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Answer each question with a minimum word count of 150 words. Please put each anser in the order number that the question is givenhttps://fod-infobase-com.contentproxy.phoenix.edu/p_ViewVideo.aspx?xtid=48959&loid=1500171.In this video, viewers learn key concepts of efficiency and causes of market failure. What are the actions that governments take to remedy market failures?2. Why do you think the video pointed out that there is no such thing as a middle class?3. How do you think the government decides on which things to fund if a market failure occurs?Different products have different elasticities. Heart medication, for example, is inelastic, and corn is elastic. Find a product that has not already been selected by another student and describe its price elasticity and income elasticity.1.How much control might an organization have over pricing based on a product’s elasticity?2. Discuss which of the elasticity rules you used to determine your answer?3. How is restaurant meals considered relatively or simply elastic?Market Failure1. Describe how you will apply that learning in your daily life, including your work life.2. Describe what may be unclear to you, and what you would like to learn.

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