PLEASE USE THE FOLLOWING AS THE ONLY REFERENCE FOR THIS PAPER, CHAPTERS, 1,2,3,4,5,6
Mankiw, N. G. (2015). Principles of Microeconomics (7th ed.). Stampford, CT: Cengage Learning.
As part of a marketing research committee for your organization, you have been assigned the task of preparing a minimum 700-word research paper about current microeconomic thought and theory.
UsePrinciples 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
• Use A Section Heading For Each of the above Topics In Your Paper. Do not blend all the Information in the paper without separating each topic with a section heading.
• Use a Running head and page headers on all APA papers in this course.
Format consistent with APA guidelines.