• This book is the outcome of my experience of four decades of the teaching of microeconomics to graduate and post-graduate students of Indian universities. It is intended as a comprehensive text for them. Besides, it will be useful to students of commerce and business administration as well.
• With the decay of communism and re-enthroning of the market economy, it has become even more important to understand the function of the market as a co-ordinating system. Joan Robinson described the economic theory as a “box of tools”. For proper handling of our tools, we must learn how they function. This book fulfils these objectives. I have tried to present a clear and accurate picture of modern microeconomics. While doing this, relevant historical account has also been added so that the principles of modern economics are understood in their proper perspective.
• Though the book has been presented in the traditional format, the analysis covers all important recent developments.

Micro Economics Book Contents

1. Definition of Economics
2. Nature and Scope of Economics
3. Significance of Economics
4. Relation of Economics with other Subjects
5. Nature of Economic Laws
6. Micro and Macroeconomics
7. Methods of Economic Study (Inductive and Deductive)
8. Basic Problems of an Economy and Working of Price Mechanism
9. Wants
10. Utility Analysis
11. Theory of Consumer Behaviour: Carinal Approach (Law of Diminishing Marginal Utility, Law of Equi-Marginal Utility)
12. Theory of Consumer Behaviour: The Indifference Curve Analysis
13. Consumer’S Surplus
14. Revealed Preference Theory
15. Theory of Demand
16. Elasticity of Demand
17. Production and Factors of Production
18. Efficiency of Labour
19. Division of Labour
20. Law of Production (Production Function, Law of Variable Proportions and Returns To Scale)
21. Law of Production (Isoquants Analysis)
22. Theories of Population
23. Economies of Scale: Internal and External Economies and Diseconomies
24. Forms of Business Organisation
25. Cost Analysis
26. Revenue Analysis
27. Theory of Supply
28. Market (Concept, Definitions, Characteristics and Classification)
29. Theory of the Firm
30. Equilibrium of Firm and Industry Under Perfect Competition
31. Price and Output Determination Under Perfect Competition
32. Monopoly Pricing and Price Discrimination
33. Price and Output Determination Under Imperfect Competition
34. Pricing Under Monopolistic Competition
35. Pricing Under Oligopoly and Theory of Games
36. Equilibrium and Optimum Utilisation, Various Forms of Equilibrium
37. Theories of Distribution
38. Wages
39. Rent
40. Interest
41. Profit
42. The Concept of Welfare and Economic Welfare
43. Old Welfare Economics
44. New Welfare Economics

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