The branch of economics which studies the behaviour of firms as well as individuals in making decisions regarding the allocation of scarce resources is known as microeconomics. It also studies the interactions among these individuals and firms. One of the primary goals of microeconomics is to examine the market mechanisms that establish relative prices among goods and services along with the allocation of limited resources among alternative uses. The failure of markets to produce effective results is also analyzed under microeconomics. There are several key areas which are studied under microeconomics such as demand, supply and equilibrium, measurement of elasticities, consumer demand theory, theory of production, and cost of production. The extensive content of this book provides the readers with a thorough understanding of microeconomics and its fundamental elements. It is an essential guide for both academicians and those who wish to pursue this discipline further. It will also help new researchers by foregrounding their knowledge in this branch.