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

Aug 17th, 2016
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Watch the Khan Academy Video "Changes in Market Equilibrium" located in the Week 1 Khan Academy Videos. 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 conce

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Answer point one---------------DiscussionAtlantis is a town with good two bedroom rental apartments. The town is healthily populatedand many people are renting these apartments. It is imperative to be aware of what ishappening in the local economy in this town, and it is crucial to observe both themacroeconomics and microeconomics perspectives. On the microeconomics perspective, it iscritical to consider how people in Atlantis will be affected by the supply and demand of thesetwo bedroom rental apartments. If the prices of these apartments are raised, would people becapable of making the necessary adjustments and be able to keep the apartments?Macroeconomics considers the economy as a whole. Initially, the town of Atlantis washealthily populated and individuals were renting these units. However, when Good LifeCompany came into town, the demand for the two-bedroom apartments soared with thegrowing population. A positive change in demand leads to a boost in amounts demanded anda positive change in supply as realtorsâ location themselves to take advantage ofthe advanced prices. The economy as a whole, with new Good-life Company would be ableto afford an increase in the rent price. After some few years, the demand for the two-bedroomapartments declined due to the fact that individuals wanted to buy detached homes.With regard to supply and demand curve shifts, in the economic simulation, there were manycases reflecting shifts in the demand and supply c

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