Core concepts in business and management : microeconomics.

Includes bibliographical references and index.

Fundamentals of economics -- Consumer theory -- Market demand -- Producer behavior -- Market and price determination -- Game theory and information economics.

"Today microeconomics occupies a very important place in the study of economic theory and it has both theoretical and practical importance. It is highly helpful in the formulation of economic policies that will promote the welfare of the masses. Modern economy is so complex that a central planning authority will find it too difficult to get all the information required for the optimum allocation of resources and to give directions to thousands of production units with various peculiar problems of their own so as to ensure efficiency in the use of resources. Core Concepts in Microeconomics presents an introduction to micro-economics in general; the book focuses on the condition of efficiency in both production and consumption, which are vital to economics and highlights the factors which are responsible, the departure from efficiency. This book tells us how a free- market economy with its millions of consumers and producers work to decide about the allocation of productive resources among the thousands of goods and services. The greatest of these is depth in understanding of how a free private enterprise economy operates. Further, it tells us how the goods and services produced are distributed among the various people for consumption, through price or market mechanism. It shows how the relative prices of various products and factors are formed, that is, why the price of cloth is what it is and why the
wages of an engineer are what they are and so on. This book helps you build your knowledge, strengthen your skills, and build confidence. From monopolies to the income inequality, this book covers the key topics in microeconomics." -- Back cover