ECON1020 : Principals of Economics - Substantive Judgement of Fairness - Economics Assignment Help

Assignment Task :

BACKGROUND

Automation, broadly referring to the adoption of machines and computers in the production process has become increasingly more popular across many sectors and countries. For example, the market for industrial robots has experienced a dramatic expansion in the last couple of decades, as shown in Figure 1. 

Now, consider Bruno, who owns a small manufacturing firm and produces windscreens for automobiles. Currently Bruno uses two robots and ten workers including Angela in his production. 
Answer the following questions based on the topics covered in the lectures from weeks 1-6.

[Question 1]    Based on the information in Figure 2, illustrate in a diagram how Bruno would decide to use more robots in his firm to minimise production costs. Your diagram should have the number of workers on the horizontal axis and the number of robots on the vertical axis. It is not necessary to use specific numbers.  

[Question 2]    Explain in 100-130 words why the market for industrial robots have expanded in the last couple of decades as shown in Figure 1. You must refer to the information from Figure 2 and the diagram you drew in the previous question.  

[Question 3]    Draw the production function of Bruno’s firm. Your diagram should have the number of workers on the horizontal axis and the number of windscreens on the vertical axis. Illustrate the effect of Bruno’s decision to use more robots on his production function. Briefly explain your diagram within 50 words.  

[Question 4]    Does Bruno’s decision to use more robots bring about a Pareto improvement? Discuss in 50-100 words based on your answer for Question 4.  

[Question 5]    Does Bruno’s decision to use more robots result in a fairer outcome? Discuss in 150-200 words based on your answer for Question 4. Your discussion must use any TWO of the following ideas.  

• substantive judgement of fairness
• procedural judgement of fairness
• consequentialist approach
• deontological approach

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