Supply and Demand Simulation

The purpose of this paper is to answer questions pertaining to applying supply and demand concepts presented in the week two simulation (University of Phoenix, 2004). The simulation provides a scenario in which the property management firm, GoodLife Management, experiences varying demand and supply situations due to population and personal preference changes. 1. What causes the changes in supply and demand in the simulation? Initially, in an attempt to drive up the rental rate, GoodLife Management withholds …

…business to make money and in order to do so instituted changes in either response to or in anticipation of economical situations that were either affecting or had the potential to affect profits. References: University of Phoenix. (2004). Applying Supply and Demand Concepts. Retrieved May 18, 2006, from University of Phoenix, rEsource, Simulation, ECO360 - Economics for Business I Web Site. Consumer Electronics Association. (2006). Historical Data. Research. Retrieved May 18, 2006, from http://www.ce.org/Research/Sales_Stats/1219.asp