...365 Wednesday, March 13, 2013 William Mason Supply and Demand Simulation Paper In the simulation, Goodlife Management is a company who rents and leases two-bedroom apartments in the city called Atlantis. The simulation helped students understand shifts in demand and supply, the effect of a price ceiling on the quantity demanded and quantity of supplied two-bedroom apartments, and the equilibrium point as well. “Microeconomics is the study of how individual choice is influenced by economic forces” (Colander, 2010). Individuals in this case refer to both people and businesses. Two microeconomic principles that are apparent in the simulation are the supply of two-bedroom apartments for rent, and the demand for renting them. In all the scenarios, students were challenged to either increase or decrease rental rates on behalf of Goodlife Management, depending on how high or low the demand of two-bedroom apartments were. On the other hand, macroeconomics is the study of the economy as a whole and considers problems of inflation, unemployment, business cycles, and growth (Colander, 2010). The increase in population, or growth, had an impact on the apartments because there was a parallel increase in demand for rented apartments. The reason for an increase in population was the fact that a new business was opening up in Atlantis, thus creating job opportunities in the city. Because the employment rate in Atlantis was rising, the demand for renting apartments increased as well and falls...
Words: 1034 - Pages: 5
...Supply and Demand Simulation Sandra Torrey ECO/365 February 24, 2014 Bert Wheeler Supply and Demand Simulation Supply and demand can happen in either real life situations or at the work place or both. When certain things happen with supply and demand there can be a shift in the supply and demand curve, which will be explained. Another item that can be impacted is the equilibrium price on decision making and on quantity. These will be analyzed as well. Supply and demand can be influenced by the movements that are associated with both macroeconomics and microeconomics and also influenced by the equilibrium price and quantity. Price electricity of demand also has an impact on the consumer’s purchasing and on the pricing strategy of the company. All these items were either shown or demonstrated in the simulation online in a city called Atlantics and this is how I see them. Macroeconomics and Microeconomic Principles Supply and demand of apartments being rented in Atlantics are the two microeconomic concepts that are present in the simulation. On the other hand, at macroeconomic level, there were changes in population trends when it came to choosing to rent or not to rent apartments as well as factors that influenced these changes. According to Colander (2010), the law of the demand says that quantity demanded increases as price falls, other things constant. The law of supply asserts that the quantity supplied decreases as price falls, other things constant. The supply...
Words: 866 - Pages: 4
...The Supply and Demand Simulation that was taken through the University of Phoenix utilizes the principles of microeconomics and macroeconomics concepts and theories. These concepts and theories are explained and relate to the principle of microeconomics and macroeconomics. The simulation actually presents relative reasons in the supply and demand curve, as well as an explanation for the shift. Each shift in the supply and demand curve is analyzed, which forecasts the effects of equilibrium price, decision making for the company presented and the quantity. The obtained concepts in the simulation will enable me to utilize and apply them to my current workplace. With the explanation of price elasticity, one can understand the effects that demand has on the pricing strategy for consumers and companies and how important a strong strategy is relevant to success. Atlantis is a nice neighborhood within the simulation that has many amenities that consumers look for (University of Phoenix, 2012). The simulation neighborhood of Atlantis utilizes two bedroom apartment rentals to present the effects of supply and demand for potential customers. The simulation also presented many other scenarios that the management company encountered with the two bedroom apartment rentals, such as how the apartment rental price can affect supply and demand while trying to stay competitive in the market of real estate. The simulation utilizes microeconomics concepts to illustrate the reasons for change in...
Words: 1270 - Pages: 6
...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
...Petroleum Prices and Demand Abstract This week's simulation is centered on GoodLife Management. GoodLife Management is located in a town by the name of Atlantis, where the company rents two-bedroom apartments on a month-to-month basis. This paper will cover the simulation’s supply and demand for two bedroom apartments, the concepts of microeconomics and macroeconomics principles, the shifts in supply and demands, and how the equilibrium is affected during the shifts. The paper also covers how price elasticity of demand affects the decision-making of the consumer and the organization. Introduction The "Applying Supply and Demand Concepts" simulation displays how the supply and demand curves are affected by various conditions that happened with Goodlife's two-bedroom apartments in the city of Atlantis. The simulation called for choices to be made on the grounds for what was happening in the community of Atlantis and what the company was trying to accomplish economically as an effect of the changes within the community. This paper will recap concepts found in the simulations and explain what caused the changes in supply and demand, how the changes in supply and demand played a key part in the decisions that were made, and relate the concepts of supply and demand to reality. Microeconomics and Macroeconomics According to Colander (2010) “Macroeconomics is the study of the economy as a whole. It considers problems such as inflation, unemployment, business cycles, and...
Words: 900 - Pages: 4
...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
...Supply and Demand Simulation Paper Jonathan Vida ECO/365 May 7, 2014 Fariba 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...
Words: 987 - Pages: 4
...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
...| Supply and Demand Simulation Nivea E. Martinez Ramirez University of Phoenix ECO/365 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...
Words: 894 - Pages: 4
...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 “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 Gasoline so high? supply and demand. This paper will speak about a simulation found on University of Phoenix student website, simulation named “Applying Supply and Demand Concepts” This paper will speak about macroeconomics and microeconomics principles, Paper will also refer to shift of the supply curve and shift of the demand curve. Also how the how concepts of Microeconomics and Macroeconomics help understand the factors that affect shifts in supply and demand on the equilibrium price and quantity, and last how the price elasticity of demand affects a consumer’s purchasing and the firm’s pricing strategy. Microeconomics and Macroeconomic Principles According to Colander (2010) Microeconomics is define as “the study of individual choice, and how that choice is influenced by economic forces.” With this in mind, principles present on the “Applying Supply and Demand Concepts” simulation are Rental unit Prices and Rental units supply. According to Colander (2010) Macroeconomics is defines “is the study of the economy as a whole.” With this in mind one can say that macroeconomics principles on this simulation are population...
Words: 300 - Pages: 2
...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...
Words: 945 - Pages: 4
...Supply and Demand Simulation Joseph Silva Eco 365 FARIBA KHERADMAND 5/6/14 In this paper we will be observing the key points of microeconomics and how it relates to week twos supply and demand simulation. We shall go over and review the basic principals on how the supply and demand curve works and is effected in certain senarios. Also in this summary we will go over the affects on equlibrium price, quantiy, and decision making. Finally we will talk about the firms stategies how it relates to the senario. The senario in this simulation brings you to a new city called Atlantis where you are a property manager of some two bed room apartments. Your job is to manage the rental rates and make sure things don’t get out of hand in reguads to shifts in the demand and supply. The first topic we shall review in this paper is the miro and macro economic principles that came up in the simulation. From the the microeconomy stand point the two concepts that came up were the supply and demand as well as price cellings. The supply and demand was the most obvious one to choose. In the simulation you had to figure out how much the supply and demand curve shifted. In most cases the demand curve was always shifting due to the preferences of the simulation always changing. If the population increased then the demand for the apartments increased. Same thing if the preference changed it could cause and increased affect or a decreased...
Words: 758 - 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
...Basic Concepts Paper Charles Lloyd Eco/415 October 19, 2012 George Flemming Basic Concepts Paper Circumstances, which are different, can have a major affect on supply and demand. The simulation in this week’s assignment deals with the curves of supply and demand and how they are affected by the changing of situations that happens in the city of Atlantis with the two-bedroom apartments. Changes were supposed to be made depending on the findings and results made within the Atlantis community. The shifts in supply and demand will have an effect on the Goodlife decisions. This simulation has four emphasized key points they are price ceilings, supply and demand, shifts in supply and demand, and equilibrium. This paper will summarize briefly found concepts of each scenario; whereas, it will explain the supply and demand changes and how the changes affect decisions that relate the supply and demand concepts to the testing service department of Aflac’s Software Company. When Goodlife first started the business wanted to see what, he or she would have to charge for the monthly rental of an apartment to receive maximum revenue for the 2,000 available apartments. The results showed that an apartment monthly rent of $900 would have to be charged for the maximum revenue to reach $1.80 million dollars. Although this rate is better than the $1300 that was original asked; whereas, $2,000 apartments were in demand and rented leaving no surplus. This simulation shows that when a lower...
Words: 1304 - Pages: 6
...Supply and Demand Simulation Thomas Alejandro ECO/365 February 17, 2014 Mubarak Laminu Supply and Demand Simulation The supply and demand simulation is based on the management of rental apartments by GoodLife Management in the fictional town of Atlantis. 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. At the beginning of the simulation GoodLife had 2,000 two-bedroom rental apartments and is required to decrease the monthly vacancy from 28% to at least 15% to increase revenue. GoodLife has to find what rental rate to input so all expenses are covered. There are many changes to the simulation that affect supply and demand. There are also shifts in the supply and demand that affect the decisions made by GoodLife. Four key points emphasized in the simulation are; supply and demand, equilibrium, shifts in the supply and demand, and price ceilings. The concepts in the simulation can be related to the workplace of the author of this paper. Factors that affect supply and demand in the simulation are driven by the number of available two-bedroom rental apartments, the demand for the rentals, the number of available renters, and the price. According to the simulation, a demand curve is downward sloping, and as the price decreases, demand increases. The supply curve is the opposite of the demand curve...
Words: 884 - Pages: 4
