ECO 365 Week 2 Microeconomics and the Laws of Supply and Demand

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ECO 365 Entire Course Link
https://uopcourses.com/category/eco-365/
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ECO
365 Week 2 Microeconomics and the
Laws of Supply and Demand

 

Complete the Supply
and Demand Simulation located on the student website.

-OR-

 Watch the Khan Academy
Video "Changes in Market Equilibrium" located in the Week 1 Khan
Academy Videos.

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?



Cite a minimum of 3 peer reviewed sources.

Click the Assignment Files tab to submit your
assignment.
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