Microeconomics and the Laws of Supply and Demand
Write a 1,050- to 1,400-word paper summarizing the content of a simulation or video.
Use one of the following as a reference source:
Complete the Supply and Demand Simulation located on the student website.
Watch the Khan Academy Video “Changes in Market Equilibrium” located in the Week 1 Khan Academy Videos.
- 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 price, quantity, and decision making.
- Includeresponses to the following:
- How might you apply what you learned about supply and demand fromthe simulation/video to your workplace or your understanding of areal-world product with which you are familiar?
- How do the concepts of microeconomics help you understand thefactors that affect shifts in supply and demand on equilibrium price andquantity?
- How do the concepts of macroeconomics help you understand thefactors that affect shifts in supply and demand on the equilibrium priceand quantity?
- How does the price elasticity of demand affect a consumer’spurchasing and the firm’s pricing strategy as it relates to thesimulation?
Cite a minimum of 3 peer reviewed sources.
There is also a simulation, I have it on a zip file, but don’t know how to attach to the question.