Material Detail

The Market Simulator is an interactive tool designed for analyzing and understanding the dynamics of perfectly competitive markets. Users can simulate the effects of various economic scenarios, such as changes in taxes, subsidies, factor prices, or consumer demand, and observe - both, visually and quantitatively - their impact on equilibrium prices, quantities, consumer surplus, producer surplus, and total welfare.

Key features include:

• Simulations of demand and supply curve shifts, as well as the introduction of price floors and ceilings.
• Visual and quantitative analysis of market changes, including welfare effects and tax/subsidy incidence.
• Support for predefined scenarios and AI-powered free-text scenario analysis (OpenRouter API key required).
• Multilingual interface supporting 12 languages for broad accessibility.
• Customizable settings for institutions or educators to tailor the tool for specific use cases.

Open-source (source code plus documentation for users, instructors and institutions in GitHub repository at https://github.com/jsugarelli/market) and licensed under AGPL, the Market Simulator can be hosted and customized freely, making it an excellent resource for students, educators, and researchers.

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