Laws of Supply and Demand Essay

Nov 29th, 2015
SKTFaker
Category:
Economics
Price: $30 USD

Question description

 Watch Video "Changes in Market Equilibrium" BELOW 9 minutes

Write a 1,050  and address the following:

  • Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video.
  • 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/video.
  • 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/video?

Cite a minimum of 3 peer reviewed sources.

Changes in market Equilibrium Video 

https://video.search.yahoo.com/search/video;_ylt=A0SO80hOQVpW7BcApDFXNyoA;_ylu=X3oDMTEyNnBtOW1zBGNvbG8DZ3ExBHBvcwMxBHZ0aWQDQjEyMDRfMQRzZWMDc2M-?p=Changes+In+Market+Equilibrium+Video+Khan&fr=mcafee#action=view&id=1&vid=9d701ff594814b1c5d590f23e189ef2c

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