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.