The simulation can be used to explain the concept of equilibrium including the adaptation process. It is also possible to apply ceilings and floors. Continue reading Equilibrium
The simulation allows students and instructors to change the production of two goods along a linear production possibility curve. The simulation shows a diagram as well as original and changed production levels. Users can change opportunity cost as well as the level of production. Continue reading Linear Production Possibilty Curve
This application simulates the goods market of a closed economy with autonomous taxes (i.e. taxes that are independent of the economy’s income). It can be used by instructors to support teaching the model and by students to explore how the model reacts to parameter changes and how the adaptation to a new equilibrium proceeds.
Depending on how deeply the underlying mathematical model is explained the simultation is suitable for principles, undergraduate, as well as for graduate study levels. Continue reading IS Model