Share
Explore BrainMass

Supply and Demand

I need help with the following below:

Using the link provided on the rEsource page, complete the Supply and Demand simulation. Based on your learning, reading, and on the simulation, prepare a 700-1,050 word paper using APA formatting and including at least 2 peer-reviewed references, summarizing the content. In the paper, be sure to address the following:

a. What causes the changes in supply and demand in the simulation?
b. How do shifts in supply and demand affect your decision-making?
c. List four key points from the reading assignments that were emphasized in the simulation?
d. How can you apply what you learned about the concepts of supply and demand from the simulation to your workplace?
e. Determine how price elasticity of demand affects the decision making of the consumer and of the organization.

Summarize your results of the assessment for your instructor.

* The attached document is the simulation.

*Please include references and do not copy information from places such as free papers or fratfiles, etc. No plagiarizing!!!!

Attachments

Solution Preview

Using the link provided on the rEsource page, complete the Supply and Demand simulation. Based on your learning, reading, and on the simulation, prepare a 700-1,050 word paper using APA formatting and including at least 2 peer-reviewed references, summarizing the content. In the paper, be sure to address the following:

a. What causes the changes in supply and demand in the simulation?
There are several factors that cause changes in demand and supply in the simulation. For instance, lower incomes because of weak economy leads to changes in demand. Further, changes in costs of construction and maintenance of houses/flats also lead to change in supply. The change in the preference of consumer leads to changes in demand. Further, the setting up of the office of Lintech meant an increase in the demand for housing. Most importantly, the availability of substitutes leads to change in the demand.
b. How do shifts in supply and demand affect your decision-making?
Shifts in supply and demand affect my decision-making. A decrease in supply gave me an opportunity to increase my prices. Similarly, decreases in demand induced me to charge lower prices as well as shift my construction plans to condominiums. Higher demand because of the opening of the firm Lintech in the area meant that there would be an increase in demand. This enabled me to increase the rent as well as increase the number of flats available.
c. List four key points from the reading assignments that were emphasized in the simulation?
The key points from the reading assignments that were emphasized in the simulation were the concepts of demand and supply, equilibrium, the shifts n demand and supply, and the effects ...

Solution Summary

Supply and Demand is discussed very comprehensively in this explanation..

$2.19