Assigment
Watch the Khan Academy Video "Changes in Market Equilibrium" located in the Week 1 Khan Academy Videos.
Write a minimum of an 1,100-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.
• Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.
Include responses to the following:
• 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?
• How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
• How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the 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?
Cite a minimum of 3 peer reviewed sources.
Watch the following Khan Academy videos:
• Introduction to Economics
• Law of Demand
• Law of Supply
• Market Equilibrium
• Changes in Market Equilibrium
• Price Elasticity of Demand
• More on Elasticity of Demand
Note: All content is available for free at khanacademy.org