Microeconomics Econ Brief Worth 150 points due by 11:59pm on 4/3 in Assignments on D2L, no exceptions Please 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). Please use APA formatting, however please note your written response alone should be 2-4 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, I suggest hand drawing and submitting any graph(s) on paper for the brief assignment. However, if you create any graph(s) using software, please put a note under each graph that you create, saying that you created it and please state what software you used, so I know the graph is original. 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. Brief situation and question: Assume in a simple example that two changes occur simultaneously in an economy which produces "Good X". The economic changes that occurs in the market are: 1) An increase in the cost to produce 'Good X", and 2) An increase in income for consumers who purchase "Good X". 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"? 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 the number of consumers in the market or an increase in the number of sellers/buyers in the market) affecting "Good X" above, and be sure to explain why it relates. 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. (Note, that the magnitudes of any supply and/or demand shifts in this example are not specified, so you may want to consider all possible scenarios