Eco 354 Supply and Demand Simulation - 1042 Words

Supply and Demand Simulation ECO/365 July 24, 2013 Supply and Demand Simulation The Supply and Demand Simulation was very insightful. I related to it since I am in property management although I did have some difficulty with the reasoning. The simulation was designed to help us understand demand and supply as well as the effect of a price ceiling on a specific quantity as well as the quantity supplied. According to our textbook, Microeconomics is the study of individual choice and how that choice can be influenced by economic forces. In this simulation, the city of Atlantis has a property management company by the name of Goodlife Management who is responsible for leasing two bedroom apartment homes that are in high demand. The†¦show more content†¦In property management a manager’s success and reputation is built around their complex, their vacancy and occupancy rate and their customer service. Realistically, however, the prizes and recognition come to those who have a high occupancy rate and continuously maintain a low vacancy. The prices are determined on what the market is showing at the time. Price elasticity will always affect a consumer’s purchasing strategy as well as a firm’s pricing strategy. The simulation clearly showed the effect that the consumer and the economy as whole will have a direct influence on the market. Although microeconomics and macroeconomics are two different studies they complement each other well in this simulation. It is important to understand they will both work together in the workplace. The price will be affected since ultimately the consumer will have the power to affect the market. In property management, when there is a vacancy we as a company will do whatever it takes to fill it up. We will run specials in order to get the opportunity to get the people in the door and fill up our vacancies. First month rent free or half off first month is typical to offer as a special when the vacancies are high and our owners do not want to lost money. At the same time, when our vacancies are low and our occupancy is high, there are no spe cials or discounts that are given to consumers. This to me is the definition of elasticity and the power that theShow MoreRelatedMm-Chapter 1-3 Dawn Iacobucci17854 Words   |  72 PagesISBN-13: 978-1-111-52823-2 MM2 Marketing Management Iacobucci ISBN-13: 978-0-538-48134-2 TEST Gain faculty approval to ï ¬ nalize the product and content mix speciï ¬ c to each discipline. MM2 offers interactive analytical online tools, such as marketing simulations. ARE YOU IN? WORK Publish the student-tested, faculty-approved teaching and learning solution. MM2 covers all core Marketing Management topics to provide a solid foundation. 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