Resources are limited but the need does not need to be limited, therefore economists analyze the trade-off how to allocate the limited resources to the unlimited wants. Economics is the study of the incentives which shape people's decision because people respond to incentives. Microeconomics is the study of economics at an individual, producer or manager level.
For example- consumer theory it studies the consumer choices as well as demand for goods and services that a consumer consumes. Another example to understand the importance of the microeconomics is Production Possibility Frontier (PPF) - it shows the set of goods that a producer can produce with limited resources. The curve is concave to the origin because if the producer wants to produce more of a good than he have to give some amount of the other good, the amount that had to be give up depends upon the slope of the PPF. These two concepts are one of the important subjects of microeconomics which gives a better understanding to consumer choices and production decisions. Microeconomics also explains the concept of elasticity which is the change in the quantity demanded due to the change in price. Every good have different price elasticity which means a consumer behave differently to changes in the prices of different goods, because goods can be categorized as normal, inferior, luxury etc. with different price elasticity. Therefore, for a better understanding of the surroundings the knowledge of microeconomics is a necessity.
Difficulties encountered while solving microeconomics problem-
There are many difficulties faced by the students while solving microeconomics problem. The models which can be unreal sometimes but are useful, but it is contradicted by many economists because unless a model fits the real data it is difficult to judge the behavior of an individual. Therefore, the confusion creates difficulties for the students; there are generally many microeconomic problems on which student face difficulties, few of them are listed below-
Constrained optimization problem- max(x, y) ≤m where (x, y) is a set of goods which a consumer can buy and "m" is his budget. Therefore constrained optimization for a consumer is to maximize his utility given his budget constraint. It creates difficulties for student because different individuals have different utility functions.
Equilibrium analysis problem- equilibrium analysis is the intersection of the quantity demanded and supplied which defines the market equilibrium price and quantity. The problem faced by the students in equilibrium analysis is changes in the quantity demanded and supplied if there an asymmetric information in the market.
Comparative statics problem- it involves the analysis of the solution of the constrained optimization and equilibrium analysis, which makes the process even more complex.
Few important tips to solve problems under microeconomics-
The tips that help students while facing microeconomics problem is to not just go through the theory part of the economics but also focusing on graphs and equations. Understanding the graphs make easier to understand the concepts, this solves most of the problem. Another important topic which helps in solving problems are the assumptions or the concept of ceteris paribus which means nothing changes except for one thing, this word is used frequently in microeconomics therefore understanding of microeconomics assumption are important to tackle problems. Another problem which student face is unable to differentiate between comparative and absolute advantage, comparative advantage is the advantage compared to another good whereas the absolute advantage is the advantage in real terms, for example- if a producer has to make a choice in producing wheat or apples then wheat can have a comparative advantage over apple because wheat having a higher market share or something else, therefore understanding comparative advantage at the starting of the semester makes microeconomics easy to understand.
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