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Supply and Demand Simulation
The Supply and Demand Simulation (UoP, 2005) presented in the Economics for Business 1 class revolves around the supply and demand of two-bedroom rentals in the imaginary city of Atlantis. To complete the simulation, the user must assume the role of a Property Manager for GoodLife Management, a property management firm that manages seven apartment complexes within Atlantis. As the Property Manager, the user must adjust rental rates as changes in supply and demand require or determine how many units to supply when rates become limited. The Supply and Demand Simulation (UoP, 2005) emphasizes several economic principles outlined by Colander in his book, Economics (2004), including the laws of demand and supply, equilibrium, the effect of a price ceiling, and shifts in demand and supply.
Laws of Demand and Supply
In the Year One scenarios, the simulation (UoP, 2005) demonstrates how rental rates affect the supply and demand for apartment units. In other...

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Title: ECO360 Supply & Demand Simulation
Approximate word count: 1339
Approximate pages: 6 (250 words per double-spaced page)

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