ECO 365 Week 2 Individual Study Guide Supply and Demand Simulation
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’s purchasing and the firm’s pricing strategy.
Format your paper consistent with APA guidelines.
1133 WORDS WITH TWO REFERENCES – GRADED 100% – A+++ WORK
Related Study Guides
ECO 365 Week 2, 3, 4, & 5 - All Study Guides !
ECO 365 Week 2, 3, 4, & 5 - All Study Guides This comprehensive tutorial includes ...read more
ECO 365 Week 3 Team Study Guide Current Market Conditions Competitive Analysis
ECO 365 Week 3 Team Study Guide Current Market Conditions Competitive Analysis Imagine you are part ...read more
[Full Course + Final Exam Bundle] ECO 365 Weeks 1-5 Complete Course with Final Exam
[Full Course + Final Exam Bundle] ECO 365 Weeks 1-5 Complete Course with Final Exam This ...read more
Eco 365 Week 4 Differentiating Between Market Structures
Eco 365 Week 4 Differentiating Between Market Structures Differentiating Between Market Structures in an Organization of ...read more