How do concepts of microeconomics help you understand

Reference no: EM13393631

Complete the Supply and Demand Simulation located on the student website.

Write 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.

Reference no: EM13393631

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