Introductory Economic Theory (For NEHU, Shillong)

Introductory Economic Theory (For NEHU, Shillong)

Authors : H L Ahuja

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About the Author

H L Ahuja :-
A distinguished academician, is a distinction holder in MA Economics. He was the recipient of McConnel Levin prize from Punjab University for his paper "Investment Criteria in Development Planning". He continued his academic pursuit and received his doctorate from Delhi University in 1982 for his thesis ';Development Strategy for a Labour Surplus Economy'.
An eminent professor, Dr Ahuja has taught Advanced Economic Theory (Micro and Macro), Development Economics and Problems of Indian Economy to postgraduate students at the Kurukshetra University. He subsequently taught at Zakir Husain Delhi College, Delhi University, where he taught Micro and Macro Economic Theories, Development Policy and Indian Economy. He was a member of the Academic Council of Delhi University for a period of five years (1987-92). A prolific writer, Dr Ahuja has more than a dozen books to his credit.

About the Book

Introductory Economic Theory has been especially designed to meet the requirements of undergraduate students of the North Eastern Hill University (NEHU), Shillong. It comprises primary elements of economics, namely, microeconomics and macroeconomics. 
This book begins with an introduction to economics highlighting the economic problem of scarcity and choice. Further, it goes on and discusses the scope of economics as well as acquaints the students with the methodologies of economics.
Basic microeconomic concepts such as demand, supply, competitive market equilibrium, elasticity and indifference curve analysis of demand have been explained in a simple and lucid manner. The book also dwells into theories of production, distribution, rent, interest and profits. It also discusses the market structures prevailing in the capitalist economy, namely, perfect competition and imperfect competition; thoroughly highlighting the sub categories of imperfect competition such as monopolistic competition, oligopoly and monopoly. Concepts of average revenue and marginal revenue have also been discussed in the book. 
The book also deals with the study of macroeconomic aspects which helps in understanding the behavior and performance of economy as a whole. Discussions on circular flow of income, national income accounting, classical full employment model, Keynesian theories of income and employment, simple two-sector model and its two main constituents, consumption function & investment demand have been thoroughly covered. Theory of multiplier, an important part of modern income and employment, has also been covered in the book. 
Numerous graphs and figures have been used throughout the book to facilitate understanding and recapitulation of the concepts discussed.

Table of Content

1. The Economic Problem: Scarcity and Choice, 2. The Scope of Economics, 3. The Methodology of Economics, 4. Free Market Economy and Other Economic Systems, 5. Demand, Supply and Competitive Market Equilibrium, 6. Elasticity of Demand, 7. Indifference Curve Analysis of Demand, 8. Theory of Production: Returns to A Variable Factor, 9. Production Function with Two Variable Factors, 10. Cost of Production and Cost Curves: Short Run and Long Run, 11. Market Structures and Concepts of Revenue, 12. A Firm: A General Analysis of its Nature, Objectives and Equilibrium, 13. Equilibrium of the Firm and Industry under Perfect Competition, 14. Price and Output Determination Under Monopoly, 15. Price and Output Determination Under Monopolistic Competition, 16. Price and Output Determination Under Oligopoly, 17. Theory of Distribution: A General View, 18. Theory of Rent, 19. Theories of Interest, 20. Theory of Profits, 21. Circular Flow of Income and National Income Accounting, 22. Classical Full-Employment Model, 23. Keynes's Theory of Employment: An Outline, 24. Determination of National Income: Keynes's Simple Two-Sector Model, 25. Consumption Function, 26. Investment Demand, 27. Theory of Multiplier