Determining the principles of microeconomics

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As part of a marketing research committee for your organization, you have been assigned the task of preparing a 700-word research paper about current microeconomic thought and theory.

Use Principles of Microeconomics, Chs. 1, 2, 3, 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

Reference no: EM131243043

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