How do the concepts of microeconomics help us understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
How do the concepts of microeconomics help us understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
Scenarios
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A cancer preventing apple is invented
Supply goes > up
Demand goes > up
Apple pickers become unionized (wage increase)
Supply goes < down
Demand goes < down
From the two above scenarios writea 1,100 word paper that:
Identify if the scenarios above aremicroeconomics or macroeconomics principles or concepts.
Explain why you have categorized these scenarios as principles or concepts of microeconomics or macroeconomics.
Identify at least one shift of the supply curve and one shift of the demand curve in the above scenarios.
Explain what causes the shifts, and how each shift affects the price, quantity, and decision making within the above scenarios.
Include responses to the following:
How should we apply what we have learned about the above scenarios about supply and demand to our workplace or understanding of a real-world product with which we may be familiar?
How do the concepts of microeconomics help us understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
How do the concepts of macroeconomics help us understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
How does the price elasticity of demand affect a consumer’s purchase and the firm’s pricing strategy as it relates to the above scenarios?
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