Follows a step-by-step method to manually calculate a Demand Curve using Flow Variables. This is not the recommended approach. Instead, use the Profit Engine node or the Demand Curve node to automatically generate Demand Curves.
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Both Giffen Goods and Veblen Goods violate the basic Law of Demand in microeconomics. As the Price of these Products increase, so does the Willingness To Pay (WTP) of Customers. Mainstream Economics decouples Price from WTP and treats the two as independent variables. When increasing Price disproportionally increases WTP the result is an upward-sloping Demand Curve.
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Case Simulations = Case Studies + Market Simulations. Problem-Based Learning becomes active for Business and Economics students when they use Case Simulations.
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Case Simulations = Case Studies + Market Simulations. Case Simulations are flexible. They can supplement lectures, textbooks, assignments, and class discussions according to the needs of the instructor and the learning styles of the students.
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In 2002 a price war broke out between McDonald’s, Burger King, and other USA fast-food hamburger restaurants. This Case Simulation offers a case study of those market dynamics and suggests questions for class discussion. A software simulated replica of the 2002 fast-food hamburger market is then presented. Students are asked to use the provided data analytics tools to analyze the simulation and answer pertinent questions of interest to the business leaders involved. A final challenge asks students to extend the market simulation to test an outstanding hypothesis.
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