Phoenix ECO365 Theory of Consumer Choice and Frontiers of Microeconomics

 
Purpose of Assignment 

Week 5 exposes students to subjects that are intended to whet their  appetites for further study 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 better understand 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.