Key principles and key concepts describe formulas and graphs. Following the description and specificinstructions, briefly, discuss how each is used as an analytic tool in microeconomics. In doing so, be certainyour explanation includes content from the chapter and the lecture notesPlz write clearly

2.] Price Controls Microeconomics economic activity. It is a used to explain the role households and firms engage in. At times, an attempt by the government to regulate the market can impact this engagement in the market. First, briefly explain who pays for a new government-imposed tax on goods; Next, briey explain the way(s) the market mechanism allows the producer to shift a part of a tax onto the consumer; Then, briey explain the impacts of a black market if the tax on the new good results in consumers seeking an alternative good in such a market; and Lastly, briey explain the impact the imposition of a new tax on a good could have on the well-being of consumers. In doing so, be certain to provide in your answer one example of a contemporary microeconomic issue that illustrates this condition