***Only use the source that I provided for citation and reference in this essay***
***Mankiw, N. G. (20140101). Principles of Microeconomics, 7th Edition [VitalSource Bookshelf version]. Retrieved from https://bookshelf.vitalsource.com/books/9781305892811***
***Include and introduction and conclusion***
As part of a marketing research committee for your organization, you have been assigned the task of preparing a 825-word research paper about current microeconomic thought and theory.
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