Advanced Microeconomics

Microeconomics is a branch of economics that studies how individuals, households and firms and some states make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. It examines how these decisions and behaviours affect the supply and demand for goods and services, which determines prices; and how prices, in turn, determine the supply and demand of goods and services.

One of the objectives of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. It analyzes market failure, where markets fail to produce efficient results, as well as describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and the elasticity of products within the market system.

The book Advanced Microeconomics has a wide coverage and deals with all the important topics on the subject generally required by students of B.A. (Hons.), M.A., M.Com., M.B.A., C.A., I.C.W.A. and C.S. It is an exhaustive and elaborate presentation of all the concepts along with various theories and laws. The style of the book is simple, lucid and easily accessible. Diagramatic and algebraic presentations are given wherever required. It also covers modern topics like Games Theory.

The book would be found useful by students and teachers of this subject. It will also be a rewarding and enriching reading to those interested in the study of methods, nature and scope of microeconomics.