Hands-on Activity 2 - Written Assignment
Follow the steps below:
- Study the written assignment rubric
- Read the written assignment samples
- Rate the written assignments with reference to the given rubric (criteria 1, 2, 3, 4)
- View the explanation of the instructors to see why such marks have been given according to the performance descriptors
1. Study the Written Assignment Rubric
Download the written assignment rubric and spend a few minutes reading the content of it. Pay more attention to the content of criteria 1 (Accuracy, Understanding of the Content & Reflection on Learning), 2 (Elaboration & Details), 3 (Structure) and 4 (Correct English & Econ. Expressions).
2. Read the Assignment Question
Mary and Margaret have the same preferences and incomes. Just as Mary arrived at the cinema to watch a 3D movie, she discovered that she had lost the $100 ticket she had purchased earlier. Margaret also just arrived at the cinema planning to buy a ticket to watch the same movie when she discovered that she had lost a $100 note from her wallet. If both Mary and Margaret are rational (who make decisions to maximize economic surplus) and both still have enough money to pay for the ticket, is one of them more likely than the other to go ahead to watch the movie anyway?
[Hint: You should consider only the relevant information provided and do not add your own assumption]
3. Rate Students’ Sample Answers
Please read and rate the students' answers
Student A's Answer
- The $100 Mary had paid for the lost ticket was a sunk cost. Similarly, Margaret should not consider the lost $100 note.
- For both women, the cost of buying another ticket to watch the movie is only $100 but not $200.
- They will get the same (marginal) benefit from watching the movie.
- The loss of the ticket or the $100 will have the same effect on the maximum amount they are willing to pay for watching the movie.
- Both women paid the same cost of the movie and the benefit they both get from watching the movie will be the same after the loss.
Student B's Answer
- The $100 Mary had paid for the lost ticket was a sunk cost. Since sunk cost is a cost that has already been incurred and cannot be recovered, both Mary and Margaret should not consider the lost $100 note.
- Therefore, for both women, the cost of buying another ticket to watch the movie is only $100 but not $200.
- Since both women have the same preference and incomes, both will get the same (marginal) benefit from watching the movie.
- The financial consequence of the loss makes both of them $100 poorer. Nevertheless, given that they have the same preference, the loss will have the same effect on the maximum amount they are willing to pay for watching the movie.
- Based on the above analysis, we know that the cost of the movie remains the same and the benefit the two women will get from watching the movie will be the same after the loss.
- According to the cost-benefit principle, they should make the same decision. No one is more likely than the other to go ahead to watch the movie.
Cost for Mary and Margaret:
Benefits for Mary and Margaret:
Elaboration:
Conclusion:
Student C's Answer
- The $100 Mary had paid for the lost ticket was a sunk cost (as she cannot recover whatever decision she makes) and she should not consider it when she decides whether to buy another ticket or not. Similarly, Margaret should not consider the lost $100 note.
- Therefore, for both women, the cost of buying another ticket to watch the movie is only $100 but not $200.
- The only information provided for the determinants of marginal benefit is that they have the same preference and incomes. It implies that they will get the same (marginal) benefit from watching the movie.
- While the loss of the ticket or the $100 note is irrelevant to the opportunity cost of the movie, it affects the benefit of the two women. The financial consequence of the loss makes both of them $100 poorer. Nevertheless, given that they have the same preference, the loss will have the same effect on the maximum amount they are willing to pay for watching the movie.
- Based on the above analysis, we know that the cost of the movie remains the same and the benefit the two women will get from watching the movie will be the same after the loss.
- According to the cost-benefit principle, they should make the same decision.
- If Mary and Margaret can still get a benefit of at least $100 from watching the movie, they will both watch it. Otherwise they will not.
- Although there is insufficient information for us to know whether they will go ahead to watch the movie anyway, we know they will make the same decision. Therefore, the conclusion of the analysis is that "no one is more likely than the other to go ahead to watch the movie."
Relevant cost at the moment Mary and Margaret make the decision:
Benefit the two women will get from the movie:
Elaboration:
Conclusion:
How will you rate Student A?
How will you rate the student's performance according to the following criteria
4. Instructors' Explanation
Criterion 1. Accuracy, Understanding of the Content & Reflection on Learning
Your Rating
Satisfactory
Instructors' Grading
Satisfactory
STUDENTS' RATINGS FROM PREVIOUS COHORTS
Excellent
Satisfactory
Barely Satisfactory
Unsatisfactory
Criterion 2. Elaboration & Details
Your Rating
Satisfactory
Instructors' Grading
Satisfactory
STUDENTS' RATINGS FROM PREVIOUS COHORTS
Excellent
Satisfactory
Barely Satisfactory
Unsatisfactory
Criterion 3. Structure
Your Rating
Satisfactory
Instructors' Grading
Satisfactory
STUDENTS' RATINGS FROM PREVIOUS COHORTS
Excellent
Satisfactory
Barely Satisfactory
Unsatisfactory
Criterion 4. Correct English & Econ. Expressions
Your Rating
Satisfactory
Instructors' Grading
Satisfactory
STUDENTS' RATINGS FROM PREVIOUS COHORTS
Excellent
Satisfactory
Barely Satisfactory
Unsatisfactory
Instructors' Comments
- Demonstrating superficial knowledge of course content. For example, no definition of sunk cost and why should not consider the lost $100. Only mention cost and benefit and not mention “cost-benefit analysis”.
- Details are partially or even not elaborated. For example, why the lost $100 note makes both women poorer and affects their benefit is not mentioned.
- The written assignment is mostly organized but lacks transitions between ideas. For example, the answer starts off by considering cost, then benefit before comparing cost and benefit. However, there is no clear link between the cost and benefit for comparison and lacks transitions between ideas and sections to create coherence.
- Demonstrates knowledge of course content through integrating concepts learned.
Although the definition of sunk cost is given, it is not directly linked to the situation of whether to buy another ticket or not in the question. - Details are elaborated and analyzed.
Although have pointed out both women have same preference and incomes, no further elaboration is provided, e.g. fail to point out that these are the ONLY information provided for the determinants of marginal benefit in the question. - Supporting points are presented in a logical progression.
Although the flow of answer is logical, there is a lack of of linkages, e.g. “While the loss of the ticket or the $100 note is irrelevant to the opportunity cost of the movie, it affects the benefit of the two women.” is missing and the headings for answers are not as clearly stated as in the “Excellent” case.
- Demonstrates knowledge of course content through integrating concepts learned. For example, sunk cost with explanation, and cost-benefit analysis with application.
- Details are fully elaborated and analyzed. For example, the determination of cost and benefit for both women to go to watch the movie is clearly explained.
- Supporting points are presented in a logical progression. For example, starts off with determination of cost, then benefit, and then further elaborate for conducting cost-benefit analysis. Finally, conclude and give the correct answer.
Additional Tips for Preparing Your Written Assignment
Study the criteria & descriptors on the rubrics thoroughly
Identify the clear linkage between concepts
Elaboration of details
Logical presentation of ideas
An “Excellent” Assignment Example
See an example of written assignment with an “Excellent” grade.
See the Result