Part I – (this draws on opportunity cost (Ch 1) and markets (Ch 3)) Describe th

Part I – (this draws on opportunity cost (Ch 1) and markets (Ch 3))Describe the fishing market, as it would be in a free market without government intervention, using what you have learned about scarcity, marginal analysis in decision-making, and markets. You must include a discussion of resources, supply and demand, as well as marginal benefits and marginal costs. Think of this as an explanation of the pros and cons of the market using specific economic terminology and concepts learned in this course.Describe the benefits and costs but leave the discussion of catch shares and other solutions to the problems in this market for the next part. Describe this market using the supply and demand graphical model; reference your graph in your description. Include “graph 1” of this market at the end of the paper (not included in page count). This should be a discussion without mentioning catch shares, only discuss the fishing market without this intervention. Feel free to use any stats or data that you find through your own research – make sure you use economic terminology from chapters 1 and 3 throughout this part of the paper.Part II – (this draws on public/common goods (Ch 13) to improve the discussion in Part I)Expand your discussion of the market from Part I, using what you have learned about market failures/problems due to different types of goods. Discuss why the market failure occurs using a graph (you must discuss, describe, and reference the graph in your paper) – add to the supply and demand graphical model “graph 1” OR include a separate supply and demand graphical model “graph 2”; reference and discuss your graph in your paper.Now consider catch shares and the helpful aspects of this government intervention. Explain the current government intervention and exactly how it corrects the market failure. Include any other beneficial aspects of catch shares that you find through your own research – make sure you use economic terminology from chapters 4 and 13 throughout this part of the paper.CITATION GUIDE:https://www.chicagomanualofstyle.org/tools_citationguide/citation-guide-2.htmlTEXT BOOK:Microeconomics: Principles for a Changing World ,AUTHOR: Eric Chiang ED: 5I HAVE A ROUGH DRAFT ALREADY AND THE COMMENTS FOR WHAT NEEDS TO BE FIXED ARE AT THE TOP OF THE FILE