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  • Supply and Demand Simulation

       Identify two microeconomics and two macroeconomics principlesor 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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