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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 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.
A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His five acres of land Elucidate how.
A company plans to start a sinking fund so that it will have money to purchase a new 18-wheeler ten years from now. The cost of the truck is expected to be $200,000 and the company uses an interest rate of 10% per year. If the company makes the first..
Suggest the efficient choice between the Liability Rules and Property Rights for the context/situation wherein
What criteria would you apply to determine where such a policy is or is not successful. Judging from your own stated criteria, was Japan's exercise successful.
The primary characteristics of a “relationship” include mutuality, interaction, iterative nature, ongoing benefit, change in behavior, uniqueness, and trust. Think about a company with which you have a strong relationship. How are each of these attri..
Sketch the indifference curves implied by each of the following statements:
When the revenue per unit increases but the variable cost per unit stills the same, then: To convert inflated dollars into constant-value dollars, it is necessary to take inflated dollars and:
Suppose that the government and central bank together want to keep GDP of a closed economy constant but raise the level of investment. What policies can they follow to achieve this?
What results in a shortage of oranges?
Suppose that Home in a two-sector (i.e., agriculture and manufacturing) specific-factors model has a comparative advantage in manufacturing. If Home were to open up to trade, will Home’s workers be better off, worse off, or are we unable to say the i..
In oligopoly, each firm is acutely aware of the production and marketing decisions of all competitors and carefully considers the potential competitive reactions in all decisions. Discuss whether firms in other market structures consider the potentia..
Briefly describe the new trade theory. Tariffs are the oldest instrument of trade policy. Which of the following statements with regard to subsidies is true?
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