For a specific good of your choice outlines two specific events what would cause:

(i) demand for the good to increase

(ii) supply of the good to fall

(iii) demand for the good to decrease and supply of the good to increase simultaneously

(iv) the equilibrium price and quantity of the good to fall (in this case assume the two specific events occur simultaneously).

The events should refer specifically to the specific good you have chosen.

For each of parts (i) - (iv) above, select one of the events you have chosen. Draw a demand and supply diagram, and illustrate and explain the impact of the event on the market for the specific good you have chosen.