Theory of consumer choice and frontiers of microeconomics

Assignment Help Microeconomics

Reference no: EM131549574 , Length: word count:1000

Theory of Consumer Choice and Frontiers of Microeconomics

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:
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.

Format your paper consistent with APA guidelines.

Reference no: EM131549574

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Reviews

len1549574

6/30/2017 5:29:36 AM

Writing Guidelines The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation.

len1549574

6/30/2017 5:29:30 AM

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. Grading Guide Content Met Partially Met Not Met Comments: Student’s analysis includes the impact the theory of consumer choice has on: a. Demand curves b. Higher wages c. Higher interest rates Student’s analysis includes the role asymmetric information has in many economic transactions. Student’s analysis includes the Condorcet Paradox and Arrow’s Impossibility Theorem in the political economy. Student includes analysis about people not being rational in behavior economics. The paper is 1,050 words in length.

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