September 2023 Write a 1 050 to 1 400 word paper summarizing the content of the simulation Please see the attached simulation You must include

2024 Microeconomics and the Law of Supply and Demand Assignment Help

Write a 1 050 to 1 400 word paper summarizing the content of the simulation Please see the attached simulation You must include 2023

Write a 1,050- to 1,400-word paper summarizing the content of the simulation. Please see the attached simulation. You must include a detailed introduction and conclusion. 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? This is the book we are using in class – Colander, D. (2013). Economics (9th ed). New York, NY: McGraw-Hill. Cite a minimum of 3 peer reviewed sources.

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