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Supply Ad Demand Simulation Paper

In: Business and Management

Submitted By dodobrown
Words 1270
Pages 6
The Supply and Demand Simulation that was taken through the University of Phoenix utilizes the principles of microeconomics and macroeconomics concepts and theories. These concepts and theories are explained and relate to the principle of microeconomics and macroeconomics. The simulation actually presents relative reasons in the supply and demand curve, as well as an explanation for the shift. Each shift in the supply and demand curve is analyzed, which forecasts the effects of equilibrium price, decision making for the company presented and the quantity. The obtained concepts in the simulation will enable me to utilize and apply them to my current workplace. With the explanation of price elasticity, one can understand the effects that demand has on the pricing strategy for consumers and companies and how important a strong strategy is relevant to success. Atlantis is a nice neighborhood within the simulation that has many amenities that consumers look for (University of Phoenix, 2012). The simulation neighborhood of Atlantis utilizes two bedroom apartment rentals to present the effects of supply and demand for potential customers. The simulation also presented many other scenarios that the management company encountered with the two bedroom apartment rentals, such as how the apartment rental price can affect supply and demand while trying to stay competitive in the market of real estate. The simulation utilizes microeconomics concepts to illustrate the reasons for change in supply and demand. Microeconomics is actually the study of the behavior on a smaller scale of groups, such as households and businesses (Colander, 2010). Microeconomics is complete the opposite of macroeconomics, as macroeconomics is the study of the behavior of the economy as a whole (Colander, 2110). Within the simulation, the first scenario is an example of microeconomics, because the...

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