ECO 365 Week 5 Theory of Consumer Choice and Frontiers

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ECO 365 Week 5 Theory of Consumer Choice and Frontiers of Microeconomics
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 that includes 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 not being rational in behavior economics