Watch the Khan Academy Video “Changes in Market Equilibrium”
Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following:
· Identify two microeconomics and two macroeconomics principles or concepts from the video.
· Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
· Identify at least one shift of the supply curve and one shift of the demand curve in the video.
· Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.
Include responses to the following:
· How might you apply what you learned about supply and demand from the simulation/video to your workplace or your understanding of a real-world product with which you are familiar?
· How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
· How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
· How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the simulation/video?
Paper must be in apa format and you must use three references not wikipedia.
The introduction must contain a thesis statement.
Write the paper in the following paragraph order:
Introduction
Two microeconomics and two macroeconomics principles or concepts from the video
Why they are categorized as microeconomics or macroeconomics
One shift of the supply curve and one shift of the demand curve
Cause of the shifts, and how each shift affects the price, quantity, and decision making
Application of supply and demand to workplace or understanding of a real-world product
How the concepts of microeconomics help one understand the factors that affect shifts in supply and demand on equilibrium price and quantity
How the concepts of macroeconomics help one understand the factors that affect shifts in supply and demand on the equilibrium price and quantity
How the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the video?
Conclusion
References (3)
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