ECON 195 BSC The Significance of Understanding Market Forces Project

DescriptionECON195 – Macroeconomics
Portfolio Project Directions and Rubric
This Portfolio Project is worth 20% of your grade.
View this video for an introduction and overview of the Portfolio Project: ECON195
Portfolio Project Overview
Completing this Assessment will help you to meet the following:
Course Outcomes
• Estimate the effects of supply and demand theory on market forces, and government policies.
• Apply macroeconomic theory and basic principles to economic data sets.
Institutional Outcomes
• Relational Learning – Transfer knowledge, skills, and behaviors acquired through formal and
informal learning and life experiences to new situations.
• Thinking Abilities – Employ strategies for reflection on learning and practice in order to adjust
learning processes for continual improvement.
• Quantitative and Scientific Reasoning – Follow established methods of inquiry and mathematical
reasoning to form conclusions and make decisions.
Directions
In this project, you will apply and analyze the impact of market forces relative to supply
and demand model. In scenario 1, you will use Excel to determine initial market
equilibrium and then examine a number of changes of equilibrium when economic
conditions change. In scenario 2, you will use Excel to calculate the impact market
impact of government policy. In the final submission, you will summarize your
findings from the two scenarios, what they mean, and their application.
Although there are many market models, including monopolies and oligopolies, this
project will apply the perfectly competitive market model. There are few perfectly
competitive markets, but the model is a good starting point in an analysis and
comparison because it represents production and allocation efficiency as well as
maximizes consumer surplus and economic welfare. The assumptions upon which this
model is built include:
1.
Many buyers and sellers
2.
Standardize product
3.
All parties have full information
4.
No transaction costs
Review the entire project, including the rubrics, before you begin so that you
understand all the requirements, how you will be assessed, and due dates. The Excel
template provided must be used for Scenario 1 and 2. This will aid in not only
ECON195 – Portfolio Project Directions and Rubric
2
completing the assignment but also help ensure that all required parts are completed.
For your final submission, the Word template provided must be used to ensure all
project requirements are met.
Deadline
Deliverable items for the Portfolio Project will be required at different points during the course.
Details for each submission are included below in the Deliverable Descriptions.
Week 2: Scenario 1 – Impact of Market Forces on Supply & Demand

Due by the end of Week 2 at 11:59 pm, ET.
Major weather events have the ability to negatively impacted large geographical areas.
This is something that most have lived through, and have find it frustrating when
prices increase and/or products and services are hard to purchase. Damage caused
storms will often lead to an increase in demand for products and services to repair the
damages. Not only will a major weather event drive up the demand for some products
and services, but it also impacts those businesses that supply those needed products
and services. Some of these frustrations have led to public outcry about price gouging.
While some price gouging might exist, an analysis of supply and demand provides
answers to what is happening in the market.
In this scenario a major storm has caused large scale damage to a coastal area you are a
nursing home administrator at. The corporate auditor wants justification for the
increased cost of supplies to repair the nursing home damaged in the storm. Only one
product will be analyzed – construction screws. Complete each part of this scenario
using the Excel template provided. This will be part of your response to the auditor.
View this video for help in completing scenario 1: Scenario 1 – Impact of Market Forces
on Supply & Demand
Table 1: Data for Scenario 1
Price
Qd
Qs
$
6.00
0
2400
$
5.00
400
2000
$
4.00
800
1600
$
3.00
1200
1200
$
2.00
1600
800
$
1.00
2000
400
Part A:
Begin by copying the data from Table 1 to the Excel template. Using the data provided,
insert a chart (Scatter with straight lines and markers) in the first blank box that
includes the market supply and demand curves. The x-axis is to be labeled Quantity in
ECON195 – Portfolio Project Directions and Rubric
3
Boxes and the y-axis Price per Box. Label the equilibrium A. Add a legend and chart
title (Part A: Market for Construction Screws) to the chart. Once the original chart is
complete, copy it into the remaining three boxes.
Part B:
As a result of a major weather event, the demand for construction screws increases. In
the New, Qd column, add 800 to each value in the Qd column. Name the second chart
Part B (change the A to a B) and add the new demand curve to the chart. Label the new
equilibrium B.
Part C:
As the result of the of a major weather event, the supply of construction screws
decreases. In the New Qs column, subtract 800 from each value in the Qs column. Name
the third chart Part C (change A to C) and add the new supply curve to the chart. Label
the new equilibrium C.
Part D:
It is seldom that market conditions only impact one of the curves at a time. Name the
fourth chart Part D and add both the New Qd and New Qs to the chart. Label the new
equilibrium D. To complete Part D, correctly add the equilibrium labels from Part A-C.
Week 3: Scenario 2: Market Impact of Government Policy on Supply & Demand

Due by the end of Week 3 at 11:59 pm, ET.
Supply and demand analysis can be used not only to determine the market clearing
price and quantity but also to estimate the impact of government policies and
regulations. In this scenario, the local market has been impacted by the offshoring of
production. With the loss of higher paying production jobs, displaced workers were
forced to take on lower paying services jobs. With the decrease in income, the demand
for housing decreased, but the demand for rental units increased. The data in Table 2
represent the current market for rental units. In order to help struggling families, the
local government passed a rent control law that sets the maximum rent that can be
charged at $2,000 per month. Before the mayor acts on the Common Counsel resolution,
she has asked you as the Chief of Staff to prepare a brief document on the impact of
imposing rent control
View this video for help in completing scenario 2: Scenario 2 – Government Policy
Impact on the Market Using Supply & Demand
ECON195 – Portfolio Project Directions and Rubric
4
Table 2: Data for Scenario 2
Price
Qd
Qs
$
3,500
500
1500
$
3,000
750
1250
$
2,500
1000
1000
$
2,000
1250
750
$
1,500
1500
500
$
1,000
1750
250
Part A:
Using the same template used for Scenario 1, begin Scenario 2 by importing the data
from Table 2 into the template. In the box provided, insert a chart (Scatter with straight
lines and markers) and title the chart Market for Rental Units. Properly label the axis
and include a legend.
Part B:
Fill in the equilibrium table provided and label equilibrium E.
Part C:
Complete the price ceiling table and, using the values from the table, insert a price
ceiling line to the original chart.
Week 5: Final Submission to ePortfolio

Due by the end of Week 5 at 11:59 pm, ET.
This week is the final submission of your Portfolio Project. Incorporate instructor
feedback and make any needed corrections to the Excel scenarios before completing the
final submission document.
In this week’s submission, you will use the final charts in Scenarios 1 & 2 as the bases to
report out your findings and analysis. A Word template has been provided for the final
submission, which can be found in the Week 1 folder – Portfolio Project Directions and
Rubrics and the Course Assessment tab. As you work through the final document,
make sure you delete the yellow highlight instructions prior to submitting the
document for grading.
View this video for help in completing the final submission document: ECON195:
Portfolio Project Submission to ePortfolio
Upload your Portfolio Project to the Program Outcome in your ePortfolio listed below.
Use the following naming convention: LastName ECON195 ePortfolio:
• “Institutional Outcome”
ECON195 – Portfolio Project Directions and Rubric
o
5
Quantitative and Scientific Reasoning – Follow established methods of inquiry
and mathematical reasoning to form conclusions and make decisions.
For directions on how to upload your project to your ePortfolio, please see Student
Resources in Blackboard on the navigation pane.
Week 7.5: Reflection

Due by the end of Week 7.5 at 11:59 pm, ET.
In weeks 2 and 3, you used Microsoft Excel to plot demand and supply curves to find
equilibrium price and quantity. In week 5, you reported your findings and analysis of
the two scenarios. In the process of completing the various project components, you had
the opportunity to see the impact of market forces on supply and demand. You also
examined the impact of government policies on the market. In a minimum of 150 of
your own words and in a Word document, address the following prompt in your
reflection:


Identify, and explain three lessons learned (takeaways) by completing the
portfolio project that applies to your program, personal life, and/or your career.
Briefly explain how you met the requirements of the Quantitative and Scientific
Reasoning Institutional Outcome.
As you draft your reflection to refer to the Portfolio Project Reflection grading rubric
listed below.
Upload and submit your final reflection in Blackboard.
For specific grading information, please refer to the Portfolio Project Grading Rubrics
listed below.
ECON195 – Portfolio Project Directions and Rubric
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ECON195 Portfolio Project Rubric: Excel Scenarios 1 & 2
Criteria
Content
70 points
Excellent
Average
Needs Improvement
63 – 70 points
49 – 62 points
0 – 48 points
Completed all parts of the
scenario – used correct data
from directions, new Qd and
Qs correctly computed using
Excel formulas
Most parts of the scenario
completed – used correct data
from directions, new Qd and
Qs correctly computed using
Excel formulas
Did not complete many parts
of the scenario – incorrect
data used, new Qd and Qs
not computed correctly or did
not use Excel formulas.
Created accurate scatter plot
graphs (straight lines with
markers) with axis correctly
assigned, lines align with
data from the table.
Created mostly accurate
scatter plot graphs (straight
lines with markers) with axis
correctly assigned, lines align
with data from the table.
Created inaccurate graphs per
the data provided – axis
incorrectly assigned, lines
don’t align with data from
table.
27 – 30 points
21 – 26 points
0 – 20 points
The spreadsheet is mostly
labeled and formatted
correctly – graph contains
appropriate title, legend, and
axis labels. Font style and
size is consistent throughout
the spreadsheet.
The spreadsheet is not labeled
or formatted correctly. The
Font style and size is not
consistent throughout the
spreadsheet.
The spreadsheet is labeled
and formatted correctly –
graph contains appropriate
Organization title, legend, and axis labels.
Font style and size is
30 points
consistent throughout the
spreadsheet.
Template was used to
complete the scenario.
Instructor
Comments
Template was used to
complete the scenario.
Template was not used to
complete the scenario.
Total Points
Points
ECON195 – Portfolio Project Directions and Rubric
Criteria
Scenario 1
40 points
Scenario 2
50 points
Grammar
10 points
Instructor
Comments:
7
ECON195 – Portfolio Project Final Submission Grading Rubric
Exceeds Expectations
Meets Expectations
Needs Improvement
34 – 40 points
22 – 33 points
0 – 21 points
Correctly imported the correct
Correctly attached the correct Excel Did not attach the correct Excel
Excel chart. Correctly answered all
chart. Correctly answered most
chart. Terminology and concepts
prompts clearly using appropriate
prompts clearly using appropriate not used or incorrectly used in
terminology and concepts related to terminology and concepts related to answering prompts related to the
the changes in market equilibriums. the changes in market equilibriums. change in market equilibrium.
Many questions not answered.
44 – 50 points
32 – 43 points
0 – 31 points
Correctly imported the correct
Correctly attached the correct Excel
Did not attach the correct Excel
Excel chart. Correctly answered all
chart. Correctly answered most
chart. Terminology and concepts
prompts clearly using appropriate
prompts clearly using appropriate
not used or incorrectly used in
terminology and concepts related to terminology and concepts related to answering prompts related to the
the price ceiling imposed on the
the price ceiling imposed on the
price ceiling imposed on the
market.
market.
market. Many questions not
answered.
9 – 10 points
7 – 8 points
0 – 6 points
One or no spelling and/or
grammatical errors.
2-3 spelling and/or grammatical
errors.
Contains 4 or more spelling
and/or grammatical errors.
Word template used.
Word template used.
Word template not used.
Total
Points:
Points
ECON195 – Portfolio Project Directions and Rubric
8
ECON195 – Portfolio Project Reflection Grading Rubric
Criteria
Reflection
70 points
Word Count
10 points
Mechanics
20 points
Instructor
Feedback
Exceeds Expectations
62 – 70 points
Reflection addresses the assigned
Bryant & Stratton College
Institutional Outcome in detail.
Provides a deep, thoughtful
reflection on how knowledge
gained from the project will be
relevant to their personal or
professional life.
10 points
Minimum of 150 words
18 – 20 points
Writes in complete sentences and
well-developed paragraphs with 0
or 1 errors in grammar, spelling,
and punctuation. The reflection
flows and transitions naturally
between ideas. Meaning is clear,
and the reflection is easy to read.
Meets Expectations
Needs Improvement
46 – 61 points
0 – 45 points
Reflection briefly addresses
Reflection does not address all the
the assigned Bryant & Stratton
required elements. The assigned
College Program and
Bryant & Stratton College Program
Institutional Outcomes.
and Institutional Outcomes may be
Provides a reflection on how
missing or lacking significant
knowledge gained from the
detail. Does not make clear
project will be relevant to their
connections between the project
personal or professional life.
and their personal or professional
life.
7 – 9 points
0 – 6 points
Less than 150 words
Less than 91 words
14 – 17 points
0 – 13 points
Writes in complete sentences
Writes in incomplete sentences or
but makes 2 to 4 errors in
uses list/bullet format. Makes 5 or
grammar, spelling, and
more errors in grammar, spelling,
punctuation. Reflection is
and punctuation. Errors distract
generally easy to read and
the reader. The writer’s meaning is
understand.
unclear.
Total Points:
Points

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