Complete
the Supply and Demand Simulation located on the student website.
Write 700 “
1,050“
word
paper using the following highlighted items as guidelines for the headings in the body of your paper:
·
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™s purchasing and the firm™s pricing strategy.
Format your paper consistent with APA guidelines. This is a formal paper with an intro, body and conclusion. List and use references including the e-text.
