Eco Week 2 Paper

783 words - 4 pages

Supply and Demand Simulation
Allison Mullen
Microeconomics 365
March 11, 2013
Vilma Vallillee

Supply and Demand Simulation
Macroeconomics looks at the economy as a whole, concentrating on factors such as interest rates, inflation, and unemployment (Colander, 2010). It also studies economic growth and the government’s role to moderate the harm caused by recessions. During the simulation government intervened and tried to set a price ceiling on two bedroom apartments to provide homes for those that were struggling in hard economic times. The simulation also talked about population trends and how they affect decisions in the marketplace. For instance, an increase in population caused ...view middle of the document...

Due to production or maintenance costs each additional apartment would be supplied at a higher rate. As the rental rate increase, the number of apartments on the supply curve increases as well.
At any rate above equilibrium the quantity supplied is more than the quantity demanded which leads to a surplus of apartments (Goodman & Porter, 1998). For consumers to be attracted, the price has to decline because quantity demanded increases only when prices decrease. The surplus in the market exerts a downward pressure on the price until the equilibrium us attained or the supply equals the demand for apartments. If there is a shortage in apartments, the rate is below equilibrium and quantity demanded is more than the quantity supplied. A shortage indicates an upward pressure on the price causing Atlantis to increase the rental rate. As the rental rate increases, the quantity demanded decreases because along the demand curve an increase in price will result in a decrease in quantity demanded.
In the field of optometry, supply and demand holds true for all of our products and services. There is an inverse relationship between price and demand for eyeglasses. The higher the price, the lower the quantity demanded, and the lower the price, the higher the quantity demanded. Occasionally, we will have eyeglass specials when we drop our prices significantly to create a higher quantity demanded. When this occurs we usually have special pricing...

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