Markets and the Economics of the Public Sector
Instructions:
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 wellbeing–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.
Be prepared to provide a two-minute recital of interesting and important lessons from this assignment.
Cite a minimum of three reliable and authoritative reference sources in addition to your textbook or any other data sources. The textbook and data sources should always be cited and included in the reference list.
The student should do research of reliable and authoritative reference sources to generate either recent or historical “real world” examples of concepts, institutions, events, and trends that are relevant to the topics listed above. Hypothetical or simple story-like examples are welcome, but should be supplemented with “real world” examples.
Students should use research articles from peer-reviewed journals, trade periodicals, government reports, research institute reports, reliable blogs, newspapers and magazines with coverage of business and economics, and other worthwhile sources.
Some internet sources are to be avoided as primary reference sources: www.investopedia.com, www.wikipedia.org, and any other dedicated “economics information” website like www.khanacademy.org, www.amosweb.com, www.netmba.com, www.chegg.com, www.quora.com, www.tutor2.net, www.quickonomics.com, www.economicshelp.org, and other online economics and business encyclopedia or dictionaries. These can supplement the textbook only. (Of course, if you use these websites, you must cite them and include them in your reference list.) Penalties will be assessed if these are used instead of the textbook. (As you can see, the instructor is familiar with these and others. Please read the Mankiw textbook (he is in the top 40 worldwide which is the top 10% of all economists; see https://ideas.repec.org/top/top.person.all.html ).)
Format consistent with APA guidelines.
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