Eco 365 Supply & Demand Paper
June 19, 2013
Supply & Demand Simulation
Goodlife Management is the sole provider of apartments available for rent in the city of Atlantis in which the supply and demand simulation provided by UPOX takes place. The simulation provides excellent, real-life examples of how the supply and demand curves may shift based upon various factors that occur within the market in Atlantis. The following details such examples as microeconomics versus macroeconomics, equilibrium pricing, and what drives the elasticity of the market price of the two-bedroom apartments that are available for rent in Atlantis.
The study of microeconomics focuses on the impact of individual …show more content…
The concepts of microeconomics and macroeconomics are both quite helpful to understand what factors affect the shifts in the supply and demand curves that determine the equilibrium price and quantity in the economy. Basically all it takes is to logically think about whatever event(s) occurs and to follow said logic all the way through from beginning to end. Whether it’s just one event categorized under microeconomics such as a decrease in a price, such an event would logically increase