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IIF Publications:  Economics for Decision Making BY Manju Agarwal

CONTENTS

1 Introduction
Micro-Macro Economics
Factors of Production
Vital Activities of an Economy
Distinction Between Positive, Normative and Welfare Economics
Central Problems of an Economy
Solution of Central Problem:
  What to produce (Allocation of Resources)
How to produce (Choice of techniques)
For whom to produce (Distribution of goods and services)
Growth and Technological Change
Production Possibility Frontier (PPC)
Decision Making Via the Market Mechanism
Criticism of Government Intervention
Summary
Self Review Questions
2 Demand Analysis
Introduction
Market Demand
Law of Demand
Movements Along and Shifts of Demand Curve
Summary
Self Review Question
3 Utility and Demand
Introduction
Total Utility & Marginal Utility
Law of Diminishing Marginal Utility
Exceptions to the Law
Decision Rule of Consumer's Equilibrium
Derivation of Demand Curve
Criticism
Summary
Self Review Questions
Indifference Curves and Consumer Demand
Introduction
Assumptions
Characteristics of an Indifference Curve
Difference Between Diminishing Marginal Rate of Substitution & Diminishing Marginal Utility
Consumers' Equilibrium
Break up of Price effect
Normal, Inferior and Giffen goods
Derivation of Demand Curve
Likely Shape of Demand Curve
Hicksian Indifference Curve Analysis vs. Marshallian Utility Analysis
Weakness of Indifference Curve Approach
Recent Development in Demand Theory
Revised Demand Theory
The Characteristics of Goods' Approach: Lancaster's Approach 
Summary
Self Review Questions
 
 
 
 
 
 
 
 
 
 
 
 
 
4 Indifference Curves and Consumer Demand
Introduction
Assumptions
Characteristics of an Indifference Curve
Difference Between Diminishing Marginal Rate of Substitution & Diminishing Marginal Utility
Consumers' Equilibrium
Break up of Price effect
Normal, Inferior and Giffen goods
Derivation of Demand Curve
Likely Shape of Demand Curve
Hicksian Indifference Curve Analysis vs. Marshallian Utility Analysis
Weakness of Indifference Curve Approach
Recent Development in Demand Theory
Revised Demand Theory
The Characteristics of Goods' Approach: Lancaster's Approach 
Summary
Self Review Questions
5 Elasticity of Demand
Introduction
Measurement of Elasticity Methods
Total Outlay Method or Unity Method
Point Method
Arc Elasticity of Demand
Extremes of Elasticity
Income Elasticity of Demand
Cross Elasticity of Demand
Determinants of Elasticity of Demand
Application of Elasticity of Demand
Summary
Self Review Questions
6 Analysis of Supply
Introduction
Factors Influencing Supply 
Movements Along and Shift in Supply Curve Elasticity of Supply
Extremes
Determinants of Elasticity of Supply
Summary
Self Review Questions
7 Equilibrium and Disequilibrium
Introduction
Situations of Disequlibrium Market
Cobweb Model
Summary
Self Review Questions
8 The Firm and the Theory of Production
Introduction
The Firm
The Production Function
Production Process and Laws of Production
Total, Marginal and Average Production
Isoquants
Returns of Scale
Summary
Self Review Question
9 Theory of Cost
Introduction
Opportunity Cost
Cost of Production
Total Fixed Cost (TFC)
Total Variable Cost (TVC)
Total Cost (TC)
Average Fixed Cost (AFC)
Average Total Cost (ATC)
Marginal Cost (MC)
Long Run Cots
Factors Influencing the Shape of Firm's Long Run Average
Cost Curve
Diseconomies of Scale
External Economics
Summary
Self Review Scale
External Economics
Summary
Self Review Questions
10 Market Structure and Theory of Firm
Introduction
Revenue Curve (Firm's Demand Curve)
Average Revenue (AR) and Marginal Revenue (MR)
Relationship Between Average Revenue and Marginal Revenue
Elasticity Relationship Between Average Revenue & Marginal Revenue
Equilibrium of The Firm (Profit Maximization)
Summary
Self Review Questions
11 Theory of Perfect Competition
Introduction
Equilibrium of Firm and Industry in the Short Run
Loss Minimization
Profit Maximizing and Loss Minimizing at Various Prices
Market-wise Supply Curve (or Industry's Supply Curve)
Under Short Run
Long Run Equilibrium of Firm and Industry in Perfectly Competitive Market
Summary
Self Review Questions
12 Monopoly
Introduction
Price and Output Determination under Monopoly
Long Run Profit Maximization
Monopoly Versus Perfect Competition
Loss of Economic Welfare
Degree of Monopoly
Discriminating Monopoly
Conditions for Price Discrimination
When will Price Discrimination be profitable?
Price and Output Determination under
Discriminating Monopoly
When Monopolist is Monopolist in One Market and Faces Perfect
Competition in the other market
When Monopolist is Monopolist in Both the Markets
Uses of Price Discrimination
Summary
Self Review Questions
 
13 Monopolistic Competition
Introduction
Group Equilibrium 
Short Run Equilibrium
Long Run Equilibrium
Advertisement (selling cost)
Summary
Self Review Questions
14 Oligopoly
Introduction
The Cournot Model
Chamberlin's Model
Price Leadership by Dominant Firm
Cartels
Summary
Self Review Questions
15 Introduction
Theories of Distribution
Marginal Productivity Theory
Clar's Version
Marshall-Hicks' Marginal Productivity Theory
Empirical Testing of Marginal Productivity Theory
Technological Progress

Rent
Introduction
Ricardo's Theory of Rent
Modern Theory of Rent
Quasi Rent

Interest
Introduction
Theories of Interest
Neo-classical THEORY
Liquidity Preference
Theory-Keynes
Difference Between Keynsian and classical Theory
Hicks-Hansen Synthesis of Classical and Keynes
Theories of Interest
Is it possible to have Rate of Interest Zero?

Profit
Introduction
Theories on Profit
Profit as Dynamic Surplus - Clark
Innovation Theory of Profit - Schumpter's Theory 
Risk, Uncertainty and Profits - Knight Theory
Profit as a Result of Monopoly - Kalecki Theory
Summary
Self Review Questions
16 Wages
Introduction
Overview of Market Structure
Theories of Wage Determinations
Modern Theory
Supply of Labour
Wage Determination under Perfe3ct Competition
Imperfect Competition (Collective Bargaining or Trade Unions)
Limitations
Wage Determination under Monopoly
Summary
Self Review Questions
  Part II - Essays on Indian Economy
17 Introductions
18 Natural Resources 
19 Population
Introduction
Age Composition
Literacy Rate
Life Expectancy
Occumptional Structure
Population and Economic Development
20 Employment
Introduction
Special Employment Programmes
21 Poverty
22 Agriculture
Agriculture Scenario
Agriculture and other Sectors
Agricultural and Plans
Land Reforms
Agricultural Price Policy
23 Industry
Industrial Scenario
Small Scale and Village Industries
24 Public Enterprises
Introduction
Disinvestments of PSE Shares
National Renewal Fund
25 Economic Planning
Introduction
Annual Plans
Five Year Plans
Objectives
26 National Income
Introduction
Trends of National Income in India
27 Inflation
Current Scenario
28 Economic Reforms and Structural Adjustment
Introduction
Fiscal Policy
Monetary Policy
Trade and Exchange Rate Policy
Industrial Reforms
Agricultural Reforms
Public Sector Reforms
29 Balance of Payments
Trends in India's Balance of Payments
Current Scenario
Foreign Investment Policy
External Assistance 
Foreign Exchange Reserves
External Debt
  Self Review Questions
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