Microeconomics and the Laws of Supply and Demand
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Microeconomics and the Laws of Supply and Demand
Jacob Lynch
ECO/365
10/30/2013
Microeconomics and the Laws of Supply and Demand
The reason for this paper is to deliberate the Supply and demand simulation that is on the student website. The principle is to identify two macroeconomic and economic principles that are shown in the simulation and need to explain why each reason are considered as micro o macroeconomics. This paper will also include the determination of one shift of the supply curve and another of the demand curve from that same simulation.
The two concepts that are used in the simulation that we did were Supply and Demand. Demand is the need of that product with the way to pay for it. Supply is summarized by as the amount of the goods that is accessible to buy. The simulation explains about the supply and demand and also about rental of apartments from Atlantis. On the other side, speaking about macroeconomics, it talks about the changes in trends of population from the point of view of renting or not renting as well as influences that impact these variations. Being the property Manager of Good life management, by seeing over the properties and making the correct decisions in make sure that each apartment here gets rented at the correct price.
The First Scenario that we were supposed to do was to minor the vacancy rate from 28% to 15% without exceeding revenue. By lowering the rate of rent to $1050 with that the demand for apartments went up to 1700 units. With this it brought us up to 1.79 Million dollars with a excess of 300 units that still needed to be rented. The review advised me that I didn’t meet the needed revenue that asked me in the scenario. I was given data that if my rental rate was lowered and the vacancy rate that I could of highered my revenue.
The demand Curve lets gives us in detail that the amount of people would have demanded if prices varied. What the...
Jacob Lynch
ECO/365
10/30/2013
Microeconomics and the Laws of Supply and Demand
The reason for this paper is to deliberate the Supply and demand simulation that is on the student website. The principle is to identify two macroeconomic and economic principles that are shown in the simulation and need to explain why each reason are considered as micro o macroeconomics. This paper will also include the determination of one shift of the supply curve and another of the demand curve from that same simulation.
The two concepts that are used in the simulation that we did were Supply and Demand. Demand is the need of that product with the way to pay for it. Supply is summarized by as the amount of the goods that is accessible to buy. The simulation explains about the supply and demand and also about rental of apartments from Atlantis. On the other side, speaking about macroeconomics, it talks about the changes in trends of population from the point of view of renting or not renting as well as influences that impact these variations. Being the property Manager of Good life management, by seeing over the properties and making the correct decisions in make sure that each apartment here gets rented at the correct price.
The First Scenario that we were supposed to do was to minor the vacancy rate from 28% to 15% without exceeding revenue. By lowering the rate of rent to $1050 with that the demand for apartments went up to 1700 units. With this it brought us up to 1.79 Million dollars with a excess of 300 units that still needed to be rented. The review advised me that I didn’t meet the needed revenue that asked me in the scenario. I was given data that if my rental rate was lowered and the vacancy rate that I could of highered my revenue.
The demand Curve lets gives us in detail that the amount of people would have demanded if prices varied. What the...