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Supply and Demand Essay

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Below is an essay on "Supply and Demand" from Anti Essays, your source for research papers, essays, and term paper examples.

Running head: SUPPLY AND DEMAND SIMULATION  









Week 2 Team Paper
Supply and Demand Simulation


Supply and Demand Simulation
Supply and demand is fundamental concept in both macroeconomic and microeconomic settings. The simulation showed us how the apartment complex dealt with the changes within the economy. The microeconomic views can be categorized as changes in supply and demand and equilibrium, because these topics only affected the apartment market in which the company operates. Macroeconomic ideas are price elasticity and price ceilings because they have a great impact on the overall area beyond the local apartment market.
The examples that we completed on the simulation showed the shift in the supply curve or the demand curve could cause a major change to the economy in the particular area. On one of the example on the simulation when the demand curve shifted to the left, this showed a lower demand from consumers, which made more apartments empty. When the property owners lower their prices it helps compensate the apartment rentals. So supply and quantity remain constant.
On the simulation there were several decisions that needed to be made depending on the economic factors, depending on the price, supply and how that will work with the economic boundaries. The simulation helps understand how the market works and how price will affect how many apartments are rented. On the simulation it showed that it’s very important to always be paying attention on how the economy is doing to make sure the prices on the supply are being used accordingly to have the least vacancies and good profit.
The supply and demand can affect the equilibrium price and quantity. Price ceiling prevents the management companies from getting the higher price available when the demand for the apartments are enough. The price elasticity will also be effect when there is a price ceiling in place, because the elasticity cannot really be measure....

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"Supply and Demand". Anti Essays. 20 Sep. 2017

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APA Citation

Supply and Demand. Anti Essays. Retrieved September 20, 2017, from the World Wide Web: http://www.antiessays.com/free-essays/Supply-And-Demand-602239.html