Youhave been assigned to a team that has the responsibility of preparing apaper consisting of 1,750 words for the governor’s next economicconference. 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 thevarious governments policies used to remedy the inefficiencies inmarkets caused by externalities.
- Analyze the difference between the efficiency of a tax system andthe equity of a tax system as it refers to the costs imposed ontaxpayers using the benefits principles.
Cite a minimum of 3 peer-reviewed sources, not including your textbook.
Format consistent with APA guidelines.