in the assignment you are required to describe three factors influencing the market demand andthree factors influencing supply curves for the chosen firm's product or service (e.g. how would achange in consumer income affect demand). You are also to explain the concept of price elasticity ofdemand and explain why you believe demand is elastic or inelastic in the long and short run.Marking guide for part A: (10marks)Introduction and summary (2marks)Factors affecting demand (2marks)Factors affecting supply (2marks)Elasticity concepts and factors (4marks)Part BStudents are to illustrate and explain, using comparative statics, the impact of the following shockin the market in which the chosen firm operates.i. A bumper harvest in the U.S. and South America increase the global wheat yield.ii. There is a reported dramatic increase in the compensation claims going to court.iii. A multinational white goods retailer launches a strategy to open 20 new stores in Australia.iv. Ford to close its Broadmeadows and Geelong plants for which Ex Hoon Pty Ltd is a majorsupplier.v. The construction industry faces a significant increase in labour costs.Marking guide for Part B (4marks)Neatly drawn correct graph(2marks)Good explanation about the graph(2marks)Part C: Illustrate and explain with the market demand and supply curve the expected impact of a change ingovernment policy on the chosen firm/industry:i. The government introduces a tax on fertilizer used in agriculture due to runoff damages torivers and streamsii. Government disbands the Traffic Accident Commission (TAC), a publicly fundedcompensation schemeiii. The government decides to increase GST from 10 to 15%iv. The government announces tough new safety standards for all new vehicles sold in Australiav. The government announces it will scrap the First Home Buyers Grant.