Writing Assignment 1: Using Supply & Demand to Analyze Government InterventionsThe objective of this writing assignment is to evaluate the impacts of a governmentintervention into a market describing...

Writing Assignment 1: Using Supply & Demand to Analyze Government InterventionsThe objective of this writing assignment is to evaluate the impacts of a governmentintervention into a market describing what its impacts are on prices, quantities, and well-being (consumer surplus, producer surplus, net benefit).The assignment consists of both a written component and a figure. The written componentshould be 1 – 2 pages (12 pt Times New Roman, Double-spaced, 1” margins)There are a number of different policies you might consider based on our readings. Some ofthe policies discussed in the readings (listed below) include:Minimum wageRent controlAgricultural Price Supports“Anti-Gouging” LawsBans on the sales of organsIn your evaluation, you should:1) Choose an article on the policy intervention you wish to examine2) Explain some of the institution detail about the policy – what it specificallyprohibits or allows.3) Explain and briefly summarize any viewpoints on the policy expressed in the article(does the writer support or object to the policy)4) A rationale for having this government intervention – what is the purpose of theintervention?5) Offer a prediction of the intervention’s impact on price and quantity explain why andhow these impacts arise.a. Provide a figure (supply and demand) to illustrate the impacts of the policy andexplain the figure in your written component.6) Evaluate who gains and who loses from the intervention and whether the intervention isinefficient or efficient.a. Does the intervention lead to too little (or too much) output?b. Do the parties intended to benefit from the intervention necessarily benefit(i.e., Do low-skilled workers necessarily benefit from minimum wages? Do rentersbenefit from rent control?7) Based on your analysis, do you think the writer makes persuasive and logical argumentsin support of his or her position in the article?Readings:–“How a Rising Minimum Wage affects Jobs (NY Times)–“A Smarter Minimum Wage” (NY Times)–“Rent Control” (EconLib)–“Oil prices spike after attack on Saudi Facilities..” (NYT 09/15/19)–“Housing for All” (Washington Post)–“Wake Up, California Millenials” (Forbes)–“Agricultural Subsidy Programs” (EconLIb)–“Agricultural policies should shift from price supports...” (OECD)–“The Flesh Trade”–“Black Market for Body Parts”–“NYC Hotel Double Rates on Some Guests...”Consumerist–“Don’t Outlaw Price Gouging after Harvey...”Newsweek 8/29/17–Price Gouging Laws are Good Politics but Bad Economics,” Forbes–“A Smarter Minimum Wage” (NY Times)–“Rent Control” (EconLib)–“Oil prices spike after attack on Saudi Facilities..” (NYT 09/15/19)–“Housing for All” (Washington Post)–“Wake Up, California Millenials” (Forbes)–“Agricultural Subsidy Programs” (EconLIb)–“Agricultural policies should shift from price supports...” (OECD)–“The Flesh Trade”–“Black Market for Body Parts”–“NYC Hotel Double Rates on Some Guests...”Consumerist–“Don’t Outlaw Price Gouging after Harvey...”Newsweek 8/29/17–Price Gouging Laws are Good Politics but Bad Economics,” Forbes