Identify two microeconomics and two macroeconomics principles or concepts

Complete one of the following options:Complete the Supply and Demand Simulation.Write a 1,050- to 1,400-word paper summarizing the content of the simulation and address thefollowing:Identify two microeconomics and two macroeconomics principles or concepts from the simulation.Explain why you have categorized these selected principles or concepts as microeconomics ormacroeconomics.Identify at least one shift of the supply curve and one shift of the demand curve in the simulation.Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.Include responses to the following:How might you apply what you learned about supply and demand from the simulation to yourworkplace or your understanding of a real-world product with which you are familiar?How do the concepts of microeconomics help you understand the factors that affect shifts in supply anddemand on equilibrium price and quantity?How do the concepts of macroeconomics help you understand the factors that affect shifts in supply anddemand on the equilibrium price and quantity?How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy asit relates to the simulation?Cite a minimum of 3 peer reviewed sources.