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Microeconomics Econ Brief 1

Worth 150 points due by 11:45pm on June 20th in Dropbox on D2L, no exceptions

Please answer the following question(s).  on this assignment submissions should include a well written response that clearly and concisely addresses and answers all parts of the question(s  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. 


Assume in a simple example that something occurs in an economy which produces Good X that will decrease peoples 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).