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How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?

MATERIALS: Week 1 Khan Academy Videos( Note: All content is available for free at Khanacademy.org)

Write a 1,050 to 1,400 word paper summarizing the content of the video.

Watch the Khan Academy Video “Changes in Market Equilibrium” located in the Week 1 Khan Academy Videos.

1. Identify two microeconomics and two macroeconomics principles or concepts from the video.

2. Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.

3. Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.

4. Include responses to the following:

How might you apply what you learned about supply and demand from the 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 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 video?

Cite a minimum of 3 peer-reviewed sources

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