Notes of Microeconomics
A Small Introduction
Coming at it from a completely different point of view, Microeconomics is the science of decision making about situations. Given any situation, whether it involves money, health or lives, how do you maximize on things you care about given a set of conditions while keeping tradeoffs in mind. It’s a problem of constrained optimization. Find those values of some arguments (in this case things we care about) such that the entire equation (in this case the situation in hand) is maximized. When looking at purely one dimensional problems, we just take the maximum or minimum value of the argument but when it multidimensional, Tradeoffs spring into place and that’s when it gets truly exciting.