The supply and demand simulation video provides information describing a small city that features a welcoming atmosphere with all the necessities of living a comfortable life. It also provides a heathy environment for people who are considering moving to the town of Atlantis. The town provides easy access for people to enjoy the outside. It is the ideal place for those who loaves the city but enjoy a city that is not overpopulated.
It is a great place to raise children, and the community engages in outdoor activities while knowing that the area is surrounded by wildlife ensuring good air quality for those families who exercise on a consist basis. Atlantis provides relatively safe living conditions, which offers homes and apartments depending on taste which are well maintained.
When you view a market, the first thing that comes to mind is supply and demand. It places market value into a standard concept of economic. Price would naturally come to mind when discovering a person wants or needs. However, price can also bring about uncertainty which may limit the desire of individuals’ demands.
According to "Scarcity" (2010), " In economics, scarcity refers to limitations—insufficient resources, goods, or abilities to achieve the desired ends. Figuring out ways to make the best use of scarce resources; or find alternatives are fundamental to economics. To economists, efficiency is a relationship between ends and means, when we call a situation inefficient, we are claiming that we could achieve the desired ends with less means” (para. 1).
GoodLife Management has a monopoly and is recognized as the sole property management firm. With an estimate of 2, 000 two bedroom apartments at their disposal they lis...
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...ing in demand and supply curves is paramount.
Price Elasticity of Demand
Consumers are measured by price and quantity; it is the basic supply and demand concept. The price elasticity of demand provides that measurement by comparing the response of a consumer by changing prices of several products. It is simple mathematics, price change in quantity demanded divided by percentages change in price.
Basu (2015), "Companies can use the price elasticity of demand for products and services to set pricing policies. Price elasticity indicates the sensitivity of customers to changes in pricing, which in turn affects sales volumes, revenues and profits. Optimal pricing policies maximize profits by charging exactly what the market will bear. Managers may adjust their pricing strategies depending on changes in the competitive environment and in consumer demand” (para 1).
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