1. Read the materials listed on for Week Two.
2. Supply and Demand Simulation
Using the link provided on the page, access and complete the Supply and Demand simulation. Based on your learning, reading, and on the simulation, prepare a 700-1,050-word paper summarizing the content. In the paper, be sure to address the following:
a. What causes the changes in supply and demand in the simulation?
b. How do shifts in supply and demand affect your decision making?
c. List four key points from the reading assignments that were emphasized in the simulation.
d. How can you apply what you learned about the concepts of supply and demand from the simulation to your workplace?
e. Determine how price elasticity of demand affects the decision making of the consumer and of the organization.
f. Summarize your results of the assessment for your instructor.
These assignments are due in Week Two.
This week simulation is based on Good Life Management and their dealings with supply and demand of their two bedroom apartments. The Good Life Management Company manages 7 apartment complexes in the small city of Atlantis. The Management Team must make critical decisions regarding the renting two-bedroom apartments. Their goal is to attract and retain customers while maximizing revenue.
Many factors caused changes in supply and demand for Good Life Management.
How do shifts in supply and demand affect your decision making?
Shifts in supply and demand in the simulation were caused by several factors. Changes in the direction of GoodLife Management and the population changes within Atlantis and outlying areas had an affect on supply and demand in the simulation. Changes in the preference of the tenants caused the demand for the apartments to decrease. GoodLife Management began converting the rental apartments into condominiums that were for sell, causing a decrease in the supply at the same time as...