Supply And Demand Simulation Video Essay

Supply And Demand Simulation Video Essay

Length: 1330 words (3.8 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

Supply and Demand Simulation
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...

... middle of paper ... 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).

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

The Supply And Demand Web Simulation Essay

- This assignment calls for the students to complete the Supply and Demand web simulation. The simulation is about a property management firm called Goodlife Management, who owns apartment complexes in the city of Atlantis. The simulation provides a number of different scenarios both covering information that we learned about microeconomics and macroeconomics. Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as microeconomics or macroeconomics....   [tags: Supply and demand, Microeconomics, Elasticity]

Better Essays
724 words (2.1 pages)

A Simulation Of Supply And Demand Essay

- A Simulation in Supply and Demand We can read about supply and demand and if we study it over a period, we can see it in action. However, by using the Supply and Demand simulator, we can see it work in action. We can watch the shifts of the supply curve and demand curve based on the various inputs. We can see how shifts affect equilibrium price, quantity, and decision making. From learning more about supply and demand, we can then apply what was learned. We can apply microeconomic and macroeconomic concepts to help with understanding factors that affect shifts....   [tags: Supply and demand, Economics, Microeconomics]

Better Essays
720 words (2.1 pages)

Supply And Demand Simulation Analysis Essay

- ECO/365 Supply and Demand Simulation The supply and demand simulation included both microeconomics and macroeconomics concepts. The simulation focused on a property management firm, GoodLife Management, and its ability to adjust the levels of supply and demand of two-bedroom apartments in the Atlantis community. GoodLife Management was challenged with changes in population, tastes, income, and a price ceiling. As a result of these factors the firm had to strategize about shifts in the changes in supply and demand and determine the equilibrium price and quantity....   [tags: Supply and demand, Microeconomics, Economics]

Better Essays
1044 words (3 pages)

The Simulation Of Supply And Request Essays

- Introduction The simulation of supply and request gives a unique chance to understudies to figure out how to apply supply and offer ideas for two-room rental apartments situated in the city of Atlantis. Managers of the Good Life Management confronted challenges that they need to overcome to meet the balance cost and amount as monetary variables continually change. The choices obliged them to reflect demand and supply curves while considering how they shift. The simulation likewise demonstrated the effect of a value roof on the amount requested and amounted supplied....   [tags: Supply and demand, Elasticity, Microeconomics]

Better Essays
1181 words (3.4 pages)

Demand Of Supply And Demand Essay

- Supply and demand is a tool used in Economics to describe, and show, how an economy functions. Supply and demand is used to show how prices are determined. Demand exists when an individual or group desires a good or service to the point where they are willing to pay or trade for it. The amount of a good or service purchased at a certain price is known as the quantity demanded. (Pg. 74) When the price of a good increases, consumers tend to respond by purchasing less of the good or something else, such as a substitute to that specific good....   [tags: Supply and demand, Demand curve]

Better Essays
2363 words (6.8 pages)

Essay on Demand Of Demand And Supply

- Demand and Supply In the economic world, have you ever thought of how demand estimation can be calculated and interpreted as it relates to a regression equation. Well, let me start by defining what demand estimation mean. Demand estimation is a process that involves coming up with an estimate of the amount of demand for a product or service within a particular period of time (Arthur, 2016). For the month of April, having the privilege to work for a maker of a leading brand of low-calorie, frozen microwavable food; while collecting the data from 26 supermarkets around the country has been an interesting experience....   [tags: Supply and demand, Consumer theory]

Better Essays
923 words (2.6 pages)

Supply and Demand Simulation Essays

- ... The supply curve states the quantity rises as price rises, and similarly the quantity falls as price falls if all other things are constant. A shift in the supply curve indicates something is not constant. In the simulation, Goodlife decides to convert some of their apartment homes to condominiums. The switch is in response to the growing interest in detached homes. Goodlife decided to decrease their supply of apartments to equalize the rent rate at a higher threshold. The supply change coupled with a further demand shift lowered rates, but not as far as it would have been if the supply stayed the same....   [tags: business decisions, micro and macroeconomics]

Better Essays
1008 words (2.9 pages)

Supply And Demand Simulation Paper

- Supply and Demand Simulation 1. What causes the changes in supply and demand in the simulation. Factors that affect supply and demand in the simulation are driven by the availability of the rental apartments, the demand for the rentals, the number of available renters, and the price. According to the simulation, a demand curve is downward sloping. In the simulation, as the price decreased, demand increased. The supply curve, on the other hand, is upward sloping. The quantity of two-bedroom apartments increased as the price increased....   [tags: Economics]

Free Essays
723 words (2.1 pages)

Essay on Supply And Demand Simulation

- Introduction The Supply and Demand simulation involves acting as Property Manager for GoodLife Management, a property management firm that manages apartment complexes in Atlantis. This simulation was an exercise in applying the supply and demand concepts based on current market trends. The property manager is required to adjust the monthly rental rate of two-bedroom rental apartments and number of apartments available. Supply and demand within the simulation were manipulated by the rates charged for the rentals, the economy, income, and personal choice....   [tags: Economics Economy]

Better Essays
1303 words (3.7 pages)

Supply and Demand Essay

- Supply and Demand Every organisation which provides goods or services to fee paying customers must, by its very nature, charge price for that good or service, to pay for its costs, have retained profits for investments and to keep its shareholders happy. In theory, the market price of any good or service is determined by the interaction of forces of demand and supply. There is an old saying, that ?if you can teach a parrot to say ?demand. and ?supply. you have created a trained economist.?1 There is some truth to this saying as most problems in the economics can be examined by applying the rules of demand and supply....   [tags: Economy Economics Supply Demand Essays]

Better Essays
2214 words (6.3 pages)