Enriching contents of the book in the Second Edition, the author proffers a thoroughly revised and updated text with main focus on Game Theory, Linear Programming and Output–Input Analysis. Besides he gives due weightage to the topics on International Trade, Decision Theory, Pricing Policies in Practice and Basics of Econometrics for Estimation of Economic Functions—by introducing them as independent chapters in the present edition. The concepts have been introduced keeping decision-makers in mind, who may be associated with the corporate world or pursuing management courses offered by various institutes in India and abroad. The mathematical treatment of the topics, which is one of the distinguishing features of the book, is facilitated in a student-friendly approach.

Primarily intended for the undergraduate and postgraduate students of commerce, economics and management, the book is a comprehensive text in accordance with the syllabi of B.Com, B.Sc (Economic Hons.), M.Com, M.A. (Economics) and Master of Business Economics (MBE) courses. Besides academic pursuits, the book will also be useful for the aspirants of competitive examinations such as Indian Administrative Services (IAS), Provincial Civil Services (PCS), and Indian Economic Services (IES).

PEDAGOGICAL FEATURES
• Scientific and logical organisation to provide a link between the topics.
• Caselets to correlate the concepts to the real-world economic scenario.
• Illustrative examples to reinforce understanding of the concepts.
• Key terms and concepts to provide a bird’s eye-view of each chapter for quick revision.
• Short and long answer questions to test the reader’s grasp of the subject-matter.
• Answers, solutions and hints, wherever necessary are appended to check correct application of the concepts for building confidence among the readers.

Prelude by Dr. Manab Adhikary, Ex Dean, FMS, Founder Director and Director Emeritus NDIM " ... I found concepts, percepts, contents and context in a highly logical manner. The book is a comprehensive text for all—from beginners to potential researchers. The work is so unique that I cannot restrain myself from calling it a pioneering work ... author has raised the subject from ground level and lifted it to the heights of its orbit."

About the Author

S.P.S. CHAUHAN is a visiting professor of Economics in the Lal Bahadur Shastri Institute of Management (LBSIM), New Delhi and IBS, Gurgaon, Haryana.

He has worked as an Associate Professor of Economics, Department of Commerce, Delhi College of Arts and Commerce, University of Delhi and has taught Microeconomics and Macroeconomics to the undergraduate (Hons.) students for three decades in the college. Apart from college teaching, he has also taught Business Statistics and Operational Research to postgraduate classes (M.Com/MIB) for two decades in the Department of Commerce, Delhi School of Economics, University of Delhi. He has also delivered honorary lectures on ‘Economic Aspects of Taxation’ in the prestigious Indian Law Institute for three consecutive sessions. Prof. Chauhan has authored two books—Microeconomics: Theory and Applications (Part 1 and Part 2) published by PHI Learning.