ECO 365 Week 2 Individual Assignment Supply and Demand Simulation

Completethe Supply and Demand Simulation located on the student website.

Write700 - 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.

Formatyour paper consistent with APA guidelines.