Reference no: EM132456985

Complete the Supply and Demand Simulation. ( Already Completed, summary attached to word document. Read and use information to write paper)

Please add any notes that will help me understand your process, thank you. I would like to use this as a reference.

Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following:

• Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video.
• 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/video.
• Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.

Includeresponses to the following: 

• How might you apply what you learned about supply and demand from the simulation/video to your workplace (private security) 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/video?

Cite a minimum of 3 peer reviewed sources.