...Microeconomics and the Laws of Supply and Demand To purchase this visit here: http://mindsblow.us/question_des/MicroeconomicsandtheLawsofSupplyandDemand/2779 Contact us at: help@mindblows.us Complete one of the following options: Option 1: Complete the Supply and Demand Simulation. Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following: Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video. 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/video. Explain what causes the shifts, and how each shift affects the price, quantity, and decision making. Include responses to the following: How might you apply what you learned about supply and demand from the simulation/video 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/video? Cite a minimum of 3 peer...
Words: 936 - Pages: 4
...Microeconomics and the Laws of Supply and Demand ECO/365 October 15, 2014 University of Phoenix Microeconomics and the Laws of Supply and Demand This assignment calls for the students to complete the Supply and Demand web simulation. The simulation is about a property management firm called Goodlife Management, who owns apartment complexes in the city of Atlantis. The simulation provides a number of different scenarios both covering information that we learned about microeconomics and macroeconomics. Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as microeconomics or macroeconomics. Microeconomics affects the immediate supply and demand of the company. In the first scenario, GoodLife has 2,000 apartments in its apartment complexes, with a 28% vacancy rate. Susan recommends reducing the rate to 15% while maximizing revenue. We achieved this goal by reducing the rental rate, getting more occupants to move in the apartments, which maximized our revenue. The next scenario, GoodLife has 2,500 apartments available on a temporary month-to-month basis at the rate of $1,100. Susan suggests that we lease out all 2,500 apartments. Though possible to lease all apartments, we are unable to do so at the current rental rate due to the fact that maintenance cost will rise as the tenant and apartment rate rise. So, we raised the rental rate to $1,550 to compensate for...
Words: 786 - Pages: 4
...Supply and Demand Simulation Alisha Alva ECO/365 December 2, 2013 James Dalton Supply and Demand Simulation • Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic. Microeconomic concepts present in the simulation are supply and demand. The simulation talks about the supply and demand on the rental apartments in Atlantis. Supply referring to the rental apartments and demand referring to possible tenants needing to rent the apartments. The first scenario illustrates how the company is deciding to reduce the rental rates to increase occupancy or reduce the vacancy percentage. Macroeconomic present in the simulation are when the simulation refers to the changes in population trends when it comes to choosing to rent apartments or choosing to rent houses, as well as the factors that influence these changes such as employment and changes in income. • Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts? The first scenario is a good example of the demand curve, the demand curve tells the quantities consumers would demand at various prices of the product; however the more quantity is demanded at a lower price, other things remain constant. In the scenario Goodlife would like to lower the vacancy rate to 15% and maximize revenue, which causes a shift in the...
Words: 815 - Pages: 4
...demand curves the challenge is to determine the new equilibrium price correctly. This paper will explain what parts of the simulation are categorized as microeconomics and which are macroeconomics and why. In addition, identify a shift of the supply curve, a shift of the demand curve, and what caused the shift. I will also discuss what I have learned about supply, demand, and equilibrium price, and how microeconomics and macroeconomics principles or concepts affect it all. Microeconomic Principles or Concepts The first scenario I categorized as a microeconomic concept is the first challenge to reduce the number of vacancies in GoodLife’s two bedroom, temporary month-to-month lease apartments from 40 percent to less than 15 percent, finding a rental rate that will net maximum revenue. The second scenario I also put in this category involves an increase in in the number of rental units the company handles (from 2,000 to 2,500 units) and the rent increase to cover the additional maintenance required to rent all 2,500 units. My reasoning is microeconomics is the study of individuals’ choices and how their choices are influenced by economic forces (Colander, 2013). Macroeconomic Principles or Concepts Since macroeconomics “is the study of the economy as a whole” (Colander, 2013), the scenarios I chose for the category of macroeconomics were the increase in population that would impact the city as a whole not just the increase in demand for apartments in the area....
Words: 1106 - Pages: 5
...The purpose of this paper is to discuss the Supply and Demand simulation from the student website. The idea is to identify two microeconomic and two macroeconomic principles present in the simulation and to explain why these principles are categorized as macro or microeconomic. The paper will also determine one shift of the supply curve and one shift of the demand curve from the simulation, as well as why these shifts happen. Their impact on the equilibrium price, on decision making, and on quantity will be also analyzed. Then, it will refer to ways in which concepts about supply and demand can be applied in a real life-situation or in the workplace. The paper will also refer to ways in which concepts of micro and macroeconomics help in understanding factors that influence movements in supply and demand on the equilibrium price and quantity. Last, the paper will refer to how the price elasticity of demand has an impact on the consumer’s purchasing and on the pricing strategy of the company. Macro and Microeconomic Principles Two microeconomic concepts that are present in the simulation are: supply and demand. The simulation talks about supply and demand or rental apartments from Atlantis. On the other hand, at macroeconomic level, we can talk about the changes in population trends when it comes to choosing to rent or not to rent apartments as well as factors that influence these changes. According to Colander (2010), the law of the demand says that quantity demanded increases...
Words: 321 - Pages: 2
...The purpose of this paper is to discuss the Supply and Demand simulation from the student website. The idea is to identify two microeconomic and two macroeconomic principles present in the simulation and to explain why these principles are categorized as macro or microeconomic. The paper will also determine one shift of the supply curve and one shift of the demand curve from the simulation, as well as why these shifts happen. Their impact on the equilibrium price, on decision making, and on quantity will be also analyzed. Then, it will refer to ways in which concepts about supply and demand can be applied in a real life-situation or in the workplace. The paper will also refer to ways in which concepts of micro and macroeconomics help in understanding factors that influence movements in supply and demand on the equilibrium price and quantity. Last, the paper will refer to how the price elasticity of demand has an impact on the consumer’s purchasing and on the pricing strategy of the company. Macro and Microeconomic Principles Two microeconomic concepts that are present in the simulation are: supply and demand. The simulation talks about supply and demand or rental apartments from Atlantis. On the other hand, at macroeconomic level, we can talk about the changes in population trends when it comes to choosing to rent or not to rent apartments as well as factors that influence these changes. According to Colander (2010), the law of the demand says that quantity demanded increases...
Words: 842 - Pages: 4
...Principles of Microeconomics April 1st, 2014 Professor Evaristo Medina-Irizarry The assignment will analyze and summarize the Supply and Demand simulation from the student website. The purpose is to recognize two microeconomic and two macroeconomic principles included in the simulation and to explain why these principles are categorized as macroeconomic or microeconomic. The paper will also identify at least one shift of the supply curve and one shift of the demand curve from the simulation, including an explanation of why these shifts happen. In addition, analyzed for each shift, their impact on the equilibrium price, quantity, and decision making. Subsequently, it will mention different ways in which concepts about supply and demand can be useful in the workplace and in real life-situations. The paper will also discuss ways in which models of microeconomics and macroeconomics benefit in understanding aspects that affect changes in supply and demand on the equilibrium price and quantity. Finally, the paper will include an explanation on how the price elasticity of demand affects the consumer’s purchasing and on the firm’s pricing strategy. Microeconomics models presently in the simulation are: supply and demand. The simulation refers to the supply and demand of rentals apartments in a small city of Atlantis, including the factors. At the same time, it shows the impact of a price ceiling on the quantity demanded and quantity supply. In contrast, at a macroeconomic level...
Words: 894 - Pages: 4
...ECO/365 Version 4 Principles of Microeconomics IndividualSupply and Demand Simulation | Complete the Supply and Demand Simulation located on the student website. Write 700 - 1,050-word paper of no more than summarizing the content. Address the following: Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic. Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts? For each shift, analyze how it would affect the equilibrium price, quantity, and decision making. 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 the equilibrium price and quantity? Relating to the simulation, explain how the price elasticity of demand affects a consumer’s purchasing and the firm’s pricing strategy.Format your paper consistent with APA guidelines. | Supply and Demand Simulation Supply and Demand is an economic model of price determination in a market and possibly one of the most fundamental concepts of economics. It is the backbone of a market economy. According to Colander, D. (2010) “Prices are...
Words: 1316 - Pages: 6
...supply and demand Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic. The microeconomic topics would be the demand and supply curve. The demand curve shows how consumers would react to prices. The supply curve shows how landlords would react to price by how much units will sell. The outside company coming in and the price cap would fall under macroeconomic. They show what will happen with outsides forces on the supply and demand curves. Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts? There are two shifts in the simulation. The first shift shown was the demand curve, and this was related to prices. As the prices of the apartments move up the numbers of tenants move up. As the price of the apartment go up there are less willing to rent and therefore the curve moves to the left. The supply curve is moved by how many units the company wants to lease out. The more units sold than the more money the rental company will charge. For each shift, analyze how it would affect the equilibrium price, quantity, and decision making. The shift of the demand curve is affected by the price of the units sold. The higher the price the more to the upwards that the curve will follow and there...
Words: 916 - Pages: 4
...Supply and Demand Simulation This paper discusses the Applying Supply and Demand Concepts simulation from the student website. First, it seeks to identify two microeconomic principles and two macroeconomic concepts presented in the simulation with explanations why they are categorized as macro or microeconomic. It also identifies one shift of the supply curve and one shift of the demand curve and the shifts’ cause. Additionally, impact on equilibrium price, decision making, and quantity are analyzed. Different ways are referred in which concepts about supply and demand can be applied in a real life/ workplace situation. Ways are shown in which concepts of micro and macroeconomics assist in understanding factors influencing movements in supply and demand, on the equilibrium price, and quantity. Finally, it explains the way in which price elasticity of demand has an impact on consumer’s purchasing, and on the pricing strategy of the company. Two microeconomic principles from the simulation are demand and supply. “The demand curve is downward sloping, and that quantity demanded increases as the price decreases, as you move down the demand curve” (University of Phoenix, n.d.). In the University of Phoenix simulation (n.d.), Good Life could increase the quantity demanded of its rented apartments only by reducing the rental rate. “The supply curve is upward sloping, and the quantity supplied increases with an increase in price, as you move up the supply curve” (University...
Words: 817 - Pages: 4
...prices. The simulation focused on two-bedroom rental properties. We received the expertise of Hal Morgan and Susan Hearst from Good Life Property Management to determine rental prices and how to balance out the supply and demand. Through the simulation, I was able to see that when the rental price of the apartments decreased, there would be an increase in the demand for the apartments. Furthermore, if the price of the apartments increased, then there would be a decrease in the demand. However, to balance out the supply and demand, there needed to be a shift in either the supply or demand. Throughout the simulation there were a few concepts that dealt with macroeconomics as well as microeconomics. As learned from a previous course, macroeconomics examines nation-level economic facts like GDP, unemployment, foreign trade, and so on. Colander (2010) defines it as the study of the economy as a whole. It considers the problems of inflation, unemployment, business cycles, and growth (p.15). However, microeconomics deals with individuals, families, and companies. Colander defines it has the study of how individual choice is influenced by economic forces (Colander, p.15). One concept in the simulation that dealt with macroeconomics was when there was a price ceiling enforced. As explained by Colander, a price ceiling is a governmental-imposed limit on high a price can be charged, which is usually below the equilibrium price. This is a macroeconomic concept since it was enforced through...
Words: 954 - Pages: 4
...or service in the market. Supply can mean the willingness to sell, also the supplier must be willing to sell the good or service at a price that the customers will demand it. In economics the relations ship between supply and demand is understood as the equilibrium. The equilibrium price is when the supply and demand equal out and there is no rise or fall in cost of a good or service. The equilibrium is a point on a diagram where the demand and supply curve intersect. In the simulation with good life it provides several scenarios to try and explain the shifts, and how it affects the equilibrium price, quantity, and decision making. In this paper I will use the simulation to identify at least two concepts or principles of micro and macroeconomics and why I categorized them as such. I will identify a shift in the supply and demand curve. While also analyzing how it affects buying price, quantity, and decision making. I will also explain how to apply it in the workplace. I will...
Words: 995 - Pages: 4
...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 macro and 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 show for each shift, how it would affect the equilibrium price, quantity, and decision making. It will detail application to learned material about supply and demand from the simulation to workplace or real-world product. It will detail how concepts of microeconomics help understand the factors that affect shifts in supply and demand on the equilibrium price and quantity, and it will also detail how concepts of macroeconomics help understand the factors that affect shifts in supply and demand on the equilibrium price and quantity. The analysis will explain how the price elasticity of demand affects a consumer’s purchasing and the firm’s pricing strategy in relation to the simulation. The first microeconomic concept the simulation deals with is a monopoly. Good Life is the only apartment complex in Atlantis at the beginning of the simulation. The company has no other competition and can set the market price at whatever the company wants at that time. A monopoly is in the category if microeconomics because it is singular in structure, whereas it only produces one thing or group of like things. The second microeconomic concept...
Words: 1054 - Pages: 5
...Kheradmand Supply and Demand Simulation Purpose for this paper on the simulation from the Phoenix website is to address Supply and Demand principles. First thing is to identify two microeconomic and two macroeconomic principles in the simulation explain why these principles are in fact macro or micro. Also determine one shift of the supply curve and one shift of the demand curve observed in the simulation, and why these shifts occurred. Their affect on equilibrium price, on decision making, and quantity is also to be analyzed. This paper will also refer to ways in which concepts about supply and demand can be applied in a real life-situation or in the workplace. The paper will also refer to ways in which concepts of micro and macroeconomics help in understanding factors that influence movements in supply and demand on the equilibrium price and quantity. Last, the paper will refer to how the price elasticity of demand has an impact on the consumer’s purchasing and on the pricing strategy of the firm Good Life. One of the macroeconomics principles comes up in the survey showing that people working in Atlantis are living in close by towns because the rent is less. The other from the simulation for macroeconomics is when the Gov. steps in and puts a ceiling of $1550 on the rent for all two bedroom apartments so that more people can afford to live in the city they work. This made Good Life rent only a small amount of their apartments just to make profit because of...
Words: 987 - Pages: 4
...EcoNomIcs mIcroEcoNomIcs macroEcoNomIcs Course Description Effective Fall 2012 AP Course Descriptions are updated regularly. Please visit AP Central® (apcentral.collegeboard.org) to determine whether a more recent Course Description PDF is available. The College Board The College Board is a mission-driven not-for-profit organization that connects students to college success and opportunity. Founded in 1900, the College Board was created to expand access to higher education. Today, the membership association is made up of more than 5,900 of the world’s leading educational institutions and is dedicated to promoting excellence and equity in education. Each year, the College Board helps more than seven million students prepare for a successful transition to college through programs and services in college readiness and college success — including the SAT® and the Advanced Placement Program®. The organization also serves the education community through research and advocacy on behalf of students, educators, and schools. For further information, visit www.collegeboard.org. AP Equity and Access Policy The College Board strongly encourages educators to make equitable access a guiding principle for their AP programs by giving all willing and academically prepared students the opportunity to participate in AP. We encourage the elimination of barriers that restrict access to AP for students from ethnic, racial, and socioeconomic groups that have been traditionally underserved. Schools...
Words: 12516 - Pages: 51
