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Concept of consumer and producer surplus

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Reference no: EM131191985

Need help with an assignment, below are the criteria for the paper, my part is in BOLD PRINT underlined and needs to be at least an 800 words and need at least two references on the criteria below, if you have questions please ask. Thanks

You have been assigned to a team that has the responsibility of preparing a paper consisting of 1,750 words for the governor's 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.

Cite a minimum of 3 peer-reviewed sources, not including your textbook.

Format consistent with APA guidelines.

Reference no: EM131191985

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