Introductory Microeconomics – Textbook in Economics for Class – 12

Product Description

A great handbook to learn the different phenomenon of Economics, this Introductory Microeconomics – Textbook remains an all-time favorite amongst students who are preparing for their Class 12 examinations. Published by NCERT, it closely maintains strict parity with the syllabus that has been laid out by CBSE. The 2013 edition has been published in 2014 and comes in a paperback form.

Following chapters Included in the Textbook

1. Introduction

• A Simple Economy

• Central Problems Of An Economy

• Organisation Of Economic Activities

– The Centrally Planned Economy

– The Market Economy

• Positive And Normative Economics

• Microeconomics And Macroeconomics

• Plan Of The Book

2. Theory Of Consumer Behaviour

• The Consumers Budget

– Budget Set

– Budget Line

– Changes In The Budget Set

• Preferences Of The Consumer

– Monotonic Preferences

– Substitution Between Goods

– Diminishing Rate Of Substitution

– Indifference Curve

– Shape Of The Indifference Curve

– Indifference Map

– Utility

• Optimal Choice Of The Consumer

• Demand

– Demand Curve And The Law Of Demand

– Normal And Inferior Goods

– Substitutes And Complements

– Shifts In The Demand Curve

– Movements Along The Demand Curve And Shifts In The Demand Curve

• Market Demand

• Elasticity Of Demand

– Elasticity Along A Linear Demand Curve

– Factors Determining Price Elasticity Of Demand For A Good

– Elasticity And Expenditure

3. Production And Costs

• Production Function

• The Short Run And The Long Run

• Total Product. Average Product And Marginal Product

– Total Product

– Average Product

– Marginal Product

• The Law Of Diminishing Marginal Product And The Law Of Variable Proportions

• Shapes Of Total Product, Marginal Product, And Average Product Curves

• Returns To Scale

• Costs

– Short Run Costs

– Long-Run Costs

4. The Theory Of The Firm Under Perfect Competition

• Perfect Competition: Defining Features

• Revenue

• Profit Maximisation

– Condition 1

– Condition 2

– Condition 3

– The Profit Maximisation Problem: Graphical Representation

• Supply Curve Of A Firm

– Short Run Supply Curve Of A Firm

– Long-Run Supply Curve Of A Firm

– The Shut Down Point

– The Normal Profit And Break-Even Point

• Determinants Of A Firms Supply Curve

– Technological Progress

– Input Prices

– Unit Tax

• Market Supply Curve

– Price Elasticity Of Supply

– The Geometric Method

5. Market Equilibrium

• Equilibrium, Excess Demand, Excess Supply

– Market Equilibrium: Fixed Number Of Firms

– Market Equilibrium: Free Entry And Exit

• Applications

– Price Ceiling

– Price Floor

6. Non-Competitive Markets

• Simple Monopoly In The Commodity Market

– Market Demand Curve Is The Average Revenue Curve

– Total, Average And Marginal Revenues

– Marginal Revenue And Price Elasticity Of Demand

– Short Run Equilibrium Of The Monopoly Firm

• Other Non-Perfectly Competitive Markets

-Monopolistic Competition

-How Do Firms Behave In Oligopoly?

Salient Features:

• It contains a knowledge base that has been divided into chapters and sub-sections that contain easy-to-understand definitions in English.

• The data that adorns the book has been curated by trusted government research works and sources to enrich content with trustworthy citations.

• Different schematic representations and graphs will help the students understand the concepts very easily.

• An additional foreword and glossary will help students dive deep into the concepts of Economics.