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ECO2003F: MICROECONOMICS II
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Lecture notes from 2022's ECO2003F course at UCT.
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Microeconomics IInotes
,PARETO EFFICIENCY
ALLOCATION : Outcome AN EcoNomic InTeRAcTIONE:
1 An allocation"is pareto elftureh if nobody
making one bods Worse off,
unrelated to fairess,
Evaluale the rules of the game as wel the outcome
Allocations can be considered unfaic for reasons:
C Inequality of final outcome [c.g. wealth ,well-being ]
Ly Substantive judgemeol o fairness
How they comt about [e.g. force vs. Fairploy Social noins )
Ly Procedural judgement of Fairness
Rawle' veil ol ignorance talcing on impartial perspective
WALIS THEORY OF DUSTICE
Concept of justice bosed on two principles
0 Each person has the some claim to a
fully adequale
scheme of equal basic liberties
0 sociol inequalities art justified only
attached to offires and positions Open to oll
falt
under conditions of equality of opportunity.
benefit the least
L
they are to the greatest
advontaged ,meaning that Some lesser degree of inequality
would mala the least worse oH .
,E S HNoNR
teonomiks does not provide judgements abouł uhatis lat but
Con elorily
how institubions affect Ine quality /allocat1on
tradeoffs in thefairnessoł outcomes
hich pub policies can oddre ss unfairnessan
and how
Stuhn .
* ,i e
t
t
1
1
, THE FARMING MODEL
the farming msdel
THE OPPORTUNITY COST OF FREE TIME + MRT
The quantity of some
good that must be sacrificed to
acquire one additional unit
of another good .
MRT = 1
slope of the feasible frontier /
The product of labour
marginal
INDIFFERENCE CURVES
Combinations of points that provide level of
a given utility
The r the 1C , the 9 the utility
MARGINAL RATE OF SUBSTITUTION
Mathematical Notation :
Mrs = I 18¥ ]
L b
marginal utility marginal utility
of free time of the product
r Optimal Decision
Making MRS MRT
__
:
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