Eco360 Supply & Demand Simulation

Supply and conduct Simulation The Supply and Demand Simulation (UoP, 2005) presented in the Economics for Business 1 class revolves around the go forth and train of two-bedroom rentals in the imaginary city of Atlantis. To complete the simulation, the substance abuser must assume the role of a Property passenger car for GoodLife Management, a property management firm that manages seven flat tire complexes within Atlantis. As the Property Manager, the user must go under rental request as changes in tack on and drive require or determine how many units to supply when order become limited. The Supply and Demand Simulation (UoP, 2005) emphasizes several frugal principles outlined by Colander in his book, Economics (2004), including the laws of read and supply, equilibrium, the effect of a price ceiling, and shifts in demand and supply. Laws of Demand and Supply In the course of study One scenarios, the simulation (UoP, 2005) demonstrates how rental rates affect the supply and demand for apartment units. In other(a) words, price affects the supply and demand of available goods. The law of demand states that quantities demanded by consumers provide summation as prices of a result reducing and the reverse is also true, quantities demanded by consumers depart decrease as prices of a convergence increase, as broad as all other factors remain constant.

A demand curve shows an inverse relationship between the price of a product and how much of that product is demanded by consumers (Colander, 2004). So the demand for GoodLifes apartments will increase if GoodLife reduces the rental rate. The law of supply states that quantities supplied will increase as prices increase and decrease as prices decrease, as long as all other factors remain constant. The law of supply represents a direct relationship between prices and quantities supplied to consumers (Colander, 2004). This means that GoodLife will increase the number of apartments supplied if rental rates increase. Equilibrium In the Year Three scenario, the... If you want to get a full essay, order it on our website: Orderessay

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