Scenario-Imagine you have been assigned the responsibility…..DOCX

Scenario-Imagine you have been assigned the responsibility….

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.

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