1. Your son is graduating from high school and is about toenter the work force. He has developed a strong curiosity about oureconomic system and how it works. Because you have a goodunderstanding of basic economics, he has asked you to explainseveral concepts that are essential to an understanding of how theeconomy works. Your son has asked you to explain the followingconcepts and ideas:
1.Absolute and comparative advantage: Explain how these conceptsdescribe the benefits and costs of international trade.
2.”Invisible hand”: What is it and how does it affect thedecision-making process in our economic system?
3.Circular flow diagram: Include the government sector in yourexplanation, a description of the roles that each participant playsin the economy, and how the different sectors interact in themarkets.
4.The Production Possibilities model: Provide an example andinclude a summary of what the model is illustrating and theeconomic implications for the economy.
5.Microeconomics and macroeconomics: Explain the differencesbetween the two and why economics is divided into these twosubdivisions.

Deliverables:
a. Submit an 3-6 page paper in Microsoft Word format, addressingthe items above.
b. Create a Microsoft PowerPoint presentation of 5-10 slides thatsummarizes your findings in your report.

2. You have been hired by a new firm selling electronic dogfeeders. Your client has asked you to gather some data on thesupply and demand for the feeder, which is given below, and addressseveral questions regarding the supply and demand for thesefeeders.
Price/Feeder Quantity Demanded Quantity Supplied
$300 500 1800
270 600 1700
240 700 1600
210 800 1500
180 1000 1400
150 1100 1300
120 1200 1200
90 1300 1100
60 1400 1000
30 1500 900
10 1600 800

Your client has asked that you develop a report addressing thefollowing questions so that you can present these findings to theirBoard of Directors:

Questions:
a. Construct a graph showing supply and demand in the electronicdog feeder market, using Microsoft Excel.

b. How are the laws of supply and demand illustrated in this graph?Explain your answers.

c. What is the equilibrium price and quantity in this market?

d. Assume that the government imposes a price floor of $180 in thefeeder market. What would happen in this market?

e. Assume that the price floor is removed and a price ceiling isimposed at $90. What would happen in this market?

f. Now, assume that the price of feeders drops by 50%. How wouldthis change impact the demand for feeders? Explain your answer andreconstruct the graph developed in question one to show thischange.

g. Assume that incomes of the consumers in this market increases.What would happen in this market? Explain your answer andreconstruct the graph developed in question one to show thischange.

h. Assume that the number of sellers decreases in this market. Whatwould happen in this market? Explain your answer and reconstructthe graph developed in question one to show this change.

i. Explain the difference between a normal good and an inferiorgood. Would your answers to question 7 change depending on whetherthis good is a normal or inferior good? Why?

Deliverables:

Develop your analysis in Microsoft Excel format. Enternon-numerical responses in the same worksheet using textboxes.

I need in-text citations and references that I will be able to goback and read as well and APA format.
Thank you so much for your help with this.