MUST BE NEW AND ORIGINAL WORK NOT GIVEN TO OTHER STUDENTS. Write in a clear, concise, and organized manner; demonstrate ethical scholarship in the accurate representation and attribution of sources; and display accurate spelling, grammar, and punctuation. Include citations in the text and references at the end of the document in APA format.PLEASE READ INSTRUCTION CAREFULLY. IN TEXT CITATION AND MUST CITE ALL REFERENCE IN APA FORMAT–ORIGINAL WORK ONLY and work must adhere to guidlines set in rubric.
Purpose of Assignment
In Week 2, students will employ the supply and demand model to develop consumer surplus and producer surplus as a measure of welfare and market efficiency. Students learn about welfare economics–the study of how the allocation of resources affects economic well-being–and will discover that under most circumstances, the equilibrium price and quantity is also the one that maximizes welfare. Students will review different sources of externalities and a variety of potential cures and will see that while markets are usually a good way to organize economic activity, governments can sometimes improve market outcomes. Students will see how the U.S. government raises and spends money and the difficulty of making a tax system both efficient and equitable.
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Scenario: Imagine you have been assigned the responsibility of preparing a paper for the state of maryland governor’s next economic conference.
Prepare a 1,050-word paper addressing the following:
- Explain why equilibrium of supply and demand is desirable.
- Explain the following concepts using the concept of consumer and producer surplus: Discuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities.
- Efficiency of markets
- Costs of taxation
- Benefits of international trade
- Analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.
Cite a minimum of three peer-reviewed sources, not including your textbook.
Format consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
Name the assignment as stated in the instructor policies
Submit TurnItIn and WritePoint reports
Students explain why equilibrium of supply and demand is desirable.
Students explain the concepts of efficiency of markets, costs of taxation, and benefits of international trade using the concept of consumer and producer surplus.
Students discuss how externalities may prevent market equilibrium and the various government policies used to remedy the inefficiencies in markets caused by externalities.
Students analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.
The paper is 1,750 words in length.
The paper–including tables and graphs, headings, title page, and reference page–is consistent with APA formatting guidelines and meets course-level requirements.
Intellectual property is recognized with in-text citations and a reference page.
Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper.
Sentences are complete, clear, and concise.
Rules of grammar and usage are followed including spelling and punctuation.
Student has followed naming convention specified in the Instructor Policies
Student has submitted WritePoint and TurnItIn reports.