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 Behavior 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 Maximisation 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 44. International Trade: Absolute Advantage Theory and Comparative Cost Theory 45. lleckscher-Ohlin Theory of International Trade and Terms of Trade 46. Trade Barriers and Free Trade versus Protection Part IX. WELFARE ECONOMICS AND ECONOMIC EFFICIENCY 47. Welfare Economics and Role of Value Judgements 48. Pareto Criterion and Economic Efficiency: General Equilibrium Approach 49. Kaldors Hicks’ Welfare Criterion: Compensation Principle 50. Social Welfare Function
