Explain impact theory of consumer choice has on higher wages

Assignment Help Microeconomics

Reference no: EM131539779

Assignment

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:

o Demand curves
o Higher wages
o 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: EM131539779

Questions Cloud

Government documents-company statements : Using the most recent online information you can find--such as government documents, company statements, and other sources-complete a financial analysis.

Analyze following issues - fraternities and sororities : Use all three perspectives (functionalism, conflict and interactionism) to analyze one of the following issues: fraternities and sororities

Identify and describe all time elements each industry uses : Many service industries link labor rate and time (quantity) standards with their processes. One example is the standard time to board an aircraft.

Discussion about actuarial equity versus social equity : On page 9.18 - 9.19 of your textbook, there is a discussion about Actuarial Equity versus Social Equity related to the development of insurance rates.

Explain impact theory of consumer choice has on higher wages : Explain impact the theory of consumer choice has on: Demand curves, Higher wages and Higher interest rates. People are not rational in behavior economics.

Discuss the differences between trial and appellate courts : Discuss the differences between trial and appellate courts and the presumption of innocence in criminal court procedure

Decision tree and a fault or event tree : Create one decision tree and a fault or event tree that would support the exploration of risk for one of the above projects.

Estimate which business is more profitable : Training employees to use standard amounts of materials in production is common. Typically large companies invest in this training but small organizations.

How were you surprised and enlightened by what you learned : Summarize how your expanded knowledge differs from what you wrote in your first paper.How were you surprised and enlightened by what you learned?

User Account

All Pages