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Supply and Demand Simulation

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Complete the Supply and Demand Simulation located on the student website.

Write 700 – 1,050-wordpaper 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.

·  Identifyat least one shift of the supply curve and one shift of the demandcurve in the simulation. What causes the shifts?

·  For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.

·  Howmay you apply what you learned about supply and demand from thesimulation to your workplace or your understanding of a real-worldproduct with which you are familiar?

·  Howdo the concepts of microeconomics help you understand the factorsthat affect shifts in supply and demand on the equilibrium price andquantity?

·  Howdo the concepts of macroeconomics help you understand the factorsthat affect shifts in supply and demand on the equilibrium price andquantity?

·  Relatingto the simulation, explain how the price elasticity of demand affectsa consumer’s purchasing and the firm’s pricing strategy.

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