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미미미미미미 미미미미 Microeconomics & Business Strategy

미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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Page 1: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

미시경제학과 경영전략Microeconomics

& Business Strategy

Page 2: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

제 1 장미시경제학의 기초

(Fundamentals of Microeconomics)

Page 3: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 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

Page 4: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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.

Page 5: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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.

Page 6: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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

Page 7: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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.

Page 8: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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.

Page 9: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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

. . .

Page 10: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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

Page 11: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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

Page 12: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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

Page 13: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

• 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

Page 14: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

純편익 Net Benefits

• Net Benefits = Total Benefits - Total Costs

• Profits = Revenue - Costs

Page 15: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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

Page 16: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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

Page 17: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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.

Page 18: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

The Geometry of Optimization

Q

Total Benefits & Total Costs

Benefits

Costs

Q*

B

CSlope = MC

Slope =MB

Page 19: 미시경제학과 경영전략 Microeconomics & Business Strategy. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

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).