Question: Assume in a simple example that two changes occur simultaneously in an economy which produces Good X. The first change that occurs is an increase

Assume in a simple example that two changes occur simultaneously in an economy which produces "Good X". The first change that occurs is anincrease in technologyused to produce "Good X". The second change that occurs is anincreasein the price of complementary good in consumption (a complement good to "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 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 second change (i.e. an increase in the price of a complement good) affecting "Good X" above, and be sure to explain why it 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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