Create a discussion on a topic Effieciency and equity of economics based on the example given below

Weekly Expectations

Each week students are expected to add a discussion post in the appropriate week's forum. Posts made to the wrong forum will not be recognized as submitted. Each week you will answer the same two questions:

1. What did you learn this week that was new, exciting, novel, interesting, etc.? I am looking for YOUR OPINION and EVIDENCE of THINKING, CONNECTING, and EXPLAINING YOUR perspective. I am NOT looking for definitions, restatement of terms/ideas from the textbook(s) or course slides, cut & paste responses or application of ChatGPT -- rather I am EXPECTING your ORIGINAL thinking. You must end your post with an interesting QUESTION to your peers that would get them to think and respond with their perspective/opinion.
2. What concepts or ideas did you struggle with this week? Here is the place for you to identify the areas of content that you had difficulty understanding. This is where you invite colleagues (and I) to assist you in your understanding of the problem. As readers of these posts, you are expected to respond when you think you can assist. Every student is EXPECTED to assist others!

Examples:

10/10 Examples:

• During week 5 I learned how a consumer's maximum willingness to pay is equal to that consumers marginal benefit. I found it interesting that a producer will be willing to supply a quantity if the price is at least equal to the marginal cost of production. I have experienced a salesperson attempting to increase my consumer surplus by offering an extended warranty at no additional cost for a phone I was considering purchasing. (Note how this student's experience in purchasing a phone corresponds to the theory of the course material taken up that week.)

I also have the formula for producer surplus stuck in my head which is base times height divided by 2. The most interesting part of the graph to me is the deadweight loss and I find that it is one of the easiest things to identify.

•  This week, I found the concept of externalities in economics to be both new and interesting. Learning about how economic actions can have unintended effects on people not directly involved in transactions, such as positive externalities like the benefits of education and vaccination, was truly eye-opening. Additionally, understanding negative externalities, which include issues like pollution from factories and the impact of smoking, highlighted the real-world implications of economic decisions. The fact that these concepts can lead to market inefficiencies and the need for government intervention added an exciting dimension to my economic studies. (Note how the student highlights interesting material to them, and provides examples of their understanding of the concepts, as well as augmenting how government intervention caught their attention.)

Answer rating: 100% (QA)

Efficiency and equity are two fundamental concepts in economics that often intersect and sometimes conflict with each other Efficiency refers to the a... View the full answer