Watch the Khan Academy Video “Changes i

Watch the Khan Academy Video “Changes i

Watch
the Khan Academy Video “Changes in Market Equilibrium” located in the Week 1 Khan Academy Videos.
Write
a 1,050- to 1,400-word paper summarizing the content of the simulation and address the following:
Identifytwo microeconomics and two macroeconomics principles or concepts from the simulation/video.
Explainwhy you have categorized these selected principles or concepts as microeconomics or macroeconomics.
Identifyat least one shift of the supply curve and one shift of the demand curve in the simulation/video.
Explainwhat causes the shifts, and how each shift affects the price, quantity, and decision making.
Include
responses to the following:
How might you apply what you learned about supply and demand from the simulation/video to your workplace or your understanding of a real-world product with which you are familiar?
How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy as it relates to the simulation/video?
Cite
a minimum of 3 peer reviewed sources.
These are the Khan’s videos below and if you cannot open it then I can furnish you my access info to view them.
Introduction to Economics
Law of Demand
Law of Supply
Market Equilibrium
Changes in Market Equilibrium
Price Elasticity of Demand
More on Elasticity of Demand