Economics is a complicated subject matter most people do not comprehend entirely. 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
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Introduction: The simulation developed a knowledge of pricing by managing a rental car operation in Florida and developing a pricing strategy keeping the competitor in mind. The simulation involved three regions Oriando‚ Tampa and Miami‚ which vary in market dynamics‚ size and customers. The focus is competition between two car rental companies and the simulation last up to 12 months. I had to set weekday and weekend price for the entire three regions for each month and make a fleet decision. Description:
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I volunteered to be an observer for the Everest Simulation‚ and I learned a lot by observing participants interact with one another. As I walked around each group‚ I quickly realized that I wasn’t going to learn as much about the simulation by observing each group; I had to focus on one team and observe their work. As a result‚ I watched one team and learned many important management skills‚ such as leadership‚ planning and controlling‚ setting team and individual goals‚ and communication. The
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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. The concepts of microeconomics
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information in a database and to create reports. Microsoft Excel is an electronic spreadsheet program that can be used for storing‚ organizing and manipulating data. Microsoft Excel is made up of little squares on the screen. You can also resize the columns in Microsoft Excel to adjust to the size you need them to be. You can put information such as data types that can hold numbers‚ text or formulas. Some employers in the workplace use Microsoft Excel to keep records of information‚ accounts of people‚
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Supply and Demand Simulation Summary University of Phoenix ECO360‚ Economics for Business I The Supply/Demand simulation involves acting as property manager for GoodLife Management in the fictional town of Atlantis. GoodLife Management manages seven apartment complexes in Atlantis. The property manager is expected to adjust the monthly rental rate of two-bed rental apartments and the quantity of apartments supplied based on the market trends. Factors that influence the supply and demand
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Lawrence Sports Simulation Team B FIN 571 March 21‚ 2013 Cindy Lynch Lawrence Sports Simulation Lawrence Sports is a company with revenues of $20 million. Lawrence manufactures equipment and protective gear for various sports; its business partners include Gartner Products and Murray Leather Works. Gartner sources Lawrence with 70% of its raw materials‚ and Lawrence contributes to 75% of Murray’s sales. Mayo is the world’s leading retailer and Lawrence Sports’ principal customer (“Lawrence
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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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Over the past three weeks in the University of Phoenix Marketing Management class‚ I have completed three simulations based on real life marketing situations. The first simulation was titled‚ "Forecasting Market Demand." This simulation discussed the importance of determining the future demand for your product in the voice commanded software industry. The marketing team for the new Listensoft software needed to accurately forecast the production capacity of the new product and the pricing strategy
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[pic] ASSIGNMENT FRONT SHEET Course Title: M921- Managing Service Operations in the Evolving Business Environment Faculty: A. Gervaix Student Class: MBA - group B Assessment Title: Benihana Simulation Analysis Due Date: September 21‚ 2012 Due Time: Midnight Word Count: Statement of Authorship I certify that this assignment is my own work and contains no material which has been accepted for the award of any degree or diploma in any institute‚ college or university
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