Rosa Flores Wk 2 Individual

Rosa Flores Wk 2 Individual - Good Life Simulation 1 Good...

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Good Life Simulation 1 Good Life Simulation Rosa L. Flores Microeconomics/ECO 365 Prof. Watson Ragin December 14, 2009
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Good Life Simulation 2 Good Life Management Simulation Good Life Management is a company who manages seven apartment complexes in Atlantis. The company management team is about to make critical decisions regarding the apartments they are renting to the public. The objective for this company is to draw and preserve clients, while maximizing their income. Supply and Demand Good Life Management has various factors that affect their supply and demand. The apartments for rent and the demand for them, the number of renters available, and the price are some of the factors affecting the company supply and demand. A demand curve is shown as sloping downward. As the price decreases the demand increases. Oppose to the demand curve, the supply curve is sloping upward. Once the supply of two bedroom apartments increases the prices increase. Because the price increased the demand went downward. To draw people to rent these apartments the company will need lower prices to increase the demand for them. In contrast to this, to be able to maintain a good balance in quantity in demand and supplied, Good Life will need to raise their prices. Decision Making The changes in liking of the people renting these apartments caused the demand for these apartments to decrease. The company started changing the apartments into condominiums for sell. These changes cause a decrease in supply and demand. These changes caused the supply and demand to both shift to the left. The shifts in supply and demand play a major role in the decision making process, because if a organization or small business owner does not care to pay
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Rosa Flores Wk 2 Individual - Good Life Simulation 1 Good...

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