- DESCRIPTION
- INDEX
The book ‘Economics of Demand-Supply Functions’ The first module covers micro-economics, its importance and limitations, concepts related to production, productivity relationships and factors market mechanism/economy. The second module covers demand, theory of demand, individual and market demand curves, elasticity of demand, consumer satisfaction, forecasting of demand. The module third covers equilibrium curve analysis related to consumer behaviour. The module four, covers production function, total, average and marginal product, law of variable quantity and law of quantity product. The fifth module covers factors such as average and marginal costs of production and cost curves, U and L shaped cost curves, internal and external economies and diseconomies. The sixth module covers perfect competition, firms , industries and its short-run and long-run equilibrium. These issues are discussed in depth and comprehensively in this book. This book will definitely be useful for Students, Academicians, Professor, Researchers, Scholars.
1. An Overview of Micro Economics
Introduction to Micro Economics.
Micro and macroeconomics.
Meaning of microeconomics.
The subject matter.
Scope of microeconomics.
Importance of microeconomics.
Limitations of microeconomics.
Concept-Plant, firm, industry.
Concept of Working of Market Economy.
Some more basic concepts as tools of analysis.
Concept of Functional Relationship.
Liner and non-liner function.
Methods of functional relationship.
2. Demand Function
Demand analysis.
Meaning and nature of demand.
The demand function.
Derivation of Individual Demand Curves & Market Demand Curves.
Individual demand schedule.
Why demand curve slope downward.
Market demand.
Concept of Consumer Surplus.
Marshall’s notion of consumer surplus.
Demand Forecasting.
Needs and importance of demand forecasting.
Methods of demand forecasting.
Elasticity of Demand & Supply.
The Law of Demand.
3. Consumer Behavior
Theory of Indifference Curves.
Indifference curve analysis of demand.
Indifference curve approach.
What is indifference curve.
Properties of indifference curve.
Measurability of utility.
Concept of Utility of Ordinal.
Concept of Utility of Cardinal.
Basic Assumptions.
Budget Constraints.
Changes in Price Line.
Consumers Equilibrium.
Price Effect: Income & Substitution Effect.
4. Production Function
The Production Function.
Short run production function.
Long run production function.
Total, Average & Marginal Products.
The Law of Variable Proportion.
Return to Scale.
5. Production Cost
The Short Run Costs & Cost Curves.
The Long Run Costs & Cost Curves.
“U” Shaped & “L” Shaped Average Cost Curves.
Economies & Diseconomies of Scale.
6. Perfect Competition
Meaning, Definition & Features.
Short Run Equilibrium of a Firm & Industry.
Long Run Equilibrium of a Firm & Industry.
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