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Economics
The supply and demand simulation featured a number of different economic prniciples at work. In terms of microeconomic principles, two that were featured prominently was the relationship between supply and demand. The impact of these two variables on the price and availability of apartments in Atlantis was at the core of the simulation. Another was price elasticity of demand. There were also some macroeconomic principles outlined, as they affect supply and demand. One was the overall population, its growth and demographic change. These factors all contribute to the supply and demand characteristics of the Atlantis rental housing market. Another macroeconomic concept that came into play was the concept of equilibrium and the effects of price ceilings on both supply and demand.
External factors cause the supply and demand curves to shift. The supply curve is shifted, for example, if there is new supply in the market. A new building would increase the supply and that would have the supply curve to shift, and the market would need to find a new equilibrium point. The demand...
If Atlantis becomes a popular place to live, the demand curve is going to shift in order to reflect the extra people who want to find housing there.
Each shift has effects on the equilibrium price, the quantity and the way that people make their decisions. For example, a shift outward in the supply curve means that there is more supply on the market. If demand has remained the same, the equilibrium price will need to drop. As this happens, more renters are enticed to enter the market because the price is lower, but by the same token the lower price might flush a few suppliers out of the market. The result is that there will be a new equilibrium of supply, demand and price for the market. The same thing occurs when the population increases. The new population creates an outward shift in the demand curve. This will drive up the prices, and encourage more sellers into the market. Through this process a new equilibrium point will be set.
I have learned from this exercise a fair bit about supply and demand. I think of a real…
simulation featured a number of different economic concepts. The first is the issue of the supply curve. Shifts in the supply curves occur as the result of changes in price, or also in changes in demand. When the price of a good in the market changes, firms are likely to increase production. When the price of a good in the market decreases, some firm are likely to reduce or
(Reza, 2009) This information is building off of the findings from Uthayakumar. This is illustrating how the two tier system can help to streamline operations. However, as time goes by these ideas will become obsolete. The reason why is because they are focusing on particular aspect of supply chain management (i.e. during emergencies and backlogs). Where is it is failing, is through understanding how this strategy could be used when
Results from the study by Petersen, Ragatz and Monczka show that effective collaborative planning depends on information quality, and the trust level firms share. The authors purport: "Collaborative planning activities between supply chain partners are expected to lead to better performing supply chains" (Petersen, Ragatz & Monczka, Introduction section ¶ 1). In addition, numerous other researchers have also explored the perception relating to supplier alliances, that enhanced collaborative planning
With respect to its operations, Verizon Wireless is unparalleled. Indeed, it "is one of the strongest competitors due to the foundation of its large nationwide service area and strong customer base. With two quarters of 1.9 million net additions, it has set the bar for competitors to reach." (BW, 1) This is based on a convergence of extremely visible advertising tactics via television, radio, billboard and sponsorship with a service
Agricultural Assessment Economics of Production and Resource Management: Assessment of the Environmental Impact Associated with Human Waste Fertilizer in Agricultural Production The objective of this study is to conduct an assessment of the environmental impact associated with human waste fertilizer in agricultural production. National Geographic News reporter Tasha Eichenseher reported that 200 million farmers in developing countries are making use of raw sewage due to water shortages and rising costs of fertilizer
The deal was immediately criticized as anti-competitive by William Kennard, the chairman of the Federal Communications Commission, and by the Communications Workers of America, which represents some workers at both of the merged companies. But neither government regulators nor union bureaucrats will have the slightest impact on the latest merger. They have neither the power nor the desire to oppose the plans of the giant telecommunications monopolies. More substantial opposition