Overview

Dive into optimal consumption decisions and demand of microeconomic household theoryMicroeconomics looks at households, producers, and the state. The focus is always on individual actors and their relationships with one another. Whether theoretically or using mathematical methods, microeconomics can explain how economic actors behave under which conditions. In particular, the basics of microeconomics are also the foundations of many economic areas. Modern macroeconomics, for example, is inconceivable without microeconomic methodology, and political economy or the theory of development economics cannot do without microeconomic ideas either. The first two parts of the oikonomia geeks microeconomics series explain the consumer optimum of household theory and develop it to demand. The optimal consumer decision is explained from the assumptions about the relevant functions to the mathematical derivation of the optimum. In a next step follow the individual demand, the market demand and consumer surplus. ContentPart I It starts with the setting of microeconomic theory, defines and models utility, introduces indifference curves and budget restrictions, and finals in the optimal consumption decision of a consumer. Beneath a formal approach to explaining functions and their dependencies step-by-step, the analysis leads to a detailed description of the Lagrange optimization method. Part II It generates the individual demand curve from consumption decisions (as the tangential point of budget restriction and indifference curve). All points on the individual demand curve are optimal consumption decisions. Price and income changes affect individual demand by changing consumption decisions. The consideration dissects price changes with substitution and income effects, uses individual demands to generate market demand considers the elastic, unelastic, and isoelastic demand, and calculates and models consumer surplus by market demand. The explanations are comprehensive but deliberately kept elementary. Beyond school mathematics, there are no prerequisites for understanding. This study helper is perfect for students in their first semesters. It is aimed at major and minor students of economics and all interested friends of economic theory. Each of us always has to make economic decisions. Understanding why some decisions are necessary, better, or worse than others helps people make better decisions in their lives. Microeconomics helps to get closer to answering these questions. oikonomia geeks offer study helpers who do not need a lot of previous knowledge. University teaching often expects profound prior knowledge of the methods. oikonomia geeks start shortly before and help to follow the lectures more intensively.

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