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ARE100AW09HW1 Comments

ARE100AW09HW1 Comments - most did okay except for math...

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Grading Criteria For PS1: Kim graded questions 1 4 and 5 plus the MC. Here is the criteria she used in assigning points. Question 1: Each part was worth 2 points, I gave full credit if you showed the right direction of movement. If you got the graph wrong, I gave 1 point if the graph showed the right direction for either price or quantity, but took off all points if both moved in the wrong direction. Question 4: Each part was worth 5 points. There wasn't too much about this problem that tripped people up... most did okay except for math problems or just forgetting to answer
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Unformatted text preview: .. most did okay except for math problems or just forgetting to answer the question entirely. Question 5: Each part was worth 4 points. The most common problem here was the question about whether the price support that was actually below the market price would do anything to the equilibrium. It is important to note that a price support is only binding in one direction! The market is free to pull the price above the support if it wants to. Multiple Choices there was no partial credit here....
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