Theory of Consumer Choice and Frontiers of Microeconomics
Scenario: You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions. Write and present 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.