Week 1-Basic Concepts Paper

Basic Concepts

The Applying Supply and Demand Concepts simulation discusses the basic concepts in applied economics. The main goal of the simulation is to sustain the equilibrium point in the two-bedroom rental market as a property manager for Good Life Management (GLM) in the city of Atlantis. Pricing, customer predilection, and population have an affect on demand. Supply however, concerns the quantity of apartments, the amount of available apartments, and the amount of rented apartments.
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