{"id":71252,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/eco-wk2-2"},"modified":"2017-08-18T06:19:13","modified_gmt":"2017-08-18T06:19:13","slug":"eco-wk2-2","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/eco-wk2-2\/","title":{"rendered":"eco wk2"},"content":{"rendered":"<p>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&#8211;the study of how the allocation of resources affects economic well-being&#8211;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.&nbsp;<\/p>\n<p><b>Assignment Steps<\/b>&nbsp;<\/p>\n<p><b>Scenario:&nbsp;<\/b>Imagine you have been assigned the responsibility of preparing a paper for the governor&#8217;s next economic conference.&nbsp;<\/p>\n<p><b>Prepare<\/b>&nbsp;a 1,050-word paper addressing the following:<\/p>\n<ul>\n<li>Explain why equilibrium of supply and demand is desirable.<\/li>\n<li>Explain the following concepts using the concept of consumer and producer surplus:\n<ul>\n<li>Efficiency of markets<\/li>\n<li>Costs of taxation<\/li>\n<li>Benefits of international trade<\/li>\n<\/ul>\n<\/li>\n<li>Discuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities.<\/li>\n<li>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.&nbsp;<\/li>\n<\/ul>\n<p><b>NOTE: BELOW IS VERY IMPORTANT<\/b><\/p>\n<p><b>ATTACHED IS A GRADING GUIDE AND CHAPTERS, AND PLEASE DO NOT GO OVER THE WORD COUNT!!<\/b><\/p>\n<p><b>Cite&nbsp;a minimum of THREE(3) PEER-REVIEWED SOURCES, not including your textbook.&nbsp;<\/b><\/p>\n<p><b>Format<\/b>&nbsp;consistent with APA guidelines.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8211;the study of how the allocation of resources affects economic <a href=\"https:\/\/www.benedictsol.com\/blogs\/eco-wk2-2\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-71252","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/71252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=71252"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/71252\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=71252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=71252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=71252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}