ECO 365 Week 2 Microeconomics and the Laws of Supply and Demand - 96615

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Complete one of the following options: Option 1: Complete the Supply and Demand Simulation. Write a 1,050- to 1,400-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. • 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? Cite a minimum of 3 peer reviewed sources. Click the Assignment Files tab to submit your assignment. Option 2: Watch the Khan Academy Video "Changes in Market Equilibrium" located in the Week 1 Khan Academy Videos. Write a 1,050- to 1,400-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. • 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? Cite a minimum of 3 peer reviewed sources. Click the Assignment Files tab to submit your assignment.
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ECO 365   Wee

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