Assume in a simple example that a change occurs in an economy which produces "Good X" and that there is an increase in technology used to produce "Good X". 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 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 economic change 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). Please provide a graph to validate your answer.