(Books) Indian Economic Service (IES-ISS) :: Principles of Microeconomics By H L Ahuja ::

(Books) Indian Economic Service (IES-ISS)

:: Principles of Microeconomics By H L Ahuja ::

About the book :

This most popular and proven text takes a further lead with this revision by aligning its contents with the prescribed UGC model curriculum and new Choice Based Credit System (CBCS) syllabus. The book provides carefully tailored content for undergraduate courses in economics across a range of academic disciplines. The book makes a comprehensive and analytical study of theories of demand, production/cost and determination of price and output of products in different market structures. It also discusses theory of factor pricing and income distribution as wages, rent, interest and profits. Above all, it critically analyses the conditions of economic efficiency and maximum social welfare and causes of market failures.

Key Features :

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

Book Detail :

  • Publisher : S Chand Publishing; Seventy Second edition (1 January 2016)
  • Language : English
  • Paperback : 872 pages
  • ISBN-10 : 9352533305
  • ISBN-13 : 978-9352533305
  • MPR : 364/-

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