Course Title: ECONOMICS I Credit Units: 4

Course Level: UG Course Code: ECON211

Annexure ‘CD – 01’

L T P/S SW/F TOTALW CREDIT

UNITS3 1 0 0 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 25Descriptors/TopicsDefinition, Nature of economics, Micro and Macro economics ; Economic problems , Economic laws and Governmentlaws, Dynamic v. Static ; Methodology : Inductive v. Deductive methods ; Economics and Law

Module II 25

Utility Analysis: Cardinal and Ordinal approach, law of diminishing marginal utility. Law of Equi-marginal utility; Lawof demand and supply, Elasticity of demand and supply; Consumer’s surplus. Indifference Curve analysis.

Module III 25

Factors of Production, Laws of returns, Returns to scale; Cost curves and revenue curves; Market: Meaning andclassifications, equilibrium of the firm and industry; Price and output determination under perfect, monopoly,monopolistic competitions, oligopoly and duopoly.Module IV 25The General Theory of factor pricing; Wage determination, Marginal Productivity theory of wages, Modern theory ofwages (Demand and Supply theory of wages. Theory of Rent , Quasi rent ; Theory of Interest : Classical, Neo Classicaland Loanable Fund Theory, Liquidity Preference Theory ; Theory of Profit: Innovation theory of profit, Dynamic theoryof profit, Uncertainty bearing theory of profit and Risk bearing theory of profit.

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) End TermMid-Term Exam Project Viva Attendance Examination

Weightage (%) 70%10% 10% 5% 5%

Lab/ Practical/ Studio Assessment: NA

Continuous Assessment/Internal Assessment End Term Examination

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: