Introductory Economic Theory (For NEHU, Shillong)

Introductory Economic Theory has been especially designed to meet the requirements of undergraduate students of the North Eastern Hill University (NEHU), Shillong. It comprises primary elements of economics, namely, microeconomics and macroeconomics. 
This book begins with an introduction to economics highlighting the economic problem of scarcity and choice. Further, it goes on and discusses the scope of economics as well as acquaints the students with the methodologies of economics.
Basic microeconomic concepts such as demand, supply, competitive market equilibrium, elasticity and indifference curve analysis of demand have been explained in a simple and lucid manner. The book also dwells into theories of production, distribution, rent, interest and profits. It also discusses the market structures prevailing in the capitalist economy, namely, perfect competition and imperfect competition; thoroughly highlighting the sub categories of imperfect competition such as monopolistic competition, oligopoly and monopoly. Concepts of average revenue and marginal revenue have also been discussed in the book. 
The book also deals with the study of macroeconomic aspects which helps in understanding the behavior and performance of economy as a whole. Discussions on circular flow of income, national income accounting, classical full employment model, Keynesian theories of income and employment, simple two-sector model and its two main constituents, consumption function & investment demand have been thoroughly covered. Theory of multiplier, an important part of modern income and employment, has also been covered in the book. 
Numerous graphs and figures have been used throughout the book to facilitate understanding and recapitulation of the concepts discussed.