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Supply and Demand Simulation_365 - Essay Example

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The principles under consideration are; the principle of supply and the principle of demand, this is because, in the simulation, there is consideration of the demand regarding two-bedroom apartments available for renting. Demand is a microeconomic principle according to Adil…
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Supply and Demand Simulation_365

Download file to see previous pages... The level of competition is also a macroeconomic factor because the firm is a monopoly, rather it has no competitors. The reasons the two are concepts under consideration in macroeconomics is because the firm does not have control over them as seen in the study work of Adil (2006).
The shift in the supply curve is as a result of lowering rental rates. This will imply that the number of property will be on demand and making the supply to increasing leading to a shift of the supply curve to the right. The shift is also due to increased advertising whereby the property is in demand from many clients because, through advertisements, many people will learn of the two-bed roomed apartments increasing the occupant and increasing the supply.
This implies that the quantity demanded increases. This shift will arise from the renting of property at a low rental rates. The shift will also arise from increased demand of apartment as a result of increased advertisement schedules.
The shift in supply will affect the equilibrium price because, at some point, there is no further adjustment in the rental rates this also applies to the shift in demand. The shift in supply would affect the quantity, where according to Adil (2006) the shift to the right will indicate an increase in quantity supplied. The shift in the demand curve to the right will also indicate an increase in quantity demanded. The management will also make their decisions based on the shift in the supply curve, whereby the shift to the right will make the management set the rental rates at the equilibrium price. This also applies to the shift of the demand curve to the right, whereby the management has to reduce the advertisement as the demand will be high enough.
Application of the concept of demand and supply would be to determine the amount of advertising to do, such that in case the demand goes up due to increased ...Download file to see next pagesRead More
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