Highlight 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 specific 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 impact the change in price would have on price and quantity 1) in the short run 2) in the long run. 4. The government decides to intervene in the market to control the price. Would the government want to protect buyers or sellers in this case? Using a graph, illustrate the impact a binding intervention would have the quantity demanded and quantity supplied in the market. Describe the possible consequences that may occur because of the market intervention.This is where you would address the first question. Your first paragraph should restate the question. The following paragraphs should illustrate that you are clear on what is being asked and any Economic terminology should be defined. Referring to the article and utilizing applicable course concepts, address the question as thoroughly as you can. Note: If either your article or your response lacks detail or are brief you probably do not have a thorough response