미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의...

미시경제학과 경영전략Microeconomics

& Business Strategy

제 1 장미시경제학의 기초

(Fundamentals of Microeconomics)

개 요 (Overview)

I. 도 입II. 효과적인 경영을 위한 경제학

목표와 제약조건 파악 Identify Goals and Constraints 이윤의 역할 이해하기 Recognize the Role of Profits 유인체계 이해하기 Understand Incentives 시장에서의 다섯 가지 힘 Five Forces Model 시장 ( 市場 ) 이란 ? Understand Markets 화폐의 시간가치 Recognize the Time Value of Money 한계의 개념 Use Marginal Analysis

경제적학 이윤과 회계학적 이윤 Economic vs. Accounting Profits

• 회계학적 이윤 Accounting Profits Total revenue (sales) minus dollar cost of producing

goods or services. Reported on the firm’s income statement.

• 경제학적 이윤 Economic Profits Total revenue minus total opportunity cost.

기회비용 Opportunity Cost

• Accounting Costs The explicit costs of the resources needed to produce

produce goods or services. Reported on the firm’s income statement.

• Opportunity Cost The cost of the explicit and implicit resources that are

foregone when a decision is made.

• Economic Profits Total revenue minus total opportunity cost.

Sustainable Industry

Profits

Power of Input Suppliers

Supplier ConcentrationPrice/Productivity of Alternative InputsRelationship-Specific InvestmentsSupplier Switching CostsGovernment Restraints

Power ofBuyers

Buyer ConcentrationPrice/Value of Substitute Products or ServicesRelationship-Specific InvestmentsCustomer Switching CostsGovernment Restraints

EntryEntry CostsSpeed of AdjustmentSunk CostsEconomies of Scale

Network EffectsReputationSwitching CostsGovernment Restraints

Substitutes & ComplementsPrice/Value of Surrogate Products or ServicesPrice/Value of Complementary Products or Services

Network EffectsGovernment Restraints

Industry RivalrySwitching CostsTiming of DecisionsInformationGovernment Restraints

ConcentrationPrice, Quantity, Quality, or Service CompetitionDegree of Differentiation

The Five Forces Framework

시장의 역할 Market Interactions

• 소비자 - 생산자 경합 Consumer-Producer Rivalry Consumers attempt to locate low prices, while producers

attempt to charge high prices.

• 소비자간 경합 Consumer-Consumer Rivalry Scarcity of goods reduces the negotiating power of

consumers as they compete for the right to those goods.

• 생산자간 경합 Producer-Producer Rivalry Scarcity of consumers causes producers to compete with

one another for the right to service customers.

• 정부의 개입 The Role of Government Disciplines the market process.

화폐의 시간가치 The Time Value of Money

• Present value (PV) of a lump-sum amount (FV) to be received at the end of “n” periods when the per-period interest rate is “i”:

P V

F V

i n1

• Examples: Lotto winner choosing between a single lump-sum payout of $104

million or $198 million over 25 years. Determining damages in a patent infringement case.

Present Value of a Series

• Present value of a stream of future amounts (FVt) received at the end of each period for “n” periods:

P V

F V

i

F V

i

F V

in

n

11

221 1 1

. . .

Net Present Value• Suppose a manager can purchase a stream of

future receipts (FVt ) by spending “C0” dollars today. The NPV of such a decision is

N P V

F V

i

F V

i

F V

iCn

n

11

22 01 1 1

. . .

Decision Rule:If NPV < 0: Reject project

NPV > 0: Accept project

Present Value of a Perpetuity• An asset that perpetually generates a stream of cash flows

(CF) at the end of each period is called a perpetuity.

• The present value (PV) of a perpetuity of cash flows paying the same amount at the end of each period is

i

CF

i

CF

i

CF

i

CFPVPerpetuity

...111 32

Firm Valuation• The value of a firm equals the present value of current and

future profits. PV = t / (1 + i)t

• If profits grow at a constant rate (g < i) and current period profits are :

• If the growth rate in profits < interest rate and both remain constant, maximizing the present value of all future profits is the same as maximizing current profits.

0

0

1 before current profits have been paid out as dividends;

1 immediately after current profits are paid out as dividends.

Firm

Ex DividendFirm

iPV

i g

gPV

i g

• Control Variables Output Price Product Quality Advertising R&D

• Basic Managerial Question: How much of the control variable should be used to maximize net benefits?

한계 ( 점증 ) 분석 Marginal (Incremental) Analysis

純편익 Net Benefits

• Net Benefits = Total Benefits - Total Costs

• Profits = Revenue - Costs

한계편익Marginal Benefit (MB)

• Change in total benefits arising from a change in the control variable, Q:

• Slope (calculus derivative) of the total benefit curve.

Q

BMB

한계비용 Marginal Cost (MC)

• Change in total costs arising from a change in the control variable, Q:

• Slope (calculus derivative) of the total cost curve

Q

CMC

한계의 원리Marginal Principle

• To maximize net benefits, the managerial control variable should be increased up to the point where MB = MC.

• MB > MC means the last unit of the control variable increased benefits more than it increased costs.

• MB < MC means the last unit of the control variable increased costs more than it increased benefits.

The Geometry of Optimization

Q

Total Benefits & Total Costs

Benefits

Costs

Q*

B

CSlope = MC

Slope =MB

결론 Conclusion

• Make sure you include all costs and benefits when making decisions (opportunity cost).

• When decisions span time, make sure you are comparing apples to apples (PV analysis).

• Optimal economic decisions are made at the margin (marginal analysis).