Author is pleased to present the book on “Micro Economics – II” (This Course is also Applicable to the Students of Institute of Distance and Open Learning (IDOL) of University of Mumbai) for the learners of F.Y.B.A. Semester-II, University of Mumbai as per revised syllabus of NEP-2020 with effect from the Academic Year 2024–25. (Ref. AC – 20.04.24 Item No. 5.7(N).
This book is designed to enable the students to understand the subject with its deepness. The book will also cater to the needs of all those desiring to make a mark in the field of Economics and Business Economics.
The work in the present book is a very simple presentation of the facts and figures based on knowledge and learning. In writing the book special care has been take to avoid gaps in the sequential arrangement of topics in the syllabus. It has various logically developed economic facts with an integrated approach by keeping in mind interest of the students and readers.
This book is also useful for students appearing for professional and competitive examinations. The authors would like to give advice to the students that this subject should be studied carefully with deep understanding of each and every sub-chapter of the book.
The present book has strong capacity to explain the terminologies and concepts given in the syllabus with the case studies and examples. The book is written in a very simple and lucid manner to understand matter with simplicity.
Contents –
1. Production Analysis
1. Production Function: Concept and types: Law of Variable Proportion and Returns to Scale
2. Concepts of Total, Average and Marginal Product
3. Isoquant and Producer’s Equilibrium
2. Cost and Revenue Analysis
1. Concepts of Costs: Money and Real Cost, Social Cost, Private Cost, Explicit and Implicit Cost.
2. Opportunity Cost; Relationship between Average, Marginal and Total Cost.
3. Derivation of Short Run and Long Run Cost Curves.
4. Concepts of Revenue: Types and Interrelationship.
3. Factor Pricing
1. Marginal Productivity Theory of Distribution; Rent: Ricardian Theory of Rent, Modern Theory of Rent.
2. Wages: Modern Theory of Wages; Collective Bargaining; Supply Curve of Labour.
3. Interest: Classical Theory of Interest, Loanable Funds Theory of Interest.
4. Profit: Risk and Uncertainty Theory.
4. Equilibrium in Different Market Structures
1. Concept of Equilibrium: TR—TC and MR—MC Approach.
2. Markets structures: Perfect and Imperfect competition (Monopoly, Monopolistic Competition and Oligopoly): Features
3. Equilibrium under various market structures