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. It 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.
This revised edition explores further the concept of economic efficiency and the concept of utility and its critique by Prof. Amartya Sen. It further includes an incisive analysis of Hicksian and Slutsky substitution effect.
Principles of Microeconomics 2e (2nd edition) covers the scope and sequence of most introductory microeconomics courses. The text includes many current examples, which are handled in a politically equitable way.
... equals price of product PC . But the natural monopoly maximises its profits by producing output Q at which its marginal revenue equals marginal cost and will set price equal to Pm and will make profits equal to ABKPm . Natural monopoly ...
The second edition was developed with significant feedback from current users. In nearly all chapters, it follows the same basic structure of the first edition.
Principles of Microeconomics
The 18th Edition builds upon the tradition of leadership by sticking to 3 main goals: help the beginning student master the principles essential for understanding the economizing problem, specific economic issues, and the policy ...
The 18th edition builds upon the tradition of leadership by sticking to 3 main goals: help the beginning student master the principles essential for understanding the economizing problem, specific economic issues, and the policy ...
Enriching contents of the book in the Second Edition, the author proffers a thoroughly revised and updated text with main focus on Game Theory, Linear Programming and Output–Input Analysis.
Economics: Principles, Problems, and Policies