Microeconomics and the Laws of Supply and Demand

Microeconomics and the Laws of Supply and Demand
Complete the Supply and Demand Simulation located on the student website.
Write a 700 – 1,050-word paper summarizing the content of the simulation, and address the following:
Identify two microeconomics and two macroeconomics principles or concepts from the simulation.
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.
Explain what causes the shifts, and how each shift affects the equilibrium price, quantity, and decision making.
Include responses to the following:
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 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?
Format your paper consistent with APA guidelines

Applying Supply and Demand Concepts

In this simulation. the learner uses supply and demand curves to determine the equilibrium in the market
for two-bedroom apartments on lease. The learner differentiates between movement along and shift of the
demand and supply mines. and determines how equilibrium is re-established after one or both cun’es shift.
Refer
Hal Morgan’s recommendations
Observe
The supply curve with the current rental rate and
quantity supplied
The change in rental rate when you select the number of
apartments to lease
Decide
The quantity supplied for two-bedroom rental
apartments on temporary. month-to-month lease
When in doubt…
Book icon for progress summary
Key icon for definitions of some important concepts
icon for screen description
Print icon for printing the screen
Minimize icon for switching to other applications
X icon for quitting the simulation