BCO 115: Microeconomics Task brief & rubrics

Mid-term assignment make-up Task

This is an individual task. Avoid any “copy-paste” practice to prevent possible problems of plagiarism.

With reference to the theories covered in class and with the use of wider research that involves the referencing of data, you should complete a report that analyses and evaluates different features of markets and cost structures by addressing the following questions/topics.

1. Analysis of Necessities: Why are anti-diabetes drugs likely to have inelastic demand? Define elasticity and provide graphical support to your explanation. Why elasticity is so important to forecast market trends? (20%).

2. Explain the different market structures using graphs and verbal explanations. Provide an example of each market. Why monopolies arise and wha governments can do in face of monopolies?

3. Markets and wellbeing: Why we want markets that make consumer and producer surplus bigger? Explain the concept of surplus and the relationship between price and consumer surplus. Please, build your argument trough an example (it can be fictitious). (20%).

4. What does it mean (in microeconomic terms) that basic research is a public good? Define a public good and an externality and relate that to the existence of patents in basic research.

5. Costs: Imagine that you run a bar in the Barcelona city centre and your number of clients falls dramatically because of mobility restrictions. Using your microeconomic concepts explain the decision to shut down in the short run and to leave the market in the long run (20%).

· Always refer to the concepts explained in class.

· Each answer (1 to 4) must contain a brief introduction to concepts and facts, a part of analysis and critical evaluation and final conclusions.

· Write a report in word or other text editor and upload it in pdf format.

Formalities:

· Wordcount: 1500-2000

· 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 have to be in Harvard’s citation style.

Submission deadline: Sunday, 24th of May 2020 at 23:59

Weight: This task is a 100% 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 knowledge.

Rubrics

Exceptional 90-100

Good 80-89

Fair 70-79

Marginal fail 60-69

Knowledge & Understanding of microeconomic concepts and models (30%)

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 of the concepts to specific cases (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 and analytical thinking (15%)

Student critically assesses in excellent ways, drawing outstanding conclusions and providing relevant analysis.

Student critically assesses in good ways, drawing conclusions and analysis.

Student provides some insights but stays on the surface of the topic.

Student makes little or none critical thinking insights, does not provide insights or analysis.

Communication (15%)

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.