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 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 equilibrium pricesFormat consistent with APA guidelines.https://phoenix.vitalsource.com/#/books/9781305892811/cfi/6/24!/4/4@0:0.00
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