70-100 words

1.

My experience with this simulationgame was very beneficial and it helps me to understand the main idea better.I did opinion 3 and as we know the food trucks are always paying parking charges for being in the parks and there is always control over the admission into the park. So the food trucks are offering food to the people that are visiting the park. The prices of the foods that they offer on that specific day are displayed on the board in front of the trucks. The board has a chart with demand and supply curves. Therefore, the main point or the equilibrium point of these two curves on the graph is indicating the price of the lunch for that day. So in this case, if we charge the entry fees then the cost of food will decrease and demand will increase. due to this idea, the demand curve will go to the left side. On the other hand, changing these conditions of entry fees and food prices the equilibrium point will change according to the conditions. If we play this game for few times it leads to different choices with different outcomes. I have learned aboutequilibrium in chemistry but this game helped me to understandchanges in equilibrium in a different way.

2.

I did option two which was the demand one. Depending on the weather and the price of the drinks that the food truck was selling, the demand would change. The cloudier and higher the price, the lower the demand, the lower the price the higher the demand would be. Once the price would go up, more and more customers would leave creating a smaller demand. Although on sunny hot days, the truck would raise the price and the demand wouldn't change as drastically since people disregarded the price due to how badly they needed the drink since the weather was hot and sunny. This did help me understand the idea of demand more and how places base their prices. The non-pricefactors that would cause the demand yo curve in this case was the weather. On a cold cloudy day, the demand for drinks such as water or other beverages were not high since people dont typically get as thirsty on cloudydays as they due on hot summer days. On the hot days the demand would go up since people are hot, dehydrated and need their water even if it means they have to pay 10$ for it.