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Microeconomics Econ Brief

Please note that you don’t have to put any introduction while your answering this question my teacher wants just answer for the question you have to graph and explain step by step what is happing to the graph. Don’t put graph in middle. Graph should be in separate page. I need full 2 page in answering the question. Don’t put too much example from the news of a current event in real life that relates. This should be only few sentence. Focus a little more on walking the reader through step by step in a technical way exactly what is happening. Refer to the graph a little more and use it to show the reader what you are explaining.
Assume in a simple example that two things occur simultaneously in an economy which produces “Good X”. The first thing is that cost to produce “Good X” will decrease. The second thing will be an increase in consumer tastes and preferences for “Good X” 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 each thing affecting “Good X” above, and be sure to explain why they relate. (Note: The magnitudes of any supply and/or demand shifts in this example are not specified; you may want to consider all possible scenarios).


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