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Essay / Research Paper Abstract
A 4 page paper discussing a University of Phoenix simulation examining the principles of supply and demand through management of a company supplying higher-end apartments to the town of Atlantis. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: CC6_KSeconSupDemAp.rtf
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Unformatted sample text from the term paper:
In some cases, changes in supply and demand are merely arbitrary. An example is when Susan Hearst requests that the property manager decrease vacancy rate while simultaneously maximizing revenue.
Repeated action over the course of several years results in best-scenario results for an Atlantis apartment rental business. Changes in Supply and Demand in the Simulation
If the property manager reduces vacancy rate to 5 percent in the opening scenario by placing a $950 rental price on available apartments, some units will
remain vacant but the revenues gained on occupied units is greater than if the property manager reduced vacancy rate to zero by significantly decreasing rents even further.
Regardless of the fine detail of various scenarios in the simulation, the bottom line in changes is that either the supply or asking price for rents
is altered. The company cannot directly affect demand. Certainly it can affect demand for its own products, but it is necessary to assume that tenants are revenue-maximizing rents
on the basis of judging the properties as having value at the prices asked. A two bedroom apartment in poor repair tacked onto the back of a house, with
no air conditioning and heat only from a centrally-located gas or oil stove will not gain high-end rental income in any scenario. Assuming
that GoodLife Managements apartments are in excellent condition and therefore can command any market-driven rent levels necessary, then all of the changes in the simulation result either from changes in
the number of apartments available; external demand; or the asking price of rent. Effect on Property Managers Decision Making When demand is strong
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