Microeconomics and the Laws of Supply and Demand

Oct 23rd, 2015
Price: $35 USD

Question description

Week 2 ECO 365.docx

Write a 1,050- to 1,400-word paper summarizing the content of a simulation or video.

Use one of the following as a reference source:

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


Watch the Khan Academy Video "Changes in Market Equilibrium" located in the Week 1 Khan Academy Videos.

  • 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 price, quantity, and decision making.
  • Includeresponses to the following: 
    • How might you apply what you learned about supply and demand from the simulation/video 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?

Cite a minimum of 3 peer reviewed sources.

There is also a simulation, I have it on a zip file, but don't know how to attach to the question. 

Tutor Answer

(Top Tutor) Daniel C.
School: Purdue University

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Oct 26th, 2015
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