Supply and Demand Essay

765 Words 4 Pages
Supply and Demand
August 12, 2013
Eco/365
Chris Foster

Introduction There were two microeconomics and two macroeconomics concepts in the simulation. Atlantis is a microeconomics apartment company which manage apartment complexes and homes in the city. Atlantis had one shift supply curve and one shift in the demand curve when business started moving into the city. These shifts affected the equilibrium price, quantity, and decision making with the demand needed to supply to consumers. I am applying what I have learned with supply and demand from the simulation to my management job with our rate increases. The concepts of microeconomics helps us understand the factors that affect shifts in supply
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This makes the market value increase when other companies convert into the city. As the price increases the quantity demand decreases and consumers turn to buy mobile homes or other alternatives. This causes the property management company to adjust to until equilibrium is attained. Similarities in quality supply exceeds quantity demanded. The price on apartments will increase or decrease until equilibrium is attained. Supply and Demand Watching this simulation I could apply this to my storage manager job at Extra Space Storage. I deal with a supply and demand in my workplace every day. For example, I manage a storage facility which contains 592 units that are different sizes. If my customers starts renting larger units then the smaller units, I will offer a promotion on the first month rent on the smaller units trying to get some of that space rented. I would than drop the first month free on the larger unit and offer the first month half off since the demand is so high. If I continue to rent the larger units with the first month half off and I see my occupancy on larger units are 89% I will remove the first month half off and offer the larger unit at full price without any promotion. There will be a balance between the smaller units and larger units with the promotions. Concepts of Microeconomics The concepts of microeconomics helps me understands the factors that affects shifts in supply and demand on the equilibrium price

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