Expert answer:Paper on Markets and the Economics of the Public S

Expert answer: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. Assignment Steps Scenario: Imagine you have been assigned the responsibility of preparing a paper for the 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:Efficiency of marketsCosts of taxationBenefits of international tradeDiscuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities.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. Must pass plagiarism checker with less than 5%
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Markets and the Economics of the Public
Sector Grading Guide
ECO/365 Version 10
Principles of Microeconomics
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Markets and the Economics of the
Public Sector Grading Guide
ECO/365 Version 10
Individual Assignment: Markets and the Economics of the Public Sector
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.
Grading Guide
Content
Met
Partially
Met
Not Met
Total
Available
Total
Earned
7
#/7
Partially
Met
Not Met
Comments:
Students explained why equilibrium of supply
and demand is desirable.
Students explained the concepts of efficiency
of markets, costs of taxation, and benefits of
international trade using the concept of
consumer and producer surplus.
Students discussed how externalities may
prevent market equilibrium and the various
government policies used to remedy the
inefficiencies in markets caused by
externalities.
Students analyzed 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 student cited a minimum of three peerreviewed sources, not including the textbook.
The paper is 1,050 words in length.
Writing Guidelines
The paper—including tables and graphs,
headings, title page, and reference page—is
consistent with APA formatting guidelines and
Met
Comments:
2
Markets and the Economics of the
Public Sector Grading Guide
ECO/365 Version 10
Writing Guidelines
Met
Partially
Met
Not Met
Total
Available
Total
Earned
3
#/3
10
#/10
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.
Assignment Total
Additional comments:
#
Comments:
3
…
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