Write down a 700 to 1,050 word paper of no more than summarizing the content. Address the given:
a) Recognize two microeconomics and two macroeconomics principles or concepts from the simulation. Describe why you have categorized these principles or concepts as the macroeconomic or microeconomic.
b) Recognize at least one shift of the supply curve and one shift of the demand curve in simulation. What causes the shifts?
c) For each shift, examine how it would influence the equilibrium price, quantity and decision making.
d) How might 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 well-known?
e) How do the concepts of microeconomics help you comprehend the factors which influence shifts in supply and demand on the equilibrium price and quantity?
f) How do the concepts of macroeconomics help you comprehend the factors which influence shifts in supply and demand on the equilibrium price and quantity?
g) Relating to the simulation, describe how the price elasticity of demand influences a consumer's purchasing and the firm's pricing strategy.
Format your paper consistent with the APA rules.