How might you apply what you learned about supply and demand from the simulation/video to your workplace or your understanding of a real-world product with which you are familiar?
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Week 1 Khan Academy Videos: Changes in Market Equilibrium: Microeconomics and The Laws of Supply and Demand Simulation Instructions:
Watch the Khan Academy Video "Changes in Market Equilibrium" located in the Week 1 Khan Academy Videos.
Content:
Microeconomics and The Laws of Supply and Demand simulation Name Course Instructor Date Background The equilibrium price or quantity might change due to changes in supply or demand. Demand is related to the willingness of the buyers to purchase goods while supply is the willingness of the suppliers to sell. Price is determined through the interaction of demand and supply, whereby as the demand increases the prices increase as the suppliers cannot keep up with the demand. On the other hand, when the supplies increase with no rise in demand, the prices reduce. Movement along the demand curve is associated with changes in quantity demand because of price change, while shifts in demand relate to changes in demand preferences independent of the price effect (Hill & Myatt, 2007). Microeconomics and macroeconomics principles from the simulation/video Microeconomics deals with the sin
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