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1、Lecture OneOverviewOverview1Lecture_1Managerial EconomicsFor MBA core course 48 hours Instructor:Dr.Zhishu Yang(杨之曙杨之曙)Associate Professor of FinanceSchool of Economics and Management Tsinghua University E-mail:Tel:62771769(o)Office:S-543 2Lecture_12005MBA-F1Zhongyuan Pan(潘中元潘中元),Master Degree Candi
2、date Tel:6277-4753E-mail: 2005MBA-F2Yiyi Wang(王一伊王一伊),Master Degree Candidate Tel:6277 8828E-mail: Teacher Assistant3Lecture_1Discussant AreanAccount No.s659 nKey No.ft5777 4Lecture_1Scores2 PointsHomework 10 scores Final exam 90 scoresTotal 100 scores5Lecture_11.Robert Pindyck,Daniel Rubinfeld,Micr
3、oeconomics,Fifth Edition.2.Yiyuan Li and Mingzhi Li,Microeconomic Analysis,Chinese Version,Tsinghua University Press,2003.3.Zhangwu Chen,Managerial Economics,Chinese Version,Tsinghua University Press,1996.4.China Daily,Wall Street Journal,Business Week.Reference6Lecture_1Why you need this course?7Le
4、cture_1SOE Ownership ReformWhich Direction?nRecently,Larry Lang,Professor of Finance at the Chinese University of Hong Kong,repeatedly criticized some of Chinas best known enterprises,including Haier and TCL,over their reform of property rights.Lang also had some harsh words for Chinas on-going stat
5、e-owned enterprises reform,when he said the current situation resembles that of Russian privatization,which uses an imperfect legal system to lawfully swallow state assets.Lang was adamant China should immediately put the brakes on the reform of state property rights.nJust how should we evaluate the
6、 current state of this reform and the issues surrounding private enterprises involved in state enterprise restructuring?8Lecture_1Why you need this course?1.Economics is relevant for many questions facing business.For example:(1).What Business Are You In?(2).Pricing?Product Design?(3).Relevant Costs
7、 of Producing?(4).New Capacity Investment?Now or Later or Never?(5).Enter a New Market?(6).How Do You Compete?(7).Internal Firm Organization?9Lecture_12.Economic Reasoning provides Systematic Approach to Business Decisions Foundation.(1).Approach business questions assuming that all relevant partici
8、pants are going to do the best they can.(2).Interactions governed by economic principles.10Lecture_1Course DescriptionThis is an intermediate level course in microeconomics for first year MBA students.Microeconomics is a major component of the analytical tool kit used by economists in the academic w
9、orld,industry,finance,consultancy,and the formulation of public policy.This course will help you to be familiar with some basic elements of this tool kit;models of consumer behavior,supply and demand in perfectly competitive markets,and monopoly firms.You will also be introduced to new areas of econ
10、omics which are at the forefront of current research;one of these is game theory which11Lecture_1we will be using this term to look at auctions,and the nature of competition in industries with a small number of firms.Another new area,which you will meet,is the economics of uncertainty and informatio
11、n,which is used to investigate topics as diverse as the market for second hand cars,insurance,and education.12Lecture_1Goal of Study1.Have a thorough knowledge of the economics of the consumer,the behavior of firms and the application of equilibrium theory.2.Be conversant with models of perfect comp
12、etition,monopoly,and oligopoly,using game theory.Be able to apply the theory to analyze the practical economic problems,for example,to finish a special report of economics.13Lecture_1Topics to be DiscussednBasic Ideas of Microeconomics,An ExamplenThe Themes of MicroeconomicsnWhat Is a Market?nWhat d
13、oes Microeconomics Study?n How to Write Special Economic Report?14Lecture_1Economists often make highly unrealistic assumptions in their analyses.Many people poke fun at economists for their propensity to imagine the impossible.You may know the joke about the three hungry castaways on a deserted isl
14、and who are trying to open a can of food.The chemist suggests heating the can until it bursts.The engineer proposes breaking it with a sharp rock.The economist suggests,“Assume we have a can opener,”The joke is unfair,but it reflects the discomfort people feel about many abstract economic models.A J
15、oke:Economists and their Can Openers15Lecture_1Three Basic Elements of Modeling in EconomicslPurposelSimplification through assumptionslValue judgment16Lecture_1The Purpose of an Economic ModelnThe purpose of an economic model is to help provide precise insights(精确的洞察力）on a specific economic phenome
16、non.nThus:lDifferent phenomena needs different model;lSimplification by assumption is necessary17Lecture_1Economic AssumptionnEconomists make unrealistic assumptions when analyzing issues to ensure that they can create a situation(model)they fully understand.They then consider what happens to their
17、results when they replace the unrealistic assumptions with more realistic ones.This method allows economists thoroughly understand complex situations that might otherwise elude their understanding.It is especially useful for identifying the importance of various issues that affect the results.With s
18、implifying assumptions,economists can open many complex problem.18Lecture_1The Discussion of“Human Nature”1 1、“人之初，性本善人之初，性本善”（孔子）（孔子）2 2、“人之性恶，其善者伪也人之性恶，其善者伪也”（荀子）（荀子）3 3、“人之性也善恶混，修其善则为善人，修其恶则为恶人人之性也善恶混，修其善则为善人，修其恶则为恶人”4 4、“利己是人类的天性，没有自利心，人类就会灭亡，但利己是人类的天性，没有自利心，人类就会灭亡，但利己必须依法平等互惠，利他方能利己利己必须依法平等互惠，利
19、他方能利己”5 5、“大公无私，先人后己大公无私，先人后己”19Lecture_1Three assumptions1.Rationality(economic man)a.Selfish principle;b.Efficiency principle;Economic man+Invisible Hand=Economics2.Pure Competitiveness3.Complete informationQuestion 1:How to make decision under the condition of incomplete information?Question 2:Wh
20、ether is decision satisfied with the rationality principle?20Lecture_1An Illustration:Modeling the Apartment MarketnPurpose:How are apartment rents determined?Are rents“desirable”?nSimplifying assumptions:lapartments are close or distant,but otherwise identicalldistant apartments rents are exogenous
21、 (外生变量）and knownlmany potential renters and landlords21Lecture_1Two Very Common Modeling AssumptionslRational Choice:Each person tries to choose the best alternative available to him or her.lEquilibrium:economic agents interact with each other,resulting in an equilibrium,in which each person reaches
22、 an optimal decision given others decisions.22Lecture_1Modeling Apartment DemandnDemand:Suppose the most any one person is willing to pay to rent a close apartment is$500/month.Thenlp=$500 QD=1.nSuppose the price has to drop to$490 before a 2nd person would rent.Thenlp=$490 QD=2.23Lecture_1Modeling
23、Apartment DemandnThe lower is the rental rate p,the larger is the quantity of close apartments demandedp QD.nThe quantity demanded vs.price graph is the market demand curve for close apartments.24Lecture_1Market Demand Curve for ApartmentsQD25Lecture_1Modeling Apartment SupplynSupply:It takes time t
24、o build more close apartments so in this short-run the quantity available is fixed(at say 100).26Lecture_1Market Supply Curve for ApartmentsQS10027Lecture_1Competitive Market EquilibriumnQuantity demanded=quantity available price will neither rise nor fallnso the market is at a competitive equilibri
25、um.28Lecture_1Competitive Market EquilibriumpQD,QSpe100People willing to pay pe for close apartments get closeapartments.People not willing to pay pe for close apartments get distant apartments.29Lecture_1Comparative StaticsnWhat is exogenous in the model?lprice of distant apartmentslquantity of clo
26、se apartmentslincomes of potential renters.nWhat happens if these exogenous variables change?nNote：We are not analyzing the transition process or dynamic process.30Lecture_1Comparative StaticsnSuppose the price of distant apartment rises.nDemand for close apartments increases(rightward shift),causin
27、gnA higher price for close apartments.31Lecture_1Market EquilibriumpHigher demand causes highermarket price;same quantitytraded.QD,QSpe10032Lecture_1More Comparative Statics(Do Them Yourself)nSuppose there were more close apartments.nOr,renters income rises;33Lecture_1Imperfectly Competitive MarketC
28、ase 1：A Monopolistic LandlordnLandlord sets a rental price p he rents D(p)apartments.nRevenue=pD(p).nHe chooses p to maximizes p D(p),subject to D(p)=S(total number of apartments in his hands)nTypically,his optimal p is such thatD(p)S,that is,there are vacant apartments.34Lecture_1Monopolistic Marke
29、t EquilibriumpQD,QSMiddlepriceMiddle price,medium quantitydemanded,larger revenue.Monopolist does not rent all theclose apartments.100Vacant close apartments.35Lecture_1Imperfectly Competitive MarketCase 2：Perfectly Discriminatory Monopolistic LandlordnImagine the monopolist knew willingness-to-pay
30、of everybody,nCharge$500 to the most willing-to-pay,ncharge$490 to the 2nd most willing-to-pay,etc.36Lecture_1Discriminatory Monopolistic Market EquilibriumpQD,QS100p1=$500137Lecture_1Discriminatory Monopolistic Market EquilibriumpQD,QS100p1=$500p2=$49012p3=$475338Lecture_1Discriminatory Monopolisti
31、c Market EquilibriumpQD,QS100p1=$500p2=$49012p3=$4753pe39Lecture_1Rent ControlnLocal government imposes a maximum legal price,pmax pe,the competitive price.40Lecture_1Market EquilibriumpQD,QSpe100pmaxExcess demandThe 100 close apartments areno longer allocated bywillingness-to-pay(lottery,lines,larg
32、e families first?).41Lecture_1Value JudgmentnWhich of the following is better?lRent controllPerfect competitionlMonopolylDiscriminatory monopolynBut,what do you mean by“better”?42Lecture_1Pareto EfficiencynVilfredo Pareto;1848-1923.nA Pareto outcome allows no“wasted welfare”;ni.e.the only way one pe
33、rsons welfare can be improved is to lower another persons welfare.43Lecture_1Pareto EfficiencynA Pareto inefficient outcome means there remain unrealized mutual gains-to-trade.nAny market outcome that achieves all possible gains-to-trade must be Pareto efficient.44Lecture_1Pareto EfficiencynCompetit
34、ive equilibrium:lall close apartment renters value them at the market price pe or morelall others value close apartments at less than pelso no mutually beneficial trades remainlso the outcome is Pareto efficient.45Lecture_1Pareto EfficiencynDiscriminatory Monopoly:lassignment of apartments is the sa
35、me as with the perfectly competitive marketlso the discriminatory monopoly outcome is also Pareto efficient.46Lecture_1Pareto EfficiencynMonopoly:lnot all apartments are occupiedlso a distant apartment renter could be assigned a close apartment and have higher welfare without lowering anybody elses
36、welfare.lso the monopoly outcome is Pareto inefficient.47Lecture_1Pareto EfficiencynRent Control:lsome close apartments are assigned to renters valuing them at below the competitive price pelsome renters valuing a close apartment above pe dont get close apartmentslPareto inefficient outcome.48Lectur
37、e_1Further Extensions of the ModelnOver time,willlthe supply of close apartments increase?lrent control decrease the supply of apartments?la monopolist supply more apartments than a competitive rental market?49Lecture_1A picture of economic activitiesFactormarketgoodsmarketHouseholdGovernmentsFirms5
38、0Lecture_1Economic activityHow will the various goods and services be produced?By hand or by robots?For whom will the various goods and services be produced?How is economic benefit distributed?That is a mechanism of allocation scarce resources,answer above three basic questions.51Lecture_1Economic a
39、ctivity:Participants Who make decision?Decision makers fall into three groups:nHouseholdsnFirms nGovernments52Lecture_1Economic activity:ParticipantsHousehold is any group of living together as a decision-making unit.Household provide factors for income to buy goods and services53Lecture_1Economic a
40、ctivity:ParticipantsFirm is an organization that produces goods and services.All producers are called firms,no matter how big they are or what they produce.Firm buy the factors from household,and supply goods and services to household and government.54Lecture_1Economic activity:ParticipantsGovernmen
41、t is an organization that has two functions:(1).The provision of goods and services to households and firms.(2).The redistribution of the income and wealth.55Lecture_1Microeconomics:DefinitionnMicroeconomics deals with:lBehavior of individual unitsuWhen ConsumingHow we choose what to buy56Lecture_1M
42、icroeconomics:DefinitionnMicroeconomics deals with:lBehavior of individual unitsuWhen ProducingHow we choose what to produce57Lecture_1Microeconomics:DefinitionnMicroeconomics deals with:lMarkets:The interaction of consumers and producers58Lecture_1Macroeconomics:DefinitionnMacroeconomics deals with
43、:lAnalysis of aggregate issues:uEconomic growthuInflationuUnemployment59Lecture_1Macroeconomics and MacroeconomicsnThe Linkage Between Micro and Macro-economicslMicroeconomics is the foundation of macroeconomic analysis60Lecture_1The Themes of MicroeconomicsnAccording to Mick Jagger*&the Rolling Sto
44、nesl“You cant always get what you want”*Economics degree from London School of Economics61Lecture_1The Themes of MicroeconomicsnWhy Not?lLimited Resources62Lecture_1The Themes of MicroeconomicsnMicroeconomicslAllocation of Scarce Resources and Trade-offsuIn a planned economyuIn a market economy63Lec
45、ture_1The Themes of MicroeconomicsnMicroeconomics and Optimal Trade-offs1.Consumer Theory2.Workers3.Theory of the Firm64Lecture_1The Themes of MicroeconomicsnMicroeconomics and PriceslThe role of prices in a market economylHow prices are determined65Lecture_1Definition of Managerial EconomicsThe app
46、lication of economics theory and the tools of analysis of decision science to examine how an organization can achieve its aims or objectives most efficiently.Management:Decision making.经理:Manager经:Experience理:Principle66Lecture_1Management decision problemEconomic theory;Microeconomics;Macroeconomic
47、sDecision scienceMathematical economicsEconometricsManagerial Economics:Application of economic theory and decision science tools to solve managerial decision problemsOptimal solution to managerial decision problem67Lecture_1Theories and ModelsnMicroeconomic AnalysislTheories are used to explain obs
48、erved phenomena in terms of a set of basic rules and assumptions.lFor exampleuThe Theory of the Firm uThe Theory of Consumer Behavior68Lecture_1Theories and ModelsnMicroeconomic AnalysislModels:u a mathematical representation of a theory used to make a prediction.69Lecture_1Theories and ModelsnMicro
49、economic AnalysislValidating a TheoryuThe validity of a theory is determined by the quality of its prediction,given the assumptions.70Lecture_1Theories and ModelsnMicroeconomic AnalysislEvolving the TheoryuTesting and refining theories is central to the development of the science of economics.71Lect
50、ure_1Positive Versus Normative AnalysisnPositive AnalysislPositive analysis is the use of theories and models to predict the impact of a choice.lFor example:uWhat will be the impact of an import quota on foreign cars?uWhat will be the impact of an increase in the gasoline excise tax?72Lecture_1Posit