The book makes a comprehensive and analytical study of theories of Demand, production/cost and determination of price and output of products in different market structures. It also discusses theory of factor pricing and income distribution as wages, rent, interest and profits. Above all, it critically analyses the conditions of economic efficiency and maximum social welfare and causes of market failures. It takes a further lead with this revision by aligning its contents with the prescribed UGC model curriculum and new choice based Credit System (CBCS) syllabus., syllabi relevant: updated and revised topics as per UGC model curriculum and new choice based Credit System (CBCS) syllabus, New chapters: Production process and profit-maximising behaviour of firms; economic efficiency of perfect competition; remedies of Monopoly; market failures and its sources; Externalities and market failure; public Goods and market failure; problem of imperfect information and market for lemons and social choice and role of government, student friendly features: Clear and comprehensive presentation and extensive use of graphs to understandably illustrate the economic principles

part – I: Introduction

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

part – II: Demand, supply and market Equilibrium

5. Demand, supply and competitive market Equilibrium
6. Applications of Demand and supply analysis
7. Elasticities of Demand and supply
8. Applications of elasticities of Demand and supply

part – III: theory of consumer’s behaviour

9. Consumer’s behaviour: Marshall's Cardinal utility analysis
10. Consumer surplus
11. Indifference curve analysis of Demand
12. Cardinal utility analysis vs. Indifference curve analysis
13. Applications and uses of indifference curves
14. Labour supply and saving decisions

part – IV: theory of production and cost

15. Production process and profit-maximising behaviour of firms
16. Factors of production
17. The theory of production: returns to a variable factor
18. Production function with two variable factors
19. Least cost factor combination: technological choice
20. Cost of production and cost curves: short run and Long run

part – V: theory of firm and pricing in perfect competition

21. Market structures and concepts of revenue
22. Objectives of the Firm – a general analysis
23. Equilibrium of the Firm under perfect competition
24. Equilibrium of the industry and Long-Run supply curve under perfect competition
25. Economic efficiency of perfect competition

part – VI: Price and output under Monopoly and imperfect competition

26. Price and output under Monopoly
27. Price discrimination
28. Drawbacks and remedies for Monopoly
29. Price and output under Monopolistic competition
30. Price and output under Oligopoly
31. Classical models of Oligopoly: Cournot and Bertrand's models
32. Theory of games and strategic behaviour
33. Full-cost or Mark-up pricing and sales is at I on models
34. Market failures and its sources 35. Externalities and market failure
36. Public Goods and market failure 37. Imperfect information problem
38. Social choice, role of government and its inefficiency part – VII: theory of distribution
39. Pricing of factors (inputs) and distribution of Income: A general view
40. Labour market: Determination of wages
41. Land market and the theory of rent
42. Alternative theories of interest
43. Theory of profits

part – VIII: International trade