Assignment:
Microeconomics and the Laws of Supply and Demand. Please write this paper in your OWN words DO NOT copy from any websites please.
Write a 1,050- to 1,400-word paper summarizing the content of a simulation or video.
Use one of the following as a reference source:
Complete the Supply and Demand Simulation located on the student website.
-OR-
Watch the Khan Academy Video "Changes in Market Equilibrium" located in the Week 1 Khan Academy Videos.
• 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.
• Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.
• Include responses to the following:
o How might you apply what you learned about supply and demand from the simulation/video to your workplace or your understanding of a real-world product with which you are familiar?
o How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
o How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
o 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?
Cite a minimum of 3 peer reviewed sources.