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The present book Economics for Management has been prepared keeping in view the requirements of the MBA students of various Universities.
The book discusses the principles of microeconomics and macroeconomics in detail. The discussion has been divided into four modules : Module 1 on `Introduction` consists of three chapters explaining the basic concepts of business economics and the fundamentals of demand including cardinal and ordinal utility approach, revealed preference theory, elasticity of demand, recent developments in the theory of demand etc. Module 2 on `Theory of Production and Costs` consists of three chapters devoted to the discussion of the laws of production, isoquants, returns to scale and various cost concepts (including a discussion on recent developments in the theory of costs, engineering cost curves, shapes of cost curves and decision making etc.) Module 3 on `Theory of Firm` is the largest module consisting of nine chapters spread over almost 200 pages. In addition to a discussion of price determination under various market forms (perfect competition, monopoly, monopolistic competition and oligopoly), this module also takes up for discussion the marginalist controversy, average cost pricing, limit pricing, managerial theories of the firm and behavioural theories of the firm. Module 4 on `Macroeconomic Analysis` discusses the various concepts used in macroeconomics, national income accounting, determination of equilibrium level of national income and output, theory of multiplier, IS-LM analysis, supply side economics, unemployment and inflation. All difficult concepts have been explained in a clear and concise manner and important statements have been highlighted separately in shaded boxes for the benefit of students. ISBN - 9789350242148
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