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Supply and Demand Simulation
The University of Phoenix online simulation entitled "Applying Supply and Demand Concepts" starts with the description of a fictional small town, Atlantis, and the rental market for two bedroom rental apartments. Below we will discuss the key points of supply and demand covered in the simulation, and by David Colander in the Book Economics, along with real world examples and results for the simulation.
In this simulation the reader is a property manager for GoodLife Management. Whose responsibly is maintaining economic equilibrium in the two bedroom rental market. Wikipedia states "economic equilibrium often refers to an equilibrium in a market that "clears": this is the case where a market for a product has attained the price where the amount supplied of a certain product equals the quantity demanded" (Wikipedia, 2005). Demand in this situation is controlled by population, price, and consumer preference. Supply is controlled by the number of......

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Approximate Word Count: 887
Approximate Pages: 4 (250 words per double-spaced page)

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