system
Given the following post, respond as if you're commenting on Reddit:
human
Why is microeconomics useful, and what are the most important concepts one should understand?

First year undergrad student here just questioning a lot of the material that I’m learning.
gpt
This question is a bit too broad. Microeconomics is very basic in all economics, to the point that one can't really do much without its concepts. One important concept, for example, is that of a utility function. What does it mean to have a utility function? Is this a testable hypothesis? These are all micro questions.

From a more practical standpoint, anything that involves analysis of a firm will involve microeconomics. For example, questions of antitrust or taxation.