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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 beh
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