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    Satyabrata Rout
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    This unit introduces the basic principles, tools, and ideas of optimizing behavior for economic agents like firms and consumers. Mastering these concepts provides the foundation for understanding all other models in the course, which involve optimizing agents seeking to maximize profits or utility. Studying optimizing behavior also teaches students how to become better decision makers in their daily lives if they aspire to achieve riches or have a large impact on the world.

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    This unit introduces the basic principles, tools, and ideas of optimizing behavior for economic agents like firms and consumers. Mastering these concepts provides the foundation for understanding all other models in the course, which involve optimizing agents seeking to maximize profits or utility. Studying optimizing behavior also teaches students how to become better decision makers in their daily lives if they aspire to achieve riches or have a large impact on the world.

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    7 views1 page

    Transcript 1.1 PDF

    Uploaded by

    Satyabrata Rout
    This unit introduces the basic principles, tools, and ideas of optimizing behavior for economic agents like firms and consumers. Mastering these concepts provides the foundation for understanding all other models in the course, which involve optimizing agents seeking to maximize profits or utility. Studying optimizing behavior also teaches students how to become better decision makers in their daily lives if they aspire to achieve riches or have a large impact on the world.

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    CaltechX - SP | P42hb64XlWc

    RANGEL :

    Hi. Welcome to unit one. In this unit, we are going to develop some of the basic principles, tools, and ideas underlying the optimizing behavior of economic agents, such as firms or consumers. The tools and principles that we will develop are extremely useful, because most economic models that we will study in this course involve some form of optimizing agent, either a consumer, a firm, or sometimes, even a government. We begin the course by studying these principles of optimizing behavior, because by mastering the ideas in this unit, you will be on your way to have all of the tools and concepts that you need to successfully understand all of the other models that we will study in the course. Thus, it is really worthwhile to invest in understanding the material in this section really, really well. By the way, there is another motivation for studying the material in this section. If you're one of those students who dreams of riches and of taking over the world, the principles of optimizing behavior that we will study in this section will also teach you how to become a more effective decision maker in your daily life.

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