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

Discussion Topic

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.

• Inform business decisions using microeconomic models and theories
• Determine the impact of economic costs on organizational and individual decision making
• Explain how market structure impacts a business’s entry and exit into a market and its ability to generate economic profit

Scenario

You and your friend from college have just graduated. You majored in business, and your friend majored in a creative field. Your friend is highly inventive and has come up with an excellent idea for a new product. You both believe in this idea so much that you have agreed to become business partners. However, before you embark on your entrepreneurial adventure, you will have to explain some key microeconomics concepts to your partner that are important to make sound business decisions.

Your business partner is less than enthusiastic about this prospect and has never had an interest in what is often described as the dry and boring field of economics. Every time you have tried to engage your partner in practical discussions, they brush you off and decide to go play video games instead.

Aha! This gives you an idea: What if you could convince your friend to learn about economics through games? You have found several simulation games that demonstrate in real and interesting ways the economic principles that you know your partner needs.

Once you have played the games, you will create a memorandum report summarizing for your friend the educational value of your experiment. In your memorandum, you will restate the key principles and takeaways of each simulation, as well as illustrate how these ideas are relevant to your future entrepreneurial success.

Directions

First, assemble the materials that you will need to complete this assignment:

1. You will need several simulation report images for your memorandum. All the necessary data visualizations will be generated after you have completed each simulation game. You will be required to save image files of your simulation reports for your simulation discussions. These should also be used to create your memorandum report for the course project. If you have any questions or concerns about the simulation data that should be used for your project, you should promptly reach out to your instructor.

2. Review and use the Project Template located in the What to Submit section.

You are expected to reference any source material used in your memorandum report with appropriate citations. To support you, a References page has been added to the project template with a citation for this course’s reading already provided. Any other references you add should be cited according to APA format.

1-2 Discussion: Economics and Business Decisions

In your responses to your peers, comment on at least two posts; Attached that discuss a different economic principle than the one you chose. Draw connections between the different principles and the role of microeconomics in everyday life.