Why equilibrium of supply and demand is desirable

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.

 

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