Abstract The simulation titled "Applying Supply and Demand Concepts" was an exercise in evaluating the way that supply and demand affect each other and change the curve and direction of the slope while keeping balance or equilibrium. The task was to complete the scenarios and evaluate how the changes in the demand and supply changed the way the company did business. The final task was to find a way that this information can be of …
showed first 75 words of 1021 total

showed last 75 words of 1021 total
…need to occur before the increase can begin. Just like the increase in apartments needed to happen before GoodLife could rent out more apartments when the population increased. Conclusion The changes that occurred in the simulation directly affected the demand and supply curves. As a change happened, the affects could be seen in the slope of the curve directly affecting the equilibrium Reference: Schiller, B. (2005). Essential of Economics (5th ed.). Burr Ridge, IL: Irwin/McGraw-Hill.