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Atlantis Simulation Essay

890 words - 4 pages

Atlantis Simulation Supply and DemandIn economics two of the most fundamental concepts are supply and demand. According to Gurun et al, the law of supply and demand “predicts that the price level will move toward the point that equalizes quantities supplied and demand” (2007, para. 3). In the assigned simulation students are asked to play the role of a real estate manager and figure out how to use supply and demand curves to determine the equilibrium in the market for two bedroom apartments. In this paper the following topics will be explained or addressed: what causes the changes in supply and demand, how shifts in supply and demand affect decision making, key points from readings emphasized in simulation, how to apply what was learned about the concepts of supply and demand in the simulation to my workplace. In addition there will be a summary of details in years 1-9.Atlantis ApartmentsThe causes of the changes in supply and demand in the simulation are various and many as the simulation goes on. The first reason was monthly rental rates. This problem seems to be constant throughout the scenario and fluctuated in every case. Another reason for the change was the number of apartments. This is an obvious problem for an apartment management company. Not having enough or a surplus of available apartments is a part of supply and demand. The next cause that was apparent was when the company Lintech Inc. came to Atlantis. Lintech decided to make Atlantis its hub. Because of this the city of Atlantis was set for an increase in population and in effect increases the demand for apartments. Another reason for change is competition from another company, Oakridge which sells detached homes. This affects supply and demand by having a surplus in the market which exerts a downward pressure on price. The last cause for change is the congestion in Atlantis due to companies and an increase in the population. This causes the local government to create a rent cap. The price ceiling can create both economic and social consequences such as deposit hikes, and tenant discrimination.Supply and Demand Affecting Decision MakingThe way that these shifts in supply and demand affect decision making is how management set rates of rent and determining the amount of vacancies. The supply and demand in this simulation affected how the company survived and made money. Supply and demand was what made this company run in successful and unsuccessful ways.Key PointsOne point that is both in the readings and in the simulation is the idea of firms maximizing profit. This is so because the rental company seemed to always be going off profit as the bottom line. The next key point is supply and demand. This point is shown throughout the entire simulation. Equilibrium is another...

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