Here's the link to the news article:https://www.yahoo.comews/lumber-prices-14-2023-tanking-205124531.html?guccounter=1&guce_referrer=aHROcHM6LyTMa2fikcu18HabBfiYh-__tvzfSdZ5P1vQojEBrXM1fWppiNOOyZNloKr q05ViZRV5iuStf00BnxQ88RL4J5s_pPoSO;

Econ 186: In the News Assignment #1 Find an article that was published this year that discusses a price change of a product due to eithera shift in demand or a shift in supply. The article should thoroughly describe the reasonis) for this change in price. The product should be in a competitive market where there are many buyers and sellers, and prices are determined by the interaction of supply and demand in the marketplace. Some examples could be beef, housing, or wheat price changes. Your article must come from a credible news source. Avoid articles from academic journals. Graphs, tables, or illustrations cannot be sourced and must be created by the student. Upload your submission in Moodle before the due date to avoid late penalties. Do not use an article that discusses changes in the price of a financial instrument such as stocks, futures, or options. Based on your article, thoroughly address the following questions using course concepts: 1. Is the price changing because of a change in supply or demand? Explain the reasons for this price change as described by the article. Use a well-labeled supply and demand graph to illustrate what has happened in the market for this product. Note: you do not need to provide specic prices or quantities. 2. Would you consider this product to have inelastic or elastic Price Elasticity of Demand? How about the Price Elasticity of Supply? Explain your reasoning. Note: you do not need to calculate elasticity but rather demonstrate your understanding of the concept. 3. How would the elasticities change in the long run? Contrast, using two graphs, the size of the e would have on price and quantity liin the short run 2) in the long run. arket to control the price. Would the government ? Using a graph, illustrate the impact a binding d quantity supplied in the market. Describe intervention. impact the change in pric 4. The government decides to intervene in the m want to protect buyers or sellers in this case intervention would have the quantity demanded an the possible consequences that may occur because of the market Your submission must include 2 separate les