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Chapter 15 Slide 2
Topics to be Discussed
Berapa Besar penggunaan tenaga kerjayang optimal dan tingkat upah yang
berlaku secara ekonomi bila diketahuiperusahaan menganggap tenaga kerjamerupakan faktor produksi variabel.
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Chapter 15 Slide 3
Topics to be Discussed
Harus dijelaskan dengan 2 pasar yaitupasar output dan pasar input. Mengapa
demikian ???????? Karena penggunaan faktor input sangat
bergantung pada kedua pasar secara
bersama-sama.
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Chapter 15 Slide 4
Contoh
ika pasar outpunya monopoli maka makaoutputyang diproduksi lebih sedikit! dan inisecara langsung akan mempengaruhi jumlah
serta harga input yang dipergunakan.
ika pasar outputnya adalah persaingansempurna maka output yang diproduksi lebih
banyak dan jumlah input yang diminta lebihbesar.
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Chapter 15 Slide 5
ika hanya ada satu pembeli"monopsony# maka tingkat upah serta
jumlah pekerja akan lebih rendahdibandingkan dengan jika pasarinputnya pasar persaingan sempurna.
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Chapter 15 Slide 6
$%&'()*+
$,),%K&+)(M*+
$,),%
,K&%$%&'(K)/
K&+)(M*+
Pers. Sempurna,monopoli,monopolistik, oligopoli
Pers. Sempurna, monopsony,oligopsony,monoposonistik
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7/91Chapter 15 Slide 7
$ada teori produksi0
$enggunaan input optimal 1
3r 1 M$l3 M$k....................4W !pah"harga input tenaga ker#a
$ tingkat pengembalian capital"harga %
&Pl &arginal Product o' labor
&Pk &arginal Product ' Capital
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8/91Chapter 15 Slide 8
/nput minimal
M$$l3 1 M$$K3v.................2
$ers. 2 mejnelaskan 0 minimisasi biayainput yang memerlukan kombinasi dariberbagai input tercapai jika marjinalproduk dari suatu input dibagi hargatersebut sama
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9/91Chapter 15 Slide 9
ika M$k lebih besar dari M$l maka0produsen akan mempergunakan tambahaninput k
Begitu juga jika M$ lebih besar dari hargainput maka produsen akanlebih cenderunguntuk menaikan jumlah penggunaan input
sehingga tercapai kondisi M$ 1 Harga input.
M$53$5 1M$63$6.........M$$n3$n1/3M7.......8
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10/91Chapter 15 Slide
.Permintaan pada pasar inputpersaingan sempurna
ika pasar input adalah pasarpers.sempurna makatingkat upah adalah konstan! sehingga M7 daripenggunaan tenaga kerjajuga konstansebesartingkat upah.
ika terdapat cukup byk pabrik "pembeli# makaberapapun banyaknya tenaga kerja yg diserap olehsatu pabrik maka tdk akan berpengaruh pada tingkatupah.
adi dpt digunakan sbg pengganti M7 untukmenentukan jumlah pekerja yang diserap
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11/91Chapter 15 Slide
'iketahui memaksimalkan keuntunganadalah M%1M7 !sehingga dapat ditulis
&P*"P*&Py"Py....+"&C+"&....................-
tau
Pi"&Pi...&C&.........................................
&Pi *& Pi
&P Pi.........................................................../
Dimana 0Pi 1arga Input, Po 1arga utput
&P Perkalian antara marginal Product dr suatuinput dg marginal re$enue dr output ygdiproduksi.
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12/91Chapter 15 Slide
$ersamaan 9 dpt dianggap persamaanumum untuk pasar input pers.sempurna
dg sembarang pasar output. ,kan tetapikrn dlm pasar $ers. )empurna didapatM%1$o!maka0
M$i .$o 1 $i atau:M$ 1 $i....................................;
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13/91Chapter 15 Slide
adi keseimbangan pasar output$ers.)empurna di dpt pd harga input samadengan :alue Marginal $roduct ":M$# .
,tau :M$ adalah nilai yg dihasilkan setiappekerja. Mis. )etiap pekerja mampumemproduksi 4< unit dan harga per unit4jika kedua pasarnya adalah $ers. )empurnamaka upah yg diterimah adalah sebesar :M$"nilai pekerja tsb#
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14/91Chapter 15 Slide
Karena Kurva :M$ bersifat diminishingreturn "disebabkan oleh turunnya Marginalproduk untukjumlah penggunaan tenagakerja semakin banyak # maka jika upah
turun akan mengakibatkan keseimbanganbergeser ke titik yg lebih rendah lg yaitupd jumlah input tenaga kerja yg semakin
besar shg.nilai marginal produk input tsb.)ama dg tingkat upah yg baru atau :M$l1 =
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Sebagai ilustrasi 2ika tenaga ker#a sbg input $ariabel, kapitaldianggap input tetap dg harga p. "unit %
!nit % !nit 3 4 &PP3 Po T 5&Pl 6 T7C T5c TC Pro'it(+) (8) (9) (-) () (/) (:) (;) (
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PD5 o' >+ Paid in the 7uture
=.=: =.
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17/91Chapter 15 Slide
Present Discounted 5alue (PD5)
:aluing $ayment )treams
7hoosing a payment stream depends upon
the interest rate.
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18/91Chapter 15 Slide
T6o Payment Streams
Payment StreamA0 >+== >+== =
Payment Stream B: >8= >+== >+==
Today + ?ear 8 ?ears
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2)(1
100
)(1
100StreamofPDV
)(1
100StreamofPDV
RRB
RA
+
+
+
=
+
=
T6o Payment Streams
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20/91Chapter 15 Slide
PD5 o' Payment Streams
PD5 o' StreamA0 >++
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21/91Chapter 15 Slide
The 5alue o' 3ost Aarnings
$': can be used to determine thevalue of lost income from a disability ordeath.
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22/91Chapter 15 Slide
The 5alue o' 3ost Aarnings
)cenario
Harold ennings died in an auto accident
anuary 4! 4>9 at @8 years of age.)alary0 A@!
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23/91Chapter 15 Slide
The 5alue o' 3ost Aarnings
uestion
=hat is the $': of enningsC lost income
to his family?Must adjust salary for predicted increase
"g#,ssume an D average increase in salary
for the past 4< years
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Chapter 15 Slide
The 5alue o' 3ost Aarnings
uestion
=hat is the $': of enningsC lost income
to his family?Must adjust for the true probability of
death "m# from other causes 'erived from mortality tables
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Chapter 15 Slide
The 5alue o' 3ost Aarnings
uestion
=hat is the $': of enningsC lost income
to his family?,ssume R1 >D
%ate on government bonds in 4>8
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Chapter 15 Slide
7
7
7
0
22
2
0
100
)1(
)1()1(W
)1(
)1()1(W
)1(
)1)(1(WWPDV
R
mg
Rmg
R
mg
+
+
+
+
+
++
+
++=
The 5alue o' 3ost Aarnings
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Calculating 3ost Wages
+ ;,=== .
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Chapter 15 Slide
The 5alue o' 3ost Aarnings
inding $':
he summation of column E ill give the
$': of lost ages "A9@
as compensation for his death.
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Chapter 15 Slide
The 5alue o' a ond
'etermining the $rice of a Bond
7oupon $ayments 1 A4
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Chapter 15 Slide
Present 5alue o'the Cash 7lo6 'rom a ond
Interest ate
PD5o'Cash
7lo6
(>thousan
ds)
= =.= =.+= =.+ =.8==.
+.=
+.
8.=
Why does the $alue declineas the rate increases@
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Chapter 15 Slide
The 5alue o' a ond
$erpetuities
$erpetuitiesare bonds that pay out a fi5ed
amount of money each year! forever.
R
Pa"me#t
PDV=
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Chapter 15 Slide
A''ecti$e ?ield on a ond
7alculating the %ate of %eturn rom aBond
$10
000%1!100!
100!
=
==
==
=
R
PP
R
RRP
P
$ayment0$erpetuity
$':
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Chapter 15 Slide
A''ecti$e ?ield on a ond
7alculating the %ate of %eturn roma Bond
PR
RR
RR
ofi# term&Cal'late
)1(
1000!
)1(
100!
)(1!100
)(1!100PDV*o#dCopo#
1010
2
++
++
+
+
+
+
=
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Chapter 15 Slide
A''ecti$e ?ield on a ond
Interest ate
= =.= =.+= =.+ =.8==.
+.=
+.
8.=
PD5
o'Payments(5alueo'ond)
(>thousands)
Why do yields di''eramong di''erent bonds@
The e''ecti$e yield is the interestrate that eEuates the present$alue o' a bondFs payment
stream 6ith the bondFs market price.
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Chapter 15 Slide
The ?ields on Corporate onds
/n order to calculate corporate bondyields! the face value of the bond andthe amount of the coupon payment mustbe knon.
,ssume
/BM and $olaroid both issue bonds ith aface value of A4
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Chapter 15 Slide
The ?ields on Corporate onds
7losing prices for each uly 28! 4>>>0
/BM @83 @. 8< >2 -4432$olaroid 44432
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Chapter 15 Slide
The ?ields on Corporate onds
he /BM bond yield0
,ssume annual payments
2>> 1 4< years
$56+
)1(100
)1(3755
)(1
5375
)(1
5375
1010
2
=
+
+
+
+
+
+
+
+
=
R
RR
RR
>2
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Chapter 15 Slide
The ?ields on Corporate onds
he $olaroid bond yield0
$210+
)1(
5011
)1(
511
)(1
115
)(1
115106
77
2
=
+
+
+
+
+
+
+
+
=
R
RR
RR
Why 6as PolaroidR*greater@
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Chapter 15 Slide
The Get Present 5alue Criterion'or Capital In$estment Decisions
/n order to decide hether a particularcapital investment is orthhile a firmshould compare the present value "PV#of the cash flos from the investment tothe cost of the investment.
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Chapter 15 Slide
+$: 7riterion
irms should invest if the PVe5ceeds the
cost of the investment.
The Get Present 5alue Criterion'or Capital In$estment Decisions
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Chapter 15 Slide
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Chapter 15 Slide
he *lectric Motor actory "choosing tobuild a A4< million factory#
!)hould the company invest?
The Get Present 5alue Criterion'or Capital In$estment Decisions
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Chapter 15 Slide
,ssume all information is certain "norisk#
R1 government bond rate
$57+
)1(1
)1(96
)(1
96
)(1
9610,-PV
2020
2
=
+
+
+
+
+
+
+
+
+=
R
RR
RR
The Get Present 5alue Criterion'or Capital In$estment Decisions
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Chapter 15 Slide
Get Present 5alue o' a 7actory
Interest ate, R= =.= =.+= =.+ =.8=
/
GetPresent5
alue
(>millions
)
-
8
=
8
-
/
;
+=The GP5 o' a 'actory is the present
discounted $alue o' all the cash'lo6s in$ol$ed in building and
operating it.
H :.
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Chapter 15 Slide
%eal versus +ominal 'iscount %ates
,djusting for the impact of inflation
,ssume price! cost! and profits are in realterms
/nflation 1 @D
The Get Present 5alue Criterion'or Capital In$estment Decisions
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Chapter 15 Slide
%eal versus +ominal 'iscount %ates
,ssume price! cost! and profits are in real
termsherefore!
P1 "4.
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Chapter 15 Slide
%eal versus +ominal 'iscount %ates
%eal R = nominal R - inflation 1 > - @ 1 E
The Get Present 5alue Criterion'or Capital In$estment Decisions
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Chapter 15 Slide
Get Present 5alue o' a 7actory
Interest ate, R= =.= =.+= =.+ =.8=
/
GetPresent5
alue
(>millions
)
-
8
=
8
-
/
;
+=I' R -, the GP5 is
positi$e. The companyshould in$est inthe ne6 'actory.
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Chapter 15 Slide
+egative uture 7ash los
/nvestment should be adjusted for
construction time and losses.
The Get Present 5alue Criterion'or Capital In$estment Decisions
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Chapter 15 Slide
*lectric Motor actory
7onstruction time is 4 year
A@ million e5penditure todayA@ million e5penditure ne5t year
*5pected to lose A4 million the first year andA
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Chapter 15 Slide
2020
54
32
)1(
1
)1(
96
)1(
96
)1(
96
)(1
5
)(1
1
)(1
5,5,-PV
RR
RR
RRR
+
+
+
+
++
++
+
+
+
+
=
The Get Present 5alue Criterion'or Capital In$estment Decisions
d# t t ' i k
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Chapter 15 Slide
d#ustments 'or isk
'etermining the discount rate for anuncertain environment0
his can be done by increasing thediscount rate by adding a risk-premiumtothe risk-free rate.
&ners are risk averse! thus risky future
cash flos are orth less than those thatare certain.
d# t t ' i k
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Chapter 15 Slide
d#ustments 'or isk
'iversifiable :ersus +ondiversifiable%isk
'iversifiable riskcan be eliminated byinvesting in many projects or by holding thestocks of many companies.
+ondiversifiable riskcannot be eliminated
and should be entered into the riskpremium.
d# t t ' i k
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Chapter 15 Slide
d#ustments 'or isk
Measuring the +ondiversifiable %isk (singthe 7apital ,sset $ricing Model "7,$M#
)uppose you invest in the entire stock market
"mutual fund#rm= e5pected return of the stock market
rf= risk free rate
rm- rf= risk premium for nondiversifiablerisk
d# t t ' i k
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Chapter 15 Slide
d#ustments 'or isk
Measuring the +ondiversifiable %isk(sing the 7apital ,sset $ricing Model"7,$M#
7alculating %isk $remium for &ne )tock
mo.eme#t&
mar/etretr# to&a&&ettheof
"&e#&iti.itthemea&re&etaa&&et
retr#epe'ted
)(
1
1
==
=
=
r
rrrr fmf
d# t t ' i k
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Chapter 15 Slide
d#ustments 'or isk
uestion
=hat is the relationship beteen thenondiversifiable risk and the value of theasset beta?
d# t t ' i k
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Chapter 15 Slide
d#ustments 'or isk
Given beta! e can determine thecorrect discount rate to use incomputing an assetCs net present value0
)(3ateDi&'o#t fmf rrr +=
d# t t ' i k
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Chapter 15 Slide
d#ustments 'or isk
'etermining beta
)tock
*stimated statistically for each company
d# t t ' i k
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Chapter 15 Slide
d#ustments 'or isk
'etermining beta
actory
=eighted average of e5pected return onthe companyCs stock and the interest onthe debt *5pected return depends on beta
Caution:he investment should betypical for the company
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Chapter 15 Slide
In$estment Decisions by Consumers
7onsumers face similar investmentdecisions hen they purchase adurable good.
7ompare futurebenefits ith the currentpurchase cost
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Chapter 15 Slide
Benefits and 7ost of Buying a 7ar
S 1 value of transportation services indollars
E1 total operating cost3yr
$rice of car is A2
%esale value of car is AE!
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Chapter 15 Slide
Benefits and 7ost
662
)1(
4000
)1(
)(
)1(
)(
)1(
)(
)(000%20
RR
ES
R
ES
R
ES
ES
+
+
+
++
+
++
++=
+$:
In$estment Decisions by Consumers
Choosing an ir Conditioner
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Chapter 15 Slide
Choosing an ir Conditioner
Buying a ne air conditioner involvesmaking a trade-off.
,ir 7onditionerAo price and less efficient "high
operating cost#
Choosing an ir Conditioner
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Chapter 15 Slide
Choosing an ir Conditioner
Buying a ne air conditioner involvesmaking a trade-off.
,ir 7onditioner High price and more efficient
Both have the same cooling poer
,ssume an year life
Choosing an ir Conditioner
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Chapter 15 Slide
Choosing an ir Conditioner
iOC
iC
R
OC
R
OC
ROCOCCPDV
i
i
ii
iii
ofcostoperatingavergetheis
ofpricepurchasetheis
82 )1()1(
)1(
+
+
+
+
+
++=
Choosing an ir Conditioner
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Chapter 15 Slide
Choosing an ir Conditioner
)hould you chooseA or ?
'epends on the discount rate
/f you borro! the discount rate ould behigh $robably choose a less e5pensive and
inefficient unit
/f you have plentiful cash! the discount rateould be lo. $robably choose the more e5pensive unit
Intertemporal Production
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Chapter 15 Slide
DecisionsDepletable esources
irmsC production decisions often haveintertemporalaspects---productiontoday affects sales or costs in the
future.
Intertemporal Production
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Chapter 15 Slide
)cenario
6ou are given an oil ell containing 4
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Chapter 15 Slide
)cenarioPt= price of oil this year
Pt"41 price of oil ne5t year
C1 e5traction costs
R = interest rate
t/ndifferen/f
no2oiltheall)ell/f
groundtheinoiltheKeep/f
))(1()(
))(1()(
))(1()(
1
1
1
cPRcP
cPRcP
cPRcP
tt
tt
tt
+=
+
+
+
+
DecisionsDepletable esources
Intertemporal Production
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Chapter 15 Slide
'o not produce if you e5pect its priceless its e5traction cost to rise faster thanthe rate of interest.
*5tract and sell all of it if you e5pectprice less cost to rise at less than the
rate of interest. =hat ill happen to the price of oil?
DecisionsDepletable esources
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Price o' an A*haustible esource
Time
Price
4uantity
Price
c c
&arginal A*tractionCost
T
PT
P0 P - c P0
Demand
P i ' A h ibl
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Chapter 15 Slide
/n a competitive market! Price- !Cmust rise at e5actly the rate of interest.
=hy?Ho ould producers react if0
P - C increases faster than R?
P - C increases sloer than R?
Price o' an A*haustible esource
P i ' A h tibl
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Chapter 15 Slide
+otice
P # !C
/s this a contradiction to the competitiverule that P = !C$ %int:=hat happens to the opportunity cost
of producing an e5haustible resource?
Price o' an A*haustible esource
P i ' A h tibl
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Chapter 15 Slide
P = !C
!C 1 e5traction cost I user cost
(ser cost 1 P - marginal e5traction cost
Price o' an A*haustible esource
P i ' A h tibl
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Chapter 15 Slide
Ho ould a monopolist choose theirrate of production?
hey ill produce so that marginal revenuerevenue less marginal cost rises at e5actlythe rate of interest! or
"M%tI4- c# 1 "4 I R#"M%t- c#
Price o' an A*haustible esource
P i ' A h tibl
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Chapter 15 Slide
he monopolist is more conservationistthan a competitive industry.
hey start out charging a higher price anddeplete the resources more sloly.
Price o' an A*haustible esource
esource Production by a &onopolistesource Production by a &onopolist
1o6 Depletable re
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Chapter 15 Slide
1o6 Depletable reDepletable esources@
7rude oil .E to .@
+atural gas .E to .@
(ranium .4 to .2
7opper .2 to .8Bau5ite .
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Chapter 15 Slide
he market structure and changes inmarket demand have had a verydramatic impact on resource prices over
the past fe decades.
uestion
=hy ould oil and natural gas have such ahigh user cost ratio compared to the otherresources?
1o6 Depletable reDepletable esources@
1o6 re Interest ates Determined@
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Chapter 15 Slide
1o6 re Interest ates Determined@
he interest rate is the price thatborroers pay lenders to use theirfunds.
'etermined by supply and demand forloanable funds.
Supply and Demand 'or 3oanable 7unds
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Chapter 15 Slide
S
1ouseholds supply 'unds toconsume more in the 'utureJ
the higher the interest rate, themore they supply.
Supply and Demand 'or 3oanable 7unds
4uantity o'3oanable 7unds
R
Interestate
DT
R*
Q*
DT= DH+ DF and
eEuilibrium interestrate is R*.
DH
DF
DHand DF, the Euantity
demanded 'or loanable'unds by households (1)
and 'irms, respecti$ely,$aries in$ersely6ith the interest rate.
Changes In The AEuilibrium
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Chapter 15 Slide
Changes In The AEuilibrium
S
DT
R*
Q*
During a recession interestrates 'all due to a
decrease in the demand'or loanable 'unds.
DT
Q1
R1
4uantity o'3oanable 7unds
R
Interestate
Changes In The AEuilibrium
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Chapter 15 Slide
Changes In The AEuilibrium
S
DT
R*
Q*
When the 'ederalgo$ernment runs large
budget de'icits thedemand 'or loanable
'unds increase.
Q2
R2
DT
4uantity o'3oanable 7unds
R
Interestate
Changes In The AEuilibrium
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Chapter 15 Slide
Changes In The AEuilibrium
S
DT
R*
Q*
When the 7ederaleser$e increases
the money supply, thesupply o' loanable'unds increases.
S
R1
Q1
4uantity o'3oanable 7unds
R
Interestate
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1o6 re Interest ates Determined@
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Chapter 15 Slide
, :ariety of /nterest %ates
E# 7ommercial $aper %ate
@# $rime %ate
9# 7orporate Bond %ate
1o6 re Interest ates Determined@
Summary
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Chapter 15 Slide
Summary
, firmCs holding of capital is measuredas a stock! but inputs of labor and ramaterials are flos.
=hen a firm makes a capitalinvestment! it spends money no! sothat it can earn profits in the future.
Summary
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Chapter 15 Slide
Summary
he present discounted value "$':# ofA4 paid nyears from no is A43"4 I R#n.
, bond is a contract in hich a lenderagrees to pay the bondholder a streamof money.
Summary
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Chapter 15 Slide
Summary
irms can decide hether to undertakea capital investment by applying the+$: criterion.
he discount rate that a firm uses tocalculate the +$: for an investmentshould be the opportunity cost ofcapital.
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Summary
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Chapter 15 Slide
Summary
,n e5haustible resource in the groundis like money in the bank and must earna comparable return.
Market interest rates are determined bythe demand and supply of loanablefunds.
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*nd of 7hapter 4@
In$estment,Time, and
Capital &arkets