Brief situation and question:

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Assume in a simple example that two changes occur simultaneously in an economy which produces "Good X".

1. The economic changes that occurs in the market are: 1) A decrease in the cost to produce "Good X", and 2) An increase consumer tastes/preferences for those who purchase "Good X".

2. Create and use a graph that is relevant to the brief and use it throughout the written response to help show the reader what is being explained. Be sure to talk about the graph, explaining what it is and how it relates to your answer.

3. Provide examples.

4. Use color in visuals or graphs.

5.Assume that this is a competitive market, what will happen to the market selling price and the market quantity that is bought and sold in the market for "Good X"?

6.Finally, please cite an example from the news of a current event in real life that relates to the one of the economic changes occurring (i.e. an increase in consumer tastes/preferences or a decrease in the cost to produce) affecting "Good X" above, and be sure to explain why it relates.