Student-friendly and comprehensive, this book is designed to address the requirements of undergraduate students of Economics, and it covers the syllabi of all major South-Indian universities.
Cover
Title Page
Copyright Page
CONTENTS
Preface
Chapter 1 Introduction to Economics
1.1 Introduction
1.2 Definition of Economics
1.3 Scope of Economics
1.4 Importance and Significance of the Study of Economics
1.5 Nature of Economics: An Art or Science?
1.6 Economics — A Positive or a Normative Science
1.7 Static and Dynamic Analysis
1.8 Methods: Micro and Macro
1.9 Methods of Economic Analysis
1.10 Partial and General Equilibrium
1.11 Basic Concepts in Economics
1.12 Basic Economic Problems
1.13 Economic Systems
Review Questions
Chapter 2 Demand Analysis
2.1 Introduction
2.2 Meaning and Definition of Demand
2.3 Features of Demand
2.4 Demand Schedules and Demand Curve
2.5 Determinants of Demand/Factors Affecting Demand
2.6 Law of Demand
2.7 Exceptions to the Law of Demand
2.8 Movement: Expansion or Contraction of Demand
2.9 Shift in the Demand Curve
2.10 Types of Demand!
2.11 Demand Distinction
Review Questions
Chapter 3 Utility Analysis of Demand
3.1 Introduction
3.2 Meaning and Measurement of Utility
3.3 Concepts of Utility
3.4 Features of Utility
3.5 Approaches to Consumer Behaviour
3.6 Marshall’s Consumer Surplus I
3.7 Criticism of Utility Analysis of Demand/Defects of Cardinal Analysis
Review Questions
Chapter 4 Elasticity of Demand
4.1 Meaning and Definition
4.2 Determinants of Price Elasticity of Demand
4.3 Importance of Elasticity of Demand
4.4 Types of Elasticity of Demand
Review Questions
Chapter 5 Demand Forecasting
5.1 Introduction and Meaning
5.2 Objectives of Demand Forecasting
5.3 Types of Forecasting
5.4 Requirements for Demand Forecasting
5.5 Approach to Forecast
5.6 Methods of Demand Forecasting
5.7 Features of a Good Forecasting Method
5.8 Forecasting Demand for New Products
Review Questions
Chapter 6 Indifference Curve Analysis
6.1 Introduction
6.2 Meaning of Indifference Curve
6.3 Approach to Indifference Curve Analysis
6.4 IC Analysis — Price, Income and Substitution Effects
6.5 Marginal Rate of Substitution
6.6 Budget Line and Consumer’s Equilibrium
Review Questions
Chapter 7 Supply Analysis
7.1 Meaning and Definition
7.2 Distinction between Supply and Stock
7.3 Factors Determining Supply
7.4 Supply Schedule and Curve
7.5 Law of Supply
7.6 Movement: Expansion or Contraction of Supply
7.7 Shift in Supply Curve
7.8 Elasticity of Supply
7.9 Measurement of Elasticity of Supply
7.10 Determinants of Elasticity of Supply
7.11 Importance of Elasticity of Supply
7.12 Equilibrium of the Maximisation or Profit Maximisation
Review Questions
Chapter 8 Theory of Production
8.1 Introduction
8.2 Factors of Production
8.3 Division of Labour
8.4 Production Function
8.5 Law of Variable Proportions
8.6 Law of Returns to Scale
8.7 Producer’s Equilibrium
8.8 Economies of Scale
8.9 Small-Scale Production
8.10 Iso-Quant Analysis
8.11 Cobb-Douglas’ Production Function
Review Questions
Chapter 9 Cost and Revenue Function
9.1 Introduction
9.2 Cost Concepts
9.3 Cost—Output Relations
9.4 Short-run Cost Curves
9.5 Long-run Cost Curves
9.6 Concept of Revenue
9.7 Break-Even Analysis
9.8 Cost Control
Review Questions
Chapter 10 Market Structure
10.1 Introduction and Meaning
10.2 Extent of Market
10.3 Commodity and their Types
10.4 Value and Price
10.5 Classification of Markets
10.6 Competition
Review Questions
Chapter 11 Price Policy and Pricing Methods
11.1 Introduction
11.2 Pricing Policy
11.3 Objectives of Pricing Policy
11.4 Importance of Price Policy
11.5 Factors Affecting Pricing Policy
11.6 Principles of Price Policy
11.7 Pricing Methods
11.8 Pricing in Public Utilities
Review Questions
Chapter 12 Price Determination under Perfect Competition
12.1 Introduction
12.2 Equilibrium between Demand and Supply Price
12.3 Changes in Equilibrium
12.4 Equilibrium Price of Firm and Industry
12.5 Time Element in Price Determination
12.6 Market Period Price Determination
12.7 Short Period Price Determinations
12.8 Determination of Long Period Price
12.9 Conclusion
Review Questions
Chapter 13 Pricing Determination under Monopoly
13.1 Introduction
13.2 Kinds of Monopoly
13.3 Nature of Demand and Revenue under Monopoly
13.4 Monopoly Power
13.5 Determination of Price in Monopoly
13.6 Price Discrimination
13.7 Degrees of Price Discrimination
13.8 When Price Discrimination is Profitable
13.9 When Price Discrimination is Possible
Review Questions
Chapter 14 Price Determination under Imperfect Competition
14.1 Introduction
14.2 Nature of Demand and Cost in Monopolistic Competition
14.3 Price Determination in Monopolistic Competition
14.4 Equilibrium of the Firm in Monopolistic Competition
14.5 Group Equilibrium in Monopolistic Competition
14.6 Price Determination in Oligopoly
14.7 Sweezy’s “Kinked-Demand” Curve — Pricing in Oligopoly
14.8 Price Determination in Duopoly
Review Questions
Chapter 15 Theory of Distribution
15.1 Introduction
15.2 Meaning of Distribution
15.3 Functional Distribution and Personal Distribution
15.4 Difference between Personal and Functional Distribution
15.5 Micro and Macro Distribution
15.6 Role of Factor Prices
15.7 Marginal Productivity Theory
15.8 Assumptions of the Theory
15.9 Criticism
Review Questions
Chapter 16 Wages
16.1 Introduction
16.2 Nominal Vs. Real Wage
16.3 Theories of Wages
16.4 Trade Union and Wages
Review Questions
Chapter 17 Rent
17.1 Introduction
17.2 Contract Rent and Economic Rent
Review Questions
Chapter 18 Interest
18.1 Introduction
18.2 Meaning
18.3 Gross Interest and Net Interest
18.4 Theories of Interest
Review Questions
Chapter 19 Profit
19.1 Introduction
19.2 Meaning
19.3 Peculiarities
19.4 Concepts of Profit
19.5 Gross Profit and Net Profit
19.6 Normal Profit and Supernormal Profit
19.7 Accounting Profit and Economic Profit
19.8 Profit Policies
Review Questions
Chapter 20 WELFARE ECONOMICS
20.1 Introduction
20.2 Definition, Meaning and Features
20.3 Concepts
20.4 Old / Classical Welfare Economics – Pigou’s Criterion
20.5 New Welfare Economics — Pareto’s Criterion
20.6 Social Welfare Function — Bergson Criterion
20.7 Compensation Principle of Welfare — Kaldor & Hicks Criterion
20.8 Other Criterions
Review Questions
Chapter 21 National Income and Inequalities of Income
21.1 Introduction
21.2 Meaning
21.3 Definition
21.4 Other Views
21.5 National Product, National Income and National Expenditure
21.6 Concepts of National Income
21.7 Circular Flow of Income
21.8 Measurement of National Income [Computation]
21.9 Significance of National Income Data
21.10 Difficulties in the Measurement of National Income
21.11 Inequality of Income
21.12 Causes of Inequalities of Income
21.13 Evils or Consequences of Inequalities of Income
21.14 Methods of Reducing Inequalities of Income
21.15 Marxist Method
21.16 Fiscal Policy Method
Review Questions
Objective Type Questions
Index
T. Arya Mala is Asst. Prof, Department of Commerce, Asan Memorial College of Arts and Science, Chennai. She has over 15 years of teaching experience and is currently pursuing her Ph.D. in Gender Budgeting. Her areas of specialization are Business Economics, Managerial Economics and Indian Economy.
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