Scenario: You have been asked to assist your organization’s marketing department to better

understand how consumers make economic decisions.

Write a minimum of a 1,300-word analysis that includes the following in separate sections with

appropriate headings:

How demand curves are constructed using the theory of consumer choice.

How consumer choice and the budget constraint are affected by:

1. Higher wages

2. 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

Use the textbook as your only source.