Salinan dari Catatan Kuliah Business Economics

Created: 8/24/2019 8:38 AM Updated: 9/8/2019 6:59 AM

Author: abunganaen@gmail.com
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Day 1 - 24 Agustus 2019

Economic : study of how society manages its scarce resources. Scarce : Langka, Terbatas
Economic is social science

3 central economic problems :

1. How Much To Produce

2. How to Prodcuce
3. For whom to Produce

Important of learning economics :

1. talk the talk : participate in the conversation

2. to avoid being deceived by economists
3. most of the economiics that is usable for advising on public policy is at about the level
of the introductory undergraduate course : sebagian besar ekonomi yang dapat
digunakan untuk memberi nasihat tentang kebijakan publik adalah sekitar tingkat
kursus sarjana pengantar

What ecocnomics is not about :

1. predicting the future.. economist membuat prediksi berdarkan asumsi asumsi (what if)
2. taking side

What are economics about : about a method or a framework for thinking about the
problems and issues that society faces and answering those big questions.
a method rather than a doctrine a tool of mind and a technique of thinking which helps its
prossessor to draw correct conclusions.

The way of economist thinking :

1. taking trade off concept seriously : trade off semacam keterbatasaan gitu
2. the rules of opportunity cost : benefit yang hilang saat memenuhi suatu hal yang lain
(the loss of potential gain from other alternatives when one alternative is chosen).
contoh : pada saat datang kuliah, maka opportunity cost nya adalah kehilangan family
time. Opportunity Cost : the  benefit from next best solution.
3. there are benefit and cost to any activities
4. Incentives matter :  Both positive and negative incentives affect people's choices and
behavior. ... Responses to incentives are predictable because people usually pursue
their self-interest. Changes in incentives cause people to change their behavior in
predictable ways. Incentives can be monetary or non-monetary.
5. Self Interest can be effective way to organize market.
6. Price are sets by supply & demand not by market participant (in most extend).
 MICRO VS MACRO ECONOMIC
Microeconomics :

the pricing policy of firms

household decisions on what to buy
how markets allocate resources among alternatives ends

Macroeconomics deals with :

inflation
unemployement
economic growth

macroeconomic : aggregate

Positive vs Normative Analysis : 

Normatif : prescribe how the world should be : berapa sebaiknya/seharusnya?? tergantung pada
historical data
Positive : describe the world as is is : berapa inflasi, berapa GDP? positive : FAKTA. 
Art of economics : the use of Positive Economics to achieve Normative Economics

Supply & Demand Theory - the heart of economics

ilustrasi dosen :
Harga hotel antara weekdays & weekend. Harga di weekend naik. 
Harga LPG naik. 
Harga LCD Monitor turun.

Konsep :

a change in demand vs a change in quantity demanded

a change in supply vs a change in quantity supplied
explain how the laws of supply & demand create equilibrium

The Law of Demand :

Hukum demand : Relasi berkebalikan (inverse relationship) antara price dan qty
demanded. hubungannya adalah : price menyebabkan qty.
other things equal (ceteris paribus) : 1) quantity demanded rises as price falls 2) quaantity
demanded falls as prices rises. hanya qty & price yang berubah.
Law of demand is based on the fact that people subtitute for goods whose price increases

change in quantity demanded hanya terjadi dengan perubahan dua variabel i.e qty & prices.
movement along the curve

Ceteris paribus is the commonly used Latin phrase meaning 'all other things
remaining constant.

Ceteris Paribus Effects : other things constant places a limitation on the application of the law
of demand.
all other factors :

no change in tastes
no change in prices of other goods
 no change in income --> contoh setelah kuliah, demand mie menurun
no change in the weather, etc. --> contoh demand payung

jika ceteris paribus ditiadakan (factor di atas berubah), maka akan terjadi shifting pada demand
(change on demand)
change on demand, dengan harga yang sama, qty berubah.

The Law of Supply

hukum supply : direct relationship between price & quantity supplied

other things constant : 1) quantity supplied rises as prices rises 2) quantity supplied falls
as price falls.
the law of supply occurs because : 1) assuming firms costs are constant, a higher price
means higher

change in quantity supplied : movement along the curve

change in supply : shifted
Equilibrium :

condition at which qty demanded is equal to quantity supplied

when the market is not in equilibrium, there is either excess demand or excess supply
excess supply : a surplus, qty supplied > qty demanded, prices falls
excess demand : a shortage, qty demand > qty supplied, price rises

when qty demanded equals qty supplied, price have no tendency to change

Tugas : buat analisa kenapa harga batubara s.d sekarang tidak naik2 & analisa utk
menaikan harga. diupload ke link folder assignment dibawah dalam bentuk jpeg due
date 25 Agustus 2019

kirim ke share folder : BC_MB5006_NIM

folder :
- assignment (tugas 1 dinamain assignment 1)
- Mid term
- final exam

share ke : deddypri@sbm-itb.ac.id
Hi

Technical Characteristics of Supply & Demand Function

use the terms price elasticity of supply and price elasticity of demand
five elasticity terms : elastic (E>1), in elastics (E<1) , unit elastics (E = 1), perfectly elastic (E
= tak terhingga), perfectly inelastic (E = 0)

Price Elasticity
Price Elasticity of Demand (Ed)
Ed = % change in qty demanded / % change in price

Price Elasticity of Supply (Es)

Es = % change in qty supplied/ % change in price

Classifying demand & supply as elastic/inelastic

elastic (E>1), in elastics (E<1) , unit elastics (E = 1), perfectly elastic (E = tak terhingga), perfectly
inelastic (E = 0)
HUBUNGAN ELASTISITAS DENGAN REVENUE
b.o gambar di atas, utk menaikan revenue :

produk elastic, turunkan harga

produk inelastic, naikan harga

Tips :
!!! elastic/ inelastic dipahamin dari sensitivitas supply/demandnya terhadap
kenaikan harga
!!! perlu mapping produk itu elastic atau inelastic utk dapat menentukan strategi
peningkatan revenue

Day 2 - 25 Agustus 2019

Firms Prduction Cost & Analysis

Diminishing Marginal Productivity

Economic Profit (E) vs Accounting Profit (A) : A focus pada explicit costs & revenues, E
focus baik explicit - implicit cost & revenues.
E = Total Revenues - Total Costs. Total Revenue : Explicit + Implicit (plus all the add value),
Total Cost : Explisit + Implicit (plus opportunity cost).

The Law of Diminishing Marginal Productivity : as more of a variable input is added to an

existing fixed input, after some point the additional output from the additional input will fall.
Ilustrasi : Input : Capital, Labour, Machine, etc. Jika yang dinaikan hanya labour, maka akan terjadi
output yang meningkat namun suatu saat peningkatan itu akan mengalami penurunan.
Average Production (AP) = sumbu x sama, sumbu y = output dibagi input
Marginal Production (MP) = sumbu x sama, sumbu y = Delta Output - Delta Input
Running bagus di area stage 2

!!! MP curve intersect with AP at the highest point

Per Unit Output Cost Curves 

Total Cost = Fix Cost + Variable Cost
  

ATC : Total Cost/Output

MC : Delta Total Cost/delta Output
Jika ATC > MC, naikan produksi
Jika MC < ATC, nurunin produksi. produksi menaikan marginal cost

!!! Marginal cost cross with ATC/AVC on its lowest curve

The production process : short run vs long run

some of the input being fix : short run condition
no input being fix (all the input being variable) : long run condition

Economy of skill : cost turun saat meningkatkan produksi

Economies of Scope : jika sudah punya pabrik, most likely akan lebih mudah menhasilkan
output lain dengan memanfaatkan pabrik tsb. cth : toyota punya avanza, innova, fortuner dll

Market Structure
Perfectly competitive market

1. both buyers & sellers are price takers

2. the number of firms is large
3. there no barriers to entry
4. fimrs products are identical
5. there is complete information  (semua org tau harga barangnya berapa)
6. firms are profit maximizers

Maximize profit competitive market: 

marginal cost (MC) = marginal revenue (MR) = price = demand
if MR > MC, increase output (naikan revenue)
if MR < MC, decrease  output (nurunin cost)

Optimality Condition
Konsep : marginal cost (MC) = marginal revenue (MR) = price = demand

Stage graph 1 graph 2 graph 3

 price = mr 35 35 35

optimum qty 
intersection antara p 8 8 8
dengan mc

per unit price

intersection antara 35 35 35
qtc dengan mc

per unit cost

25 35 40
intersection qty vs atc

per unit profit 35-25 = 10 35-35 = 0 35-40 = -5

total profit 10 x 8 = 80 0 x 8 = 0  -5 x 8 = -40

variable & total cost

tetap tercover.
ttp jalan agar ttp bisa
bisa cover biaya.
bisnin td jalan : cost
minimize lose.
tdk tercover
bisnis dijalanin ttp running.
bisnis jalan : cost
stop operasi saat
tercover
price dibawah AVC
ttp running

At long run equilibrium, economic profits are zero

istilah : price predatory : kondisi dimana harga disetting sangat rendah dengan tujuan
kompetitor akan menurunkan harga sampai dengan dibawahh marginal cost dan pada akhirnya
akan tutup.

equilibrium price & quantity monopolist vs competitive market

maximize profit pada monopoly market

MC = MR
MR dibawah d
emand curve

dari gambar di bawah, price pada pasar monopoly di set pada titik B.
MC = MR pada perpotongan garis merah dan hijau

Day 3 - 7 September 2019

Game Theory
Definition : study of rational behaviour in interactive or independent situations
Rational : calculate all the possibble withouts error  & pick the best option
Bad News : Knowing game theory does not guarantee winning
Good News : Framework for thinking about strategic decision
Strategic Planning is look what the competitors do. make the planning to respond what the
competitors do.
Strategic Decision is decision that take into account the reactions of other players
the strategic environtment :

Players (motorola & samsung)

1. everyone who has an effect

Strategies (user need first vs carrier needs first)

payoffs  (angka2nya)

1. numbers associated with each outcome

2. reflect the interest of thhe players

In game theory, a dominant strategy is the course of action that results in the highest payoff
for a player regardless of what the other player does. Not all players in all games
have dominant strategies; but when they do, they can blindly follow them.

games with dominant strategy is easy to play & to predict the likely outcome
nash equilibrium : the equilibrium situation in which no players has incentive to move away
from it

1. cari dominant strategy

2. jika tidak ada dominant strategy, maka cari nash equilibrium

Sequential Games

cek dari yang belakang

use tree plan

Taxes
Consumer Surplus : area below demand curve & above the equilibrium price
Producer Surplus : area above supply curve & below the equiolibrium price
Total Surplus : CS + PS

Welfare Effects of Taxes When Tax is Imposed on Sellers

Keterangan :
Pc = Price pays by buyer (terjadi pergeseran yang disebabkan oleh berubahnya supply curve
karena adanya tax)
P* = Price before tax
Pp = Price receive by seller (selisih antara Pc - tax per unit)
Govenment revenue from the tax = tax per unit x Quantity
Welfare loss/deadweight loss (DWL) = total surplus yang hilang
After Tax
Deskripsi Before Tax

Cons Surplus
 Producer Surplus

Government Revenue

Total Surplus

Tax Imposed on Seller 

Tax Imposed on Buyer
Price Ceiling & Price Floor (Policy)

price ceiling ditentukan di bawah harga equilibrium

Effect of Price Ceiling :

creates shortages

            

price floor ditentukan di atas harga equilibrium