Microeconomics: Theory and Applications, 2nd Edition

Description this book is intended to be a comprehensive and standard textfor undergraduate students of microeconomics. Not only this bookprovides students with sufficient study material for theexamination purpose, it aims at making them understand economics. Complex theories are explained with self-explanatory diagrams real examples are given to explain microeconomic theories plenty of numerical examples each chapter begins with learning objectives questions of various universities are given at the end of each chapter introduction to microeconomics the economy: its basic problems and working system the market forces demand and supply elasticity of demand and supply application of market laws and elasticity theory of consumer demand: cardinal utility approach theory of consumer demand: ordinal utility approach application indifference curve analysis revealed preference theory consumer surplus theory of production: laws of returns to variable input theory of production: laws of returns to a variable input optimim combinations of inputs theory of costs the objectives of business firms and their market powers price and output determination under perfect competition price and output determination under monopoly price and output determination under monopolistic competition price and output determine oligopoly the factor market: factor demand and supply wage determination under perfect competitions wage and employment determination under imperfect competition theory of rent theories of interest and investment decisions theories of profit product exhaustion theorem general equilibrium analysis welfare economics: pareto optimality new welfare economics market failures and public goods d. N. Dwivedi is professor of economics at maharaja agraseninstitute of management, rohini