Microeconomics essentials you always wanted to know / Amlan Ray.

Format:

Book

Author/Creator:

Ray, Amlan, author.

Language:

English

Subjects (All):

Microeconomics.

Physical Description:

1 online resource (179 pages)

Edition:

1st ed.

Place of Publication:

Broomfield, Colorado : Vibrant Publishers, [2022]

Summary:

"Economics has influenced policymaking across the globe and world of finance and trade are completely depended on this subject. Despite tremendous practical application of the subject, it is often perceived as obscure and theoretical. This book attempts to make the readers understand the practicalities of the subject. Examples taken from various industries in this book demonstrate the application part. The book tries to acquaint the readers with the practical applications of microeconomics, unravelling the economics jargons. At the end of each chapter, the reader should be able to appreciate the practical application of microeconomics in business and policymaking. The purpose of the book is to make people without economics background comfortable about the subject. As a learning outcome, the readers should be able to appreciate business articles comfortably or get engaged in discussions on economic issues after reading the book. Microeconomics Essentials will help students of Economics in undergraduate level and executive MBA programmes in following their academic curriculum"-- Provided by publisher.

Contents:

Intro

Fundamentals of Economics

1.1 Why Study Economics?

1.2 Defining Economics

1.3 Concept of Scarcity

1.4 The Concept of Choice

1.5 Microeconomics and Macroeconomics

Discussion Questions

Chapter Summary

Quiz

Demand and Supply

2.1 Demand and Supply

2.2 Supply Schedule

2.3 Equilibrium and Pricing

2.4 Types of Goods

2.5 Shifts in the Demand Curve

2.6 Shifts in the Supply Curve

Elasticities of Demand and Supply

3.1 Price Elasticity of Demand

3.2 Arc and Point Elasticity

3.3 Measuring Price Elasticity Using a Demand Function

3.4 Determinants of Price Elasticity of Demand

3.5 Price Elasticity of Supply

3.6 Determinants of Price Elasticity of Supply

3.7 Cross Elasticity of Demand

3.8 Income Elasticity of Demand

Consumer Behavior - Cardinal Utility Approach

4.1 Concept of Cardinal Utility

4.2 Total and Marginal Utility

4.3 Law of Diminishing Marginal Utility

4.4 Consumers' Equilibrium

4.5 Drawbacks of the Cardinal Utility Approach

Consumer Behavior - Ordinal Utility Approach

5.1 Concept of Ordinal Utility

5.2 Indifference Curve

5.3 Properties of Indifference Curves

5.4 Budgetary Constraints and Budget Lines

5.5 Advantages and Criticisms of the Indifference Curve Approach

Theory of Cost and Production

6.1 Meaning of Production

6.2 Input and Output

6.3 Total, Marginal and Average Product

6.4 Returns to Scale

6.5 Economies of Scale

6.6 Cost of Production

6.7 Total Cost, Fixed Cost, and Variable Cost

Market

7.1 What is a Market?

7.2 Various Forms of Market.

7.3 Monopolistic Competition

7.4 Price Discrimination

Theory of a Firm

8.1 Concept of Firm

8.2 Concept of Revenue, Cost, and Profit

8.3 Profit Maximization

8.4 Supply Curve of a Firm

Theory of Factor Pricing

9.1 The Theory of Factor Pricing: An Overview

9.2 The Nature of Factor Demands

9.3 Marginal Revenue Product

9.4 The Demand for Factors of Production

9.5 Supply of Factors of Production

9.6 Determination of Factor Prices through Demand and Supply

International Trade

10.1 Basics of Foreign Trade

10.2 Reasons for International Trade

10.3 Absolute Advantage

10.4 Comparative Advantage

10.5 Gains from Trade

10.6 Free Trade and Trade Barriers

Quiz.

Notes:

Description based on print version record.

ISBN:

9781636511160

1636511163

OCLC:

1328137082