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.