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Identify two microeconomics and two macroeconomics principles or concepts from the simulation.

Complete the Supply and Demand Simulation. I will email this to you after handshake.

Write a 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/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.
  • For each shift, provide detailed analysis, following the complete chain of events.

Include responses to the following:

  • How might you apply what you learned about shifts in supply and demand from the simulation/video to your workplace or roof mounted solar panels?  This should be a thoughtful discussion, where you defend your reasoning.
  • How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on 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? Be very specific, with examples.

Cite a minimum of 3 peer reviewed or comparable sources. No textbook definitions or sources resembling text book definitions.


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