1. 미시경제학과 경영전략 Microeconomics & Business Strategy

2. 제 1 장 미시경제학의 기초 (Fundamentals of Microeconomics)

3. 개 요 (Overview) I. 도 입 II. 효과적인 경영을 위한 경제학 n 목표와 제약조건 파악 Identify Goals and Constraints n 이윤의 역할 이해하기 Recognize the Role of Profits n 유인체계 이해하기 Understand Incentives n 시장에서의 다섯 가지 힘 Five Forces Model n 시장 ( 市場 ) 이란 ? Understand Markets n 화폐의 시간가치 Recognize the Time Value of Money n 한계의 개념 Use Marginal Analysis

4. 경제적학 이윤과 회계학적 이윤 Economic vs. Accounting Profits 회계학적 이윤 Accounting Profits n Total revenue (sales) minus dollar cost of producing goods or services. n Reported on the firm’s income statement. 경제학적 이윤 Economic Profits n Total revenue minus total opportunity cost.

5. 기회비용 Opportunity Cost Accounting Costs n The explicit costs of the resources needed to produce produce goods or services. n Reported on the firm’s income statement. Opportunity Cost n The cost of the explicit and implicit resources that are foregone when a decision is made. Economic Profits n Total revenue minus total opportunity cost.

6. Sustainabl e Industry Profits Power of Input Suppliers  Supplier Concentration  Price/Productivity of Alternative Inputs  Relationship-Specific Investments  Supplier Switching Costs  Government Restraints Power of Buyers  Buyer Concentration  Price/Value of Substitute Products or Services  Relationship-Specific Investments  Customer Switching Costs  Government Restraints Entry  Entry Costs  Speed of Adjustment  Sunk Costs  Economies of Scale  Network Effects  Reputation  Switching Costs  Government Restraints Substitutes & Complements  Price/Value of Surrogate Products or Services  Price/Value of Complementary Products or Services  Network Effects  Government Restraints Industry Rivalry  Switching Costs  Timing of Decisions  Information  Government Restraints  Concentration  Price, Quantity, Quality, or Service Competition  Degree of Differentiation The Five Forces Framework

7. 시장의 역할 Market Interactions 소비자 - 생산자 경합 Consumer-Producer Rivalry n Consumers attempt to locate low prices, while producers attempt to charge high prices. 소비자간 경합 Consumer-Consumer Rivalry n Scarcity of goods reduces the negotiating power of consumers as they compete for the right to those goods. 생산자간 경합 Producer-Producer Rivalry n Scarcity of consumers causes producers to compete with one another for the right to service customers. 정부의 개입 The Role of Government n Disciplines the market process.

8. 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”: Examples: n Lotto winner choosing between a single lump-sum payout of $104 million or $198 million over 25 years. n Determining damages in a patent infringement case.

9. Present Value of a Series Present value of a stream of future amounts (FV t ) received at the end of each period for “n” periods:

10. Net Present Value Suppose a manager can purchase a stream of future receipts (FV t ) by spending “C 0 ” dollars today. The NPV of such a decision is Decision Rule: If NPV < 0: Reject project NPV > 0: Accept project

11. 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

12. 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.

13. Control Variables n Output n Price n Product Quality n Advertising n R&D Basic Managerial Question: How much of the control variable should be used to maximize net benefits? 한계 ( 점증 ) 분석 Marginal (Incremental) Analysis

14. 純편익 Net Benefits Net Benefits = Total Benefits - Total Costs Profits = Revenue - Costs

15. 한계편익 Marginal Benefit (MB) Change in total benefits arising from a change in the control variable, Q: Slope (calculus derivative) of the total benefit curve.

16. 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

17. 한계의 원리 Marginal 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.

18. The Geometry of Optimization Q Total Benefits & Total Costs Benefits Costs Q* B C Slope = MC Slope =MB

19. 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).