Microeconomic phenomenon that is in equilibrium and illustrate it with a typical supply/demand graph indicating its equilibrium. Then, using the supply/demand graphic as a starting point, subject this phenomenon to an event (change a consumer income, supply cost, or some other external economic event) that disrupts this equilibrium. Explain (with text) and illustrate (graphically) how this event changed equilibrium condition (shift in supply and/ or demand), and explain (with text), and illustrate (with graphic) the new after-event equilibrium. The student must use the tools of economic analysis to explain the above sequence of events. At a minimum, a series of three supply/demand curves must be used.
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