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About the Author
D N Dwivedi :-
He obtained his M.Com., M.A. and Ph.D degrees from Banaras Hindu University and joined Ramjas College, University of Delhi, as a Lecturer in Economics in the year 1969. He retired from Ramjas College as Reader in August 2004. After his retirement, he joined Maharaja Agrasen Institute of Management Studies (MAIMS), Delhi, where he worked as Professor of Economics till January 2016.
About the Book
Microeconomics: Theory and Applications provides a comprehensive and authentic text on the theory and applications of microeconomics. The book has been thoroughly revised with new chapters and sections added at appropriate places and meets the study requirements of regular students of microeconomics and of those preparing for competitive examinations. An effort has been made to present microeconomic theories lucidly and comprehensively and to delineate the application of microeconomic theories to business decision-making and to analyse the economic effects of indirect taxes, subsidy and pricing policies of the government.
• Coverage of all topics taught in Indian universities and business schools
• Complex theories are explained with self-explanatory diagrams
• Plenty of numerical problems
• Questions from various university question papers are given at the end of each chapter
New in this Edition
• More examples and mathematical treatment of economic theories
• Substantial revision and updating of several chapters
• Two additional chapters: (i) Application of Competitive Market Theory, (ii) Theory of Sales Maximization and Game Theory
Table of Content
Part-I: Introduction: 1. Introduction to Microeconomics, 2. The Economy: Its Basic Problems and Working System, Part-II: Market Mechanism: How Markets Work: 3. The Market Forces: Demand and Supply, 4. Elasticity of Demand and Supply, 5. Application of Market Laws and Elasticities, Part-III: Theory of Consumer Demand: 6. Theory of Consumer Demand: Cardinal Utility Approach, 7. Theory of Consumer Demand: Ordinal Utility Approach, 8. Application of Indifference Curve Analysis, 9. Revealed Preference Theory, 10. Consumer Surplus: Measurement and Application, Part-IV: Theory of Production and Cost Analysis: 11. Theory of Production-I: Laws of Returns to a Variable Input, 12. Theory of Production-II: Production with Two Variable Inputs, 13. Theory of Cost, 14. Optimum Combination of Inputs, Part-V: Theory of Firm: Theory of Price and Output Determination: 15. Market Structure and Objectives of Business Firms, 16. Price and Output Determination Under Perfect Competition, 17. Application of Competitive Market Analysis, 18. Price and Output Determination Under Monopoly, 19. Price and Output Determination Under Monopolistic Competition, 20. Price and Output Determination Under Oligopoly, 21. Theory of Sales Maximization and Game Theory of Oligopoly, Part-VI: Factor Market and Factor Pricing: 22. The Factor Market: Factor Demand and Supply, 23. Wage Determination Under Perfect Competition, 24. Wage and Employment Under Imperfect Competition, 25. Theory of Rent, 26. Theories of Interest, 27. Interest Rate and Investment Decisions, 28. Theories of Profit, 29. Product Exhaustion Theorem, Part-VII: General Equilibrium and Welfare Economics: 30. General Equilibrium Analysis, 31. Welfare Economics: Pareto Optimality, 32. New Welfare Economics, 33. Market Failures and Provision of Public Goods