Scenario: Imagine you have been assigned the responsibility of preparing a paper for the governor’s next economic conference. What are the current Micro Economic Issues? What would you like the Governor to know and address?
Prepare a 1,050-word paper addressing the following:
Cite a minimum of three sources, not including your textbook.
Format consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
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 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.
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