...Microeconomics and the Laws of Supply and Demand Megan O’Brien ECO/365 1/19/2015 RIna Bills The simulation on supply and demand relates to the Goodlife Management Company which leases apartments to renters. As the property manager, I was asked to set rental prices in a variety of situations in order to meet the demands of the population in the area while attempting to maximize profits for my company. Microeconomic principles such as the law of demand, the law of supply, equilibrium, and price ceilings were all factors in determining price. Macroeconomic principles such as the consumer price index and fiscal policies which can institute price ceilings also related to this activity. Goodlife was considered a monopoly in the market in the area of Atlantis because it was the only rental company. In the first simulation, I was asked to lower the rental rate to increase quantity demanded and lower the vacancy rate. I was successful in increasing demand but was unsuccessful in maximizing revenue. However I was successful in determining the equilibrium rental rate and equilibrium quantity. This can be done by finding the point at which the supply curve and demand curve intersect and there is no shortage or surplus. A new company, Lintech, then moved to the area increasing the population and increasing the demand for apartments. Supply decreased and left a shortage of apartments. Was correct in identifying the increase in rental rate and demand by was incorrect in identifying...
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...Weekly Reflection Ruben I. Torres, Jr., Cheyenne Blue, Marsha Scott, Catherine Caughrean ECO 365 2-20-13 Dr. Lin Weekly Reflection In week one on ECO 365 our team discussed the many different areas which create economics in the modern world. The objectives were clearly outlined in the syllabus which Dr. Lin provided to Team A. Differentiate between Macroeconomics and Microeconomics The first objective we discussed was the difference between Macro and Micro economics. Since both studies deal with the economic decision making process, the one aspect which separates them would be that Microeconomics is the study of economics from the view point of a firm or individuals. Macroeconomics is the study of economics from the view point of a society or nation. This aspect would study the budget or a government or GDP of a nation. Supply and Demand The second area which we discussed was the effects of supply and demand. It was nice to get a better idea on how the costs of goods are affected by the amount of goods available for distribution at any given period. By studying the buying trends of individuals, companies are able to control the price and the supply of goods for consumers. If a company wishes to charge an outrages price for a product and have consumers pay the amount, they simply produce a low quantity of the product. A good example of this would be the way Sony released the new Playstation 3 (PS3). When the PS3 system first came...
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...(Individual Assignment Week 2) ECO/365 12/09/13 Atlantis is a nice city that’s is well maintained and booming with young professionals and families alike. Good Life Management is the premier choice for tenants seeking two bedroom apartments and also is the only choice. Often times in the real estate rental industry rental apartments experience a higher degree of vacancy and Good Life is looking to reduce the vacancy rate from 28% to 15%. Lowering the amount of available units was no easy task for Good Life management and likely would not have been achieved with a solid understand of the principles of the micro and macroeconomics and the supply and demand curve. This simulation has taught the importance of economics and how the play an important part of everyday life. Micro and macroeconomics play a key role in the everyday lives of people and corporations. In the simulation in this weeks assignment Atlantis is a prime example of just how often people come into contact with situations with two important factors of economics. The two important factors are supply and demand and they affect everything that we as people do in everyday life. Understanding supply and demands makes consumers, the supplier and us, determine when it is best to buy and best to sell. Understand this principle enables us to make more informed purchasing and selling decisions. There are a number of real world examples of how micro and macroeconomic...
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...This archive file includes ECO 365 Week 2 Learning Team Organization Industry Overview Introduction For many years, people across the United States has sought out ways in which to make money, and at the same time, provide for people a place where they can go and buy the necessities they need. Entrepreneurs from across theUnited Stateshad ideas that seemed logical, but in actuality were not. Stores, business, and companies have been built, only to last for a short time. Not every store or business built has been successful. Business - General Business Individual SDLC Value Paper Write a 700- to 1,050-word paper that explains the components of a formal SDLC process. · Includea discussion of the basic elements of the SDLC. · Identify types of employees involved in the SDLC process and their roles (project manager, system analyst, developer). Include a minimum of 2 references relevant to the assignment, in addition to the textbook. Format your paperconsistent withAPA guidelines. Individual Work-Related Project Analysis, Part I Writea 1,400- to 2,100-word paper that analyzes a work-related project using systems analysis for a selected business system at the departmental or divisional level from your workplace, an organization, or a case study (which doesn’t have to be a health care facility). · Includea discussion of the information-gathering techniques and design methods used...
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...Microeconomics and the Laws of Supply and Demand Vanessa Rodriguez Week 2 ECO/ 365 Professor Johnson What is economics? Some might say that economic is the stock market meanwhile others say it’s “my way of living”. Our Economics textbook defines economics as the study of how human beings manage their wants and needs. For an instant, I want a pair of new leather boots, but I need to pay my rent. My decision of paying my rent instead if of purchasing a new pair of leather boots illustrations that prioritizing my needs before any of my desires. The theory of economics is divided into two individual categories known as the microeconomics and macroeconomics theories. Microeconomics theory teaches of how individual choice is influenced by economics forces. Example, the high prices of the new IPhone6, is based on the how many people want or are willing to buy them. Then there is macroeconomics, which is the study of the whole economy. Such as the inflations problem that is seen on a daily basis and rising unemployment rates throughout the country. When speaking of microeconomic discuss main principles one of which is explain in details in weeks two simulation. This concept is known as supply and demand. These principles describe how the price and quantity rely on one another. First and foremost, is the Law of Demand. This law states that quantity demand increases as price fall, other things constant. And vice versa when quantity demanded decreases as price rises. We can...
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...Production and Cost Analysis Rasheeda Arthur, Sarah Fischer, Tera Ginnaty, Mike May, Shannon McMillan, Tiffany Sawyer, Tiffany Weiland ECO/365 Version 4 September 16, 2013 John Ilokwu Production and Cost Analysis Colander (2010) explains analyzing production and cost, and provides insight into how the abilities of market economies effect the organization of a society. In week two, Team C learned evaluating production and cost within a firm is a complex study involving several key focus points. The team learned it is essential to understand the relationship between inputs and the law of diminishing marginal productivity. Another key point discussed in week two focused on the relationship between production and productivity inside a firm. It is also significant to note the price of inputs has a large effect on the supply curve. In addition, it is important to recognize marginal revenue and costs directly tie to output volumes. Through research, teammates determined each focus point provides insight into a firm’s operations as it relates to production and cost (Colander, 2010). The Law of Diminishing Marginal Productivity The law of diminishing marginal productivity recognizes a company cannot change inputs at the same time or to change the quantity of inputs. Rather, changing the level of one or more inputs while leaving the others static is a more realistic process of adjusting productivity. However, recognizing this process...
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...Supply and Demand Simulation Stephanie Barnett Week 2 Individual Assignment ECO/365 Instructor Monday, December 02, 2013 Supply and Demand Simulation The simulation was extremely informative, effective, and a valuable learning experience. I feel it has enabled me to evaluate management options and connect through visual stimuli. The scenarios presented real-world situations and decisions and dealt with quantity demanded, quantity supplied, demand curves, supply curves, equilibrium prices, and the factors that affect them all. I also found the price ceiling scenario most interesting and familiar as many apartments where I live are city or government mandated. Most of the concepts in this simulation were relative to microeconomics, the theories, practices, and management in an organization. However, the government mandated price ceiling reflects macroeconomic theories, practices, and management of a states, regions, or countries. Scenario I In the first scenario the objective was to decrease the vacancy rate while maximizing profits. My decision to decrease the vacancy rate to 5 percent by reducing the rental rate to $950 enabled GoodLife to increase occupancy/demand on their two-bedroom apartments; fully maximizing their profits. My decision would also leave GoodLife with a surplus of product/apartments, which is not so good in regards to maximizing profits. In order to rent these surplus of apartments GoodLife...
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...ECO/365 Principles of Microeconomics Professor Alex Gialanella December 9, 2013 Good APA compliant cover In this paper I am going discuss the simulation I viewed in Week 2, which is about a city called Atlantis. It is a well maintained and has everything to offer its residents/tenants a decent number of parks, close to highways, clean litter free sidewalks and a low crime rate. The GoodLife Management is the property management firm that handles seven apartment complexes in the city of Atlantis. They have over 2,000 two-bedroom apartments and only a 28% vacancy rate, it’s very essential to use the supply and demand curve to determine the equilibrium in the market. It is also important to understand movements along the shift of the demand and the supply curves to determine how the equilibrium is established after the shift in curves. Supply and Demand are the most used words in the world of economics today, according to Colander , D. (2010). Supply and demand is a critical part of microeconomic and macroeconomics and it assist in determining the economy. This is an excellent, clear intro – good level setting and use of reference As for the principles of microeconomic shown in the simulation is supply and demand. In the simulation they wanted to lower the cost of rent in order to lower the percentage of vacant apartments to 15%. This would raise the revenue for the management firm, at one point the employment rate, population and housing demand...
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...of spa and wellness and exploring brave, new directions. It is gratifying to see a healthy dose of healthy travel in several of the trends; bold new ideas in mainstays like aromatherapy and hot springs take hold; and the development of new models for classic destination spas. It is also rewarding to watch trends in technology, beauty and fitness shape how we will live (and look)—and even take note of how the industry will help people address dying, illness and major life changes. And finally, there is a trend we forecasted in 2013 that continues to capture our imagination: mindfulness. We feel strongly that it is important to watch how this is evolving, and you’ll see a short synopsis of this “über trend” in the report. Spafinder Wellness 365™’s Trends Forecast reports on what is happening in our industry, but we also strive to present a true forecast of what lies ahead. Some ideas are still on the horizon, but we think you’ll see much more about them in the not-too-distant future! I’d like to thank Spafinder Wellness, Inc.®’s new Chief Brand Officer Mia Kyricos, who has joined our trend-tracking team, as well as thank our research and editorial teams, led by Beth McGroarty, for their many contributions in making this report so robust. Together, we remain passionate about the spa and...
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...Microeconomics and the Laws of Supply and Demand K. G. ECO/365 April 7, 2015 Marcia Wojsko Microeconomics and the Laws of Supply and Demand This essay is based on the University of Phoenix simulation “Supply and Demand” located in the classroom-week 2 activities I completed. It was about the microeconomic concepts of the supply and demand curves that change based on different macroeconomic factors that affect the apartment rental industry. Two microeconomic concepts in this simulation were the supply and demand of two-bedroom rental apartments in Atlantis because these are based on decisions made by the individual consumer or rental agency. The simulation showed shifts to the supply and demand curves caused significant changes to the economic environment. “The demand curve is downward sloping, and that quantity demanded increases as the price decreases - that is, as you move down the demand curve” (University of Phoenix, 2015). “The supply curve is upward sloping, and quantity supplied increases with an increase in price – that is, as you move up the curve” (University of Phoenix, 2015). The macroeconomic factors in this simulation are what causes the shifts, beyond any one entity’s choice. In this simulation, it showed different scenarios of increased population and changes in consumer income. When the population increases, the demand curve moves to the right because of increased need of two-bedroom apartments. This does not shift the supply curve because there is...
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...The Negative and Positive Ecological Impacts of Technology Introduction In today's society more people are working longer hours and utilizing more technology in their everyday life. As a result of these longer hours and increased use of technology, more energy is being consumed. (Hayden and Shandra 575) The impact that this is having on the environment is substantial in both negative and positive ways. It is hard to deny the benefits modern technology has produced for the world, in industry and in everyday life. With more and more technological breakthroughs, there have been many positive ecological impacts. However, it is also hard to deny that there are considerable negative impacts as well. Supporters of a work reduction scheme maintain that the reduction in hours will have a positive effect on the environment and the raw materials that are used on a daily basis. (Hayden and Shandra 576) Though the argument that a reduction in hours will result in a better quality of life is largely agreed upon, the theory that a reduction in hours will reduce the negative impacts on the environment is still one of contention as there is no concrete evidence to back it up. (Hayden and Shandra 576) To counter this theory, there are those who argue that a reduction in hours will not result in a redution in damage to the environment. Each year, technology is making advances in producing low energy products that will reduce the damage to the environment. It is argued that with these advances...
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...ECO/365 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers. Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliar with, refer to the Student Guide for that particular week. Week One: Fundamentals of Microeconomics Objective: Differentiate between macroeconomics and microeconomics. 1. Macroeconomics is the study of individual choice and how that choice is influenced by economic forces the study of the pricing policies of firms and the purchasing decisions of households the study of aggregate economic relationships an analysis of economic reality that proceeds from the parts to the whole 2. The invisible hand theorem comes from microeconomics macroeconomics sociology political science Objective: Analyze the effect of changes in supply and demand on the equilibrium price and quantity. 3. The law of demand states that the quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes up, the quantity demanded goes up up, the quantity demanded goes down down, the quantity demanded goes down down, the quantity demanded...
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...Executive Summary As reported in its Annual Report on Form 10-K for fiscal year ended September, 27, 2015, Whole Foods Markets, Inc. continues to be the leading natural and organic foods supermarket (and the 5th largest public food retailer and 10th largest food retailer based on industry 2014 sales rankings), currently operating 431 stores in 42 U.S. states and the District of Columbia, 10 in Canada and 9 in the United Kingdom. In this case study, “ WFM” or the “Company” will refer to the parent company and the name “Whole Foods” will refer to its stores and grocery business generally. What started as a single small natural foods store called SaferWay in Austin, Texas in 1978 led to the opening of the original Whole Foods Market in 1980, followed by a combination of building new stores and acquiring existing ones. WFM went public in 1992 and not only continued to increase the number and size of Whole Foods stores, but also raised industry standards for the production and distribution of natural foods as well as promoting respectful and sustainable farming and business practices. Additionally, WFM is regularly recognized as one of most desirable employers, with human resources and management practices that allow for more regional discretion and local involvement plus genuine employee input, enhanced employee education and development, and relatively higher compensation within the industry. Founder and CEO John Mackey strives to balance his health- and environment-oriented...
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...Sustainable Development Sust. Dev. 18, 20–31 (2010) Published online 10 March 2009 in Wiley InterScience (www.interscience.wiley.com) DOI: 10.1002/sd.394 Sustainable Consumption: Green Consumer Behaviour when Purchasing Products William Young1*, Kumju Hwang2, Seonaidh McDonald3 and Caroline J. Oates4 1 Sustainability Research Institute, School of Earth and Environment, University of Leeds, UK 2 Department of Business Administration, College of Business Administration, Chonnam National University, South Korea 3 Aberdeen Business School, Robert Gordon University, UK 4 Management School, University of Sheffield, UK ABSTRACT The ‘attitude–behaviour gap’ or ‘values–action gap’ is where 30% of consumers report that they are very concerned about environmental issues but they are struggling to translate this into purchases. For example, the market share for ethical foods remains at 5 per cent of sales. This paper investigates the purchasing process for green consumers in relation to consumer technology products in the UK. Data were collected from 81 self-declared green consumers through in depth interviews on recent purchases of technology products. A green consumer purchasing model and success criteria for closing the gap between green consumers’ values and their behaviour are developed. The paper concludes that incentives and single issue labels (like the current energy rating label) would help consumers concentrate their limited efforts. More fundamentally, ‘being green’...
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