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).