23 Nov Supply and Demand Simulation

Supply and Demand Simulation Complete?the Supply and Demand Simulation located on the student website. Write?a 700 words paper summarizing the content of the simulation, and address the following: Identify?two microeconomics and two macroeconomics principles or concepts from the simulation. Explain?why you have categorized these selected principles or concepts as microeconomics or macroeconomics. Identify?at least one shift of the supply curve and one shift of the demand curve in the simulation. Explain?what causes the shifts, and how each shift affects the equilibrium price, quantity, and decision making. Include?responses to the following: 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 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? How does the price elasticity of demand affect a consumer?s purchasing and the firm?s pricing strategy, as it relates to the simulation? Format?your paper consistent with APA guidelines. ? ? ..Answer preview Microeconomics and macroeconomics have differences in principles that are also present in the graphs I studied.? These two branches of economics have got major differences that would differentiate them ? ? APA 744 words