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Managerial Economics Assessment 2019/20 Academic year and term: Semester One 2019/20 Module title: Managerial Economics Learning outcomes 1. Knowledge outcome – You will be able to develop your capacity to analyse the economic environments in which assessed within this piece business entities operate and how managerial decisions can of work as agreed at the programme level meeting vary under different constraints 2. Intellectual /transferrable skills outcome – You will be able to consider and apply a complex economic theory to the ‘real world’ behaviour of firms Type of assessment: Summative: Individual Coursework (60%)-Essay (2500 word limit) Assessment deadline: Summative ( Individual Coursework): 2pm on Wednesday, 10thth January 2020 Assessment Part 1: Individual Coursework (This component accounts for 60% of total module marks) Deadline for handing in the Assignment: 2pm,10th of January, 2020 Instructions for assessment Answer ANY ONE of the following two questions (Both questions carry equal weightings) Question 1: “The extent to which firms vertically integrate is determined by the trade-off between technical and agency efficiency”. Evaluate this statement with reference to the relevant theory and empirical examples. (Word limit: 2500 words) OR Question 2: Discuss how the principal- agent relation is linked to the issue of Moral hazard? Using a suitable empirical context, assess the severity of the problem and briefly suggest possible solutions to the problem/s you have identified. (Word limit: 2500 words) The maximum length of the assignment should be 2,500 words ((+/- 10 %,), excluding appendices and bibliography. Important information regarding the preparation of your work 1. In completing this task, be sure to draw on the concepts and analytical tools you have learnt about during the module, making direct reference to subject materials (i.e. the prescribed text, courseware and other resources). Students who fail to comply with this directive will find it difficult to receive a pass mark. 2. High marks will be awarded for good, critical analysis, rather than for content merely stitched together from websites and other sources. In particular, the following assessment criteria and weightings will apply: 2 · Subject Knowledge: Assignment demonstrates student has understood key topics (35%) · Quality/Scope of Literature Review: Understanding of established knowledge; Use of suitable sources focused to answer key questions (25%) · Analysis: Quality/level of analytical skill demonstrated in discussing key points (15%) · Application and Insightfulness of Analysis: Use of appropriate examples, Relevance and Usefulness of findings, Conclusions drawn (15%). · Assignment Structure, Presentation, and Quality of Writing: clarity of aims, objective, structure and presentation, Readability and ability to convey key messages concisely, correct referencing (10%) How will we support you with your assessment? · The formative assignment will consist of a short plan (max A4 size page) outlining the key concepts/theory and the case example. You will receive formative feedback in Week 9-10. This will take the form of comments on a one page plan that is submitted via Moodle on part 1 of the assignment. This plan should be submitted by Week 8. Plans that are submitted after the deadline will not receive any feedback. · There will be an assessment briefing in Week 1. How will your work be assessed? Your work will be assessed by a subject expert who will use the marking grid provided in this assessment brief. The scripts are also moderated internally and externally complying with the University marking guidelines. When you access your marked work it is important that you reflect on the feedback so that you can use it to improve future assignments. Referencing You MUST use the Harvard System.The Harvard system is very easy to use once you become familiar with it. Assignment submissions The Business School requires a digital version of all assignment submissions. These must be submitted via Turnitin on the module’s Moodle site. They must be submitted as a Word file (not as a pdf) and must not include scanned in text or text boxes. They must be submitted 3 by 2pm on the given date. Mitigating circumstances/what to do if you cannot submit a piece of work The University Mitigating Circumstances Policy can be found on the University website Marking and feedback process Between you handing in your work and then receiving your feedback and marks within 20 days, there are a number of quality assurance processes that we go through to ensure that students receive marks which reflects their work. A brief summary is provided below. · Step One – The module and marking team meet to agree standards, expectations and how feedback will be provided. · Step Two – A subject expert will mark your work using the criteria provided in the assessment brief. · Step Three – A moderation meeting takes place where all members of the teaching and marking team will review the marking of others to confirm whether they agree with the mark and feedback · Step Four – Work at Levels 5 and 6 then goes to an external examiner who will review a sample of work to confirm that the marking between different staff is consistent and fair · Step Five – Your mark and feedback is processed by the office and made available to you. 4 Marking Rubric (Guiding Criteria) for Assessing Summative Essays Outstanding Excellent Very Good Good (60-69) Satisfactory Adequate (40-49) Marginal Fail Fail (20-29) 25 Not done 0 100 (80-89) 85 (70-79) 75 65 (50-59) 55 45 (30-39) 35 Criterion 1 “Exceptional Contains all Contains all Contains all Contains most Contains basic Contains only Contains none Missing. SUB knowledge and information information or almost all information (core) information a limited or almost none Wholly knowledge understanding required, required, with information required, with required, with amount of of information incorrect or not (35%): of material, with no no major required, with no or very few some major and information required and attempted. Understandin main errors. errors and no no major major errors minor errors. required, with with many g of concepts/theori Evidence of or very few errors and and some Demonstrates numerous major and minor established es at this level. study minor errors. only a few minor errors. limited major and errors. knowledge Awareness of beyond the Demonstrate minor errors. Demonstrates understanding of minor errors. Demonstrates the limitation of module s substantial Demonstrates modest but topic and its Demonstrates no their content. understandin some incomplete context. little understanding knowledge, Demonstrat g of topic understandin understanding understanding of topic and its and how this es superb within a wider g of topic of topic and its of topic and its context. influences any understandi context. within a wider context. context. analyses and ng of topic context. interpretations within a based on that wider knowledge”. context. Criterion 2 “Exceptional An excellent A near A large A reasonable Some useful and Only a small Little useful or Missing. Quality and account of the account of flawless amount of amount of relevant literature amount of relevant Wholly Scope of relevant the relevant account of relevant relevant and concepts relevant literature and incorrect or not Literature literature and literature, the relevant literature, and literature, and have been literature, and concepts have attempted. Review (25%): concepts have and literature, concepts concepts have provided. concepts have been provided. Use of been concepts and concepts have been been provided. been provided. suitable provided”. have been have been provided. sources, provided. provided. focused to answer the key questions Criterion 3 “Exceptional Ideas Ideas Ideas Ideas not Ideas rarely Ideas rarely Ideas Missing. Analysis (15 demonstration expressed expressed generally always expressed expressed expressed Wholly %) : Quality of of logically and logically and logically and expressed expressed logically and logically and incoherently. No incorrect or not analytical skill coherently coherently. coherently. logically and logically and coherently. coherently. linking of ideas attempted. demonstrated presentation of Excellent Effective use coherently. coherently. Limited use of Little or no use within text. Little ideas and use use of of Competent Adequate use appropriate of appropriate or no use of of analytical/ appropriate appropriate use of of appropriate analytical / analytical / appropriate diagrammatical analytical / analytical / appropriate analytical / diagrammatic diagrammatic analytical / exposition. diagrammati diagrammatic analytical / diagrammatic exposition. exposition. diagrammatic c exposition. diagrammatic exposition. exposition. 5 exposition. exposition. Criterion 4 Exceptional Excellent Very good Good Limited No adaptation or No adaptation No adaptation Missing. Application adaptation and adaptation adaptation adaptation adaptation and application of or application or application of Wholly (15%): Use of application of and and and application of concepts. Some of concepts. concepts. incorrect or not appropriate concepts to application application of application of concepts. irrelevant Much Largely attempted. examples, appropriate of concepts. concepts. concepts. Some material. irrelevant irrelevant conclusions examples and No Little or no Some irrelevant material. material. drawn conclusions irrelevant irrelevant irrelevant material. drawn material. material. material. compared to the literature. Criterion 5 “Exceptional Excellent Effective Competent Limited Minimal No integration No integration Missing. Structure and integration of integration integration of integration of integration of integration of of ideas and of ideas and Wholly Presentation ideas and of ideas and ideas and ideas and ideas and ideas and information. information. incorrect or not (10%): information. information. information. information. information. information. Poor Very poor attempted. Readability Outstanding Outstanding Excellent Good Adequate Adequate formatting and formatting and and ability to formatting and formatting formatting formatting formatting and formatting and presentation presentation convey key presentation and and and presentation presentation throughout. throughout. message(s) throughout the presentation presentation presentation throughout the throughout the Referencing is Referencing is concisely; assignment. throughout throughout throughout assignment. assignment. limited extremely Correct Outstanding the the the Referencing Referencing limited referencing. criticality of assignment. assignment. assignment. contains some contains many argument and Outstanding Excellent Good omissions and omissions and referencing referencing referencing referencing inconsistencie inconsistencies. throughout. throughout