Microeconomics Essentials You Always Wanted To Know

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

Discussion Questions

Chapter Summary

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

Discussion Questions

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

Discussion Questions

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

Prof. Amlan Ray is currently Senior Director & Dean at SRISIIM, New Delhi, a management and research Institution recognized by the Ministry of Science & Technology and Ministry of Education, Government of India. He has 27 years of experience working in Corporates, Consulting, Training, and Academia.

Amlan is a B.Tech., MBA, M.A. (Economics) and has submitted his Ph.D. thesis at Amrita Viswa Vidyapeetham, India in the area of International Trade. His corporate experience and research area lie in Economic Analysis, Digital Transformation, and International Business.

Vibrant Publishers is focused on presenting the best texts for learning about technology and business as well as books for test preparation. Categories include programming, operating systems and other texts focused on IT. In addition, a series of books helps professionals in their own disciplines learn the business skills needed in their professional growth.

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The Self-Learning Management Series is designed to help students, new managers, career switchers, and entrepreneurs learn essential management lessons and covers every aspect of business, from HR to Finance to Marketing to Operations across any and every industry. Each book includes basic fundamentals, important concepts, and standard and well-known principles as well as practical ways of application of the subject matter.

Microeconomics Essentials is a must-read for anyone looking for a solid foundation in microeconomics as it is presented in an easy-to-understand fashion. Student learning is enhanced with a variety of real-world applications of the material. The book can be used as a primary text in undergraduate microeconomics classes or as a useful supplement to more advanced courses. 
-- Richard Roberts, Professor of Economics and Finance, Monmouth University

This book explains in a brief and concise way, by avoiding too many technicalities and focusing mostly on concepts that could be applied in real life. This book could be used as an introductory book for undergraduate students or even MBA students who do not have any background in business and/ economics. The end-of-chapter summaries and questions are easy and straightforward and are good reviews of the basics of the chapter.
-- Indrit Hoxha, Associate Professor of Economics, Penn State Harrisburg School of Business Administration

This book can be hailed as a textbook since the entire subject matter has clarity of exposition and its simple, empirical, and graphical presentation of topics will be easy to understand. A summary at the end of the chapters is a good way to recapitulate information. Undergraduate students or anyone who is interested to understand the behaviour of an individual, firm, etc. will find this book useful. This book can be used in courses like BA Economics, BBA, and Bcom. Starting with basic concepts, this book is written concisely yet comprehensively. This is an ideal book to help you to grasp the essentials of economics quickly and easily even if you're a novice.
-- Dr.S.Padma Annakamu, Assistant Professor, Department of Economics, PSGRKCW

The layout and font of the book are perfect and standardised. For a beginner, this book gives a comprehensive coverage of all topics that they need to learn. The present NEP curriculum on economics will find this book a great facilitator.
-- Prof Clement D Souza, Dean , school of Humanities and Associate professor of economics, St Joseph's University , Bangalore

This book has easy-to-understand content that will be beneficial for people from a non-economics background too. It provides basic understanding and knowledge of the fundamentals of economics and international trade.
-- Dr. Raj Kumar Pammi, Assistant Professor, Centre for Wage Employment & Livelihoods (CWEL), National Institute of Rural Development & Panchayati Raj (NIRDPR)

Microeconomics Essentials is an approachable book with clear description and analysis. It is a clear, readable text and is supported by data-responsive material, and numerical and multiple-choice questions to check the learner's understanding. Attention is paid to both traditional and modern ways of looking at microeconomics and both have been carefully discussed to show how they can be used to discuss economic problems. It is ideal for economics beginners at college or university.
-- Prof. S.S.Somra
Department of Economics
University of Rajasthan

The book ‘Microeconomics Essentials You Always Wanted to Know’ written by Amlan Ray is a nice mixture of theory and applications. Its chapters are well researched and cover almost all the ‘essentials’ that an undergraduate Economics student or an Executive MBA program student should know. MCQs in the form of quizzes given at the end of every chapter will be extremely helpful to students. In my opinion, this book will serve its target audience in the most efficient way.
-- Dr. Debasis Chakraborty
Assistant Professor

Conceptually simple and pedagogically sound, this introductory text book is meant for beginners and under-graduate students from Management, Commerce and other disciplines. It provides detailed insights into the basics of Microeconomics, thereby equipping students with a working knowledge of the subject.
-- Dr Partha Pratim Sahu Centre for Good Governance and Policy Analysis (CGGPA), NIRDPR

There are lots of books on economics by various authors but what makes this book remarkable is the simplified language, the examples and the way these examples are connected with the concepts. The quizzes and questions at the end of each chapter will definitely make the student think and search for the answers.
-- YAWALKAR PRAJAKTA SHYAM
School of Business and Management(Lavasa)

Microeconomics Essentials is written in an easy-to-understand language and point of view.
-- Dr. Rajeev Johari
Associate Professor- Management

The book is simple and clear; it provides a good description of basic concepts. It could be useful for introductory undergraduate courses. However, sometimes a book like this could be used in graduate courses. For example, in MBA courses, there are students without economic backgrounds that need concise explanations to catch up. Chapter summaries and quizzes at the end of each chapter are useful tools to test student learning.
-- Rodolfo Biasca
Professor, Economics
Purdue University Global

This book is meant for people who are uninitiated in Economics. The concepts are explained clearly without going into details of the theories. The MCQ test at the end of each chapter will help the student.
The target readers will benefit from the book. Thanks for the e copy of the book. I am constantly on the lookout for good books to recommend to my students. This is good for beginners.
-- Bishakha Ghosh
Associate Professor
University of Kalyani

The book Microeconomics Essentials really focuses on the essential topics of microeconomics and is a good base book for the understanding of basic microeconomic concepts. The concepts are explained with mathematical relations wherever required. Quiz given at the end of each topic is an added feature. My best wishes to the writer.
-- Dr Kamal Kishore
PG Department of Economics
DAV College

Microeconomics Essentials You Always Wanted to Know by Amlan Ray provides a concise summary of microeconomic topics, providing a thorough overview for many different users.
-- Deborah Pendleton, Net galley Reviewer

Great information for beginners on the principles of economics! This was definitely helpful and reassuring to read as an economics major.
-- Angie C
Alvin Sherman Library
Librarian
Net galley

Finally, a book that I wish I had when I was in college trying to sort through Samuelson's classic text., This one makes everything so clear.
-- Mike Michelsen
Freelance Writer
Net galley Reviewer

A concise review of microeconomics. This book is a great for students new to the principles of economics.
-- Debra Nussman
Net galley Reviewer

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