Supply & Demand Paper

Supply and Demand Simulation Paper

According to the Online Supply and Demand Simulation for the University of Phoenix Economics class, we were asked a series of questions to address as the Property Manager at Goodlife management firm. Then format those questions to a paper, here is that paper. The first question I was asked to address, was to identify two microeconomics and two macroeconomics principles or concepts from the simulation and explain why I have categorized these principles or concepts as macroeconomic or microeconomic. The two concepts for microeconomics that I found were supply and demand, each of which was straight forwardly presented in the material and also represented clearly in the title of the simulation. Other than that, the other reason I specifically chose supply and demand for my microeconomic concepts was the fact that it defines the term “analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households” (Definition 2012). And covers my job responsibilities (receive 30-day notices for upcoming vacancies in apartments, establishing new rental rates for my current/future tenants and setting advertising schedules) as manager of the two-bedroom rental apartments in Atlantis. The two concepts for macroeconomics that I found were trends of tenants based off population and the influence of those population trends to tenants. Each concept is categorized as macroeconomic because it is based on whole population and population influence, which easily defines macroeconomics (looks at the economy as a whole and looks at impact and society conditions.)

The second question I was asked to address, was to identify at least one shift of the supply curve and one shift of the demand curve in the simulation and to what caused those shifts. Based upon what I saw, I saw a shift up and to the right on the supply curve as the supply of apartments available for rent/lease increased....