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
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factors including supply and demand in the big picture of both microeconomics and macroeconomics. GoodLife Management is a company that manages rental complexes and has a monopoly of sorts in that it is the only company that rents at seven certain complexes. As Lintech, a new company moves to Atlantis an increase in the demand for housing causes some change in both prices and supply. A good example of one principle of microeconomics in the simulation is the concept of reaching equilibrium, where
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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
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for any given month. According to the text, macroeconomics is the study of the economy in its entirety. Macroeconomics is studying unemployment, business cycles, business growth, and inflation. Microeconomics refers to studies of individuals and decisions made in business. An effect of a microeconomic result would be a higher demand for maintaining the rented properties by an increase in rented apartments and employment would increase. If Goodlife wanted to reduce the vacancy rate, lowering prices
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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
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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
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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
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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
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Subject code: BBEK1103 Subject: Principles of Microeconomics Contents Preface .......................................................................................................................................................... 2 Introduction ................................................................................................................................................... 3 Effects of Tax systemt ......................................................................
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Supply and Demand Simulation ECO/365 July 30, 2014 Supply and Demand Simulation The analysis 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
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