The purpose of this paper is to answer questions pertaining to applying supply and demand concepts presented in the week two simulation (University of Phoenix, 2004). The simulation provides a scenario in which the property management firm, GoodLife Management, experiences varying demand and supply situations due to population and personal preference changes.
1. What causes the changes in supply and demand in the simulation?
Initially, in an attempt to drive up the rental rate, GoodLife Management withholds a portion of available apartments creating an environment of scarcity. …
