Basic Concepts

In: Other Topics

Submitted By tonyp1978
Words 1304
Pages 6
Basic Concepts Paper
Charles Lloyd
Eco/415
October 19, 2012
George Flemming

Basic Concepts Paper
Circumstances, which are different, can have a major affect on supply and demand. The simulation in this week’s assignment deals with the curves of supply and demand and how they are affected by the changing of situations that happens in the city of Atlantis with the two-bedroom apartments. Changes were supposed to be made depending on the findings and results made within the Atlantis community. The shifts in supply and demand will have an effect on the Goodlife decisions. This simulation has four emphasized key points they are price ceilings, supply and demand, shifts in supply and demand, and equilibrium. This paper will summarize briefly found concepts of each scenario; whereas, it will explain the supply and demand changes and how the changes affect decisions that relate the supply and demand concepts to the testing service department of Aflac’s Software Company.
When Goodlife first started the business wanted to see what, he or she would have to charge for the monthly rental of an apartment to receive maximum revenue for the 2,000 available apartments. The results showed that an apartment monthly rent of $900 would have to be charged for the maximum revenue to reach $1.80 million dollars. Although this rate is better than the $1300 that was original asked; whereas, $2,000 apartments were in demand and rented leaving no surplus. This simulation shows that when a lower price is placed on a product or good, the demand will increase. Some of the factors that can affect the equilibrium of supply and demand are price changes, preference of consumers, and population increase. To rent out each apartment, the Goodlife Corporation will still need to decrease the price of rent so the demand of the apartment’s can increase. The idea seems to be lucrative for the…...

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