lease answer the following question(s). To earn full points on this assignment submissions should include a well written response that clearly and concisely addresses and answers all parts of the question(s). Your written response alone should be 1-2 pages doubled spaced typed (excluding title, header, name, page numbers etc.). Please cite references used in both the written response and a separate reference page. Please create and provide at least one original graph, please make a note at the bottom of your graph stating how you created it (for example did you draw it, use a computer program, website etc.). Include any graphs or charts at the end of your written response and refer to them in the text. Make sure you answer the topic question(s) from an economic perspective. Briefs need to be submitted through Dropbox in D2L under the appropriate folder by the deadline listed above; briefs submitted late will be accepted up to 24 hours after the deadline listed above and will only be worth a maximum of 105 points out of 150.
Assume in a simple example that something occurs in an economy which produces “Good X” that will decrease people’s income in the economy. Assume that this is a competitive market, what will happen to the equilibrium price and quantity of “Good X”? Use supply and demand analysis to demonstrate your answer and be sure to provide the rationale behind what is happening and also discuss any interesting observations or outcomes. Finally, please cite an example from the news of a current event in real life that relates to the thing affecting “Good X” above, and be sure to explain why it relates. (Note: The magnitude of any supply and/or demand shifts in this example are not specified; you may want to consider the magnitude of any shifts in your analysis).
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