This book presents a scientific and systematic development of the underlying concepts of microeconomics with due emphasis on analytical and mathematical, much needed for an application orientation of mind, to help students in understanding and tackling the realworld problems.
The book is organized into nine chapters.
The first chapter is devoted to priceoutput decisions of a monopoly.
It provides a comprehensive account of these decisions under all their manifestations in a systematic manner with illustrative sketches and mathematical explanations.
Chapters 2 to 4, devoted to imperfect markets, cover monopolistic competition, duopoly and oligopoly under different situations of product pricing and quantity determination.
The analysis is systematic incorporating illustrative sketches and mathematical explanations.
Chapter 4 presents the sales maximization models of Baumol.
Chapter 5 is devoted to factor pricing and Chapter 6 to capital and investment decisions.
The former focuses on pricing of variable and fixed factors of production while the latter on intertemporal analysis and choice under uncertainty.
Chapters 7 to 9, devoted to general equilibrium and market failure, analyse topics on general equilibrium and Pareto efficiency, markets with asymmetric information and externalities and public goods.
This title includes: over 145 neatly drawn figures to clarify the concepts; chapterend summaries as 'key terms and concepts' to facilitate quick revision; over 410 chapterend short and long answer questions of numerical and analytical nature with hints, and answers as appropriate to probe the student's assimilation of the material covered; and, numerous illustrative examples throughout the text to illustrate the application of concepts.
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