M.A. PREVIOUS 
                       ECONOMICS 
                                    
                           PAPER I 
                                    
                 MICRO ECONOMIC 
                         ANALYSIS 
                                    
                                             WRITTEN BY 
                                         SEHBA HUSSAIN 
                                                            
                                                            
                                               EDITED BY 
                                   PROF.SHAKOOR KHAN 
                                                            
            
            
            
            
            
            
            
                      
                      
                      
                      
         M.A. PREVIOUS ECONOMICS 
                      
                 PAPER I 
                      
         MICRO ECONOMIC ANALYSIS 
                      
                      
                  BLOCK 1 
       
        PARTIAL AND GENERAL EQUILIBRIUM, 
       LAW OF DEMAND AND DEMAND ANALYSIS 
                      
                      
                      
                      
                      
                      
                      
                      
                      
                      
                                                               
                                                               
                                                       PAPER I 
                                                               
                                      MICRO ECONOMIC ANALYSIS 
                                                               
                                                               
                                                       BLOCK 1 
                                                               
                   
                        PARTIAL AND GENERAL EQULIBRIUM, LAW OF 
                                  DEMAND AND DEMAND ANALYSIS 
                                                               
                                                               
                                                       CONTENTS 
                                                               
                                                                                                        Page number 
                                                                                                               
                                                               
                                                                                                          
                  Unit 1  Introduction to Demand Theory                            4 
                   
                  Unit 2  Concepts of Demand and Supply                            22             
                                                
                  Unit 3  Theories of Demand                                       42 
                   
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
                                                               
         BLOCK 1 PARTIAL AND GENERAL EQULIBRIUM, 
         LAW OF DEMAND AND DEMAND ANALYSIS 
          
         The block opens with introduction to demand theory. Basic concepts of Demand are 
         explained with Concept of Elasticity of Demand, Price Elasticity of Demand, Income 
         Elasticity of Demand and Cross Price Elasticity. The unit also gives you the insight of 
         various market forms. 
          
         The second unit covers different concepts of demand and supply. Models of Demand and 
         Supply are discussed along with Demand and Supply Curves. The general and partial 
         equilibrium approaches are also discussed in depth. The figurative representation of the 
         approaches is taken to give readers an easy way to understand the concepts. 
          
         The third unit takes us into the domain of theories of demand. The Utility theory; Income 
         and substitution effect; Indifference Curve; Revealed Preference; The Slutsky theorem 
         and the Hicks Theory are discussed with price formation and discovery.