Explain how do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?

Write a 1,050- to 1,400-word paper summarizing the content of the simulation.

 

Please see the attached simulation. You must include a detailed introduction and conclusion.

 

  • 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 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/video?

 

This is the book we are using in class –

 

Colander, D. (2013). Economics (9th ed). New York, NY: McGraw-Hill.

 

Cite a minimum of 3 peer reviewed sources

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