Describe how consumers make economic decisions
Microeconomics
Theory of Consumer Choice and Frontiers of Microeconomics
As a team, you have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.
Write a 1,050-word analysis that includes 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 not being rational in behavior economics
Cite a minimum of 3 peer-reviewed sources not including your textbook.
Format consistent with APA guidelines.
