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 a market economy, prices are the driving force behind every purchasing and selling decision. The supply and demand equilibrium determines prices, which is impacted by the price elasticity of demand and supply of products and services.
Play the simulation game Competitive Markets in the MindTap environment first to prepare for this talk. Then you’ll tell us about your gaming experiences. Your participation in this conversation will directly Help you in completing the course project.
Include an image of your simulation report in your first post’s response. For further information, see the How to Submit a Simulation Report Image PDF paper. After that, answer the following questions:
Was the sale price you specified the same as the result
