ECO365 Supply and Demand Simulation Student Name ECO/365 – Principles of Microeconomics Instructor Name Date Introduction Supply and Demand is a phrase that every one hears in one way or another‚ Supply and demand phrase according to Colander‚ (2010) is the most used phrase by economist and the reason is because the phrase provides a good “off-the-cuff” answer for many question that have to do with economy. Example why are interest rates to Low? Because supply and demand. Why is Gasoline
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Supply and Demand Simulation This week’s simulation is based on GoodLife Management. GoodLife Management is located in the fictitious town of Atlantis‚ and rents two-bedroom apartments on a month-to-month basis. The simulation provided working examples of several factors that effectively change the supply and demand of GoodLife’s rentals over the course of several years. These factors include GoodLife’s management direction‚ population changes within Atlantis and outlying areas‚ changes in consumer’s
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macroeconomics‚ takes a broader approach such as the nations’ economy or the GDP. Nevertheless‚ both micro- and macroeconomics provide fundamental tools when studying the economy. This paper will discuss the examples of the supply and demand curves as they were presented in the simulation. In addition‚ factors affecting these curves such as changes in population‚ government‚ employment‚ and trend all take part in shifting these curves causing pricing or rental rates to increase and decrease accordingly
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Supply and Demand Simulation ECO/365 Supply and Demand Simulation In the supply and demand simulation a neighborhood called Atlantis is given for the setting. Atlantis is a small city with open spaces‚ low population‚ and a low crime rate. There are plenty of sidewalks and street systems for easy access to the highway. The housing in Atlantis is detached homes and apartments. The supply and demand simulation consists of microeconomics and macroeconomics. The simulation presents shifts in the
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1 Supply and Demand Simulation Connie F. Dents ECO/365 November 6‚ 2012 Tulin Koray 2 Supply and Demand Simulation The Supply and Demand Simulation is about the rental of two- bedroom apartments that is managed by Goolife Management Company. The Goodlife Management Company is in the City of Atlantis. The Simulation will show the different scenarios in how the shift in demand and supply curve‚ demand and supply shift‚ price ceilings‚ and the equilibrium changes
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Supply and Demand Simulation A simulation was conducted to understand supply and demand when renting out apartment homes. This paper will briefly explain two microeconomics and two macroeconomics principles‚ it will include one shift of the supply curve and demand curve in the simulation. For each of the shifts the affect of the equilibrium price‚ quantity‚ and decision making will be analyzed. A description of supply and demand from the simulation and how to apply it in the workplace is included
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Supply and Demand Simulation Thomas Alejandro ECO/365 February 17‚ 2014 Mubarak Laminu Supply and Demand Simulation The supply and demand simulation is based on the management of rental apartments by GoodLife Management in the fictional town of Atlantis. Atlantis is a small city with open spaces‚ low population‚ and a low crime rate. There are plenty of sidewalks and street systems for easy access to the highway. The housing in Atlantis is detached
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Supply and Demand Simulation The University of Phoenix online simulation entitled "Applying Supply and Demand Concepts" starts with the description of a fictional small town‚ Atlantis‚ and the rental market for two bedroom rental apartments. Below we will discuss the key points of supply and demand covered in the simulation‚ and by David Colander in the Book Economics‚ along with real world examples and results for the simulation. In this simulation the reader is a property manager for GoodLife
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According to Colander (2010)‚ economics is the study of how human beings manage their wants and desires. Buyers based their wants and needs on marginal costs and marginal benefits. Sellers based their supply production on the consumer demand shift‚ and seller set their prices according to the demand change. That is just some of the basics of economics. There are two types of economic structure: macroeconomics and microeconomics. Colander (2010) defines microeconomics as “the study of how individual
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Running head: SUPPLY AND DEMAND SIMULATION Supply and Demand Simulation University of Phoenix ECO 365 Supply and demand is considered a basic economic concept‚ as well as a vital part of a free market economy. In whereas supply is the amount of something‚ such as a product or service‚ demand is the amount of the product or service that buyers want to purchase. The relationship between supply and demand has a good deal of influence on the price of goods and services. In the scenario‚ a number
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