Supply and demand from the simulation

Assignment Help Microeconomics
Reference no: EM13761537

Complete the Supply and Demand Simulation located on the student website.

Write a 700 - 1,050-word paper summarizing the content of the simulation, and address the following:

Identify two microeconomics and two macroeconomics principles or concepts from the simulation.

Explain why you have categorized these selected 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.

Explain what causes the shifts, and how each shift affects the equilibrium price, quantity, and decision making.

Include responses to the following:

  • 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 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?
  • How does the price elasticity of demand affect a consumer's purchasing and the firm's pricing strategy, as it relates to the simulation?

Reference no: EM13761537

Questions Cloud

Cost per output and cost per outcome response : A human service agency did not determine the cost per output and cost per outcome.
Modify testscoreappmath : Use the += operator to increase the scoreCount and scoreTotal variables. Then test this to makes sure it works.
Partnership and corporate tax returns : Use the partnership and corporate tax returns for the practice sets titled, "Pet Kingdom" and "ROCK the Ages, LLC" that you prepared in Weeks 3 and 5 in order to complete this assignment.
Write a paper about communicative competence for parents : Write a paper about communicative competence for parents and teachers of young children. explain why it is important for children to acquire.
Supply and demand from the simulation : 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?
Compare and contrast the different iss policies : Describe the different ISS policies associated with risk management. Compare and contrast the different ISS policies associated with incident response teams (IRT).
What is the definition of a randomly chosen sample : What is the definition of a "randomly chosen sample" (according to the definition discussed in your text), and what is the goal of randomly choosing a sample?
Describe the tax benefits : Describe the tax benefits offered in conducting business internationally for the corporation selected. Recommend at least one (1) tax benefit that the U.S. could offer corporations to transfer business back to the U.S. to help reduce unemployment...
Web design and development : Identify the primary responsibilities associated with each of the following Web design roles: content writer/editor, artist/graphic designer, Web page designer, Web programmer/database developer, and content manager.

Reviews

Write a Review

 

Microeconomics Questions & Answers

  Summary of endogenous and exogenous growth theories

Developing a brief summary of endogenous and exogenous growth theories.

  Write the difference between scarcity and rarity do bill

what is the difference between scarcity and rarity? do bill gates and donald trump face scarcity and if yes how so?

  Independently distributed standard normal random variables

LET X and Z be two independently distributed standard normal random variables. We defined another random variable Y=X^2+Z

  What economic benefits does such a name confer

According to Inter brand Corporation, the Coca-Cola brand name (not the company) is worth $67 billion. At least theoretically, this is what Coke could get for the name if it decided to sell it to someone else.

  What is the economic cost of jens business

Jen left a job paying $75,000 per year to start her own florist shop in a building she owns. The market value of the building is $100,000. She pays $30,000 per year for flowers and other supplies

  Why does a perfectly competitive firm maximize revenues

Why does a perfectly competitive firm maximize revenues where P=MC? Why is P=MR in this market type? Name a business you think belongs in this category. Why? Be sure you think about all of the assumptions about firms in this industry

  Rends in non-store retailing

Rends in Non-store Retailing

  The cause-effect chain of monetary policy

First define the concept of monetary policy and explain which schedule in the IS-LM model would be directly affected by the use of monetary policy. Next, define the concept of the transmission mechanism (or the cause-effect chain of monetary policy),..

  Write and explain characteristics of perfectly competitive

list and describe the characteristics of a perfectly competitive market. why would a firm in a perfectly competitive

  Period -expressed in base-year dollars of value

Suppose that since some base year, the the price index (or GDP deflator) has increased from 100 to 125. During the same time period, NOMINAL GDP has increased from $500 billion to $600 billion. What is the value of REAL GDP at the end of this period ..

  Explain the impacts of an expansionary fiscal policy

Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.

  Multiple nash equilibria and is a nash equilibrium.

Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The $50 is divisible up to one cent. The players have one-shot to reach an agreement. Management has the ability to announce what it wants first, and the..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd