Writing Prompt #1 Demand,Supply,and Gouging

Writing Prompt #1 Demand,Supply,and Gouging (50 points)The key to this chapter and all of economics is identifying the DETERMINANTS that cause demand or supply curves to shift. The determinants are listed on folder and in the PowerPoint. You must identify the specific determinants that are causing the shifts in the demand or supply as listedon folder and in the PowerPoint. This paper mustbe written using economic terminology, have at minimum 5 paragraphs,and relate the articles to the textbook concepts including the COVID chapter(think the toilet paper shortages):•Explain how the determinant(s), as listed, are affecting the demand and/or supply of gas(both natural gas and gasoline).•How do the shifts in demand and/or supply affect theprices and quantities in the article?•Relate this article to the current events in relation to gas prices and the current events surrounding the oil market. Some of the determinants, as listed, may be geo–political, but you must explain in the context of the list ofdeterminants.•Explain if governmental price controls are economically efficient. In your opinion, should the government impose price controls? Defend your oppositioneconomically.•Explain your conclusion on why this information from the article relates to the chapter andwhat you’ve learned from the article. Why is it important both in general and in the context of our course?Your writing prompt should be based on the articles, “Explainer: Why U.S. Natural Gas Prices Have Increased During The Pandemic,““AAACheap Crude Oil,” and “Hurricane Price Gouging is Despicable, Right?” You can find the articles attached and at https://www.forbes.com/sites/thebakersinstitute/2020/11/10/why–have–us–natural–gas–prices–increased–post–covid/?sh=2a97ce093958, https://gasprices.aaa.com/q3–gas–price–report–cheap–crude–oil–significant–savings/and https://www.nytimes.com/2017/09/11/business/hurricane–price–gouging.html. This should be in the context of having reviewed topics1–4and the COVIDchapteralready.Make sure you have watched the video from folder1, “What is Economics“ at https://www.youtube.com/watch?v=3ez10ADR_gM, for a general overview. This is only to give you a flavor and overview of economics.