As part of a marketing research committee for your organization, you have been assigned the task of

Aug 2nd, 2016
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As part of a marketing research committee for your organization, you have been assigned the task of preparing a 350- to 700-word paper about current microeconomic thought and theory. Use Principles of Microeconomics, Chs. 1, 2, 4, 5, and 6, as the source for all your information. Identify the fundamental lessons the Ten Principles of Economics teach about: • How people make decisions • How people interact • How the economy as a whole works Explain the following to help the committee members understand how markets work: • How society manages its scarce resources and benefits from economic interdependence • Why the demand curve slopes downward and the supply curve slopes upward • Where is the point of equilibrium and what does it determine • The impact of price controls, taxes, and elasticity on changes in supply, demand and equilibrium prices Format consistent with APA guidelines.

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20As part of a marketing research committee for your organization, you have been assigned thetask of preparing a 350- to 700-word paper about current microeconomic thought and theory.Use Principles of Microeconomics, Chs. 1, 2, 4, 5, and 6, as the source for all your information.Identify the fundamental lessons the Ten Principles of Economics teach about:How people make decisionsHow people interactHow the economy as a whole worksExplain the following to help the committee members understand how markets work:How society manages its scarce resources and benefits from economic interdependenceWhy the demand curve slopes downward and the supply curve slopes upwardWhere is the point of equilibrium and what does it determineThe impact of price controls, taxes, and elasticity on changes in supply, demand and equilibriumpricesFormat consistent with APA guidelines.https://phoenix.vitalsource.com/#/books/9781305892811/cfi/6/24!/4/4@0:0.00.IntroductionA marketer should have clear knowledge on some economics concepts i.e. economicsystem, demand & supply of products, market equilibrium, and government interventionsaffecting the market. Knowledge on Economic system helps the marketer to understand theinteractions of consumer & marketer units, and how resources are allocated in the market.Studying of demand and supply curve helps the market

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