whatsapp

Connect on Whatsapp : +1 206 673 2541, Uninterrupted Access 24x7, 100% Confidential. Connect Now

Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.

Microeconomics and the Laws of Supply and Demand

Watch the Khan Academy Video “Changes in Market Equilibrium” located in the Week 1 Khan Academy Videos.

Changes in marketequilibrium

Write a 1,050- to 1,400-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.

Includeresponses 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.

APA formatting

Solution:

Looking for help with your homework?
Grab a 30% Discount and Get your paper done!

30% OFF
Turnitin Report
Formatting
Title Page
Citation
Place an Order

Calculate your paper price
Pages (550 words)
Approximate price: -