PART-I: SCOPE AND METHODOLOGY OF ECONOMICS • The Economic Problem: Scarcity and Choice • Production Possibility Curve, Choice and Opportunity Cost • The Scope of Economics • The Science of Economics and its Methodology • Basic Competitive Model and the Role of Price Mechanism • Alternative Economic Systems and Market-Friendly New Economic Reforms PART-II: THE THEORY OF DEMAND • Demand, Supply and Market Equilibrium • Applications of Demand and Supply Analysis • Consumer Surplus Producer Surplus and Competitive Market and Taxation • Consumer's Behaviour: Cardinal Utility Analysis • Indifference Curve Analysis of Consumer's Demand • Cardinal Utility Analysis vs. Indifference Curve Analysis • Some Important Applications of Indifference Curves • Labour Supply and Saving Decisions • Revealed Preference Theory of Demand • Elasticity of Demand • Consumer Surplus PART-III: THE THEORY OF PRODUCTION AND COST • Factors of Production • The Theory of Production: Returns to a Factor • Production Function with Two Variable Factors • Optimum Factor Combination • Cost of Production and Cost Curves • Elasticity of Supply PART-IV: THE THEORY OF FIRM AND PRICING IN VARIOUS MARKET STRUCTURES • Main Market Forms and Concepts of Revenue • Objectives of the Firm and its Equilibrium - A General Analysis • Equilibrium of the Firm and Industry under Perfect Competition • Price Determination under Perfect Competition • Stability of Equilibrium and Cobweb Model • Price and Output under Monopoly • Government Policies towards Monopoly and Competition • Price Discrimination • Price and Output under Monopolistic Competition • Price and Output under Oligopoly • Sales Maximisation Model of Oligopoly • Theory of Games and Competitive Strategy PART-V: THE THEORY OF DISTRIBUTION • The Theory of Distribution: A General View • Wage Determination in Competitive and Imperfectly Competitive Markets • The Theory of Rent • Alternative Theories of Interest • The Theory of Profits PART-VI: GENERAL EQUILIBRIUM ANALYSIS WELFARE ECONOMICS AND MARKETS WITH ASYMMETRIC INFORMATION • General Equilibrium Analysis • Welfare Economics: An Introduction • Economic Efficiency and Pareto Optimality • Market Failures, Externalities and Public Goods • New Welfare Economics: Compensation Principle • Social Welfare Function • Markets with Asymmetric Information