Every year I create an effective grade floor [minimum wage] in my AP Economics classes. Basically, I view homework as a way to support low grade producing students.
For example, while grading a detailed supply and demand homework assignment, the average grade given was a 7 out of 10 possible points. In some cases, students that received a 7 out of 10 actually got less than 70% of the questions correct. The equilibrium average grade probably would have been a 5.5 or so without my sympathy.
Every grading period yields a surplus of points due to my grading policies. I have effectively stripped the grading market of its rationing function.
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