Eco 365

In: Business and Management

Submitted By eecmatt
Words 1067
Pages 5
ECO/365 Principles of Microeconomics
Professor Alex Gialanella
December 9, 2013

Good APA compliant cover

In this paper I am going discuss the simulation I viewed in Week 2, which is about a city called Atlantis. It is a well maintained and has everything to offer its residents/tenants a decent number of parks, close to highways, clean litter free sidewalks and a low crime rate. The GoodLife Management is the property management firm that handles seven apartment complexes in the city of Atlantis. They have over 2,000 two-bedroom apartments and only a 28% vacancy rate, it’s very essential to use the supply and demand curve to determine the equilibrium in the market. It is also important to understand movements along the shift of the demand and the supply curves to determine how the equilibrium is established after the shift in curves. Supply and Demand are the most used words in the world of economics today, according to Colander , D. (2010). Supply and demand is a critical part of microeconomic and macroeconomics and it assist in determining the economy. This is an excellent, clear intro – good level setting and use of reference
As for the principles of microeconomic shown in the simulation is supply and demand. In the simulation they wanted to lower the cost of rent in order to lower the percentage of vacant apartments to 15%. This would raise the revenue for the management firm, at one point the employment rate, population and housing demand had increased. Within the simulation macroeconomics included that the government was forced get involved and create a cap of $1550 a month for rent for the two bedroom apartments affordable for the middle class families. The price cap was created only for the purpose of allowing the families the opportunity to have affordable housing in order to live in the city where they work. The housing…...

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