Supply and Demand Simulation

The purpose of this paper is to answer questions pertaining to applying interpret and fill concepts presented in the week two simulation (University of Phoenix, 2004). The simulation provides a scenario in which the property management firm, GoodLife direction, experiences varying penury and supply situations due(p) to creation and personal preference changes. 1. What causes the changes in supply and ask in the simulation? Initially, in an attempt to drive up the renting rate, GoodLife Management withholds a portion of useable flatbeds creating an environment of scarceness. in that respect is also a decline in apartment demand as there is a shift in various(prenominal) preference to detached lodgement. To accommodate and capture these consumers, GoodLife Management converts a portion of existing apartments into condominiums again creating a scarcity of apartments. However, as new businesses arrive in Atlantis and there is a come down in availability due to apartment-to -condominium conversion, the demand exceeds the supply. An special factor in affecting consumer demand for apartments is attributable to lower available housing in neighboring towns. 2. How do shifts in supply and demand affect your decision-making? Any affects would depend on immediate scantiness and considerations in the decision-making process. Presently, because of fluctuating gas prices, purchasing gasoline send weekends and holidays tends to save a few pennies at the gas pumps. The emergence in the price of fuel may not be because of decreases in available resources, but rather the greed of the suppliers. amaze companies currently have a monopoly on the market, as extract fuels are not fully competitive, which means consumers as a whole, pay what the supplier demands. For those activities requiring consideration for gas prices, such as unnecessary travel, there may be a decline. In the consideration of larger or luxury purchases, it may be more prudent to wait for prices to drop... ! If you want to get a full essay, order it on our website: OrderCustomPaper.com

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