MANAGERIAL ECONOMICS 10E. Production Analysis and Compensation Policy M A R K H I R S C H E Y. Chapter South-Western/Thomson Learning

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1 M A R K H I R S C H E Y 10E MANAGERIAL ECONOMICS Chapter 7 Production Analysis and Compensation Policy PowerPoint Presentation by Charlie Cook 2003 South-Western/Thomson Learning

2 Representative Production Surface Figure 7.1 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 2

3 Total, Average, and Marginal Product for Input X, Given Y = 2 Figure 7.2 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 3

4 Rational II Total Marginal, and Average Product Curves: (A) Total Product Curve for X, Holding Y = Y 1 ; (B) Marginal Product Curve for X, Holding Y = Y 1 Figure 7.3 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 4

5 Representative Isoquants for Table 7.1 KULIT SOL Figure 7.4 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 5

6 Isoquants for Inputs with Varying Degrees of Substitutability: (A) Electric Power Generation; (B) Bicycle Production Figure 7.5a Managerial Economics 10e 2003 South-Western/Thomson Learning 7 6

7 Isoquants for Inputs with Varying Degrees of Substitution: (C) Dress Production Figure 7.5b Managerial Economics 10e 2003 South-Western/Thomson Learning 7 7

8 Input X1 X1o X2o X2 X X2 Input X2 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 8

9 Maximum Variable Proportions for Inputs X and Y Yo Figure 7.6 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 9

10 MRP Curve Is an Input Demand Curve P1 P2 P3 P4 P5 SL L1 L2 L3 L4 L5 L6 L7 Figure 7.7 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 10

11 Isocost Curves Figure 7.8 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 11

12 Input X PX1=4 and PX2= Input X2 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 12

13 Optimal Input Combinations Figure 7.9 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 13

14 7.3 COST IN THE LONG RUN Cost Minimization with Varying Output Levels Figure 7.6 A Firm s Expansion Path and Long-Run Total Cost Curve In (a), the expansion path (from the origin through points A, B, and C) illustrates the lowest-cost combinations of labor and capital that can be used to produce each level of output in the long run i.e., when both inputs to production can be varied. In (b), the corresponding longrun total cost curve (from the origin through points D, E, and F) measures the least cost of producing each level of output.

15 7.4 LONG-RUN VERSUS SHORT-RUN COST CURVES The Inflexibility of Short-Run Production Figure 7.7 The Inflexibility of Short-Run Production When a firm operates in the short run, its cost of production may not be minimized because of inflexibility in the use of capital inputs. Output is initially at level q 1. In the short run, output q 2 can be produced only by increasing labor from L 1 to L 3 because capital is fixed at K 1. In the long run, the same output can be produced more cheaply by increasing labor from L 1 to L 2 and capital from K 1 to K 2.

16 Skala Hasil Skala Hasil adalah suatu keadaaan dimana output meningkat sebagai respon adanya kenaikan yang proporsional dari seluruh input. Pada abad ke-18, Adam Smith merasa tertarik pada konsep ini ketika dia mempelajari produksi peniti. Copyright (c) 2000 by Harcourt, Inc. All rights reserved.

17 Copyright (c) 2000 by Harcourt, Inc. All rights reserved. Skala Hasil Adam Smith mengidentifikasi dua kekuatan yang muncul ketika seluruh input ditingkatkan. Penggandaan skala memerlukan pembagian tenaga kerja yang lebih besar, sehingga individu dapat memiliki keahlian (specialization) dalam spesifikasi produksi bagian peniti. Spesialisasi mungkin akan meningkatkan efisiensi dan jumlah produksi akan lebih dari dua kali lipat.. Namun demikian bahwa manfaat tersebut harus diimbangi dengan manajemen yang baik jika perusahaan beroperasi pada skala besar.

18 Skala Hasil Konstan Sebuah fungsi produksi dikatakan menunjukkan skala hasil yang konstan (constant returns to scale) jika peningkatan seluruh input sebanyak dua kali lipat berakibat pada peningkatan output sebanyak dua kali lipat pula. Situasi ini ditunjukkan pada Panel (a) Gambar 5.3. Copyright (c) 2000 by Harcourt, Inc. All rights reserved.

19 Gambar 5.3: Peta-peta Isokuan yang menunjukkan Skala Hasil Konstan Modal per minggu (a) Skala Hasil Konstan q = 10 q = 20 4 q = 30 A q = 40 Tenaga kerja per minggu Copyright (c) 2000 by Harcourt, Inc. All rights reserved.

20 Skala Hasil Menurun Jika peningkatan input sebanyak dua kali lipat menghasilkan output yang kurang dari dua kali lipatnya, maka fungsi produksi tersebut dikatakan menunjukkan skala hasil yang menurun (decreasing returns to scale). Situasi ini ditunjukkan pada Panel (b) Gambar 5.3. Copyright (c) 2000 by Harcourt, Inc. All rights reserved.

21 Gambar 5.3: Peta-peta Isokuan yang menunjukkan Skala Hasil Konstan dan Menurun Modal per minggu A Modal per minggu A q = 40 3 q = 30 q = 30 2 q = 20 1 q = 20 q = 10 q = 10 4 Tenaga kerja per minggu Tenaga kerja per minggu (a) Skala Hasil Konstan Copyright (c) 2000 by Harcourt, Inc. All rights reserved. (b) Skala Hasil Menurun

22 Skala Hasil Meningkat Jika penggandaan seluruh input menghasilkan ouput lebih dari dua kali lipatnya maka fungsi produksi mengalami skala hasil meningkat ( increasing returns to scale). Situasi ini ditunjukkan pada Panel (c) Gambar 5.3. Jenis skala ekonomi yang terjadi di dunia nyata tentu saja dapat memiliki kombinasi-kombinasi yang lebih kompleks daripada contoh sederhana tersebut. Sebuah fungsi produksi dapat memperlihatkan skala hasil yang meningkat dan mengalami penurunan skala hasil atau mengalami skala hasil yang tetap. Copyright (c) 2000 by Harcourt, Inc. All rights reserved.

23 Gambar 5.3: Peta-peta Isokuan yang menunjukkan Skala Hasil Konstan, Menurun, dan Meningkat Capital per week A 4 q = 40 3 q = 30 q = 30 2 q = 20 q = 20 1 q = 10 q = Labor Labor per week per week (a) Constant Returns to Scale (b) Decreasing Returns to Scale Capital A per week 4 Capital per week 3 q = 40 2 q = 30 q = 20 1 q = Labor per week (c) Skala Hasil Meningkat A Copyright (c) 2000 by Harcourt, Inc. All rights reserved.

24 Input X1 Input X2 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 24

25 Input X1 Input X2 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 25

26 Input X1 Input X2 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 26

27 Returns to Scale May Be Constant, Decreasing, or Increasing Figure 7.10 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 27

28 Productivity Growth Jumped in the Late 1990s Figure 7.11 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 28

29 Manufacturing Productivity Growth Has Been Impressive Figure 7.12 Managerial Economics 10e 2003 South-Western/Thomson Learning 7 29

30 Thank You Managerial Economics 10e 2003 South-Western/Thomson Learning 7 30