Micro

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Submitted By kayahouston
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Eco/365 Supply and Demand simulation LaKeith A. Atkins Sr. ECO/365 February 28, 2013 Watson Ragin Supply and Demand simulation • Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic. Supply and demand was affected by decreasing the rent to lower the vacancy percentage and maximize revenue for the company. This process is considered a temporary fix on a month-to-month basis and a good example of microeconomics. Another example of microeconomics is when the new company came into town and increased the population along with jobs. The population and job increase suggest they increase rental rates in response to the increase in demand.
An example of macroeconomics is the survey showing that individuals working in Atlantis are living in neighboring cities due to the rent being less. Another examples of macroeconomics is when the government steps in and puts a ceiling of $1550 on monthly rent for 2 bedroom apartments so that middle class families can afford to live in the city in which they work. This caused the company to rent only a portion of their apartments in order to make a profit due to maintenance cost. • Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts? Supply curve shifted down when Lintech Inc. moved in increasing the population. The supply of the two-bedroom apartments will decrease. The demand curve went upward because of the population growth. • For each shift, analyze how it would affect the equilibrium price, quantity, and decision making. The 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…...

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