ECONOMICS I

UNDER GRADUATE – I SEMESTER

SESSION 2026-2031

FACULTY

Dr. Shweta Mohan

National University of Study and Research in Law, Ranchi

At Nagri, P.O.- Bukru,Kanke-Pithoria Road, Kanke
Ranchi- 834006 (Jharkhand)
INDIA
2019
Introduction to the Course:

The course is designed for the beginners to provide broad understanding of

economics its conceptualization with special reference to the law. The aim is to
facilitate interdisciplinary approach to the legal phenomena.
The course will help the students in understanding basic concepts of
Microeconomics like consumption, production, distribution and exchange the four
pillars of economic science. The focus is on the role of government in maintaining
economic stability and correcting market imperfections. ..

Objective to the course:

 To provide basic concepts of Microeconomics

 To conceptualize the role of Government in economic sphere
 To develop the interdisciplinary approach to the subject

Teaching & Learning Methodology:

 Lecture cum discussion

 Assignments
 Presentations
 Group Discussion

Evaluation Scheme:

 Continuous Assessment- 30%

 Mid-Term- 20%
 End-Term - 50%
 COURSE OUTLINE

Module I: Introduction to Economics and Law: 10 lectures

 Definition, Meaning and Scope of Economics

 Principles of Economics
 Economics and Law

Reading Material:

 Gould JP and Lazear EP, Ferguson and Gould’s Microeconomic Theory, Sixth Edition,
Richard Irwin, Homewood, 1980, (pp 3-31)
 Mankiw N. Gregory, Principles of Economics, Third Edition, Thomson, South- Western,
2004, (pp 3-19)
 Melvin I Boyes, Microeconomics, Sixth Edition, Houghton, Mifflin (pp 2-25)
 Samuelson PA and Nordhaus WD, Economics, Seventeenth Edition, Tata McGraw Hill,
New Delhi, 1998, (pp 3-18 & 46-62)
 Miceli, J Thomas The Economic Approach To Law, Stanford University Press, Stanford,
California,2004

Module -II: The Market and its Mechanism 10 lectures

 Law of Demand, Demand Schedule and Demand Curve

 Law of Supply, Supply Schedule and Supply Curve
 Market Equilibrium
 Shifts in Demand and Supply Curves and Market equilibrium
 Elasticity of Demand and Supply

Reading Material:

 Mankiw N. Gregory, Principles of Economics, Third Edition, Thomson, South- Western,

2004, (pp 64-88)
 Marshall A, Principles of Economics, Eight Edition, Macmillan, London, 1920, (pp 117-
137)
 Melvin I Boyes, Microeconomics, Sixth Edition, Hughton Mifflin, (pp 40-69)
 Pindyck Robert S, Rubinfeld Daniel L. and Mehta Prem L., Microeconomics, Sixth
Edition, Pearson Education, 2006, (pp 17-48)
 Samuelson PA and Nordhaus WD, Economics, Seventeenth Edition, Tata McGraw Hill,
New Delhi, 1998, (pp 46-62, 85-107)
Module -III: The Theory of Consumer Behavior 8 lectures

 Wants, Utility
 Cardinal and Ordinal Measurement of Utility
 Law of Diminishing Marginal Utility
 Law of Consumer Surplus
 Law of Equi-marginal Utility
 Indifference Curve Analysis
 Price Effect, Substitution Effect and Income Effect
 Price determination,–floor price and ceiling price

Reading Material:

 Mankiw N. Gregory, Principles of Economics, Third Edition, Thomson, South- Western,

2004, (pp 64-88)
 Maheshwari Yogesh, Managerial Economics, Second Edition, Prentice Hall, New Delhi,
2007, (pp 43-79)
 Marshall A, Principles of Economics, Eight Edition, Macmillan, London, 1920 (pp 92-
113)
 Pindyck Robert S, Rubinfeld Daniel L. and Mehta Prem L., Microeconomics, Sixth
Edition, Pearson Education, 2006, (pp 53-121)
 Samuelson PA and Nordhaus WD, Economics, Seventeenth Edition, Tata McGraw Hill,
New Delhi, 1998, (pp 67-75, 93-94)

Module -IV: Concept of Revenue and Cost 8 lectures

 Costs and cost curves

 Short-run Cost-Output Relation
 Long-run Cost-Output Relation
 Economies and Diseconomies of Scale

Reading Material:

 Gould JP and Lazear EP, Ferguson and Gould’s Microeconomic Theory, Sixth Edition,
Richard Irwin, Homewood, 1980, (pp 32-126, 170-244)
 Mankiw N. Gregory, Principles of Economics, Third Edition, Thomson, South- Western,
2004, (pp 53-179, 453-477)
 Melvin I Boyes, Microeconomics, Sixth Edition, Houghton, Mifflin (pp 122-171)
 Pindyck Robert S, Rubinfeld Daniel L. and Mehta Prem L., Microeconomics, Sixth
Edition, Pearson Education, 2006, (pp 131-180)
 Samuelson PA and Nordhaus WD, Economics, Nineteenth Edition, Tata McGraw Hill,
New Delhi, 2010
Module -V: Theory of Firm and Market 8 lectures

 Market Structure and Degree of Competition

 Perfect Competition
 Monopoly
 Monopolistic Competition and Oligopoly
 Government and market Failure
 Equilibrium of the Firm

Reading Material:

 Dwivedi DN, Managerial Economics, Seventh Edition, Vikas Publishing House, New
Delhi, 2008, (pp 315-365)
 Gould JP and Lazear EP, Ferguson and Gould’s Microeconomic Theory, Sixth Edition,
Richard Irwin, Homewood, 1980, (pp 247-410)
 Mankiw N. Gregory, Principles of Economics, Third Edition, Thomson, South- Western,
2004, (pp 3-19)
 Melvin I Boyes, Microeconomics, Sixth Edition, Houghton, Mifflin (pp 200-410)
 Pindyck Robert S, Rubinfeld Daniel L. and Mehta Prem L., Microeconomics, Sixth
Edition, Pearson Education, 2006, (pp 199-365)
 Samuelson PA and Nordhaus WD, Economics, Seventeenth Edition, Tata McGraw Hill,
New Delhi, 1998, (pp147-202)

Module -VI: The Theory of Production and distribution 8 lectures

 Production Function
 Production with One Variable Input
 Production with Two Variable Input
 Laws of Returns to Scale
 Theory of distribution

Reading Material:

 Gould JP and Lazear EP, Ferguson and Gould’s Microeconomic Theory, Sixth Edition,
Richard Irwin, Homewood, 1980, (pp 32-126, 170-244)
 Mankiw N. Gregory, Principles of Economics, Third Edition, Thomson, South- Western,
2004, (pp 53-179, 453-477)
 Melvin I Boyes, Microeconomics, Sixth Edition, Houghton, Mifflin (pp 122-171)
 Pindyck Robert S, Rubinfeld Daniel L. and Mehta Prem L., Microeconomics, Sixth
Edition, Pearson Education, 2006, (pp 131-180)
 Samuelson PA and Nordhaus WD, Economics, Seventeenth Edition, Tata McGraw Hill,
New Delhi, 1998, (pp 67-146)
Secondary Readings:

 Dornbusch R, Fischer S and Startz R, Macroeconomics, Eight Edition, Tata McGraw

Hill, New Delhi, 2002
 Dwivedi DN, Managerial Economics, Seventh Edition, Vikas Publishing House, New
Delhi, 2008
 Froyen RT, Macroeconomics: Theories & Policies, Sixth Edition, Pearson Education
Asia, Delhi, 2001
 Gould JP and Lazear EP, Ferguson and Gould’s Microeconomic Theory, Sixth Edition,
Richard Irwin, Homewood, 1980
 Mankiw N. Gregory, Principles of Economics, Third Edition, Thomson, South- Western,
2004
 Mehta BC and Madnani GMK, Mathematics for Economists, Ninth Edition, Sultan
Chand & Sons, New Delhi, 2008.
 Melvin I Boyes, Microeconomics, Sixth Edition, Hughton Mifflin
 Pindyck Robert S, Rubinfeld Daniel L. and Mehta Prem L., Microeconomics, Sixth
Edition, Pearson Education, 2006,
 Samuelson PA and Nordhaus WD, Economics, Seventeenth Edition, Tata McGraw Hill,
New Delhi, 1998.

Module -VII: The Welfare Economics 8 lectures

 Meaning of welfare economics

 Positive and Normative Welfare
 Social choice and social welfare
 New Welfare Economics
 State and the welfare

 Dornbusch R, Fischer S and Startz R, Macroeconomics, Eight Edition, Tata McGraw

Hill, New Delhi, 2002
 Dwivedi DN, Managerial Economics, Seventh Edition, Vikas Publishing House, New
Delhi, 2008
 Froyen RT, Macroeconomics: Theories & Policies, Sixth Edition, Pearson Education
Asia, Delhi, 2001
 Gould JP and Lazear EP, Ferguson and Gould’s Microeconomic Theory, Sixth Edition,
Richard Irwin, Homewood, 1980
 Mankiw N. Gregory, Principles of Economics, Third Edition, Thomson, South- Western,
2004
 Mehta BC and Madnani GMK, Mathematics for Economists, Ninth Edition, Sultan
Chand & Sons, New Delhi, 2008.
 Melvin I Boyes, Microeconomics, Sixth Edition, Hughton Mifflin
 Pindyck Robert S, Rubinfeld Daniel L. and Mehta Prem L., Microeconomics, Sixth
Edition, Pearson Education, 2006,
 Samuelson PA and Nordhaus WD, Economics, Seventeenth Edition, Tata McGraw Hill,
New Delhi, 1998.