This authoritative and comprehensive text is an advanced treatise on microeconomics. Featuring simplified mathematical treatment, the book covers a wide spectrum of theories and concepts aimed at effective understanding of advanced economic theory. This revised edition explores further the concept of economic efficiency and the concept of utility and its critique by Prof. Amartya Sen. It further includes an incisive analysis of Hicksian and Slutsky substitution effect. The revision also includes important distinctions and critical analysis of several functions expositing the latest developments in the field.
Key Features
New Topical Coverage: A critical analysis of economic efficiency under
perfect competition and its market failures
• Advanced Treatment of Topics: Discussion on the choice of a risk averter
and risk lover under conditions of risk and uncertainty
• Abundant Graphs and Figures: Facilitate understanding and recapitulation
of concepts discussed
Table of Content
Part-I: Scope and Methodology of Economics: 1. Nature and Scope of Economic Theory, 2. Micro and Macro Economics, 3. Methodology of
Economics, 4. Methodology of Economics: Economic Statics and Dynamics, 5. Basic Mathematical Concepts and Optimisation Techniques,
Part-II: Demand Analysis and Theory of Consumer's Choice: 6. Demand and Demand Function, 7. Consumer's Behaviour: Cardinal Utility
Analysis, 8. Indifference Curve Analysis of Demand, 9. Demand for Complementary and Substitute Goods, 10. Marshallian Cardinal Utility Analysis Vs
Indifference Curve Analysis, 11. Application and Uses of Indifference Curve, 12. Revealed Preference Theory of Demand, 13. Hicks' Logical Ordering
Theory of Demand, 14. Elasticity of Demand, 15. Consumer Surplus, 16. Attribute Approach to Consumer's Behaviour, 17. Individual Choice under
Risk and Uncertainty, Part-III: Theory of Production and Cost Analysis: 18. Theory of Production: Returns to a Variable Factor, 19. Production
Function with two Variable Inputs, 20. Optimum Factor Combination, 21. Cost Analysis, 22. Linear Programming, 23. Supply and its Elasticity,
Part-IV: Price and Output Determination in Various Market Structures: 24. Market Structures and Concepts of Revenue for a Firm, 25. Firm:
A General Analysis of its Nature, Objectives and Equilibrium, 26. Pricing in Competitive Markets: Demand Supply Analysis, 27. Applications of
Demand and Supply Analysis, 28. Equilibrium of the Firm and Industry under Perfect Competition, 29. Comparative Static Analysis of Equilibrium and
Long-Run Supply Curve of the Competitive Industry, 30. Existence and Stability of Equilibrium under Perfect Competition, 31. Kaldor and Sraffa on
Incompatibility of Equilibrium with Perfect Competition, 32. Price and Output Determination under Monopoly, 33. Price Discrimination, 34. Measurement
of the Degree of Monopoly Power, 35. Price and Output under Bilateral Monopoly, 36. Price and Output Determination under Monopolistic Competition,
37. A Critique of Chamberlin's Theory of Monopolistic Competition, 38. A Critical Evaluation of Excess Capacity of Doctrine Monopolistic Competition
Theory, 39. Chamberlin's Monopolistic Competition Vs Joan Robinson's Imperfect Competition Theories, 40. Price and Output Determination under
Oligopoly, 41. Classical Models of Oligopoly, 42. Non-Price Competition: Selling Cost and Advertising, 43. Cost-Plus (or Mark-Up) Pricing Theory,
44. Theory of Games and Strategic Behaviour, 45. Sales Maximisation Model of Oligopoly Firm, 46. Managerial Theories of the Firm: Marris and
Williamson's Models, 47. Behavioural Theory of the Firm: Satisficing Model, 48. Theory of Limit Pricing, 49. Government Policies Towards Monopoly
and Competition, Part-V: Theory of Distribution (Pricing of Factors): 50. Theory of Distribution: A General View, 51. Neo-Classical Macro Theory of
Relative Distributive Shares, 52. Pricing of factors in Competitive Markets, 53. Pricing of factors in Imperfectly Competitive Markets, 54. Trade Unions,
Collective Bargaining and Wages, 55. Theory of Rent, 56. Theories of Interest, 57. Theory of Profits, 58. Alternative Macro Theories of Distribution,
Part-VI: General Equilibrium Analysis and Welfare Economics: 59. General Equilibrium Analysis, 60. Welfare Economics: An Introduction,
61. Concept and Conditions of Pareto Optimality, 62. New Welfare Economics: Compensation Principle, 63. Grand Utility Possibility Frontier and Welfare
Maximization, 64. Market Failures, Externalities and Public Goods, 65. Social Welfare Function and Theory of Social Choice, Part-VII: Intertemporal
Choice and Markets with Asymmetric Information: 66. Interest, Saving and Investment: Intertemporal Choice, 67. Information Problem and Markets
with Asymmetric Information