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Write 700
- 1,050-word paper of no more than summarizing the content. Address the
following:
·
Identify two
microeconomics and two macroeconomics principles or concepts from the
simulation. Explain why you have categorized these principles or concepts as
macroeconomic or microeconomic.
·
Identify at
least one shift of the supply curve and one shift of the demand curve in the
simulation. What causes the shifts?
·
For each
shift, analyze how it would affect the equilibrium price, quantity, and
decision making.
·
How may 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
familiar?
·
How do the
concepts of microeconomics help you understand the factors that affect shifts
in supply and demand on the 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?
·
Relating to
the simulation, explain how the price elasticity of demand affects a
consumer’spurchasing and the firm’s pricing strategy.
Format your
paper consistent with APA
guidelines.
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