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1、Slide 1,Managerial Economics,For MBA core course 48 hours Instructor: Dr. Zhishu Yang(杨之曙) Associate Professor of Finance School of Economics and Management Tsinghua University E-mail: Tel: 62771769 (o) Office: S-543,Slide 2,2005MBA-F1Zhongyuan Pan (潘中元), Master Degree Candidate Tel: 6277- 4753E-mai
2、l: 2005MBA-F2Yiyi Wang(王一伊), Master Degree Candidate Tel: 6277 8828E-mail: ,Teacher Assistant,Slide 3,Discussant Area,Account No. s659 Key No. ft5777,Slide 4,Scores,2 Points Homework 10 scores Final exam 90 scores Total 100 scores,Slide 5,1. Robert Pindyck, Daniel Rubinfeld, Microeconomics, Fifth Ed
3、ition. 2. Yiyuan Li and Mingzhi Li, Microeconomic Analysis, Chinese Version, Tsinghua University Press, 2003. Zhangwu Chen, Managerial Economics, Chinese Version, Tsinghua University Press, 1996. China Daily, Wall Street Journal, Business Week .,Reference,Slide 6,Why you need this course?,Slide 7,SO
4、E Ownership ReformWhich Direction?,Recently, Larry Lang, Professor of Finance at the Chinese University of Hong Kong, repeatedly criticized some of Chinas best known enterprises, including Haier and TCL, over their reform of property rights. Lang also had some harsh words for Chinas on-going state-o
5、wned enterprises reform, when he said the current situation resembles that of Russian privatization, which uses an imperfect legal system to lawfully swallow state assets. Lang was adamant China should immediately put the brakes on the reform of state property rights. Just how should we evaluate the
6、 current state of this reform and the issues surrounding private enterprises involved in state enterprise restructuring?,Slide 8,Why you need this course?,1. Economics is relevant for many questions facing business. For example: (1). What Business Are You In? (2). Pricing? Product Design? (3). Relev
7、ant Costs of Producing? (4). New Capacity Investment? Now or Later or Never? (5). Enter a New Market? (6). How Do You Compete? (7). Internal Firm Organization?,Slide 9,2. Economic Reasoning provides Systematic Approach to Business Decisions Foundation. (1). Approach business questions assuming that
8、all relevant participants are going to do the best they can. (2). Interactions governed by economic principles.,Slide 10,Course Description,This is an intermediate level course in microeconomics for first year MBA students. Microeconomics is a major component of the analytical tool kit used by econo
9、mists in the academic world, industry, finance, consultancy, and the formulation of public policy. This course will help you to be familiar with some basic elements of this tool kit; models of consumer behavior, supply and demand in perfectly competitive markets, and monopoly firms. You will also be
10、 introduced to new areas of economics which are at the forefront of current research; one of these is game theory which,Slide 11,we will be using this term to look at auctions, and the nature of competition in industries with a small number of firms. Another new area, which you will meet, is the eco
11、nomics of uncertainty and information, which is used to investigate topics as diverse as the market for second hand cars, insurance, and education.,Slide 12,Goal of Study,1. Have a thorough knowledge of the economics of the consumer, the behavior of firms and the application of equilibrium theory. 2
12、. Be conversant with models of perfect competition, monopoly, and oligopoly, using game theory. Be able to apply the theory to analyze the practical economic problems, for example, to finish a special report of economics.,Slide 13,Topics to be Discussed,Basic Ideas of Microeconomics, An Example The
13、Themes of Microeconomics What Is a Market? What does Microeconomics Study? How to Write Special Economic Report?,Slide 14,Economists often make highly unrealistic assumptions in their analyses. Many people poke fun at economists for their propensity to imagine the impossible. You may know the joke a
14、bout the three hungry castaways on a deserted island who are trying to open a can of food. The chemist suggests heating the can until it bursts. The engineer proposes breaking it with a sharp rock. The economist suggests, “ Assume we have a can opener,” The joke is unfair, but it reflects the discom
15、fort people feel about many abstract economic models.,A Joke: Economists and their Can Openers,Slide 15,Three Basic Elements of Modeling in Economics,Purpose Simplification through assumptions Value judgment,Slide 16,The Purpose of an Economic Model,The purpose of an economic model is to help provid
16、e precise insights (精确的洞察力）on a specific economic phenomenon. Thus: Different phenomena needs different model; Simplification by assumption is necessary,Slide 17,Economic Assumption,Economists make unrealistic assumptions when analyzing issues to ensure that they can create a situation(model) they fully understand. They then consider what happens to their results when they replace the unrealistic assumptions with more realistic ones. This method allows economists thoroughly understand com
