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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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3-2 Simulation Discussion

3-2 Simulation Discussion

Q • Based on the outcome of the simulation, was the sale price you set the same as the equilibrium price? Refer to the supply and demand model to explain why they might be different. • Imagine that you own your own business. How would price elasticity of demand impact the pricing decisions of your business? • What are the determinants of price elasticity of demand? Identify at least three examples.

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For this simulation it was my job to complete a sale of three oranges in three different “rounds” and try to sell them all while gaining a good profit. I am unsure if I did it correctly