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Microeconomics  
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ISBN: 9789393665522

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Table of contents

Biographical note

Student-friendly and comprehensive, this book is designed to address the requirements of undergraduate students of Economics, and it covers the syllabi of all major South-Indian universities.

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Description

Student-friendly and comprehensive, this book is designed to address the requirements of undergraduate students of Economics, and it covers the syllabi of all major South-Indian universities.

Table of contents
  • Cover
  • Title Page
  • Copyright Page
  • CONTENTS
  • Preface
  • Chapter 1 Introduction to Economics
    • 1.1 Introduction
    • 1.2 Definition of Economics
    • 1.3 Scope of Economics
    • 1.4 Importance and Significance of the Study of Economics
    • 1.5 Nature of Economics: An Art or Science?
    • 1.6 Economics — A Positive or a Normative Science
    • 1.7 Static and Dynamic Analysis
    • 1.8 Methods: Micro and Macro
    • 1.9 Methods of Economic Analysis
    • 1.10 Partial and General Equilibrium
    • 1.11 Basic Concepts in Economics
    • 1.12 Basic Economic Problems
    • 1.13 Economic Systems
    • Review Questions
  • Chapter 2 Demand Analysis
    • 2.1 Introduction
    • 2.2 Meaning and Definition of Demand
    • 2.3 Features of Demand
    • 2.4 Demand Schedules and Demand Curve
    • 2.5 Determinants of Demand/Factors Affecting Demand
    • 2.6 Law of Demand
    • 2.7 Exceptions to the Law of Demand
    • 2.8 Movement: Expansion or Contraction of Demand
    • 2.9 Shift in the Demand Curve
    • 2.10 Types of Demand!
    • 2.11 Demand Distinction
    • Review Questions
  • Chapter 3 Utility Analysis of Demand
    • 3.1 Introduction
    • 3.2 Meaning and Measurement of Utility
    • 3.3 Concepts of Utility
    • 3.4 Features of Utility
    • 3.5 Approaches to Consumer Behaviour
    • 3.6 Marshall’s Consumer Surplus I
    • 3.7 Criticism of Utility Analysis of Demand/Defects of Cardinal Analysis
    • Review Questions
  • Chapter 4 Elasticity of Demand
    • 4.1 Meaning and Definition
    • 4.2 Determinants of Price Elasticity of Demand
    • 4.3 Importance of Elasticity of Demand
    • 4.4 Types of Elasticity of Demand
    • Review Questions
  • Chapter 5 Demand Forecasting
    • 5.1 Introduction and Meaning
    • 5.2 Objectives of Demand Forecasting
    • 5.3 Types of Forecasting
    • 5.4 Requirements for Demand Forecasting
    • 5.5 Approach to Forecast
    • 5.6 Methods of Demand Forecasting
    • 5.7 Features of a Good Forecasting Method
    • 5.8 Forecasting Demand for New Products
    • Review Questions
  • Chapter 6 Indifference Curve Analysis
    • 6.1 Introduction
    • 6.2 Meaning of Indifference Curve
    • 6.3 Approach to Indifference Curve Analysis
    • 6.4 IC Analysis — Price, Income and Substitution Effects
    • 6.5 Marginal Rate of Substitution
    • 6.6 Budget Line and Consumer’s Equilibrium
    • Review Questions
  • Chapter 7 Supply Analysis
    • 7.1 Meaning and Definition
    • 7.2 Distinction between Supply and Stock
    • 7.3 Factors Determining Supply
    • 7.4 Supply Schedule and Curve
    • 7.5 Law of Supply
    • 7.6 Movement: Expansion or Contraction of Supply
    • 7.7 Shift in Supply Curve
    • 7.8 Elasticity of Supply
    • 7.9 Measurement of Elasticity of Supply
    • 7.10 Determinants of Elasticity of Supply
    • 7.11 Importance of Elasticity of Supply
    • 7.12 Equilibrium of the Maximisation or Profit Maximisation
    • Review Questions
  • Chapter 8 Theory of Production
    • 8.1 Introduction
    • 8.2 Factors of Production
    • 8.3 Division of Labour
    • 8.4 Production Function
    • 8.5 Law of Variable Proportions
    • 8.6 Law of Returns to Scale
    • 8.7 Producer’s Equilibrium
    • 8.8 Economies of Scale
    • 8.9 Small-Scale Production
    • 8.10 Iso-Quant Analysis
    • 8.11 Cobb-Douglas’ Production Function
    • Review Questions
  • Chapter 9 Cost and Revenue Function
    • 9.1 Introduction
    • 9.2 Cost Concepts
    • 9.3 Cost—Output Relations
    • 9.4 Short-run Cost Curves
    • 9.5 Long-run Cost Curves
    • 9.6 Concept of Revenue
    • 9.7 Break-Even Analysis
    • 9.8 Cost Control
    • Review Questions
  • Chapter 10 Market Structure
    • 10.1 Introduction and Meaning
    • 10.2 Extent of Market
    • 10.3 Commodity and their Types
    • 10.4 Value and Price
    • 10.5 Classification of Markets
    • 10.6 Competition
    • Review Questions
  • Chapter 11 Price Policy and Pricing Methods
    • 11.1 Introduction
    • 11.2 Pricing Policy
    • 11.3 Objectives of Pricing Policy
    • 11.4 Importance of Price Policy
    • 11.5 Factors Affecting Pricing Policy
    • 11.6 Principles of Price Policy
    • 11.7 Pricing Methods
    • 11.8 Pricing in Public Utilities
    • Review Questions
  • Chapter 12 Price Determination under Perfect Competition
    • 12.1 Introduction
    • 12.2 Equilibrium between Demand and Supply Price
    • 12.3 Changes in Equilibrium
    • 12.4 Equilibrium Price of Firm and Industry
    • 12.5 Time Element in Price Determination
    • 12.6 Market Period Price Determination
    • 12.7 Short Period Price Determinations
    • 12.8 Determination of Long Period Price
    • 12.9 Conclusion
    • Review Questions
  • Chapter 13 Pricing Determination under Monopoly
    • 13.1 Introduction
    • 13.2 Kinds of Monopoly
    • 13.3 Nature of Demand and Revenue under Monopoly
    • 13.4 Monopoly Power
    • 13.5 Determination of Price in Monopoly
    • 13.6 Price Discrimination
    • 13.7 Degrees of Price Discrimination
    • 13.8 When Price Discrimination is Profitable
    • 13.9 When Price Discrimination is Possible
    • Review Questions
  • Chapter 14 Price Determination under Imperfect Competition
    • 14.1 Introduction
    • 14.2 Nature of Demand and Cost in Monopolistic Competition
    • 14.3 Price Determination in Monopolistic Competition
    • 14.4 Equilibrium of the Firm in Monopolistic Competition
    • 14.5 Group Equilibrium in Monopolistic Competition
    • 14.6 Price Determination in Oligopoly
    • 14.7 Sweezy’s “Kinked-Demand” Curve — Pricing in Oligopoly
    • 14.8 Price Determination in Duopoly
    • Review Questions
  • Chapter 15 Theory of Distribution
    • 15.1 Introduction
    • 15.2 Meaning of Distribution
    • 15.3 Functional Distribution and Personal Distribution
    • 15.4 Difference between Personal and Functional Distribution
    • 15.5 Micro and Macro Distribution
    • 15.6 Role of Factor Prices
    • 15.7 Marginal Productivity Theory
    • 15.8 Assumptions of the Theory
    • 15.9 Criticism
    • Review Questions
  • Chapter 16 Wages
    • 16.1 Introduction
    • 16.2 Nominal Vs. Real Wage
    • 16.3 Theories of Wages
    • 16.4 Trade Union and Wages
    • Review Questions
  • Chapter 17 Rent
    • 17.1 Introduction
    • 17.2 Contract Rent and Economic Rent
    • Review Questions
  • Chapter 18 Interest
    • 18.1 Introduction
    • 18.2 Meaning
    • 18.3 Gross Interest and Net Interest
    • 18.4 Theories of Interest
    • Review Questions
  • Chapter 19 Profit
    • 19.1 Introduction
    • 19.2 Meaning
    • 19.3 Peculiarities
    • 19.4 Concepts of Profit
    • 19.5 Gross Profit and Net Profit
    • 19.6 Normal Profit and Supernormal Profit
    • 19.7 Accounting Profit and Economic Profit
    • 19.8 Profit Policies
    • Review Questions
  • Chapter 20 WELFARE ECONOMICS
    • 20.1 Introduction
    • 20.2 Definition, Meaning and Features
    • 20.3 Concepts
    • 20.4 Old / Classical Welfare Economics – Pigou’s Criterion
    • 20.5 New Welfare Economics — Pareto’s Criterion
    • 20.6 Social Welfare Function — Bergson Criterion
    • 20.7 Compensation Principle of Welfare — Kaldor & Hicks Criterion
    • 20.8 Other Criterions
    • Review Questions
  • Chapter 21 National Income and Inequalities of Income
    • 21.1 Introduction
    • 21.2 Meaning
    • 21.3 Definition
    • 21.4 Other Views
    • 21.5 National Product, National Income and National Expenditure
    • 21.6 Concepts of National Income
    • 21.7 Circular Flow of Income
    • 21.8 Measurement of National Income [Computation]
    • 21.9 Significance of National Income Data
    • 21.10 Difficulties in the Measurement of National Income
    • 21.11 Inequality of Income
    • 21.12 Causes of Inequalities of Income
    • 21.13 Evils or Consequences of Inequalities of Income
    • 21.14 Methods of Reducing Inequalities of Income
    • 21.15 Marxist Method
    • 21.16 Fiscal Policy Method
    • Review Questions
    • Objective Type Questions
  • Index
Biographical note

T. Arya Mala is Asst. Prof, Department of Commerce, Asan Memorial College of Arts and Science, Chennai. She has over 15 years of teaching experience and is currently pursuing her Ph.D. in Gender Budgeting. Her areas of specialization are Business Economics, Managerial Economics and Indian Economy.

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