CONTENTS PART 1 INTRODUCTION 1. The Economic Problem : Scarcity and Choice 3-18 2. The Scope of Economics 29-40 3. The Method of Economics 41-57 4 .The Basic Competitive Model of a Free Market Economy 58-76 PART 2 MICROECONOMICS : DEMAND, SUPPLY AND PRICE 5. Demand, Supply and Price Equilbrium 79-108 6. Applications of Demand and Supply Analysis 109-116 7. Elasticities of Demand and Supply 117-151 8. Applications of Elasticities of Demand and Supply 152-164 PART 3 THE THEORY OF CONSUMER'S BEHAVIOUR 9. Marshall's Cardinal Utility Analysis 167-182 10. Consumer Surplus 183-194 11. Indifference Curve Analysis of Demand 195-239 12. Marshall's Cardinal Utility Analysis vs. Indifference Curve Analysis 246-253 13. Applications of Indifference Curves254-265 14. Labour Supply and Saving Decisions 266-282 14A. Investment Decisions by Households 283-296 PART 4 THE THEORY OF PRODUCTION AND COST 15. Factors of Production 299-311 16. The Theory of Production : Returns to a Factor 312-324 17. Production Function with Two Variable Factors 325-350 18. Optimum Factor Combination 351-366 19. Cost of Production and Cost Curves 367-403 20. The Firm : Financing, Controlling and Managing 404-425 PART 5 THEORY OF FIRM AND PRICING IN FFERENT MARKET STRUCTURES 21. Main Market Forms and Concepts of Revenue 429-445 22. Equilibrium of the Firm : A General Analysis 446-457 23. Equilibrium of the Firm and Industry Under Perfect Competition 458-488 24. Price Determination Under Perfect Competition 494-508 25. Producer and Consumer Theory in Action 512-520 26.Price and Output under Monopoly 521-547 27. Price Discrimination 548-563 28. Price and Output Determination under Monopolistic Competition 564-589 29. Price and Output Under Oligopoly 590-610 30. Cournot, Bertrand and Chamberlin's Models of Oligopoly 615-628 31. Theory of Games and Strategic Behaviour629-641 32. Non Profit-Maximising Theories : Full-Cost (Mark-up) Pricing, Satisficing and Sales Maximisation Models 642-655 33. Government Policies Towards Monopoly and Competition 656-667 34. Information Problems and Market for Lemons 668-680 PART 6 FACTOR PRICING AND INCOME DISTRIBUTION 35. Factor Pricing and Income Distribution : A General View 683-722 36. Labour Market and Wage Determination 723-747 37. The Theory of Land Rent 748-762 38. Alternative Theories of Interest763-780 39. Theory of Profits 781-787 PART 7 WELFARE ECONOMICS AND ECONOMIC EFFICIENCY 40. Welfare Economics and Economic Efficiency 791-802 41. Pareto Criterion and Economic Efficiency : General Equilibrium Analysis803-820 42. Market Failures 821-831 43. Kaldor-Hicks' Welfare Criteria832-838 44. Social Welfare Function 839-844 PART 8 INTERNATIONAL TRADE 45. International Trade : Comparative Cost Theory and Gain from Trade 847-859 46. Heckscher - Ohlin's International Trade Theory Terms of Trade and Gain from Trade 860-872 47. Free Trade Versus Protection873-891