macroeconomics midterm

BCO115 Microeconomics Midterm assignment (Fall, 2020-21)

Professor: Nelson Ferreira

Your final assignment takes the form of an individual report:

Please briefly answer the theoretical questions below based on the content from Unit 1 to Unit 3:

a. Considering the concept of Production Possibilities frontier, demonstrate the benefit obtained through specialization and trading by explaining a real example. (35%)

b. When do one finds equilibrium in a market? Give an example for a market of a specific sector and explain it by showing how demand and supply curves work. (35%)

c. What are the causes for elasticity in demand and supply of a market? Please, describe two examples of inelastic and two examples of elastic

demand. (30%)

Formal procedures:

• Wordcount: 750 words

• Cover, Table of Contents, References and Appendix are excluded of the total wordcount.

• Font: Arial 12,5 pts.

• Text alignment: Justified.

• The in-text References and the Bibliography must follow Harvard’s citation style.

• Only word or Pdf formats are accepted.

Submission deadline: October 18 2020, 23:59 CET.

Weight: This task is a 40% of your total grade for this subject.

It assesses the following learning outcomes:

• Outcome 1: Demonstrate an understanding of economic decision-making of different actors.

• Outcome 2: Understand the relationship between economic theory and practice.

• Outcome 3: Evaluate real life situations with practical application of the acquired tools and knowledge.

Rubrics

Exceptional 90-100 Good 80-89 Fair 70-79 Marginal fail 60-69

Knowledge & Understanding

(20%)

Student demonstrates excellent understanding of key concepts and uses vocabulary in an entirely appropriate manner.

Student demonstrates good understanding of the task and mentions some relevant concepts and demonstrates use of the relevant vocabulary.

Student understands the task and provides minimum theory and/or some use of vocabulary.

Student understands the task and attempts to answer the question but does not mention key concepts or uses minimum amount of relevant vocabulary.

Application (30%) Student applies fully relevant knowledge from the topics delivered in class.

Student applies mostly relevant knowledge from the topics delivered in class.

Student applies some relevant knowledge from the topics delivered in class. Misunderstanding may be evident.

Student applies little relevant knowledge from the topics delivered in class. Misunderstands are evident.

Critical Thinking (30%)

Student critically assesses in excellent ways, drawing outstanding conclusions from relevant authors.

Student critically assesses in good ways, drawing conclusions from relevant authors and references.

Student provides some insights but stays on the surface of the topic. References may not be relevant.

Student makes little or none critical thinking insights, does not quote appropriate authors, and does not provide valid sources.

Communication (20%)

Student communicates their ideas extremely clearly and concisely, respecting word count, grammar and spellcheck

Student communicates their ideas clearly and concisely, respecting word count, grammar and spellcheck

Student communicates their ideas with some clarity and concision. It may be slightly over or under the wordcount limit. Some misspelling errors may be evident.

Student communicates their ideas in a somewhat unclear and unconcise way. Does not reach or does exceed wordcount excessively and misspelling errors are evident.