Priciples of Micro-Economics. Assignment 1: Markets, International Trade, and the GovernmentYou are given the following scenarios for consideration:Scenario 1:ÿAssume that the government imposed a price ceiling on gasoline in order to prevent prices from getting too high. What are the economic implications of this action in the gasoline markets? Use graphs as needed and explain your answers thoroughly.Scenario 2:ÿAssume that the government imposed a price floor on wages (minimum wage) in order to make sure that workers can earn a living wage. Is this a price floor? What are the economic implications of this action in the labor markets? Use graphs as needed and explain your answers thoroughly.Scenario 3:ÿWhat are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting countries? Use graphs as needed and explain your answers thoroughly.Scenario 4:ÿIf the government doubled the tax on gasoline, would the tax revenues increase or decrease? Why? Use graphs as needed and explain your answers thoroughly.Deliverables:Using the scenarios above, prepare a 5-10 page Microsoft Word document that addresses the above scenarios and meets APA standards.Include a summary section in your report that containsÿ5-7 bullet pointsÿidentifying your major findings or conclusions of your paper.ÿSubmit this report as your initial post in theÿW2, Assignment 1 Discussion AreaÿbyÿWeek 2, Day 3.Continue your discussions until the end of the week by commenting on at least two other submissions by your peers, identifying the strengths and weaknesses of each post.All submissions must be original and all resources must be properly acknowledged.