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The present book has been designed to meet the requirements of B.Com. (Hons.) First Year students of Delhi University. It has been prepared strictly in accordance with the new syllabus of Microeconomics-I to be taught in the First Semester of the academic session 2011-12. The discussion in the book is divided into seven units. The organisation, structure and contents of these units is as follows :
Unit I on `Introduction` consists of one chapter denoted to a discussion of the meaning and scope of Economics, production possibility curve, central problems of an economy, price mechanism and its operation, and uses and limitations of microeconomics.
Unit II on `Demand and Supply` consists of three chapters. In these chapters we discuss the concepts of demand and supply, the various concepts of elasticity, concepts of marginal and average revenue, and the relationship betweeen elasticity of demand, marginal revenue and average revenue.
Unit III on `Consumer Behaviour` has three chapters. It focuses on the meaning and characteristics of indifference curves, consumer`s equilibrium, price, income and substitution effects, Engel curve and consumer surplus. A brief discussion of revealed preference theory is also carried out.
Unit IV on `Production` also consists of three chapters devoted to a detailed discussion of the production function, isoquants, the law of variable proportions, laws of returns to scale, and optimal input proportions.
Unit V on `Cost of Production` consists of one chapter which discusses, in detail, the concepts of costs, short-run and long-run cost functions, economies and diseconomies of scale, economies of scope and the learning curve.
Unit VI on `Perfect Competition` has three chapters which discuss the characteristics of perfectly competitive markets, price and output decisions in such markets, equilibrium of the firm and industry in short and long runs, producer surplus, demand and supply analysis, impact of government policies, and stability analysis.
The coverage of all topics and issues is comprehensive and exhaustive. We have taken particular pains in explaining difficult theoretical concepts in as easy and concise a way as possible. For this purpose, liberal use of diagrams has been made. Detailed captions have been provided at the bottom of all diagrams to help the students in understanding them in a better way. Important concepts and statements have been highlighted in bold letters for the benefit of students. A large number of numerical and analytical problems have also been incorporated in the book. The discussion in each chapter is followed by a `Summary` and `Key Concepts and Terms`. For the practice of students, a set of questions has been added at the end of each chapter.ISBN - 9789350511725
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Pages : 326
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