Tuesday, May 19, 2020

Supply and Demand Simulation - 819 Words

Supply and Demand Simulation A simulation was conducted to understand supply and demand when renting out apartment homes. This paper will briefly explain two microeconomics and two macroeconomics principles, it will include one shift of the supply curve and demand curve in the simulation. For each of the shifts the affect of the equilibrium price, quantity, and decision making will be analyzed. A description of supply and demand from the simulation and how to apply it in the workplace is included. Concepts of macroeconomics will be explained, and how understanding the factors that affect shifts in supply, and demand on the equilibrium price. In addition an explanation of how price elasticity of demand affects a consumer’s purchasing†¦show more content†¦Like in real life the economy changes, this affects prices and affects what people need and want. The demand in what people want also changes. Microeconomics focuses on patterns of supply and demand, including the det ermination of price and output in the markets. Price Elasticity In relation to the simulation the price elasticity of demand affect a consumer’s purchasing and, the firms pricing because the company must adjust to the demand. Price elasticity is used to show responsiveness and or the quantity in demand. In the simulation as the years went by the consumer’s changed what their wants and needs were. The rental company adjusted to the change in price due to the economy and the need. Conclusion The simulation was used to understand supply and demand when renting out apartment homes. This paper identified two microeconomics and two macroeconomics principles, it includes one shift of the supply curve and demand curve in the simulation. For each of the shifts the affect of the equilibrium price, quantity, and decision making was analyzed. A description of what was learned about supply and demand from the simulation, and how to apply it in the work place is included. Concepts of macroeconomics will be explained, and how understanding the factors that affect shifts in supply, and demand on the equilibrium price. In addition an explanation on how price elasticity of demand affects a consumer’s purchasing and firms pricingShow MoreRelatedSupply and Demand Simulation1030 Words   |  5 PagesSupply and Demand Simulation ECO/365 Supply and Demand Simulation In the supply and demand simulation a neighborhood called Atlantis is given for the setting. Atlantis is a small city with open spaces, low population, and a low crime rate. There are plenty of sidewalks and street systems for easy access to the highway. The housing in Atlantis is detached homes and apartments. The supply and demand simulation consists of microeconomics and macroeconomics. The simulation presents shifts in theRead MoreSupply and Demand Simulation1203 Words   |  5 PagesSupply and Demand Simulation Summary University of Phoenix ECO360, Economics for Business I The Supply/Demand simulation involves acting as property manager for GoodLife Management in the fictional town of Atlantis. GoodLife Management manages seven apartment complexes in Atlantis. The property manager is expected to adjust the monthly rental rate of two-bed rental apartments and the quantity of apartments supplied based on the market trends. 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It is important to understand how these principles and concepts relate to the environment to create strategies that will, in return create profit and confident investments. The supply and demand simulation highlighted the important of just that from a commercial setting. Today’s housingRead MoreSupply and Demand Simulation Paper886 Words   |  4 PagesSupply and Demand Simulation Paper ECO/365 Week 2 Individual Assignment February 25, 2013 Supply and Demand The analysis will identify two microeconomics and two macroeconomics principles or concepts from the simulation, and explain why each principle or concept is in the category of macroeconomics or microeconomics. The analysis will identify at least one shift of the supply curve, and one shift of the demand curve from the simulation and what causes the shifts. The analysis will showRead MoreSupply and Demand Simulation Essay1024 Words   |  5 PagesSupply and Demand Simulation Supply and demand plays an intricate role in the amount, price, and availability of products and services. The applying supply and demand concepts simulation guides users through making decisions for Goodlife, a management company for 2 bedroom apartments in Atlantis. The simulation names the user the property manager; responsible for vacation residents, new pricing for units, and advertising. The property manager makes decisions in circumstances including the changing

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