October 8, 2014
The Supply and Demand Simulation categorized the application of Macro and Microeconomic principles as linked to the real world. It concentrates on that many times the vacancy level can be personal, may rest on individual decision, and the market prices can be easily adjusted to meet different expectations. It also talks about the role of the shift of the supply curve and the demand curve.
Demand refers the quantity of a product or service desired by buyers. When demand goes up, usually the prices of the products are expected to rise. The Supply and Demand simulation also is a appropriate case of what we experience everyday as part of our …show more content…
When looking at the price of elasticity of demand the question that comes to the turf is how important does the price play on the consuming behavior of giving product or service in the market. This refers to a product or service and its importance’s to have or not if so does a small increase change the decision making of consuming? Factors regarding the elasticity of demand in price are the available substitute and time, price to beget ratio, necessity or luxury. If there were no available hydrating liquids besides bottled water for free, the price of bottled water would be able