ECO 365 Supply and Demand Simulation
Complete the Supply and Demand Simulation located on the student website.
Write 700 - 1,050-wordpaper 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 microeconomics help you understand the factors that affect shifts in supply and demand and the impact of shifts 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