Modern Microeconomics: Theory and Applications, 19th Edition (LPSPE)

This book is designed as the updated syllabus of B.A.(Hons.) Economics and B.Com. (Hons.) of the universities. Also added various topics of UGC new syllabi of B.A. (Hons.) Economics, B.Com. (Hons.) and B.A. (Hons.) Business Economics under the ;Choice Based Credit System (CBCS) which is to be adopted by all India Universities. It explains the use of graphs in economics, various types of curves and measurement of their slopes, the concept of function, both linear and power functions, the concept of derivatives and the use of differential calculus as optimising technique for solving the problems of maximisation and minimisation in economics. This book will help the students to understand various economic theories better as economics in recent years has become increasingly mathematical. This book will also be of immense use for professional courses such as Business Economics, BBA, CA, ICWA and for the candidates preparing for all India and State level competitive examinations such as IAS, IES and allied services., This book is designed as the updated syllabus of B.A.(Hons.) Economics and B.Com. (Hons.) of the universities. Also added various topics of UGC new syllabi of B.A. (Hons.) Economics, B.Com. (Hons.) and B.A. (Hons.) Business Economics under the ;Choice Based Credit System (CBCS) which is to be adopted by all India Universities. It explains the use of graphs in economics, various types of curves and measurement of their slopes, the concept of function, both linear and power functions, the concept of derivatives and the use of differential calculus as optimising technique for solving the problems of maximisation and minimisation in economics. This book will help the students to understand various economic theories better as economics in recent years has become increasingly mathematical. This book will also be of immense use for professional courses such as Business Economics, BBA, CA, ICWA and for the candidates preparing for all India and State level competitive examinations such as IAS, IES and allied services.This book is designed as the updated syllabus of B.A.(Hons.) Economics and B.Com. (Hons.) of the universities. Also added various topics of UGC new syllabi of B.A. (Hons.) Economics, B.Com. (Hons.) and B.A. (Hons.) Business Economics under the ;Choice Based Credit System (CBCS) which is to be adopted by all India Universities. It explains the use of graphs in economics, various types of curves and measurement of their slopes, the concept of function, both linear and power functions, the concept of derivatives and the use of differential calculus as optimising technique for solving the problems of maximisation and minimisation in economics. This book will help the students to understand various economic theories better as economics in recent years has become increasingly mathematical. This book will also be of immense use for professional courses such as Business Economics, BBA, CA, ICWA and for the candidates preparing for all India and State level competitive examinations such as IAS, IES and allied services.PART-I: SCOPE AND METHODOLOGY OF ECONOMICSThe Economic Problem: Scarcity and ChoiceProduction Possibility Curve, Choice and Opportunity CostThe Scope of EconomicsThe Science of Economics and its MethodologyBasic Competitive Model and the Role of Price MechanismAlternative Economic Systems and Market-Friendly New Economic Reforms PART-II: THE THEORY OF DEMANDDemand, Supply and Market EquilibriumApplications of Demand and Supply AnalysisConsumer Surplus Producer Surplus and Competitive Market and TaxationConsumers Behaviour: Cardinal Utility AnalysisIndifference Curve Analysis of Consumers DemandCardinal Utility Analysis vs. Indifference Curve AnalysisSome Important Applications of Indifference CurvesLabour Supply and Saving DecisionsRevealed Preference Theory of DemandElasticity of DemandConsumer Surplus PART-III: THE THEORY OF PRODUCTION AND COSTFactors of ProductionThe Theory of Production: Returns to a FactorProduction Function with Two Variable FactorsOptimum Factor CombinationCost of Production and Cost CurvesElasticity of Supply PART-IV: THE THEORY OF FIRM AND PRICING IN VARIOUS MARKET STRUCTURESMain Market Forms and Concepts of RevenueObjectives of the Firm and its Equilibrium - A General AnalysisEquilibrium of the Firm and Industry under Perfect CompetitionPrice Determination under Perfect CompetitionStability of Equilibrium and Cobweb ModelPrice and Output under MonopolyGovernment Policies towards Monopoly and CompetitionPrice DiscriminationPrice and Output under Monopolistic CompetitionPrice and Output under OligopolySales Maximisation Model of OligopolyTheory of Games and Competitive Strategy PART-V: THE THEORY OF DISTRIBUTIONThe Theory of Distribution: A General ViewWage Determination in Competitive and Imperfectly Competitive MarketsThe Theory of RentAlternative Theories of InterestThe Theory of Profits PART-VI: GENERAL EQUILIBRIUM