Termpaper

801 words - 4 pages

Supply and Demand Simulation
ECO/365
July 31, 2013
Robert Watson

Supply and Demand Simulation
This paper is about the supply and demand simulation from University of Phoenix student website. The simulation is about Good life Management, a real estate property management company that controls the seven apartment complexes in the city of Atlantis. In the nine-year period in the simulation the housing market has increased and decreased because of businesses moving into the area bringing an increase in job market, the change in company expectations and consumer preferences, and the policy changes implemented by the government (University of Phoenix website, 2013).
Identifying the two ...view middle of the document...

moved in and increase the population of the neighborhood. The supply of the two-bedroom apartments will decrease. The demand curve went upward because of the population growth. In each shift, analyzing how it affect the equilibrium price, quantity, and decision making is caused by an increase in demand means that quantity demand is more than quantity supplied at the original equilibrium, and there is a temporary shortage in the market. When rental rate goes up because of the demand is higher, quantity demand decrease and quantity supplied increases, leading to a reduction of demand. There are several factors that caused the shifts in the simulation. One of them is the Good life management change in direction of doing business. There is the population change within Atlantis and neighborhood areas. The change in tenants or customer’s preference also has a strong contributing factor. With these changes, Good life Management was forced to convert the rental apartments into condominiums that are for sell, causing a decrease in the supply at the same time influence in the decrease in demand. The microeconomics and macroeconomics concepts have a few differences. In microeconomics, it is main focus on the individual company and consumer, While in macroeconomics it focuses on the whole economy as a unit. This simply means that the microeconomics takes into consideration the demand and supply of an individual goods and services, whereas macroeconomics takes into...

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