ECO 365 Week 2 Individual - Supply and Demand Simulation 2

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Complete the Supply and Demand Simulation located on the student website.
Write 700 - 1,050-word paper 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?
• 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.

Preview:
Supply and Demand Simulation
Supply and Demand is an economic model of price determination in a market and possibly one of the most fundamental concepts of economics. It is the backbone of a market economy. According to Colander, D. (2010) “Prices are the tool by which the market coordinates individuals’ desires and limits how much people demand.
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