Monday, June 27, 2011

An Email Conversation

Paraphrasing...
----------

Prof:

I have a question about the grade on my econ memo. Writing 250-500 words on economics and finance is something that I do, a lot, and I felt like I was pretty good at it. Can you give me some idea what you were looking for?

Thanks,
FLG

-----------------
FLG,

Thanks for writing. I really liked the overall approach of contrasting the short versus long run, and it allowed you to highlight some of the more important issues. In general, I was looking for more analysis.

I hope that helps.

Prof.

----------------
Prof:

I'm sorry, I don't quite understand what you mean by analysis. I thought that was what I gave you, but it's a broad term. Could you explain further?

Thanks,
FLG

--------------

FLG,

You covered a lot of ground. You mentioned and explained supply, demand, and pricing, both in the short and long run, but you then transitioned to an explanation of the competitor firms' pricing decisions using game theory and included an political-economic explanation of the implications of an exogenous tax break. While that was great, I was looking for a more thorough analysis of the first part, supply, demand, elasticity and pricing. For example, you could have included a graph to illustrate what you explained. Those who earned the highest grades included a certain amount of quantitative analysis.

I hope that helps.

Prof.

--------------

Prof:

Okay, I get the graph part. I didn't think one was necessary given the nature of the assignment, but that's fair.

I'm confused by the quantitative part. You gave us a four paragraph newspaper article with almost no numbers. How were we supposed to include quant analysis?

Thanks,
FLG

---------------

FLG,

While the newspaper didn't provide hard numbers, you could've made some assumptions to arrive at a supply and demand curve.

I hope that helps. If you have any more questions, then come by office hours.

Prof.

---------------

Prof.

Oh, thanks. I'm clear now. I'll walk through everything step-by-step and if I don't have enough information for something, for instance, the marginal productivity of labor, then I'll just make it up to prove to you that I can go through the motions.

Thanks for clearing it up, but I probably should've known better in the first place.

Thanks,
FLG

No comments:

 
Creative Commons License
This work is licensed under a Creative Commons Attribution-No Derivative Works 3.0 United States License.