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The book is designed to meet the varying needs of the graduate students in economics. It is devised as for the UGC Model Curriculum 2002 prescribed for the Indian Universities. It specifically deals with B.A.(Pass/Hons.) Economics. Compulsory Paper I Microeconomics. The book is the outcome of 40 years of long teaching and writing experience of the author. The author humbly claims the following features of the book. 1. It is written for the students with simplicity and lucidity of exposition of the complexities of the subject-matter of topics included in the revised syllabus, simultaneously maintaining the standard of the textbook (in a true sense) as well as the level of discussion desired under the curriculum of the University of Mumbai. 2. In writing the book special care has been taken to avoid gaps in the sequential arrangement of topics in the syllabus and logically fabricated/developed the various facets of economic theory step-by-step with an integrated approach with a view to make it a comprehensive and complete volume by itself. 3. Topics covered are discussed, as far as possible, in a fairly self-contained manner. 4. It is self-explanatory. 5. It contains a lucid and synthesised review of the subject-matter from existing relevant literature so that the reader is spared of searching them in scattered places. As a teacher of economics, the author would like to give a word of advice to the students: A subject like Microeconomics should be studied very carefully, with a deep understanding of the material presented/discussed in the book. Remember, each sentence in the book carries a depth of meaning, reasoning and analytics of the subject. Master each new concepts and key term. Try to understand the fundamentals. Once the fundamentals of economics have been properly grasped, the subject becomes very easy and interesting. Contents - Module 1: Introduction 1. Nature and Scope of Economics 2. Methodology in Economics 3. Economic Problem and Equilibrium Analysis Module 2: Consumers Behaviour 4. Utility: Marshallian Cardinal Approach 5. Ordinal Utility Indifference Curve 6. Indifference Curve Analysis of Demand 7. Elasticity of Demand Module 3: Theory of Production and Costs 8. Production Function and Laws of Return 9. Economics of Scale 10. Cost of Production Module 4: Market Structure 11. Market Forms 12. Market Price Determination-Marshallian Theory of Value 13. Revenue Analysis 14. Firms Equilibrium 15. Equilibrium of a Firm and Industry Under Perfect Competition 16. Equilibrium of a Monopoly Firm 17. Monopolistic Competition, Oligopoly and Duopoly 18. Pricing Practices Module 5: Factor Pricing 19. Marginal Productivity Theory of Distribution 20. Theories of Wage Determination 21. Rent 22. Interest 23. Profits Module 6: Investment Analysis 24. Project Planning and Investment Analysis 25. Elements of Social Cost-Benefit Analysis Module 7: Welfare Economics 26. Elementary Welfare Economics
