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. Factors that influence the supply and demandRead MoreSupply and Demand Simulation1060 Words   |  5 PagesSupply and Demand Simulation ï ¿ ½ PAGE * MERGEFORMAT ï ¿ ½1ï ¿ ½ Supply and Demand Simulation University of Phoenix ECO/365: Principles of Microeconomics October 26, 2009 ï ¿ ½ Supply and Demand Simulation IN THE UNIVERSITY OF PHOENIX SIMULATION (2003), APPLYING SUPPLY AND DEMAND CONCEPTS, A SITUATION IS PRESENTED CONCERNING THE SUPPLY AND DEMAND OF TWO-BEDROOM RENTAL APARTMENTS IN ATLANTIS. THROUGHOUT THE SIMULATION SCENARIOS ARE PRESENTED AND CHOICES MUST BE MADE REGARDING FACTORS THAT AFFECT DEMANDRead MoreSupply and Demand Simulation983 Words   |  4 Pages   ECO365 Supply and Demand Simulation Student Name ECO/365 – Principles of Microeconomics Instructor Name Date Introduction Supply and Demand is a phrase that every one hears in one way or another, Supply and demand phrase according to Colander, (2010) is the most used phrase by economist and the reason is because the phrase provides a good â€Å"off-the-cuff† answer for many question that have to do with economy. Example why are interest rates to Low? Because supply and demand. Why is GasolineRead MoreSupply and Demand Simulation939 Words   |  4 Pages1. The simulation illustrates a number of different economic concepts. The relationship between supply, demand and price is highlighted. The simulation shows what happens under normal conditions when the price of a good changes. For example, when the price increased the supply of the good increased but the demand fell. As a result, the market was no longer in a state of equilibrium (Riley, 2012). Thus, the concept of supply-demand equilibrium was identified. This is a microeconomic concept, followingRead MoreAnalyzing Supply of Demand Simulation10 42 Words   |  5 PagesAnalyzing Supply of Demand Simulation ECO/365 January 31, 2010 Analyzing Supply of Demand Simulation Supply and demand is a significant element of business procedures thus this paper will evaluate how supply and demand affects a business via a simulation provided by the University of Phoenix. In this paper, I will talk about the reasons for changes that occur in supply and demand. I will talk about how shifts in supply and demand influence the organization’s decision making processRead MoreEssay Supply And Demand Simulation1318 Words   |  6 PagesIntroduction The Supply and Demand simulation involves acting as Property Manager for GoodLife Management, a property management firm that manages apartment complexes in Atlantis. This simulation was an exercise in applying the supply and demand concepts based on current market trends. The property manager is required to adjust the monthly rental rate of two-bedroom rental apartments and number of apartments available. Supply and demand within the simulation were manipulated by the rates chargedRead MoreSupply And Demand Simulation Analysis1189 Words   |  5 PagesSupply and Demand Simulation The economy is a practice that relies on principles and concepts. The different focuses are based on a Macro and Micro perspective that creates the commercial and consumer environment. 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