Chapter 1

The Nature and Scope

of Managerial Economics
The Scope of Managerial Economics
The Theory of the Firm
Function of Profits
Business Ethics
Internatl Framework & Managerial Economics
Appendix: The Basic of D, S, and Equilibrium

Chapter
Bab 11
The Nature
Scope
Karakteristik
& and
Ruang
Lingkup
of Managerial
Economics
Ekonomi Manajerial
Ruang Lingkup Ekonomi Manajerial
Theory Perusahaan
Fungsi Keuntungan/Laba
Etika Bisnis
Kerangka Internasional & Managerial Economics
Lampiran: The Basic of D, S, and Equilibrium

The Nature of Managerial Economics

Management Decision Problems
Economic theory
Microeconomics
Macroeconomics

Decision Sciences
Mathematical Economics
Econometrics

EKONOMI
toMANAGERIAL
examine
howMANAJERIAL
anECONOMICS
organization
Application
economic
theory
Aplikasi
teoriorekonomi
can
achieve dari
itsofaims
objectives
and
science tools
to solve
dandecision
alat
pengambilan
keputusan
most
efficiently.
managerial
decisionmasalah
problems
utk memecahkan
keputusan manajerial
OPTIMAL SOLUTIONS TO
MANAGERIAL DECISION PROBLEMS

Ruang Lingkup Ekonomi Manajerial

Masalah Keputusan Manajemen
Economic theory
Microeconomics
Macroeconomics

Ilmu
Pengambilan
Decision
Sciences
Keputusan:
Mathematical
Economics
Mathematical
Economics
Econometrics
Econometrics

EKONOMI
to examine
howMANAJERIAL
an organization
teoriorekonomi
canAplikasi
achieve dari
its aims
objectives
dan alat
pengambilan keputusan
most
efficiently.
utk memecahkan masalah
keputusan manajerial
SOLUSI
OPTIMAL
UNTUK
OPTIMAL
SOLUTIONS
TO
MASALAH
KEPUTUSAN
MANAJERIAL
MANAGERIAL
DECISION
PROBLEMS

MANAGERIAL ECONOMICS
The application of economic theory and the
Penerapan
teori ilmu
ekonomiscience
dan alat-alat
tools
of analysis
of decision
to
analisa dari ilmu pengambilan keputusan
examine
how
an
organization
can
achieve
(decision science) untuk mengetahui
its
aims or objectives
most efficiently.
bagaimana
suatu organisasi
dapat mencapai
tujuannya secara lebih efisien.

EKONOMI MANAJERIAL

Penerapan teori ilmu ekonomi dan alat-alat

analisa dari ilmu pengambilan keputusan
(decision science) untuk mengetahui
bagaimana suatu organisasi dapat mencapai
tujuannya secara lebih efisien.

(1) MANAGER
A person who directs/commands resources to
achieve a stated goal.
All individuals who
(a) direct the efforts of others
(b) purchase inputs to be used in production
(c) are in charge of making other decisions
such as product price or quality.
7

(1) MANAGER
Seseorang yang mengarahkan sumberdaya
untuk mencapai tujuan yang direncanakan.
Setiap orang yang:
(a) mengarahkan seluruh upaya orang lain;
(b) mengadakan inputs yang diperlukan dalam
berproduksi;
(c) yang bertanggung jawab di dalam
pengambilan keputusan: harga produk atau
kualitasnya.
8

(2) ECONOMICS
The science of making decisions in the presence
of scarce resources.
1. What goods and services will be produced and it what
quantities ?
2. How will the various goods and service be produced ?
3. When will the various goods and services be produced ?
4. Where will the various goods and services be produced ?
5. Who will consume the various goods and services ?
9

(2) Ilmu Ekonomi

Ilmu pembuatan keputusan dalam kelangkaan sumber
daya tersedia
1. APA dan berapa jumlah barang dan jasa yang akan
diproduksi ?
2. BAGAIMANA barang dan jasa akan diproduksi?
3. KAPAN barang dan jasa akan diproduksi?
4. DIMANA barang dan jasa akan diproduksi?
5. SIAPA yang akan mengkonsumsi barang dan jasa itu?
10

Economics
Scarcity

Choices

Means that our

wants exceed the
resources
Setiap
orang
available
to
menghadapi
ketidak
satisfy them.
puasan.
Everyone
has
Orang
kaya & Miskin
some
unsatisfied
sama2 menghadapi
wants.
kelangkaan.

Face with scarcity, people must make

among sesuatu
the available
Kitachoices
mengorbankan
untuk
alternatives.
Choices
is a Nilai
trade
off. We
mendapatkan
yang lain.
yang
give
up some
to get something
tertinggi
yangthings
kita korbankan
adalah
else. The highest valued alternative
opportunity cost dari sesuatu yang kita
we give up is the opportunity cost of
pilih. Opportunity
cost adalah nilai
what we choose.
tertinggi dari alternative yang hilang.
The opportunity cost of any action is
the highest valued alternative
forgone.

Scarcity is not
poverty.
The poor and the
rich both face
scarcity.

Economics
Ilmu Ekonomi
is
theyg
science
of thepilihan
choices
Ilmu
menjelaskan
the science
explains
yang kitathat
lakukan
ketikathe
kitachoices
we make as we cope with scarcity. 11
menghadapi kelangkaan.

Kelangkaan:
Keinginan kita
melebih dari
sumberdaya
tersedia. Setiap
orang menghadapi
ketidak puasan.
Kelangkaan
bukannya
kemiskinan.
Orang kaya &
miskin sama2
menghadapi
kelangkaan.

Ilmu Ekonomi
Pilihan. Menghadapi kelangkaan kita
harus mengambil pilihan dari alternatif
yang ada.Kita mengorbankan sesuatu
untuk mendapatkan yang lain. Nilai
yang tertinggi yang kita korbankan
adalah opportunity cost dari sesuatu
yang kita pilih.
Opportunity cost adalah nilai tertinggi
dari alternative yang hilang.

Ilmu Ekonomi
Ilmu yg menjelaskan pilihan
yang kita lakukan ketika kita
menghadapi kelangkaan.

12

(3)
Mathematical
Economics
Matematika
Ekonomi
Quantity
demanded
Jumlah diminta:
Q Q

with
a model:
Q =Qf (P,
c, P
Pcs,) Ps)
Begin
Dimulai
dengan
model:
= f Y,
(P,PY,
P
s, substitute
Pcc,, complementary
komplementer; P; s,Psubstitusi

forecast
the future
demand
for the
commodity
+
to
Untuk
meramal
permintaan
masa
depan
dari barang
Econometrics
(regression analysis)
tertentu + Ekonometrika
(regression analysis)
Q
Q
Qdd =
= 400
400
250
250 P
P
Qss =
= -- 200
200 +
+ 500
500 P
P
Equilibrium:
Equilibrium: 400
400
250
250 P
P =
= -- 200
200 +
+ 500
500 P
P

P
P=
=$
$ 0.80;
0.80 Q = 200

(3) Matematika Ekonomi

Jumlah diminta: Q
Dimulai dengan model: Q = f (P, Y, Pc, Ps)
Pc, komplementer; Ps, substitusi
Utk meramal permintaan masa depan barang tertentu +
Ekonometrika (regression analysis)
Qd = 400 250 P
Qs = - 200 + 500 P
Equilibrium: 400 250 P = - 200 + 500 P
P = $ 0.80

Qd = 400 250 P
Qs = - 200 + 500 P
Equilibrium: 400 250 P = - 200 + 500 P
P = $ 0.80 ;
Q = 200
P
S
E
0,80

E: equil. point

D
-200

200

400

5 steps in Managerial Decision Making:

1.
2.
3.
4.
5.

Establishing the objective of the firm or

organization
Defining the problem or obstacles that the firm or
organization faces in trying to achieve its objective
Identifying the range of possible solutions
Selecting the best solution available
Implementing that decision.

See: Case Application 1-1

pp.6-7

5 langkah dalam membuat Keputusan

Manajerial
1.

Menetapkan tujuan dari perusahaan atau

organisasi
2. Merumuskan permasalahan atau hambatan yang
dihadapi oleh perusahaan atau organisasi dalam
upaya utk mencapai tujuannya
3. Mengindentifikasi urutan solusi/pemecahan yang
layak
4. Memilih solusi terbaik dari yang tersedia
5. Melaksanakan keputusan yang diambil
pp.6-7
See: Case Application 1-1
Salvatore, hal 7

Theory of the Firm

A Firm is an organization:
Combines and organizes resources for the
purpose of producing goods and/or services
for sale. Proprietorships, firms owned by one individuals
Partnerships = owned by two or more individuals
Corporations = owned by stockholders

Internalizes all transactions (contracts): many

functions within the firm; Saves on sales tax
and avoids price control Reducing
transactions costs.
Maximizes the wealth or value of the firm.
p.8

Teori Perusahaan
Perusahaan adalah sebuah organisasi:
Menggabungkan dan mengorganisasikan
sumberdaya untuk tujuan memproduksi barang
atau jasa untuk dijual.
Proprietorships, dimiliki oleh satu orang
Partnerships = dimiliki oleh dua orang atau lebih
Corporations = dimiliki oleh pemegang saham

Menginternalisasikan berbagai transaksi

(contracts): berbagai fungsi dalam perusahaan
Menghemat pajak penjualan dan menghindari
kontrol harga Pengurangan biaya transaksi.
Memaksimumkan kekayaan atau value of the
firm.
p.8

Value of the Firm

The present value (PV) of all expected future profits (n)
n
1
2
n
t
PV

1
2
n
t
(1 r ) (1 r )
(1 r )
(1

r
)
t 1
n
t
TRt TCt
Value of Firm

t
t
(1

r
)
(1

r
)
t 1
t 1
n

TR = Total Revenue; TC = Total Costs

Nilai Perusahaan
The present value (PV) atau nilai sekarang dari seluruh
keuntungan yang diperkirakan dimasa datang ( all
expected future profits : n)
n
1
2
n
t
PV

1
2
n
t
(1 r ) (1 r )
(1 r )
(1

r
)
t 1
n
t
TRt TCt
Value of Firm

t
t
(1

r
)
(1

r
)
t 1
t 1
n

TR = Total Revenue; TC = Total Costs

(1)
(2)

DISCOUNTING & COMPOUNDING TABLE

DISCOUNT FACTOR i = 8%
How much $1.00 at a future date is worth today ?
PV

YEAR

0.925.926

0.857.339

0.793.832

0.735.030

0.680.583

0.630.170

0.583.490

0.540.269

0.500.249

0.463.193

10

0.428.883

11

0.397.114

12

0.367.698

13

0.340.461

14

0.315.242

15

Source : Gitinger (1982 ) p.309

Tahun 1 = 1 : (1 + 0.08)
= 0.925 926
Tahun 2 = 1 : (1.08)(1.08)
= 1 : (1.1664)
= 0.857 339

(3) PV

1 i

FV = 1

t = 1, 2, ...., n
N = jumlah tahun
i = tingkat bunga diskonto (discount factor)

Gittinger, p. 361

NET PRESENT VALUE (NPV)

t n

t 1

Bt Ct
t
1 i

B = TR; C = TC
t = 1, 2, ...., n
n = jumlah tahun
i = tingkat bunga diskonto (discount factor)

INTERNAL RATE OF RETURN (IRR)

t n

t 1

Bt Ct
0
t
1 i

Bt = manfaat yang diperoleh tiap tahun

Ct = biaya yang dikeluarkan tiap tahun

Alternative Theories
The objective of the Firms

Sales Maximization

p.11

After an adequate rate of profit has been earned

Strong correlation: executives salaries & sales, not
salaries & profits

A Model of Management Utility Maximization:

management/agent >< ownership/principal
Principal-agent problem maximizing managers benefits
rather than principals (owners) interest.

A satisficing behavior: a satisficing rather than a

maximizing value managers p.12
Satisfactory goal in sales, profits, growth, mkt share etc

Teori Lainnya
Tujuan dari Perusahaan

Memaksimumkan Penjualan

p.11

Setelah memperoleh tingkat keuntungan/laba yang

cukup/memadai
Hubungan yang kuat: gaji eksekutif & penjualan, bukannya
hubungan gaji & laba

Suatu Model Memaksimumkan Kepuasan

Manajemen: manajemen/agent >< pemilik/principal
Masalah pemilik-mgt/agent memaksimumkan benefit manager
dari pada kepentingan principal (pemilik)

Suatu keinginan kepuasan: mendapatkan kepuasan

dari pada suatu nilai yang maksimum managers p.12
Tujuan kepuasan dalam: penjualan, laba, pertumbuhan,
pangsa pasar etc

Definitions of Profit

p.14

Profit rates differ among firms: steel, textiles, railroad earn low profits
comparing pharmaceutical, office equipment, high tech industries

Business Profit: Total revenue minus the

explicit or accounting costs of production.
Economic Profit: Total revenue minus the
explicit and implicit costs of production.
Implicit costs = salary & return could earn from other firms. P.14

Opportunity Cost: Implicit value of a

resource in its best alternative use.

Difinisi Laba/Keuntungan

p.14

Tingkat laba berbeda diantara perusahaan: baja, tekstil, KA memperoleh laba rendah dibandingkan dengan indutri farmasi, alat kantor,
Industri teknologi canggih.

Laba Bisnis: Penerimaan total dikurangi biaya

explicit atau accounting dari kegiatan produksi.
Laba Ekonomi: Penerimaan total minus biaya
explicit dan implicit dari kegiatan produksi. Biaya
implicit = gaji & penerinaan yang didapat dari perusahaan lain. p.14

Opportunity Cost: Nilai implicit dari penggunaan

suatu sumberdaya yang terbaik

The Economic Profit :

Revenue econ costs (opportunity costs)
A business profits = $ 30,000.But the entrepreneur could have earned $
35,000.- by managing another firm and $
10,000.- by landing out his capital.
Economic profits = $30,000.- $ 35,000.- $
10,000.- = $ 15,000.- ( economic loss)
$ 35,000.- = implicit or opportunity cost
p. 14

KEUNTUNGAN EKONOMI :
Penerimaan biaya ekon (biaya oportunitas)
Keuntungan bisnis = $ 30,000.Tetapi pengusaha juga mendapat penghasilan
$ 35,000.- dengan mengelola perusahaan lain
dan $ 10,000.- dengan menyewakan
kapitalnya.
Keuntungan ekonomi = $30,000.- $ 35,000. $ 10,000.- = $ 15,000.- (kerugian ekonomi)
$ 35,000.- = biaya implisit atau opportunity cost
p. 14

Econ Profit = Normal Profit

The amount of profit required to keep an entrepreneur
in particular line of production
A theoretical concept for the economist
In practiced it could not be precisely calculated
Earning more than normal profit = other firms
will be attracted into that industry

Laba Ekonomi = Laba Normal

Jumlah laba yang dibutuhkan untuk mempertahankan seorang
pengusaha berada dalam suatu kegiatan memproduksi
Suatu konsep teoritis dari para ekonom
Dalam praktek laba normal sulit dihitung secara tepat
Mendapat lebih banyak dari normal profit = perusahaan
lain akan tertarik masuk dalam industri tersebut.

Theories of Profit

pp.15-16

1. Risk-Bearing Theories of Profit

above normal profit

(i.e. econ profits): petroleum exploration because of the greater
risk

2. Frictional Theory of Profit in long run may earn a profit

or incur loss = a normal return or zero (economic) profit

3. Monopoly Theory of Profit can continue to earn profits

even in the long run because can restrict output & charge higher
prices

4. Innovation Theory of Profit profit is the reward for the

introduction of a successful innovation. The patent system is design
to protect the profit of successful innovator

5. Managerial Efficiency Theory of Profit

if average
firm tends to earn a normal return in the long run firms that are
more efficient would earn above normal returns and economic profits.

Teori Laba

pp.15-16
Hal 16-17

1. Teori Laba dalam Menghadapi Resiko

diatas
keuntungan normal (keuntungan ekonomi): explorasi minyak
karena besarnya resiko

2. Teori Laba karena Pergesekan

dalam jangka panjang

berkemungkinan beruntung atau rugi = laba normal atau zero
(economic) profit

3. Teori Laba Monopoly terus mendapat keuntungan

walaupun dlm jangka panjang karena dpt membatasi produksi &

menetapkan harga lebih tinggi

4. Teori Laba Inovasi keuntungan diperoleh karena

berhasilnya suatu inovasi. Sistem patent diatur utk melindungi

keuntungan dari innovator yang sukses.

5. Teori Laba Efisiensi Manajerial

jika satu perusahaan

cendrung mendapat keuntungan normal dalam jangka panjang
perusahaan2 yg lebih efisien akan mendapat laba diatas keuntungan
normal dan keuntungan ekonomi.

Function of Profit

p.16
hal 17

Profit is a signal that guides the

allocation of societys resources.
High profits in an industry are a signal
that buyers want more of what the
industry produces.
Low (or negative) profits in an industry
are a signal that buyers want less of
what the industry produces.

Fungsi Laba

p.16
hal 17

Laba adalah sinyal yang mengarahkan

alokasi sumbar daya masyarakat
Laba yang besar dari suatu industri
adalah sinyal bhw pembeli menyukai
lebih banyak apa yg diproduksi industri
Laba yg rendah (atau negatif) dlm suatu
industri adalah sinyal bhw pembeli
kurang menyukai apa yg diproduksi
industri.
PowerPoint Slides Prepared by Robert F. Brooker, Ph.D.

Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.

Business Ethics

pp.17-19
hal 19

The code or guidelines that prescribe

acceptable behavior in business behavior
& business transactions
Identifies types of behavior that businesses
and their employees should not engage in.
Source of guidance that goes beyond
enforceable laws.

Etika Bisnis

pp.17-19
hal 19

Tuntunan atau pedoman yg menggambarkan tingkah laku yg diterima di dalam bisnis

dan transaksi bisnis
Identifikasi dari bentuk tingkah laku yg tidak
boleh dilakukan oleh pebisnis dan
pegawainya.
Sumber tuntunan di luar hukum yg
ditegakkan .
PowerPoint Slides Prepared by Robert F. Brooker, Ph.D.

Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.

The Changing Environment of

Managerial Economics pp.21-25
Globalization of Economic Activity
Goods and Services
Capital
Technology
Skilled Labor

Technological Change
Telecommunications Advances
The Internet and the World Wide Web

Perobahan Lingkungan dari

Ekonomi Manajerial

pp.21-25

Globalisasi Aktifitas Ekonomi

Barang dan jasa
Kapital
Teknologi
TK terampil

Perobahan Teknologi
Telekomunikasi yang maju
Internet dan the World Wide Web
PowerPoint Slides Prepared by Robert F. Brooker, Ph.D.

Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.

GLOBAL CORPORATIONS IN 2000

Company

Country

Total
Sales
(billions $)

Nestle

Switzerland

British
Peroleum

UK

Honda

Foreign
Sales (%)

Foreign
Foreign
Employment
Assets (%)
(%)

49.6

98.5

88.3

97.1

148.1

71.3

76.4

82.4

Japan

57.5

72.9

55.4

50.0

Volkswagen

Germany

79.6

72.6

56.3

49.4

Fiat

Italy

53.6

66.9

55.1

50.1

Sony

Japan

63.7

67.2

44.3

60.0

Unilever

Netherl/UK

44.3

58.9

38.8

72.9

IBM

US

88.4

57.9

48.8

53.7

p.22

TEN ECONOMIC PRINCIPLES FOR MANAGERS

1.
2.
3.
4.

The Role of Managers Is to Make Decisions

T&T p.3-10
Decisions Are Always Among Alternatives
Decision Alternatives Always Have Costs and Benefits
The Anticipated Objective of Management Is to Increase the
Firms Value
5. The Firms Value Is Measured by Its Expected Profits
6. The Firms Sale Revenue Depends on D for Its Product
7. The Firm Must Minimize Cost for Each Level of Output
8. The Firm Must Develop a Strategy Consistent with Its Market
9. The Firms Growth Depends on Rational Investment
Decisions
10.Successful Firms Deal Rationally and Ethically With Laws and
Regulations

SEPULUH PRINSIP EKONOMI UTK MANAJER

1.
2.
3.
4.
5.
6.

T&T p.3-10
Peranan Manajer utk membuat keputusan
Keputusan selalu diantara beberapa pilihan
Pilihan keputusan selalu mempunyai biaya & manfaat
Tujuan Manajemen utk menaikkan Nilai Perusahaan
Nilai perusahaan diukur oleh perkiraan labanya
Pendapatan Penjualan Perusahaan tergantung pd
permintaan dari produknya.
7. Perusahaan harus meminimalkan biaya utk setiap tingkat
produksi
8. Perusahaan harus mengembangkan suatu Strategi yg
konsisten dengan pasarnya
9. Pertunbuhan perusahaan tergantung pada keputusan
investasi yg rasional
10. Perusahaan yg berhasil berlaku Rasional dan Etis dengan
Hukum dan Peraturan.
PowerPoint Slides Prepared by Robert F. Brooker, Ph.D.

Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved.

TEN ECONOMIC PRINCIPLES FOR MANAGERS

1. The Role of Managers Is to Make Decisions.
No firm has unlimited resources managers must
make decisions how the resources (material, human,
financial) are employed.

2. Decisions Are Always Among Alternatives

whether to be open or closed; whether to buy new or the
old one Choices are always among alternatives.

3. Decision Alternatives Always Have Costs and

Benefits
The opportunity cost of any choice is
measured by the forgone (next best) alternative. Increasing
output would be a rational decision if the additional benefit
exceeds the additional cost = the marginal or incremental
approach to decision making.

4. The Anticipated Objective of Management Is to

Increase the Firms Value
The value of the firm = the profits; The
Principal- Agent Problem: the objectives of the
shareholders/principal and the managers/agents do not
coincide the firm may not be run in a way that maximize its
value.

5. The Firms Value Is Measured by Its Expected Profits

n
t present
TRt value
TCt = discounted measures.
the
Valueof Firm

t
t
(1

r
)
(1

r
)
t 1
t 1
n

6. The Firms Sale Revenue Depends on D for Its

Product
the ability to generate revenue from sales
depends on the actions of the buyers source of D =
individual consumer.

7. The Firm Must Minimize Cost for Each Level of Output

minimizing cost: (1) technology of production & (2) input
prices.

8. The Firm Must Develop a Strategy Consistent with Its

Market
the number of sellers & how they behave; few
sellers advertising, physical changes in products,
improving conditions for customers.

9. The Firms Growth Depends on Rational Investment

Decisions
capital project analysis: looking a long way
into the future (10 or 20 years). Calculating stream of benefits
public sector projects: metropolitan commuter railways,
dams, stadiums, and irrigation projects risk is an important
consideration, the rate of discount applied to future returns:
projects riskiness

10. Successful Firms Deal Rationally and Ethically

With Laws and Regulations
managers do not always behave nicely. Monopoly firms
have used predatory practices; produced dangerous
product, pollution rules of the game: fair trade,
antitrust, consumer protection, environmental protection.
The message to managers: care must be taken to
bahave ethically and to make certain the rules of game
are followed. For ignorance is no excuse.