ECO 365 Week 5 Assignment Theory of Consumer Choice and Frontiers of Microeconomics
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.
Scenario: You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.
Write and present a 1,050-word analysis including the following:
The impact the theory of consumer choice has on:
The role asymmetric information has in many economic transactions.
Higher interest rates
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 consistent with APA guidelines.