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Aimed at providing an understanding of the subject, this text presents a clear and rigorous exposition of key theoretical concepts using logic, mathematics, and illustrations. With examples and cases it demonstrates the applicability of microeconomic tools in the Indian context. A detailed coverage of topics in standard microeconomic texts is accompanied by a focus on recent developments including application of new tools: game theory concepts new theories: contractual theories of the firm, asymmetric information examples of topical interest: trading permits in pollution, industrial securities in India relevant real-life applications: saving and borrowing decisions, efficiency wages, insurance, exhaustible resources, trade union bargaining, etc