Individual Assignmnet

Throughout the simulator, learners figure out the wage rates or how more flats are leased out for a given month. A microeconomic bringing close together that separated itself at the beginning of the simulator was the use of the phrase monopoly. The simulated apply company has a monopoly In the lease area in spite of appearance Atlantis. I regarded It to be a microeconomic idea in that it was circumscribe to a certain area. On a macroeconomic range, it would not put on true because of the fact that there are several lease control companies throughout the world.The second microeconomic idea from the simulator was the situation In which the university educatee Is to figure out a per onto lease tot that will return the discrepancy between count required and amount provided at the lease amount of $1550 (University of Phoenix, 2003). I consider this to be a microeconomic idea because each market or area has its own standard for amount required which definitely Impacts how much Is provided. An example of this is that of unique automobiles.There are a sm only number of these automobiles in need which results in the producers of these automobiles to develop solitary(prenominal) a restricted amount. A macroeconomic idea that revealed through In the emulator was that for any product, more amounts are required at a wiped out(p)er cost, other things staying continuous. To apply that to a microeconomic range utilize the simulator as an example, when the lease amount was decreased, more individuals were willing to head for the hills in. The changes in translate and demand in the simulator are caused by deferent factors throughout the simulator.The causes Included changes In vacancy prices, low lease prices In dwell towns, Imbalances between amount demanded and amount provided at current lease prices, changes in population, personal incomes, affordability of apartments, and cost roof. Determining whether the move affected affix and demand, hence If the con fer or demand were decreased or Increased, and If the shifts were to the remaining or right had to be taken into consideration before decisions could be made.A supply move to the right indicated a loss of the lease amount was necessary, whereas a supply move to the remaining indicated an addition in the lease amount was necessary to better stability. A demand move to the right Indicated an increase In the lease amount was accessory, while a demand move to the remaining indicated a loss of the lease amount was necessary to improve stability. Some tips from the reading assignments that were emphasized in the simulator were supply and demand, stability, shifts in supply and demand, and cost roof.The supply curve Is upward sloping because the amount provided Improves as the cost Increases cost and amount provided are proportional. Supply and demand is an congenital factor in forming the personality of 1 OFF products or solutions. The provision, or supply, of solutions or products is a key consideration in identifying the price at which those solutions or products can be obtained.For example, a landscape designs organization with diminished competition that operates in an area of popular for such solutions will in all likelihood be able to control a obtuse price than will a business operating in a highly competitive environment. But accessibility is only one-half of the ordinance that decides costs components in the market. The other 50 percent is demand. An organization whitethorn e able to produce huge quantities of an incident at low price, but if there is little or no need for that dot in the market, the organization will be forced to sell unit of measurements at a very low price.On the other hand, if the industry shows responsive to the item that is being sold, the organization can identify a greater unit price. Supply and demand, then, are closely connected economic concepts indeed, the law of supply and demand is often mentioned as among the most es sential in all of business economics. References Supply and demand Simulation, University of Phoenix 2003