Supply and Demand Simulation ECO/365 Shyesta Kennedy The simulation of supply and demand for this assignment was using Atlantis apartment building rental showing a detailed analysis if how any changes to the rental availability can and will affect the manager decision on price and quality in the market. In this simulation you will see the analysis point out the effect of supply and demand and how it can and needs to reestablishment of price equilibrium
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supply and demand 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. The microeconomic topics would be the demand and supply curve. The demand curve shows how consumers would react to prices. The supply curve shows how landlords would react to price by how much units will sell. The outside company coming in and the price cap would fall under macroeconomic
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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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Article analysis: Pump Prices and Oil Prices: A Tale of Two Different Directions By Ernest Guillen University of Phoenix ECO/365 Ver.4 Principles of Microeconomics Instructor: Dr. Christina Espinoza-Alguera Abstract: The following article is regarding what is most important to everyone around us regarding the pricing for gasoline at the pumps. This is a topic that concerns most people on this planet‚ why are the prices for gasoline so high and is it regarding the greed of
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Oil ECO/365 - Principles of Microeconomics Oil In today’s economy many trends in consumption patterns can determine where the supply and demands are needed. In the article “East Bay Oil Exports Have Become Huge Business‚” by Glantz (2012)‚ it touches on the subject of trends and consumption of oil. Many people are aware; however forget that there is a whole lot of oil around us that can be used. This paper will discuss and address the utilities derived‚ the change that demand for the product
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FOR WEEK 2 ECO 365 What is the relationship between productivity and the cost of production? The relationship between productivity and the cost of production is your cost per day or per hour compared to your productivity. By examine these two things together. The productivity which is your output for the amount of hours worked compared to the total cost of a certain item – you will be able to reach a “break even analysis” showing you how much you need to a make minus the total coast to make
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Laws of Supply and Demand Derrick Laron Gibson ECO/365 August 7‚ 2014 University of Phoenix Laws of Supply and Demand Your author has been given the responsibility of completing the demand and supply simulation and then discussing his thoughts on several questions presented before him. These questions deal heavily on microeconomics and macroeconomics with regards to managing approximately 3000 two bedroom apartments and their rentals. Your author will now address the questions as they were
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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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and the Laws of Supply and Demand ECO/365 Microeconomics and the Laws of Supply and Demand The economy is divided into two categories microeconomics and macroeconomics. Microeconomics refers to the study of individual’s behavior within the economy. It concentrates on factors that influence the individual’s economic choices based on economic forces. The study of individual’s behavior when it comes to supply and demand is an important element to microeconomics. The law of demand says that the quantity
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