Assignment Steps

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.