Individual Supply and Demand Simulation 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. ·  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.




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