Assignment Remit
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Programme Title |
Economics suite of programmes |
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Module Title |
LI Microeconomics |
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Module Code |
28536 |
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Assignment Title |
Coursework – “Critical evaluation and feedback of a hypothetical student” |
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Level |
LI |
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Weighting |
50% |
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Hand Out Date |
21/10/2024 |
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Deadline Date & Time |
18/11/2024 |
12pm |
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Feedback Post Date |
16th working day after the deadline date |
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Assignment Format |
Other |
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Assignment Length |
Max 1500-words equivalent |
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Submission Format |
Online |
Individual |
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Module Learning Outcomes:
This assignment is designed to assess the following module learning outcomes. Your submission will be marked using the Grading Criteria given in the section below.
LO 1. demonstrate knowledge and critical understanding of core microeconomic theories and concepts;
LO 2. apply core microeconomic concepts to various economic situations, such as producer and consumer optimal decisions, efficiency and welfare, market failure.
Assignment:
Please see the guidance and the tasks on the next page. Please read the guidance and the assessment criteria very carefully.
Grading Criteria / Marking Rubric
Your submission will be graded according to the following criteria:
1. Correctly identifying any errors or omissions in the proposed answer: all errors and important omissions should be identified. 30%
2. Suggesting appropriate corrections: if the answer of the hypothetical student has errors or omissions the corrections should provide a better solution (without necessarily repeating the correct parts of the answer provided). 40%
3. Providing detailed feedback and suggesting an appropriate revision plan: the suggestions are sufficiently precise and useful. An excellent answer will refer to more than Canvas materials. 30%
See the marking rubric at the end of the remit for more information on how your work will be marked and graded.
Ethical Use of Generative AI (GenAI)
You are permitted to use GenAI to support your submission for this assessment. You may use it for the following activities:
• Researching and refining your ideas
• Information retrieval or background research
• Drafting an outline to organise or summarise your thoughts
• Checking spelling and grammar
Applying GenAI tools should be done with human oversight and control. You should
carefully review and use the results carefully as AI can generate authoritative-sounding output that can be incorrect, incomplete, uncritical, or biased.
You may not submit any work generated by an AI tool as your own. Where you include any material generated by an AI tool, it should be properly declared just like any other reference material. Alongside your assignment you should also provide a commentary in the Cover
Sheet detailing how GenAI has been used to develop your final submission. If you have not used GenAI tools, you should clearly state so.
Plagiarism, including that which results from using GenAI, is a form. of academic misconduct that will be dealt with under the University’s Code of Practice on Academic Integrity.
https://intranet.birmingham.ac.uk/as/registry/policy/conduct/plagiarism/index.aspx
University guidance on ethical use of GenAI can be found here:
https://intranet.birmingham.ac.uk/as/libraryservices/asc/student-guidance-gai.aspx
Further Guidance:
Feedback to Students:
Both Summative and Formative feedback is given to encourage students to reflect on their
learning that feed forward into following assessment tasks. The preparation for all
assessment tasks will be supported by formative feedback within the tutorials/seminars. Written feedback is provided as appropriate. Please be aware to use a web browser and not the Canvas App as you may not be able to view all comments.
Plagiarism:
It is your responsibility to ensure that you understand correct referencing practices. You are
expected to use appropriate references and keep carefully detailed notes of all your
information sources, including any material downloaded from the Internet. It is your
responsibility to ensure that you are not vulnerable to any alleged breaches of the
assessment regulations. More information is available at University’s Code of Practice on Academic Integrity
https://intranet.birmingham.ac.uk/as/registry/policy/conduct/plagiarism/index.aspx .
Wellbeing, Extensions and Extenuating Circumstances:
The processes for extensions and extenuating circumstances (ECs) are to support students who have experienced unforeseen issues that have impacted their ability to engage with their studies and/or complete assessments. Students should notify Wellbeing of any extenuating circumstances as soon as possible via the online form, following the guidance provided.
https://intranet.birmingham.ac.uk/social-sciences/college-services/wellbeing/index.aspx
Guidance
In this task you need to step in the shoes of a marker, assessing and providing feedback on a hypothetical student’s answer. You need to provide annotations and corrections, as well as general feedback for student to revise and improve going forward. The feedback you have to provide for the hypothetical student will depend on the areas on improvement you identified, the strengths of the answer, and the general performance. Remember, your feedback must be helpful to the student: you need to address each error in detail and explain to the student what went wrong.
When providing corrections and feedback bear in mind the following:
- Is the provided answer (as a whole and for each of the components) correct?
- Is the provided answer (as a whole and for each of the components) justified and well-explained? Is the provided answer concise, well-formulated, and well-presented?
- Does the answer demonstrate the in-depth understanding of the hypothetical student?
- What skills does the student demonstrate and what skills do they need to practice further?
• Assume that the student had 60 mins to answer these exercises in an open-book exam setting. This gives you context to comment on time-management.
• You must provide hand-written annotations on the hypothetical student’s solution. You can either (i) print the answer, annotate it with a pen and scan/take pictures adding them into a MS Word document or (ii) annotate the document with a stylus and then include pictures in the MSWord document. You will then save the whole MS Word document as a pdf for final submission.
• You must provide detailed and useful feedback for each subpart. If the solution is incorrect, explanation incorrect/inappropriate or lacking, etc. you must provide your own version so that the answer is correct and complete. You can do it as an annotation for short corrections or in typed text for longer corrections. Note: if the questions ask to provide an example and the answer provided is not good, you must suggest an alternative example and explain why the provided answer is not appropriate.
• The feedback should include a “revision plan” . The revision plan should give the student in this scenario sufficiently precise and good indications (for example, if you suggest a textbook, include page numbers; exceptionally in this assignment you can refer to Canvas materials of our course; you can also refer to other sources) .
• Please note that this is not an essay, thus the usual structure (introduction, conclusion, etc.) does not apply – you need to focus on answering the question.
• Algebraic or a few words annotations on pictures are not included in the word count. Longer corrections must be typed and are included in the word count. References (e.g. links to Canvas or textbooks) are not included in the word count. The overall maximum word count should not exceed 1500 words. The answer should be written in formal English language.
The following questions were put to a hypothetical student in an open-book exam.
Part 1. Consumer Theory (50%)
Question 1 (10%) Open-ended question.
Can indifference curves cross? In the context of studied consumer theory, explain why yes or why not referring to the relevant theoretical background.
Question 2 (20%) First optimisation problem.
Assume a rational consumer, who consumes just two goods, z and t. Preferences of this consumer can be described by the following utility function: U(z, t) = z 1/4t 1/3 . The income of this consumerism. The price of good Z isp1 and the price of good T isp2 . Find the demand function for good Z. Provide explanations for each step and describe the theory used in your derivations. Calculate the optimal consumption bundle if the p1 = 1, p2 = 3, and disposable income M = 60.
Question 3 (20%) Second optimisation problem.
Suppose a rational consumer has preferences described by the following utility function: V(x, y) = 3x + 2y, where x is the amount of good X consumed and z is the is the amount of good Y consumed. The price of good X is px and price of good Y is py. The disposable income of the consumer is R. Write the demand and draw the indifference curves diagram. Find the optimal consumption bundle if the price of good X is 2; price of good Y is 5 and the disposable income is 60.
Part 2. Exchange (50%)
Question 1 (20%) Edgeworth box question.
Using Edgeworth box framework, represent potential exchange opportunities for two consumers with well-behaved preferences as described below. If any are possible, describe how gains from exchange occur.
Two housemates (Agata and Belinda) consume two types of pastries (Croissants and Danishes). Agata begins with 4 croissants and 2 danishes. Belinda begins with 5 croissants and 4 danishes. Both Agata and Belinda have Cobb-Douglas style. utility functions over these goods, Agata, U whilst for Belinda, U d . In these equations, CA, dA are the numbers of croissants and danishes consumed by Agata, and CB, dB are the numbers of croissants and danishes consumed by Belinda. Agata and Belinda exchange their pastries. Assume there are no outside options for exchange.
Question 2 (20%) Exchange exercise.
State the feasibility and Pareto optimality conditions for equilibrium in the Edgeworth box. Write expressions for the MRS between croissants and danishes is for Agata and for Belinda, in terms of each of the two goods. Find an expression for quantity of croissants demanded as a function of danishes and prices, for each of Agata and Belinda. What are the budget constraints for Agata and Belinda? Find expressions for the quantity of croissants demanded as a function of prices and for the quantity of danishes demanded as a function of prices. In equilibrium,what would be the relative price of croissants and danishes?
Question 3 (10%) Open-ended question.
Draw an Edgeworth box diagram for two other-regarding consumers and explain whether gains from exchange mayor may not occur in this case. Provide a detailed real-life example.
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