MUST BE NEW AND ORIGINAL WORK NOT GIVEN TO OTHER STUDENTS. Write in a clear, concise, and organized manner; demonstrate ethical scholarship in the accurate representation and attribution of sources; and display accurate spelling, grammar, and punctuation. Include citations in the text and references at the end of the document in APA format.PLEASE READ INSTRUCTION CAREFULLY. IN TEXT CITATION AND MUST CITE ALL REFERENCE IN APA FORMAT–ORIGINAL WORK ONLY  In Week 1, students are introduced to the ten fundamental principles on which the study of economics is based. Throughout this course, the students will use these ten principles to better develop their understanding of economics and how society manages its scarce resources. Students will see how markets work using supply and demand for a good to determine both the quantity produced and the price at which the good sells. The concepts of equilibrium and elasticity are used to explain the sensitivity of quantity supplied and quantity demanded to changes in economic variables. Students will see how government policies impact prices and quantities in markets. Assignment StepsResources: Principles of Microeconomics, Ch. 1, 2, 3, 4, and 6. ((Please refer to this readings for this paper))Prepare an 800-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory. Identify the fundamental lessons the Ten Principles of Economics teaches regarding:How people make decisionsHow people interactHow the economy works as a whole Explain the following to help the committee members understand how markets work:How society manages its scarce resources and benefits from economic interdependence.Why the demand curve slopes downward and the supply curve slopes upward. The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices.Where the point of equilibrium is and what does it determine?Format consistent with APA guidelines.Click the Assignment Files tab to submit your assignment.Name the Paper as specified in the Instructor Policies.Submit WritePont report and TurnItIn report.Grading GuideContentMetPartially MetNot MetComments:Student identifies the fundamental lessons the Ten Principles of Economics teaches about:a. How people make decisionsb. How people interactc. How the economy works as a wholeStudent explains how society manages its scare resources and benefits from economic interdependence.Student explains why the demand curses slopes downward and the supply curve slopes upward.Student explains where the point of equilibrium is and what it determines.Student explains the impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices.The paper is 700 words in length.Total AvailableTotal Earned5#/5Writing GuidelinesMetPartially MetNot MetComments:The paper–including tables and graphs, headings, title page, and reference page–is consistent with APA formatting guidelines and meets course-level requirements.Intellectual property is recognized with in-text citations and a reference page.Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper.Sentences are complete, clear, and concise.Rules of grammar and usage are followed including spelling and punctuation.Student has followed assignment naming convention specified in the Instructor PoliciesStudent has submitted WritePoint and TurnItIn reportsTotal AvailableTotal Earned2#/2Assignment Total#7#/7Additional comments: