Supply and Demand Simulation

The University of Phoenix online simulation entitled Applying Supply and Demand Concepts starts with the comment of a fictional small town, Atlantis, and the letting securities industry for both bedroom look atal apartments. Below we leave discuss the anticipate points of supplement and demand cover in the simulation, and by David cullender in the Book Economics, along with real world examples and results for the simulation. In this simulation the reader is a property manager for GoodLife Management. His responsibly is maintaining economic residuum in the two bedroom term of a contract market. Wikipedia sound outs In economics, economic equilibrium is simply a state of the world where economic forces are balanced and in the absence seizure of external influences the (equilibrium) values of economic variables leave alone not change. grocery equilibrium, for example, refers to a condition where a market price is schematic through competition such that the bar of goo ds or operate sought by buyers is equal to the add together of goods or serve produced by sellers. This price is often called the equilibrium price or market clearing price and will tend not to change unless demand or supply change. (Wikipedia, 2008). Demand in this situation is controlled by population, price, and consumer preference.

Supply is controlled by the public figure of apartments build by the company, the percent of vacant units, and the number of units the company decides to rent out. One of the key points that the simulation shows is a cycle in business. Phases of the business cycle include peak, trough, upturn, and downturn. (Colander, 20! 08) This is seen in the simulation when Lintech Inc moves into Atlantis and creates a population boom. Also when the home self-possession becomes a way and lowers demand for the two bedroom apartments. some other point covered in the text and the simulation is We mustiness estimate potential... If you indigence to get a full essay, target it on our website: OrderCustomPaper.com

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