College of Administrative and Financial Sciences

Third Tri, SY 2023-2024

Final Project

FINAL PROJECT SCORE SHEET

Instructions:
 Answer ALL questions and meet all requirements
 Marks will be awarded for good writing and thoroughness in your approach
 Complete this sheet and attach it to your final project output.

Total number of pages including this cover page

Program Course Section Time/Days Due Date Date Submitted

BUSI 633/
ECON JUNE 30
600/Eco FA /FB
601

Course Title
MICROECONOMICS/INTRODUCTION TO
ECONOMICS

Student’s Full Name /

ID No

Professor’s Name

FOR OFFICIAL USE ONLY

Teacher’s/Marker’s Comments Marking Scheme

Concept of opportunity 10

Concept of elasticity of
10
demand
Effectiveness-efficiency in
10
economics
Price elasticity of supply 10
 College of Administrative and Financial Sciences
Third Tri, SY 2023-2024
Final Project

Marker’s Name Total Marks/ Marks Awarded 40

Signature Grade Equivalent

Total Points: 20
FINAL PROJECT
BUSI 633 – MICROECONOMICS

PROJECT GUIDELINES

1. Group Projects are only allowed.

2. Marks will be rated based on the rubrics attached to this document.
3. Plagiarism should not exceed 20%

PROJECT

Discuss the following questions with real life examples and scenarios. Provide an

answer in no less than 500 words for each question

1. Applying the concept of elasticity of demand, evaluate the likely effects of

a 10% price hike on a luxury good in comparison to a 10% increase in the

price of a necessity. How would these different types of demand

elasticities shape consumer behaviors and market dynamics? Support your

analysis with concrete examples."

2. "Explain the concept of opportunity cost and its significance in decision-

making processes. Provide a detailed analysis of how understanding

 College of Administrative and Financial Sciences
Third Tri, SY 2023-2024
Final Project

opportunity cost influences individual and organizational choices, using

relevant real-life examples to illustrate your points."

3. Define the notion of effectiveness in economics and its significance in

achieving desired outcomes. Explore the distinction between efficiency

and effectiveness, emphasizing their complementary roles in economic

decision-making. Provide case studies or examples to illustrate situations

where an intervention or policy may be effective but not necessarily

efficient, and vice versa. Finally, discuss strategies for policymakers to

balance effectiveness and efficiency in addressing socio-economic

challenges."

4. "Explain the concept of price elasticity of supply (PES) and its relevance in

various market scenarios. Compare and contrast the determinants and

behavior of PES in the short run versus the long run. Provide real-world

examples to illustrate instances of elastic and inelastic supply, highlighting

the industries or products where each type of elasticity is prevalent. Finally,

discuss the implications of PES for producers, consumers, and government

policymakers in managing market fluctuations and disruptions."

 College of Administrative and Financial Sciences
Third Tri, SY 2023-2024
Final Project

RUBRICS FOR MARKING

Range from 0 to 10 points

0-4 Marks - mentions the topic in a few words and misses the point almost entirely

5-6 Marks - mentions the topic and provides a few remarks about the topic
7 Marks - addresses the main issues identified in the questions

8 Marks - fully addresses the main issues in the question and some secondary issues

9 Marks - fully addresses the main issues, distinguishes key points in secondary issues

10 Marks- fully addresses the question including all the main issues, the secondary issues and explores the historical

context and meaning over time

Prepared by: Reviewed by: Checked by: Approved by:

Dr. Shabana faizal Dr. Mahmood Dr. Vinodh K.

Course Cordinator Programme Head Natrajan
Dean
Date : May 19, 2024 Date : Date : Date :