ECO 365 Week 2 Individual Assignment Supply and Demand Simulation
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ECO 365 Week 2 Individual Assignment Supply and Demand Simulation
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.
Format your paper consistent with APA guidelines.
ECO 365 Week 2 Individual Assignment Supply and Demand Simulation
Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser...