Supply And Demand Simulation
Supply and Demand Simulation Summary
University of Phoenix
ECO360, Economics for Business I
The Supply/Demand simulation involves acting as property manager for GoodLife Management in the fictional town of Atlantis. GoodLife Management manages seven apartment complexes in Atlantis. The property manager is expected to adjust the monthly rental rate of two-bed rental apartments and the quantity of apartments supplied based on the market trends. Factors that influence the supply and demand for apartments include personal preferences, economy, income, and rental rates. Each of these factors affect the ratio of vacant and occupied apartments. Decisions regarding supply, demand, and price require careful evaluation. Regular monitoring of supply and demand is necessary to remain competitive in a crowded rental market. As the community grows, GoodLife must make adjustments to remain viable in the real estate industry.
The objective of the first simulation was to......
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Approximate Word Count: 1175
Approximate Pages: 5 (250 words per double-spaced page)
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