Microeconomics: Theory and Applications, 4/e

•;            Coverage of all topics taught in Indian universities and business schools.

•;            Complex theories are explained with self-explanatory diagrams.

•;            Plenty of numerical problems.

•;            Questions from the examinations of various universities are given at the end of each chapter.

· New chapters added in the book are:

                (i)            Chapter 2: Method of Economic Studies and Theory Formulation;

                (ii)           Chapter 3: Framework of the Economy and Economic Problems; and

                (iii)          Chapter 4: Market Forces and Market Mechanism. New sections added to various chapters include:

                (i)            In Chapter 5, Section 5.7: Law of Demand under Variable MU of Money; and

                                Section 5.8: Why Demand Curve Slopes Downward to Right;

                (ii)           In Chapter 9, Section 9.3: Assessment of Market Demand; and

                                Section 9.6: Market Demand Functions;

                (iii)          In Chapter 11, Section 11.1: Introduction (which includes Dupuit's Concept of Consumer Surplus);

                (iv)         In Chapter 17, Section 17.9: Application of Competitive Market Analysis; and

                (v)          In Chapter 18, Section 18.6: No Unique Supply Curve under Monopoly. New topics added to Chapter 30: General Equilibrium Analysis include:

                (i)            Analytical Framework of the General Equilibrium of the Microeconomic Variables and

                (ii)           Theoretical Propositions of the Determination of the Economic Welfare

Part-I: INTRODUCTION

1. Introduction to Microeconomics
2. Method of Economic Studies and Theory Formulation
3. Framework of the Economy and Economic Problems
4. Market Forces and Market Mechanism

Part-II: THEORY OF CONSUMER DEMAND

5. Theory of Consumer Demand: Cardinal Utility
6. Theory of Consumer Demand: Ordinal Utility
7. Application of Indifference Curve for Policy Assessment
8. Revealed Preference Theory
9. The Market Demand: Concept, Determinants and
10. Elasticities of Market Demand and
11. Consumer Surplus: Measurement and Application

Part-III: THEORY OF PRODUCTION AND COST ANALYSIS

12. Theory of Production-I: The Laws of Variable Input
13. Theory of Production-II: The Laws of Returns to Scale
14. Optimum Combination of Inputs and Expansion Path
15. Theory of Cost

Part-IV: THEORY OF FIRM: THEORY OF PRICE AND OUTPUT DETERMINATION

16. Market Structure and Objectives of Business Firms
17. Price and Output Determination under Perfect Competition
18. Price and Output Determination under Monopoly and Related Issues
19. Price and Output Determination under Monopolistic Competition
20. Price and Output Determination under Oligopoly
21. Managerial Theories of Firms of Oligopoly 

Part-V: FACTOR MARKET AND FACTOR PRICING

22. The Factor Market: Factor Demand and Supply
23. Wage Determination under Perfect Competition
24. Wage and Employment under Imperfect Competition
25. Theory of Rent
26. Theories of Interest Determination
27. Interest Rate and Investment Decisions
28. Theories of Profit
29. Product Exhaustion Theorem

Part-VI: GENERAL EQUILIBRIUM AND WELFARE ECONOMICS

30. General Equilibrium Analysis
31. Welfare Economics: Pareto Optimality
32. New Welfare Economics: The Post-Pareto Welfare Economics
33. Market Failures and Provision of Public Goods