Microeconomics 1020
Market Failure Research Project
Choose a market (for a good or service) that exhibits a market failure.
Describe the market, the market failure, and the impacts.
What does the economic decision-making process look like for consumers in this market?
What does the economic decision-making process look like for producers?
What is causing this market failure?
Describe and analyze any current government intervention.
Does it improve social welfare?
Do you see room for improvement?
If there is no current government intervention, what would you suggest?
Objective: Students will use their research to analyze outcomes of the market as well as the impact of the market failure. Students will illustrate the market graphically, while incorporating market outcomes, market failure impact, and government interventions on the market. Students will also graphically illustrate a firm in the market, while considering the market structure and economic efficiency.
***Your online textbook is a great resource for your graphs!
Market Failures:
Monopoly/market power
Positive and negative externalities
Public goods
Imperfect/asymmetric information
Guidelines:
Written in APA
At least six pages of written text (excluding title page, headings, and reference list)
At least two outside sources (aside from the textbook)
Includes market graph and firm graph
Typed/double spaced
10 or 12 pt font
Paper has proper grammar, punctuation, and spelling
Rubric
Market Failure Research Project Rubric
Market Failure Research Project Rubric
Criteria Ratings Pts
This criterion is linked to a Learning OutcomeMechanics
10 pts
Exceptional
No or minimal grammatical errors evident. Turnitin score of 20 or less. Turnitin AI score of 10 or less.
8 pts
Proficient (skilled)
Some grammatical errors evident which do not interfere with comprehension. Turnitin score of 21 to 25. Turnitin AI score of 11 to 15.
6 pts
Proficient (able)
Multiple grammatical errors evident which do not interfere with comprehension. Turnitin score of 26 to 30. Turnitin AI score of 16 to 20.
4 pts
Developing (progressing)
Numerous grammatical errors evident which interfere with comprehension. Paper was typed, double spaced, and 10 or 12 point font. Turnitin score of 31 to 40. Turnitin AI score of 21 to 25.
0 pts
Insufficient (incomplete or unsatisfactory evidence)
Paper was not typed, double spaced, or 10 /12 point font. Turnitin score of more than 40. Turnitin AI score of more than 25.
10 pts
This criterion is linked to a Learning OutcomeFormat
10 pts
Exceptional
At least six pages of written text (excluding headings).
7 pts
Proficient (skilled)
Paper was less than six pages of written text (excluding headings).
6 pts
Proficient (able)
Paper was less than five pages of written text (excluding headings).
4 pts
Developing (progressing)
Paper was less than 4 pages of written text (excluding headings).
0 pts
Insufficient (incomplete or unsatisfactory evidence)
10 pts
This criterion is linked to a Learning OutcomeSources
10 pts
Exceptional
Two sources are clearly referenced in the body of the paper. A clear purpose is evident for the sources. Paper included a bibliography.
7 pts
Proficient (skilled)
Two sources are clearly referenced in the body of the paper. A clear purpose is not evident for the sources. Paper included a bibliography.
4 pts
Proficient (able)
Only one source is used in the report or the sources are not clearly referenced in the body of the paper. Paper included a bibliography.
3 pts
Developing (progressing)
Sources used, but paper was missing a bibliography.
0 pts
Insufficient (incomplete or unsatisfactory evidence)
There are no sources used.
10 pts
This criterion is linked to a Learning OutcomeMarket, market failure, and impacts
25 to >22.0 pts
Exceptional
The market is fully described, including market structure. Student fully explains cause of market failure. Impact of market failure is clear.
22 to >19.0 pts
Proficient (skilled)
The market is described, including market structure. Student explains cause of market failure. Impact of market failure is clear. Some key points are missed.
19 to >16.0 pts
Proficient (able)
The market is described, including market structure. Student explains cause and impact of market failure. One of these elements is not fully explained.
16 to >0.0 pts
Developing (progressing)
Two of the following are missing or poorly explained: market, market structure, cause of market failure, and impact of market failure.
0 pts
Insufficient (incomplete or unsatisfactory evidence)
25 pts
This criterion is linked to a Learning OutcomeGovernment intervention
20 to >18.0 pts
Exceptional
Student clearly describes how government intervention can address market failure. Results of government intervention on market and social welfare are fully explained.
18 to >16.0 pts
Proficient (skilled)
Student describes how government intervention can address market failure. Results of government intervention on market and social welfare are explained, but some key points are missed.
16 to >14.0 pts
Proficient (able)
One element is not fully explained.
14 to >0.0 pts
Developing (progressing)
Two elements are missing or poorly explained.
0 pts
Insufficient (incomplete or unsatisfactory evidence)
20 pts
This criterion is linked to a Learning OutcomeEconomic decision makers
10 to >8.0 pts
Exceptional
Student discusses decision making process for consumers and producers and clearly explains interaction.
8 to >6.0 pts
Proficient (skilled)
Student discusses decision making process for consumers and producers and explains interaction. Some key points are missing or not fully explained.
6 to >4.0 pts
Proficient (able)
Only one side (consumers or producers) is fully explained.
4 to >0.0 pts
Developing (progressing)
Student mentions decision making, but analysis is incomplete.
0 pts
Insufficient (incomplete or unsatisfactory evidence)
10 pts
This criterion is linked to a Learning OutcomeGraphs
10 to >8.0 pts
Exceptional
Student correctly incorporates, discusses and interprets market graph and firm graph.
8 to >6.0 pts
Proficient (skilled)
Either market graph or firm graph requires minor corrections.
6 to >4.0 pts
Proficient (able)
One of the graphs requires major corrections.
4 to >0.0 pts
Developing (progressing)
One graph is missing.
0 pts
Insufficient (incomplete or unsatisfactory evidence)
10 pts
This criterion is linked to a Learning OutcomeECON 1020-01 Evaluate complex
Evaluate complex economic decision making principles which help solve the problem of scarcity
threshold: 3.0 pts
4 pts
Exceptional
3 pts
Proficient (Able or Skilled)
2 pts
Developing (Progressing)
1 pts
Insufficient (Incomplete or Unsatisfactory Evidence)
0 pts
No Evidence
—
This criterion is linked to a Learning OutcomeECON 1020-02 Evaluate interaction
Evaluate the interaction of economic decision makers in a market economy
threshold: 3.0 pts
4 pts
Exceptional
3 pts
Proficient (Able or Skilled)
2 pts
Developing (Progressing)
1 pts
Insufficient (Incomplete or Unsatisfactory Evidence)
0 pts
No Evidence
—
This criterion is linked to a Learning OutcomeECON 1020-03 Examine results
Examine the results of government intervention on markets and the economic welfare of society
threshold: 3.0 pts
4 pts
Exceptional
3 pts
Proficient (Able or Skilled)
2 pts
Developing (Progressing)
1 pts
Insufficient (Incomplete or Unsatisfactory Evidence)
0 pts
No Evidence
—
This criterion is linked to a Learning OutcomeECON 1020-04 Examine causes
Examine the causes of market failure and how government intervention can address market failures
threshold: 3.0 pts
4 pts
Exceptional
3 pts
Proficient (Able or Skilled)
2 pts
Developing (Progressing)
1 pts
Insufficient (Incomplete or Unsatisfactory Evidence)
0 pts
No Evidence
—
This criterion is linked to a Learning OutcomeECON 1020-05 Apply
Apply microeconomic tools to evaluate the short run and long run decisions of firms
threshold: 3.0 pts
4 pts
Exceptional
3 pts
Proficient (Able or Skilled)
2 pts
Developing (Progressing)
1 pts
Insufficient (Incomplete or Unsatisfactory Evidence)
0 pts
No Evidence
—
This criterion is linked to a Learning OutcomeECON 1020-06 Evaluate impact
Evaluate the impact of market structure on market outcomes
threshold: 3.0 pts
4 pts
Exceptional
