he objective of this book is to provide a comprehensive and authentic analysis of microeconomic theories and their applications to business decisions and to the determination of the general equilibrium of microeconomic variables. Some significant changes have been made in this edition of the book by taking in view the modern syllabi of microeconomics recommended by the UGC and the universities in India.

Table of Content:
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