Uop Eco 365 Week 2 Individual Assignment - 1003 Words

Week 2 Assignment – Supply and Demand Simulation Week 2 Individual Assignment – Supply and Demand Simulation This week’s assignment examined the effects of supply and demand on the pricing and availability of real world goods. In this instance, the simulation looked at pricing and availability of two bedroom apartments in the fictional city of Atlantis. The simulation takes a look at several different situations, outside market factors and governmental influence. By going through the simulation and adjusting the pricing levels of the apartments and the number that are being made available to be rented, the simulation shows the effects of things like new employers moving into the area, rent control laws being put into effect and the†¦show more content†¦Thus, in my workplace our shifts tend to focus more on intangible factors, such as employee productivity, customer satisfaction and repeat business. In the business of telephone customer service, we view our supply and demand in terms of how well we are meeting the demand of calls coming in and how well we supply the desir e of our customers to have their issues resolved in a timely manner. During periods of high demand, such as the holiday season, we staff more employees to work the phones. Similar to the situation in scenario 2, we have to be certain that the number of representatives on the phone is still profitable by the business, so while there may be a small wait time for a customer to speak with an agent, it is more profitable for the customer to have a five minute wait than to put twenty more people on the phone to meet that increased business need. Macroeconomic principles come into play when the whole market or more outside factors are involved. Examples of this in the video game industry, which I work in, would be when the rating system for games are under scrutiny, or when a new console is put on the market as competition. These outside factors affect not only the company I work for, but every other company in the industry, from the hardware manufacturers such as Microsoft and Sony, but also the game studios such as Activision, EA and Rockstar Games. Microeconomic principles are caused by and effect only my company in particular, such