3-2 Simulation Discussion: Competitive Markets

In your initial post, include the image of your simulation report in your response address the following questions:

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.

\fSELLER - Market Closed My jummary Orders Transactions Unit Cost Price Profit $0.50 $1.04 $0.54 IN $0.73 $0.96 $0.21 $1.00 $1.07 $0.07 Total Profit: $0.82 End of Game 8 10 00:00SELLER - Market Closed My Sunimary Orders Transactions Unit Cost Price Profit $0.50 $1.43 $0.!3 $0.75 $1.33 $0.53 3 $1.00 $1.23 $0.23 Total Profit: $1.74 End of Game 10 00:00