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ECO 365 Week 2 Microeconomics and the Laws of Supply and Demand ( Simulation and Paper )
Description
Complete the Supply and Demand Simulation located on the student website.
Write a 700 - 1,050-word paper summarizing the content of the simulation, and address the following:
Identify two microeconomics and two macroeconomics principles or concepts from the simulation.
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.
Explain what causes the shifts, and how each shift affects the equilibrium price, quantity, and decision making.
Include responses to the following:
- 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 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?