12 May WHY THE DEMAND CURVE SLOPES DOWNWARD AND THE SUPPLY CURVE SLOPES UPWARD
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ECO 365 Week 2 Markets and the Economics of the Public Sector
You have been assigned to a team that has the responsibility of preparing a paper consisting of 1750 words for the governors next economic conference. Your paper should address 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.
Citea minimum of 3 peer-reviewed sources not including your textbook.
Formatconsistent with APA guidelines.
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ECO 365 Week 1 Ten Principles of Economics and How Markets Work
As part of a marketing research committee for your organization you have been assigned the task of preparing a 700-word research paper about current microeconomic thought and theory.
UsePrinciples of Microeconomics Chs. 1 2 3 4 5 and 6 as the source for all your information.
Identifythe fundamental lessons the Ten Principles of Economics teach about:
How people make decisions
How people interact
How the economy as a whole works
Explainthe following to help the committee members understand how markets work:
How society manages its scarce resources and benefits from economic interdependence
Why the demand curve slopes downward and the supply curve slopes upward
Where is the point of equilibrium and what does it determine?
The impact of price controls taxes and elasticity on changes in supply demand and equilibrium prices
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