Anda di halaman 1dari 119

Managerial Economics and Business Strategy

Chapter One : The fundamentals of Managerial Economics


Manager is a person who directs resources to achieve a stated goal. Economics is the science of making decisions in the presence of scarce resources. Managerial economics is the study of how to direct scarce resources in the way that most efficiently achieves a managerial goal.

Head Line: Chapter 1 Amcott Company merugi $3,5 M berbuntut manager dipecat (fired)

Tahun ini Amcott (persh.yg bergerak di bidang software) rugi $3,5 M dimana $1,7 M diantaranya berasal dari divisi pemrograman alih bhs.dari Perancis ke Inggris (magicword software programm/MSP).RUPS memutuskan Mr.Ralph (sang manager) hrs.diganti! Mr.Ralph tdk.menerima kalau ia dikatakan harus tanggung jawab thd.kerugian itu, karena menurut catatannya dari situ sebenarnya ia justru menangguk untung $1 M, perhitungannya MSP tsb.ia jual dgn.nilai $7M per thn.dan berlaku selama 3 thn.dan dibayar masing2 diawal thn.Padahal MSP tsb.biaya produksinya hanya $20 M

Pertanyaan:bagaimana komentar sdr.!

Inside Business 1-2: Profits and the Evolution of the Computer Industry.
Hkm.ekonomi mengatakan setiap ada keuntungan yg.lebih baik dlm.satu industri dibandingkan industri yg.lain, maka akan mendorong perusahaan (firm) baru akan masuk ke industri itu dan begitu sebaliknya.Bekerjanya hkm.ekonomi ini sangat jelas kita lihat dlm.industri komputer saat ini. Tahun 70-an,pabrikan PC menangguk keuntungan yg.sangat fantastis dari bisnis ini.Hal ini merangsang pemain baru masuk ke pasar.Persaingan di bisnis ini menjadi sangat ketat, inovasi-inovasi baru dilakukan (kapasitas dan kecepatan pemrosesan berkembang luar biasa) dan harga PC.menjadi semakin murah.Siapa yg.senang dalam hal ini? Keuntungan pabrikan menjadi turun,pabrikan-pabrikan yg.tdk.bekerja efisien tergusur dan keluar dari pasar. Pemain-pemain baru yg.inovatif seperti Dell dan HP.khususnya di pasar Eropa mendesak pabrikan2 lama,karena mrk.mampu membuat strategi yg.pas dalam bisnis ini al.mereka fokus dan hanya melayani segmen pasar ttt.saja (seperti PC.Notebook) Dlm.texbook disebut Niche-Strategies
(data lebih rinci lihat di Kasus)

Firms goals:
1.Economic profit maximization 2.Accounting profit maximization 3.Revenue maximization 4.Maintained a certain level of profit 5.Enlarged a market share 6.Create employment 7.etc.

What are the goal of Firms?


1.Clinton R. Wharton , CEO of Teachers Insurance and Annuity Association-College Retirement Equities Fund: To attempt to consistently improve the long-term health of the corporation and manager must resist a narrow focus that looks only at short-term profits. 2.Lord Hansen, CEO of Hanson PLC: Service to its customers, quality of it goods and services, effective research and development, a positive attitude about environment, combined with welfare of its employees and pensioners are critical. These must be aligned with to increase shareholders value. 3.The overall goal of most firms is to maximize profits or the firms value. What is a profit? Economic profit versus Accounting profit.

The Nature and Function of Profits.


1. Business/Accounting profit refers to the revenue of the firm minus the explicit costs/the actual out-of pocket expenditures only. 2. Economic profit equals the revenue of the firm minus its explicit costs and implicit costs refer to the value of the inputs owned and used by the firm in its production process.

Theories of Profit.
1. Risk-Bearing Theories of Profit 2. Frictional Theory of Profit 3. Monopoly Theory of Profit 4. Innovation Theory of Profit 5. Managerial Efficiency Theory of Profit

Concept of profit.
Profit is defined as the excess of revenue over costs. For a nonprofit institution, an excess of revenue over cost is called a surplus. The attainment of a profit (or the avoidance of a deficit) is seen as a measure of managerial effectiveness. Competition for profits among private business firms leads : 1.to the ongoing availability of high-quality goods and services at reasonable price. 2.to increasing productivity. 3.to continuing economic growth and well-being for the nations people.
So profit should be seen as : 1.reward for enterprise. 2.reward for risking capital. 3.reward for superior insight and judgment concerning market conditions. Profit should not be seen as : 1.profiteering or gouging the consumer because consumer illwill is likely to hurt the firm in the longer term.

Tugas utama setiap manager adalah : memaksimalkan keuntungan perusahaan (profit maximization) utk.kurun waktu ttt. Tugas tsb.memiliki 2 implikasi yaitu:
1.Mengupayakan terjadinya peningkatan penerimaan persh.dari waktu ke waktu

(revenue enhancement).

2.Mengendalikan proses produksi agar biaya produksi yg.dikeluarkan terhindar dari adanya pemborosan-pemborosan

(cost control), sehingga mencapai titik minimal.

Ad 1.Mencakup langkah-langkah a.l.: a.menghasilkan produk yg.diinginkan pasar (riset, inovasi, pengembangan produk) b.menetapkan jumlah dan harga jual produk optimal c.melakukan promosi seperlunya
Ad 2.Mencakup langkah-langkah a.l.: a.menggunakan input sebanyak yg.dibutuhkan/menghindari pemborosan b.mengadakan input dgn.cara yg.ekonomis c.menciptakan sistim pemberian kompensasi/gaji yg.merangsang karyawan kerja produktif

Apa yg.dimaksudkan dgn.biaya produksi?


1.Menurut konsep akuntansi : mencakup seluruh pengeluaran persh.(dlm.satuan moneter) utk.membeli/menyewa seluruh input yg.digunakan/dibutuhkan dlm.proses produksi yg.betul-betul hanya berasal dari luar persh saja. Biaya produksi ini disebut juga explicit cost atau out-of pocket cost. 2.Menurut konsep ilmu ekonomi : mencakup seluruh pengeluaran persh.(dlm.satuan moneter) utk.membeli/menyewa seluruh input yg.digunakan/dibutuhkan dlm.proses produksi baik yg.berasal dari luar persh.(explicit cost) maupun yg.berasal dari dlm.persh.itu sendiri (dihitung dgn.menggunakan konsep biaya oportunitas). Biaya produksi ini disebut juga implicit cost. Pertanyaan: 1.Menurut sdr.mana yg.lebih besar : biaya produksi menurut akuntansi atau ilmu ekonomi? Jelaskan! 2.Coba sdr.hitung berapa besarnya biaya produksi utk.membuat 1 loyang kue tart yg.sdr.buat pada hari Minggu dgn.berpedoman resep praktis yg.ada di majalah Femina! 3.Coba sdr.hitung berapa biaya produksi yg.dikeluarkan pabrik gula Madukismo utk.membuat 1 Kw.gula pasir?Jelaskan!

The basic principles that comprise effective management:


1.Identify goals and constraints 2.Recognize the importance of profits 3.Understand incentives 4.Understand markets 5.Recognize the time value of money and 6.Use marginal analysis Present value is the amount that would have to be invested today at the prevailing interest rate to generate the given future value. Net present value is the present value the income stream generated by a project minus the current cot of the project.

Marginal benefit is the change in total benefits arising from a change in the managerial control variable, Q. Marginal cost is the change in total cost arising from a change in the management control, Q. Incremental revenue is the additional revenue that stem from a yes-or-no decision. Incremental cost is the additional cost that stem from a yes-or-no decision.

Principles:
1.

Profits signal to resource holder where resources are most highly valued by society If the growth rate in profits is less than the interest rate and both are constant, maximizing long-term profits is the same as maximizing current (short-term) profits. To maximize net benefits, the manager should increase the managerial control variable to the point where marginal benefits equal marginal costs. This level of managerial control variable corresponds to the level at which marginal net benefits are zero, nothing more can be gained by further change in that variable. When the control variable is infinitely divisible, the slope of a total value a curve at a given point is the marginal value at that point. In particular, the slope of the total benefit curve at a given Q is marginal benefit of that level Q. The slope of the net benefit curve at a given Q is the marginal net benefit of that level of Q.

2.

3.

4.

The five forces model : The link between strategic management and managerial economics Five forces General questions
Substitutes Do other firms produces substitutes for our product

Economic tools needed


Demand elasticities, consumer preferences, consumer demand regression analysis, product differentiation, consumer search

Consumers

How much power do we have offer consumers, and how does this affect our pricing in output decisions How are rival firms likely to respond to our strategies
From whom should we acquire input? How much and what price

Demand elasticities competition, monopoly, monopolistic competition, pricing strategies, reputation, regulation Concentration oligopoly, game theory, commitment, reputation, collusion, antitrust
Market, productivity analysis, cost analysis, vertical integration, contracts, antitrust, auctions Economies of skill entry barriers, entry deterrence, contestable markets, patent, product differentiation,

Rivalry

Suppliers

New entrants

Is our position sustainable, or is entry into our market likely

Formula :

PV = FV/(1+i)n PV = FV1/(1+i)1 + FV2/(1+i)2 + FV3/(1+i)3 ++ FVn/(1+i)n NPV = FV1/(1+i)1+FV2/(1+i)2+..+FVn/(1+i)n Co PVasset = CF0 + CF1/(1+i)1 +CF2/(1+i)2+.. PVperpetuity=CF/(1+i)1+CF/(1+i)2+.= CF/i

Contoh 1.

Perusahaan Raksasa Amcot yang bergerak di bidang software komputer, pada tahun lalu rugi sebesar $3,5 juta dimana $1,7 juta diantaranya disebabkan karena kesalahan manager dalam menjual software baru (Magicword software) yaitu software yang dapat mengubah bhs. Perancis langsung ke bhs.Inggris.Program itu dijual selama 3 tahun berturut-turut dengan harga $7juta per tahun -flat. Dan untuk membuat program tsb.perusahaan telah keluar uang $20 juta. Akibat kesalahan /kerugian itu manager dipecat (fired).Kenapa dari program MWS itu kok dikatakan rugi $1,7 juta? Catatan: short-term rate is 7% annually.

Contoh2.

Manager sebuah usaha di bidang automated product berpikir untuk membeli mesin baru dalam rangka ekspansi usaha.Harga mesin $300.000 yang memiliki useful life 5 tahun.Selama itu diperkirakan di masing-masing tahun mesin tsb. menghasilkan uang $50.000 - $60.000 - $75.000 $90.000 - $90.000 atau total sebesar $365.000. Menurut sdr.layakkah pemikiran tsb.dilaksanakan? Catatan:short-term interest rate is 8% annually

Contoh 3. Perusahaan yang bekerja di bidang construction engineering mempelajari kemungkinan penggunaan struktur baru untuk menghasilkan produk tertentu (Y). Benefits (penerimaan) dan cost (korbanan) yang timbul akibat penggunaan struktur baru tsb. dikaitkan dengan jumlah Y yang diproduksi adalah sbb.: B(Y) = 300Y 6Y sedang C(Y) = 4Y. Menurut sdr.berapa Y harus diproduksi agar NB (keuntungan) mencapai maksimal? Dan berapa besarnya keuntungan itu? Jelaskan!

Tugas 1.

1.Utk.soal yg.ada di contoh 2, kalau seandainya: a.tingkat bunga berubah menjadi 5% per tahun, jawab kembali soal itu! b.kalau seandainya tingkat bunga tetap 8% per tahun, tapi umur teknis mesin 8 tahun dan masing-masing tahun ke-6,7 dan 8 menghasilkan $65.000 maka jawab kembali soal itu!

2.Diketahui suatu proyek mendatangkan total benefit sbb.: B(Q)=150+28Q-5Q dan memerlukan biaya total sbb.: C(Q)=100+8Q a.pada tingkat Q berapa keuntungan/net benefit maksimal? b.berapa total benefit,total cost dan keuntungan pada Q tsb. soal a.? Jelaskan jawaban sdr.! c.buat tabel spt.tabel 1-1 hal.19

Pengantar Bab 2.
Di muka sdh.dijelaskan bahwa utk.terciptanya manajemen yg.efektif a.l.manager harus mengenali situasi pasar.Cara yg.paling baik utk.itu adalah dgn jalan mempelajari kekuatankekuatan yg.ada di pasar dan ternyata kekuatan itu ada 2 yaitu permintaan (demand) yg.menggambarkan kekuatan pembeli dan kekuatan penawaran (supply) yg.menggambarkan kekuatan penjual. Secara lebih teknis cara utk. mengenali kekuatan tsb.adalah mengidentifikasi faktor-faktor apa saja yg.mempengaruhi kekuatan permintaan dan penawaran dan seberapa besar serta bagaimana faktor-faktor itu mempengaruhinya.

25 global most admired companies (2002)


01.General electric: electronic (USA) 03.Microsoft: computers (USA) 06.Johnson&Johnson: pharmaceuticals (USA) 09.Intel: semiconductors (USA) 15.Procter&Gamble: soaps and cosmetics (USA) 16.Pepsico: beverage (USA) 19.Exxon mobil: petroleum refining (USA) 20.Cocacola enterprise: beverages (USA) 24.Nokia: network communications (Finland) 25.Toyota: motor vehicles (Japan)

Head Line Ch.2: Samsung and Hynix Semiconductor to cut Chip production. Sam Robbins,pemilik dan CEO PC.Solutions dpt.informasi bhw.2 raksasa pabrikan semiconductor(SC) yaitu Samsung dan Hynix dlm.waktu dekat akan mengurangi (suspend) produksi mrk.Dan hal ini nampaknya akan segera diikuti oleh pabrikan besar ke 3 lainnya. Tiga pabrikan tsb.menguasai 30% produksi SC dunia. PC.Solutions adalah sebuah pers.perakit PC papan tengah yg.sedang naik daun dimana pd.tahun terakhir omset penjualannya naik 100% .Saat ini persh.sedang menyeleksi fresh-graduates dlm.rangka menambah karyawan baru. Pertanyaan:menurut sdr.apa yg.sebaiknya dilakukan oleh CEO.tersebut dalam rangka mengantisipasi informasi yg.cukup penting ini?

Inside Business 2-1:Asahi Breweries Ltd.and the Asian Recession Pada thn.90-an ekonomi Jepang dilanda resesi yg.berakibat puluhan persh.raksasa limbung bahkan beberapa diantaranya gulung tikar.Dua persh.raksasa bir papan atas yaitu Kirin Brewery Co.Ltd dan Sapporo Brewery Co.Ltd termasuk 2 persh.yg.kena dampak resesi tsb.Omset penjualan mrk.turun drastis, namun anehnya, pesaing mrk.yaitu Asahi Brewery Co.Ltd.(termasuk persh.bir papan bawah) justru malah mengalami hal yg.sebaliknya,omset penjualannya naik dgn.tajam. Pertanyaan:konsep apa yg.dapat menjelaskan fenomena ini!

Chapter Two : Market forces , Demand and supply

Market demand curve is a curve indicating the total quantity of a good all consumers are willing and able to purchase at each possible price, holding the prices of related goods, income, advertising and other variables constant. Change in quantity demanded is changes in the price of a good lead to a change in the quantity demanded of that goods. This corresponds to a movement along a given demand curve. Change in demand is changes in variables other than the price of a good, such as income or the price of another good, lead to a change in demand. This correspond to a shift of the entire demand curve.

Variables influence demand are:


1.The price of a good (Px) 2.Consumers income (M) 3.Prices of related goods (Py , Pz) 4.Advertising and consumer tastes (A) 5.Population (N) 6.Consumer expectations (E) 7.Others factors (O)

Normal good is a good for which an increase (decrease) in income leads to an increase (decrease) in the demand for that good.
Inferior good is a good for which an increase (decrease) in income leads to a decrease (increase) in the demand for that good.

Substitutes good is a good for which an increase (decrease) in the price of one good leads to an increase (decrease) in the demand for the other good. Complements good is a good for which an increase (decrease) in the price of one good leads to a decrease (increase) in the demand for the other good. Demand function is a function that describe how much of a good will be purchased at alternative prices of that good and related goods, alternative income level and alternative values of other variables affecting demand.

Qdx=f (Px, Py, Pz, M, A, N, E, O) - + - +/- + + +/Contoh: Persh.X menghadapi fungsi permintaan pasar dari produknya sbb.: Qdx=12000-3Px+4Py-1M+2A, cet.par. Kalau diketahui Py=$15,A=$2000 dan M=$10000, maka: a.bila Px=$200,hitung Qdx! b.identifikasi kurva permintaan dan bagaimana bentuknya dalam grafik!

Surplus konsumen (consumers surplus) adalah jumlah uang yang sebenarnya konsumen ingin dan dapat bayar dikurangi jumlah uang yang konsumen benar-benar bayar untuk mendapatkan barang dalam jumlah ttt.pada tingkat harga ttt. di pasar.
Surplus konsumen tsb. secara grafis ditunjukkan oleh bidang di bawah kurva permintaan yang ada di atas harga pasar.

Change in quantity supplied is a changes in the price of a good lead to a change in the quantity supplied of that goods. This corresponds to a movement along a given supply curve.
Change in supply is a changes in variables other that the price of a good, such as input prices or technological advance, lead to a change in supply. This corresponds to a shift of the entire supply curve.

Variables affect supply:

1.Price of a good (Px) 2.Input prices (Pw) 3.Price of technologically related goods (Pr) 4.Number of firms in the market (H) and 5.Taxes/subsidy (Tx/Sb)

&

Market supply curve is a curve indicating the total quantity of a good that all producers in a competitive market would produce at each price, holding input price, technology and other variables affecting supply constant.

Qsx=f (Px, Pw, Pr, Tx/Sb) + - -/+ -/+ Contoh. Sebuah produk penawaran pasarnya sbb. Qsx=2000+3Px-4Pr-Pw, cet.par. Apabila diketahui Pr=$100,Pw=$2000, maka a.bila Px=$400, hitung berapa Qsx? a.identifikasi kurva penawaran dan bagaimana bentuknya dlm.grafik!

Supply function is a function that describes how much of a good will be produced at alternative prices of that good, alternative input prices and alternative values of other variables affecting supply.

Producer surplus is the amount producers receive in excess of the amount necessary to induce them to produce the good. Price ceiling is the maximum legal price that can be charge in market.
Full economic price is the dollar amount paid to a firm under a price ceiling, plus non pecuniary price. Pf = Pc + (Pf-Pc) Price floor is the minimum legal price that can be charge in a market.

Surplus produsen (producers suplus) adalah jumlah uang yang produsen benarbenar terima dikurangi jumlah uang yang sebenarnya produsen ingin dan sedia terima untuk memproduksi/menawarkan sejumlah barang ttt.dan harga ttt.di pasar.
Surplus produsen tsb.secara grafis ditunjukkan oleh bidang yang ada di atas kurva penawaran dan di bawah harga pasar.

Principles:

1.Equilibrium in a competitive market is determined by the intersection of the market demand and supply curves. The equilibrium price is the price that equates quantity demanded with quantity supplied. Mathematically, the equilibrium price (Pe) is the price such that Qd (Pe) = Qs (Pe)

Tugas 2.
Suatu produk diketahui permintaan pasarnya sbb.: Qd =14-2P, sedang penawarannya adalah: Qs=2+2P Menurut sdr.: a.Berapa harga dan kuantitas keseimbangan? Hitung elastisitas permintaaan dan penawaran pada harga tsb.soal di atas! b.Kalau ditetapkan price-ceiling sebesar $2,00 maka apa yang terjadi? Hitung full-economic price! c.Kalau ditetapkan floor-price $4,00 maka apa yang terjadi? Hitung cost of purchasing excess supply! d.Kalau konstanta yang ada di permintaan pasar 14 berubah menjadi 20 (changes in demand) maka jawab kembali soal a-c di atas! e.Kalau konstanta yang ada di penawaran 2 berubah menjadi 4 (changes in supply) maka jawab kembali soal a-c di atas! f.Lukiskan persoalan itu ke dalam grafik!

Contoh 2. Diketahui fungsi permintaan : Qdx=6060-3Px sedang fungsi penawarannya : Qsx=-540+3Px Pertanyaan: a.Hitung harga pasar! b.Hitung surplus konsumen dan surplus produsen pada harga pasar tsb di atas! c.Lukiskan persoalan di atas ke dalam grafik!

Pengantar Bab 3.
Pada Bab 2 sdh.dibahas variabel-variabel yg secara teoritis mempengaruhi jumlah brg.yg.diminta konsumen maupun jumlah brg.yg.ditawarkan produsen di pasar beserta arah pengaruhnya dari masing-masing variabel tsb. Namun dlm.bab itu secara spesifik/kuantitatif bagaimana masing-masing variabel mempengaruhi jumlah yg.diminta konsumen/ditawarkan produsen sama sekali belum dibahas secara detail. Pada Bab 3 ini akan dicoba dibahas: 1.Bagaimana secara kuantitatif masing-masing variabel tsb.mempengaruhi jumlah yang diminta konsumen/ditawarkan oleh produsen 2.Teknik (metoda) yg.dpt.digunakan utk.mengestimasi parameter (konstanta dan koefisien) baik yg.ada dlm.fungsi perimintaan/penawaran dgn .menggunakan analisis regresi OLS.

Pemahaman terhadap 2 point di atas menjadi sesuatu yg.sangat bermanfaat bagi manager,khususnya berkaitan dgn.penetapan kebijakansanaan persh.utk.pencapaian keuntungan maksimal.

Head Line Ch.3:Winner of Wireless Auction to pay $7 B CEO dari sebuah Regional Telephone CO.thn.depan berusaha mengikuti lelang (auction) utk.memperoleh lisensi penyelenggaraan wireless communication network (WCN) yg.diselenggarakan oleh FCC. Utk.tahun ini lelang dimenangkan oleh 99 rekanan/penawar (bider) dengan keseluruhan nilai lelang $7 B atau secara rata-rata $70,7M per penawar. Pertanyaan:menurut sdr.berapa dana harus disediakan oleh CEO tsb.agar supaya tahun depan ia bisa memenangkan lelang utk.memperoleh lisensi WCN di wilayahnya? Keterangan:utk.analisis ia memperoleh data penduduk thn.depan tumbuh 7%. Harga lisensi fungsi dari jumlah lisensi yg.dikeluarkan (-) dan banyaknya penduduk yg.mendapat layanan (+). Dari 10 negara yg.diketahui ada datanya dpt.diregres dgn.hasil sbb.: Ln.P = 2,23 1,2 ln.Q + 1,25 ln.Pop

Inside Business 3-3: Using CPE to Improve New Car Sales in the wake of IGPs
Naiknya harga BBM,teoritis akan menurunkan permintaan produk-produk komplemennya tmsk.mobil.Hasil penelitian Patrick McCarthy menyebutkan CPE atr.BBM dan mobil adalah -0,214 artinya naiknya harga BBM 10% akan menurunkan omset penjualan mobil 2,14% Hal ini akan mendorong/merangsang pabrikan mobil utk.menemukan jenis mesin mobil baru yg.lebih hemat BBM yg.dapat mengimbangi naiknya 10% biaya operasional per km.mobil berjalan. Ditemukannya mesin baru yg.dpt.menghemat penggunaan bensin senilai lebih 10% dari naiknya harga BBM dipercaya akan tetap mampu meningkatkan omset penjualan mobil dimasa-masa y.a.d. Kita lihat faktanya di lapangan!

Chapter Three : Quantitative demand analysis

Elasticity a measure of the responsiveness of one variable to changes in another variable; the percentage change in one variable that arises due to a given percentage change in another variable. Own price elasticity is a measure of the responsiveness of the quantity demanded of a good to a change in a price of that good; the percentage change in quantity demanded divided by the percentage change in the price of the good. Demand is Elastic/unitary/inelastic if the absolute value of the own price elasticity is greater/equal/less than 1. Perfectly elastic/inelastic demand if the own price elasticity is infinite/zero in absolute value. In this case the demand curve is horizontal/vertical.

Cross price elasticity is a measure of the responsiveness of the demand for a good to a change in a price of related good; the percentage change in quantity demanded of one good divided by the percentage change in the price of related good. Income elasticity is a measure of the responsiveness of the demand for a good to a change in consumer income; the percentage change in quantity demanded divided by the percentage change in income.
Linear demand function is a representation of the demand function in which the demand for a given good is a linear function of prices, income level and other variables influencing demand. Qdx = a + bPx + cPy + dM + eH

Demand is Log-linear if the logarithm of demand is linear function of the logarithms of prices, income and other variables. Qdx = aPxbPycMdHe
If we take the natural logarithm of this equation we obtain an expression that is linear in the logarithms of the variables: lnQdx = lna + blnPx + clnPy + dlnM + elnH Least squares regression is the line that minimizes the sum of squared deviations between the line an the actual data points.

Analisis Korelasi dan Analisis Regresi


Analisis korelasi adalah analisis kuantitatif yg.dimaksudkan utk.mengetahui ada-tidaknya hubungan atr.dua/lebih dua variabel beserta tingkat keeratannya tanpa perlu mengetahui dalam hubungan itu mana yg.sebagai variabel sebab dan mana yg.akibat. Ada-tidaknya hubungan tsb.ditandai oleh besarkecilnya koefisien korelasi, semakin besar semakin erat hubungan itu dan sebaliknya. Koefisien korelasi (R) nilainya antara -1 s/d +1

Analisis regresi adalah analisis kuantitatif yg.dimaksudkan utk.mengetahui ada-tidaknya hubungan kausalitas atr.dua/lebih dua variabel beserta tingkat keeratan hubungan diantara variabel-variabel tsb.
Ada tidaknya hubungan beserta tingkat keeratan hubungan atr.variabel-variabel tsb.ditandai oleh besar-kecilnya koefisien regresi (a,b,c,d,dst) dan koefisien determinasi (R-squared/R). Semakin besar angka-angka itu umumnya semakin besar hubungan diantara variabelvariabel tsb. dan begitu sebaliknya.

Koefisien regresi dpt.bernilai positif/negatif sedang koefisien determinasi selalu positif diantara 0 s/d 1.

Untuk menilai persamaan regresi taksiran yang didapat (hal ini disebabkan krn.data yg.dipakai utk.analisis berupa data dari sample dan bukan populasi), perlu diuji dengan beberapa uji sbb.:

A.Uji teori ekonomi, meliputi : 1.tanda koefisien 2.besaran koefisien


B.Uji statistika, meliputi : 1.signifikansi koefisien: uji t 2.goodness of fit : R-square dan F statistik C.Uji ekonometrika: uji otokorelasi, uji multikoliniarits dan uji heteroskedastisitas.

t-statistic is the ratio of the value of parameter estimate to the standard error of the parameter estimate.
Rule of thumb for using t-statistic when the absolute value of the t-statistic is greater than 2,the manager can be 95% confident that the true value of the underlying parameter in the regression is not zero. R-square (the coefficient of determination) tells the fraction of the total variation in the dependent variable that is explained by the regression.

The value of an R-square range from 0 and 1 ; the closer the Rsquare to 1 the better the overall fit of estimated regression equation to the actual data.
F-statistic provides a measure of the total variation explained by regression relative to the total unexplained variation. The greater the F-statistic, the better the overall fit of the regression line through the actual data. Regression that have F-statistic with significance value of 5% or less are generally considered significant

Formula.

Qdx = f(Px, Py, M, H) EQx,Px = % change inQx/% change in Px EQx,Py = % change in QX/%change in Py

EQx,M = % change inQx/% change in M

Contoh 1. Diketahui daily demand for Invogorated shoes to be : Qdx = 100 3Px + 4Py 0,01M + 2Ax; Apabila diketahui Py=$35; M=$20.000 dan Ax=$50 maka pada waktu Px=$25 hitung: a.Hitung EQx,Px EQx,Py dan EQx,M! Artikan angka itu!

Contoh 2:
Diketahui fungsi permintaan kamar pndokan di Yogyakarta sbb.: Qdx=135,15-0,14Px+0,54A-5,78D, di mana:Qdx=jumlah kamar yang diminta per smt; Px=sewa kamar per bln; A=pengeluaran iklan pemilik asrama per smt. Dan A=jarak asrama ke kampus dlm Km. R=0,89; R-square=0,79; S.E.=9,18; n=10 dan t-hitung masing-masing intersep dan koefisien adalah 6,54; -2,41; 0,85 dan-4,61 Pertanyaan: Apabila ditetapkan Px=$520; A=$20,50 dan D=5,7 Km, maka menurut sdr. berapa jumlah kamar akan diminta oleh konsumen? Dan catatan apa yang dapat sdr.berikan sehubungan dgn.angka-angka statistik di atas!

Tugas 3. Dengan menggunakan program SPSS: a.coba sdr. identifikasi bagaimana bentuk fungsi permintaan produk soft-ware komputer yg.datanya seperti nampak pada tabel 3-1 (hal. 74),atau tabel 3-8 (hal.95) atau tabel 3-9 (hal 102)Pilih salah satu saja! b.kemudian sdr.sebutkan berapa nilai koefisien regresi (a,b,..) dalam fungsi itu dan juga nilai:R,R,t-a,t-b, dan jelaskan apa arti dari angka-angka itu.Dan jangan lupa sertakan printout komputer hasil olahan sdr.!

Pengantar Bab 4.
Agar supaya manager dpt.mengelola dgn.baik persh.yg.dipimpinnya ia hrs.mengenali perilaku (behaviour) individu-individu yg.terkait dengan persh-nya khususnya konsumen dan pekerja (worker). Dengan dikenalinya perilaku mrk.diharapkan manager akan dpt.mengetahui/mengantisipasi apa yg. akan mrk.lakukan sehubungan dgn.kebijaksanaan-kebijaksanaan yg. diambil oleh manager ybs.contohnya : 1.kebijaksanaan dlm.penetapan harga jual produk, advertensi, inovasi produk baru dll. 2.kebijaksanaan dlm.penetapan upah pekerja.

Chapter Four : The theory of individual behavior


Indifference curve is a curve that defines the combinations of two or more goods that give a consumer the same level of satisfaction. U= f(X, Y) =Uo
Marginal rate of substitution (MRS) is the rate at which a consumer is willing to substitute one for another good that still maintain the same level of satisfaction. MRS x for y = Y/X Budget set is the bundles of goods a consumer can afford. X.Px + Y.Py <atau= M Budget line is the bundles of goods that exhaust a consumers income. X.Px + Y.Py = M Market rate of substitution is the rate at which one good may be traded for another in the market; slope of the a budget line = Px/Py

The equilibrium consumption bundle is the affordable bundle that yields the greatest satisfaction to the consumer. Substitution effect is the movement along a given indifference curve that result from a change in the relative prices of a goods, holding real income constant. Income effect is the movement from one indifference curve to another that results from the change in real income caused by a price change.

Titik keseimbangan konsumen (CEP) terjadi pada waktu : KI bersinggungan dengan BL atau Slope KI = Slope BL atau MRS x for y = -Px/Py atau MUx/Muy = -Px/Py atau Mux/Px = -Muy/Py atau Rasio atr.MU dan harga utk.barang yang satu (X) sama dengan rasio atr.MU dan harga barang yg.lain (Y)

Pengantar Bab 5.
Utk.tercapainya tujuan persh. yaitu mendapat keuntungan maksimal manager bertugas mengupayakan agar supaya proses produksi yg. ada berjalan secara efisien supaya pengeluaran biaya produksi persh. minimal dlm.menghasilkan produk jumlah ttt.

Utk.itu produsen harus : 1.Menentukan jenis input yang tepat. 2.Menentukan jumlah input yang tepat. Dengan kata lain manager hrs.menentukan kombinasi input yg.ada dalam proses produksi secara optimal, yang mengandung arti : 1.Dgn.kombinasi itu utk.menghasilkan produk ttt.biaya produksi yg.dikeluarkan minimal atau 2.Dgn.mengeluarkan biaya produksi ttt.jumlah produk yg. Dihasilkan maksimal

Chapter Five : The production process and cost

Production function is a function that defines the maximum amount of output that can be produced with a given set of inputs. Q = f( K, L) ; that is Q=jumlah output maksimal, K=capital equipment input, L=labour input Fixed/variables factor of production is the input the manager can not/can adjust in the short run to alter production. Total product (TP) is the maximum level of output that can be produced with a given amount of inputs. Average product (AP) is a measure of the output produced per unit of input. Marginal product (MP) is the change in total output attributable to the last unit of input. Increasing/decreasing/negative marginal returns is the range of input usage over which marginal product increase/decline/negative.

Value marginal product (VMP) is the value of the output produced by the last unit of an input.
Kemungkinan bentuk-bentuk fungsi produksi : 1.Linear production function is a production function that assumes a perfect linear relationship between all inputs and total output. Q = f (K,L) = aK + bL; where a and b are constants 2.Leontief production function is a production function that assumes that inputs are used in fixed proportion. Q = f (K,L) = min (bK,cL); where b and c are constants.

3.Cobb-Douglas production function is a production function that assumes some degree of substitutability among inputs. Q = f (K,L) = KaLb Where a and b are constants. Bentuk fungsi ini menjadi linier sth.diubah dlm.bentuk Log,menjadi Log Q = a Log K + b Log L
Isoquant is the combinations of inputs that yield the same level of output. Q = f (K,L) =Qo Marginal rate of technical substitution (MRTS) is the rate at which a producer can substitute between two inputs and maintain the same level of output. MRTSKL = MPL/MPK. Law of diminishing marginal rate of technical substitution is a property of a production function stating that as less of one unit input is used, increasing amounts of another input must be employed to produce the same level of output.

Isocost is a line that represent the combinations of inputs that will cost the producer the same amount of money. C = r.K + w.L = Co
Fixed costs is cost that do not change with changes in output, include the costs of fixed inputs used in production.

Variable costs is a cost that change with changes in output; include the costs of inputs that vary with output.
Short-run cost function is a function that defines the minimum possible cost of producing each output level when variable factors are employed in the minimizing fashion. Average fixed cost (AFC) is fixed cost divided by the number of unit of output.

Average variable cost (AVC) is variable cost divided by the number of unit of output.
Marginal cost (MC) is the cost of producing an additional unit of output. Sunk cost is a cost that is forever lost after it has been paid. Costs are cubic function of output provides a reasonable approximation to virtually any cost function. C= f(Q) = A + aQ + bQ2 + cQ3 ; MC = a + 2bQ + 3cQ2

Long-run average cost (LAC) curve is a curve that defines the minimum average cost of producing alternative level of output, allowing for optimal selection of both fixed and variable factor of production. Economies of scale/diseconomies of scale/constant returns to scale exist whenever long-run average cost declines/rise/remain constant as output is increased. Multiproduct cost function is a function that defines the cost of producing given levels of output of two or more types of outputs assuming all inputs are used efficiently. Economies of scope exist when the total cost of producing two types of outputs together is less than the total cost of producing each type of output separately.

Cost complementarity exist when the marginal cost of producing one type of output decrease when the output of another good is increased.

Principles:

1.As the usage of an input increases, marginal product initially increases, than begins to decline and eventually become negative.
2.To maximize profits a manager should use inputs at levels at which the marginal benefit equals the marginal cost. More specifically when the cost of each additional unit of labor is w, the manager should continue to employ labor up to the point where VMPL = w in the range of diminishing marginal product. 3.For given input prices, isocost farther from the origin are associated with higher costs. Changes in input prices change the slope of isocost lines.

4.To minimize the cost of producing a given level of output, the marginal product per dollar spent should be equal for all inputs : MPL/w = MPK/r . Equivalently to minimize the cost of production a firm should employ input such that the marginal rate of technical substitution is equal to the ratio of input prices: MPL/MPK = w/r. 5.To minimize the cost of producing a given level of output, the firm should use less of an input and more of other inputs when that inputs price rise. 6.A decision maker should ignore sunk costs to maximize profits or minimize losses.

Tugas 4.
Diketahui fungsi produksi sbb.: Q=21L+9L-L dimana K tetap =1 unit Apabila diketahui Pl=$200 dan Pk=$400, a.buat tabel produksi spt.tabel 5-1 hal.154 b.buat tabel biaya produksi spt.tabel 5-4 dan 5-5 hal.176 dan 177 c.kemudian dgn.mendasarkan angkaangka yg.ada dalam tabel tsb.buatlah kurva-kurva produksi dan kurva-kurva biaya produksi spt.figure 5-1 hal.156 dan fugure 5-11 hal.175 dan figure 5-12 hal.178.

Pengantar Bab 6

Utk.mengaplikasikan kombinasi input optimal yg telah dijelaskan pada Bab 5, ada 2 tugas tambahan yang pada bab 5 sama sekali belum dibahas, yaitu: 1.bagaimana caranya mengadakan (to acquire) input yg.dibutuhkan sesuai dgn.waktu yg.diperlukan dan kualitas yg.diinginkan. 2.bagaimana caranya menjamin agar seluruh pekerja (workers) yg. ada bersedia mengeluarkan segala potensi/kemampuan mrk.masing-masing secara maksimal agar tujuan perusahaan dpt.tercapai .

Chapter Six : The organization of the firm

A. Methods of procuring inputs:


1.Purchase the inputs using spot exchange 2.Acquire inputs under a contract 3.Produce inputs internally (vertical integration)

Spot exchange is informal relationship between a buyer and seller in which neither party is obligated to adhere to specific term for exchange.
Contract is a formal relationship between buyer and seller that obligated the buyer and seller to exchange a terms specified in a legal document. Vertical integration is a situation where a firm produces the inputs required to make its final product.

Transaction costs is cost associated with acquiring an input that are in excess of the amount paid to the input supplier. Specialized investment is an expenditure that must be made to allow two parties to exchange but has little or no value in any alternative use. Relationship-specific exchange is a type of exchange that occurs when the parties to a transaction have made specialized investment.

Types of specialized investments are : 1.Site specificity 2.Phisical-asset specificity 3.Dedicated assets 4.Human capital

Optimal input procurement:


The cost of minimizing method of acquiring an input depends on the characteristic of the input:

1.When the desired input does not involve specialized investment


2.When substantial specialized investment are required to

,there are many buyer and seller and low transaction costs and the input is of uniform quality then the firm can use spot exchange.

facilitate exchange and it affect high transaction costs because it leads costly bargaining,under investment and opportunism (holdup problems) then the optimal to acquire the input through a contract.

3.When substantial specialized investment are required and the

desired input has complex characteristics that are difficult to specify in a contract , the manager should produce input internally (vertical integration).

Implications of specialized investment are:


1.Costly bargaining 2.Under investment 3.Opportunism and the Hold-up problem

B. Solutions to the manager-worker/principle-agent problem:


Revenue-based incentive scheme are : 1.Profit sharing 2.Revenue sharing.

Incentive for workers to minimize costs are : 1.Piece rate 2.Time clock and spot checks

Profit sharing is mechanism used to enhance workers efforts that involves tying compensation to underlying profitability of the firm. Revenue sharing is mechanism used to enhance workers efforts that involves linking compensation to the underlying revenues of the firm.

Managerial compensation and the principal-agent problem 1.Incentive contract : profit-sharing scheme and other bonuses 2.External incentive : reputation, takeover
Manager-worker principal-agent problem 1.Profit sharing 2.Revenue sharing (include tips and sales commissions) 3.Piece rates 4.Time clocks and spot checks

Tugas 5.
1.Sebagai seorang manajer dari sebuah fastfood outlet beef-burger ABC dengan omset 8000 pack per minggu anda membutuhkan 1000 kg.daging sapi klas A yg.harus siap setiap hari Senen jam 08.00 pagi tepat.

Pertanyaan:

a.apa yg.terjadi menurut sdr.kalau seandainya utk. memenuhi kebutuhan daging tsb.anda membelinya lewat spot exchange,jelaskan! b.bagi produsen pemasok daging tsb.apa yg.harus diantisipasi kalau seandainya ia ingin menjual dagingnya lewat spot exchange, jelaskan!

2.Sebagai seorang manajer sukses dari sebuah persh.yang cukup bergengsi anda membutuhkan jasa seorang sekretaris yang dapat anda andalkan utk.tugas-tugas kesekretariatan. Menurut pendapat cara pemberian kompensasi tipe yang mana yang perlu digunakan agar semuanya berjalan optimal seimbang dgn.reputasi sdr.: Profit-sharing, piece rates atau hourly based wage, jelaskan!

Pengantar Bab 7.
Pada Bab 6 sdh. Dipelajari bagaimana manager seharusnya mengendalikan produksi agar biaya produksi yang dikeluarkan minimal. Utk.mencapai profit maksimal manager masih memiliki tugas lain yg.juga penting yaitu meningkatkan (enhance) penerimaan perusahaan. Tugas tsb. mencakup : 1.menetapkan 2.menetapkan 3.menetapkan 4.menetapkan harga jual produk yg. tepat jumlah produksi yg. tepat pengeluaran R & D yg. tepat dan pengeluaran advertensi yg. tepat.

Tugas tsb. di atas dpt. dilakukan dgn. optimal kalau manager mengenali struktur pasar di mana manager menjual produk mereka. Utk. masing-masing struktur pasar ada kebijakan yg. unik/spesifik.

Chapter seven : The nature of industry

Market structure refers all factors that affect managerial decisions, including: (1) the number of firms competing in a market, (2) the relative size of firms, (3) technological and cost considerations, (4) demand conditions and (5) the ease with which firms can enter or exit the industry.

Measures of industry concentration:


1.Four-firm concentration ratio (C4) and 2.Herfindahl-Hirshman index (HHI). Four-firm concentration ratio (C4) is the fraction of total industry sales generated by the four largest firms in the industry. C4 =(S1+S2+S3+S4)/ST C4 value lies between 0 and 1

HHI is the sum of the squared market shares of firms in a given industry multiplied by 10.000 HHI lies between 0 and 10.000 HHI = 10.000 wi ;where wi = Si/ST where Si is firm is sales and ST is total sales industry. Rothschils index (R) is a measure of the sensitivity to price of a product group as a whole relative to the sensitivity of the quantity demanded of a single firm to a change in its price. R =ET/EF ; where ET is the elasticity of demand for total market and EF is the elasticity of demand for the product of an individual firm. R takes on value between 0 and 1.

Pricing behavior. Lerner index (L) is a measure of the difference between price and marginal cost as a fraction of the products price. L = (P-MC) / P Types of integration: 1. Vertical integration 2. Horizontal integration 3. Conglomerate mergers

Vertical integration refers to a situation where various stages in the


production of a single product are carried out in a single firm.
similar products into a single firm.

Horizontal integration refers to the merging of the production of

Conglomerate merger involves the integration of different product

lines into a single firm. Conglomerate merger can improve firms cash flow-revenue derived from one product line can be used to generate working capital when demand for another product is low.

Dansby-Willig performance index is rank industries according to how much social welfare would improve if the output in an industry were increased by small amount.

Various types of market structure:


1.Perfect competition 2.Monopoly 3.Monopolistic competition 4.Oligopoly

Formula:
1.C4 = w1 + w2 + w3 +w4 Di mana : w1=S1/St; w2=S2/St; w3=S3/St dan w4=S4/St. 2.HHI = 10.000xwi 3.R = Et/Ef 4.L = (P-MC)/P Atau: P =[1/(1-L)]x MC ;dimana [1/(1-L)]=markup factor 5.DWPI = SW/Q

Struktur pasar output


Kriteria Persaingan Sempurna Sruktur Pasar Output Persaingan Monopolistik Oligopoli Monopoli

(1)
(1).Jumlah Produsen (2).Skala Usaha Relatif dgn Luas Pasar Banyak sekali Sangat kecil

(2)
Banyak sekali Kecil

(3)
Beberapa Besar

(4)
Satu Sangat besar

(3).Teknologi yg digunakan
(4).Mudah tidaknya keluar masuk pasar (5).Sifat barang yang dijual

Sama
Sangat mudah

Sedikit beda
Mudah

Berbeda
Sulit

Sangat beda
Sangat sulit

Identik/persis sama

Sedikit beda/ dibedakan

Sama/sedikit beda/dibeda

Unik/sama sekali beda

Angka indeks untuk beberapa struktur pasar

Angka Indeks

Persaingan Sempurna
(1)

Persaingan Monopolistik
(2) Mendekati 0 Mendekati 0 Mendekati 0 Mendekati 0 Mendekati 1 Mendekati 0

Oligopoli

Monopoli

(3) Mendekati 1 Mendekati 10.000 Mendekati 1 Mendekati Mendekati Mendekati

(4) 1 10.000 1

C4 H.H.I R L M.U.F D.W.P.I

0 0 0 0 1 0

Tugas 6.
1.Pasar produk SKT.dilayani lebih dari 50 perusahaan dengan omset total 100 juta bungkus per bulan.Dari omset itu 60 juta diantaranya dilayani oleh 4 persh.terbesar (the big-four) jaitu Jarum=25 juta, GG=15 juta,Sampurna=12,5 juta dan Bentoel=7,5 juta. Pertanyaan: a.hitung C4 dan HHI, apa arti angka itu! b.kalau SKT.Jarum dijual dgn.harga Rp.6000 padahal MC-nya Rp.4500 sedang SKT.GG dijual Rp.5500 sedang MC-nya Rp.5000, maka hitung Lerner index dan Mark-up Factor utk.2 komoditi tsb. dan apa arti dari angka itu? c.Kalau diketahui Et=-0,90; Ef SKT.Jarum=-1,25 dan Ef SKT.GG=-1,50,maka hitung Rothscild index utk.SKT Jarum dan GG dan apa arti bilangan itu,jelaskan!

Pengantar Bab 8.
Dlm.Bab 7 sdh.dijelaskan bahwa struktur pasar akan mempengaruhi conduct persh./manager dlm.hal penentuan optimal pricing, output, R&D dan adverticing. Bab 8 ini akan membahas secara lebih detail bagaimana perilaku manager dlm.hal tsb di atas utk.struktur pasar persaingan sempurna, pasar persaingan monopolistik dan pasar monopoli. Khusus utk.pasar oligopoli dibahas di Bab 9.

Chapter Eight : Managing in competitive, monopolistic and monopolistically competitive market.

Perfectly competitive market is market in which : (1) there are many buyer and seller, (2) each firm produce a homogeneous product, (3) buyer and seller have perfect information, (4) there are no transaction costs, and (5) there is free entry and exit.
Firm demand curve is the demand curve for an individual firms product, in a perfectly competitive market it is simply the market price. Marginal revenue is the change in revenue attributable to the last unit of output, for a competitive firm MR is the market price.

Monopoly is market structure in which a single firm serves an entire market for a good that has no close substitutes. Economies/diseconomies of scale exist whenever average total costs decline/increase as output increases. Economies of scope exist when the total cost of producing two products within the same firm is lower than when the products are produced by separate firms. Cost complementarities exist when the marginal cost of producing one output is reduced when the output of another product is increased. Deadweight loss of monopoly is the consumer and producer surplus that is loss due to the monopolist charging a price an excess of marginal cost.

Monopolistically competitive market is a market in which (1) there are many buyer and seller, (2) each firm produce differentiated product and (3) there is free entry and exit.

Comparative advertising is a form advertising where a firm attempts to increase the demand for its brand by differentiating its product from competing brands.
Brand equity is the additional value added to a product because of its brand. Niche marketing is a marketing strategy where goods and services tailored to meet the needs of a particular segment of the market. Green marketing is a form of niche marketing where firms target products toward consumers who are concerned about environmental issues.

Principles.

1.The demand curve for e competitive firms product is a horizontal line at a market price. The price is the competitive firms marginal revenue. Df =P =MR
2.To maximize profits a perfectly competitive firm produce the output at which price equals marginal cost in the range over which marginal cost is increasing : P = MC(Q) 3.To maximize short-run profits, a perfectly competitive firm should produce in the range of increasing marginal cost where P more than or equal AVC. If P less than AVC, the firm should shut down its plan to minimize losses. 4.The short-run supply curve for a perfectly competitive firm is its marginal cost curve above the minimum point on the AVC curve.

5. In the long run, the perfectly competitive firms produce a level of output such that P = MC where P = minimum AC 6. A profit-maximizing monopolist should produce the output, QM such that marginal revenue equals marginal cost : MR(QM) = MC (QM)

7.Given the level of output, QM that maximize profits, the monopoly price is the price on the demand curve corresponding to the QM units produced: PM = P(QM)
8.To maximize profits, a monopolistically competitive firm produces where its marginal revenue equals marginal cost. The profit-maximizing price is the maximum price per unit that consumers are willing to pay for the profit-maximizing level of output. In other words, the profit-maximizing output, Q*, is such that MR(Q*) = MC(Q*) and the profit-maximizing price is P* = P(Q*)

9.In the long run, monopolistically competitive firms produce a level of output such that Price more than MC and P = ATC more than minimum AC

Prinsip dasar terjadinya P dan Q optimal :


1.Syarat primer/utama : MR = MC khusus utk.PPS karena MR = P, maka syarat ini dpt. diubah menjadi : P = MC 2.Syarat sekunder/kedua : slope MR < slope MC atau kurva MC menaik. Kedua syarat di atas dlm.analisis grafik dipenuhi pada waktu : kurva MR memotong kurva MC dan Pada waktu itu kurva MC menaik

atau pada waktu kurva MR dipotong kurva MC dari arah bawah.

Contoh 1. Diketahui dalam PPS produsen menghadapi fungsi biaya secara total sbb.: C(Q) = 5 + Q2.Kalau diketahui harga pasar saat itu P = $20 per unit, maka menurut sdr berapa output harus diproduksi supaya keuntungan maksimal dan berapa keuntungan itu?
Contoh 2. Diketahui dalam PPS produsen menghadapi fungsi biaya secara total sbb.:C(Q) =100 + Q2.Apabila di pasar produsen dapat menjual output sebesar $10 per unit, maka menurut sdr berapa output optimal dan berapa keuntungan/kerugian yang diperoleh pada saat itu? Menurut sdr ia akan berproduksi/tidak, jelaskan!

Contoh 3. Dalam PM, monopolist menghadapi fungsi permintaan pasar sbb.: P = 100 2Q sedang biaya produksinya C(Q) =10 + 2Q Menurut sdr.berapa jumlah produksi dan harga per unit output harus ditetapkan agar keuntungan produsen maksimal? Dan berapa keuntungan itu? Contoh 4. Monopolist menghadapi fungsi permintaan pasar P = 70 0,5Q dan untuk melayani pasar tsb. ia menggunakan 2 pabrik. Untuk memproduksi di pabrik 1, MC1 = 3Q1 sedang untuk meproduksi di pabrik 2, MC2 = Q2. Menurut sdr. agar keuntungan yang diperoleh produsen dari bisnis tsb. maksimal berapa output harus diproduksi di masing-masing pabrik dan output itu harus dijual pada tingkat harga berapa, jelaskan!

Contoh 5. Produsen di PPM. menghadapi fungsi permintaan pasar P = 100 2Q sedang fungsi biaya produksinya C = 5 + 2Q. Menurut sdr berapa output harus diproduksi? Dan output itu harus dijual pada tingkat harga berapa agar keuntungan produsen maksimal, dan berapa keuntungan itu! Jelaskan! Contoh 6. Sebuah perusahaan yang beroperasi di PPM mengetahui EQ,P = -10 sedang EQ,A = 0,2. Menurut pendapat sdr. agar keuntungan yang diperoleh produsen tsb. maksimal, maka berapa persen dari penerimaannya yang harus ia keluarkan untuk keperluan advertensi? Jelaskan!

Chapter Nine : Basic oligopoly model


Oligopoly is a market structure in which there are only a few firms, each of which is large relative to the total industry. Sweezy oligopoly is an industry in which (1) there are few firms serving many consumers, (2) firm produce differentiated product and (3) each firm believe rivals will respond to a price reduction but will not follow a price increase and (4) barriers to entry exist. Cournot oligopoly is an industry in which (1) there are few firms serving many consumers (2) firms produce either differentiated or homogenous products (3) each firm believes rival will hold their output constant if it changes its output and (4) barriers to entry exist.

Pengantar Bab 9
Dalam bab ini akan dibahas secara detail bagaimana dlm.struktur pasar oligopoli manager seharusnya menentukan harga, jumlah produksi, R&D dan advertensi agar perusahaaannya optimal.

Dalam struktur pasar oligopoli ini karena produsen hanya ada beberapa buah dan skala usaha mrk.cukup besar sehingga mrk.mendominasi pasar, maka akibatnya mereka akan merasa sangat tergantung satu dengan yg.lain (Mutual Recognition Dependency).
Krn.mereka saling tergantung tindakan yg.dilakukan oleh satu persh.selain dampaknya ia rasakan sendiri, juga akan dirasakan oleh persh.yg.lain. Dlm.struktur pasar ini tdk.ada model yg.berlaku secara umum (krn.bagaimana respon persh.lain terhadap policy yg.diambil satu persh sangat tergantung pada asumsi yg.ada). Dan dlm.bab ini akan dibahas model-model pasar oligopoli yg.standard/baku yaitu : Cournot, Sweezy, Stackelberg dan Bertrand.

Classical oligopoly models (RMD) : A.Non-collusive model : 1.Sweezy (KDC) model 2.Cournot (RC) model 3.Stackelberg (L-F) model 4.Bertrand (PW) model
B.Collusive-model : 1.Cartel model 2.The basing point price system model

Reaction function is a function that defines the profitmaximizing level of output for a firm for given output levels of another firm. Cournot equilibrium is a situation in which neither firm has an incentive to change its output given the other firms output. Isoprofit curve is a function that defines the combinations of output produced by all firms that yield a given firm the same level of profits. Stackelberg oligopoly is an industry in which (1) there are few firms serving many consumers (2) firms produce either differentiated or homogeneous products (3) a single firm (the leader) chooses an output before rivals select their output (4) all other firms (the followers) take the leaders output as given and select outputs that maximize profits given the leaders output and (5) barriers to entry exist.

Bertrand oligopoly is an industry in which (1) there are few firms serving many consumers (2) firms produce identical products at a constant marginal cost (3) firms compete in price and react optimally to competitors price (4) consumers have perfect information and there are no transaction cost and (5) barriers to entry exist.
Contestable market is a market in which (1) all firms have access to the same technology (2) consumers respond quickly to price changes (3) existing firms can not respond quickly to entry by lowering their prices and (4) there are no sunk cost.

Comparing oligopoly models.


Diketahui fungsi permintaan pasar : P = 1000 (Q1+Q2) sedang fungsi biaya masing-masing perusahaan: Ci(Qi) = 4Qi , sehingga MC perusahaan =4 Pertanyaan: berapa Q dan P harus ditentukan supaya keuntungan perusahaan maksimal?

1.Model Cournot.

Profit = [1000-(Q1+Q2)]Qi-4Qi Reaction curve function is: Q1 = r1(Q2) = 498-0,5Q2 dan Q2 = r2(Q1) = 498-0,5Q1 Dengan substitusi diketahui Q1=Q2=332 sehingga total output=664 dan P=$336 serta perusahaan masing-masing memperoleh keuntungan $110.224

2.Model Bertrand.

Output leaders firm is Q1=(a+c2-2c1)/2b=[1000+4-2(4)]/2=498 sedang follower: Q2=r2(Q1)=[(a-c2)/2b]-0,5Q1=[(1000-4)/2]-0,5(498)=249 Output total (Q)=747 dijual dengan harga,P=$253 keuntungan leaders firms =$124.002 dan keuntungan followers firm =$62.001

3.Model Bertrand. Output optimal ditentukan P=MC yaitu 1000-Q = 4 sehingga Q =996 karena di pasar ada 2 perusahaan yang simetris masing-masing menghasilkan Q=498 dan masing-masing menerima keuntungan $0
4.Model Collusion. P = 1000Q; TR = 1000Q-Q2 ; MR = 1000-2Q Output optimal ditentukan MR=MC sehingga 1000-2Q=4 dan Q=498 dan P=$502 serta masing-masing perusahaan untung $124.002 Komentar sdr. terhadap model-model ini bagaimana?

Pengantar Bab 11
Pada Bab 8 dan 9 sdh.dibahas bagaimana perilaku produsen di 4 struktur pasar, baik dlm.hal pricing,output,R&D dan adverticing. Pada Bab 11 berikut ini akan dibahas beberapa kebijaksanaan penentuan harga (pricing) yg.hanya dapat dilakukan oleh produsen yg.memiliki market power saja, baik yg.bersifat basik sampai yg.sophisticated yg.tujuannya utk.menambah keuntungan lebih banyak lagi yaitu dgn.cara meminta kembali surplus konsumen baik sebagian atau seluruhnya. Pricing policy yg.sophisticated tsb. ada 8 macam yaitu dari Price discrimination policy sampai dengan Randomized pricing policy.

Chapter Eleven: Pricing strategies for firms with market power.


Price discrimination is the practice of charging different prices to consumers for the same good or service. Two-part pricing is strategy in which consumers are charged a fixed fee for the right to purchase a product, plus a per unit charge for each unit purchased. Block pricing is pricing strategy in which identical products are packaged together in order to enhance profits by forcing customers to make an all-or-none decision to purchase. Commodity bundling is practice of bundling of several different products together and selling them at a single bundle price.

Peak load pricing is pricing strategy in which higher prices are charged during peak hours than during off-peak hours.
Cross-subsidy is pricing strategy in which profits gained from the sale of one product are used to subsidize sales of related product. Transfer pricing is pricing strategy in which a firm optimally sets the internal price at which an upstream division sell an input to a downstream division.

Price matching is a strategy in which a firm advertises a price and promise to match any lower price offered by a competitor.
Randomized pricing is pricing strategy in which intentionally varies its price in attempt to hide price information from consumers and rivals.

Principles:
1.Profit-maximizing markup for monopoly and monopolistic competition is given by P = [Ef/(1+Ef)]MC 2.Profit-maximizing markup for Cournot oligopoly is P = [NEM/(1+NEM)]MC 3.A firm can enhance profits by engaging in two-part pricing: charge a per-unit price that equals marginal cost, plus a fixed fee to the equal consumer surplus each consumer receives at this per-unit price. 4.By packaging units of product and selling them as one package, the firm earns more than by posting a simple perunit price. The profit-maximizing price on a package is the total value the consumer receives for the package, including consumer surplus.

5.When demand is higher at some times of the day than other times, a firm may enhance profits by peak-load pricing: charge a higher price during peak time than is charge during off-peak times. 6.Whenever the demand for two products produced by a firm are interrelated through costs or demand, the firm may enhance profits by cross-subsidization: selling one product at or below cost and the other product above cost. Contoh 1. Sebuah toko kelontong yang beroperasi di PPM, membeli cola dari supplier dengan harga $1,25 per liter.Karena di sekitar toko tsb.banyak terdapat toko sejenis maka permintaan produk itu diperkirakan sangat elastik dan diperkirakan angka elastistasnya -4.Untuk memaksimir keuntungan menurut sdr. berapa toko tsb. harus menetapkan harga jual cola? Jelaskan!

Formula:
1.MR for a firm with market power. MR = P[(1+Ef)/Ef] di mana Ef=elastisitas harga Agar keuntungan maksimal yang harus dipenuhi adalah MR=MC jadi P[(1+Ef)/Ef]=MC atau P=[Ef/(1+Ef)]MC dan bila Ef/(1+Ef) = K maka P=[K]MC 2.A calculus alternative: Q = Qi EM = dQ/dP.P/Q = df(P)/dP.P/Q Di mana Qi = f(P) Q2 Q3 Q4 ----- QN di mana N adalah the number of identical firms in the industry. Ef = dQ1/dP.P/Q1 = df(P)/dP.P/Q1 karena Q1 =Q/N Ef = df(P)/dP.PN/Q = NEM , atau Ef = NEM

Chapter Twelve: Economics of information


Mean (expected value) is the sum of the probabilities that different outcomes will occur multiplied by the resulting payoffs.

Variance is the sum of the probabilities that different outcomes will occur multiplied by the squared deviations from the mean of the random variable.
Standard deviation is the square root of the variance. Risk averse is preferring a sure amount of $M to a risky prospect with an expected value of $M. Risk loving is preferring a risky prospect with an expected value of $M to a sure amount of $M. Risk neutral is indifferent between a risky prospect with an expected value of $M and a sure amount of $M.

In a Cournot duopoly, each firm believes the other will hold its output constant as it own output. Therefore, the profit maximizing output level for firm 1 depends on firm 2s output. Each firm will adjust its profit maximizing output level until the point where the two firms reactions function are equal.

Reservation price is the price at which a consumer is indifferent between purchasing at that price and searching for a lower price.
Asymmetric information is a situation that exists when some people have better information than others. Hidden characteristics is a things one party to a transaction knows about itself but which are unknown by the other party. Hidden action is an action taken by one party in a relationship that cannot be observed by the other party.

Adverse selection is a situation where individuals have hidden characteristic in which a selection process results in a pool of individuals with undesirable characteristic. Moral hazard is a situation where one party to a contract takes a hidden action that benefits him or her at the expense of another party. Signaling is an attempt by an informed party to send an observable indicator of his or her hidden characteristic to an uninformed party.

Screening is an attempt by an uninformed party to sort individuals according to their characteristic.


Self-selection device is a mechanism in which informed parties are presented with a set options, and the options they choose reveal their hidden characteristics to an uninformed party.

English auction is an ascending sequential-bid auction in which bidders observe the bids of others and decide whether or not to increase the bid. The auction ends when a single bidder remains; this bidder obtains the item and pays the auctioneer the amount of the bid.
First-price, sealed-bid auction is a simultaneous move auction in which bidders simultaneously submit bids on pieces of paper. The auctioneer awards the item to the high bidder, who pays the amount bid. Second-price, sealed-bid auction is a simultaneous move auction in which bidders simultaneously submit bids. The auctioneer awards the item to the high bidder, who pays the amount bid by the second-highest bidder.

Dutch auction is a descending sequential-bid auction in which the auctioneer begin with a high asking price and gradually reduces the asking price until one bidder announces a willingness to pay that price for the item.
Independent private values is auction environment in which each bidder knows his own valuation of the item but does not know how other bidders valuation and in which each bidders valuation does not depend on other bidders valuation of the object. Affiliated (correlated) value estimates is auction environment in which bidder does not know their own valuation of the item or the valuation of others. Each bidder uses his or her own information to estimate their valuation and these value estimate are affiliated. The higher a bidders value estimate, the more likely it is that other bidders also have high value estimate.

Common value is auction environment in which the item is the same for all bidders, but this common value is unknown. Bidder each use their own (private) information to form an estimate of the items true common value. Winners curse is the bad news conveyed to the winner that his or her estimate of the items value exceeds the estimate of all other bidders.

Principles:
1.The optimal search rule is such that the consumers rejects prices above the reservation price (R) and accepts prices below the reservation price. Stated differently, the optimal search strategy is to search for a better price when the price charged by a firm is above the reservation price and stop when a price below the reservation price is found. 2.The Dutch and first-price, sealed-bid auctions are strategically equivalent, that is the optimal bids by participants are identical for both types of auctions. 3.A players optimal bidding strategy in an English auction with independent, private valuations is to remain active until the price exceeds his or her own valuation of the object.

4.In a second-price, sealed-bid auction with independent private values, a players optimal strategy is to bid his or her own valuation of the item. In fact, this is a dominant strategy.
5.In a first-price, sealed-bid auction with independent private value, a bidders optimal strategy is to bid less that his or her valuation of the item. If there are n bidders who all perceive valuation to be evenly (uniformly) distributed between a lowest possible valuation of L and highest of H then the optimal bid for player whose own valuation is v given by: b = v- [(v=L)/n] 6.In a common-value auction, the winner is the bidder who is the most optimistic about the true value of the item. To avoid the winners curse, a bidder should revise downward his or her private estimate of the value to account for his fact.

Chapter Thirteen: Advanced Topics in Business Strategy


Limit pricing is strategy where an incumbent maintains a price below the monopoly level in order to prevent entry. Learning curve effects exists when a firm enjoys lower costs due to knowledge gained from its past production decision. Predatory pricing is strategy where a firm temporarily prices below its marginal cost to drive competitors out of the market.

Raising rivals costs is strategy in which a firm gains an advantage over competitors by increasing their costs.
Vertical foreclosure is strategy wherein a vertically integrated firm charges downstream rivals a prohibitive price for an essential input, thus forcing rivals to use more costly substitutes or go out of business. Price-cost squeeze is a tactic used by a vertically integrated firm to squeeze the margins of its competitors.

Direct network externality is the direct value enjoyed by the user of network because others also use the network.

Indirect network externality (network complementarities) is the indirect value enjoyed by the user of e network because of complementarities between the size of a network and the availability of complementary products or services. Penetration pricing is charging a low price initially to penetrate a market and gain a critical mass of customers, useful when strong network effects are present.
Principles: 1.In order for limit pricing to effectively prevent entry by rational competitors, the pre-entry price must be linked to the post-entry profits of potential entrants. 2.A two-way network linking n users provide n(n-1) potential connection services. If one new user joins the network, all of the existing users directly benefit because the new user adds 2n potential connection services to the network.

Chapter Fourteen : Managers Guide to Government in the Marketplace.


Market power is the ability of a firm to set its price above marginal cost. Antitrust policy is government policies designed to keep firms from monopolizing their markets. Negative externalities exists when costs borne by parties who are not involved in the production or consumption of a good.

Public good is a good that is non-rival and non-exclusionary in consumption. A good is non-rival in consumption if the consumption of the good by one person does not preclude other people from also consuming the good.
A good is non-exclusionary consumption if one provided, no one can be excluded from consuming it.

Rent seeking is selfishly motivated efforts to influence another partys decision.


Quota is restriction that limits the quantity of imported goods that can legally enter the country. Lump-sum tariff is a fixed fee that an importing firm must pay the domestic government in order to have the legal right to sell the product in the domestic market. Per-unit (excise) tariff is the fee an importing firm must pay to the domestic government on each unit it brings into the country.