[Get Answer ]-Eco365 Week 2 Individual Assignment
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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