Using a supply and demand curves write an analysis based on sound economic principles of the proposal.

Assume that the City Council in Prescott, AZ is considering implementing price ceilings on rental units based on the number of bedrooms in the unit. The demand function for rental units (on a single bedroom equivalent basis) is given by Q = 120 – 4P and the supply function is given by Q = 2P, where P is price and Q is quantity. The Council is giving consideration to imposing a ceiling price on rental units of P = 16.Next, find 2 recent scholarly articles concerning proposals to increase the minimum wage in the U.S.  Using a supply, demand and, in this case, price floor analysis similar to what you did for the rental unit price ceiling, write a 1-2 page analysis, based on sound economic principles, of the proposal. To create supply and demand curves, solve for equilibrium and discuss what happens if a regulated price is set that is not equal to the equilibrium price.To create the demand curves that you need for this assignment, create an excel file with a price column including prices from $1 to $30. Using the formulas, then compute quantity demanded for each price and quantity supplied for each price. Finally, using the links above, create the graph.Length: 3-5 pages not including title page and referencesYour response should demonstrate thoughtful consideration of the ideas and concepts presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.