)• Define your market specifically focusing on the characteristics of the goods/services provided and outlinerecent trends herein• Identify the key firms providing services in this market• Based on the selected industry/sector in the economy, you will identify and report on recent trends in supplyand demand based on actual research and incorporate in the form of at least two graphical representations(charts, tables, or graphs)• Report recent and potential upcoming trends in either supply or demand in the industry/sector based onyour research effort including events that can shift either supply or demand and incorporate how you expectmarket price and quantity are likely to change (for example the COVID-19 pandemic)• Report from research and knowledge gained the assigned course readings, the elasticity of demand for yourselected industry/sector• Based on the selected industry/sector in the economy, you will identify the factors of production (labor,physical capital, technology) used in transformation of raw material to finished good/service. You willreport on the cost of those factors of production including wages (seehttps://www.bls.gov/oes/current/oes_nat.htm) and the cost of physical capital (equipment) and otherassociated costs.• Based on the selected industry/sector in the economy, you will the dynamics of gained utility consumersderive from the good/service and their willingness-to-pay for consuming more units• Based on the selected industry/sector in the economy, you will identify the fixed, variable, and marginal costsassociated with production and present a scenario for costs using actual researched industry data.• Based on the selected industry/sector in the economy, you report from research the regulatory environmentthe firm faces relative to federal or state regulations/requirements for operation.• Identify the market structure (perfect competition, monopoly, oligopoly, and monopolistic competition) theindustry/sector reflects and report the market share by all firms within the market. In addition, report anyrecent changes in market concentration and profitability in the industry.• Include reflection of scripture and a Christian worldview as part of the review and assessmentDeliverable: 6-8-page paper (12 point font) written in MS Word. All in-text citations and references, including thetextbook, should follow APA Style.ECO 120 – MicroeconomicsSummary of Key Requirements:• Your paper should be 6-8 pages in length (you can exceed the maximum page level including the charts,tables, and graphs).• Include a cover page denoting the paper title, your name, the course number and course name, yourinstructor’s name, and the date you are making the submission.• Include an outline or table of contents.• Incorporate at least five to ten scholarly references that are not required readings for this course.• The paper must include charts, tables, and graphs from research incorporating and reflecting solid applicationof economic theory. The representation of quantitative information is based on your research effort andappropriate citation is required.