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Describe how consumers make economic decisions

Assignment Help Operation Management
Reference no: EM131764287 , Length: word count : 1050

Purpose of Assignment

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.

Reference no: EM131764287

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