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supply and demand simulation paper. Supply and Demand Simulation 1. What
causes the changes in supply and demand in the simulation? ...
... The concepts in the simulation can be related to the workplace of the author of
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Martinez University of Phoenix April 15, 2008 Phil Behnke ECO/365 Supply and ...
... This paper will provide an overview of the four key points. Four Key Points 1. Demand
and Supply Curves According to the simulation, a demand curve is downward ...
... Applying Supply and Demand Concepts" deals with the supply and demand curves affected
by ... The simulation called for decisions to be made based on what was ...
Submitted by mauricio90044 on January 4, 2007
Category: Business
Words: 723 | Pages: 3
Views: 961
Popularity Rank: 6,881
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Supply and Demand Simulation
1. What causes the changes in supply and demand in the simulation?
Factors that affect supply and demand in the simulation are driven by the availability of the rental apartments, the demand for the rentals, the number of available renters, and the price. According to the simulation, a demand curve is downward sloping. In the simulation, as the price decreased, demand increased. The supply curve, on the other hand, is upward sloping. The quantity of two-bedroom apartments increased as the price increased. A surplus in the market for the apartments exerts downward pressure on the price. This means to attract the possible renters, GoodLife would need to lower prices. On the other hand, a shortage in the number of available apartments exerts an upward pressure on the price. To maintain the balance of quantity demanded and the quantity supplied, GoodLife would need to raise the prices.
2. How do shifts in supply and demand affect your decision making?
Shifts in supply and demand in the simulation were caused by several factors. Changes in the direction of GoodLife Management and the population changes within Atlantis and outlying areas had an affect on supply and demand in the simulation. Changes in the preference of the tenants caused the demand for the apartments to decrease. GoodLife Management began converting the rental apartments into condominiums that were for sell, causing a decrease in the supply at the same time as the decrease in demand. Because of this, the supply curve and the demand curve both shifted to the left.
3. List four key points from the reading assignments that were emphasized in the simulation.
Four key points in the simulation were supply and demand, equilibrium, shifts in the supply and demand, and price ceilings. The simulation is based on supply and demand and is very helpful in understanding the different factors that can affect it. Equilibrium is when the quantity...
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