Eco/365 Week 2 Individual Assignmnet

Topics: Supply and demand, Microeconomics, Economics Pages: 2 (751 words) Published: January 25, 2013
Supply and Demand Simulation

In the University of Phoenix simulator (2003), learners are taken through the Supply and demand of two-bedroom flats in a town known as Atlantis. The simulator itself is used as a device to learn about the supply and demand shapes as well as stability. Other key learning points are the aspects that impact supply and demand, the impact that a cost roof has on the amount required and the amount provided. Throughout the simulator, learners figure out the lease rates or how many flats are leased out for a given month. A microeconomic idea that separated itself at the beginning of the simulator was the use of the phrase “monopoly”. The simulated control company has a monopoly in the lease area within Atlantis. I regarded it to be a microeconomic idea in that it was restricted to a certain area. On a macroeconomic range, it would not hold true because of the fact that there are several lease control companies throughout the world. The second microeconomic idea from the simulator was the situation in which the university student is to figure out a per month lease amount that will eliminate the discrepancy between amount required and amount provided at the lease amount of $1550 (University of Phoenix, 2003). I consider this to be a microeconomic idea because each market or area has its own standard for amount required which definitely impacts how much is provided. An example of this is that of unique automobiles. There are a small number of these automobiles in need which results in the producers of these automobiles to develop only a restricted amount. A macroeconomic idea that revealed through in the simulator was that for any product, more amounts are required at a lower cost, other things staying continuous. To apply that to a microeconomic range using the simulator as an example, when the lease amount was decreased, more individuals were willing to move in. The changes in supply and demand in the simulator are caused by...

References: Supply and demand Simulation, University of Phoenix 2003
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