Theory of Consumer Choice

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

Cite a minimum of 3 peer-reviewed sources not including your textbook.

Format consistent with APA guidelines.