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ECO365 Microeconomics and the Laws of Supply and Demand
Complete the Supply and Demand Simulation (DONE – see ATTACHMENT)
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 microeconomics or macroeconomics.
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 equilibrium prince 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?
Explain how the price elasticity of demand affects a consumer’s purchasing and the firm’s pricing strategy as it relates to the simulation.
Format your paper consistent with APA guidelines.