Microeconomics – ORIGINAL WORK – PLAGIARISM FREE (DUE 6PM EST – TODAY)

 

Read the Supply and Demand Simulation in the attachchment

  

Write 850 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’s purchasing and the firm’s pricing strategy.

  

Format your paper consistent with APA guidelines