Supply and Demand Simulation

Supply and Demand Simulation 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’s purchasing and the firm’s pricing strategy. Format your paper consistent with APA guidelines.

Posted in Uncategorized