ECO2003 Microeconomics II (ECO2003F)

Summary of content combined with lecture notes

This document clearly and intuitively explains the production theory of a firm in both cases of short run and long run. It also expands on the mathematical approach of how firms strategize their production for the best maximizing profit strategy. It is an easy and followable document.

Lecture notes from 2022's ECO2003F course at UCT.

These notes cover Production, Costs, Perfect Competition, Monopolies, Oligopolies and Market Failure. The notes are based on CORE: The Economy & Principles of Economics Textbooks. They include graphs, tables and diagrams that summarise all the content. They also provide formulas and examples of calculations.

Detailed and understandable summary on Inequality. Packed with graphs and colourful hints. Contains: - How to calculate and the differences between wealth, earnings, market income and disposable income - World inequality theory - Intergenerational inequality - The inequality curve model, with all possible points explained and types of inequality aversion.

Detailed and understandable summary on Property and Power. Packed with graphs and colourful hints. Contains: - *Review on first year economics (production functions, MRS, MRT, indifference curves) - Pareto efficiency - Types of fairness - *Detailed breakdown of model of choice and conflict, with every scenario included - Lagrangian method of optimisation.

Detailed and understandable summary on Monopolies and Oligopolies. Packed with graphs and colourful hints. Contains: - Theory of monopolies - Formula of demand curve, marginal revenue and elasticity - The 5 types of price discrimination - All example types on maximising profit - Theory on oligopolies - Nfirm Ratio test - Herfindal Hirshman Index - Game theory incorporation - **Detailed worked examples Cournot, Stackelberg and Bertrand oligopoly models

Monopoly Notes Economics University of Cape Town 7 pages

A good summary, focusing on the key concepts from unit 5 of the ECO2003 course. It's easy to understand and ideal for test/exam preparation!