ECO 365 Week 2 Microeconomics and the Laws of Supply and Demand

Jun 5th, 2016
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Complete one of the following options: Option 1: Complete the Supply and Demand Simulation. Write a 1,050- to 1,400-word paper summarizing the content of the simulation 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. Include responses 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 c

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CHANGES IN MARKET EQUILIBRIUM1Changes in Market EquilibriumECO/365CHANGES IN MARKET EQUILIBRIUM2Changes in Market EquilibriumIn an attempt to explain why changes in the marketplace can affect the equilibrium priceof products and or services. After watching, the video provided on the University website, youwill receive an explanation of how supply and demand might change based on factors in themarketplace. We will document the concepts of the two microeconomic and macroeconomicprinciples from the video. Further, identified will be an explanation of one shift in the supplycurve and one shift in the demand curve as demonstrated in the video. Further, an explanation ofwhat causes changes, and how shifts affect the price, quantity, and decision- making results ofproducts and or services consumed.Concept of EquilibriumThe point at which the supply and demand curve intersects displays the action where thequantity demand and the quantity supplied meet. The related price is known as the equilibriummarket price, and the quantity is known as the equilibrium quantity. For example, if there is a lotof merchandise that is not selling and a decision is made to lower the price you can put the itemon sale to move the product out of the warehouse. When you lower the price of your product, thequantity demand will experience a rise until the equilibrium points intersect.Shortage and SurplusA surplus drives the price downward, this creates a surplus, which means the m

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