How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the simulation/video?
Many counselors are competent in their knowledge and understanding of ethical standards and relevant laws. However, real-world situations often do not lend themselves to straightforward solutions. Therefore, counselors must rely on ethical decision-making models to clearly explore ethical dilemmas and to identify appropriate courses of action for different dilemmas.
August 7, 2017Explain the difference between conflict and competition.
August 7, 2017How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the simulation/video?
Watch the Khan Academy Video “Changes in Market Equilibrium” located in the Week 1 Khan Academy Videos.
Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following:
- Identify two microeconomics and two macroeconomics principles or concepts from the simulation/video.
- Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
- Identify at least one shift of the supply curve and one shift of the demand curve in the simulation/video.
- Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.
Include responses to the following:
- How might you apply what you learned about supply and demand from the simulation/video to your workplace or your understanding of a real-world product with which you are familiar?
- How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
- How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
- How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the simulation/video?
Cite a minimum of 3 peer reviewed sources.
