A Textbook of Microeconomic Theory

As all of us are aware, Economics is the study of those human activities that determine the production and distribution of goods and services in society and Microeconomics is that branch of Economics that attempts to understand economic activity by studying the behaviour of the individual decision - makers in the economy. Apart from the question of how prices are determined (questions of positive economics), Microeconomics is also concerned with questions of what prices should be (questions of normative economics). These kinds of questions make Microeconomics far more meaningful as we draw out the 'policy implications' of the theory.