This edition explains theories of traditional and modern microeconomics. It provides the explanation of the different economic units such as consumer and producer. The main emphasis in this edition is given on the game theory where producer and consumer play different types of game to get high payoffs. It covers four distinct parts of microeconomics theory.
• This edition provides the explanation of modern theories with examples. The consumer equilibrium, production function, game theory, information economics, social welfare etc. are the important topics of this book.
• This edition examines the systematic analysis of the consumer utility and behaviour. It is most relevant to the decision-making of individual.
• This edition provides the modern theory of production function. There are different types of production functions which are explained in this edition. Input-output analysis and different types of technology is strength of this chapter.
• The general equilibrium and social welfare is comprehensive chapter of this edition which is basic strength of this edition.
• Students find easy explanation of modern theory of microeconomics which will help them to analyze complex phenomena of modern world.
This edition is redesigned as per the syllabus of master degree in economics. In addition to postgraduate course, it is also useful to the students pursuing their doctorate in economics. They could make use of this text to explain theoretical concepts to practical analysis of different microeconomic phenomena. The author has taken help of three methods such as explanation, diagrams and equations to illustrate microeconomics models. This edition is different because of number of points.