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ECON195 Portfolio Project Directions and Rubric-2(1) (1).docx

ECON195 – Macroeconomics
Portfolio Project Directions and Rubric
This assessment is worth 20% of your overall grade.
Deadline
Due by the end of Weeks 2, 3, 5, 6, and 7 at 11:59 pm, ET.
Completing this Assessment will help you to meet the following outcomes:
Course Outcomes: Apply macroeconomic theory and basic principles to economic data sets. Explain basic economic principles and theory.
Institutional Outcomes: Information Literacy and Communication - Utilize appropriate current
technology and resources to locate and evaluate information needed to
accomplish a goal, and then communicate findings in visual, written and/or
oral formats. 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. Directions
Each week, you will view a video that shows how to plot data in Excel. Upon
viewing the video, use the following Excel template to complete your
response to each question and submit. Make sure you incorporate the
feedback from your instructor that you receive each week into your final
version.
Click the link below for the Excel template:
ECON195 Portfolio
Project Template.xlsx Week 2: Market Forces of Supply and Demand on: Surplus and
Shortage
Problem #1
Due Date: Due by the end of Week 2 at 11:59 pm, ET. In any market, demand is used to study the behavior of buyers, and supply is
used to study the behavior of sellers and producers. In order to study the ECON195 – Portfolio Project Directions and Rubric 2 behaviors of buyers and sellers, you will use the beans market for your
Homework Problem to determine the market demand and market supply.
Demand and supply curves explain the relationship between price and
quantity. Because there is a law that guides market demand and supply, the
demand and supply curve shifts. This law of demand and supply assumes
that every factor that affects market demand and market supply, other than
price, is constant. Factors that are held constant for market demand are:
income, price of related good, tastes, expectations, and number of buyers.
For supply market, they are: input prices, technology, expectations, and
number of sellers.
In Problem #1, you need to plot graphs in Excel to show how the demand
and supply curve shifts when quantity increases or decreases at given prices.
Supply and Demand: The Beans Market
View this video to complete the problem below:
https://www.youtube.com/watch?v=w-R4BDNxSLU
Answer the questions below by using the following schedule for the beans
market:
Price Quantity
Quantity
Demanded Supplied
$5
50
20
$6
45
25
$7
40
30
$8
35
35
$9
30
40
$10
25
45
$11
20
50
$12
15
55 Use the Excel template to graph the demand and supply curves based
on the values given in the table above.
Assume that the quantity demanded for beans rises by 30 million
pounds per month for specific given price.
Plot the initial demand and supply curves on a single graph based on
given values in the above table.
Graph the new demand curve given by this change.
Relative to the values given in the above table, let’s assume that the
quantity demanded falls by 30 million pounds per month between $5
and $10 per pound; between $10 and $12 per pounds, and the
quantity demanded become zero.
Plot initial the demand curve given by this change on a single graph. ECON195 – Portfolio Project Directions and Rubric 3 Graph the new demand curve given by this change.
Assume that the quantity supplied for beans rises by 30 million pounds
per month for specific given price, at the time the value for quantities
supplied remain the same as shown in the table above.
Plot initial demand and supply curves on a single graph based on given
values in the above table.
Graph the new supply curve given by this change.
Relative to the values given in the table above, let’s assume that, the
quantity supplied falls by 30 million pounds per month at prices above
$8, at a price of $8 or less per pound and the quantity supplied
becomes zero.
Plot the initial demand and supply curves based on the values given in
the table above and new supply curve given by this change on a single
graph. Week 3: Supply and Demand: Price Elasticity
Problem #2
Due Date: Due by the end of Week 3 at 11:59 pm, ET.
Price plays a significant role in quantity demanded and quantity supplied.
Consumers and sellers respond differently to changes in the price of different
types of goods and the situation. To measure the responsiveness of
consumers and sellers to changes in the price of a good, some rules of
thumb are given. These rules of thumb are said to influence price elasticity
of demand and supply making the curves to vary. The rules of thumb that
affect price elasticity of demand are: Availability of a close substitute
Necessities versus luxuries
Definition of the market
Time zone For price elasticity of supply, they are: Flexibility of sellers to change in quantity of good produced
Time period Consequently, price elasticity can be unit, elastic, and inelastic demand and
supply. In Problem #2, you will need to plot graphs in Excel to determine
price elasticity of demand and supply showing the varying demand and
supply curve. ECON195 – Portfolio Project Directions and Rubric 4 View this video to complete the questions below:
https://www.youtube.com/watch?v=MlEBmoPGJvo
Answer the questions below by using the following demand schedule:
Pri
ce
$1
3
$1
2
$1
1
$1
0
$9
$8
$7
$6
$5
$4 Quantit Quant
y
ity
Deman Suppli
ded
ed
585
1305
635 1130 665 980 695 930 705
730
750
780
830
930 840
730
630
480
360
260 Use the Excel template to calculate and plot the graph of the elasticity
of demand between one point and the next. That is, plot A-to-B, B-to-C
etc. Upon plotting the graph, determine the price elasticity of each
value. For instance, it could be price elasticity, price inelastic, or unit
elastic.
Using the same Excel template, calculate the arc elasticity of supply
between one point and the next. That is, plot A-to-B, B-to-C, etc. Upon
plotting the graph, determine the price elasticity of each value. For
instance, it could be price elasticity, price inelastic, or unit elastic. Week 5: Supply and Demand: Government Policies
Problem #3
Due Date: Due by the end of Week 5 at 11:59 pm, ET.
As mentioned in Problem #2, price play a role in quantity demanded and
supplied. Nevertheless, to regulate the economy, prevent inflation, and make
certain goods and services affordable, the government regulates prices of
certain goods and services. ECON195 – Portfolio Project Directions and Rubric 5 When the government set maximum prices, it is called “price ceiling”. When
minimum prices are set by the government, it is called “price floor”. Hitting
the “price floor” or “price ceiling” can cause shortage or surplus. When the
government imposes either “price floor” or “price ceiling” below equilibrium
price, a shortage has been created. However, when “price floor” or “price
ceiling” is above equilibrium price, surplus has been created.
In Problem #3, you will plot demand and supply curves in Excel to show
whether shortage or surplus was created when government impose price
floor.
View this video to complete the questions below:
https://www.youtube.com/watch?v=YWiuxFPEm4A
Given this hypothetical demand and supply schedule for corn, in which all
quantities are in millions of bushels per year, respond to the questions below:
Price per
bushel
$
3.00
$
4.00
$
5.00
$
6.00
$
7.00
$
8.00
$
9.00 Quantity
Demanded
9 Quantity
Supplied
3 8 4 7 5 6 6 5 7 4 8 3 9 Use the same Excel template to graph demand and supply curve for
corn. Label the equilibrium quantity and price. Let’s suppose that the government now imposes a “price floor” at $7
per bushel. Show the effect of this government policy graphically. Week 6: Supply and Demand: International Trade
Problem #4A ECON195 – Portfolio Project Directions and Rubric 6 Due Date: Due by the end of Week 6 at 11:59 pm, ET.
Aggregate demand and aggregate supply determine output level and
employment in any country’s economy at any given price level. Aggregate
demand and aggregate supply curves show the relationship between price
level and quantity of goods and services demanded by households, firms,
consumers, and the government, and supplied by sellers and producers
respectively.
Note that quantity is referred to as output level. When there is a change in
price level, the aggregate demand and aggregate supply curve shift either to
be left or right.
View this video to complete the questions below:
https://www.youtube.com/watch?v=Ls3ZLYQ5NtE
The table below shows a hypothetical aggregate demand (AD), aggregate
supply (AS), and price level for Australia.
PL
130
140
150
160
170
180
190 AD
680
670
660
650
640
630
620 AS
580
620
660
690
740
760
770 Plot the AD/AS diagram from the data shown on the Excel template you
have been using. Identify the equilibrium. Let’s supposed that at every price level, government tax cuts and
aggregate demand increase by 40. Provide the new equilibrium due to increase by 40. Explain how the output will be altered by the new equilibrium? How will the price level be altered by the new equilibrium? Relate your answers to employment. Problem #4B – Extra Credit
Like Problem #4A, note that aggregate demand and aggregate supply also ECON195 – Portfolio Project Directions and Rubric 7 determine whether there will be inflation or unemployment, as it determines
output level and employment. In this Problem, plot aggregate demand and
supply curve on excel to determine whether you expect inflation and
unemployment to occur in Australia.
You do not need to complete this Problem. However, if you do, your instructor
will give you extra credit.
https://www.youtube.com/watch?v=Y3hjuu1OJAM
Below is another set of aggregate supply (AS), aggregate demand (AS), and
price levels:
Price
Level
110
130
150
170
190 AD AS 775
675
575
460
355 350
425
575
667
768 Plot the AD/AS graph and identify the equilibrium. Do you expect unemployment to be relatively high or low in this
economy? Explain why? Do you expect inflation to be relatively high or low in this economy? Is
it a concern? Explain your rationale. Let’s imagine that AD reduces by 250 at every price level because of
loss confidence in the economy by consumers. Show the new
aggregate equilibrium. Explain how the original output, price level, and employment will be
affected by the shift in AD. Upload your final version to your ePortfolio to one of the three
Institutional Outcomes listed on the first page of these directions.
Week 7: Reflection Due by the end of Week 7 at 11:59 pm, ET.
Directions
In Weeks 2, 3, 5, and 6, you used Microsoft Excel to plot demand and supply
curves to find equilibrium price and quantity. In the process of completing ECON195 – Portfolio Project Directions and Rubric these demand and supply graphs, you covered shift in demand and supply
curve, price elasticity, government policies, aggregate demand, and
aggregate supply. In approximately 150 of your own words and in a Word
document, reflect on your understanding of plotting demand and supply
curves to find equilibrium. You must address the following prompt in your
reflection: Explain how and why businesses or our government determine
demand and supply curve to find equilibrium price and quantity.
Discuss how completing this Portfolio Project helped you gain the
knowledge, skills, and capabilities to effectively employ the outcomes
listed on the first page in the workplace. Upload and submit your final reflection in Blackboard. 8 ECON195 Portfolio Project Directions and Rubric
Criteria Content
60 points Organizati
on
30 points Grammar
10 points Instructo
r
Comment
s Excellent
54 - 60 points
Accurately completed all parts
of the problem. Created
accurate graphs per the data
provided.
27 - 30 points
The spreadsheet is formatted
correctly. Font style and size is
consistent throughout the
spreadsheet.
9 - 10 points
1 or no spelling and/or
grammatical errors. Average Needs Improvement 42 - 53 points
Accurately completed most
parts of the problem.
Created somewhat accurate
graphs per the data
provided. 0 - 41 points
Did not complete many parts of
the problem. Created inaccurate
graphs per the data provided. 21 - 26 points
The spreadsheet is mostly
formatted correctly. Font
style and size is consistent
throughout the spreadsheet. 0 – 20 points
The spreadsheet is not
formatted correctly. The Font
style and size is not consistent
throughout the spreadsheet. 7 - 8 points
2-3 spelling and/or
grammatical errors. 0 - 6 points
Contains 4 or more spelling
and/or grammatical errors. Total Points Poin
ts ECON195 – Portfolio Project Directions and Rubric 10 ECON195 Portfolio Project Reflection Directions and Rubric
Criteria Content
80 points Mechanics
20 points Instructo
r
Comment
s: Excellent
72 - 80 points
Explained all demand and
supply graphs as they relate to
shortage, surplus, government
policies, unemployment and
inflation for each question.
Responded to all assigned
questions.
18 - 20 points
1 or no spelling and/or
grammatical errors. Average
56 - 71 points
Explained some demand
and supply graphs as they
relate to shortage, surplus,
government policies,
unemployment and inflation
for each question.
Responded to some
assigned questions.
14 - 17 points
2-3 spelling and/or
grammatical errors. Needs Improvement
0 - 55 points
Did not explain demand and
supply graphs as they relate to
shortage, surplus, government
policies, unemployment and
inflation for each question. Did
not respond to all assigned
questions.
0 - 13 points
Contains 4 or more spelling
and/or grammatical errors. Total Points: Poin
ts

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