Principles of Microeconomics , economics homework help

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Need assistance with my assignment due for this week, one of the main references is listed below and all specifics on assignment are in attachment, little to no plagiarism

Reference:

Mankiw, N. Gregory (2015). Principles of Microeconomics (7th ed.). Stamford, CT: Cengage Learning

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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. 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 [and lower] interest rates The role asymmetric information has in many economic transactions. People are not rational in behavior economics. Papers with fewer than 1,050-content words, or more than 5% over 1,050-content words [@ 1,130words] will lose points. Write in the 3rd person; avoid I / me / my / you / your / we. Instead write: This analysis will..... Include a thesis and summary conclusion. Cite a minimum of three peer-reviewed sources; also use and cite your textbook. Format your paper consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. Mankiw, N. Gregory (2015). Principles of Microeconomics (7th ed.). Stamford, CT: Cengage Learning Individual 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. Grading Guide Content Met Partially Met Not Met Total Available Total Earned 10 #/10 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. 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. Met Comments: Why Are Some Occupations Paid More than Others Grading Guide ECO/365 Version 10 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 3 #/3 13 #/13 Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 2
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Running head: THEORY OF CONSUMER CHOICE

Theory of Consumer Choice

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THEORY OF CONSUMER CHOICE
Introduction

Consumer theory is a study of how people make a decision on what and how to spend
their funds according to their preferences as well as their budget constraints. Consumer theory
usually explains how people make choices concerning their income and prices of the goods and
services. It assists in knowing how the taste and the income affect the demand curve (Mankiw,
2015). Generally, consumers can choose different goods and services and they usually choose
what brings the greatest benefit. The consumer theory has a great effect on the demand curves,
wages as well as the interest rates.

Impact of theory of consumer on the demand curves

In many cases, the consumer choices are usually driven by the prices of goods and
services. When the price of a specific commodity or service increases, the amount demanded by
the consumer usually decreases (Stiglitz & Rosengard, 2015). This correlation between the
willingness to buy and the price of products is represented by plotting a demand curve. In the
curve, the price is in the y-axis while the quantity is in the x-axis. Construction of the demand
showing the exact amount of the product which the consumers will buy at a certain price defines
the consumer choice theory. The process of generating the demand curve in...


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