Microeconomics and the Laws of Supply and Demand

Week 2 ECO 365.docx

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.

-AND-

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.