BUS171 - Define Market Failure and Explain Externalities - Essay Writing - Economics assignment Help

Assignment Task

RESEARCH ESSAY TOPIC:
The United Kingdom (UK) intends to ban the sale of all new cars that use either petrol or diesel by 2030, allowing new hybrid vehicles until 2035. The intension is that only zero emission vehicles will be sold after 2035.
Explain, with the use of a relevant economics model (graph), the type of market failure that this policy seeks to address. Discuss and evaluate this policy, and also include a discussion, using demand and supply diagrams, of related markets that would likely be effected. Your evaluation should include issues of effectiveness, cost, ease of administration and equity.

Introduction
-Brief outline of what the essay will be covering (thesis statement) and some context regarding the issue.

Define market failure and explain externalities
-Define and explain market failure, and define any other relevant terms.
-Discuss why negative externalities occur and why they are an example of market failure.
-Clearly distinguish between negative consumption externalities and negative production externalities. Explain that a ban on new petrol or diesel cars is largely to address a negative consumption externality (people driving their own cars is a consumption activity). However, it could also involve a negative production externality if the cars are used for a production activity, e.g. a sales company has its own fleet of vehicles.

Specific details and diagram related to this topic

• You should focus on the negative consumption externality. You do not need to include the negative production externality in your analysis, but you can if you wish to.
• In more detail, explain the negative effects that the ban on new petrol and diesel cars is aiming to reduce. Provide some evidence/data.
• Explain the effects of this negative externality, specifically referring to inefficiency and market failure.
• Include and explain a diagram illustrating a negative consumption externality (see your text book).
• Clearly label your diagram and explain your graph by referring to specific points on the graph.

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