Theory of Consumer Choice and Frontiers of Microeconomics
You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.
Write a minimum of an 1,100-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.