That is, after the first scenario, assume that the market is perfectly competitive, and that GoodLife Management is not a monopolist. Any reference to GoodLife can be considered to be a reference to the entire market of suppliers, and the quantity supplied is the quantity supplied by all suppliers. Write a 700- to 1,050-word paper addressing the following: In the first scenario, what rental rate did you choose? Why? Identif one shift of the supply curve and three shifts of the demand curve in the simulation. What caused each of the shifts? For each shift, identify the direction of the change in supply or demand. For each of the shifts identified above, analyze how the equilibrium price and quantity is affected. Discuss how the rental ceiling affects consumers and GoodLife Managementâs decisions. In a real world scenario, how might apartment managers circumvent a ceiling on rental rates? How might you apply what you learned about supply and demand to your workplace or your understanding of a real-world product with which you are familiar? Relating to the simulation, explain how the price elasticity of demand affects consumersâ responses to price changes. Also, in the first scenario, how does the price elasticity of demand affect the price selected by a monopolist? Format your paper consistent with APA guidelines
Sunday, 15 June 2014
Supply and Demand
Complete the Supply and Demand Simulation located on the student
website. Clarification: In the initial part of the simulation you are
told that GoodLife Management is a monopolist. This is an error.
Monopolists do not have supply curves and monopolistic markets should
not be analyzed using the supply and demand framework, which is
applicable to perfectly competitive markets. Make the following changes
regarding the simulation. For the first scenario, GoodLife Management
has control over the market price and acts as a monopolist. For all
other scenarios, you are to assume that GoodLife Management is one of a
large number of suppliers, each supplying relatively identical
apartments.
That is, after the first scenario, assume that the market is perfectly competitive, and that GoodLife Management is not a monopolist. Any reference to GoodLife can be considered to be a reference to the entire market of suppliers, and the quantity supplied is the quantity supplied by all suppliers. Write a 700- to 1,050-word paper addressing the following: In the first scenario, what rental rate did you choose? Why? Identif one shift of the supply curve and three shifts of the demand curve in the simulation. What caused each of the shifts? For each shift, identify the direction of the change in supply or demand. For each of the shifts identified above, analyze how the equilibrium price and quantity is affected. Discuss how the rental ceiling affects consumers and GoodLife Managementâs decisions. In a real world scenario, how might apartment managers circumvent a ceiling on rental rates? How might you apply what you learned about supply and demand to your workplace or your understanding of a real-world product with which you are familiar? Relating to the simulation, explain how the price elasticity of demand affects consumersâ responses to price changes. Also, in the first scenario, how does the price elasticity of demand affect the price selected by a monopolist? Format your paper consistent with APA guidelines
That is, after the first scenario, assume that the market is perfectly competitive, and that GoodLife Management is not a monopolist. Any reference to GoodLife can be considered to be a reference to the entire market of suppliers, and the quantity supplied is the quantity supplied by all suppliers. Write a 700- to 1,050-word paper addressing the following: In the first scenario, what rental rate did you choose? Why? Identif one shift of the supply curve and three shifts of the demand curve in the simulation. What caused each of the shifts? For each shift, identify the direction of the change in supply or demand. For each of the shifts identified above, analyze how the equilibrium price and quantity is affected. Discuss how the rental ceiling affects consumers and GoodLife Managementâs decisions. In a real world scenario, how might apartment managers circumvent a ceiling on rental rates? How might you apply what you learned about supply and demand to your workplace or your understanding of a real-world product with which you are familiar? Relating to the simulation, explain how the price elasticity of demand affects consumersâ responses to price changes. Also, in the first scenario, how does the price elasticity of demand affect the price selected by a monopolist? Format your paper consistent with APA guidelines
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