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ECO 365 Week 2 Supply and Demand Simulation

ECO 365 Week 2 Individual Assignment Supply and Demand Simulation
ECO 365 Week 2 Supply and Demand Simulation
ECO 365 Week 2 Supply and Demand Simulation Assignment
Complete the Supply and Demand Simulation located on the student website.
Write 700 – 1,050-word paper of no more than summarizing the content. Address the following:

· Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.

· Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts?

· For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.

· How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?

· How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?

· How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?

· Relating to the simulation, explain how the price elasticity of demand affects a consumer’spurchasing and the firm’s pricing strategy.

Preview:

Supply and Demand

Microeconomics
Using the microeconomics principal of the shifting in supply and demand we learn what is needed in the market place to be competitive in pricing or market economy. The single family income is what the company can use to determine how best to maximize their profits. The community growth and the rate of inflation in conjunction with the single family income can set the rental rates and keep the units at full capacity. Supply and demand are the fundamentals of renting apartments. These are microeconomic concepts that will keep businesses in business and this applies to every type of business not just apartment complexes. The
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