...LEARNING TEAM CHARTER – TEAM “D” Course Title ECO/365 Principles of Microeconomics Team Members/Contact Information Name Phone Time zone and Availability During the Week Email xxx-xxx-xxxx (e.g., AZ “Mtn Time”, Mon-Sat 9-11pm) Latosha McFarlin 904-412-4370 EST – Mon - Fri any time after 5:30 and Saturday any time after 1pm Tasha.mcfarlin@yahoo.com Theodore Metzger (TJ) 785-342-4721 CST – Available by text and e-mail at all times. I work odd hours and schedule changes so by text or e-mail is the best Remimetzger303@gmail.com Team Ground Rules and Guidelines What are the general expectations for all members of the team? Latosha – I expect all team members to contribute to all Team assignments, to participate in discussions within the team and to adhere to set agreed upon set deadline for assignment submission. TJ-In my past classes we had different team leaders each week and I have nothing but positive results with this. So I feel like we need team leaders. Expectations for Time Management and Involvement (Participation, communication with the team, accessibility, etc.) Latosha – Each week we will set a deadline for assignment submission. If you cannot meet that deadline we should communicate status updates to the team in a timely matter so that we can make necessary adjustments. I have listed my cell# and available time; please do not hesitate to call me if needed. TJ-Check in on...
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...Supply Demand Simulation Macro and Microeconomic Principles From the simulation, the two major microeconomic principles are supply and demand. The simulation majorly focuses on the supply and demand of rental properties in Atlantis. In addition, the influences on supply and demand form the major topic discussed in the simulation. The macroeconomic factors clearly stated in the simulation are changes in the population trend, choosing to rent or buy apartments and factors that directly influence these changes. Colander (2010), states that the quantity demanded always increases with falling prices and quantity supplied reduces with receding market prices (Colander, 2004). The company’s supply is almost 2,000 apartments; the company speculates at reducing the vacancy rates to 15 percent to increase demand, a clear applicability of the demand law. Demand and Supply Shifts The availability of rental apartments, demand for rentals, number of potential renters and the pricing are the common factors that affect supply and demand from the simulation. From the simulation, the demand curve slopes downwards; rising prices decrease demand and vice versa. On the other hand, the supply curve slopes downwards; the quantity of apartments increases with price increases in Atlantis. In addition, higher number of apartments exerts pressure on pricing leading to lowering of prices and for GoodLife to have higher number of renters, they must reduce apartment prices. On the contrary, lower number...
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...of Supply and Demand Eco 365 Instructed by: The purpose of this paper is to review and discuss how the principles of both macroeconomics and microeconomics are pertinent to many aspects of our daily lives in ways that a mass majority of individuals has never stopped to think about. The discussion herein is based on a simulation involving rental apartments in Atlantis that are all owned by the same company known as Goodlife. It is important to anyone individual or company in their growth to know when to know what a good price is, when to spend money, when to save money, and what to do in between, and to do so you must understand the concept of supply and demand and how to utilize the information. Most people understand the basic aspects of this; however, to be effective one must know the importance of how both macro and microeconomics are to our ways of living. Further at it relates to the simulation, discussions in this paper will consist of identifying both a supply and demand curve and explain what happens when a shift takes place as well as their different areas of impact. Lastly, I will discuss price elasticity and how a persons spending. Macro and Microeconomic Principles Here is a quick review of two important terms and definitions. Pursuant to Colander (2013), “Macroeconomics is the study of the economy as a while” and “Microeconomics is the study of how individual choices are influenced by economic forces”. The simulation provides...
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...Supply and Demand Simulation ECO/365 November 11, 2013 Supply and Demand Simulation Microeconomic and Macro Principles As per the simulation, the two major principles of microeconomics are demand and supply. The simulation focused majorly on the demand and supply of rental properties. The simulation clearly states that the macroeconomic factors are changes in the population trend. One of the factors that would directly influence these changes is choosing either to buy or rent apartments. Colander (2010), says, with falling prices it increases the quantity demanded and the supplied quantity reduces when the market prices recede (Colander, 2004). Supply and Demand Shifts From the simulation, the common factors of demand and supply are the availability of apartments, demand, potential renters and pricing. The simulation shows that the demand curve has a downward slope which make prices rise and decrease demand and vice versa. On the flip side of that is, supply has a downward slope curve and the number of apartments rises with price rises as well. In addition, larger numbers of apartments applies pressure on prices which leads to prices falling and for the complex to have a larger number of renters so they need to lower the price on apartments. The opposite would be, fewer number of apartments results in an climbing pressure on prices to obtain a larger market share and keep equilibrium which would enforce the firm to increase prices. Supply and Demand Shift Effects ...
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...Law of Supply and Demand Microeconomics and the Law of Supply and Demand ECO/365 February 12, 2012 Supply and Demand Simulation This week our facilitator assigned each student to participate in an economics simulation that allowed us to be in control over a property management company, named Good Life Management. In this simulation the student was able to use experimental economics and natural experiments. Atlantis is the city in which Good Life Management operates their seven apartment complexes. Atlantis is also a very desirable place to live, and keeps prices competitive. The simulation changed the economic, social, and political factors, and left the student to determine the correct market price to list the apartments. According to Colander, D. (2010) “Theories, models, and principles must be combined with knowledge of real-world economic institutions to arrive at specific policy recommendations”. Microeconomic and Microeconomics In this simulation there were many examples of how micro and macro economics influenced supply and demand. According to Colander, (2010) “Microeconomics is the study of how individuals choice is influenced by economic forces”. In the first simulation Good Life Management had 2,000 two-bedroom apartments with 28% vacancy rate. At this point the simulations recommendation is to lower the rent amount in order to get 15% vacancy which would maximize revenue for Good Life Management firm. In the simulation a new...
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...Supply and Demand Simulation The simulation shows over the years, there are several changes to the population of Atlantis and thus the supply and demand of two-bedroom apartment housing. The changes in the supply and demand curves cause the equilibrium price to rise and fall. In the simulation, the price elasticity of demand affects both the customer’s decision to rent and the company’s pricing strategy. The principles of microeconomics and macroeconomics are both active in the simulation. Examples of microeconomics are the individuals and the GoodLife Company as they made choices because of scarcity and regulation. An example of macroeconomics is the economy-wide change of the government that places a price ceiling on apartments for GoodLife. The two examples of microeconomics classify as such because they have a limited effect on the organization or the individual in the economy. The government’s regulation of price ceiling classifies as macroeconomics because it has an aggregative effect on the economy. Individual consumer choice causes increases and decreases in demand that the company can respond to. The company can modify its price to achieve equilibrium in reaction to consumer demand. However, this is not the case when government sets regulation on product price. In the beginning of the simulation, when the company lowers its rate to $1,050 per month, the vacancy rate hits target level. At this price strategy, the company can fill vacancies for 1700 apartments, leading...
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...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 the tool by which the market coordinates individuals’ desires and...
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...Supply and Demand Simulation ECO/365 Supply and Demand Simulation The supply and demand simulation included both microeconomics and macroeconomics concepts. The simulation focused on a property management firm, GoodLife Management, and its ability to adjust the levels of supply and demand of two-bedroom apartments in the Atlantis community. GoodLife Management was challenged with changes in population, tastes, income, and a price ceiling. As a result of these factors the firm had to strategize about shifts in the changes in supply and demand and determine the equilibrium price and quantity. The microeconomic principles from the simulation include the supply and demand of two-bedroom apartments and the affects of price. The simulation provided exercises on how to determine the number of apartments supplied, the population that demanded the apartments, and the appropriate price per unit at a given time considering market conditions. Microeconomics looks at the smaller picture and focuses on how individuals and firms make decisions based on economic forces. GoodLife Management had to consider how many apartments to supply and the price levels to charge for them to maximize profit (University of Phoenix, 2011, Week Two Simulation). Macroeconomics views the aggregate economy in terms of unemployment, growth, business cycles, and inflation. In the simulation, two macroeconomic concepts considered are the population growth in Atlantis and business cycles. GoodLife...
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...Supply and Demand Simulation ECO/365 July 31, 2013 Robert Watson Supply and Demand Simulation This paper is about the supply and demand simulation from University of Phoenix student website. The simulation is about Good life Management, a real estate property management company that controls the seven apartment complexes in the city of Atlantis. In the nine-year period in the simulation the housing market has increased and decreased because of businesses moving into the area bringing an increase in job market, the change in company expectations and consumer preferences, and the policy changes implemented by the government (University of Phoenix website, 2013). Identifying the two microeconomic and two macroeconomic principles present in the simulation and to explain why these principles are categorized as microeconomic or macroeconomic. The supply and demand was affected by decreasing the rent to lower the vacancy percentage and maximize revenue for the company. This moved is considered a temporary fix on a month-to-month basis and a good example of microeconomics. Another example of microeconomics is when the new company came into town and caused an increased in the population along an increased in the job market. The population and job increase suggest they increase rental rates in response to the increase in demand. An example of macroeconomics is the survey showing that individuals working in Atlantis are living in neighboring cities because of the cost of rent is...
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...Supply and Demand Simulation ECO/365 June 1, 2015 Supply and Demand Simulation Supply and Demand Simulation Supply and Demand is a model of economic price determination in a market and is most likely one of the concepts that is most fundamental of economics. They are the foundational of any marketing economy. “Prices are the tool by which the market coordinates individuals’ desires and limits how much people demand. When goods become scarce, the market reduces the quantity people demand; as their prices go up, people buy fewer goods,” according to Colander, D. (2010) As city that is maintained well and offers the residents everything, Atlantis provides sufficient parks, easily accessible highways, well serviced sidewalks and a low crime rate. A property management firm named GoodLife Management, is responsible for managing seven of the apartment within the Atlantis area and is subsequently, the only organization in the area that rents apartments. In order to determine the equilibrium within the market, it is imparitive to use the supply and demand cure because there have more than 2,000 apartments that are two-bedroom, with just a 28% vacancy rate. It is also important to understand and differentiate between movements along and shift of the demand and supply curves to determine how the equilibrium is re-established after the shift in curves. Some of the microeconomic principles present in the simulation include supply and demand. The simulation...
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...Supply and Demand Simulation Nora Chaparro ECO/365 April 28, 2014 Frank Vigil Supply and Demand Simulation According to Adams (2002), microeconomics is the interaction and behavior of individual units in an economy. On the other hand, however, he says that macroeconomics looks at the economy as an aggregate. While microeconomics has a narrow view of the economy, macroeconomics looks at the economy from a broad perspective. In the simulation, for example, Atlantis city is a small and friendly city with adequate infrastructure, which makes it suitable to habit. This can be viewed as the macroeconomic viewpoint of the city since the analysis covers a broad spectrum. The simulation further indicates that there is a low traffic and very little pollution and low crime rate. This establishes a more narrow perspective of the city, looking at individual components of the city that makes it conducive living environment. Adequate infrastructure is also a generalized concept making it a macroeconomic viewpoint of the city. The mention of the parks and housing narrows down the field into two different sublets of infrastructure, that is, housing and recreational facilities (microeconomic concepts). A shift in the demand and supply curve can move to the right or to the left depending on different market forces. A shift to the right of the supply curve would indicate that there has been a subsequent increase in the supply of two-bedroom apartments. There was a shift in the demand...
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...The simulation begins in the city of Atlantis, which uses two bedroom apartments for rent and the effect the supply and demand circle has on those rentals and their respective worth through various scenarios. Good Life Mgmt. is a property management organization that controls and manages the apartment rentals in Atlantis. Good Life has a monopoly in the market in Atlantis since it is the only company who manages rentals in the city at this time. The only “rival” or competitor or “closest substitute is rental detached homes, provided by Oakridge Builders” (Apollo Group, Inc. 2003) Atlantis is a city with over 2,000 two bedroom rental apartments. The town has a healthy population and its growing. There are quite a few people who are renting these apartments, and that number is growing as well. It is very important to be aware of the situation that is occurring in the local economy of Atlantis, and it is equally important to stay abreast to developments in both macroeconomic and microeconomic perspectives. On the subject of microeconomic perspectives, it is important to understand how the residents of Atlantis will be affected by the supply and demand of these rental apartments. If the rates of these apartments are rise even slightly, would people be capable of making the necessary adjustments and be able to make rent in these apartments? Macroeconomics incorporates the economy as a whole. In the beginning of the simulation, the town of Atlantis had a healthy population with...
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...Supply and Demand Simulation ECO365 September 16th, 2013 Supply and Demand Simulation In the city of Atlantis there have been many changes over the last several years changing the supply and demand of rental property from Goodlife Management as well as the demand for permanent housing. Any change will invoke either an increase in rental charges or a decrease. Also throughout the course of Goodlife’s presence in Atlantis they have converted some of their 2 bedroom rental apartments into permanent condos that people can purchase. The text states that microeconomics is the study of the choices of individuals and how those choices can be influenced by economic forces. Goodlife Management, as previously stated rents two bedroom apartments and these apartment rental rates are based on the demand for the apartments and the actual supply of the apartments. The apartments will be in demand by individuals based on economic influences. On the other hand Macroeconomics is the study of the economy as a whole or big picture view. Macroeconomics focuses on inflation, unemployment, growth, and the cycles of business. A macroeconomic example from the simulation is the more industry that has moved to Atlantis causing more employment opportunities has caused an increase for permanent housing and the rental of apartments because the population is increasing. The simulation also touches on several instances where the supply and demand curve changed based on different factors...
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...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 had increased. Within the simulation macroeconomics included that the government was forced get involved...
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...In the simulation of the city of Atlantis, it demonstrated how supply and demand can shift due to adjustments with 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...
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