BA LL.B (Hons.) 5 Year
ECONOMICS – I
Objective: The main objective of this paper is to create an understanding of the relevant concepts and analytical tools of economic theory among the students. After completing the course structure, the students are expected to develop an economic way of thinking so that they are enabled to apply the economic concepts and tools in managerial decision-making. It is also the objective of the course to involve the students in project work to link theory with actual experience.
Module- 1 Introduction to Economics, Theory of Demand & Supply
- Introduction to Economics Principles of Economics; Problem of Scarcity, Introduction to Microeconomics and Macroeconomics, Positive and Normative Economics, Theory of the Firm
- Theory of demand Cardinal Approach of Utility and Consumer Equilibrium, Ordinal approach of utility and Consumer Equilibrium
- Theory of Supply Market Equilibrium
Module- 2 Elasticity of demand and Supply & Theory of Production function
- Elasticity of demand and Supply Concept; Types: Price Elasticity, Income Elasticity, Cross-Elasticity; Methods and Estimation: Total Outlay Method, Point Method, Expenditure Method.
- Theory of Production function Production with one variable input, Total, Average and Marginal Product, Law of Diminishing Marginal Returns, Production function with two variable inputs: Isoquants, marginal rate of Technical Substitution, Law of Returns to Scale.
Module – 3 Market Structure
Features of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly; Product Pricing under various market structures, i.e. Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly; Comparison among various Market Structures.
Module – 4 Theory of Revenue & Cost
- Theory of Revenue: Concept of Total, Average and Marginal Revenue; Nature of Revenue Curves in Various Markets and their Curves; Relationship between Average and Marginal Revenue Curves in different Market Situations
- Theory of Cost: Short-run Total, Average and Marginal Cost Curves, Geometry (Shape) of Short-Run Cost Curves with Their Relationships, Long-Run Average and Marginal Cost Curves, Derivations and their Shapes.
- Petersen, Craig H., W. Chris Lewis and Sudhir K. Jain: Managerial Economics, Pearson Education, Delhi.
- Keat, Paul G. and Philip K.Y. Young: Managerial Economics, Economic tools for Today’s Decision Makers, Pearson Education, Delhi.
- Dwivedi, D.N.: Microeconomics. Theory and Applications, Pearson,Delhi.
- Pindyck, Robert S., Daniel L. Rubinfield and Prem L. Mehta: Microeconomics, Pearson, Delhi.
- Raj Kumar, Prof. Kuldeep Gupta, Business Economics, UDH Publishing and Distributors P(Ltd.), New Delhi.
- K Lekhi, Business Economics, Kalyani Publishers.
- G.Mankar, Business Economics, Himalaya Publishing House.
- L.Ahuja, Business Economics, S. Chand.