I need assistance with two below assignments:
ECO-201-X6482 Microeconomics 21EW6
? Competitive Markets: Module Three
External Learning Tool
STOP: Please read the instructions before clicking on the simulation link. How to play simulation instructions attached The simulation runs immediately after opening the link. Do not leave the computer while simulation is running (apprx. 5 min) to see the entire process and results.
Click the link above to access the simulation. You will need to review it before completing the simulation discussion for this module.
? 3-2 Simulation Discussion: Competitive Markets
NOTE THAT A CUSTOM RUBRIC IS USED FOR THIS DISCUSSION.
Prices are the driving force behind every buying and selling decision in a market economy. Prices are determined by the supply and demand equilibrium and are influenced by the price elasticity of demand and supply of goods and services.
For this discussion, first play the simulation game Competitive Markets in the MindTap environment. Then, you will share your experiences playing that game. Your work in this discussion will directly support your success on the course project.
In your initial post, include the image of your simulation report in your response. See the How to Submit a Simulation Report Image (attached) document for more information. Then, address the following questions:
- Based on the outcome of the simulation, was the sale price you set the same as the equilibrium price? Refer to the supply and demand model to explain why they might be different.
- Imagine that you own your own business. How would price elasticity of demand impact the pricing decisions of your business?
- What are the determinants of price elasticity of demand? Identify at least three examples.
In your responses, comment on at least two posts from your peers and share an example of a company that experienced a change in revenue as the result of a change in the price of the good or service they provided. After reading your peers’ posts, explain which determinants of price elasticity of demand could be the cause of the change in demand.