Markets and the Economics of the Public Sector, economics homework help

Anonymous
timer Asked: Apr 8th, 2017
account_balance_wallet $20

Question Description

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 markets
    • Costs of taxation
    • Benefits of international trade
  • Discuss 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.

Click the Assignment Files tab to submit your assignment.

Running Head: Markets and the Economics of the Public Sector

Tutor Answer

Austinediene
School: Boston College

Let me know where you need further help.P.S: I hope 1050 is the word limit for the text only and does not include the cover page and reference page.
Attached.

Running Head: MARKETS AND ECONOMICS OF THE PUBLIC SECTOR

MARKETS AND ECONOMICS OF THE PUBLIC SECTOR

STUDENT NAME:
TUTOR NAME:
COURSE TITLE:
DATE:

MARKETS AND ECONOMICS OF THE PUBLIC SECTOR

2|Page

In the twenty-first century, the corporate world has experienced post-global recession with the
modification of public goods as well as the corporatization and transition from government
enterprise to private industry. As a result, nations consistently experience difficulty in coping
with economic concerns, security and public health threats when they transcend the state`s
coping mechanisms. Thus, the public sector tasked with justifying the existence of the
government and how it controls the market and economic activity. Through managing market
failures, possible remedies including state ownership, taxation, and public expenditure are sought
to ensure a nation achieves efficient outcomes.
Why Equilibrium of Demand and Supply is Desirable.
Among one of the drivers of the market, equilibrium is the concept of supply and demand.
Supply and demand are the backbones of the market economy of any nation since they dictate
what product or service desired by the public and how much of such goods and services the
market can offer, (Arrow, 1954). At equilibrium, the economy is stable because at this point the
allocation of services is most efficient since these items supplied in the same am...

flag Report DMCA
Review

Anonymous
Tutor went the extra mile to help me with this essay. Citations were a bit shaky but I appreciated how well he handled APA styles and how ok he was to change them even though I didnt specify. Got a B+ which is believable and acceptable.

Similar Questions
Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors