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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.
Scenario: Imagine you have been assigned the responsibility of preparing a paper for the governor’s next economic conference.
Prepare an 18 minute, 15 slide presentation and choose a country to which to apply the following: SEE BELOW FOR MY PORTION I NEED COMPLETED
(THIS PART OF ASSIGNMENT THAT IS IMPORTANT FOR ME) 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. This must be done for the country of Japan. This assignment should be done in PowerPoint (3 slides/4 with reference).
Cite a minimum of two peer-reviewed sources, not including textbook (Principles of Microeconomics) APA Format