Discuss in 800 – 1,050-words paper of no more than summarizingthe content. Address the following:
Identify two microeconomics and two macroeconomics principles orconcepts from the simulation. Explain why you have categorizedthese principles or concepts as macroeconomic or microeconomic.
Identify at least one shift of the supply curve and one shift ofthe demand curve in the simulation. What causes the shifts?
For each shift, analyze how it would affect the equilibrium price,quantity, and decision making.
How may you apply what you learned about supply and demand from thesimulation to your workplace or your understanding of a real-worldproduct with which you are familiar?
How do the concepts of microeconomics help you understand thefactors that affect shifts in supply and demand on the equilibriumprice and quantity?
How do the concepts of macroeconomics help you understand thefactors that affect shifts in supply and demand on the equilibriumprice and quantity?
Relating to the simulation, explain how the price elasticity ofdemand affects a consumerâs purchasing and the firmâs pricingstrategy.
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