课程名称 1 managerial economics by professor zhang jun 20-23 june, 2003 emba aetna school of...

课程名称 1

Managerial EconomicsManagerial Economics

by Professor Zhang Jun

20-23 June, 2003

EMBA Aetna School of Management, Shanghai Jiao Tong University

安泰管理学院

http://www.sjtu.edu.cn/

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Professor Zhang Junwww.prozhang.com

• Director, China Center for Economic Studies, Fudan University; Lecturing Professor, Shanghai Jiaotong University

• ISSE Diploma (London School of Economics, 1990); Ph.D in Economics (Fudan, 1992); Post-doctoral Fellowships (University of Sussex, 1992-1994, Washington State University, 1994-1995);

• Visiting Professorships held at Harvard University, SOAS, University of London, University of Hong Kong, Tokyo Metropolitan University, and University of Aarhus in Denmark, etc.

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Textbook

S.C.Maurice and C.R.Thomas,

1999, Managerial Economics,

6th Edition,

McGraw-Hill

www.mhhe.com/economics/maurice7/student

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CONTENTSModule 1: Introduction: Managers, Firms and MarketsModule 2: How Do Markets Work?Module 3: Consumer Behavior and Market DemandModule 4: The Theory of Production and Cost Module 5: Market Structure and Managerial Decision Making


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Day One

Covers:• Chapter 1• Chapter 2• Chapter 3 in S.C.Maurice and C.R.Thomas, 1999, Man

agerial Economics, 6th Edition,

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Know you and know me

• Have you learned Economics before? And who did you expect to sit by you and help you when you were making a business decision?

• What do you want to ask me mostly?

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Managerial EconomicsThe Right R for Doctors

• Irrelevance of fixed costs in decision making.• Price discrimination.• Advertising dilemma.• Linear trend forecasting.• Strategic entry deterrence.• Profit maximizationvs revenue maximization.• Economies of scale and scope.• Cost-minimizing input combination.

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Module 1: Introduction

1. Managerial Economics and Economic Theory2. Profits and Profit Maximization3. Firms and Corporate Control4. Market and Market Structure


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1 Managerial Economics and Economic Theory 1.1 An Interesting Illustration (read page 2 for details) 1.2 Why Economics? 1.3 Theory and Pratices2 Profits and Profit Maximizing 2.1 Economic Profits and Opportunity Costs 2.2 Profit Maximizing and Maximizing the Value of the Firm

2.3 Economic Profit and Accounting Profit


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3 Firms and Corporate Control 3.1 Separation of Ownership and Control 3.2 The Principal-Agent Problem 3.3 Moral Hazard 3.4 Corporate Control Mechanisms(Governance)


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4 Market and Market Structure 4.1 What is a Market? 4.2 Market and Firm 4.3 Market Power and Pricing 4.4 Different Market Structures


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Panel Discussion(15 minutes)

• What Do You Expect to Learn From Managerial Economics?

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Module 2: How Do Markets Work?

1. Competitive Market, Demand and Supply2. Market Equilibrium and Price Determination3. Elasticity and Demand


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1 Competitive Market, Demand and Supply 1.1 Competitive Market 1.2 Demand and Demand Function 1.3 The Law of Demand 1.4 Supply Curves 1.5 Shifts in Demand and Supply


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2 Market Equilibrium and Price Determination 2.1 Demand, Supply and Equilibrium 2.2 Price Determination and Clearing Process 2.3 Ceiling and Floor Prices


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3 Elasticity and Demand 3.1 Demand (or Price) Elasticity and Its Coefficient 3.2 Calculating Demand Elasticity 3.3 Elasticity and Total Revenue: Price and Quantity Effects 3.4 Factors Affecting Demand Elasticity 3.5 Other Elasticities 3.6 Marginal Revenue and Elasticity


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Case Studies(30 minutes)

• Teamwork for Case Studies(1)

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Day Two

Covers:• Chapter 6• Chapter 7 and Chapter 8 (optional) • Chapter 9

in S.C.Maurice and C.R.Thomas, 1999, Managerial Economics, 6th Edition,

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Module 3: Consumer Behavior and Market Demand

1. A Brief Introduction to the Theory of Optimization in Decision Making

2. The Theory of Consumer Choice3. Empirical Market Demand and Its Forecasting


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1 A Brief Introduction to the Theory of Optimization in Decision Making

1.1 Rationality and Choice1.2 Maximization Paradigm 1.3 Marginal Analysis


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2 The Theory of Consumer Choice2.1 Utility and Preferences2.2 Indifference Curves 2.3 Budget Constraint and Equilibrium Process2.4 Optimization and Consumer Choice 2.5 The Law of Diminishing Marginal Utility and Marginal Interpret

ation 2.6 Market Price and Consumer Surplus


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3 Empirical Market Demand and Its Forecasting

3.1 Direct Methods of Demand Estimation3.2 Regression Techniques


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Module 4:The Theory of Production and Costs

1. Production and Producer’s Choice in Short-Run2. Expenditure and Economic Costs3. Producer’s Choice in Long-Run4. Economies of Scale and Scope


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1. Production and Producer’s Choice in the Short Run

1.1 Input-Output Nexus: Production Functions in Short-Run and in Long-Run1.2 Productivity and Measurement1.3 The Law of Diminishing Marginal Return1.4 How Much Input Is Needed in Short-Run ?


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• Do rich people have more satisfaction from their wealth ?

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Day Three

Covers:

• Chapter 9

• Chapter 10

• Chapter 12


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2. Expenditure and Costs

2.1 Short-Run Total Costs 2.2 Marginal and Average Costs 2.3 Relations and Graphics Between SR Costs and Production


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3. Producer’s Choice in Long-Run

3.1 Production Isoquants3.2 Isocosts3.3 Optimization and Efficiency


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4. Economies of Scale and Scope

4.1 Various Shapes of Long-Run Average Cost4.2 Economies of Scale and Firm Size

4.3 Economies of Scope and Joint Production


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• Teamwork for Case Studies (3)

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Module 5: Market Structure and Managerial Decision Making 1. Managerial Decision Making in Perfectly Competitive Markets2. Managerial Decision Making for Firms with Market Power3. Oligopoly: Decision Making with Mutual Interdependence4. Pricing for Multiple Plants, Markets, and Products


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1. Managerial Decision Making in Perfectly Competitive Markets

1.1 When Is the Market Perfectly Competitive?1.2 Demand Facing the Competitive Firm1.3 Manager’s Output Decision in Short-Run1.4 Firm’s Supply and Industry Supply1.5 Long-Run Supply1.6 Firm’s Hiring Decision


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• Do you think China electronics market is more competitive than US market? Why?

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Day Four

Covers:

• Chapter 13

• Chapter 14

• Chapter 15

• Chapter 16


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2. Decision Making for Firms with Market Power

2.1 Market Power, its Measurement and Determinates2.2 Profit Maximization under Monopoly2.3 Demand for Inputs2.4 The Social Cost of Monopoly2.5 Monopolistic Competition


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3. Oligopoly: Decision Making with Mutual Interdependence

3.1 Characteristics of Oligopoly3.2 Nonprice Competition in Oligopolistic Markets3.3 Pricing Strategy with Mutual Interdependence(Duopoly)3.4 Cartel (Collusion) Profit Maximization


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4. Pricing for Multiple Plants and Markets

4.1 Multiplant Firms4.2 Multimarkets and Price Descriminations4.3 Two-part Tariff4.4 Bundling4.5 Peak-loading Pricing


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Concluding Remarks

• Summary

• Hints for Exams

• Best Wishes

课程名称 1 managerial economics by professor zhang jun 20-23 june, 2003 emba aetna school of...

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