How price elasticity of demand affect consumer purchasing

Assignment Help Microeconomics

Reference no: EM13758795

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

Write a 700 - 1,050-word paper summarizing the content of the simulation, and address the following:

Identify two microeconomics and two macroeconomics principles or concepts from the simulation.

Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.

Identify at least one shift of the supply curve and one shift of the demand curve in the simulation.

Explain what causes the shifts, and how each shift affects the equilibrium price, quantity, and decision making.

Include responses to the following:

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 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?
How does the price elasticity of demand affect a consumer's purchasing and the firm's pricing strategy, as it relates to the simulation?

Reference no: EM13758795

Questions Cloud

What are some maintenance challenges you see : What are some maintenance challenges you see for the CRM system? How can we reduce the cost for the six types of maintenance

Current network environment and services : You were hired as the manager for network services at a medium-sized firm. This firm has 3 offices in 3 American cities. Recently, the firm upgraded its network environment to an infrastructure that supports converged solutions

Research information on the historical development of health : Using references other than those contained in this unit, research information on the historical development of health care.

Problem on percentage of direct labor costs : From this information, it appears that the company is using a predetermined overhead rate as a percentage of direct labor costs. What percentage is the rate?

How price elasticity of demand affect consumer purchasing : 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?

What type of failure is this and how would it be resolved : A technician accidentally drops screw into the server case and shorts out the motherboard of the server that is running you Oracle database (the database is running at the time of the incident). What type of failure is this and how would it be res..

Analyze short two stories battle royal and the birthmark : Analyze short two stories "Battle Royal" and "The Birthmark". As you read, reflect on the ways each depicts characters that are deemed socially unacceptable because of their outward appearances.

How the report is formatted and organized : Read the example report in Chapter 15 on pages 426-439, paying close attention to how the report is formatted and organized. (Note that this report shows both MLA and APA citations; in the reports you are writing, you will need to use APA citations.)..

Fixed income-common stock securities : Write a 500-word summary to accompany your matrix explaining the significance of understanding the differences between fixed income and common stock securities in terms of providing sound financial management for a corporation.

User Account

All Pages