Preview

week 2

Satisfactory Essays
Open Document
Open Document
594 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
week 2
Complete the Supply and Demand Simulation located on the Materials tab (Week 2) of the course. 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?
• How do the concepts of macroeconomics 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. Complete the Supply and Demand Simulation located on the Materials tab (Week 2) of the course. 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

You May Also Find These Documents Helpful

  • Better Essays

    ECO 365 WK 2

    • 874 Words
    • 3 Pages

    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.…

    • 874 Words
    • 3 Pages
    Better Essays
  • Satisfactory Essays

    1.(Tco a)

    • 380 Words
    • 2 Pages

    (b.) Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your costs of production increase. What new decisions will you make regarding production levels and pricing for your Widget facility? (Points: 30)…

    • 380 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    eco365

    • 1056 Words
    • 5 Pages

    There are some factors that can affect the supply and demand that are not just price and this is what is called shift factors. The shift factors in demand can include things such as, prices of other products, tastes, the expectations and also the taxes. Shift factors in supply would include the price of inputs, technologies. There is a difference in demand and quantity demand, demand is described as a good that will be bought at various prices as on the other hand quantity demand is a good that can be bought at a specific price. The movement along the demand curve is when there is a change in the price which changes the quantity demand. The shift in the demand curve is when there is a change in anything other than the price that will end up affecting the demand and will change the entire demand curve. The difference between the movement along the demand curve and shift of the demand curve is when something changes the price it will change the demand which is the movement along, and when something affects or changes anything other than the price it is considered a shift in demand.…

    • 1056 Words
    • 5 Pages
    Satisfactory Essays
  • Good Essays

    The second microeconomic concept the simulation deals with is income. The simulation has the participant decide what actions to use to do two things: 1) increase income, and 2) lower vacancy rates. The participant is successful at a vacancy rate of 5% as this maximizes income. This is in the category of microeconomics because it deals with the income of one entity or…

    • 882 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    In microeconomics the supply and demand relies on both the competitors and the cost. At the point in which the bidding is done is referred to as the equilibrium. Macroeconomics showed us that when the jobs and population were increased the increase or decrease on the apartments occurs. The equilibrium is higher than it was before and therefore the number of apartments that were demanded and supplied increased as well.…

    • 743 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Mt 455

    • 317 Words
    • 2 Pages

    1. Determine whether each of the following is primarily a microeconomic or a macroeconomic issue:…

    • 317 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Study Guide Eco/365

    • 2073 Words
    • 9 Pages

    Objective: Analyze the effect of changes in supply and demand on the equilibrium price and quantity.…

    • 2073 Words
    • 9 Pages
    Good Essays
  • Good Essays

    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 be charged, which is usually below the equilibrium price. This is a macroeconomic concept since it was enforced through the government. Another macroeconomic principle presented in the simulation was when there was an increase to the population of Atlantis, since it deals with growth and various economic situations will arise as a result. In…

    • 972 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    pineda

    • 253 Words
    • 2 Pages

    Compare and contrast microeconomics and macroeconomics. How do the two approaches interrelate? Use a specific example to explain.…

    • 253 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    wk 2 paper

    • 315 Words
    • 1 Page

    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…

    • 315 Words
    • 1 Page
    Satisfactory Essays
  • Powerful Essays

    econ252

    • 1281 Words
    • 8 Pages

    This principles level macroeconomics course begins with a foundation of microeconomic principles and the model of supply and demand. We then move to macroeconomic topics such as national income, saving and investment, prices and inflation, and government monetary and fiscal policy in response to business cycles.…

    • 1281 Words
    • 8 Pages
    Powerful Essays
  • Better Essays

    Refer to the sets of the aggregate demand, short-run aggregate supply, and long-run aggregate supply curves. Use the graphs to explain the process and steps by which each of the following economic scenarios will shift the economy from one long-run macroeconomic equilibrium to another equilibrium. Under each scenario, elaborate the short-run and long-run effects of the shifts in the aggregate demand and aggregate supply curves on the aggregate price level and aggregate output (real GDP).…

    • 1398 Words
    • 4 Pages
    Better Essays
  • Good Essays

    Market Equilibrium

    • 976 Words
    • 4 Pages

    Managers must understand the market equilibrium process to make a proper determination on their products. In this paper this author will analyze the law of demand, determinants of demand law of supply, determinants of supply, market equilibrium, changes in equilibrium, Kellogg’s equilibrium analysis, efficient market theory, and surplus and shortage.…

    • 976 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Terms and Concepts

    • 5017 Words
    • 21 Pages

    10.Change in supply is: a change in the schedule and a shift of the curve…

    • 5017 Words
    • 21 Pages
    Good Essays
  • Satisfactory Essays

    college syllabus

    • 1015 Words
    • 10 Pages

    This course deals with the analysis of overall behavior of the economy. It will strive to explain…

    • 1015 Words
    • 10 Pages
    Satisfactory Essays