consumer choice 1

Scenario: You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.

Write a 875-word analysis including the following:

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  • 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.