Supply and Demand Simulation The goal of this paper is to tie in economic theory to the completed supply and demand simulation. The author will review the causes and impacts of changes affecting equilibrium price, the impact of population increase on supply and demand, the impact of change in consumer preference on supply and demand, the impact of condominium conversions on supply and demand, and the impact of price ceilings on supply and demand. In addition, several key learning points to be addressed are the shift in demand versus a change in quantity demanded a shift in supply versus a change in quantity supplied, equilibrium points, and price ceilings or interferences with market forces. Changes Affecting Equilibrium Price When the quantity in demand is equal to the quantity of goods supplied, equilibrium price is achieved (Equilibrium Price, n.d.). When completing the Supply and Demand Simulation, one can see that to increase the quantity of apartments demanded the rental rate would have to be reduced. When this happens, the quantity of apartments supplied would......

Word Count: 1144
Page Count: 4.5 (250 words a page / double spaced)

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