Supply and Demand Simulation

profileenicharj

Option 1:

Complete the Supply and Demand Simulation.

Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following: 

  • Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video.
  • Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
  • Identify at least one shift of the supply curve and one shift of the demand curve in the simulation/video.
  • Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.

Include responses to the following: 

  • How might you apply what you learned about supply and demand from the simulation/video 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 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?
  • How does the price elasticity of demand affect a consumer's purchasing and the firm's pricing strategy as it relates to the simulation/video?
    • 8 years ago
    • 15
    Answer(2)

    Purchase the answer to view it

    blurred-text
    NOT RATED
    • attachment
      microeconomics_and_the_laws_of_supply_and_demand.docx

    Purchase the answer to view it

    blurred-text
    NOT RATED
    • attachment
      economics.docx