1. 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 14
2. 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
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Quiz
3. 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
Discussion Questions
Chapter Summary
Quiz
4. 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
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Chapter Summary
Quiz
5. 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
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Chapter Summary
Quiz
6. 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
Discussion Questions
Chapter Summary
Quiz
7. Market
7.1 What is a Market?
7.2 Various Forms of Market
7.3 Monopolistic Competition
7.4 Price Discrimination
Discussion Questions
Chapter Summary
Quiz
8. 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
Discussion Questions
Chapter Summary
Quiz
9. 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
Discussion Questions
Chapter Summary
Quiz
10. 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
Discussion Questions
Chapter Summary
Quiz