Scenario: You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.

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Scenario: You have been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.

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Write a 1,050-word analysis including 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 are not rational in behavior economics.

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

Format your paper consistent with APA 7th edition guidelines.