Write a 1,050 word paper summarizing the content of the simulation and address the following:
Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video.
Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
Identify at least one shift of the supply curve and one shift of the demand curve in the simulation/video.
For each shift, provide detailed analysis, following the complete chain of events.
Include responses to the following:
How might you apply what you learned about shifts in supply and demand from the simulation/video to your workplace or roof mounted
solar panels? This should be a thoughtful discussion, where you defend your reasoning.
How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
How does the price elasticity of demand affect a consumer's purchasing and the firm's pricing strategy as it relates to the simulation/video? Be very specific, with examples.