Fakultas Pertanian Universitas Riau Matematika Ekonomi Objectives of mathematics for economists To understand mathematical economics problems by being able to state the unknowns, the data and the conditions To plan solutions to these problems by finding a connection between the data and the unknown To carry out your plans for solving mathematical economics problems To examine the solutions to mathematical economics problems for general insights into current and future problems
Tujuan matematika untuk ekonomi Untuk memahami masalah matematika ekonomi dengan mampu negara diketahui, data dan kondisi. Untuk merencanakan solusi untuk masalah ini dengan mencari hubungan antara data dan yang tidak diketahui. Untuk melaksanakan rencana Anda untuk memecahkan masalah matematika ekonomi. Untuk menguji solusi untuk masalah matematika ekonomi untuk wawasan umum menjadi masalah saat ini dan masa depan Endogenous & Exogenous Variables, constants, parameters t = TR TC (identity) Q d = Q s (equilibrium condition)
Y = a + bX 0 (behavioral equation) Y: endogenous variable X 0 :
exogenous variable a: constant b: parameter / the coefficient of exogenous variable X 0
Variabel endogen dan eksogen, konstanta, parameter
t = TR - TC (identitas) Q d = Q s (kondisi ekuilibrium) Y = a + bX 0 (persamaan perilaku) Y: variabel endogen X 0 : variabel eksogen a: konstanta b: Parameter / koefisien dari variabel eksogen X0
FUNCTION IN ECONOMICS
FUNGSI DALAM EKONOMI
Functions and Relations Function: a set or ordered pairs with the property that for (x, y) any x value uniquely determines a single y value Relation: ordered pairs with the property that for (x, y) any x value determines more than one value of y
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Fungsi dan Hubungan Fungsi: satu set atau pasangan dipesan dengan sifat bahwa untuk (x, y) setiap nilai x secara unik menentukan nilai y tunggal Hubungan: memerintahkan pasangan dengan properti yang untuk (x, y) setiap nilai x menentukan lebih dari satu nilai dari y General Functions Y = f (X) Y is value or dependent variable (vertical axis) f is the function or a rule for mapping X into a unique Y X is argument or the independent variable (horizontal axis) 9
Fungsi umum Y = f (X) Y adalah nilai atau variabel dependen (sumbu vertikal) f adalah fungsi atau aturan untuk pemetaan X ke Y yang unik X adalah argumen atau variabel independen (sumbu horisontal)
Specific Functions Algebraic functions Y = a 0 (constant: fixed costs) Y = a 0 + a 1 X (linear: S&D) Y = a 0 + a 1 X + a 2 X 2 (quadratic: prod.) Y = a 0 + a 1 X + a 2 X 2 + a 3 X 3 (cubic: t. cost) Y = a/X (hyperbolic: indiff.) Y = aX b (power: prod. fn) lnY = ln(a) + b ln(X) (logarithmic: easier)
Transcendental functions Y = a X (exponential: interest)
(Chiang & Wainwright, p. 22, Fig. 2.8) 11
Fungsi spesifik
fungsi aljabar Y = a0 (konstan: biaya tetap) Y = a0 + a1 X (linear: S & D) Y = a0 + a1X + a2X2 (kuadrat: prod.) Y = a0 + a1X + a2X2 + a3X3 (kubik: t. biaya) Y = a / X (hiperbolik:. Indiff) Y = axb (kekuatan:. Prod fn) lnY = ln (a) + b ln (X) (logaritma: mudah)
fungsi transendental Y = AX (eksponensial: bunga)
(Chiang & Wainwright, hal 22, Gambar. 2.8)
Digression on exponents Rules for exponents X n = (X*X*X*...*X) n times
Rule I: X m * X n = X m+n
Rule II:
Rule III: X -n = Rule IV: X 0 = 1
Rule V: X 1/n = n \x Rule VI: (X m ) n = X mn Rule VII: X m * Y m = (XY) m n m n m X X X
= 1 X n Levels of generality Specific function 1: specific form and specific parameters Y = 10 - .5X
Specific function 2: specific form and general parameters Y = a bX
General function: general form and no parameters Y = f (X) f maps X into a unique value of Y
Tingkat umum
Fungsi Khusus 1: bentuk khusus dan parameter yang spesifik Y = 10-0,5 X Spesifik fungsi 2: bentuk khusus dan parameter umum Y = a bX Umum fungsi: bentuk umum dan tidak ada parameter Y = f (X) f peta X ke nilai unik Y
EQUATION IN ECONOMICS
PERSAMAAN DALAM EKONOMI INTRODUCTION An equation is a statement that two expressions are equal to one another. In economic modelling we express relationships are equations and then use them to obtain analytical result. Solving the equations gives us values for which the equations are true. We can express the condition for market equilibrium as an equation in terms of price, P, solving the equation for P tells us the price at which the market is in equlibrium PENDAHULUAN
Persamaan adalah suatu pernyataan bahwa dua ekspresi yang sama satu sama lain. Dalam pemodelan ekonomi kita menyatakan hubungan persamaan dan kemudian menggunakannya untuk mendapatkan hasil analisis. Memecahkan persamaan memberi kita nilai-nilai yang persamaan benar. Kita dapat mengungkapkan kondisi ekuilibrium pasar sebagai sebuah persamaan dalam hal harga, P, memecahkan persamaan untuk P memberitahu kita harga di mana pasar berada dalam equlibrium
REWRITING AND SOLVING EQUATIONS When rewriting equation: 1. Add to or subtract from both sides. 2. Multiply or divide through the whole or each side (but dont divide by 0). 3. Square or take the square root of each side. 4. Use as many stages as you wish. 5. Take care to get all the signs correct.
Example: Plot the equations y = -5 + 2x and y = 30 - 3x. At what values of x and y do they cross ? Find also the algebraic solution by setting the two expressions in x equal to one other.
We are asked to plot two linier functions, so plotting two points on each then connecting them will suffice. The table shows x value of 0 and 10 and the corresponding y values for each line. These points are used to plot the lines shown in figure. Notice that the line cross at x = 7, y = 9.
MENULIS DAN PEMECAHAN PERSAMAAN
Ketika menulis ulang persamaan: 1. Menambah atau mengurangi dari kedua belah pihak. 2. Mengalikan atau membagi melalui seluruh atau setiap sisi (tetapi tidak membagi dengan 0). 3. Persegi atau mengambil akar kuadrat dari setiap sisi. 4. Digunakan sebagai banyak tahapan yang Anda inginkan. 5. Berhati-hatilah untuk mendapatkan semua tanda-tanda yang benar.
Contoh: Plot persamaan y = -5 + 2x dan y = 30 - 3x. Pada apa nilai-nilai dari x dan y yang mereka salib? Temukan juga solusi aljabar dengan menetapkan dua ekspresi di x sama dengan satu lainnya.
Kami diminta untuk merencanakan dua fungsi linier, sehingga merencanakan dua titik pada masing-masing kemudian menghubungkan mereka akan cukup. Tabel ini menunjukkan nilai x dari 0 dan 10 dan nilai y untuk setiap baris. Titik- titik ini digunakan untuk merencanakan garis yang ditunjukkan dalam gambar. Perhatikan bahwa garis salib di x = 7, y = 9.
-10 -5 0 5 10 15 20 25 30 35 0 2 4 6 8 10 12 X Y y=-5+2x y=-30-3x x 0 2 4 6 8 10 12 y=-5+2x -5 -1 3 7 11 15 19 y=30-3x 30 24 18 12 6 0 -6 For algebraic solution, the two y value are equal so equate the right hand sides of the expressions and solve for x: -5 + 2x = 30 3x We want term in ix on the left- hand side but not on the right, so add 3x to both sides since -3x + 3x = 0. We then have: -5 + 2x + 3x = 30 or -5 + 5x = 30 To remove the constant term from the left side we now add 5 to each side, giving: Lines intersect at (7, 9) 5x = 35 And so, dividing by 5, we have x = 7 We then find the value for y by substi tuting x=7 in either of the equations. Using y=30 3x gives: y = 30 21 = 9 Which confirms the graphical result. The solution is x = 7 and y = 9 Untuk solusi aljabar, nilai y kedua adalah sama sehingga menyamakan sisi tangan kanan dari ekspresi dan memecahkan untuk x: -5 + 2x = 30 - 3x Kami ingin istilah dalam ix di sisi kiri tapi tidak di sebelah kanan, sehingga menambah 3x untuk kedua belah pihak sejak-3x + 3x = 0. Kita kemudian memiliki: -5 + 2x + 3x = 30 atau -5 + 5x = 30 Untuk menghapus istilah konstan dari sisi kiri sekarang kita tambahkan 5 untuk setiap sisi, memberikan:
5x = 35 Dan, membaginya dengan 5, kita memiliki x = 7 Kami kemudian menemukan nilai y dengan x substi tuting = 7 di salah satu persamaan. Menggunakan y = 30 - 3x memberikan: y = 30-21 = 9 Yang menegaskan hasil grafis. Solusinya adalah x = 7 dan y = 9
-10 -5 0 5 10 15 20 25 30 35 0 2 4 6 8 10 12 X Y x 0 2 4 6 8 10 12 y=-5+2x -5 -1 3 7 11 15 19 y=30-3x 30 24 18 12 6 0 -6 SOLUTION IN TERMS OF OTHER VARIABLES Not all the equations you deal with have numerical solutions. Sometimes when you solve and equation for x you obtain and expression containing other variables. Use same rules to transpose the equation. Remember that in the solution x will not occur on the right-hand side and will be on its own the left-hand side. If you are given a relationship in the form y=f(x), rewriting the equation in the form x=g(y) is called finding the inverse function. To be able to find the inverse there must be just one x value corresponding to each y value. For non linier function there can be difficulties in finding an inverse, but we may be able to do so for restricted set values. The function y=x 2 has two x values (one positive and one negative) corresponding to every y value, but if we consider the restricted function y=x 2 , x>0 this function has the inverse x=\y. For the linier functions often use in economic models inverse functions can always be found. One reason for finding the inverse function can always be found. One by y is conventionally plotted in economic on the horizontal axis. Demand and supply equations provide examples of this.
SOLUSI DALAM KETENTUAN LAIN VARIABEL Tidak semua persamaan Anda berurusan dengan memiliki solusi numerik. Kadang-kadang ketika Anda memecahkan dan persamaan untuk x Anda mendapatkan dan ekspresi yang mengandung variabel lain. Menggunakan aturan yang sama untuk merefleksikan persamaan. Ingat bahwa dalam larutan x tidak akan terjadi pada sisi kanan dan akan sendiri sisinya kiri- tangan. Jika Anda diberikan suatu hubungan dalam bentuk y = f (x), menulis ulang persamaan dalam bentuk x = g (y) disebut fungsi invers menemukan. Untuk dapat mencari invers harus ada hanya satu nilai x yang sesuai untuk setiap nilai y. Untuk fungsi linier non bisa ada kesulitan dalam mencari invers, tetapi kita mungkin dapat melakukannya untuk nilai-nilai yang ditetapkan dibatasi. Fungsi y = x2 memiliki nilai-nilai x dua (satu positif dan satu negatif) yang sesuai untuk setiap nilai y, tapi jika kita mempertimbangkan fungsi dibatasi y = X2, x> 0 Fungsi ini memiliki invers x = y. Untuk fungsi linier sering digunakan dalam model ekonomi fungsi invers selalu dapat ditemukan. Salah satu alasan untuk menemukan fungsi invers selalu dapat ditemukan. Satu demi y konvensional diplot dalam ekonomi pada sumbu horisontal. Permintaan dan pasokan persamaan memberikan contoh ini. Solve for x in term of z x = 60 + 0.8x + 7z
At first glance you seem to already have a solution for x, but notice that x occurs also on the right-hand side of the equation. We must collect terms in x on the left-hand, so we subtract 0.8x from both sides and obtain: x - 0.8x = 60 + 7z since both left-hand side terms contain x we may write: (1 0.8)x = 60 + 7z which gives 0.2x = 60 + 7z To get x with a coefficient of 1 we divide both sides by 0.2 = 1/5, which is the same thing as multiplying both sides by 5. This gives: x = 300 + 35z
Selesaikan untuk x dalam jangka z x = 60 + 0.8x + 7z
Pada pandangan pertama Anda tampaknya sudah memiliki solusi untuk x, tapi perhatikan bahwa x juga terjadi pada sisi kanan dari persamaan. Kita harus mengumpulkan istilah dalam x di sisi kiri, jadi kita kurangi 0.8x dari kedua belah pihak dan memperoleh: x - 0.8x = 60 + 7z karena kedua kiri sisi istilah mengandung x kita bisa menulis: (1 - 0,8) x = 60 + 7z yang memberikan 0.2x = 60 + 7z Untuk mendapatkan x dengan koefisien 1 kita membagi kedua sisi dengan 0,2 = 1 / 5, yang merupakan hal yang sama seperti mengalikan kedua sisi dengan 5. Hal ini memberikan: x = 300 + 35z
Given y = \x + 5, obtain an expression for x in term of y.
Begin by interchanging the side so that the sides with x is on the left of the equation. We then have: \x + 5 = y Next subtract 5 from both sides, giving: \x = y 5 To find x we must square both sides. This means that the whole of the right-hand side is multiplied by itself, so use brackets. We obtain: x = (y 5) 2 Squaring out the bracket we may also write: x = y 2 10y + 25
Jika diketahui y = \x + 5, memperoleh ekspresi untuk x dalam jangka y.
Mulailah dengan mempertukarkan sisi sehingga sisi dengan x adalah di sebelah kiri dari persamaan. Kita kemudian memiliki: \x + 5 = y Selanjutnya kurangi 5 dari kedua belah pihak, memberikan: \x = y - 5 Untuk menemukan x kita harus persegi kedua belah pihak. Ini berarti bahwa seluruh sisi kanan dikalikan dengan sendirinya, jadi gunakan tanda kurung. Kita memperoleh: x = (y - 5) 2 Mengkuadratkan keluar braket kita juga dapat menulis: x = y2 - 10Y + 25
SUBSTITUTION When two expression are equal to one another, either can be substituted for the other. The technique is used the effect of the imposition of a per unit tax on a good and to solve simultaneous equations. When substituting, always be sure to substitute the whole of the new expression and combine it with the other term in exactly the same way the expression it replaces was combined with them. For example, if y = x 2 + 6 and x = 30 - , find an expression for y in term of . Substituting 30 - for x we obtain: y = (30 - ) 2 + 6 which on multiplying out and collecting term becomes y = 900 54 + 2 SUBSTITUSI Ketika dua ekspresi yang sama satu dengan lainnya, dapat diganti untuk yang lain. Teknik ini digunakan efek dari pengenaan pajak per unit pada yang baik dan untuk memecahkan persamaan simultan. Ketika mengganti, selalu pastikan untuk menggantikan seluruh ekspresi baru dan menggabungkan dengan istilah lainnya dengan cara yang persis sama ungkapan itu menggantikan dikombinasikan dengan mereka. Sebagai contoh, jika y = x2 + 6 dan x = 30 - , menemukan ekspresi untuk y dalam jangka . Mengganti 30 - - untuk x kita mendapatkan: y = (30 - ) 2 + 6 yang pada keluar dan mengumpulkan mengalikan panjang menjadi y = 900 54 + 2
DEMAND AND SUPPLY Demand and supply function in economics express the quantity demanded or supplied as a function of price, Q = f (P). According to mathematical convention the dependent variable (Q) should be plotted on the vertical axis. Economic analysis, however, use the horizontal axis as the Q and for consistency we follow that approach. So that we can determine the points on graph in the usual way, before plotting a demand or supply function we first find its inverse function giving P as a function of Q. PERMINTAAN DAN PENAWARAN Permintaan dan fungsi penawaran dalam ekonomi mengekspresikan kuantitas yang diminta atau diberikan sebagai fungsi dari harga, Q = f (P). Menurut konvensi matematika variabel dependen (Q) harus diplot pada sumbu vertikal. Analisis ekonomi, bagaimanapun, menggunakan sumbu horizontal sebagai Q dan untuk konsistensi kita mengikuti pendekatan itu. Sehingga kita dapat menentukan titik-titik pada grafik dengan cara yang biasa, sebelum merencanakan fungsi permintaan atau penawaran pertama kita menemukan fungsi invers P memberikan sebagai fungsi dari Q. Find the inverse function for the demand equation Q = 80 2P and sketch the demand curve.
Adding 2P to both sides of the demand equation we get 2P + Q = 80 Subtracting Q from both sides we obtain: 2P = 80 Q Dividing each side by 2 gives the inverse function P = (80 Q)/2 = 40 (Q/2) The demand function is linier, so it suffices to plot two point. Selected values of Q are shown in the table together with corresponding value for P. Q 0 20 40 60 80 P = 40 - (Q/2) 40 30 20 10 0 0 5 10 15 20 25 30 35 40 45 0 20 40 60 80 Q P Cari fungsi invers untuk persamaan permintaan Q = 80 - 2P dan sketsa kurva permintaan.
Menambahkan 2P kedua sisi persamaan permintaan kita 2P + Q = 80 Mengurangkan Q dari kedua sisi kita memperoleh: 2P = 80 - Q Membagi setiap sisi oleh 2 memberikan fungsi invers P = (80 - T) / 2 = 40 - (Q / 2) Fungsi permintaan linier, sehingga cukup untuk plot dua titik. Nilai yang dipilih Q ditunjukkan dalam tabel bersama-sama dengan nilai yang sesuai untuk P. Q 0 20 40 60 80 P = 40 - (Q/2) 40 30 20 10 0 0 5 10 15 20 25 30 35 40 45 0 20 40 60 80 Q P MARKET EQULIBRIUM Market equilibrium occurs when the quantity supplied equals the quantity demanded of a good. The supply and demand curves cross at the equilibrium price and quantity. If you plot both the demanded and supply curves you can of approximate equilibrium values from the graph. Another approach is to solve algebraically for the point where the demand and supply equation are equal. This gives exact value. Suppose we wish to find the equilibrium price and quantity when demand is given by Demand: Q = 96 4P And the supply equation is Supply : Q = 8P
PASAR EKUILIBRIUM
Ekuilibrium pasar terjadi ketika kuantitas yang ditawarkan sama dengan kuantitas yang diminta dari yang baik. Kurva penawaran dan permintaan silang pada harga keseimbangan dan kuantitas. Jika Anda plot kedua kurva penawaran menuntut dan Anda dapat nilai ekuilibrium perkiraan dari grafik. Pendekatan lain adalah untuk memecahkan aljabar untuk titik di mana permintaan dan persamaan penawaran adalah sama. Hal ini memberikan nilai yang tepat. Misalkan kita ingin mencari harga keseimbangan dan kuantitas ketika permintaan diberikan oleh Permintaan: Q = 96 - 4P Dan persamaan pasokan Supply: Q = 8P
For an algebraic solution we can use the equation in this form. Since in equilibrium then quantity supplied equals the quantity demanded, the right-hand side of the supply equation must equal the right-hand side of the demand equation. This gives an equation in P: Supply Q = Demand Q (in equilibrium), so 8P = 96 4P Adding 4P to both sides gives 12P = 96 Dividing by 12 we find P = 8 which is the equilibrium price. We can then substitute this into either equation, say the equation. This gives: Q = 8 x 8 = 64 Which is the quantity supplied in equilibrium and therefore also the quantity demanded. Market equilibrium occurs at Q = 64, P = 8. Untuk solusi aljabar kita dapat menggunakan persamaan dalam bentuk ini. Sejak dalam kesetimbangan maka kuantitas yang ditawarkan sama dengan kuantitas yang diminta, sisi kanan persamaan harus sama dengan pasokan sisi kanan dari persamaan permintaan. Ini memberikan persamaan dalam P: Pasokan Q = Q Permintaan (dalam kesetimbangan), sehingga 8P = 96 - 4P Menambahkan 4P untuk kedua belah pihak memberikan 12p = 96 Membaginya dengan 12 kita menemukan P = 8 yang merupakan harga ekuilibrium. Kami kemudian dapat menggantikan ini ke dalam persamaan baik, katakan persamaan. Hal ini memberikan: Q = 8 x 8 = 64 Yang merupakan kuantitas yang ditawarkan dalam kesetimbangan dan karena itu juga kuantitas yang diminta. Ekuilibrium pasar terjadi di Q = 64, P = 8. Tugas 1A Rewriting these equations expressing P as a function of Q then plot them on a graph Supply : Q = 4P Demand : Q = 280 10P Menulis ulang persamaan ini menyatakan P sebagai fungsi dari Q kemudian plot mereka pada grafik Supply : Q = 4P Demand : Q = 280 10P
TOTAL AND AVERAGE REVENUE Total revenue (TR) is price (P) multiplied by quantity (Q) TR = P . Q Average revenue (AR) per unit of output is TR + Q = P AR = TR/Q A market demand curve is assumed to be downward sloping. JUMLAH PENDAPATAN DAN RATA-RATA Total pendapatan (TR) adalah harga (P) dikalikan dengan kuantitas (Q) TR = P. Q Pendapatan rata-rata (AR) per unit output adalah TR = P + Q AR = TR / Q Kurva permintaan pasar dianggap miring ke bawah. If average revenue is given by: P = 72 3Q Sketch this function and also, on a separate graph, the total revenue function. The average revenue function has P on the vertical axis and Q on the horizontal axis. The general form of linier function is y = a + bx. Comparing our average revenue function we see that it take this linier form with y = P, a = 72, b = -3 and x = Q. We therefore need find only two points on our function to sketch the line and can the extend it as required. For simplicity we choose Q = 0 and Q = 10. The corresponding P values are listed, the two points are plotted and the line is extended to the horizontal axis. Chosen value Q = 0 and Q = 10 substituting in P = 72 3(0) = 72 and P = 72 3(10)= 42
0 10 20 30 40 50 60 70 80 0 2 4 6 8 1 0 1 2 1 4 1 6 1 8 2 0 2 2 2 4 Q P AR = 72-3Q Jika pendapatan rata-rata diberikan oleh: P = 72 - 3Q Sketsa fungsi ini dan juga, pada grafik yang terpisah, fungsi total pendapatan. Fungsi pendapatan rata-rata memiliki P pada sumbu vertikal dan Q pada sumbu horizontal. Bentuk umum dari fungsi linier adalah y = a + bx. Membandingkan fungsi pendapatan rata-rata kita, kita melihat bahwa mengambil bentuk linier dengan y = P, a= 72, b = -3 dan x = Q. Karena itu kita perlu menemukan hanya dua titik pada fungsi kita untuk membuat sketsa garis dan dapat memperpanjang itu seperti yang diperlukan. Untuk kesederhanaan kita memilih Q = 0 dan Q = 10. P yang sesuai nilai-nilai yang terdaftar, dua poin diplot dan garis ini diperpanjang untuk sumbu horisontal. Dipilih nilai Q = 0 dan Q = 10 mengganti dalam P = 72 - 3 (0) = 72 dan P = 72 - 3 (10) = 42 0 10 20 30 40 50 60 70 80 0 2 4 6 8 1 0 1 2 1 4 1 6 1 8 2 0 2 2 2 4 Q P 0 50 100 150 200 250 300 350 400 450 500 0 2 4 6 8 10 12 14 16 18 20 22 24 Q T R We next find and expression for TR: TR = P . Q = (72 3Q) . Q = 72Q 3Q 2
so,
Q 0 2 4 6 8 10 12 14 16 18 20 22 24 72Q 0 144 288 432 576 720 864 1,008 1,152 1,296 1,440 1,584 1,728 3Q^2 0 12 48 108 192 300 432 588 768 972 1,200 1,452 1,728 TR 0 132 240 324 384 420 432 420 384 324 240 132 - TR = 72Q 3Q 2 Kami selanjutnya mencari dan ekspresi untuk TR: TR = P. Q = (72 - 3Q). Q = 72Q - 3Q2 demikian, TOTAL AND AVERAGE COST A firms total cost of production (TC) depends on its output (Q). The TC function may include a constant term, which represent fixed cost (FC). The part of total cost that varies with Q is called variable cost (VC). We have, then, that TC = FC + VC Remember: FC is the constant term in TC VC = TC FC AC = TC/Q AVC = VC/Q
TOTAL RATA-RATA DAN BIAYA Total biaya sebuah perusahaan produksi (TC) tergantung pada output (Q). Fungsi TC mungkin termasuk istilah konstan, yang merupakan biaya tetap (FC). Bagian dari total biaya yang bervariasi dengan Q disebut biaya variabel (VC). Kami memiliki, kemudian, bahwa TC = FC + VC Ingat: FC adalah istilah konstan dalam TC VC = TC - FC AC = TC / Q AVC = VC / Q
For a firm with total cost given by: TC = 120 + 45Q Q 2 + 0.4Q 3
Identify it AC, FC, VC and AVC functions. List some values of TC and AC, correct to the nearest integer. Sketch the total cost function and on a separate graph the AC function. TC = 120 + 45Q - Q 2 + 0.4Q 3 AC = TC/Q = 120/Q + 45 Q + 0.4Q 2
FC = 120 (the constant term in TC) VC = TC FC = (120 + 45Q - Q 2 + 0.4Q 3 ) (120) = 45Q - Q 2 + 0.4Q 3
PRODUCTION FUNCTIONS, ISOQUANTS AND THE AVERAGE PRODUCTS OF LABOUR The long run production function shows that a firms output (Q), depends on the amount of factors it employs (always assuming that whatever factor are employed are used efficiently) If a production process involves the use of labour (L) and capital (K), we write Q = f (L, K) The dependent variable Q is function of two independent variables, L and K. Average product of labour (APL) = Q + L
FUNGSI PRODUKSI, isokuan DAN PRODUK RATA-RATA DARI BURUH
Fungsi produksi jangka panjang menunjukkan bahwa output perusahaan (Q), tergantung pada jumlah faktor yang mempekerjakan (selalu dengan asumsi bahwa faktor apa pun yang dipekerjakan digunakan secara efisien) Jika proses produksi melibatkan penggunaan tenaga kerja (L) dan modal (K), kita menulis Q = f (L, K) Variabel dependen Q adalah fungsi dari dua variabel independen, L dan K. Produk rata-rata tenaga kerja (APL) = Q + L A firm has the production function Q = 25 (L . K) 2 0.4(L . K) 3 . If K = 1, find the value of Q for L = 2, 3, 4, 6, 12, 14 and 16. Sketch this short run production function putting L and Q on the axes of your graph. Next suppose the value of K is increased to 2. On the same graph sketch the new short run production function for the same values of L. Add one further production function to your sketch, corresponding to K = 3, using the same L values again. For the short run production function with K = 3, find and plot the average product of labour function. K\L 2 3 4 6 12 14 16 1 96.8 214.2 374.4 813.6 2,908.8 3,802.4 4,761.6 2 374.4 813.6 1,395.2 2,908.8 8,870.4 10,819.2 12,492.8 3 813.6 1,733.4 2,908.8 5,767.2 13,737.6 14,464.8 13,363.2
Sebuah perusahaan memiliki fungsi produksi Q = 25 (L K.) 2 - 0,4 (L K.) 3. Jika K = 1, menemukan nilai Q untuk L, = 2 3, 4, 6, 12, 14 dan 16. Sketsa ini fungsi produksi jangka pendek meletakkan L dan Q pada sumbu grafik Anda. Selanjutnya misalkan nilai K meningkat menjadi 2. Pada sketsa grafik yang sama menjalankan fungsi baru produksi pendek untuk nilai yang sama L. Tambahkan satu fungsi produksi lebih lanjut untuk sketsa Anda, sesuai dengan K = 3, menggunakan nilai L yang sama lagi. Untuk fungsi produksi jangka pendek dengan K = 3, menemukan dan produk rata-rata plot fungsi tenaga kerja.
K\L 2 3 4 6 12 14 16 1 96.8 214.2 374.4 813.6 2,908.8 3,802.4 4,761.6 2 374.4 813.6 1,395.2 2,908.8 8,870.4 10,819.2 12,492.8 3 813.6 1,733.4 2,908.8 5,767.2 13,737.6 14,464.8 13,363.2 0 200 400 600 800 1000 1200 1400 2 3 4 6 8 10 12 16 L A P L The average product of labour function - 2,000.0 4,000.0 6,000.0 8,000.0 10,000.0 12,000.0 14,000.0 16,000.0 2 3 4 6 12 14 16 L Q For K = 3, we have: Q = 25(3L) 2 0.4(3L) 3
= 225L 2 10.8L 3
APL = Q/L = 225L 10.8L 2 L 2 3 4 6 8 10 12 16 APL 406.8 577.8 727.2 961.2 1108.8 1170 1144.8 835.2 APL=225L 10.8L 2 Tugas 1B 1. Sketch the total cost function: TC = 300 + 40Q 10Q 2 + Q 3 , write expressions for AC, FC, VC and AVC ! 2. If the firm in question 1 faces the demand curve P = 100 0.5Q Find an expression for the firms profit function and sketch the curve ! 3. A firm in perfect competition sells it output at a price Rp 12.000. Plot it total revenue function (TR) = 12Q ! 1. Sketsa fungsi biaya total: TC = 300 + 40Q - 10Q2 + Q3, menuliskan ekspresi untuk AC, FC, VC dan AVC! 2. Jika perusahaan dalam pertanyaan 1 menghadapi kurva permintaan P = 100 - 0.5Q Menemukan ekspresi untuk fungsi keuntungan perusahaan dan sketsa kurva! 3. Sebuah perusahaan dalam persaingan sempurna menjualnya output pada harga Rp 12.000. Plot itu fungsi total pendapatan (TR) = 12Q! EFFECT OF A PER UNIT TAX The information contained in the supply equation about how much producers will supply is based on the prices that they receive. If a per unit tax (t) is imposed, although buyers still pay P for each unit of the good, the suppliers receive only P t. The difference between the price paid and the price received is the per unit tax (t), which is paid to the government. A per unit tax therefore change the supply equation and causes the supply curve to shift. Whatever the form in which the supply equation is written, we can alter it to incorporate a per unit tax by writing P t in place of P wherever it occurs.
PENGARUH PAJAK UNIT PER Sebuah
Informasi yang terkandung dalam persamaan penawaran tentang berapa banyak produsen akan memasok didasarkan pada harga yang mereka terima. Jika pajak per unit (t) dikenakan, meskipun pembeli tetap membayar P untuk setiap unit yang baik, para pemasok hanya menerima P - t. Perbedaan antara harga yang dibayarkan dan harga yang diterima adalah pajak per unit (t), yang dibayar kepada pemerintah. Pajak per unit sehingga mengubah persamaan penawaran dan menyebabkan kurva penawaran bergeser. Apapun bentuk di mana persamaan penawaran ditulis, kita bisa mengubahnya untuk memasukkan pajak per unit dengan menulis P - t di tempat P mana pun itu terjadi. For example, if when there is no tax the supply equation is given by Q = -3 + 4P then when a per unit tax of t is imposed the supply equation becomes Q = -3 + 4(P t) We rewrite them expressing P as a function of Q. The original supply equation becomes: P = Q/4 + Writing P t for P in the equation, the post tax equation is P t = Q/4 + Adding t to both sides this becomes: P = Q/4 + 3/4 + t The post tax values for P are t more than the original one, so when we plot the two supply equation with P on the vertical axis the post tax curve is higher by the amount of the tax. Sebagai contoh, jika ketika ada pajak ada persamaan penawaran diberikan oleh Q = -3 + 4P maka ketika pajak per unit t dikenakan persamaan penawaran menjadi Q = -3 + 4 (P - t) Kami menulis ulang mereka mengekspresikan P sebagai fungsi dari Q. pasokan asli persamaan menjadi: P = Q / 4 + Menulis P - t untuk P dalam persamaan, persamaan pajak pos P - t = Q / 4 + Menambahkan t untuk kedua sisi ini menjadi: P = Q / 4 + 3 / 4 + t Nilai pajak posting untuk P adalah t lebih dari yang asli, jadi ketika kita merencanakan persamaan penawaran dua dengan P pada sumbu vertikal kurva pajak pos lebih tinggi dengan jumlah pajak. If demand and supply in a market are described by the equation below, solve algebraically to find equilibrium P and Q. Demand : Q = 120 8P Supply : Q = -6 + 4P If now a per unit tax 4.5 impose, show the equilibrium solution changes. How is the tax shared between producers and consumers ? Sketch a graph showing what changes ensue when the tax is imposed ? In equilibrium Supply Q = Demand Q So equating the right-hand sides of the equation gives: -6 + 4P = 120 8P Adding 8P + 6 to each side we have: 12P = 126 Dividing by 12 gives: P = 10.5 Substituting in the supply equation gives: Q = -6 + 4(10.5) = 36 The equilibrium values are P = 10.5 and Q = 36 When a tax of 4.5 is imposed the supply curve becomes: Supply: Q = -6 + 4(P 4.5) = -24 + 4P In equilibrium this new quantity supplied equal the quantity demanded, giving: -24 + 4P = 120 8P Adding 8P + 24 to each sides gives: 12P = 144 and so dividing by 12 we find : P = 144/12 = 12 From the new supply equation we obtain: Q = -24 + (4 x 12) = 24
Jika permintaan dan penawaran di pasar dijelaskan oleh persamaan di bawah ini, memecahkan aljabar untuk menemukan keseimbangan P dan Q. Permintaan: Q = 120 - 8P Supply: Q = -6 + 4P Jika sekarang pajak per unit 4,5 memaksakan, menunjukkan perubahan ekuilibrium solusi. Bagaimana pajak dibagi antara produsen dan konsumen? Sketsa grafik yang menunjukkan perubahan apa yang terjadi ketika pajak dikenakan? Dalam ekuilibrium Pasokan Q = Q Permintaan Jadi menyamakan ruas kanan dari persamaan memberikan: -6 + 4P = 120 - 8P Menambahkan 8P + 6 untuk setiap sisi kita memiliki: 12p = 126 Membaginya dengan 12 memberikan: P = 10,5 Dengan mensubstitusikan persamaan penawaran dalam memberikan: Q = - 6 + 4 (10,5) = 36 Nilai-nilai ekuilibrium adalah P = 10,5 dan Q = 36 Ketika pajak sebesar 4,5 dikenakan kurva penawaran menjadi: Supply: Q = -6 + 4 (P - 4.5) = -24 + 4P Dalam keseimbangan ini kuantitas baru diberikan sama kuantitas yang diminta, memberikan: -24 + 4P = 120 - 8P Menambahkan 8P + 24 untuk setiap sisi memberikan: 12p = 144 dan membaginya dengan 12 kita menemukan: P = 144 / 12 = 12 Dari persamaan penawaran baru kita mendapatkan: Q = -24 + (4 x 12) = 24
0 2 4 6 8 10 12 14 16 18 20 0 12 24 36 48 Q P The equilibrium values are P= 12 and Q= 24. Although the tax is 4.5, price has risen by only 12 10.5 = 1.5. On third of the tax has been passed on to consumers as a price increase, but the remainder has been absorbed by the producers. The quantity traded has fallen from 36 to 24. To plot the curves we write the inverse function expressing P in term of Q. We find: Demand, D: P = 15 Q/8 Original Supply, S : P = 3/2 + Q/4 Supply after tax, S : P = 3/2 + Q/4 + 4.5 = 6 + Q/4
S 2 P= 6 + Q/4 S 1 P= 3/2 + Q/4 D P= 15 Q/8 Price changes = 1.5 COST VOLUME PROFIT ANALYSIS Cost volume profit analysis is a method use by accountants to estimate the desired sales level in order to achieve a target level of profit. Two simplifying assumptions are made: namely that price and average variable cost are both fixed. t = TR TC , TR = P . Q TC = FC + VC AVC = VC/Q Substituting in the profit function for TR and TC t = P . Q - (FC + VC) = P . Q FC VC Multiplying both sides of the expression for AVC by Q we obtain AVC . Q = VC So we may substitute for VC in the profit equation and get t = P. Q FC AVC . Q Adding FC to both sides gives: t + FC = P . Q - AVC . Q Interchanging the sides we obtain: P . Q AVC . Q = t + FC Q is a factor of both term on the left so we may write: Q(P AVC) = t + FC Q = (t + FC) / (P AVC) If the firm accountant can estimate FC, P and AVC, substituting these together with the target level of profit (t), gives the desired sales level. For a firm with fixed cost of 555, average variable cost of 12 and selling at a price of 17, find an expression for profit in terms of its level of sales, Q. What value should Q be to achieve the profit target of 195 ? At what sales level does this firm break even ? Illustrate your algebraic analysis with diagram. t = TR TC = P . Q FC VC writing VC = AVC . Q gives: t = P . Q FC AVC . Q Substituting cost and price we find: t = 17Q 555 12Q So t = 5Q 555 Which is the required expression for profit. Rewriting this to give Q in term of t add 555 to both sides so: t + 555 = 5Q, interchanging the sides gives: 5Q = t + 555 and dividing by 5 we have : Q = (t + 555) / 5 Substituting the profit target of 195 gives: Q = (195 + 555)/5 = 150 For the break even value of Q we substitute instead t = 0, so Q = (555/5) = 111 0 100 200 300 400 500 600 700 800 0 25 50 75 LINIER EQUATION 0 2 4 6 8 10 12 14 16 18 20 0 5 10 15 A horizontal line has zero slope As x increases, y does not change Slope = 0 Slope = Ay/Ax = (distance up)/(distance to right) Y = 18 As x increases, y increases y = 9x Slope = 9 Line passes through the origin Positive slope, intercept at zero 0 500 1000 1500 2000 2500 3000 3500 4000 0 50 100 150 200 Q U S $ Break even where TR = TC Target Profit Cost Volume Profit Analysis -30 -20 -10 0 10 20 30 40 50 60 70 0 10 20 30 X Y 0 10 20 30 40 50 60 0 5 10 X Y Slope= -4 Larges x value go with smaller y value Y=50-4x As x increases, y increases Slope= 3 Line cuts y axis below the origin Negative slope, positive intercept Positive slope, negative intercept 0 10 20 30 40 50 60 0 5 10 15 20 X Y Y increases but x does not change Slope= A vertical line has infinite slope QUADRATIC EQUATION In economic modelling we work with the simples function that can adequately represent a relationship, but sometimes a curve rather than a straight line is required. We used quadratic functions to represent total revenue and average variable cost General form : y = ax 2 + bx + c where a, b, and c are constants. When you sketch a quadratic function you find it has either a hill or U shape and that generally two values of x give the same value of y. A quadratic function has a term in x2 but no higher powers of x. A quadratic equation you can solve it graphically or sometimes by factorizing it or by using the formula. We first write it in the form ax 2 + bx +c = 0. The value(s) of x for which this equation is true can be found graphically by plotting y= ax 2 + bx + c and looking y = 0. Algebraic methods are more accurate than graphical ones, but the squared term means we need a special technique. Sometimes factori- zing the expression helps. Consider for example: 5x 2 - 20x = 0 Since each term is divisible by 5x we can factorize the left hand side and write: 5x(x-4) = 0 There are now two term multiplied together, 5x and (x-4). For their product to be 0, one of term must be zero. This mean either 5x = 0 or (x-4) =0. If 5x = 0, dividing by 5 we find that x = 0 and this one possible solution to the equation. If x 4 = 0, adding 4 to both sides we find that x = 4, which is the other possible solution. The graph of the function is plotted It also shows that x = 0 and x = 4 are two solutions to the equation, since they are the values of x at which at which the curve cuts the x axis
-50 0 50 100 150 200 250 300 350 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 Y = 5x 2 20x A more general method for solving the quadratic equation ax2+bx +c =0 uses a formula:
-b \b 2 4ac x = ------------------- 2a Where a is the coefficient of x 2 , b is the coefficient of x and c is the constant term. Example: 8x 2 20x + 3 = 0 We identify a= 8, b= -20 and c= 3. Notice that the sign of the coefficient must be included. Begin the calculating the expression the square root sign. This gives: b 2 4ac = (-20) 2 (4 . 8 . 3) = 400 96 = 304 We take the square root of this value and obtain 17.436. substituting this result , -b and a into the formula gives: 20 17.436 x = -------------- 16 x = 37.436/16= 2.34 or x = 2.564/16 = 0.16 The solution of the equation is x = 2.34 or 0.16. INTERSECTION OF MC WITH MR OR AVC Quadratic equation arise in economics when we want to discover where a quadratic function, say marginal cost, cuts another quadratic function, say average variable cost, or cuts a linier function, say marginal revenue. We equate the two functional expressions, then subtract the right hand side from both sides so that the value on the right becomes zero. After collecting term we solve the quadratic equation using one of the methods explained above. A firm has the marginal cost function MC = 3Q 2 32Q + 96 and marginal revenue function MR = 236 16Q. Find the firms profit maximizing output. To maximize profits the firm chooses to produce where marginal cost equals marginal revenue. Equating the MC and MR functions we have that: 3Q 2 32Q + 96 = 236 16Q Subtracting the right hand side from both sides gives: 3Q 2 32Q + 96 (236 16Q) = 0 Removing the bracket gives 3Q 2 32Q + 96 236 + 16Q =0 And by collecting term we obtain: 3Q 2 16Q 140 = 0 -b \b2 4ac We now use the formula for solving a quadratic equation: x = ----------------- 2a where a= 3, b= -16, and c = -140. Calculating the expression within the square root sign gives: b 2 4ac = (-16)2 (4 . 3. -140) = 256 + 1680 = 1936. \1936 = 44. We have them: x = (1644) / (2 . 3) = 60/6 or -28/6 So x = 10 or x = -4.67. Only the positive value is economically meaningful, so profit maximization occurs when x = 10.
SIMULTANEOUS EQUATIONS When economists model how market operate, they often use different equations to represent different aspects of the market. For market equilibrium, they values of the variables are such that are true simultaneously. Quantity demanded and quantity supplied are function pf price (P). In equilibrium these quantities are equal. To solve for equilibrium values, we equate the two expression in P, thus eliminating Q. We obtain an equation which we can solve for P. Another method of eliminating a variable is to subtract (or add) the left hand sides and the right hand sides of a pair of equations. Solve the simultaneous equation 2x + 4y = 20 and 3x + 5y = 28 For ease of reference we number the equation 2x + 4y = 20 .. (1) 3x + 5y = 28 (2) we choose the variable to be eliminated, say x. We need to get x with the same coefficient in both equation. Using xs coefficient in the other equation, we multiply through equation (1) by 3 and equation (2) by 2. This give: 6x + 12y = 60 (3) 6x + 10y = 56 .. (4) Now that x has a coefficient of 6 in both equations we subtract the corresponding sides of equations (3) and (4). We obtain: 0 + 2y = 4 Since 2y = 4 y = 2 is solution for y. Now substitute it in to either equation, say (1). We get: 2x + 4(2) = 20 2x + 8 = 20 Subtracting 9 from both sides gives: 2x = 12 x = 6 As a check, substitute x = 6, y = 2 in equation (2). The left hand side is 3(6) + 5(2) = 18 + 10 This equals the right hand side of 28, so the solution x = 6, y = 2 is correct ! SIMULTANEOUS EQUILIBRIUM IN RELATED MARKETS Demand and supply in two related markets forms an example of an economics model using simultaneous equations. Demand each market depend both on the price of the good it self and on the price of the related good. To solve the model we use the equilibrium condition for each market and equate the quantity supplied to the quantity demanded in that market. This give two equations in two unknows which we then solve. The market for activity holidays is represented by the functions Demand : Qa = 600 (Pa/3) + (Pb/4) Supply : Qa = -100 + Pa and the market for beach holidays is represented by the functions Demand : Qb = 1800 3Pb + (Pa/3) Supply : Qb = -400 + 3Pb Where Qa and Qb are quantity of activity and beach holidays respec tively and Pa and Pb are the prices of each type of holiday. Find the equilibrium prices and quantities of each type of holiday.
Equating the quantity supplied and demanded in the activity holiday market and substituting, we get: -100 + Pa = 600 (Pa/3) + (Pb/4) or (4Pa/3) (Pb/4) = 700 (1) And equating the quantity supplied and demanded in the beach holiday market give: -400 + 3Pb = 1800 3Pb + (Pa/3) or (-Pa/3) + 6Pb = 2200 (2)
We now have two simultaneous equation equations to solve for Pa and Pb. Multiply equation (2) by 4, which gives:
(-4Pa/3) + 24Pb = 8800 (3) Adding equation (1) and (3) we find: 0Pa + 23.75Pb = 9500 so, 23.75Pb = 9500 Pb = 400 We can now find Pa from equation (2) Pa/3 + 6(400) = 2200 Subtracting 2400 from each sides we have: (-Pa/3) = -200 Multiplying by -3 gives : Pa = 600 We can find the quantities of holidays most easily from the supply equations. For activity holidays: Qa = -100 + Pa Which gives: Qa = -100 + 600 = 500
Using the beach holidays supply equation: Qb = -400 + 3Pb Which gives: Qb = -400 + 3(400) = 800 The solution is: Pa = 600, Pb = 400, Qa = 500, Qb = 800 Check by substituting in the demand equations Activity holiday: Qa = 600 (Pa/3) + (Pb/4) The right hand side gives: 600 (600/3)+(400/4) = 500 = Qa Beach Holiday: Qb = 1800 3Pb + (Pa/3)
The right hand sides gives: 1800 3(400) + (600/3) = 800 = Qb