Supply and Demand Simulation Paper - 886 Words

Supply and Demand Simulation Paper ECO/365 Week 2 Individual Assignment February 25, 2013 Supply and Demand The analysis will identify two microeconomics and two macroeconomics principles or concepts from the simulation, and explain why each principle or concept is in the category of macroeconomics or microeconomics. The analysis will identify at least one shift of the supply curve, and one shift of the demand curve from the simulation and what causes the shifts. The analysis will show for each shift, how it would affect the equilibrium price, quantity, and decision making. It will detail application to learned material about supply and demand from the simulation to workplace or real-world product. It will detail how concepts†¦show more content†¦The simulation is a model with no right or wrong answers, and has rational expectations of both the person using the simulation and the person reading the analysis of the data from the analysis. This is in the category of macroeconomics because it deals with the â€Å"big picture† of the analysis’ expectations. The second macroeconomic concept the simulation deals with is adaptive expectations. The simulation uses information from the simulation, and tries to simulate how GoodLife will encounter different problems basing the information on past events. This is in the category of macroeconomics because it shows a larger picture of the company and how it will adapt its expectations in years to come. The analysis shows a supply curve, â€Å"which is an imaginary line at a point in time telling the quantity a supplier provides at various prices of the product† according to dictionary (dictionary, 2013). The cause of the supply curve in the simulation is that the rates of the apartment rentals went up, and so did the number of apartments GoodLife was willing to rent. This made the supply curve slope upward, as the goal is to rent out every apartment. The equilibrium price is $1550, and the quantity is 2500 apartments. Recently my family moved into a new apartment complex. The complex was advertising a move-in special of $199 for the first month total move-in costs. This was a good advertisement, and brought in many new tenants to the apartmentShow MoreRelatedSupply and Demand Simulation Paper1130 Words   |  5 PagesSupply and Demand Simulation Paper Principles of Microeconomics 365 Matthew J. Angner June 1, 2010 University of Phoenix Online Introduction The supply and demand simulation was based on the management of rental apartments by GoodLife Management. The apartments are in a fictitious town called Atlantis. Topics that will be reviewed in this paper include changes in supply and demand, how shifts in supply and demand affects decision-making, key points from the reading assignments thatRead MoreEco365 Supply and Demand Simulation Paper761 Words   |  4 PagesSupply and Demand Simulation ECO/365 Supply and Demand Simulation In the University of Phoenix simulation (2003), students are taken through the supply and demand of two-bedroom apartments in a city called Atlantis. The simulation itself is used as a tool to learn about the demand and supply curves as well as equilibrium. Other key learning points are the factors that affect supply and demand, the effect that a price ceiling has on the quantity demanded and the quantity supplied. ThroughoutRead MoreAnalyzing Supply of Demand Simulation1042 Words   |  5 PagesAnalyzing Supply of Demand Simulation ECO/365 January 31, 2010 Analyzing Supply of Demand Simulation Supply and demand is a significant element of business procedures thus this paper will evaluate how supply and demand affects a business via a simulation provided by the University of Phoenix. In this paper, I will talk about the reasons for changes that occur in supply and demand. I will talk about how shifts in supply and demand influence the organization’s decision making processRead MoreSupply and Demand Simulation983 Words   |  4 Pages   ECO365 Supply and Demand Simulation Student Name ECO/365 – Principles of Microeconomics Instructor Name Date Introduction Supply and Demand is a phrase that every one hears in one way or another, Supply and demand phrase according to Colander, (2010) is the most used phrase by economist and the reason is because the phrase provides a good â€Å"off-the-cuff† answer for many question that have to do with economy. Example why are interest rates to Low? Because supply and demand. Why is GasolineRead MoreEco 365 Supply and Demand Simulation Essay855 Words   |  4 PagesSupply and Demand Simulation ECO/365 November 26, 2012 The purpose of this paper is to discuss the Supply and Demand simulation from the student website. The idea is to identify two microeconomic and two macroeconomic principles present in the simulation and to explain why these principles are categorized as macro or microeconomic. The paper will also determine one shift of the supply curve and one shift of the demand curve from the simulation, as well as why theseRead MoreSupply and Demand Simulation819 Words   |  4 PagesSupply and Demand Simulation A simulation was conducted to understand supply and demand when renting out apartment homes. This paper will briefly explain two microeconomics and two macroeconomics principles, it will include one shift of the supply curve and demand curve in the simulation. For each of the shifts the affect of the equilibrium price, quantity, and decision making will be analyzed. A description of supply and demand from the simulation and how to apply it in the workplace is includedRead MoreBasic Concepts1315 Words   |  6 PagesBasic Concepts Paper Charles Lloyd Eco/415 October 19, 2012 George Flemming Basic Concepts Paper Circumstances, which are different, can have a major affect on supply and demand. The simulation in this week’s assignment deals with the curves of supply and demand and how they are affected by the changing of situations that happens in the city of Atlantis with the two-bedroom apartments. Changes were supposed to be made depending on the findings and results made within the Atlantis communityRead MoreApplying Supply and Demand Concepts1027 Words   |  5 PagesApplying Supply and Demand Concepts David Hodge ECO 365 April 29, 2013 Robert Watson Applying Supply and Demand Concepts The supply and demand simulation was a very helpful tool in understanding the effects of external factors on the supply and demand curves. Understanding this concept is fundamental in preparing for real life situations. I personally enjoyed the fact that the simulation was based on a real estate management company. I was able to understand and relate to the informationRead MoreSupply and Demand Simulation Essay694 Words   |  3 PagesSupply and Demand Simulation This weeks simulation is based on GoodLife Management. GoodLife Management is located in the fictitious town of Atlantis, and rents two-bedroom apartments on a month-to-month basis. The simulation provided working examples of several factors that effectively change the supply and demand of GoodLifes rentals over the course of several years. These factors include GoodLifes management direction, population changes within Atlantis and outlying areas, changes in consumersRead MoreAssignment : System Modeling And Simulation1082 Words   |  5 PagesMMATIVE ASSIGNMENT 1 (S1) System modelling Simulation Background information: To begin with, the simulation named as Beer Game was being founded by Jay Forrester at MIT which illustrates the supply chain run by group based coordination including retailer, wholesaler, distributor and factory (Forio 2001). Moreover, the role of a retailer has been given which means the gamer have to manage the overall inventory for the retail outlets of an American company Samuels Root beer, located in Pittsburgh