ECO 201 Week 3 Discussion | Southern new hampshire university
- southern-new-hampshire-university / ECO 201
- 30 May 2022
- Price: $8
- Accounting & Economics Assignment Help / Microeconomics
ECO 201 Week 3 Discussion | Southern new hampshire university
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 PDF 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.
USA 
India