Eco/365 Essay example - 628 Words

Supply and Demand simulation LaKeith A. Atkins Sr. ECO/365 February 28, 2013 Watson Ragin Supply and Demand simulation †¢ Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic. Supply and demand was affected by decreasing the rent to lower the vacancy percentage and maximize revenue for the company. This process is considered a temporary fix on a month-to-month basis and a good example of microeconomics. Another example of microeconomics is when the new company came into town and increased the population along with jobs. The population and job increase suggest they increase rental rates in†¦show more content†¦This adjustment will continue until equilibrium is reached between the new demand curve and original supply curve. At the new equilibrium, the rental rate is higher than before, and the number of apartments demanded and supplied has increase (University of Phoenix, 2003). †¢ How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar? Supply and demand in my job market is based on attendance. Anytime we are expecting high attendance we order a higher volume of goods. When lower attendance we order a lower volume of goods even though the demand for the good may still be there. The attendance also affects the amount of employee we having working on any giving day. †¢ How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity? The supply and demand in microeconomics relies on competitors and the prices. The equilibrium is a point at which all the bidding is done. †¢ How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity? Macroeconomics showed how the increase in jobs and population affects the increase or decrease on the apartments. Equilibrium rental rate is higher than before, and the number of apartments demanded and supplied has increase †¢ Relating to the simulation,Show MoreRelatedEco/365651 Words   |  3 PagesWhat is an externality? Provide at least three examples. How does one of the examples you provided affect the market outcome? What is the role of government in addressing the implications of an externality you provided as an example? Is it possible that a government’s solution to a market failure would worsen the failure? Explain your answer. Externality is defined as an effect of a decision on a third party not taken into account by the decision maker. There are two types of externalities beingRead MoreEco 3653142 Words   |  13 PagesCourse Design Guide School of Business ECO/365 Version 4 Principles of Microeconomics Copyright  © 2011, 2008, 2007, 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies Read MoreEco 365 Final1137 Words   |  5 PagesFinal Exam University of Phoenix ECO/365 Question One    What is the most important determinant of price elasticity of demand? Why is this so?    Price elasticity that relates to demand is determined by many factors. Price elasticity is measured by the change in price and the response from consumer demand. The demand of a good or service will vary the price in the item. The most important factor to determine the price elasticity of demand is necessity. If a good is a necessity, theRead MoreStudy Guide Eco/3652084 Words   |  9 PagesECO/365 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers. Use each week’s questions as a self-test at the start of a new week to reflect on the previous week’s concepts. When you come across concepts that you are unfamiliarRead Moreeco 365 week syllabus1755 Words   |  8 Pagesï » ¿ Syllabus School of Business ECO/365 Version 4 Principles of Microeconomics Copyright  © 2011, 2008, 2007, 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies FacultyRead Moreeco/365 week 2 individual1293 Words   |  6 Pagesï » ¿ Supply and Demand Simulation ECO 365 Supply and Demand Simulation The Supply and Demand simulation was reviewed on the student website demonstrated the concepts of the concepts of microeconomics and macroeconomics. The principles of microeconomics and macroeconomics were explained and applied throughout the simulation demonstrate the rationale for the shifts in the supply and demand curve. Each shift is analyzed showing the effects of the equilibriumRead MoreEssay about Eco/365 Supply and Demand863 Words   |  4 PagesSupply and Demand ECO/365 Supply and Demand The economy is run by the concept of supply and demand. The simulation provided a practical learning experience that brings together the concept of micro and macro economics. I will try to summarize my findings and the inner workings of the concept of supply and demand that the simulation offered. Economics is defined as â€Å"the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, socialRead MoreSupply Demand Paper Eco/3651105 Words   |  5 PagesSupply and Demand Simulation University of Phoenix May 9, 2013 ECO/365 - Principles of Microeconomics The Supply and Demand Simulation consist of microeconomics and macroeconomics concepts. The concepts are explained and how they apply to the principle of microeconomics and macroeconomics. The simulations presents shifts in the supply and demand curve, the rationale for the shift is given. Each shift is analyzed showing the effects of the equilibrium price, quantity, and decision makingRead MoreEco 365 Supply Demand Paper1082 Words   |  5 PagesSupply amp; Demand Simulation Erica Bradford ECO/365 June 19, 2013 Jeremy Alessandro Supply amp; Demand Simulation Goodlife Management is the sole provider of apartments available for rent in the city of Atlantis in which the supply and demand simulation provided by UPOX takes place. The simulation provides excellent, real-life examples of how the supply and demand curves may shift based upon various factors that occur within the market in Atlantis. The following details such examples asRead MoreKudler Fine Food- Eco 365 Essay1106 Words   |  5 PagesDifferentiating Between Market Structures in Kudler ECO 365/ Lisa Messemer Sharonda Shelton July 23, 2012 Kudler Foods specializes in providing unique and high quality ingredients for the gourmet chef. In an effort to increase profits, the company is interested in adding catering to its service offerings. The