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Eco Supplu And Demand Simulation Essay

831 words - 4 pages

Supply and Demand Simulation
Alisha Alva
ECO/365
December 2, 2013
James Dalton

Supply and Demand Simulation

• 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.
Microeconomic concepts present in the simulation are supply and demand. The simulation talks about the supply and demand on the rental apartments in Atlantis. Supply referring to the rental apartments and demand referring to possible tenants needing to rent the apartments. The first scenario illustrates how the company is deciding to reduce the rental rates to increase occupancy or ...view middle of the document...

• For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.
Demand Curve if you reduce the rental rate; more potential tenants are willing to rent apartments, leading to lower vacancy rate.
The supply curve is therefore, upward sloping; as the rental price increases the number of apartments supplied increases.

• 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?
Applying what I learned from the simulation and the theory of supply and demand, I know that during Christmas time and the release of the PS4, since the demand is so high the price will be high and the supply will be lower. I know that if I wait until the demand is not as high, I will not only be able to get the PS4 at a lower price, I will be able to find it at my local store.
• How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
The concepts of microeconomics help in understanding the various factors that can affect shifts in the supply and demand curve. The supply and demand curve shows the availability of properties, the types of properties available, and the costs that impact the decision making of the consumer. Understanding this allows one to know that when Sony puts out the PS4 so close to Christmas, people are willing to pay more and travel further than normal to...

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