Microeconomics is the branch of economics that analyzes the market behaviour of individual consumers and firms in an attempt to understand the decision-making process of firms and households. It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers. In particular, microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets.
The book has been designed as per the syllabi of Karnatak University, Dharwad and Rani Chennamma University, Belgaum, for BA First and Second Semesters in the subject of economics. The subject matter has been divided into ten chapters. First chapter covers the meaning, definitions and scope of economics and approaches to economics like microeconomics and macroeconomics and static and dynamic economics. Second chapter covers utility analysis in detail, including the laws of consumption. Third chapter deals with consumer behaviour, demand analysis and elasticity of demand. Fourth chapter throws light on the concept of supply, law of supply and elasticity of supply. Fifth chapter explains in detail, the indifference curve analysis. Sixth chapter covers the production, cost and revenue analysis. Seventh chapter describes perfect competition, monopoly and price discrimination. Eighth chapter deals with monopolistic competitive market. Ninth chapter throws light on theory of distribution, marginal productivity theory, rent, wages and their theories. Tenth chapter explains in detail, interest, profit and their respective theories.
A new approach has been used to make the learning of economics easy. It is a student-friendly and teacher-friendly book. Model questions have been given at the end of each chapter to help the students. Since the topics of microeconomics are the same everywhere, the book will not only cater to the needs of students of Karnatak University and Rani Chennamma University, but will also prove useful for the students and teachers of economics of other universities.
Arjun Y. Pangannavar is Ph.D. in economics from Karnatak University, Dharwad. Presently, he is an Associate Professor and Head of Department of Studies in Economics, JSS Arts, Science and Commerce College Gokak, Distt. Belgaum, Karnataka. He has 32 years experience of teaching economics to UG students. There are several books on economics, Kannada-prose and poetry and English-poetry to his credit. His articles and research papers on economic and social issues have been published in various national and international journals.
