What is a good microphone the can be used for both voice and acoustic guitar recording? I'm looking for something basic and on the cheaper side.
AKG C1000 - great small diaphragm condenser mic which even takes a battery in case you don't have a preamp that'll do phantom power.
Shure SM-57 is one of the most versital mics you can get. not only will it work with guitar and work pretty well for vocals, you can use it for more stuff if you get more into recording. you will be able to use it all your life.
On the cheap side, I've been using a Shure PG57 for mic'ing my guitar amp and my vocals. I just started recording, so I haven't been able to compare to a higher grade mic but it sounds good to me. Check the songs on my profile. Every guitar and vocal track was done with the PG57
Gibson Les Paul Traditional Pro II
Jackson Soloist SL2H
Schecter Hellraiser Solo 6
Epiphone Les Paul Standard Plus Top
Epiphone AJ200SCE Acoustic-Electric
Epiphone Embassy
Vintage Audition Mystery Guitar
B-52 AT100
Vox VT80
I wouldn't use a 57 for acoustic or voice unless I was really in a pinch. Small diaphragm condenser, you can find some fairly quality/cheap models out there.