Economics--Supply and Demand

Paper Summary:

This paper discusses the supply and demand simulation for an Economics for Business course. The simulation utilizes the example of the apartment industry in the fictional city of Atlantis. Chiefly, the supply, demand, and equilibrium within the 2 bedroom housing market are examined in relation to the market. The simulation is further complicated by the introduction of a price ceiling to demonstrate how market forces can be artificially manipulated.

From the Paper:

"The simulation uses the example of a fictional city, Atlantis, to demonstrate the impact of market forces in the 2 bedroom housing market. In the housing market there are many forces that affect supply and demand; some natural, some artificial. The supply and demand of 2 bedroom units in Atlantis is affected by both natural and artificial forces. The natural forces affecting supply and demand in the simulation were the natural influx of people into the city which, those people needing affordable housing caused a greater demand of 2 bedroom units and a temporary shortage until supply caught up with demand. Another natural force affecting supply and demand is housing preference. In Atlantis the example was given that the local population, regardless of price of 2 bedroom units, began to prefer single-unit, free-standing houses."

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