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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.
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