(Permintaan Input)
Topics to be Discussed
Chapter 15
Slide 2
Topics to be Discussed
Chapter 15
Slide 3
Contoh
Chapter 15
Slide 4
Chapter 15
Slide 5
PASAR
KONSUMEN
PRODUSEN
Pers. Sempurna,monopoli,
monopolistik, oligopoli
KONSUMEN
PASAR
FAKTOR
PRODUKSI
Chapter 15
Slide 6
Chapter 15
Slide 7
Input minimal
MPPl/w = MPPK/v.................2
Pers. 2 mejnelaskan : minimisasi biaya
input yang memerlukan kombinasi dari
berbagai input tercapai jika marjinal
produk dari suatu input dibagi harga
tersebut sama
Chapter 15
Slide 8
MPx/Px =MPY/PY.........MPPn/Pn=I/MC.......3
Chapter 15
Slide 9
Chapter 15
Slide
MPx/Px=MPy/Py=....=1/MC=1/MR....................4
Atau
Pi/MPi=...=MC=MR=.........................................5
MPi xMR= Pi
MRP = Pi...........................................................6
Dimana :Pi = Harga Input, Po = Harga Output
MRP = Perkalian antara marginal Product dr suatu
input dg marginal revenue dr output yg
diproduksi.
Chapter 15
Slide
= Pi....................................7
Chapter 15
Slide
Slide
Slide
TVc
(10)
TC Profit
(11) (12)
1 Year
2 Years
3 Years
4 Years
5 Years
6 Years
0.07
0.935
0.873
0.713
0.508
0.258
0.131
0.08
0.926
0.857
0.681
0.463
0.215
0.099
0.09
0.917
0.842
0.650
0.422
0.178
0.075
0.10
0.909
0.826
0.621
0.386
0.149
0.057
0.15
0.870
0.756
0.497
0.247
0.061
0.015
0.20
0.833
0.694
0.402
0.162
0.026
0.004
Chapter 15
Slide
1 Year
Payment Stream A:
$100
$100
Payment Stream B:
$20
$100
$100
Chapter 15
2 Years
Slide
2
(1 R) (1 R )
Chapter 15
Slide
R = .15
R = .20
$183.33
R = .10
193.54
182.57
172.77
Chapter 15
Slide
Chapter 15
Slide
Scenario
Harold
Salary:
$85,000
Retirement
Age: 60
Chapter 15
Slide
Question
What
Chapter 15
Slide
Question
What
Chapter 15
Slide
Question
What
Assume R = 9%
Chapter 15
Slide
W0 (1 g )(1 m1 )
PDV W0
(1 R )
W0 (1 g ) (1 m2 )
...
2
(1 R)
2
W0 (1 g ) (1 m7 )
7
(1 R )
7
Chapter 15
Slide
W0(1 + g)t
(1 - mt)
1986
1987
1988
1989
1990
1991
1992
1993
$ 85,000
91,800
99,144
107,076
115,642
124,893
134,884
145,675
.991
.990
.989
.988
.987
.986
.985
.984
1/(1 + R)t
1.000
.917
.842
.772
.708
.650
.596
.547
$84,235
83,339
82,561
81,671
80,810
80,043
79,185
78,408
Finding PDV
The
Jennings family
Chapter 15
Slide
Principal
$100
$100
PDV
2
(1 R ) (1 R )
$100
$1000
...
10
10
(1 R )
(1 R )
Chapter 15
Slide
Present Value of
the Cash Flow from a Bond
2.0
Why does the value decline
as the rate increases?
1.5
1.0
0.5
0
0.05
0.10
Interest Rate
Chapter 15
0.15
0.20
Slide
Perpetuities
Perpetuities
Payment
PDV
R
Chapter 15
Slide
R
R
$100
R
P $1,000
P
R 10%
Chapter 15
Slide
$100
$100
Coupon Bond : PDV
2
(1 R) (1 R )
$100
$1000
...
10
10
(1 R)
(1 R)
Calculate R in terms of P
Chapter 15
Slide
1.5
1.0
0.5
0
0.05
0.10
Interest Rate
Chapter 15
0.15
0.20
Slide
Assume
IBM
Slide
53/8 09
5.8
30
92 -11/2
Polaroid 111/2 06
10.8
80 106
IBM
f
-5/8
Slide
annual payments
- 1999 = 10 years
5.375
5.375
92
2
(1 R ) (1 R )
5.375
100
...
10
(1 R )
(1 R )10
R* 6.5%
Chapter 15
Slide
2
(1 R ) (1 R)
11.5
11.50
...
7
7
(1 R ) (1 R )
R* 10.2%
Chapter 15
Slide
Chapter 15
Slide
NPV Criterion
Firms
Chapter 15
Slide
2
(1 R ) (1 R) (1 R )10
R discount rate or opportunit y cost of capital
with a similar risk
Invest if NPV 0
Chapter 15
Slide
Price = $52.50
Should
Slide
.96
.96
NPV - 10
2
(1 R) (1 R)
.96
1
...
20
(1 R)
(1 R ) 20
R* 7.5%
Chapter 15
Slide
8
6
4
2
0
-2
-4
-6
0.05
0.10
Interest Rate, R
R* = 7.5
Chapter 15
0.15
0.20
Slide
terms
Inflation = 5%
Chapter 15
Slide
terms
Therefore,
P = (1.05)(52.50) = 55.13, Year 2 P = (1.05)
(55.13) = 57.88.
C = (1.05)(42.50) = 44.63, Year 2 C =.
Profit remains $960,000/year
Chapter 15
Slide
R = nominal R - inflation = 9 - 5 = 4
Chapter 15
Slide
6
4
2
0
-2
-4
-6
0.05
0.10
Interest Rate, R
Chapter 15
0.15
0.20
Slide
Chapter 15
Slide
time is 1 year
Expected
Profit
Scrap
Slide
5
1
.5
NPV - 5
2
3
(1 R ) (1 R ) (1 R )
.96
.96
...
4
5
(1 R ) (1 R )
.96
1
20
20
(1 R )
(1 R )
Chapter 15
Slide
Slide
Nondiversifiable
Slide
Chapter 15
Slide
r1 rf (rm rf )
r1 expected return
Slide
Question
What
Chapter 15
Slide
Chapter 15
Slide
Determining beta
Stock
Chapter 15
Slide
Determining beta
Factory
Slide
Chapter 15
Slide
Price
of car is $20,000
Resale
Chapter 15
Slide
(S E )
NPV 20,000 ( S E )
(1 R )
(S E )
(S E )
4000
...
2
6
(1 R)
(1 R) (1 R) 6
Chapter 15
Slide
Conditioner A
Chapter 15
Slide
Conditioner B
Both
Assume
an 8 year life
Chapter 15
Slide
OCi
PDV Ci OCi
(1 R )
OCi
OCi
...
2
(1 R )
(1 R )8
Ci is the purchase price of i
OCi is the averge operating cost of i
Chapter 15
Slide
Chapter 15
Slide
Intertemporal Production
Decisions---Depletable Resources
Chapter 15
Slide
Intertemporal Production
Decisions---Depletable Resources
Scenario
You
MC
and AC = $10/barrel
Should
Chapter 15
Slide
Intertemporal Production
Decisions---Depletable Resources
Scenario
Pt
Pt+1
= extraction costs
R = interest rate
If ( Pt 1 c) (1 R )( Pt c) : Keep the oil in the ground
If ( Pt 1 c) (1 R)( Pt c) : Sell all the oil now
If ( Pt 1 c) (1 R )( Pt c) : Indifferen t
Chapter 15
Slide
Intertemporal Production
Decisions---Depletable Resources
Slide
Price
PT
Demand
P0
P-c
P0
c
Marginal Extraction
Cost
Time
Quantity
Why?
How
Chapter 15
Slide
Notice
P >
MC
Chapter 15
Slide
P = MC
MC
User
Chapter 15
Slide
(MRt+1
- c) = (1 + R)(MRt - c)
Chapter 15
Slide
Chapter 15
Slide
Chapter 15
Slide
Question
Why
Slide
Chapter 15
Slide
R*
DF
DH
Q*
Chapter 15
DT
DT = DH + DF and
equilibrium interest
rate is R*.
Quantity of
Loanable Funds
Slide
R*
R1
DT
DT
Q1
Q*
Chapter 15
Quantity of
Loanable Funds
Slide
R2
R*
DT
DT
Q* Q2
Chapter 15
Quantity of
Loanable Funds
Slide
R*
R1
DT
Q* Q1
Chapter 15
Quantity of
Loanable Funds
Slide
Chapter 15
Slide
Chapter 15
Slide
Summary
Chapter 15
Slide
Summary
Chapter 15
Slide
Summary
Chapter 15
Slide
Summary
Chapter 15
Slide
Summary
Chapter 15
Slide
End of Chapter 15
Investment,
Time, and
Capital Markets