The Fundamentals of Managerial Economics (9)
管理经济学ManagerialEconomics
Q
例：谁支付了奢侈品税？
一些国家对那些只有富人才买得起的奢侈品征收消 费税(如中国对购买轿车征收名目繁多的各种税费), 理由 是调节社会分配。这一类型的税真的是由富人来承担吗？
买者支付的价格 无税收的价格 税 收
价格上限只有低于均衡 价格才有意义。
P0
价格上限通常会导致市
PC
场短缺。
Q
价格下限(Price floor)
价格下限也称为支持价格 P (support price)， 主要用于对某些在竞争中 pf 处于劣势的产业进行支持， p0
如农业、衰退中的产业
Q
2. 间接干预——征税与补贴
P
S2
S0
S1 p2
不会发生变动，只有需求量变动 ——如果商品自身价格以外的因素发生 变动，将
会导致需求发生变动
例：电力需求
P
P
p1
P0
p2
Da Da’
Qa1’
Qa1 Qa0 Q
Db’
Db
Qb0 Qb0’ Qb2
Q
第二节 供给
一. 供给量 在一定时期内、一定条件下，生产者愿
意并且能够向市场提供的商品或劳务的数量。
影响供给量的主要因素： 1. 商品自身的价格(P); 2. 成本(C); 3. 对未来的预期(E);
确定方案。决策意味着选择。必须围绕问题形成两个 以上的合理方案。
选择方案。在考虑各种制约因素的限制下，对每个方 案进行评估，选择其中最优方案。
方案实施。决策只有实施才能取得效果。
目标
行为准则
假设：生产者追求利润最大化
利润最大化与价值（财富）最大化
A 利润最大化是一种短期目标；
英国留学国际金融专业
英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
香港科大商学院的教材
ACCT《Financial Accounting 》Authors: Libby Publisher: McGraw Hill《Financial Accounting: A Global Perspective》Authors: Libby Publisher: McGraw Hill《Introduction to Managerial Accounting》Authors: Brewer Garrison Publisher: McGraw Hill《Managerial Accounting》Authors: Garrison Publisher: McGraw Hill《Cost Accounting: A Managerial Emphasis》Authors: Charles T. Horngren Publisher: Pearson《Intermediate Accounting: IFRS Edition 》Authors: Kieso Publisher: Wiley《Intermediate accounting》Authors: Earl K. Stice, James D. Stice, K Publisher: South-Western/Cengage Learning《Auditing and Assurance Services》Authors: Messier Publisher: McGraw Hill《IFRS Practical Implementation Guide and Workbook》Authors: Mirza Orrell Holt Publisher: Wiley《Modern Introduction to International Law》Authors: Peter Malanczuk Publisher: Routledge《Principles of Accounting 》Authors: WILD,Larson,Chiappetta Publisher: McGraw Hill《Financial Accounting in an Economic Context》Authors: Jamie Pratt Publisher: Wiley《Accounting : What the Numbers Mean》Authors: David Marshall Publisher: McGraw HillECON《Microeconomics》Authors: Parkin Publisher: Pearson《Microeconomics》Authors: Michael Parkin Publisher: Pearson《Macroeconomics》Authors: Olivier Blanchard Publisher: Pearson《Introductory Econometrics A Modern Approach》Authors: Jeffrey M. Woolridge Publisher: Cengage《Managerial Economics and Business Strategy》Authors: Michael R. Baye Publisher: McGraw Hill《Microeconomic Theory: Basic Principles and Extensions 》Authors: Snyder/Nicholson Publisher: Thomson《The Economics of Money, Banking and Financial Markets》Authors: Frederic S. Mishkin Publisher: Pearson《Introduction to Econometrics: Brief Ed.》Authors: James Stock Publisher: Pearson《International Economics: Theory & Policy》Authors: Paul Krugman and Maurice Obstfel Publisher: Pearson《Fundamental Methods of Mathematical Economics 》Authors: Alpha C. Chiang, Kevin Wainwrigh Publisher: McGraw Hill《Issues in Economics Today》Authors: Guell Publisher: McGraw Hill《Managerial Economics Asia Pacific Edition》Authors: Ivan Png and Chi-Wo J. Cheng Publisher: PearsonFINA《Fundamentals of Corporate Finance》Authors: Jonathan Berk Publisher: Pearson《Financial Markets and Institutions》Authors: Frederic S. Mishkin Publisher: Pearson《Investment》Authors: Bodie Publisher: McGraw Hill《Options Futures & Other Derivatives》Authors: John Hull Publisher: Pearson《Financial Markets & Corporate Strategy》Authors: Mark Grinblatt Publisher: McGraw Hill《Corporate Finance》Authors: Jonathan Berk Publisher: Pearson《Corporate Finance》Authors: Ross, Westerfield, Jaffe Publisher: McGraw Hill 《Essentials of Corporate Finance》Authors: Ross Publisher: McGraw Hill 《Fundamentals of Corporate Finance》Authors: Jonathan Berk Publisher: Pearson 《International Financial Management》Authors: Cheol S. Eun, Bruce G. Resnick Publisher: McGraw Hill《Financial Institutions Management (A Risk Management Approach)》Authors: Anthony Saunders Publisher: McGraw Hill《Valuation: Analyzing Global Investment Opportunities》Authors: Sheridan Titman Publisher: Pearson《Bond Markets, Analysis, and Strategies 》Authors: Frank J. Fabozzi Publisher: Pearson《Corporate Finance Essentials》Authors: Ross,Westerfield,Jordan Publisher: McGraw Hill《Essentials of Corporate Finance》Authors: Ross Westerfield Jordan Publisher: McGraw Hill《Fundamentals of Investing》Authors: Gitman & Joehnk Publisher: Pearson 《Modern Financial Management》Authors: Ross, Westerfield, Jaffe Publisher: McGraw Hill《Money, Banking and Financial Markets》Authors: Ceccheti Publisher: McGraw Hill MGMT《Essentials of Contemporary Management》Authors: Gareth R. Jones Publisher: McGraw Hill《Organizational Behavior (Essentials)》Authors: Steven McShane Publisher: McGraw Hill《Leadership: Enhancing the Lessons of Experience》Authors: Richard L. Hughes Publisher: McGraw Hill《The Mind and Heart of the Negotiator》Authors: Leigh L. Thompson Publisher: Pearson《Strategic Management: Creating Competitive Advantages》Authors: Dess Lumpkin Eisner Publisher: McGraw Hill《The Management of Strategy Concepts and Cases》Authors: R. Duane Ireland Publisher: Cengage《International Management: Culture, Strategy and Behavior》Authors: Fred Luthans Publisher: McGraw Hill《International Business: Competing in the Global Marketplace》Authors: Charles W. L. Hill Publisher: McGraw Hill《Strategic Management and Competitive Advantage》Authors: Jay B. Barney and William S. Hes Publisher: Pearson《Entrepreneurship:Successfully Launching New Ventures》Authors: Bruce R. Barringer Publisher: Pearson《Entrepreneurial Small Business》Authors: Katz,Green Publisher: McGraw Hill 《International Management: Text and Cases 》Authors: Beamish Publisher: McGraw Hill《Management》Authors: Stephen P. Robbins, Mary Coulter Publisher: PearsonFundamentals of Corporate FinanceLIYashuai1266845252Business Statistics confirmation ID 490Intermediate accounting confirmation ID 491.IFRS Practical Implementation Guide and Workbook confirmation ID 492. Essentials of Corporate Finance confirmation ID 494Modern Financial Management confirmation ID 495.。
一篇《经济人学》翻译
【翻译】有一群人最受其害。
在过去的半个世纪，发达国家教育程度不高的男性，在处理劳动力市场和家庭领域中的巨大变化时困难重重。
随着技术和贸易的发展使得有勇无谋之人的价值不断下滑，教育程度不高的男性努力在职场寻找自己应该扮演的角色。
另一方面，女性习得了高超的技艺之后，则在诸如医疗和教育等发展行业如鱼得水。
随着教育变得越来越重要，男孩在学校的表现常常不如女生。
在制造业，失去工作的男性也常常再难入职。
失业的男性会发现很难吸引长期配偶。
结果就是，对教育程度较低的男性来说，没有工作，没有家庭，没有未来，简直是雪上加霜。
左派和右派各抒己见。
但是他们的解释并不矛盾：造成这一现状，经济和社会变革均有责任，而两者也会彼此加强。
而且，现状有可能会恶化。
技术将会给更多产业带来变革，会造福社会，但是也会让那些无法学习提高的工人成为多余。
经合组织智库预测，在几乎所有的发达国家中，单亲家庭的绝对数量会继续增加。
没有父亲陪伴成长的男孩更有可能无法建立长久的关系，这会形成男性社会功能障碍的恶性循环。
能采取什么措施呢？部分解决问题的关键在于文化态度的改变。
在过去的一代人中，中产阶级男性认识到他们需要帮忙照顾孩子，并改变自己的行为。
工人阶层的男性需要跟上变化。
女性已经知道她们也能在不失去自身特质的前提下，成为医生和物理学家。
男性需要理解，传统的体力劳动不会再回来，他们也能在不失去自身男性特质的情况下成为护士或发型师。
【词汇短语】1. cope with 处理2. labor market 劳动力市场3. devalue [diː'væljuː] vt. 使贬值4*.brawn [brɔːn] n. 发达的肌肉5. surge [sɜːdʒ] vi. 激增6. sector ['sektə] n. 部门7. superior [suː'pɪərɪə; sjuː-] adj. 出众的8. permanent ['pɜːm(ə)nənt] adj. 永久的9. prospect ['prɒspekt] n. 前途10. contradictory [kɒntrə'dɪkt(ə)rɪ] adj. 矛盾的11. reinforce [riːɪn'fɔːs] vt. 加强•12. render ['rendə] vt. 致使13. redundant [rɪ'dʌnd(ə)nt] adj. 多余的14. think-tank 智囊团15. household ['haʊshəʊld] n. 家庭•16*.dysfunction [dɪs'fʌŋ(k)ʃ(ə)n] n. 功能紊乱17. child care 儿童保育18. catch up ['kætʃʌp] 赶上•19. surgeon ['sɜːdʒ(ə)n] n. 外科医生20. femininity [,femɪ'nɪnɪtɪ] n. 女子本性21. manual job 体力工作22. hairdresser ['heədresə] n. 美发师23. masculinity [,mæskjʊ'lɪnɪtɪ] n. 男子气（注：标*的为超纲词）【点评】段I分析了发达国家教育程度较低男性面临的不利局面。
中欧在线全系列通用管理课程清单(2010双语)
your staff
Responding to poor performance 如何祝贺和夸奖员工
Congratulate a colleague 好的目标有什么特点
目标制定 Formulating your What is a good goal?
goals
目标明确，行动更有效
Fix your goals clearly to reach them better 年度评估面谈：烦人的任务还是建设性的机会？
让你的“推销”适应目标客户的明确需求 Adapt your „pitch‟ to your target‟s express needs
提升说服力 Boost your power of persuasion
通过实例学习如何推销大项目 Master large project selling with the help of a real-world example
处理客户异议 Dealing with your client‟s objections 向签单冲刺 Concluding a sale
加深对潜在客户的了解 Improving your understanding of your prospect‟s situation
提出需要解决的问题触动潜在客户 Motivate your target by raising problems that need resolving
-1-
成功进行职业发展面谈
成功进行员工面谈
Carry out a successful professional development meeting 处理违规员工
Successfully managing face-to-face meetings with
Managerial EconomicsPPT课件
Lecture Two: How economic theory stacks up
against reality What’s wrong with diminishing
marginal productivity?
Last week
• Economic theory: – Output & price set by falling marginal revenue on one hand, rising marginal cost on the other
Economic facts of the firm: detail
• How fast do prices adjust? – Economic theory: quickly
• Prices adjust to bring demand and supply into equilibrium • Adjustment process so fast that non-equilibrium sales
• Third, firms typically report fixed costs that are quite high relative to variable costs. And they rarely report the upward-sloping marginal cost curves that are ubiquitous in economic theory. Indeed, downward-sloping marginal cost curves are more common… If these answers are to be believed … then [a good deal of microeconomic theory] is called into question… For example, price cannot approximate marginal cost in a competitive market if fixed costs are very high.” (p. 302)
国外经济类书籍大全
国外经济类书籍大全国外经济类书籍大全fixed printice hall Kotler,Philip最新加入一些没有整理的杂类书籍和文章，大家睁大眼睛好好找啊，太多了是不好找，呵呵约翰·威利公司(John Wiley & Sons, Inc.)是美国为数不多的具有悠久历史的独立图书出版公司，1807年创立，总部设在纽约现有职员约2100名。
现有在版11000种图书和400种期刊，每年新版图书1500种。
该公司的出版业务主要有四大块：法律图书出版、大专院校教材出版、科技与医学图书出版和职业图书及其他图书出版。
主要产品有图书、期刊和电子产品、光盘和网上产品。
在190多年的出版活动过程中，该出版社有大量高质量的科技书刊出版物问世，其出版范围是含盖了电子、水力、流体力学、内燃机、生物化学、有机化学、物理化学、分析化学、热力学和航空学；心理学、社会学、管理学、政治学；医学等各个领域。
历史上还出版了美国作家的两部重要着作：哈勒克的《范妮》和欧文的《见闻札记》。
1820年至1822年，与霍尔斯特德合作，出版了库珀的《间谍》、《拓荒者》、《探路者》和《莱昂纳尔·林肯》等作品。
1960年，约翰·威利公司结束与查普曼公司的合作，成立了公司的第一个海外子公司--约翰·威利英国科技图书出版公司(John Wiley & Sons, Ltd.)。
1989年，购得阿兰·里斯科技出版社，从而是成为世界上最大五个科期刊出版商之一。
1996年6月，购得国际性科技出版商--VCH的大部分股权，从而成为世界上化学材料研究方面的最大商业出版商和世界上第二大科技图书出版商。
由此，约翰·威利公司收入的50%来自海外。
约翰· 威利公司作为世界上三大科技出版商之一，其科技出版物在科技界有很高的声誉。
首先，作为世界上最大的化学商业出版商，约翰·威利公司出版2000多种化学图书，其中许多图书成为化学类权威图书，如《化工技术百科全书》、《聚合物科学和工程百科》、《分离技术百科》、《有机传导分子和聚合体手册》等。
MBA财务管理,第一章,作业答案
Chapter 1: The Fundamentals of Managerial EconomicsAnswers to Questions and Problems1.Producer-producer rivalry best illustrates this situation. Here, Southwest is aproducer attempting to steal customers away from other producers in the form oflower prices.2.The maximum you would be willing to pay for this asset is the present value, which is3. a. Net benefits are N(Q) = 20 + 24Q– 4Q2. benefits when Q = 1 are N(1) = 20 + 24 – 4 = 40 and when Q = 5 they are N(5)= 20 + 24(5) – 4(5)2 = 40.c.Marginal net benefits are MNB(Q) = 24 – 8Q.d.Marginal net benefits when 1Q they==Q are MNB(1) = 24 – 8(1) = 16 and when 5 are MNB(5) = 24 – 8(5) = -16.e.Setting MNB(Q) = 24 – 8Q = 0 and solving for Q, we see that net benefits aremaximized when Q = 3.f.When net benefits are maximized at Q = 3, marginal net benefits are zero. That is,MNB(3) = 24 – 8(3) = 0.4. a. The value of the firm before it pays out current dividends is.b. The value of the firm immediately after paying the dividend is.5.The present value of the perpetual stream of cash flows. This is given by6.The completed table looks like this: benefits are maximized at Q = 107.b.Marginal cost is slightly smaller than marginal benefit (MC = 130 and MB = 140).This is due to the discrete nature of the control variable.7. a. The net present value of attending school is the present value of the benefits derivedfrom attending school (including the stream of higher earnings and the value to you of the work environment and prestige that your education provides), minus theopportunity cost of attending school. As noted in the text, the opportunity cost ofattending school is generally greater than the cost of books and tuition. It is rationalfor an individual to enroll in graduate when his or her net present value is greater than zero.b.Since this decreases the opportunity cost of getting an M.B.A., one would expectmore students to apply for admission into M.B.A. Programs.8. a. Her accounting profits are $170,000. These are computed as the difference betweenrevenues ($200,000) and explicit costs ($30,000).b.By working as a painter, Jaynet gives up the $110,000 she could have earned underher next best alternative. This implicit cost of $110,000 is in addition to the $30,000 in explicit costs. Since her economic costs are $140,000, her economic profits are$200,000 - $140,000 = $60,000.9. a. Total benefit when Q = 2 is B(2) = 20(2) – 2 × 22 = 32. When Q = 10, B(10) = 20(10)– 2 × 102 = 0.b.Marginal benefit when Q = 2 is MB(2) = 20 – 4(2) = 12.When Q = 10, it is MB(10)= 20 – 4(10) = -20.c.The level of Q that maximizes total benefits satisfies MB(Q) = 20 – 4Q = 0, so Q = 5.d.Total cost when Q = 2 is C(2) = 4 + 2 × 22 = 12. When Q = 10 C(Q) = 4 + 2 × 102 =204.e.Marginal cost when Q = 2 is MC(Q) = 4(2) = 8. When Q = 10 MC(Q) = 4(10) = 40.f.The level of Q that minimizes total cost is MC(Q) = 4Q = 0, or Q = 0. benefits are maximized when MNB(Q) = MB(Q) = MC(Q) = 0, or 20 – 4Q– 4Q= 0. Some algebra leads to Q = 20/8 = 2.5 as the level of output that maximizes netbenefits.10.a. The present value of the stream of accounting profits isb.The present value of the stream of economic profits is11.First, recall the equation for the value of a firm: . Next, solve thisequation for g to obtain . Substituting in the known values implies agrowth rate of or 5 percent. This would seem to be areasonable rate of growth: 0.05 < 0.09 (g < i).12.Effectively, this question boils down to the question of whether it is a goodinvestment to spend an extra $200 on a refrigerator that will save you $45 at the endof each year for five years. The net present value of this investment is.You should buy the standard model, since doing so saves you $10.44 in present value terms.13.Under a flat hourly wage, employees have little incentive to work hard as workinghard will not directly benefit them. This adversely affects the firm, since its profitswill be lower than the $25,000 per store that is obtainable each day when employees perform at their peak. Under the proposed pay structure, employees have a strongincentive to increase effort, and this will benefit the firm. In particular, under thefixed hourly wage, an employee receives $160 per day whether he or she works hard or not. Under the new pay structure, an employee receives $330 per day if the storeachieves its maximum possible daily profit and only $80 if the store’s daily profit iszero. This provides employees an incentive to work hard and to exert peer pressure on employees who might otherwise goof off. By providing employees an incentive toearn extra money by working hard, both the firm and the employees will benefit. 14.a. Accounting costs equal $145,000 per year in overhead and operating expenses. Herimplicit cost is the $75,000 salary that must be given up to start the new business. Her opportunity cost includes both implicit and explicit costs: $145,000 + $75,000 =$220,000.b.To earn positive accounting profits, the revenues per year should greater than$145,000. To earn positive economic profits, the revenues per year must be greaterthan $220,000.15.First, note that the $200 million spent to date is irrelevant. It is a sunk cost that will belost regardless of the decision. The relevant question is whether the incrementalbenefits (the present value of the profits generated from the drug) exceed theincremental costs (the $60 million needed to keep the project alive). Since these costs and benefits span time, it is appropriate to compute the net present value. Here, thenet present value of DA S’s R&D initiative isSince this is positive, DAS should spend the $60 million. Doing so adds over$100,000 to the firm’s value.16.Disagree. In particular, the optimal strategy is the high advertising strategy. To seethis, note that the present value of the profits from each advertising strategy are asfollows:Since the high advertising results in profit stream with the greatest present value, it is the best option.17.a. Since the profits grow faster than the interest rate, the value of the firm would beinfinite. This illustrates a limitation of using these simple formulas to estimate thevalue of a firm when the assumed growth rate is greater than the interest rate.b. billion.c. billion.d. billion.18.If she invests $2,500 in pre-tax money each year in a traditional IRA, at the end of 4years the taxable value of her traditional IRA will beShe gets to keep only 81 percent of this (her tax rate is 19 percent), so her spendable income when she withdraws her funds at the end of 4 years is (0.81)($11,876.85) =$9,620.25.In contrast, if she has $2,500 in pre-tax income to devote to investing in an IRA, she can only invest $2,025 in a Roth IRA each year (the remaining $475 must be paid to Uncle Sam). Since she doesn’t have to pay taxes on her earnings, the value of herRoth IRA account at the end of 4 years represents her spendable income uponretirement if she uses a Roth IRA. This amount is.Notice that, ignoring set-up fees, the Roth and traditional IRAs result in exactly thesame after-tax income at retirement. Therefore, she should adopt the plan with thelowest set-up fees. In this case, this means choosing the Roth IRA, thus avoiding the $50 set-up fee charged for the traditional IRA. In other words, the net present value of her after-tax retirement funds if she chooses a Roth IRA,, is $50 higher than under a traditional IRA.19.Yes. To see this, first note that your direct and indirect costs are the same regardlessof whether you adopt the project and therefore are irrelevant to your decision. Incontrast, note that your revenues increase by $13,369,300 if you adopt the project.This change in revenues stemming from the adoption from the ad campaignrepresents your incremental revenues. To earn these additional revenues, however,you must spend an additional $2,860,050 in TV airtime and $1,141,870 for additional ad development labor. The sum of these costs – $4,001,920 – represents the explicitincremental cost of the new advertising campaign. In addition to these explicit costs, we must add $8,000,000 in implicit costs – the profits lost from foreign operations.Thus, based on the economically correct measure of costs – opportunity costs – theincremental cost of the new campaign is $12,001,920. Since these incremental costsare less than the incremental revenues of $13,369,300, you should proceed with thenew advertising campaign. Going forward with the plan would increase the firm’sbottom line by $1,367,380. Expressed differently, the extra accounting profits earned in the U. S. would offset the accounting profits lost from foreign operations.20.Under the projected 2% annual growth rate, analysts would view the acquisitionunfavorably since < $625.00 (in millions).However, with an annual growth rate of 4% the acquisition is justified since> $625.00 (in millions).21.Producer-producer rivalry exists between U.S.-based shrimp producers (representedby the Southern Shrimp Alliance) and foreign shrimp producers. A consumer-producer rivalry exists between the members of the American Seafood DistributorsAssociation and the U.S.-based shrimp producers (represented by the SouthernShrimp Alliance). Sustainability of profits in the U.S. shrimp market is questionable given the current circumstances. There are few low-cost alternatives to shrimp. Since Brazil’s shrimp exports i ncreased from 400 tons to more than 58,000 tons in just afew years indicates that it is relatively easy to enter the shrimp-farming industry. One result is that quantity of shrimp exported to the U.S. has dramatically increased,putting downward pressure on price. Both shrimp consumers, represented byAmerican Seafood Distributor’s Association, and shrimp producers, represented bythe Southern Shrimp Alliance in the U.S. and by the governments of other countries, are well organized. The sustainability of profits in the U.S. market for shrimp will be determined by the relative success of buyers and sellers of shrimp at convincing theU.S. government of the merits for the 300 percent tariff request on shrimp enteringthe U.S.22.Online price comparison sites are generally markets of intense producer-producerrivalry. Using the five forces framework, one would expect that profits in thisindustry would be low. Given that there are many sellers, products are identicalacross sellers, and that the main basis for competition is price, the industry rivalrywould be very high and prices would be expected to be close to cost. Furthermore,barriers to entry are low, so that any profits would be competed away by new firmsentering the market. Also, consumers have a variety of substitutes available, both for the products and the retail outlets from which they purchase. For these reasons,economic profits would likely be close to zero for The Local Electronics Shop.23.While the incentive plan has been effective in increasing the sales for the dealership,it has not increased profitability. This is because the manager, who must approve all sales, gets paid a commission regardless of whether the sale is profitable for thedealership or not; she has an incentive to increase sales, not profits. A better incentive system would pay the manager a commission based on the amount of the profit oneach sale. Doing this would give the sales manager an incentive to sell more cars and maintain high profit margins. In this way, the incentives of the manager are betteraligned with the incentives of the dealership’s owners. Many car dealerships pay the manager 20-30% of the gross profit, the difference between the selling price and the cost to the dealership.。
微观经济学英文版
Chapter 1: The Fundamentals of Economics
Exercise & Discussion
Assume that Econoland produces haircuts and shirts with inputs of labor. Econoland has 1000 hours of labor available. A haircut requires ½ hour of labor, while a shirts requires 5 hours of labor. Construct Econoland’s production-possibility frontier.
can choose to produce gun or C
butter.(shown in the chart)
D
E
F
Butter 0 1 2 3 4 5
Guns 15 14 12 9 5 0
Chapter 1: The Fundamentals of Economics (C. Society’s technological possibilities)
Chapter 1: The Fundamentals of Economics（A. Introduction）
1.2 Microeconomics and Macroeconomics
What is Microeconomics ?
It is concerned with the behavior of individual entities such as markets, firms and households.
NEOMA BUSINESS SCHOOL 诺欧商学院简介
NEOMA BUSINESS SCHOOL 诺欧商学院诺欧商学院（NEOMA Business School）建于1871年，距今已有146年历史，是法国第二古老商学院。
诺欧商学院因其教育课程、教学方法及技能领域的优秀卓越而成为举世公认的欧洲百年名校。
学校的三个校区（鲁昂、兰斯、巴黎）共同提供一套从学士到博士项目的教学内容。
学院已获得世界顶级的三大认证：EQUIS认证，AACSB认证和AMBA认证。
Photos项目一：本科阶段Global BBA 国际工商管理本科学制：四年学费：9700 €/年校区：鲁昂或兰斯授课语言：英语或法语语言要求：英语课程：雅思6.0以上（托福83或GMAT 550以上可代替）| 法语课程：TCF/TEF B2 + 雅思6.0*语言达到要求获得面试机会，面试决定最终录取。
面试方式：Skype视频项目二：本硕连读EMA - Innovation & Digital Management 创新与数字化管理本科学制：5年制本硕连读学费：9000 € /年开学时间：9月校区：兰斯授课语言：第1-3年本科阶段法语授课，第4-5年硕士阶段英语授课申请要求：第1年（本科）：法语B2+雅思5.5第4年（硕士）：雅思6尚未获得语言成绩，想先面试的学生也可参加学校的在线英语测试，成绩要求：B2面试方式：视频项目三：硕士阶段学制：15个月（其中含6个月实习）学费：16000 €开学时间：9月面试方式：视频申请要求：四年制本科专业背景：商科或一年以上商业工作经验语言：雅思6.0-6.5项目四：硕士阶段PGE（P rogramme Grande école）学制：2年学费：24500 €/2年开学时间：9月校区：鲁昂或兰斯语言要求：英语课程GMAT 550以上（需寄送官方成绩），法语课程TAGE-MAGE 240分以上+雅思6.0（或托福83）*语言达到要求获得面试机会，面试决定最终录取。
经济管理学及财务知识分析人双语版
The business of polo马球业Cloney ponies克隆赛马How technology could transform an ancient sport技术如何改变一项古老运动Jan 5th 2013 | BUENOS AIRES | from the print editionIMAGINE a football match pitting 11 clones of Wayne Rooney against 11 more clones of the same spud-faced Manchester United striker. Even avid Wayne-watchers might find it a bit dull. But polo fans may one day be treated to something similar. No one is proposing to clone the stallions who wield the mallets, of course. But the stallions they sit on are another matter. Outstanding polo horses are hard to find and horribly expensive. Each world-class rider may have dozens, the best of which may cost more than $200,000 each.设想一场足球比赛，11位韦恩•鲁尼（Wayne Rooney）的克隆人对阵另外11位与这位曼联前锋长着同一张土豆脸的克隆人，就算韦恩的狂热观众也会觉得有点无趣。
但有朝一日，马球迷会遇到类似的事。
当然，无人建议克隆那些挥动长柄球棍、像种马一般健美的男子。
不过，他们胯下的种马则另当别论了。
管理经济学ManagerialEconomics-精品
➢ 个体需求（individual demand）
价格 2 4 9
20
需求
需求曲线
(Demand Curve)
2.1 需求(Demand)
➢市场需求（market demand）
在同一价格水平下，所有个体需求量的横向叠加。
➢ 需求规律（Law of demand）
在影响需求的其他因素既定的条件下，整个市场对商 品的需求量与其价格之间存在着反向的依存关系。
研室研究助理 2019-2019 德国柏林洪堡大学经济系，银行、证券及
保险研究所 联合培养奖学金生 2019年7月至今 同济大学经济与管理学院经济与金
融系 讲师，副教授 主要研究方向：金融风险管理，巨灾证券化，
企业风险管理
内容(Content)
1. 经济学及其研究方法(Introduction) 2. 需求、供给与均衡价格(Demand, Supply and Equilibrium) 3. 厂商理论——生产理论 (Theory of Firm – Production Theory ) 4. 厂商理论——成本理论(Theory of the Firm – Cost Theory) 5. 市场及厂商均衡(Market and Firm Equilibrium) 6. 厂商理论——从产权的角度（from aspect of property right） 7. 国际贸易——比较优势原理 (International Trade – Comparative
quantity supplied)
供给量的变化是指当其他因素不变的情况下，随着价格变化 ，供给量沿着需求曲线的变化
供给的变动是指当除价格以外的其他因素变化时，供给曲线 发生移动，例如原材料价格下降
中欧商业在线-课程清单
Formulating comprehensive motivation plan Motivating your staff 善用奖惩激励员工 by rewards and punishments 胜任力与团队技能发展 What is competence? Choosing which skills 应需而变拓展团队技能 to develop in your Developing skills 通过培训提升员工技能 through training Developing skills by 通过授权培养技能 Developing delegating your staff’ Developing your team s skills ’s skills through 一对一教练法：GROW法 individual coaching: the GROW approach Organizing work so 变日常工作为培训 that it acts as Giving training 提供建设性反馈 feedback Creating training opportunities in 在日常工作中创造培训机会 daily work 制定综合性的激励方案
How to improve your PMPX003 staff's competency? Developing your staff 通过建设性反馈帮助员工进 PMPX004 by giving 步 constructive Carry out a 成功进行职业发展面谈 OJMH393 successful Successfully professional managing Dealing with a face-to-face colleague who isn’t 处理违规员工 OJMH399 成功进行员工面谈 meetings following the rules with your Responding to poor 如何讨论糟糕的绩效？ OJMH400 staff performance Congratulate a 如何祝贺和夸奖员工？ OJMH392 colleague Psychology in 管理中的心理学 OJMH334 management How to improve your The manager- coaching by 经理人教练 如何提高教练能力？ OJMH336 coach understanding people better? When should you 何时教练？何时管理？ OJMH341 coach? When should Running a training 如何为培训做准备？ OJMH394 session: how to prepare for it? Building a path for 组织培训的过程 OJMH395 Succeeding your training session as an Using teaching 当好临时培训师 有效地运用培训技巧 OJMH396 occasional techniques trainer Successfully running 如何开展培训？ OJMH397 a training course Adapting teaching 根据不同的学员类型开展培训 OJMH398 principles to the participants' profile 如何成为一名出色的导师 TMCO001 今天，你授权了吗？ TMCO002 职场好教练
MBA财务管理,第一章,作业答案
MBA财务管理,第⼀章,作业答案Chapter 1: The Fundamentals of Managerial EconomicsAnswers to Questions and Problems1.Producer-producer rivalry best illustrates this situation. Here, Southwest is aproducer attempting to steal customers away from other producers in the form oflower prices.2.The maximum you would be willing to pay for this asset is the present value, which is3. a. Net benefits are N(Q) = 20 + 24Q– 4Q2./doc/959714836.htmlbenefits when Q = 1 are N(1) = 20 + 24 – 4 = 40 and when Q = 5 they are N(5)= 20 + 24(5) – 4(5)2 = 40.c.Marginal net benefits are MNB(Q) = 24 – 8Q.d.Marginal net benefits when 1Q they==Q are MNB(1) = 24 – 8(1) = 16 and when 5 are MNB(5) = 24 – 8(5) = -16.e.Setting MNB(Q) = 24 – 8Q = 0 and solving for Q, we see that net benefits aremaximized when Q = 3.f.When net benefits are maximized at Q = 3, marginal net benefits are zero. That is,MNB(3) = 24 – 8(3) = 0.4. a. The value of the firm before it pays out current dividends is.b. The value of the firm immediately after paying the dividend is.5.The present value of the perpetual stream of cash flows. This is given by6.The completed table looks like this:/doc/959714836.htmlbenefits are maximized at Q = 107.b.Marginal cost is slightly smaller than marginal benefit (MC = 130 and MB = 140).This is due to the discrete nature of the control variable.7. a. The net present value of attending school is the present value of the benefits derivedfrom attending school (including the stream of higher earnings and the value to you of the work environment and prestige that your education provides), minus theopportunity cost of attending school. As noted in the text, the opportunity cost ofattending school is generally greater than the cost of books and tuition. It is rationalfor an individual to enroll in graduate when his or her net present value is greater than zero.b.Since this decreases the opportunity cost of getting an M.B.A., one would expectmore students to apply for admission into M.B.A. Programs.8. a. Her accounting profits are $170,000. These are computed as the difference betweenrevenues ($200,000) and explicit costs ($30,000).b.By working as a painter, Jaynet gives up the $110,000 she could have earned underher next best alternative. This implicit cost of $110,000 is in addition to the $30,000 in explicit costs. Since her economic costs are $140,000, her economic profits are$200,000 - $140,000 = $60,000.9. a. Total benefit when Q = 2 is B(2) = 20(2) – 2 × 22 = 32. When Q = 10, B(10) = 20(10)– 2 × 102 = 0.b.Marginal benefit when Q = 2 is MB(2) = 20 – 4(2) = 12.When Q = 10, it is MB(10)= 20 – 4(10) = -20.c.The level of Q that maximizes total benefits satisfies MB(Q) = 20 – 4Q = 0, so Q = 5.d.Total cost when Q = 2 is C(2) = 4 + 2 × 22 = 12. When Q = 10 C(Q) = 4 + 2 × 102 =204.e.Marginal cost when Q = 2 is MC(Q) = 4(2) = 8. When Q = 10 MC(Q) = 4(10) = 40.f.The level of Q that minimizes total cost is MC(Q) = 4Q = 0, or Q = 0./doc/959714836.htmlbenefits are maximized when MNB(Q) = MB(Q) = MC(Q) = 0, or 20 – 4Q– 4Q= 0. Some algebra leads to Q = 20/8 = 2.5 as the level of output that maximizes netbenefits.10.a. The present value of the stream of accounting profits isb.The present value of the stream of economic profits is11.First, recall the equation for the value of a firm: . Next, solve thisequation for g to obtain . Substituting in the known values implies agrowth rate of or 5 percent. This would seem to be areasonable rate of growth: 0.05 < 0.09 (g < i).12.Effectively, this question boils down to the question of whether it is a goodinvestment to spend an extra $200 on a refrigerator that will save you $45 at the endof each year for five years. The net present value of this investment is.You should buy the standard model, since doing so saves you $10.44 in present value terms.13.Under a flat hourly wage, employees have little incentive to work hard as workinghard will not directly benefit them. This adversely affects the firm, since its profitswill be lower than the $25,000 per store that is obtainable each day when employees perform at their peak. Under the proposed pay structure, employees have a strongincentive to increase effort, and this will benefit the firm. In particular, under thefixed hourly wage, an employee receives $160 per day whether he or she works hard or not. Under the new pay structure, an employee receives $330 per day if the storeachieves its maximum possible daily profit and only $80 if the store’s daily profit iszero. This provides employees an incentive to work hard and to exert peer pressure on employees who might otherwise goof off. By providing employees an incentive toearn extra money by working hard, both the firm and the employees will benefit. 14.a. Accounting costs equal $145,000 per year in overhead and operating expenses. Herimplicit cost is the $75,000 salary that must be given up to start the new business. Her opportunity cost includes both implicit and explicit costs: $145,000 + $75,000 =$220,000.b.To earn positive accounting profits, the revenues per year should greater than$145,000. To earn positive economic profits, the revenues per year must be greaterthan $220,000.15.First, note that the $200 million spent to date is irrelevant. It is a sunk cost that will belost regardless of the decision. The relevant question is whether the incrementalbenefits (the present value of the profits generated from the drug) exceed theincremental costs (the $60 million needed to keep the project alive). Since these costs and benefits span time, it is appropriate to compute the net present value. Here, thenet present value of DA S’s R&D initiative isSince this is positive, DAS should spend the $60 million. Doing so adds over$100,000 to the firm’s value.16.Disagree. In particular, the optimal strategy is the high advertising strategy. To seethis, note that the present value of the profits from each advertising strategy are asfollows:Since the high advertising results in profit stream with the greatest present value, it is the best option.17.a. Since the profits grow faster than the interest rate, the value of the firm would beinfinite. This illustrates a limitation of using these simple formulas to estimate thevalue of a firm when the assumed growth rate is greater than the interest rate.b. billion.c. billion.d. billion.18.If she invests $2,500 in pre-tax money each year in a traditional IRA, at the end of 4years the taxable value of her traditional IRA will beShe gets to keep only 81 percent of this (her tax rate is 19 percent), so her spendable income when she withdraws her funds at the end of 4 years is (0.81)($11,876.85) =$9,620.25.In contrast, if she has $2,500 in pre-tax income to devote to investing in an IRA, she can only invest $2,025 in a Roth IRA each year (the remaining $475 must be paid to Uncle Sam). Since she doesn’t have to pay taxes on her earnings, the value of herRoth IRA account at the end of 4 years represents her spendable income uponretirement if she uses a Roth IRA. This amount is.Notice that, ignoring set-up fees, the Roth and traditional IRAs result in exactly thesame after-tax income at retirement. Therefore, she should adopt the plan with thelowest set-up fees. In this case, this means choosing the Roth IRA, thus avoiding the $50 set-up fee charged for the traditional IRA. In other words, the net present value of her after-tax retirement funds if she chooses a Roth IRA,, is $50 higher than under a traditional IRA.19.Yes. To see this, first note that your direct and indirect costs are the same regardlessof whether you adopt the project and therefore are irrelevant to your decision. Incontrast, note that your revenues increase by $13,369,300 if you adopt the project.This change in revenues stemming from the adoption from the ad campaignrepresents your incremental revenues. To earn these additional revenues, however,you must spend an additional $2,860,050 in TV airtime and $1,141,870 for additional ad development labor. The sum of these costs – $4,001,920 – represents the explicitincremental cost of the new advertising campaign. In addition to these explicit costs, we must add $8,000,000 in implicit costs – the profits lost from foreign operations.Thus, based on the economically correct measure of costs – opportunity costs – theincremental cost of the new campaign is $12,001,920. Since these incremental costsare less than the incremental revenues of $13,369,300, you should proceed with thenew advertising campaign. Going forward with the plan would increase the firm’sbottom line by $1,367,380. Expressed differently, the extra accounting profits earned in the U. S. would offset the accounting profits lost from foreign operations.20.Under the projected 2% annual growth rate, analysts would view the acquisitionunfavorably since < $625.00 (in millions).However, with an annual growth rate of 4% the acquisition is justified since> $625.00 (in millions).21.Producer-producer rivalry exists between U.S.-based shrimp producers (representedby the Southern Shrimp Alliance) and foreign shrimp producers. A consumer-producer rivalry exists between the members of the American Seafood DistributorsAssociation and the U.S.-based shrimp producers (represented by the SouthernShrimp Alliance). Sustainability of profits in the U.S. shrimp market is questionable given the current circumstances. There are few low-cost alternatives to shrimp. Since Brazil’s shrimp exports i ncreased from 400 tons to more than 58,000 tons in just afew years indicates that it is relatively easy to enter the shrimp-farming industry. One result is that quantity of shrimp exportedto the U.S. has dramatically increased,putting downward pressure on price. Both shrimp consumers, represented byAmerican Seafood Distributor’s Association, and shrimp producers, represented bythe Southern Shrimp Alliance in the U.S. and by the governments of other countries, are well organized. The sustainability of profits in the U.S. market for shrimp will be determined by the relative success of buyers and sellers of shrimp at convincing theU.S. government of the merits for the 300 percent tariff request on shrimp enteringthe U.S.22.Online price comparison sites are generally markets of intense producer-producerrivalry. Using the five forces framework, one would expect that profits in thisindustry would be low. Given that there are many sellers, products are identicalacross sellers, and that the main basis for competition is price, the industry rivalrywould be very high and prices would be expected to be close to cost. Furthermore,barriers to entry are low, so that any profits would be competed away by new firmsentering the market. Also, consumers have a variety of substitutes available, both for the products and the retail outlets from which they purchase. For these reasons,economic profits would likely be close to zero for The Local Electronics Shop.23.While the incentive plan has been effective in increasing the sales for the dealership,it has not increased profitability. This is because the manager, who must approve all sales, gets paid a commission regardless of whether the sale is profitable for thedealership or not; she has an incentive to increase sales, not profits. A better incentive system would pay the manager a commission based on the amount of the profit oneach sale. Doing this would give the sales manager an incentive to sell more cars and maintain high profit margins. In this way, the incentives of the manager are betteraligned with the incentives of the dealership’s owners. Many car dealerships pay the manager 20-30% of the gross profit, the difference between the selling price and the cost to the dealership.。
The fundamental of economics
How do we use our scare resources for.
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HOW ARE THE GOODS PRODUCED? PEOPLE OR MACHINES? OIL OR GAS?
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What technology we use to produce those goods.
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FOR WHOM ARE THE G&S PRODUCED? WHO GET THE BENEFITS?
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COMMON MISTAKES WHEN ANALIZING REALITY
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Making wrong relations.
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Post hoc fallacy : U.S. (1930) business expansion came just after an increase of the prices.. Lowering taxes increase governmental revenue. Use to happen the opposite. Good harvest for a farmer Giving money to one person / giving money to everyone
LESSON 1
THE FUNDAMENTALS OF ECONOMICS BRIEF INTRODUCTION
WHAT IS ECONOMICS?
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Study of how societies use scarce resources to produce goods and services that are distributed in a society. There is only economy if all the human needs are not covered. When there are not enough goods for everyone, we call the economic goods. Do you think we can reach the point in which everyone gets what they want? Why / Why not?
理解企业的财务稳定性指标
理解企业的财务稳定性指标财务稳定性是指企业在经营过程中是否能够维持良好的资金状况和正常的偿付能力。
了解企业的财务稳定性指标对于投资者、债权人以及经营者本身都是非常重要的。
本文将介绍一些常用的财务稳定性指标，帮助读者更好地理解企业的财务状况。
一、流动比率流动比率是衡量企业短期偿付能力的指标。
它通过将流动资产与流动负债进行比较，可以看出企业是否能够偿还当前的债务。
流动比率高于1表示企业拥有足够的流动资金偿还债务，而低于1则意味着企业可能会出现偿付困难。
一般来说，流动比率在1.5到2之间被视为较为理想的财务状况。
二、速动比率速动比率是一种更为严格的流动性指标，它排除了企业存货的因素。
速动比率通过将速动资产（不包括存货）与流动负债进行比较，可以更准确地评估企业的偿付能力。
速动比率通常高于1是较好的，表示企业在不考虑存货的情况下也能够偿还债务。
三、资产负债率资产负债率是衡量企业财务杠杆程度的指标。
它通过比较企业的负债与资产总额的比率，可以了解企业负债占总资产的比重。
资产负债率越低，表示企业财务风险越小，因为企业对外借款的需求较低。
四、利润率利润率是衡量企业营收转化为净利润能力的指标。
它通过计算企业的净利润与营业收入的比率，可以了解企业在经营过程中获得的盈利能力。
利润率越高，表示企业的盈利能力越强，也意味着企业有更大的偿付能力。
五、现金流量比率现金流量比率是衡量企业现金流量稳定性的指标。
它通过将经营现金流量与债务偿还能力进行比较，可以了解企业是否能够通过经营活动产生足够的现金来偿还债务。
现金流量比率高于1表示企业有充足的现金流量偿还债务。
六、偿债能力指标偿债能力指标反映了企业长期债务偿付能力。
包括有息负债率、利息保障倍数等。
有息负债率是企业有息负债与总资产之比，体现了企业利息负担的能力，数值越小表示企业财务稳定性越好。
利息保障倍数是企业利息支出与息税前利润之比，反映了企业利息支付能力，倍数越高表示企业还款能力越强。
《国外经济管理名著丛书》书目
《国外经济管理名著丛书》书目《国外经济管理名著丛书》书目1( F?W?泰罗:《车间管理》Taylor，Frederick W(，“Shop Management”2( F?W?泰罗:《科学管理原理》Taylor，Frederick W(，“The Principles of Scientific Management”3( H?法约尔:《工业管理和一般管理》Fayol，Henri，“Administration Industrielle et Générale” 4( E?梅奥:《工业文明的人类问题》Mayo，Elton，“The Human Problems of an Industrial Civilization”5( C?I?巴纳德:《经理的职能》Barnard，C. I.，“The Functions of the Executive” 6( F?J?罗特利斯伯格:《管理与士气》Rorthlisberger, F. J.,“Management and Morale” 7. M?韦伯:《社会组织与经济组织理论》Max,“The Theory of Social and Economic Organization” Weber，8( R?C?戴维斯:《高层管理基础》Davis，Ralph C.，“The Fundamentals of Top Management” 9( A?H?马斯洛:《激励与个人》Maslow，A. H.，“Motivation and Personality” 10(P?德鲁克:《管理实践》Drunker，Peter，“The Practice of Management” 11(L?厄威克编:《管理备要》Urwick，Lyndall(ed.)，“The Golden Book of Management” 12(J?G?马奇、H?A?西蒙:《组织》March，J. G. and Simon，H. A.，“Organization” 13(F?赫茨伯格等:《工作的推动力》Herzberg, F. and others,“The Motivation to Work” 14(E?戴尔:《伟大的组织者》Dale, Ernest,“The Great Organizers”15(D?麦格雷戈:《企业的人事方面》McGregor, D.,“The Human Side of Enterprise” 16(R?利克特:《管理的新模式》Linker, R.,“New Patterns of Management”17(W?H?纽曼、小C?E?萨默:《管理过程》Newman, W. H.and Sammer, C. E.Jr.,“The Process of Management”18(F?E?菲特勒和 M?M?切莫尔斯:《领导与有效管理》Fiedler, F. E. and Chemers, M. M。