This edition is a thoroughly updated version, and feedback from readers and academicians have been incorporated. The revised content with new sections and appendix captures the recent happenings in micro and Macroeconomics in India as well as globally. salient features: . comprehensive title that focuses on theory followed by applications, strong in Quantitative aspects . new chapter-end appendix on global warming and the repeated prisoners dilemma game . new exhibits on topics such as cobb-douglas production function, lab or share of National Income and market-based instruments in India . updated coverage on topics such as Substitution effect and income effect, innovation and information, occupational wage differences in India, wage inequalities in India, and gross capital formation in India . thoroughly updated Indian Economic data across the chapters .