Goodlife Apartments

Good life Apartments ECO 365 Week 4 Individual fitting Kalolaine Samiu University Of Phoenix Mark Barnes Introduction GoodLife Management bases the submit and packiness pretence on the management of term of a contract apartments. The apartments argon set in a fictitious town called Atlantis. some(prenominal) changes to the subterfuge affect supply and film. thither are also shifts in the supply and accept that affect the decisions made by GoodLife. There are four key points emphasized in the mannequin; supply and prerequisite, equilibrium, shifts in the supply and make, and scathe ceilings. The concepts in the manikin are relatable to any industry producing and selling a point of intersection in the hopes or earning revenue. Factors that affect the supply and demand of cardinal bedrooms rental apartments in the simulation are driven by the availability of the apartments, the demand for the rentals, the number of potentiality tenants, and price. According to the simulation, the demand curve is a downward slope, because it “tells the quantities consumers would demand at diverse prices of the product” (University of Phoenix Simulation, 2009). In addition, as the price for the rental apartments decreased, demand increased. The supply curve, on the early(a) hand, is upward sloping.

The measuring rod of two-bedroom apartments increased as the price increased. A surplus in the market for the apartments exerts downward influence on the price. This means to bring in the possible renters, GoodLife would need to lower prices. On the other hand, a shortage in the number of available apartments exerts an upward pressu re on the price. To adduce the balance of q! uantity demanded and the quantity supplied, GoodLife would need to raise the prices. opposite factors that have contributed to the shifts in supply and demand in the simulation included change in the commonwealth within Atlantis and outlying(prenominal) area. The change in the preference of the tenants caused the demand for the apartments to decrease....If you want to cohere a full essay, order it on our website: OrderEssay.net

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