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2 pages/≈550 words
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APA
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Business & Marketing
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Coursework
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English (U.S.)
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Topic:
3-2 Simulation Discussion: Competitive Markets
Coursework Instructions:
Good evening I need assistance to complete the work assignment from the book plus the discussion for module 3. In order to complete the discussion the module 3 simulations games must be complete first.
here is my school access for my class. https://learn(dot)snhu(dot)edu/d2l/login. the password is Romerox2108#$. once you the account go to the class BY THE NAME ECO-201 MICROECONOMIC. THEN go to module 3 and complete the competive market simulation game. I understand this assignment will cost a little be more because you have to complete this for me as well. but I don't understand this so that why i need your assistance. All the instructions for the other assignment as below. thank you. text me if you need additional assistance from me. 857-200-4184.
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 (screenshot) of your simulation report in your response. 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.
To access your simulations, click the simulation link found in the module.
I will provide the two discussion I need to reply back to my peers on tuesday or wednesday.
Thank you in advance for everything you doing to help pass this class.
Coursework Sample Content Preview:
3-2 Simulation Discussion: Competitive Markets
Student Name
Institution
Course
Professor
Date
Simulation Sale and Equilibrium Prices
In my sales simulation, I set the first orange’s price higher than the equilibrium price, which was my initial price. This strategy was used because more consumers are willing to pay a higher price when stock is limited when bidding initially. As the bidding process went on and I saw that the supply of oranges was continuous, I decided that I should reduce the price of the second and third oranges due to changes in the market. Hence, I planned to sell more of my cheaper oranges than the higher-priced oranges of the competitors. This change in t he price brought attention and played a role in shifting the prices back to the equilibrium as well as the supply and demand curves. It helped me increase my income and earn my living within the market.
Figure SEQ Figure \* ARABIC 1: Simulation Interface
Impact of Price Elasticity of Demand on Pricing Decisions
If I had a running venture, the “price elasticity of demand” would significantly affect the pricing decisions for every product. In the case of multiple substitutes and competitors within the area, I would consider adjusting the prices to match those of close competitors to make the demand somewhat inelastic. This would be a good strategy for ensuring customers did not consider me too expensive, h...
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