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The paper will summarize the simulation “Applying Supply and Demand Concepts” by identify two microeconomics and two macroeconomics principles or concepts from the simulation. Identify at least one shift of the supply curve and one shift of the demand curve in the simulation and 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, the concept of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity and lastly relating to the simulation, explain how the price elasticity of demand affects a consumer’s purchasing and the firm’s pricing strategy.

The two microeconomics identified in the simulation are supply and demand. The apartment complex Atlantis provides two bedrooms and has over 2,000 units available the demand is high due to employees wanting to move into the city due to location close to work. The macroeconomic identified in the simulation would be if the workers would want to rent an apartment or buy a condo or not to rent an apartment or buy a condo.

One shift of the supply curve simulation is with the current rental rate and quantity supplied. The shift of the supply curve change in rental rate when you select the number of apartments to be leased. One shift of the demand curve in the simulation with the current rental rate and quantity demanded. The shift of the demand curve change in quantity demanded and vacancy rate when you select a particular rental rate.

• For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.

• How may you apply what