line Ch.2: Samsung and HynixSemiconductor to cut Chip production.

Sam Robbins,pemilik dan CEO PC.Solutions dpt.informasi

bhw.2 raksasa pabrikan semiconductor(SC) yaituSamsung dan Hynix dlm.waktu dekat akan mengurangi(suspend) produksi mrk.Dan hal ini nampaknya akansegera diikuti oleh pabrikan besar ke 3 lainnya. Tigapabrikan tsb.menguasai 30% produksi SC dunia.

PC.Solutions adalah sebuah pers.perakit PC papantengah yg.sedang naik daun dimana pd.tahun terakhiromset penjualannya naik 100% .Saat ini persh.sedangmenyeleksi fresh-graduates dlm.rangka menambah

karyawan baru. Pertanyaan:menurut sdr.apa yg.sebaiknya dilakukan

oleh CEO.tersebut dalam rangka mengantisipasiinformasi yg.cukup penting ini?

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Inside Business 2-1:Asahi BreweriesLtd.and the Asian Recession

Pada thn.90-an ekonomi Jepang dilanda resesi

yg.berakibat puluhan persh.raksasa limbungbahkan beberapa diantaranya gulung tikar.Duapersh.raksasa bir papan atas yaitu Kirin BreweryCo.Ltd dan Sapporo Brewery Co.Ltd termasuk 2persh.yg.kena dampak resesi tsb.Omsetpenjualan mrk.turun drastis, namun anehnya,pesaing mrk.yaitu Asahi BreweryCo.Ltd.(termasuk persh.bir papan bawah) justrumalah mengalami hal yg.sebaliknya,omset

penjualannya naik dgn.tajam. Pertanyaan:konsep apa yg.dapat menjelaskan

fenomena ini!

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Chapter Two : Market forces , Demand and supply

Market demand curve is a curve indicating the total

quantity of a good all consumers are willing and able topurchase at each possible price, holding the prices of related goods, income, advertising and other variablesconstant.

Change in quantity demanded is changes in the price of a

good lead to a change in the quantity demanded of thatgoods. This corresponds to a movement along a givendemand curve.

Change in demand is changes in variables other than theprice of a good, such as income or the price of another

good, lead to a change in demand. This correspond to a shiftof the entire demand curve.

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Variables influence demand

are: 1.The price of a good (Px)

2.Consumer’s income (M)

3.Prices of related goods (Py , Pz)

4.Advertising and consumer tastes (A)

5.Population (N)

6.Consumer expectations (E)

7.Others factors (O)

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Normal good is a good for which anincrease (decrease) in income leads to anincrease (decrease) in the demand for thatgood.

Inferior good is a good for which anincrease (decrease) in income leads to adecrease (increase) in the demand for that

good.

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Substitutes good is a good for which an increase(decrease) in the price of one good leads to anincrease (decrease) in the demand for the othergood.

Complements good is a good for which anincrease (decrease) in the price of one good leadsto a decrease (increase) in the demand for theother good.

Demand function is a function that describe howmuch of a good will be purchased at alternativeprices of that good and related goods, alternativeincome level and alternative values of othervariables affecting demand.

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Surplus konsumen (consumer’s surplus)adalah jumlah uang yang sebenarnya

konsumen ingin dan dapat bayar dikurangi jumlah uang yang konsumen benar-benarbayar untuk mendapatkan barang dalam

jumlah ttt.pada tingkat harga ttt. di pasar.

Surplus konsumen tsb. secara grafis

ditunjukkan oleh bidang di bawah kurvapermintaan yang ada di atas harga pasar.

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&

Market supply curve is a curve indicating the total quantity

of a good that all producers in a competitive market wouldproduce at each price, holding input price, technology and

other variables affecting supply constant.

Change in quantity supplied is a changes in the price of agood lead to a change in the quantity supplied of thatgoods. This corresponds to a movement along a givensupply curve.

Change in supply is a changes in variables other that theprice of a good, such as input prices or technologicaladvance, lead to a change in supply. This corresponds to ashift of the entire supply curve.

Variables affect supply: 1.Price of a good (Px) 2.Input prices (Pw) 3.Price of technologically related goods (Pr) 4.Number of firms in the market (H) and

5.Taxes/subsidy (Tx/Sb)

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Qsx=f (Px, Pw, Pr, Tx/Sb)

+ - -/+ -/+

Contoh. Sebuah produk penawaran pasarnya sbb.

Qsx=2000+3Px-4Pr-Pw, cet.par.

Apabila diketahui Pr=$100,Pw=$2000,maka

a.bila Px=$400, hitung berapa Qsx?

a.identifikasi kurva penawaran danbagaimana bentuknya dlm.grafik!

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Principles:

1.Equilibrium in a competitive market isdetermined by the intersection of themarket demand and supply curves. The

equilibrium price is the price that equatesquantity demanded with quantity supplied.Mathematically, the equilibrium price (Pe)is the price such that

Qd (Pe) = Qs (Pe)

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Contoh 2.

Diketahui fungsi permintaan :

Qdx=6060-3Px sedang fungsipenawarannya : Qsx=-540+3Px

Pertanyaan:

a.Hitung harga pasar!

b.Hitung surplus konsumen dan surplusprodusen pada harga pasar tsb di atas!

c.Lukiskan persoalan di atas ke dalamgrafik!

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Pengantar Bab 3.

Pada Bab 2 sdh.dibahas variabel-variabel yg secara teoritis

mempengaruhi jumlah brg.yg.diminta konsumen maupun jumlahbrg.yg.ditawarkan produsen di pasar beserta arah pengaruhnyadari masing-masing variabel tsb. Namun dlm.bab itu secaraspesifik/kuantitatif bagaimana masing-masing variabelmempengaruhi jumlah yg.diminta konsumen/ditawarkanprodusen sama sekali belum dibahas secara detail.

Pada Bab 3 ini akan dicoba dibahas: 1.Bagaimana secara kuantitatif masing-masing variabel

tsb.mempengaruhi jumlah yang diminta konsumen/ditawarkanoleh produsen

2.Teknik (metoda) yg.dpt.digunakan utk.mengestimasi parameter(konstanta dan koefisien) baik yg.ada dlm.fungsiperimintaan/penawaran dgn .menggunakan analisis regresi OLS.

Pemahaman terhadap 2 point di atas menjadi sesuatu yg.sangatbermanfaat bagi manager,khususnya berkaitan dgn.penetapankebijakansanaan persh.utk.pencapaian keuntungan maksimal.

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Head Line Ch.3:Winner of Wireless Auction to pay $7 B CEO dari sebuah Regional Telephone CO.thn.depan

berusaha mengikuti lelang (auction) utk.memperolehlisensi penyelenggaraan wireless communication network (WCN) yg.diselenggarakan oleh FCC.

Utk.tahun ini lelang dimenangkan oleh 99rekanan/penawar (bider) dengan keseluruhan nilailelang $7 B atau secara rata-rata $70,7M per penawar.

Pertanyaan:menurut sdr.berapa dana harus disediakanoleh CEO tsb.agar supaya tahun depan ia bisamemenangkan lelang utk.memperoleh lisensi WCN diwilayahnya?

Keterangan:utk.analisis ia memperoleh data penduduk thn.depan tumbuh 7%. Harga lisensi fungsi dari jumlahlisensi yg.dikeluarkan (-) dan banyaknya penduduk yg.mendapat layanan (+). Dari 10 negara yg.diketahuiada datanya dpt.diregres dgn.hasil sbb.:

Ln.P = 2,23 – 1,2 ln.Q + 1,25 ln.Pop

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Inside Business 3-3: Using CPE to Improve NewCar Sales in the wake of IGPs

Naiknya harga BBM,teoritis akan menurunkanpermintaan produk-produk komplemennyatmsk.mobil.Hasil penelitian Patrick McCarthymenyebutkan CPE atr.BBM dan mobil adalah -0,214artinya naiknya harga BBM 10% akan menurunkanomset penjualan mobil 2,14% Hal ini akan

mendorong/merangsang pabrikan mobil utk.menemukan jenis mesin mobil baru yg.lebih hemat BBM yg.dapatmengimbangi naiknya 10% biaya operasional perkm.mobil berjalan. Ditemukannya mesin baruyg.dpt.menghemat penggunaan bensin senilai lebih 10%

dari naiknya harga BBM dipercaya akan tetap mampumeningkatkan omset penjualan mobil dimasa-masay.a.d. Kita lihat faktanya di lapangan!

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Chapter Three : Quantitative demand analysis

Elasticity a measure of the responsiveness of one variableto changes in another variable; the percentage change inone variable that arises due to a given percentage change inanother variable.

Own price elasticity is a measure of the responsiveness of

the quantity demanded of a good to a change in a price of that good; the percentage change in quantity demandeddivided by the percentage change in the price of the good.

Demand is Elastic/unitary/inelastic if the absolute value of the own price elasticity is greater/equal/less than 1.

Perfectly elastic/inelastic demand if the own price elasticityis infinite/zero in absolute value. In this case the demandcurve is horizontal/vertical.

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Cross price elasticity is a measure of the responsiveness of the demand for a good to a change in a price of relatedgood; the percentage change in quantity demanded of onegood divided by the percentage change in the price of

related good.

Income elasticity is a measure of the responsiveness of thedemand for a good to a change in consumer income; thepercentage change in quantity demanded divided by thepercentage change in income.

Linear demand function is a representation of the demandfunction in which the demand for a given good is a linearfunction of prices, income level and other variablesinfluencing demand.

Qdx = a + bPx + cPy + dM + eH

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Demand is Log-linear if the logarithm of demandis linear function of the logarithms of prices,income and other variables.

Qdx = aPxbPycMdHe

If we take the natural logarithm of this equation

we obtain an expression that is linear in thelogarithms of the variables: lnQdx = lna + blnPx + clnPy + dlnM + elnH

Least squares regression is the line thatminimizes the sum of squared deviationsbetween the line an the actual data points.

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Analisis Korelasi dan Analisis Regresi

Analisis korelasi adalah analisis kuantitatif yg.dimaksudkan utk.mengetahui ada-tidaknyahubungan atr.dua/lebih dua variabel besertatingkat keeratannya tanpa perlu mengetahui

dalam hubungan itu mana yg.sebagai variabelsebab dan mana yg.akibat.

Ada-tidaknya hubungan tsb.ditandai oleh besar-

kecilnya koefisien korelasi, semakin besarsemakin erat hubungan itu dan sebaliknya.

Koefisien korelasi (R) nilainya antara -1 s/d +1

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Untuk menilai persamaan regresi taksiran yangdidapat (hal ini disebabkan krn.data yg.dipakaiutk.analisis berupa data dari sample dan bukanpopulasi), perlu diuji dengan beberapa uji sbb.:

A.Uji teori ekonomi, meliputi :

1.tanda koefisien

2.besaran koefisien

B.Uji statistika, meliputi :

1.signifikansi koefisien: uji t

2.goodness of fit : R-square dan F statistik

C.Uji ekonometrika: uji otokorelasi, ujimultikoliniarits dan uji heteroskedastisitas.

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t-statistic is the ratio of the value of parameter estimate to thestandard error of the parameter estimate.

Rule of thumb for using t-statistic when the absolute value of thet-statistic is greater than 2,the manager can be 95% confidentthat the true value of the underlying parameter in the regression isnot zero.

R-square (the coefficient of determination) tells the fraction of thetotal variation in the dependent variable that is explained by theregression.

The value of an R-square range from 0 and 1 ; the closer the R-square to 1 the better the overall fit of estimated regressionequation to the actual data.

F-statistic provides a measure of the total variation explained by

regression relative to the total unexplained variation. The greaterthe F-statistic, the better the overall fit of the regression linethrough the actual data. Regression that have F-statistic withsignificance value of 5% or less are generally consideredsignificant

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Formula.

Qdx = f(Px, Py, M, H)

EQx,Px = % change inQx/% change in Px

EQx,Py = % change in QX/%change in Py

EQx,M = % change inQx/% change in M

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Contoh 1.Diketahui daily demand for

Invogorated shoes to be :

Qdx = 100 – 3Px + 4Py – 0,01M + 2Ax; Apabila diketahui Py=$35; M=$20.000

dan Ax=$50 maka pada waktu Px=$25

hitung:a.Hitung EQx,Px – EQx,Py dan EQx,M! Artikan angka itu!

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Contoh 2:

Diketahui fungsi permintaan kamar pndokan di Yogyakartasbb.:

Qdx=135,15-0,14Px+0,54A-5,78D, di mana:Qdx=jumlahkamar yang diminta per smt; Px=sewa kamar per bln;

A=pengeluaran iklan pemilik asrama per smt. Dan A=jarak asrama ke kampus dlm Km.

R=0,89; R-square=0,79; S.E.=9,18; n=10 dan t-hitungmasing-masing intersep dan koefisien adalah 6,54; -2,41;0,85 dan-4,61

Pertanyaan: Apabila ditetapkan Px=$520; A=$20,50 dan D=5,7 Km,

maka menurut sdr. berapa jumlah kamar akan diminta olehkonsumen? Dan catatan apa yang dapat sdr.berikansehubungan dgn.angka-angka statistik di atas!

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Tugas 3.

Dengan menggunakan program SPSS:

a.coba sdr. identifikasi bagaimana bentuk fungsipermintaan produk soft-ware komputeryg.datanya seperti nampak pada tabel 3-1 (hal.74),atau tabel 3-8 (hal.95) atau tabel 3-9 (hal102)→Pilih salah satu saja!

b.kemudian sdr.sebutkan berapa nilai koefisienregresi (a,b,..) dalam fungsi itu dan juga

nilai:R,R²,t-a,t-b, dan jelaskan apa arti dariangka-angka itu.Dan jangan lupa sertakan print-out komputer hasil olahan sdr.!

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Pengantar Bab 4.

Agar supaya manager dpt.mengelola dgn.baik persh.yg.dipimpinnya ia hrs.mengenali perilaku(behaviour) individu-individu yg.terkait denganpersh-nya khususnya konsumen dan pekerja(worker).

Dengan dikenalinya perilaku mrk.diharapkanmanager akan dpt.mengetahui/mengantisipasiapa yg. akan mrk.lakukan sehubungandgn.kebijaksanaan-kebijaksanaan yg. diambiloleh manager ybs.contohnya :

1.kebijaksanaan dlm.penetapan harga jualproduk, advertensi, inovasi produk baru dll.

2.kebijaksanaan dlm.penetapan upah pekerja.

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Titik keseimbangan konsumen (CEP)terjadi pada waktu :

KI bersinggungan dengan BL atau

Slope KI = Slope BL atau

MRS x for y = -Px/Py atau MUx/Muy = -Px/Py atau

Mux/Px = -Muy/Py atau

Rasio atr.MU dan harga utk.barang yangsatu (X) sama dengan rasio atr.MU danharga barang yg.lain (Y)

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Value marginal product (VMP) is the value of the outputproduced by the last unit of an input.

Kemungkinan bentuk-bentuk fungsi produksi :

1.Linear production function is a production function thatassumes a perfect linear relationship between all inputsand total output.

Q = f (K,L) = aK + bL; where a and b are constants

2.Leontief production function is a production functionthat assumes that inputs are used in fixed proportion.

Q = f (K,L) = min (bK,cL); where b and c areconstants.

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3.Cobb-Douglas production function is a production function thatassumes some degree of substitutability among inputs.

Q = f (K,L) = KaLb Where a and b are constants. Bentuk fungsi ini menjadi linier sth.diubah dlm.bentuk Log,menjadi Log Q = a Log K + b Log L

Isoquant is the combinations of inputs that yield the same level of output.

Q = f (K,L) =Qo

Marginal rate of technical substitution (MRTS) is the rate at which aproducer can substitute between two inputs and maintain the samelevel of output. MRTSKL = MPL/MPK.

Law of diminishing marginal rate of technical substitution is aproperty of a production function stating that as less of one unitinput is used, increasing amounts of another input must beemployed to produce the same level of output.

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Isocost is a line that represent the combinations of inputs that will cost the producer the same amount of money.

C = r.K + w.L = Co

Fixed costs is cost that do not change with changes inoutput, include the costs of fixed inputs used inproduction.

Variable costs is a cost that change with changes inoutput; include the costs of inputs that vary with output.

Short-run cost function is a function that defines theminimum possible cost of producing each output levelwhen variable factors are employed in the minimizingfashion.

Average fixed cost (AFC) is fixed cost divided by thenumber of unit of output.

A e ge i ble o t (AVC) i i ble o t

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Average variable cost (AVC) is variable costdivided by the number of unit of output.

Marginal cost (MC) is the cost of producing anadditional unit of output.

Sunk cost is a cost that is forever lost after it

has been paid.

Costs are cubic function of output provides areasonable approximation to virtually any cost

function. C= f(Q) = A + aQ + bQ2 + cQ3 ; MC = a +

2bQ + 3cQ2

Long run average cost (LAC) curve is a curve that defines the

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Long-run average cost (LAC) curve is a curve that defines theminimum average cost of producing alternative level of output,allowing for optimal selection of both fixed and variable factor of production.

Economies of scale/diseconomies of scale/constant returns to scaleexist whenever long-run average cost declines/rise/remain constantas output is increased.

Multiproduct cost function is a function that defines the cost of

producing given levels of output of two or more types of outputsassuming all inputs are used efficiently.

Economies of scope exist when the total cost of producing twotypes of outputs together is less than the total cost of producingeach type of output separately.

Cost complementarity exist when the marginal cost of producingone type of output decrease when the output of another good isincreased.

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Principles:

1.As the usage of an input increases, marginal productinitially increases, than begins to decline and eventuallybecome negative.

2.To maximize profits a manager should use inputs atlevels at which the marginal benefit equals the marginalcost. More specifically when the cost of each additionalunit of labor is w, the manager should continue toemploy labor up to the point where VMPL = w in the

range of diminishing marginal product.

3.For given input prices, isocost farther from the originare associated with higher costs. Changes in input priceschange the slope of isocost lines.

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4.To minimize the cost of producing a givenlevel of output, the marginal product per dollar

spent should be equal for all inputs : MPL/w = MPK/r . Equivalently to minimize the

cost of production a firm should employ inputsuch that the marginal rate of technical

substitution is equal to the ratio of input prices:MPL/MPK = w/r. 5.To minimize the cost of producing a given

level of output, the firm should use less of aninput and more of other inputs when that input’s

price rise. 6.A decision maker should ignore sunk costs to

maximize profits or minimize losses.

Tugas 4

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Tugas 4.

Diketahui fungsi produksi sbb.: Q=21L+9L²-L³ dimana K tetap =1 unit Apabila diketahui Pl=$200 dan Pk=$400,

a.buat tabel produksi spt.tabel 5-1 hal.154 b.buat tabel biaya produksi spt.tabel 5-4

dan 5-5 hal.176 dan 177 c.kemudian dgn.mendasarkan angka-

angka yg.ada dalam tabel tsb.buatlahkurva-kurva produksi dan kurva-kurva

biaya produksi spt.figure 5-1 hal.156 danfugure 5-11 hal.175 dan figure 5-12hal.178.

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Chapter Six : The organization of the firm

A. Methods of procuring inputs:

1.Purchase the inputs using spot exchange 2.Acquire inputs under a contract 3.Produce inputs internally (vertical integration)

Spot exchange is informal relationship between a buyer andseller in which neither party is obligated to adhere tospecific term for exchange.

Contract is a formal relationship between buyer and sellerthat obligated the buyer and seller to exchange a termsspecified in a legal document.

Vertical integration is a situation where a firm produces theinputs required to make its final product.

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Transaction costs is cost associated with acquiring an inputthat are in excess of the amount paid to the input supplier.

Specialized investment is an expenditure that must bemade to allow two parties to exchange but has little or novalue in any alternative use.

Relationship-specific exchange is a type of exchange thatoccurs when the parties to a transaction have madespecialized investment.

Types of specialized investments are :

1.Site specificity

2.Phisical-asset specificity

3.Dedicated assets

4.Human capital

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Optimal input procurement:

The cost of minimizing method of acquiring an input depends onthe characteristic of the input:

1.When the desired input does not involve specialized investment ,there are many buyer and seller and low transaction costs and theinput is of uniform quality then the firm can use spot exchange.

2.When substantial specialized investment are required tofacilitate exchange and it affect high transaction costs because itleads costly bargaining,under investment and opportunism (hold-up problems) then the optimal to acquire the input through acontract.

3.When substantial specialized investment are required and thedesired input has complex characteristics that are difficult tospecify in a contract , the manager should produce input internally(vertical integration).

Implications of specialized investment are:

1 C l b i i

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1.Costly bargaining2.Under investment3.Opportunism and the “Hold-up problem”

B. Solutions to the manager-worker/principle-agent problem:

Revenue-based incentive scheme are :1.Profit sharing2.Revenue sharing.

Incentive for workers to minimize costs are :1.Piece rate2.Time clock and spot checks

Profit sharing is mechanism used to enhance workers’ efforts thatinvolves tying compensation to underlying profitability of the firm.

Revenue sharing is mechanism used to enhance workers’ effortsthat involves linking compensation to the underlying revenues of the firm.

M i l ti d th

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Managerial compensation and theprincipal-agent problem

1.Incentive contract : profit-sharingscheme and other bonuses

2.External incentive : reputation, takeover

Manager-worker principal-agent problem 1.Profit sharing

2.Revenue sharing (include tips and salescommissions)

3.Piece rates

4.Time clocks and spot checks

Tugas 5

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Tugas 5.

1.Sebagai seorang manajer dari sebuah fast-

food outlet beef-burger “ABC” dengan omset8000 pack per minggu anda membutuhkan 1000kg.daging sapi klas “A” yg.harus siap setiap hariSenen jam 08.00 pagi tepat.

Pertanyaan: a.apa yg.terjadi menurut sdr.kalau seandainya

utk. memenuhi kebutuhan daging tsb.andamembelinya lewat “spot exchange”,jelaskan!

b.bagi produsen pemasok daging tsb.apayg.harus diantisipasi kalau seandainya ia inginmenjual dagingnya lewat “spot exchange”,

jelaskan!

2 Sebagai seorang manajer sukses dari

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2.Sebagai seorang manajer sukses darisebuah persh.yang cukup bergengsi anda

membutuhkan jasa seorang sekretarisyang dapat anda andalkan utk.tugas-tugaskesekretariatan.Menurut pendapat cara pemberiankompensasi tipe yang mana yang perludigunakan agar semuanya berjalanoptimal seimbang dgn.reputasi sdr.:

Profit-sharing, piece rates atau hourlybased wage, jelaskan!

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Ch t Th t f i d t

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Chapter seven : The nature of industry

Market structure refers all factors that affect managerial decisions,including: (1) the number of firms competing in a market, (2) therelative size of firms, (3) technological and cost considerations, (4)demand conditions and (5) the ease with which firms can enter orexit the industry.

Measures of industry concentration:

1.Four-firm concentration ratio (C4) and 2.Herfindahl-Hirshman index (HHI).

Four-firm concentration ratio (C4) is the fraction of total industry

sales generated by the four largest firms in the industry.C4 =(S1+S2+S3+S4)/ST

C4 value lies between 0 and 1

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HHI is the sum of the squared market shares of

firms in a given industry multiplied by 10.000HHI lies between 0 and 10.000

HHI = 10.000 ∑wi ;where wi = Si/ST where Si isfirm i’s sales and ST is total sales industry.

Rothschils index (R) is a measure of thesensitivity to price of a product group as a wholerelative to the sensitivity of the quantitydemanded of a single firm to a change in its price.

R =ET/EF ; where ET is the elasticity of demandfor total market and EF is the elasticity of demandfor the product of an individual firm. R takes onvalue between 0 and 1.

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Pricing behavior.Lerner index (L) is a measure of the difference between price andmarginal cost as a fraction of the product’s price.L = (P-MC) / P

Types of integration:1. Vertical integration2. Horizontal integration3. Conglomerate mergers

Vertical integration refers to a situation where various stages in theproduction of a single product are carried out in a single firm.

Horizontal integration refers to the merging of the production of similar products into a single firm.

Conglomerate merger involves the integration of different productlines into a single firm. Conglomerate merger can improve firmscash flow-revenue derived from one product line can be used togenerate working capital when demand for another product is low.

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Dansby-Willig performance index is rank

industries according to how much socialwelfare would improve if the output in anindustry were increased by small amount.

Various types of market structure:

1.Perfect competition

2.Monopoly

3.Monopolistic competition

4.Oligopoly

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Struktur pasar output

Kriteria Sruktur Pasar Output

Persaingan

Sempurna

Persaingan

Monopolistik

Oligopoli Monopoli

(1) (2) (3) (4)

(1).JumlahProdusen

Banyak sekali Banyak sekali Beberapa Satu

(2).Skala Usaha

Relatif dgn

Luas Pasar

Sangat kecil Kecil Besar Sangat besar

(3).Teknologi yg

digunakan

Sama Sedikit beda Berbeda Sangat beda

(4).Mudah

tidaknya

keluar

masuk pasar

Sangat mudah Mudah Sulit Sangat sulit

(5).Sifat barang

yang dijual

Identik/persis

sama

Sedikit beda/

dibedakan

Sama/sedikit

beda/dibeda

Unik/sama

sekali beda

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Angka indeks untuk beberapa struktur pasar

Angka Indeks Persaingan

Sempurna

Persaingan

Monopolistik

Oligopoli Monopoli

(1) (2) (3) (4)

C4 0 Mendekati 0 Mendekati 1 1

H.H.I 0 Mendekati 0 Mendekati

10.000

10.000

R 0 Mendekati 0 Mendekati 1 1

L

0

Mendekati 0

Mendekati ∞

∞

M.U.F 1 Mendekati 1 Mendekati ∞ ∞

D.W.P.I 0 Mendekati 0 Mendekati ∞ ∞

Tugas 6.

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Tugas 6. 1.Pasar produk SKT.dilayani lebih dari 50 perusahaan

dengan omset total 100 juta bungkus per bulan.Dari

omset itu 60 juta diantaranya dilayani oleh 4persh.terbesar (the big-four ) jaitu Jarum=25 juta,GG=15 juta,Sampurna=12,5 juta dan Bentoel=7,5 juta.

Pertanyaan:

a.hitung C4 dan HHI, apa arti angka itu!

b.kalau SKT.Jarum dijual dgn.harga Rp.6000 padahalMC-nya Rp.4500 sedang SKT.GG dijual Rp.5500 sedangMC-nya Rp.5000, maka hitung Lerner index dan Mark-upFactor utk.2 komoditi tsb. dan apa arti dari angka itu?

c.Kalau diketahui Et=-0,90; Ef SKT.Jarum=-1,25 dan Ef SKT.GG=-1,50,maka hitung Rothscild index utk.SKTJarum dan GG dan apa arti bilangan itu,jelaskan!

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Chapter Eight : Managing in competitive

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Chapter Eight : Managing in competitive, monopolistic and monopolistically competitive market.

Perfectly competitive market is market in which : (1) thereare many buyer and seller, (2) each firm produce ahomogeneous product, (3) buyer and seller have perfectinformation, (4) there are no transaction costs, and (5)there is free entry and exit.

Firm demand curve is the demand curve for an individualfirm’s product, in a perfectly competitive market it is simplythe market price.

Marginal revenue is the change in revenue attributable tothe last unit of output, for a competitive firm MR is themarket price.

Monopoly is market structure in which a single firm serves anentire market for a good that has no close substitutes

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entire market for a good that has no close substitutes.

Economies/diseconomies of scale exist whenever average totalcosts decline/increase as output increases.

Economies of scope exist when the total cost of producing two products within the same firm is lower than when the

products are produced by separate firms.

Cost complementarities exist when the marginal cost of producing

one output is reduced when the output of another product isincreased.

Deadweight loss of monopoly is the consumer and producersurplus that is loss due to the monopolist charging a price anexcess of marginal cost.

Monopolistically competitive market is a market in which (1) thereare many buyer and seller, (2) each firm produce differentiatedproduct and (3) there is free entry and exit.

Comparative advertising is a form advertising

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p g gwhere a firm attempts to increase the demand forits brand by differentiating its product fromcompeting brands.

Brand equity is the additional value added to aproduct because of its brand.

Niche marketing is a marketing strategy wheregoods and services tailored to meet the needs of a particular segment of the market.

Green marketing is a form of niche marketingwhere firms target products toward consumerswho are concerned about environmental issues.

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Principles.

1.The demand curve for e competitive firm’s product is ahorizontal line at a market price. The price is the competitivefirm’s marginal revenue. Df =P =MR

2.To maximize profits a perfectly competitive firm produce the

output at which price equals marginal cost in the range over whichmarginal cost is increasing : P = MC(Q)

3.To maximize short-run profits, a perfectly competitive firmshould produce in the range of increasing marginal cost where Pmore than or equal AVC. If P less than AVC, the firm should shutdown its plan to minimize losses.

4.The short-run supply curve for a perfectly competitive firm is itsmarginal cost curve above the minimum point on the AVC curve.

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Prinsip dasar terjadinya P dan Q optimal :

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p j y Q p

1.Syarat primer/utama : MR = MC khusus utk.PPS karena MR = P, maka syarat ini dpt. diubah menjadi : P = MC 2.Syarat sekunder/kedua : slope MR < slope MC atau

kurva MC menaik.

Kedua syarat di atas dlm.analisis grafik dipenuhi pada waktu : kurva MR memotong kurva MC dan Pada waktu itu kurva MC menaik

atau pada waktu kurva MR dipotong kurva MC dari arah bawah.

Contoh 1.

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Diketahui dalam PPS produsen menghadapifungsi biaya secara total sbb.: C(Q) = 5 +Q2.Kalau diketahui harga pasar saat itu P = $20

per unit, maka menurut sdr berapa output harusdiproduksi supaya keuntungan maksimal danberapa keuntungan itu?

Contoh 2. Diketahui dalam PPS produsen menghadapi

fungsi biaya secara total sbb.:C(Q) =100 +Q2.Apabila di pasar produsen dapat menjualoutput sebesar $10 per unit, maka menurut sdrberapa output optimal dan berapa

keuntungan/kerugian yang diperoleh pada saatitu? Menurut sdr ia akan berproduksi/tidak, jelaskan!

Contoh 3.D l PM li t h d i f i

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Dalam PM, monopolist menghadapi fungsipermintaan pasar sbb.: P = 100 – 2Q sedangbiaya produksinya C(Q) =10 + 2Q

Menurut sdr.berapa jumlah produksi dan hargaper unit output harus ditetapkan agarkeuntungan produsen maksimal? Dan berapakeuntungan itu?

Contoh 4. Monopolist menghadapi fungsi permintaan pasar

P = 70 – 0,5Q dan untuk melayani pasar tsb. iamenggunakan 2 pabrik. Untuk memproduksi dipabrik 1, MC1 = 3Q1 sedang untuk meproduksi di

pabrik 2, MC2 = Q2. Menurut sdr. agarkeuntungan yang diperoleh produsen dari bisnistsb. maksimal berapa output harus diproduksi dimasing-masing pabrik dan output itu harus dijualpada tingkat harga berapa, jelaskan!

Contoh 5.

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Produsen di PPM. menghadapi fungsi permintaanpasar P = 100 – 2Q sedang fungsi biaya

produksinya C = 5 + 2Q. Menurut sdr berapaoutput harus diproduksi? Dan output itu harusdijual pada tingkat harga berapa agarkeuntungan produsen maksimal, dan berapakeuntungan itu! Jelaskan!

Contoh 6.

Sebuah perusahaan yang beroperasi di PPMmengetahui EQ,P = -10 sedang EQ,A = 0,2.

Menurut pendapat sdr. agar keuntungan yangdiperoleh produsen tsb. maksimal, maka berapapersen dari penerimaannya yang harus iakeluarkan untuk keperluan advertensi? Jelaskan!

Chapter Nine : Basic oligopoly model

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p g p y

Oligopoly is a market structure in which there are only afew firms, each of which is large relative to the total

industry.

Sweezy oligopoly is an industry in which (1) there are fewfirms serving many consumers, (2) firm producedifferentiated product and (3) each firm believe rivals willrespond to a price reduction but will not follow a price

increase and (4) barriers to entry exist.

Cournot oligopoly is an industry in which (1) there are fewfirms serving many consumers (2) firms produce eitherdifferentiated or homogenous products (3) each firmbelieves rival will hold their output constant if it changes its

output and (4) barriers to entry exist.

Pengantar Bab 9

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Dalam bab ini akan dibahas secara detail bagaimana dlm.strukturpasar oligopoli manager seharusnya menentukan harga, jumlahproduksi, R&D dan advertensi agar perusahaaannya optimal.

Dalam struktur pasar oligopoli ini karena produsen hanya adabeberapa buah dan skala usaha mrk.cukup besar sehinggamrk.mendominasi pasar, maka akibatnya mereka akan merasasangat tergantung satu dengan yg.lain (Mutual RecognitionDependency).

Krn.mereka saling tergantung tindakan yg.dilakukan oleh satupersh.selain dampaknya ia rasakan sendiri, juga akan dirasakanoleh persh.yg.lain.

Dlm.struktur pasar ini tdk.ada model yg.berlaku secara umum(krn.bagaimana respon persh.lain terhadap policy yg.diambil satu

persh sangat tergantung pada asumsi yg.ada). Dan dlm.bab iniakan dibahas model-model pasar oligopoli yg.standard/baku yaitu: Cournot, Sweezy, Stackelberg dan Bertrand.

Classical oligopoly models (RMD) :

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g p y ( )

A.Non-collusive model :

1.Sweezy (KDC) model 2.Cournot (RC) model

3.Stackelberg (L-F) model

4.Bertrand (PW) model

B.Collusive-model :

1.Cartel model 2.The basing point price system model

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Bertrand oligopoly is an industry in which (1)th f fi i (2)

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there are few firms serving many consumers (2)firms produce identical products at a constantmarginal cost (3) firms compete in price and reactoptimally to competitor’s price (4) consumershave perfect information and there are notransaction cost and (5) barriers to entry exist.

Contestable market is a market in which (1) allfirms have access to the same technology (2)consumers respond quickly to price changes (3)existing firms can not respond quickly to entry bylowering their prices and (4) there are no sunk

cost.

Comparing oligopoly models.

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Diketahui fungsi permintaan pasar : P = 1000 – (Q1+Q2) sedang fungsibiaya masing-masing perusahaan: Ci(Qi) = 4Qi , sehingga MC perusahaan= 4

Pertanyaan: berapa Q dan P harus ditentukan supaya keuntunganperusahaan maksimal?

1.Model Cournot. Profit = [1000-(Q1+Q2)]Qi-4Qi Reaction curve function is: Q1 = r1(Q2) = 498-0,5Q2 dan Q2 = r2(Q1) = 498-0,5Q1 Dengan substitusi diketahui Q1=Q2=332 sehingga total output=664 dan

P=$336 serta perusahaan masing-masing memperoleh keuntungan$110.224

2.Model Bertrand. Output leader’s firm is Q1=(a+c2-2c1)/2b=[1000+4-2(4)]/2=498 sedang follower: Q2=r2(Q1)=[(a-c2)/2b]-0,5Q1=[(1000-4)/2]-0,5(498)=249 Output total (Q)=747 dijual dengan harga,P=$253 keuntungan leader’s

firms =$124.002 dan keuntungan follower’s firm =$62.001

3.Model Bertrand.

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Output optimal ditentukan P=MC yaitu 1000-Q =4 sehingga Q =996 karena di pasar ada 2

perusahaan yang simetris masing-masingmenghasilkan Q=498 dan masing-masingmenerima keuntungan $0

4.Model Collusion.

P = 1000 –Q; TR = 1000Q-Q2 ; MR = 1000-2Q

Output optimal ditentukan MR=MC sehingga1000-2Q=4 dan Q=498 dan P=$502 sertamasing-masing perusahaan untung $124.002

Komentar sdr. terhadap model-model inibagaimana?

Pengantar Bab 11

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Pada Bab 8 dan 9 sdh.dibahas bagaimana perilaku produsendi 4 struktur pasar, baik dlm.hal pricing,output,R&D dan

adverticing.

Pada Bab 11 berikut ini akan dibahas beberapakebijaksanaan penentuan harga (pricing) yg.hanya dapatdilakukan oleh produsen yg.memiliki “market power” saja,baik yg.bersifat basik sampai yg.sophisticated yg.tujuannya

utk.menambah keuntungan lebih banyak lagi yaitu dgn.carameminta kembali surplus konsumen baik sebagian atauseluruhnya.

Pricing policy yg.sophisticated tsb. ada 8 macam yaitu dariPrice discrimination policy sampai dengan Randomized

pricing policy.

Chapter Eleven: Pricing strategies for firms with k t

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market power.

Price discrimination is the practice of charging differentprices to consumers for the same good or service.

Two-part pricing is strategy in which consumers arecharged a fixed fee for the right to purchase a product, plusa per unit charge for each unit purchased.

Block pricing is pricing strategy in which identical productsare packaged together in order to enhance profits byforcing customers to make an all-or-none decision topurchase.

Commodity bundling is practice of bundling of severaldifferent products together and selling them at a singlebundle price.

Peak load pricing is pricing strategy in which higher pricesare charged during peak hours than during off-peak hours

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are charged during peak hours than during off-peak hours.

Cross-subsidy is pricing strategy in which profits gained

from the sale of one product are used to subsidize sales of related product.

Transfer pricing is pricing strategy in which a firm optimallysets the internal price at which an upstream division sell aninput to a downstream division.

Price matching is a strategy in which a firm advertises aprice and promise to match any lower price offered by acompetitor.

Randomized pricing is pricing strategy in which

intentionally varies its price in attempt to hide priceinformation from consumers and rivals.

Principles:

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1.Profit-maximizing markup for monopoly and monopolisticcompetition is given by P = [Ef/(1+Ef)]MC

2.Profit-maximizing markup for Cournot oligopoly is P = [NEM/(1+NEM)]MC

3.A firm can enhance profits by engaging in two-partpricing: charge a per-unit price that equals marginal cost,

plus a fixed fee to the equal consumer surplus eachconsumer receives at this per-unit price. 4.By packaging units of product and selling them as one

package, the firm earns more than by posting a simple per-unit price. The profit-maximizing price on a package is the

total value the consumer receives for the package, includingconsumer surplus.

5.When demand is higher at some times of the day thanother times, a firm may enhance profits by peak-load

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, y p y ppricing: charge a higher price during peak time than ischarge during off-peak times.

6.Whenever the demand for two products produced by afirm are interrelated through costs or demand, the firm mayenhance profits by cross-subsidization: selling one productat or below cost and the other product above cost.

Contoh 1. Sebuah toko kelontong yang beroperasi di PPM, membeli

cola dari supplier dengan harga $1,25 per liter.Karena disekitar toko tsb.banyak terdapat toko sejenis makapermintaan produk itu diperkirakan sangat elastik dandiperkirakan angka elastistasnya -4.Untuk memaksimirkeuntungan menurut sdr. berapa toko tsb. harus

menetapkan harga jual cola? Jelaskan!

Formula:

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1.MR for a firm with market power. MR = P[(1+Ef)/Ef] di mana Ef=elastisitas harga Agar keuntungan maksimal yang harus dipenuhi adalah

MR=MC jadi P[(1+Ef)/Ef]=MC atau P=[Ef/(1+Ef)]MC dan bila Ef/(1+Ef) = K maka P=[K]MC

2.A calculus alternative: Q = ∑ Qi EM = dQ/dP.P/Q = df(P)/dP.P/Q Di mana Qi = f(P) – Q2 – Q3 – Q4 ----- QN di mana N adalah

the number of identical firms in the industry. Ef = dQ1/dP.P/Q1 = df(P)/dP.P/Q1 karena Q1 =Q/N Ef = df(P)/dP.PN/Q = NEM , atau Ef = NEM

Chapter Twelve: Economics of information

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C apte e e co o cs o o at o

Mean (expected value) is the sum of the probabilities thatdifferent outcomes will occur multiplied by the resulting payoffs.

Variance is the sum of the probabilities that different outcomeswill occur multiplied by the squared deviations from the mean of the random variable.

Standard deviation is the square root of the variance.

Risk averse is preferring a sure amount of $M to a risky prospectwith an expected value of $M.

Risk loving is preferring a risky prospect with an expected value of $M to a sure amount of $M.

Risk neutral is indifferent between a risky prospect with anexpected value of $M and a sure amount of $M.

In a Cournot duopoly, each firm believes

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In a Cournot duopoly, each firm believes the other will hold its output constant as it

own output. Therefore, the profit maximizing output level for firm 1 depends on firm 2’s output. Each firm will

adjust its profit maximizing output level until the point where the two firms reaction’s function are equal.

Reservation price is the price at which aconsumer is indifferent between purchasing at

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consumer is indifferent between purchasing atthat price and searching for a lower price.

Asymmetric information is a situation that existswhen some people have better information thanothers.

Hidden characteristics is a things one party to atransaction knows about itself but which areunknown by the other party.

Hidden action is an action taken by one party in arelationship that cannot be observed by the otherparty.

Adverse selection is a situation where individuals havehidden characteristic in which a selection process results ina pool of individuals with undesirable characteristic

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a pool of individuals with undesirable characteristic.

Moral hazard is a situation where one party to a contract

takes a hidden action that benefits him or her at theexpense of another party.

Signaling is an attempt by an informed party to send anobservable indicator of his or her hidden characteristic to anuninformed party.

Screening is an attempt by an uninformed party to sortindividuals according to their characteristic.

Self-selection device is a mechanism in which informedparties are presented with a set options, and the optionsthey choose reveal their hidden characteristics to anuninformed party.

English auction is an ascending sequential-bidauction in which bidders observe the bids of

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auction in which bidders observe the bids of others and decide whether or not to increase thebid. The auction ends when a single bidder

remains; this bidder obtains the item and paysthe auctioneer the amount of the bid.

First-price, sealed-bid auction is a simultaneousmove auction in which bidders simultaneously

submit bids on pieces of paper. The auctioneerawards the item to the high bidder, who pays theamount bid.

Second-price, sealed-bid auction is a

simultaneous move auction in which bidderssimultaneously submit bids. The auctioneerawards the item to the high bidder, who pays theamount bid by the second-highest bidder.

Dutch auction is a descending sequential-bid auction inwhich the auctioneer begin with a high asking price and

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which the auctioneer begin with a high asking price andgradually reduces the asking price until one bidderannounces a willingness to pay that price for the item.

Independent private values is auction environment in whicheach bidder knows his own valuation of the item but doesnot know how other bidders’ valuation and in which eachbidder’s valuation does not depend on other bidders’ valuation of the object.

Affiliated (correlated) value estimates is auctionenvironment in which bidder does not know their ownvaluation of the item or the valuation of others. Each bidderuses his or her own information to estimate their valuationand these value estimate are affiliated. The higher abidder’s value estimate, the more likely it is that other

bidders also have high value estimate.

Common value is auction environment in

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which the item is the same for all bidders,but this common value is unknown. Biddereach use their own (private) informationto form an estimate of the item’s truecommon value.

Winner’s curse is the “bad news” conveyedto the winner that his or her estimate of the item’s value exceeds the estimate of

all other bidders.

Principles:

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1.The optimal search rule is such that the consumers rejectsprices above the reservation price (R) and accepts prices

below the reservation price. Stated differently, the optimalsearch strategy is to search for a better price when the pricecharged by a firm is above the reservation price and stopwhen a price below the reservation price is found.

2.The Dutch and first-price, sealed-bid auctions arestrategically equivalent, that is the optimal bids byparticipants are identical for both types of auctions.

3.A player’s optimal bidding strategy in an English auctionwith independent, private valuations is to remain activeuntil the price exceeds his or her own valuation of theobject.

4.In a second-price, sealed-bid auction with independentprivate values, a player’s optimal strategy is to bid his or

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p , p y p gyher own valuation of the item. In fact, this is a dominantstrategy.

5.In a first-price, sealed-bid auction with independentprivate value, a bidder’s optimal strategy is to bid less thathis or her valuation of the item. If there are n bidders whoall perceive valuation to be evenly (uniformly) distributedbetween a lowest possible valuation of L and highest of Hthen the optimal bid for player whose own valuation is v

given by: b = v- [(v=L)/n]

6.In a common-value auction, the winner is the bidder whois the most optimistic about the true value of the item. Toavoid the winner’s curse, a bidder should revise downwardhis or her private estimate of the value to account for his

fact.

Chapter Thirteen: Advanced Topics in Business Strategy

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Business Strategy

Limit pricing is strategy where anincumbent maintains a price below themonopoly level in order to prevent entry.

Learning curve effects exists when a firmenjoys lower costs due to knowledgegained from its past production decision.

Predatory pricing is strategy where a firmtemporarily prices below its marginal costto drive competitors out of the market.

Raising rival’s costs is strategy in which a firmgains an advantage over competitors by

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gains an advantage over competitors byincreasing their costs.

Vertical foreclosure is strategy wherein avertically integrated firm charges downstreamrivals a prohibitive price for an essential input,thus forcing rivals to use more costly substitutesor go out of business.

Price-cost squeeze is a tactic used by a verticallyintegrated firm to squeeze the margins of itscompetitors.

Direct network externality is the direct valueenjoyed by the user of network because othersalso use the network.

Indirect network externality (network complementarities)is the indirect value enjoyed by the user of e network

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j y ybecause of complementarities between the size of anetwork and the availability of complementary products orservices.

Penetration pricing is charging a low price initially topenetrate a market and gain a critical mass of customers,useful when strong network effects are present.

Principles: 1.In order for limit pricing to effectively prevent entry by

rational competitors, the pre-entry price must be linked tothe post-entry profits of potential entrants.

2.A two-way network linking n users provide n(n-1)

potential connection services. If one new user joins thenetwork, all of the existing users directly benefit becausethe new user adds 2n potential connection services to thenetwork.

Chapter Fourteen : Manager’s Guide to Government in the Marketplace.

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Government in the Marketplace.

Market power is the ability of a firm to setits price above marginal cost.

Antitrust policy is government policiesdesigned to keep firms from monopolizingtheir markets.

Negative externalities exists when costsborne by parties who are not involved inthe production or consumption of a good.

Public good is a good that is non-rival and

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non-exclusionary in consumption.

A good is non-rival in consumption if theconsumption of the good by one persondoes not preclude other people from also

consuming the good.

A good is non-exclusionary consumption if

one provided, no one can be excludedfrom consuming it.

Rent seeking is selfishly motivated efforts toinfluence another party’s decision.

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influence another party s decision.

Quota is restriction that limits the quantity of imported goods that can legally enter thecountry.

Lump-sum tariff is a fixed fee that an importing

firm must pay the domestic government in orderto have the legal right to sell the product in thedomestic market.

Per-unit (excise) tariff is the fee an importing firmmust pay to the domestic government on eachunit it brings into the country.

maneconmm

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