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Department of Economics

Econ 100A: Intermediate Economics I

Fall 2023

Tuesdays and Thursdays, 11:00am-12:20pm (PCB 1100)

Group Project

The purpose of this project is for you to try out microeconomic tools on the real world. Please follow closely the guidelines for the group presentation and project report.

1.   General Guidelines

•   You should form groups of 5 students.

•   The groups can include students from different discussion sessions; however, all the students must be present for the group presentation in the slot session that was given to them.

•   Part of the assignment takes the form of a maximum 8-page written report (Times New Roman size 11, double spaced or 1.5 spaced, default margins). The 8-page maximum includes primary tables, primary figures, etc. No extra information is considered (i.e., we do not read past the 8th page). The maximum number of pages excludes the title page, the reference list and the appendix with any supporting material including secondary data or figures.

•   The group may send us a rank of their topics preferences but topics will be assigned on a 1st  come,  1st  serve basis. The preferences and group composition must  be  submitted  on  canvas  by  October   19th    2023.  One  submission  PER GROUP.

•   The  written  report  should  be  succinct  and  put  the  emphasis  on  the  use  of microeconomics tools to understand the phenomenon being studied. It is your job to convince the reader (the teaching team) that you understand what you are doing and you are providing a nice insight into the topic at hand. It is not our job to dig your text for evidence of your understanding!

•   The grade you receive  on your project report takes  into  account the  clarity, organization, and accuracy of the report.

•   Please tick each of the items in the following checklist before handing in the final version of the report. This is what we shall be looking at when grading it.

(i)        Does this group recognize the most important economic aspects of this story?;

(ii)       Is the text concise? Or unnecessarily lengthy and confusing?;

(iii)      Is the text well organized and building its argument smoothly and clearly?;

(iv)      Do the paragraphs follow a natural sequence?

(v)       Are  all the figures and graphs included really needed for the point the group wants to make?;

(vi)      Does this group understand the economic theory they're applying?;

(vii)     Creativity in the application of the used tools;

(viii)     Does the report display a nice balance between own research (collecting data or picking original case study) and complementary bibliographic references?

(ix)      Editing and proofreading are skills you must acquire. Have you proofread

the report? Obviously, you will correct spelling and grammatical errors. But editing also involves polishing and improving your report. Remove repetition and help the flow of your sentences. Answer the thesis statement you made at the beginning and enjoy the high score you deserve. Use short sentences.

2. Tentative guide to the report's structure

Introduction: You should summarize your topic indicating the specific question of interest, and present the reasons of why you bother about the issue.

Background: Present a brief background of the topic involved in your discussion.

Microeconomics Concepts: You should provide the main concepts learnt in class that will be used in your analysis. Make sure you also highlight how you expect that they shed light on your chosen topic.

Data:  For  each  of  the  topics  involving  data  collection,  the  essay  should  contain descriptive  statistics  of  the  data  that  you  have  collected;  this  includes  number  of observations, when and how you collect the data, etc. Present the information carefully; think about the best way to present it (in tables? in graphs?)

Evidence/Discussion: Your arguments should be supported by evidence, which can be either data that you collect/compile, or some kinds of facts that are already proved. You may introduce and discuss many competing arguments, but you must offer your own judgments on these views of points. Eventually you should develop your arguments and have sufficient evidence to support them. Use microeconomic tools (whenever possible and/or necessary sustained by statistical ones) to explain the patterns in your data (if applicable), the different behaviors across socio-economic/age groups or firms, whatever is applicable.

Concluding Remarks: Conclusions are not a summary. They are the last part of a chain of reasoning, the opinion formed after investigation or thought. The conclusions are thus an outcome of the work, an extension of the results and discussion. In contrast,a summary is a brief statement covering the substance or main points of the entire report. For this report, either a conclusions section or a summary, or both, are acceptable.

3. Formal aspects are important

•   Use a cover page for your report with your names, students ID numbers and class information. DO NOT write your names on any other page of the report.

•   The title of your report should also be written on your cover page. No need to include an abstract.

•   If the report includes a graph or a figure, the graphs and figures must be discussed IN THE REPORT, tell the reader when to refer to the graphs or figures, EXPLAIN the graphs and figures in the report.

•   Reference information is mandatory. Each reference must include the names of all authors (in the same sequence in which they appear in the publication), the article,  journal  or  book  title,  volume  number,  page  numbers,  and  year  of publication. Website addresses should be use to identify sources or documents that are only available electronically. You must have all your references cited both within the report (when appropriate) and listed in a bibliography at the end of the report.

•   You are suggested to use footnotes (not endnotes) for the additional information that would take too much space in the main text of the report or would interrupt the flow of reading the report.

•   Pay attention to the use of special symbols including Greek letters, degree signs, and fractions (1=2). Do not use an ampersand (&) in place of the word “and".

•   Proper grammar, correct spelling and accurate punctuation are all important and make grading easier. 2 pts will be deducted from reports that are difficult to read due to a lack of proofreading.

•   Identify  each  section  of  the  report  with   either  an   appropriate  heading   or subheading in bold type.

•   Quoting,i.e., citing a full line of text from another author. Avoid long quotations. All quotes should be identified as such and credited to the corresponding author.

•   It is absolutely unacceptable to take credit for an assignment in which you were not substantially involved. You may allocate the work needed to complete an assignment but every member of the group must be substantially involved in the assignment. An in-group peer assessment evaluation will be run at the end of the quarter to ensure that individual grades are corrected for any unacceptable free- riding behavior.

•   Grade penalties apply for late submission.

4. Presentation Guidelines

•   Each presentation should take a max of 15 minutes. All members of your group are responsible for the presentation.

•   Practice. Rehearse. This will help you become familiar with your material and make sure that your presentation will fall within the specified time limitations.

•   Don't read to your audience. It is difficult to be interesting when you are just reading.

•   The presentation must be based on slides. Please refrain from reading the slides.

•   Be enthusiastic about your subject. If you look bored, your audience will probably be bored. Also, be creative in your project. Use attention getters, solicit audience participation, pose thought-provoking questions, use ashy graphics. Your main job is to convey information. However, that is much easier to do when your audience is interested than when your audience is bored.

•    Speak clearly. Speak loudly enough that people can hear you. Speak to your audience, and not to a podium or projection screen. Don’t rush your speech, but don’t speak too slowly, either.

5. Grading Criteria used by the Teaching Team

Bad                                     Excellent

Report

Clarity                                     2         4         6         8          10

Organization                           2          4          6          8          10

Accuracy                                2          4          6         8          10

Presentation

Conveyed Information           2          4          6          8           10

Interesting

and Well Organized               2          4          6         8          10

Creative                                   2          4          6          8          10

Good application of

Core Micro concepts                       2            4          6          8          10

6. Research Topics

Topic  A:  What  would  possess   someone   to  buy   Leonardo   da  Vinci’s Salvator Mundi forUS$450 million? Use micro theory to discuss art as an investment and as a consumption good.

Starting     point:     https://www.nytimes.com/2019/03/30/arts/design/salvator-mundi- louvre-abu-dhabi.html

Topic B: As tastes become global, firms are responding more and more with truly global products. These are introduced more or less simultaneously in most countries of the world with little or no local variation. This is leading to what has been aptly called the “global supermarket.” Use the 1990 Gillette new Sensor Razor case to discuss this topic.

Starting        point:        Look        up        for        the        case         in        chapter        3

https://global.oup.com/us/companion.websites/9780195336108/pdf/Salvatore_Chapter_ 3.pdf

Topic C: Why Sports Cars and Diamonds Don’t Obey the Law of Demand?

Starting    point:   https://sites.lsa.umich.edu/mje/2022/01/10/veblen -goods- why-sports-cars-and-diamonds-dont-obey-the-law-of-

demand/#:~:text=Veblen%20goods%20seem%20to%20violate,are%20attract ed%20to%20Veblen%20goods.

Topic D: The Psychology of Celebrity Endorsements: Why We Trust Famous Faces?

Starting          point:          https://knowledge.wharton.upenn.edu/article/the-marketing- psychology-behind-celebrity-endorsements/

Topic E: The Role of Outsourcing in Minimizing Costs for Service Industries.

Starting point:https://www.investopedia.com/terms/o/outsourcing.asp