Econ Brief

$1.$ Assume in a simple economic example that a binding$/$effective price floor is implemented and already in place, in a given market for some goodm called "GOOD X$"$

$2.$ Nect, an econmic change occurs in the market. The economic change that ocurs is an inctease in the cost to produce "GOOD X$"$

$3.$ 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$"$

$4.$ Finally, cite and example fro the news of a current event in real life that relates to the economic change occuring $($i$.$e$.$ and increase in the number of consumers$)$ affectng "GOOD X$"$ above, and be sure to explain why it relates

use supply and demand analysis to deomstrate your anser and be sure to provide the rationale behind what is happening and also discuss and interesting observations or outcomes. Note that the magnitude of any supply and$/$or demand shifts in this example are not specified, so you may want to consider all possible senarios

Graph: draw and include the actual graph$($s$)$ related to the brief. Next to the graph$($s$)$ write out a short list of what is occuring on the graph$($s$)$ in the brief situation, step by step. For example, you might use a bullet list

Provide the answer to the brief question: try to make this $1-2$ sentences that directly delivers the anser to the brief question

Introduction paragraph that summarizes the brief answer and analysis: Try to make this a $4-5$ sentence paragraph. In addition to the anseer sentence above, that explains in summary that answer

Current event from the news: Finaly, cite the news article that you will be utilizing in the brief, and in $1-2$ sentences, explain what the article is about