SituationCousin Edgar is always thinking of the next business idea. This time, he plans to invest in buying two gas stations. He reckons American consumers have come to accept the high gasoline prices, and estimates world prices for gasoline to increase even further with high demand from India and China. Besides, Cousin Edgar thinks he will make a good profit on the sale of convenience items at each station. But before buying the gas stations, he decides to ask for your advice because you are taking this course in business economics.You happened to read the piece ?$4-a-Gallon Gas Fueling Fears for Recovery? on page 196 of the textbook. Being skeptical of Cousin Edgar?s optimism on the profitability of selling gasoline and convenience items, you decide to research the market in terms of supply and demand, elasticity, costs of production, pricing, and normal or economic profit or loss. You want to provide Cousin Edgar with the most informed advice possible.Your paper should be organized into five parts as listed below. 4 to 5 pages.Briefly summarize the situation and identify the microeconomic issue(s) to be decided from the perspective of the organization.Identify the variables that are critical in addressing the issue(s). Gather and present the relevant data on the variables by searching the DeVry Online Library or scholarly (peer reviewed) articles. Ask a librarian for help if needed. Use in-text citation to report the source(s) of the data. Graphs may be included here.Formulate and present your recommendations for addressing the issue(s) based on the relevant data and economic principles identified above. Justify your recommendations in terms of the economic impact on those affected.List the full references foralphabetically in APA format.