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Exam break down1. Property & Power and Calculus:
Identify Pareto-e cient outcomes along with outcomes that are Pareto-dominated by others.
Di erentiate between a substantive judgement of fairness and a procedural judgment of fairness.
graph and explain the shape of Angela's feasible frontier.
graph and explain Angela's indi erence curves.
calculate the marginal rate of transformation given some functional form of the feasible frontier.
calculate the marginal rate of substitution given some functional form of the indi erence curves.
explain, in detail, the stable equilibrium in the case where Angela is free to farm the land as she sees
do basic di erentiation
2. Bargaining, Institutions and Allocations
explain the maths behind MRS and MRT
explain, in detail, the stable equilibrium in the case where Angela is free to farm the land as she sees t.
explain, in detail, the stable equilibrium in the case where Bruno owns the land and can force Angela to work as
he sees t.
explain how bargaining power in uences the outcome in a case where there is free exchange
show how di erent government policies that change the institutional arrangement governing exchange a ect
outcomes between Angela and Bruno
be able to calculate optimal allocations between Angela and Bruno given di erent functional forms for
production and utility
3. Institutions, 1913 Land Act & Introduction to Inequality
apply key concepts such as institutions and power to economic exchanges in the real world
be able to apply the model to unpack the channels through which speci c institutional changes, such as the
1913 Land Act, a ect outcomes.
understand what inequality means
understand how to measure inequality including Gini coe cients and Lorenz curves
know some of the limitations of measures of inequality
4. Types, trends, choice of inequality & policy
Explain the di erent types of inequality
Understand what the trends in inequality are.
Understand the global inequality conundrum.
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