Principles Of Microeconomics, 22e

Part-I: Introduction • The Economic Problem: Scarcity and Choice • The Scope of Economics • The Methodology of Economics • Free Market Economy and Other Economic Systems Part-II: Demand, Supply and Market Equilibrium • Demand, Supply and Competitive Market Equilibrium • Applications of Demand and Supply Analysis • Elasticities of Demand and Supply • Applications of Elasticities of Demand and Supply Part-III: Theory of Consumer's Behaviour • Consumer's Behaviour: Marshall's Cardinal Utility Analysis • Consumer Surplus • Indifference Curve Analysis of Demand • Cardinal Utility Analysis vs. Indifference Curve Analysis • Applications and Uses of Indifference Curves • Labour Supply and Saving Decisions Part-IV: Theory of Production and Cost • Production Process and Profit-Maximising Behaviour of Firms • Factors of Production • The Theory of Production: Returns to a Variable Factor • Production Function with Two Variable Factors • Least Cost Factor Combination: Technological Choice • Cost of Production and Cost Curves: Short Run and Long Run Part-V: Theory of Firm and Pricing in Perfect Competition • Market Structures and Concepts of Revenue • Objectives of the Firm - A General Analysis • Equilibrium of the Firm under Perfect Competition • Equilibrium of the Industry and Long-Run Supply Curve under Perfect Competition • Economic Efficiency of Perfect Competition Part-VI: Price and Output under Monopoly and Imperfect Competition • Price and Output under Monopoly • Price Discrimination • Drawbacks and Remedies for Monopoly • Price and Output under Monopolistic Competition • Price and Output under Oligopoly • Classical Models of Oligopoly: Cournot and Bertrand's Models • Theory of Games and Strategic Behaviour • Full-Cost or Mark-up Pricing and Sales Maximisation Models • Market Failures and Its Sources • Externalities and Market Failure • Public Goods and Market Failure • Imperfect Information Problem • Social Choice, Role of Government and Its Inefficiency Part-VII: Theory of Distribution • Pricing of Factors (Inputs) and Distribution of Income: A General View • Labour Market: Determination of Wages • Land Market and The Theory of Rent • Alternative Theories of Interest • Theory of Profits Part-VIII: International Trade • International Trade: Absolute Advantage Theory and Comparative Cost Theory • Heckscher-Ohlin Theory of International Trade and Terms of Trade • Trade Barriers and Free Trade versus Protection Part-IX: Welfare Economics and Economic Efficiency • Welfare Economics and Role of Value Judgements • Pareto Criterion and Economic Efficiency: General Equilibrium Approach • Kaldors Hicks' Welfare Criterion: Compensation Principle • Social Welfare Function