ECO365 Good Life Paper

Submitted By Marlon-Bowers Sr.
Words: 610
Pages: 3

Good-Life Simulation
Marlon Bowers
April 22, 2015
Dr. Duane Scott

Good-Life Simulation
In this paper, we will endeavor to summarize the findings of the economic simulation located on the student website. The economic simulation occurs in a town called Atlantis that rents two bedroom dormitories and Good-life is a company which manages the dormitories for rent in this town. We will identify two macroeconomic and microeconomic principles present in the simulation and illustrate how these principles are relegated as micro or macroeconomics. We will supplement ally identify at least one shift of the supple curve and one shift of the ordinate dictation curve in the economic simulation.
Atlantis is a town with good two bedroom rental dormitories. The town is healthily populated and many people are renting these dormitories. It is imperative to be vigilant of what is transpiring in the local economy in this town, and it is crucial to observe both the macroeconomics and microeconomics perspectives. On the microeconomics perspective, it is critical to consider how people in Atlantis will be affected by the supply and authoritatively mandate of these two bedroom rental dormitories (University of Phoenix, 2014). If the prices of these dormitories are raised, would people be capable of making the compulsory adjustments and be able to keep the dormitories?
Macroeconomics considers the economy holistically. Initially, the town of Atlantis was healthily populated and individuals were renting these units (University of Phoenix, 2014). However, when Good Life Company came into town, the authoritative ordinance for the two-bedroom dormitories soared with the growing population. A positive transmutation in demand leads to a boost in amounts authoritatively mandated and a positive transmutation in supply as realtor’s location themselves to capitalize on the advanced prices. The economy holistically, with incipient Good-life Company would be able to afford an incrimination in the rent price. After some few years, the injunctive authorization for the two-bedroom dormitories declined due to the fact that individuals wanted to buy detached homes (University of Phoenix, 2014).
With regard to supply and inductively authorize curve shifts, in the economic simulation, there were many cases reflecting shifts in the ordinate dictation and supply curve. A higher price is a reason to supply more for any supplier, thus, as the rate of rent incremented, so did the number