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 ECONOMICS
• The Economic Problem: Scarcity and Choice • Production Possibility Curve, Choice and Opportunity Cost • The Scope of Economics • The Science of Economics and its Methodology • Basic Competitive Model and the Role of Price Mechanism • Alternative Economic Systems and Market-Friendly New Economic Reforms
PART-II: THE THEORY OF DEMAND
• Demand, Supply and Market Equilibrium • Applications of Demand and Supply Analysis • Consumer Surplus Producer Surplus and Competitive Market and Taxation • Consumer's Behaviour: Cardinal Utility Analysis • Indifference Curve Analysis of Consumer's Demand • Cardinal Utility Analysis vs. Indifference Curve Analysis • Some Important Applications of Indifference Curves • Labour Supply and Saving Decisions • Revealed Preference Theory of Demand • Elasticity of Demand • Consumer Surplus
PART-III: THE THEORY OF PRODUCTION AND COST
• Factors of Production • The Theory of Production: Returns to a Factor • Production Function with Two Variable Factors • Optimum Factor Combination • Cost of Production and Cost Curves • Elasticity of Supply
PART-IV: THE THEORY OF FIRM AND PRICING IN VARIOUS MARKET STRUCTURES
• Main Market Forms and Concepts of Revenue • Objectives of the Firm and its Equilibrium - A General Analysis • Equilibrium of the Firm and Industry under Perfect Competition • Price Determination under Perfect Competition • Stability of Equilibrium and Cobweb Model • Price and Output under Monopoly • Government Policies towards Monopoly and Competition • Price Discrimination • Price and Output under Monopolistic Competition • Price and Output under Oligopoly • Sales Maximisation Model of Oligopoly • Theory of Games and Competitive Strategy
PART-V: THE THEORY OF DISTRIBUTION
• The Theory of Distribution: A General View • Wage Determination in Competitive and Imperfectly Competitive Markets • The Theory of Rent • Alternative Theories of Interest • The Theory of Profits
PART-VI: GENERAL EQUILIBRIUM ANALYSIS WELFARE ECONOMICS AND MARKETS WITH ASYMMETRIC INFORMATION
• General Equilibrium Analysis • Welfare Economics: An Introduction • Economic Efficiency and Pareto Optimality • Market Failures, Externalities and Public Goods • New Welfare Economics: Compensation Principle • Social Welfare Function • Markets with Asymmetric Information
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