ECONOMICS-1

Program : BBA LLB Semester : 3

Class of : 2018 Classes : 53
MANOJ MISHRA SUBSTITUTE FOR DR. SHIVANI MOHAN
Objective The objective of this paper is to provide broad understanding of basic concepts of economics
and understanding of relationship between economics and law. The course is designed for the beginners
with no formal background or little acquaintance with economics. The objective is to give the students with
a clear understanding of the basic concepts, tools of analysis and terminologies used in economics, to
facilitate their understanding of various legal phenomena. Emphasis will be on the use of graphs, diagrams
and numerical tables/schedules for exposition.
Text Book Author/Publication
Economics Gregory N. Mankiw / Cenage
Reference Books Author/Publication
Economics John Thomson / Pearson
Economics Lipsey/ Oxford
Microeconomics Pindyck, Robert and Daniel Rubinfeld /Peason
Goolsbee, Austan, Steven Levitt, and Chad
Microeconomics
Syverson / Macmillan
Managerial Economics Suma Damodaran / Oxford
Paul A Samuelson & William
Economics, 17 e
D Nordhaus / McGraw – Hill, 2001
Textbook of Economic Theory Stonier and Hague/ Orient Longman
Micro Economics M. L. Jhingan /Vrinda Publications
Principles of Economics S. R. Myneni / Allahabad Law Agency
Detailed Curriculumics.
Introduction: Introduction to Economics, Economist as Scientist and Policy Maker, Meaning, Nature
and Scope of Micro Economics, Basic Economic Problems.
Basic concepts and precepts- Economic problems, economic rationality, optimality
Relation between economics and law- Minimum Wage, Taxation, Consumer Protection Act, Insurance,
Companies Law.
Analysis of Demand: - Concept of demand, Determinants of demand, Law of demand, Exception to the
Law of Demand, Shifting of demand curve, Elasticity and their types, Determinants and Importance of
Elasticity of Demand.
Supply Analysis: - Concept and Law of Supply, Determinants of Supply, Exception to the law of supply,
shifting of supply curve, Factors Affecting Supply.
Application of demand and supply –Floor and Ceilings, Fair Price Shops, Minimum Wage, Taxation,
Policy and its effect. Consumer Surplus and Producers Surplus,
Utility Analysis: - Concepts of cardinal and ordinal utility, Types of utility, Law of Diminishing
Marginal Utility, Equi-marginal utility. Case: Direct Indirect tax, Work leisure options.
Laws of Returns: - Production Function in Short-Run and Long Run. Revenue Concepts Iso quant and
Iso cost – Producers Equilibrium, Total Revenue, Marginal Revenue, Average Revenue and their
relationship. Profit Maximization.
Cost Analysis: - Accounting Costs and Economic Costs, Short Run Cost Analysis: - Fixed, Variable and
Total Cost Curves, Average and Marginal Costs.
Pricing Under Various Market Conditions: - Perfect Competition - Equilibrium of Firm and Industry
under Perfect Competition. Monopoly: - Price Determination. Monopolistic Competition: - Price and
Output Determination under Monopolistic Competition.

Schedule of Sessions
Topics Sessions
Pre-Mid Sem
Introduction 5
Basic concepts and precepts 5
Relation between economics and law 3
Analysis of Demand: 6
Supply Analysis 6
Application of demand and supply 4
Post-Mid Sem
Utility Analysis: 5
Laws of Returns: 5
Cost Analysis: 6
Pricing Under Various Market Conditions: 8

Total 53