Business Economics : Microeconomic Analysis

Part I – Nature and Scope of Business Economics1. Business Economics: Introduction2. Basic Problems of An Economy and Role of Price MechanismPart II – Demand Analysis and Consumer Behaviour3. Demand and Law of Demand4. Consumer’S Behaviour: Cardinal Utility Theory 5. Indifference Curve Analysis of Demand6. Revealed Preference Theory of Demand7. Consumer Surplus8. Elasticity of Demand9. Demand ForecastingPart III – Analysis of Production and Cost10. Production Analysis: Factors of Production11. Theory of Production: Returns To A Variable Factor12. Production Function with Two Variable Inputs13. Optimum Factor Combination14. Cost Analysis15. Break-Even Analysis16. Supply and Its ElasticityPart IV – Market Structures and Pricing of Products17. Market Structures and Concepts of Revenue18. Objectives of Business Firms and Their Equilibrium: A General Analysis19. Equilibrium of The Firm and Industry Under Perfect Competition20. Pricing In A Perfectly Competitive Market21. Consumer Surplus, Producer Surplus and Economic Efficiency of Perfect Competition22. Price and Output Under Monopoly23. Price Discrimination24. Monopolistic Competition25. Price and Output Under Duopoly and Oligopoly26. Pricing Practices: Full-Cost (Mark-Up) Pricing, Multi-Product Pricing and Marginal Cost PricingPart V – Market Failures and Government Intervention 27. Market Failures and Its Causes28. Externalities, Public Goods and Market Failure29. Asymmetric Information and Market Failure30. Government Intervention and Economic EfficiencyPart VI – Capital Budgeting: Long-Term Investment Analysis31. Capital Budgeting: Analysis of Investment Projects32. Cost of Capital of Business Firms33. Cost-Benefit AnalysisPart VII – Factor Pricing and Income Distribution34. Factor Pricing and Theory of Income Distribution35. Determination of Wages36. Theory of Rent37. Theories of Interest38. Theories of Profits

The book provides conceptual understanding of essential concepts in business life. it details the foundations of business economics with special emphasis on demand analysis and consumer behaviour. it also discusses analysis of production and cost of the firm, market structures and pricing of products, factor pricing and income distribution and concludes with the discussion of capital budgeting. Based on the author’s extensive teaching experience, the book champions a collaborative approach to delivering an appropriate textbook that is curriculum relevant. • Syllabi Relevant: Caters to UGC’s new CBCS syllabus and also to its earlier Model Curriculum• New Topics: Study of destination between private and social costs, rule of thumb, for pricing followed under monopoly and imperfect competition, mark up pricing, marginal cost pricing, Ramsey’s multi- product pricing, causes of market failure and role of Government intervention to correct market failure. The book also includes a critical analysis of Economic Efficiency under perfect competition. • Diagrams and Graphs: They clearly illustrate theoretical concepts and enhance understanding of their practical application.