• ISBN13: 9788126916801
• Binding: Paperback
• Subject: Economics
• Publisher: Atlantic Publishers & Distributors (P) Ltd
• Publisher Imprint: Atlantic
• Publication Date: May 26, 2012
• Pages: 392
• Original Price: INR 275.0
• Language: English
• Edition: N/A
• Item Weight: 290 grams
• BISAC Subject(s): Economics / General

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.

• Preface
• 1. Introduction to Microeconomics
• 1.1 Meaning and Nature of Economics
• 1.2 Definitions of Economics
• 1.2.1 Wealth Definition or Classical Definition
• 1.2.2 Welfare Definitions or Neo-Classical Definition
• 1.2.3 Scarcity Definitions or Modern Definition
• 1.2.4 Growth-oriented Definitions or Recent Definition
• 1.3 Scope of Economics
• 1.3.1 Subject Matter of the Economics
• 1.3.2 Economics is a Social Science
• 1.3.3 Economics is both a Science and an Art
• 1.3.4 Economics is both a Positive Science and also a Normative Science
• 1.4 Importance of Economics
• 1.5 Approaches of Economics Analysis
• 1.5.1 Traditional Approach
• 1.5.2 Modern Approach: Micro and Macro Economics
• 1.5.3 Distinctions between Micro and Macro Economics
• 1.5.4 Interdependence of Micro and Macro Economics
• 1.6 Static and Dynamic Economics
• 1.6.1 Economic Static
• 1.6.2 Economic Dynamics
• 1.7 Model Questions
• 2. Utility Analysis
• 2.1 Utility
• 2.1.1 Meaning and Definitions of Utility
• 2.1.2 Features of Utility or Characteristics of Utility
• 2.1.3 Forms of Utility
• 2.1.4 Concepts of Utility
• 2.2 Measurement of Utility
• 2.2.1 Cardinal Utility Analysis
• 2.2.2 Ordinal Utility Analysis
• 2.3 Concept of Margin
• 2.3.1 Margin and Consumption
• 2.4 Law of Diminishing Marginal Utility
• 2.4.1 Statement
• 2.4.2 Illustration
• 2.4.3 Assumptions
• 2.4.4 Exceptions and Criticisms
• 2.4.5 Importance
• 2.5 Law of Equi-Marginal Utility
• 2.5.1 Conditions of the Law
• 2.5.2 Statement
• 2.5.3 Illustration
• 2.5.4 Assumptions
• 2.5.5 Importance of the Law
• 2.5.6 Limitations
• 2.6 Consumer’s Surplus
• 2.6.1 Definition
• 2.6.2 Explanation
• 2.6.3 Assumptions
• 2.6.4 Importance
• 2.6.5 Criticisms
• 2.7 Engel’s Law of Consumption
• 2.7.1 Statement
• 2.7.2 Explanation
• 2.7.3 Importance
• 2.8 Model Questions
• 3. Consumption and Demand Analysis
• 3.1 Consumption Analysis
• 3.1.1 Meaning and Definition of Consumption
• 3.1.2 Characteristics of Consumption
• 3.1.3 Types of consumption
• 3.1.4 Importance of Consumption
• 3.1.5 Consumer’s Choice
• 3.1.6 Consumer’s Choice and Sovereignty
• 3.1.7 Limitations of Consumer’s Sovereignty
• 3.2 Meaning of Demand
• 3.2.1 Definition of Demand
• 3.2.2 Demand Schedule
• 3.2.3 Demand Curve
• 3.3 Types of Demand
• 3.3.1 Joint Demand and Composite Demand
• 3.3.2 Direct Demand and Derived Demand
• 3.3.3 Consumer’s Demand and Producer’s Demand
• 3.3.4 Individual Demand and Market Demand
• 3.4 The Law of Demand
• 3.4.1 Statement of Law
• 3.4.2 Assumptions
• 3.4.3 Illustration of the Law
• 3.4.4 Why does Demand Curve Slope Downward from Left to the Right?
• 3.4.5 Exceptions to the Law of Demand and Criticisms
• 3.4.6 Importance of the Law of Demand
• 3.5 Changes in Demand
• 3.5.1 Extension and Contraction of Demand
• 3.5.2 Increase and Decrease in Demand
• 3.5.3 Determinants of Demand
• 3.5.4 Demand Function
• 3.6 Elasticity of Demand
• 3.6.1 Meaning and Definitions of Elasticity of Demand
• 3.6.2 Concept of Elasticity of Demand
• 3.7 Types of Elasticity of Demand
• 3.7.1 Price Elasticity of Demand
• 3.7.2 Concepts of Price Elasticity of Demand
• 3.7.3 Income Elasticity of Demand
• 3.7.4 Cross Elasticity of Demand
• 3.8 Measurement or Methods of Elasticity of Demand
• 3.8.1 Total Outlay Method
• 3.8.2 Point Method
• 3.8.3 Arc Method
• 3.9 Determinants of Price Elasticity of Demand
• 3.10 Importance of Elasticity of Demand
• 3.11 Demand Forecasting
• 3.11.1 Meaning of Demand and Forecasting
• 3.11.2 Methods of Demand Forecasting
• 3.12 Model Questions
• 4. Supply Analysis
• 4.1 Supply
• 4.1.1 Meaning and Importance
• 4.1.2 Distinction between Stock and Supply
• 4.1.3 Supply Schedule
• 4.1.4 Supply Curve
• 4.1.5 Individual Supply and Market Supply
• 4.1.6 Supply Function
• 4.2 The Law of Supply
• 4.2.1 Statement of the Law of Supply
• 4.2.2 Assumptions of the Law of Supply
• 4.2.3 Illustration of the Law of Supply
• 4.2.4 Exceptions to the Law of Supply
• 4.3 Changes in Supply
• 4.3.1 Extension and Contraction of Supply
• 4.3.2 Increase and Decrease in Supply
• 4.4 Determinants of Supply
• 4.5 Elasticity of Supply
• 4.5.1 Meaning
• 4.5.2 Concepts of Elasticity of Supply
• 4.5.3 Factors Influencing Elasticity of Supply
• 4.6 Model Questions
• 5. Indifference Curve Analysis
• 5.1 Concept of Indifference Curves
• 5.1.1 Meaning
• 5.1.2 Assumptions
• 5.1.3 Nature of Indifference Curves
• 5.1.4 Indifference Schedule
• 5.1.5 Indifference Map
• 5.1.6 Diminishing Marginal Rate of Substitution (DMRS)
• 5.2 Properties of Indifference Curves
• 5.3 Consumer’s Equilibrium
• 5.3.1 The Indifference Map
• 5.3.2 Budget or Price Line
• 5.3.3 Consumer’s Equilibrium
• 5.4 Income, Price and Substitution Effects
• 5.4.1 Income Effect
• 5.4.2 Substitution Effect
• 5.4.3 Price Effect
• 5.4.4 Superiority of Indifference Curve Technique Over Utility Approach
• 5.4.5 Criticisms
• 5.5 Model Questions
• 6. Theory of Production
• 6.1 Production Analysis
• 6.1.1 Meaning and Definition of Production
• 6.1.2 Types of Creation of Utility
• 6.1.3 Factors of Production
• 6.1.4 Production Function
• 6.1.5 Cobb-Douglas Production Function
• 6.1.6 Laws of Production
• 6.2 Cost Analysis
• 6.2.1 Nature, Meaning and Definition of Cost
• 6.2.2 Concepts of Cost
• 6.2.3 Determinants of Cost of Production
• 6.2.4 Cost Function
• 6.3 Revenue Analysis
• 6.3.1 Nature and Meaning of Revenue
• 6.3.2 Determinants of Revenue
• 6.3.3 Revenue Function
• 6.3.4 Concepts (Types) of Revenue
• 6.3.5 The Relation between AR and MR Curves
• 6.3.6 Geometrical Relation between AR and MR Curves
• 6.4 Model Questions
• 7. Markets
• 7.1 Perfect Competition
• 7.1.1 Meaning and Definitions
• 7.1.2 Features or Essential Conditions
• 7.1.3 Equilibrium of Firm and Industry
• 7.1.4 Importance of Time-Element: Price and Output Determination
• 7.1.5 Is Supernormal Profits Possible?
• 7.2 Monopoly
• 7.2.1 Meaning and Definitions
• 7.2.2 Features of Monopoly
• 7.2.3 Types of Monopoly
• 7.2.4 Demand Curve, Average Revenue and Marginal Revenue Curves
• 7.2.5 Does Monopoly Maximize Profits?
• 7.2.6 Monopoly Equilibrium: Price and Output Determination
• 7.2.7 Importance of ‘Time Elements’
• 7.2.8 Merits and Demerits of Monopoly
• 7.2.9 Causes and Limitations of Monopoly
• 7.2.10 Control and Regulations of Monopoly
• 7.3 Price Discrimination
• 7.3.1 Meaning and Definition
• 7.3.2 Types of Price Discrimination
• 7.3.3 Essential Conditions
• 7.3.4 When is Price Discrimination Profitable
• 7.3.5 Price and Output Determination
• 7.3.6 Dumping, A Special Case of Price Discrimination
• 7.3.7 Economic Effects of Price Discrimination
• 7.3.8 Is Price Discrimination Beneficial?
• 7.4 Model Questions
• 8. Markets (Contd.)
• 8.1 Monopolistic Competition
• 8.1.1 Meaning and Definition
• 8.1.2 Features
• 8.1.3 Price and Output Determination
• 8.1.4 Selling Costs
• 8.1.5 Wastes of Monopolistic Competition or Criticisms
• 8.2 Oligopoly
• 8.2.1 Meaning and Definitions
• 8.2.2 Types of Oligopoly
• 8.2.3 Features of Oligopoly
• 8.3 Duopoly
• 8.4 Model Questions
• 9. Theories of Distribution
• 9.1 Theory of Distribution
• 9.1.1 Personal Distribution of Income
• 9.1.2 Functional Distribution of Income
• 9.2 Marginal Productivity Theory
• 9.2.1 Meaning and Definitions
• 9.2.2 Concepts of Productivity
• 9.2.3 Assumptions of the Theory
• 9.2.4 Explanation
• 9.2.5 Criticisms
• 9.3 Rent
• 9.3.1 Meaning and Definitions
• 9.3.2 Concepts of Rent
• 9.3.3 The Ricardian Theory of Rent
• 9.3.4 Modern Theory of Rent
• 9.4 Wages
• 9.4.1 Meaning and Definitions
• 9.4.2 Concepts of Wages
• 9.4.3 Distinction between Real Wages and Money Wages
• 9.4.4 Factors Determining Real Wages
• 9.4.5 Differentials in Wages
• 9.4.6 Theories of Wages
• 9.5 Model Questions
• 10. Interest and Profits
• 10.1 Interest
• 10.1.1 Meaning and Definitions
• 10.1.2 Concepts of Interest
• 10.1.3 Theories of Interest
• 10.2 Profits
• 10.2.1 Meaning and Definitions
• 10.2.2 Concepts of Profits
• 10.2.3 Difference between Profits and Other Forms of Income
• 10.2.4 Theories of Profits
• 10.3 Model Questions
• References
• Glossary