ECO 201_Module Three Discussion 3-2 Simulation Discussion - Competitive Markets.docx

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ECO-201: Microeconomics 21EW43-2 Simulation Discussion: Competitive MarketsYVES M. BOOKERSouthern New Hampshire University
3-2 Simulation Discussion: Competitive MarketsIt was very interesting watching the bids price change as I adjusting my ask price. I noticethat if I would sell too high, I wouldn’t make a good enough profit. I chose to make some reasonable asking prices and things seem to work out pretty. My profits for each match made were similar in earnings totaling out to $4.14.My asking price was not the same as the equilibrium price because I was able to earn more, and possibly because my quantity demand was short. I think the difference between the equilibrium price and my price is based on the quantity and the price of the oranges. I only had three oranges so my reference point would be that there was a shortage and when there’s a shortage for this particular fruit that everyone wants the demand for more oranges will be

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