Dr D N Dwivedi retired as Reader (Economics) from Ramjas College, Delhi University. After his retirement, he worked as Professor (Economics) for Maharaja Agrasen Institute of Management Studies, New Delhi for 12 years. Earlier, he also worked as Economic Consultant for seven years in the Consulting Centre for Finance and Investment (CCFI), Riyadh, Saudi Arabia.
Dr Dwivedi has got published over fifty academic papers on various economic issues in the national and international journals. He has also authored several famous textbooks, such as Principles of Economics, Microeconomics: Theory and Applications, International Economics: Theory and Policy, and Essentials of Business ® Economics, all published by Vikas . He has also written a research book Problems and Prospects of Agricultural Taxation in India and ?ve research papers on India's scal policy and taxation issues published in his own edited book Readings in Public Finance.
Preface vii
Syllabus ix
FAMOUS ECONOMISTS OF INDIA
1. Kautilya: An Ancient Economist
2. Gopal Krishna Gokhale
3. D. R. Gadgil
4. Dr. Ram Manohar Lohia
5. Jawaharlal Nehru
6. Dr. B. R. Ambedkar
Part - I: INTRODUCTION
1 ECONOMICS AND BUSINESS ECONOMICS
1.1 Introduction
1.2 What is Economics?
1.3 Definition, Nature and Scope of Business Economics
1.4 Some Economic Concepts Applied in Business Analysis
2 LAWS OF DEMAND AND SUPPLY AND MARKET EQUILIBRIUM
2.1 Introduction
2.2 The Concept of Market
2.3 Demand Side of the Market
2.4 Supply Side of the Market
2.5 Market Equilibrium
Part - II: THEORY OF CONSUMER DEMAND
3 ANALYSIS OF INDIVIDUAL DEMAND
3.1 Introduction
3.2 Meaning of Individual Demand
3.3 Utility: The Basis of Consumer Demand Meaning of Utilit; Measurability of Utility; Two Approaches to Consumer Demand Analysis
3.4 Cardinal Utility Approach to Consumer Demand
3.5 Ordinal Utility Approach to Consumer Demand: The Indifference Curve Approach 3.6 Comparison of Cardinal and Ordinal Utility Approaches
3.7 Revealed Preference Theory
4 ELASTICITY OF DEMAND
4.1 Introduction
4.2 Meaning of Demand Elasticity
4.3 Price Elasticity of Demand
4.4 Cross-Elasticity of Demand
4.5 Income-Elasticity of Demand
4.6 Advertisement Elasticity of Sales
4.7 Price Expectation-Elasticity of Demand
Part - III: PRODUCTION AND COST ANALYSIS
5 THEORY OF PRODUCTION
5.1 Introduction
5.2 Some Basic Concepts
5.3 Production Function
5.4 Laws of Production: Meaning and Kinds
5.5 Short-run Laws of Production
5.6 Long-term Laws of Production-I: Tools of Analysis
5.7 Long-term Laws of Production-II: Laws of Returns to Scale
5.8 Laws of Returns to Scale Through Production Function
6 THEORY OF COST
6.1 Introduction
6.2 Cost Concepts
6.3 Cost Function
6.4 Short-run Cost-Output Relations
6.5 Long-run Cost-Output Relations
6.6 Economies and Diseconomies of Scale
6.7 Modern Theory of Cost
Part - IV: PRICING THEORY AND PRACTICES
7 PRICE AND OUTPUT DETERMINATION UNDER PERFECT COMPETITION
7.1 Introduction
7.2 What is Perfect Competition?
7.3 Features of Perfect Competition
7.4 Price Determination Under Perfect Competition
7.5 Derivation of Supply Curve
8 PRICING DECISIONS UNDER MONOPOLY
8.1 Introduction
8.2 Definition and Features of Monopoly
8.3 Sources and Kinds of Monopolies
8.4 Revenue Curves under Monopoly
8.5 Price and Output Determination in Short-run
8.6 Two Common Misconceptions about Monopoly
8.7 There is no Monopoly Supply Curve in Short-run
8.8 Monopoly Equilibrium in the Long-run
8.9 Capacity Utilisation under Monopoly
8.10 Price Discrimination under Monopoly
9 PRICING DECISION UNDER MONOPOLISTIC COMPETITION
9.1 Introduction
9.2 Monopolistic Competition: Definition and Characteristics
9.3 Basic Elements of Monopolistic Competition
9.4 Firm's Equilibrium under Monopolistic Competition
9.5 Excess Capacity under Monopolistic Competition
9.6 Selling Cost and the Firm's Equilibrium: Non-price Competition
9.7 Monopolistic Competition vs. Perfect Competition: A Comparison
9.8 Drawbacks of Chamberlin's Theory of Monopolistic Competition
10 PRICING DECISIONS UNDER OLIGOPOLY
10.1 Introduction
10.2 Oligopoly: A Market of Few Sellers
10.3 The Oligopoly Models: An Overview
10.4 A Classical Model of Duopoly: Cournet's Model
10.5 Chamberlin's Model of Oligopoly: The Small Group Model
10.6 Sweezy's Kinked-demand Curve Model
10.7 Price and Output Determination in Collusive Oligopoly
10.8 Baumol's Theory of Sales Maximization
10.9 Oligopoly and the Game Theory
Part - V: GROWTH AND BUSINESS CYCLE
11 THEORIES OF ECONOMIC GROWTH
11.1 Introduction
11.2 Meaning of Economic Growth
11.3 Determinants of Economic Growth
11.3.1 Human Resource and its Quality
11.3.2 Natural Resources
11.3.3 Capital Formation
11.3.4 Technological Development
11.3.5 Social and Political Factors: The Fifth Factor
11.4 Theories of Economic Growth
11.4.1 Harrod-Domar Theory of Growth
11.4.2 Assumptions of the Harrod-Domar Growth Model
11.4.3 Harrod-Domar Growth Model
11.4.4 Shortcomings of the Model
11.4.5 The Neo-Classical Theory of Growth
Review Questions
12 BUSINESS CYCLES: CAUSES AND CONTROL
12.1 Introduction
12.2 Phases of Business Cycles
12.3 Theories of Business Cycle
12.3.1 Pure Monetary Theory
12.3.2 Monetary Over-investment Theory
12.3.3 Schumpeter's Theory of Innovation
12.3.4 Multiplier-Accelerator Interaction Theory
12.3.5 Hicksian Theory of Trade Cycle
12.4 Measures to Control Trade Cycle
12.4.1 Need for Controlling Trade Cycles
12.4.2 Concept and Objectives of Stabilization
12.4.3 Fiscal Policy: Meaning and Measures
12.4.4 Monetary Policy
Conclusion
Review Questions
Part - VI: FACTOR MARKET AND FACTOR PRICING
13 FACTOR MARKET: FACTOR DEMAND AND SUPPLY
13.1 Introduction
13.2 Marginal Productivity of Factor and Factor Demand
13.3 The Factor Supply: An Overview
13.4 Derivation of Individual Labour Supply Curve
13.5 Derivation of Market Labour Supply Curve
14 THEORY OF WAGE DETERMINATION
14.1 Introduction
14.2 Wage Determination under Perfect Competition
14.3 Wage Determination under Product Monopoly and Competitive Labour Market
15 THEORY OF RENT, QUASI-RENT AND ECONOMIC RENT
15.1 Introduction
15.2 Ricardian Theory of Rent
15.3 Quasi-Rent: The Short-Term Rent on Fixed Factors
15.4 Factor Price, Transfer Earning and Economic Rent
16 THEORIES OF INTEREST
16.1 Introduction
16.2 Meaning of Interest and Interest Rate
16.3 The Classical Theory of Interest
16.4 The Loanable Fund Theory of Interest
16.5 Keynesian Theory of Interest
17 THEORIES OF PROFIT
17.1 Introduction
17.2 The Meaning of Profit and Pure Profit
17.3 Accounting Profit vs. Economic Profit
17.4 Theories of Profit
17.5 Does Profit Enter the Cost of Production?
- Learning Objectives at the beginning of every chapter
- Information about Famous Economists of India
- Economic theories have been illustrated graphically and presented in functional form
- Complex economic theories have been explained with the help of appropriate examples
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