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Supply And Demand Simulation 3

Supply and Demand Simulation

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Title: Supply and Demand Simulation

Essay Details:

Subject: Business

Author: Christopher G

Date: September 13, 2012

Level: University

Grade: A

Length: 3 / 857

Essay text:

Whose responsibly is maintaining economic equilibrium in the two bedroom rental market. Wikipedia states "economic equilibrium often refers to an equilibrium in a market that "clears": this is the case where a market for a product has attained the price where the amount supplied of a certain product equals the quantity demanded" (Wikipedia, 2005). Demand in this situation is controlled by population, price, and consumer preference. Supply is controlled by the number of apartments built by the company, the percent of vacant units, and the number of units the company decides to rent out. Throughout the nines years covered in the simulation population growth, customer sentiment, and price...

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