Microeconomics: Theory And Applications

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This book is intended to be a comprehensive and standard textbook for undergraduate students of Microeconomics. Apart from providing students with sufficient study material for examination purpose, it aims at making them understand economics. An effort has been made to explain abstract and complex microeconomic theories in a simple and lucid language without sacrificing analytical sophistication. The subject matter has been structured in a systematic manner without leaving gaps for the readers to fill in. Though the approach is non-mathematical, simple algebra has been used to give a concrete view of economic concepts and theories and to show the applicability of economic theories in decision making. Features Complex microeconomic theories explained with self-explanatory diagrams and real-life examples. Simple algebraic models used to show the applicability of microeconomic theories. Plenty of numerical examples used to show how economic problems can be solved. Each chapter begins with Chapter Outline to give on-the-spot view of what the chapter contains. Further Readings in each chapter for readers interested in original and advanced references. Model questions, Problems and Short-Answer Questions at the end of each chapter for students to test their understanding. Table Of Contents Introduction Introduction to Microeconomics The Economy, its Working and Basic Problems Demand and Supply The Laws of Demand and Supply Elasticity of Demand and Supply Applications of Market Laws and Elasticities Theories of Consumer Behaviour Theory of Consumer Behaviour: Cardinal Utility Approach Theory of Consumer Behaviour: Ordinal Utility Approach Application of Indifference Curve Analysis Revealed Preference Theory Consumer Surplus Theory of Production and Analysis of Cost Theory of Production: Production with One Variable Input Theory of Production: Production with Two Variable Input Optimum Combination of Inputs The Theory of Cost of Production Theory of Firm The Firm, its Objective and Market Structure Price and Output Determination under Perfect Competition Price and Output Determination under Monopoly Price and Output Determination under Monopolistic Competition Theories of Price Determination under Oligopoly Theory of Factor Pricing Marginal Productivity Theory of Factor Pricing Ricardian Theory of Rent and Economic Rent Theories of Interest and Investment Decisions Theories of Profit Product Exhaustion Theorems General Equilibrium and Welfare Economics General Equilibrium Analysis Welfare Economics Market Failures and Public Goods International Trade Classical Theories of International Trade The Standard Theory of International Trade Heckscher – Ohlin Theory of Trade