Annexure CD 01

Course Title: ECONOMICS I

Course Level: UG

P/S

SW/F
W

Course Code:

TOTAL
CREDIT
UNITS
4

Credit Units: 4

Course Objectives:

The purpose of Microeconomics is to give students a thorough understanding of the principles of economics that
apply to the decisions of individuals--both consumers and producers. It places primary emphasis on the nature
and functions of product markets, and includes the study of factor markets.
Pre-requisites: NIL
Course Contents/Syllabus:
Weightage (%)
Module I
Descriptors/Topics

25

Definition, Nature of economics, Micro and Macro economics ; Economic problems , Economic laws and Government
laws, Dynamic v. Static ; Methodology : Inductive v. Deductive methods ; Economics and Law
Module II

25

Utility Analysis: Cardinal and Ordinal n approach, law of diminishing marginal utility. Law of Equi-marginal utility;
Law of demand and supply, Elasticity of demand and supply; Consumers surplus. Indifference Curve analysis.
Module III

25

Factors of Production, Laws of returns, Returns to scale; Cost curves and revenue \
Market: Meaning and classifications, equilibrium of the firm and industry; Price and output determination under perfect,
monopoly, monopolistic competitions, oligopoly and duopoly.
Module IV

The General Theory of factor pricing; Wage determination, Marginal Productivity theory of wages, Modern theory of
wages (Demand and Supply theory of wages. Theory of Rent , Quasi rent ; Theory of Interest : Classical, Neo Classical
and Loanable Fund Theory, Liquidity Preference Theory ; Theory of Profit: Innovation theory of profit, Dynamic
theory of profit, Uncertainty bearing theory of profit and Risk bearing theory of profit.

25

Student Learning Outcomes:

At the end of the course students will be able to:

Describe the nature of economics in dealing with the issue of scarcity,

Students use economic models (including supply and demand, models of the behaviour of competitive and monopolistic firms, consumer optimization
models) to analyze economic behaviour, social issues, and policy problems.
Analyze the behaviour of consumers in terms of the demand for products,
Evaluate the factors affecting firm behaviour, such as production and costs
Analyze the performance of firms under different market structures,
Use economic analysis to evaluate controversial issues and policies

Pedagogy for Course Delivery:

The course will be delivered through a combination of theoretical and case study approach. Students will be motivated to get updated with recent economic
decisions and changes being taken place through classroom discussions on newspaper clippings and articles. Students will be assigned projects to integrate
theory with practical aspects
Lab/ Practicals details, if applicable:

NA

Assessment/ Examination Scheme:

Theory L/T (%)

Lab/Practical/Studio (%)

End Term Examination

100

100

Theory Assessment (L&T):

Continuous Assessment/Internal Assessment

End Term Examination

Components (Drop down)

Mid-Term Exam

Project

Viva

Attendance

10%

5%

5%

Weightage (%)

10%
Lab/ Practical/ Studio Assessment: NA

End Term
Examination
70%

Continuous Assessment/Internal Assessment

Components (Drop down
Weightage (%)

Text Reading:
I.C.Dhingra, Principles of Microeconomics- Sultan Chand & Sons
H.L.Ahuja- Microeconomics
References:
Text:
Baumol, W.J. Economic Theory and Operations Analysis, Prentice Hall of India, New Delhi.
Bach, G.L, Economics, Prentice Hall of India, New Delhi.
Gould, J.P. and Edward P.L, Microeconomic Theory, Richard, Irwin. Homewood.
Additional Reading:

Koutsoyiannis, A, Modern Microeconomics, Macmillan.

Lipsey, R.G. and K.A. Chrystal , Principles of Economics , Oxford University Press, Oxford.

Any other Study Material:

End Term Examination