I need help with an economics essay

an essay for economics class.. this is the instructions                                   Department of Economics    Economics 201Writing AssignmentFirst Draft: NOT MANDATORY: October 7  Final Draft: MANDATORY: December2  For the Writing Assignment,you need to read the article: “Housing Market is Waking up to a New Hangover” byDiana Olick, published on October 2014 by USA Today. The article is posted onTitanium and can be downloaded from the following link: http://www.usatoday.com/story/money/business/2014/10/26/cnbc-housing-hangover/17772977/The article illustrates a numberof economic concepts we have discussed in class. You should write a shortnarrative essay that analyzes the article using the tools developed in class.Below is a guideline on how the essay should be structured: Format1.  The essay should NOTexceed 3-double spaced pages, including graphs. Shorter essays arewelcomed. 2.  Use 12 point font, and 1-inch margins.3.  A SEPARATE cover page (in addition to the 3-pages)should be provided. The cover page should have your name, semester, and classsection. DO NOT include your name on the remaining pages. 4.  You DO NOT need a “reference” page unless you useresources outside this article. This is not a research essay so the abovearticle should be your primary source, but you may choose to reference yourtext, lecture notes, or other articles. If so, you need to cite the referencesat the end of your essay. 5.  STAPLE your essay. DO NOT bind the pages or place themin folders, etc. 6.  I deduct points if these rules are not followed.Details are important!!ContentYour essay SHOULD addressALL points/questions below and include 3 graphs1.  In the first paragraph introduce your essay, say whatyou are going to discuss, and reference the article. 2.  In the following separate paragraph(s) summarize themain points of the article. 3.  In one passage the article reads: “Investors, desperate for yield and fueled byFed-induced cheap cash, swarmed the most distressed housing markets, buyingbargain-basement properties and turning them into rentals."  Discuss this passage by addressing thefollowing points and provide an analysis (in an essay form):a. Using an S-D graph (on a market for housing),show how “investors buying properties” impact the housing market. Does any ofthe curves (Demand or Supply for homes) shift in this case? Why? Please explainclearly. b. What happens toequilibrium price and quantity of homes when "investors buyproperties"? Why?c. What happens to consumerand producer surplus in the housing market when "investors buyproperties"? Explain why. Be specific. 4.  In another passage the article reads: “Foreclosures have fallen to new lows sincethe crisis..."  Discuss thispassage by addressing the following points and provide an analysis (in an essayform):a. Using an S-D graph (on a market for housing),show how a decline in foreclosures has impacted the housing market. Does any ofthe curves (Demand or Supply for homes) shift (because foreclosures decline)?Why? Please explain clearly.b. What happens toequilibrium price and quantity of homes due to the decline inforeclosures. Why?c. What happens toconsumer and producer surplus in the housing market because of "adecline in foreclosures"? Explain why. Be specific. 5.  In another passage the article reads: “Prices soared again between 2011 and 2013due to the Federal Reserve's intervention; it bought billions of dollars worthof mortgage-backed bonds and pushed the average rate on the 30-year fixed to arecord low."  Discuss thispassage by addressing the following points and provide an analysis (in an essayform):a. Using an S-D graph (on a market for housing),show how Federal Reserve policy to buy mortgage-backed securities (which lowersmortgage rates) impacts the housing market. Does any of the curves (Demand orSupply for homes) shift? Why? Please explain clearly. b. What happens to equilibriumprice and quantity of homes because of the Federal Reservepolicy? Why? c. What happens to consumerand producer surplus in the housing market because of Federal Reservepolicy? Explain why. Be specific. 6.  Based on your understanding of elasticity, which ofthe market do you think has a higher elasticity of demand: buying a house/apartmentor rentinga house/apartment? Provide a brief explanation on your essay (a shortparagraph will suffice). 7.  Write your conclusions in one last paragraph. Grading and Other Considerations1.  Your paper will be graded based on the followingcriteria: a.The quality of your writing (separate from the quality of your analysis).b.Grammar, spelling, sentence structure.c.The quality and depth of your analysis, d.Your demonstrated ability to relate and apply the materials discussed in classto the news story2.  The DEADLINE to submit the paper is December 2. If you would like to getfeedback and a chance to revise your paper, you may turn in a first draft on October 7 at the latest, allowingtime for review/revisions. 3.  The paper is graded out of 100 points and is worth 15%of your grade4.  NO LATE PAPERS WILL BE ACCEPTED. 5.  The quality of the paper matters, not quantity. Pleasemake sure that your sentences are complete, coherent and grammaticallycorrect.  6.  You need to hand me A HARD COPY of the paper.Electronic submissions are NOT ACCEPTED.7.  Make sure that you do YOUR OWN WORK and use YOUR OWNwords when developing the essay. You should by no means copy somebody else’spaper – either your classmate’s paper, or the papers that you use as a sourceof information. Copying violates the university honor system, and will bepunished accordingly.