Published on January 25, 2016
For more course tutorials visit www.uophelp.com Complete the Supply and Demand Simulation located on the student website. 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’spurchasing and the firm’s pricing strategy.