Jul 08, 2017 Others

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. 
https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/market-equilibrium-tutorial/v/changes-in-market-equilibrium
Write a 900 -word paper summarizing the content of the simulation and address the following: 
Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video.
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/video.
Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.
Include responses to the following: 
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?
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/video?
Cite a minimum of 3 peer reviewed sources.

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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