CONTENTS PART I SCOPE AND METHODOLOGY OF ECONOMICS Nature and Scope of Economics Micro and Macro-Economics The Methodology of Economics Economic Statics and Dynamics Central Problems of an Economy Capitalist Economic Systems : Role of Price Mechanism PART II THE THEORY OF DEMAND Demand and Law of Demand Demand: Marshall's Cardinal Utility Analysis Indifference Curve Analysis of Demand Marshall's Cardinal Utility Analysis vs' Indifference Curve Analysis Applications and Uses of Indifference Curves Revealed Preference Theory of Demand Elasticity of Demand Consumer Surplus PART III THE THEORY OF PRODUCTION AND COST Factors of Production The Theory of Production : Returns to a Factor Production Function with Two Variable Factors Optimum Factor Combination Cost of Production and Cost Curves PART IV THEORY OF FIRM AND PRICING IN DIFFERENT MARKET STRUCTURES Main Market Forms and Concepts of RevenueEquilibrium of the Firm : A General Analysis Equilibrium of the Firm and Industry Under Perfect Competition Price Determination Under Perfect Competition Applications of Demand and Supply Analysis Price and Output under Monopoly Price Discrimination Price and Output Under Oligopoly Sales Maximisation Model of Oligopoly Theory of Games and Competitive Strategy PART V FACTOR PRICING AND INCOME DISTRIBUTION Factor Pricing and Income Distribution : A General View Labour Supply and Wage Determination The Theories of Rent Alternative Theories of Interest The Theory of Profits Applications of Factor Pricing Theory PART VI GENERAL EQUILIBRIUM ANALYSIS AND WELFARE ECONOMICS General Equilibrium Analysis Welfare Economics : An Introduction Economic Efficiency and Pareto Optimality Market Failures, Externalities and Public Goods New Welfare Economics: Compensation Principle Social Welfare Function PART VII INTERTEMPORAL ANALYSIS AND CHOICE UNDER UNCERTAINTY Markets with Asymmetric Information Intertemporal Choice and Borrowing-Lending Equilibrium Investment Decision Analysis Choice under Risk and Uncertainty