Eco 365 Essay

3141 Words Nov 4th, 2013 13 Pages
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Essay Sample: Page 2
19 of Economics. 8-5-2013

Reading Read Ch. 19W of Economics. 8-5-2013

Reading Read Ch. 20 of Economics. 8-5-2013

Participation Participate in class discussion. 8-5-2013 2

Individual

Supply and Demand Simulation Complete the Supply and Demand Simulation located on the student website.

Write 700 - 1,050-word paper of no more than summarizing the content. Address the following:



• Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.



• Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts?



• For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.



• How may you apply what you learned about supply and demand from the simulation 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 the 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?



• Relating to the simulation, explain how the price elasticity of demand affects a consumer’s purchasing and the firm’s pricing strategy.



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