ECON 365- Assignment-1-Microeconomics and the Laws of Supply and Demand

Assignment-1-Microeconomics and the Laws of Supply and Demand

Complete the Supply and Demand Simulation located on the student

website.

Write a 700 - 1,050-word paper summarizing the content of the

simulation, and address the following:

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

equilibrium price, quantity, and decision making.

Include responses to the following:

• How may you apply what you learned about supply and demand

from the simulation to your workplace or your understanding of a realworld

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?

Format your paper consistent with APA guidelines.

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