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Theory of Consumer Choice and Frontiers of Microeconomics

Week 5 introduces subjects that are likely to stir students’ continued interest in economics. Students will use the theory of consumer choice and the impact of the concepts of asymmetric information, political economy, and behavior economics, to describe how consumers make economic decisions.
Assignment Steps
Scenario: You have been asked to assist your organization’s marketing department to understand better how consumers make economic decisions.
Write a 1,050-word analysis including the following:
The impact the theory of consumer choice has on:
Demand curves
Higher wages
Higher interest rates
The role asymmetric information has in many economic transactions.
The Condorcet Paradox and Arrow’s Impossibility Theorem in the political economy.
People are not rational in behavior economics.
Cite a minimum of three peer-reviewed sources not including your textbook.
Format your paper consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.

Category: Essays

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