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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.