Specifically the following critical elements must be addressed:I. IntroductionWork with your instructor to choose a firm that matches the following criteria: a publicly traded company operating in the U.S. market that is currently inbusiness.a) Outline the purpose of this paper and how it will inform your conclusion.b) Summarize the history of the firm, and provide an overview for what the firm does and what goods/services it sells.II. Explore the supply and demand conditions for your firm's product.a) Evaluate trends in demand over time, and explain their impact on the industry and the firm. You should consider including annual sales figuresfor the product your firm sells.b) Analyze information and data related to the demand and supply for your firm's product(s) to support your recommendation for the firm'sactions. Remember to include a graphical representation of the data and information used in your analysis.III. Examine the price elasticity of demand for the product(s) your firm sells.a) Analyze the available data and information, such as pricing and the availability of substitutes, and justify how you determine the price elasticityof demand for your firm's product.b) Explain the factors that affect consumer responsiveness to price changes for this product, using the concept of price elasticity of demand as yourguide.