SVKM’s Narsee Monjee Institute of Management Studies

Name of School – Kirit P. Mehta School of Law

Program: B.A., LL.B. (Hons.) & B.B.A., LL.B. (Hons.) 8101& Semester : I
8102
Module: Economics I Module Code: 8101E002 &
8102E005
Teaching Scheme Evaluation Scheme
Lecture Practical Tutorial Internal Continuous Term End
(Hours (Hours (Hours Credit Assessment (ICA) Examinations (TEE)
per per per (Marks - 50) (Marks- 50
week) week) week) in Question Paper)
4 0 0 4 Marks Scaled to 50 Marks Scaled to 50
Pre-requisite: Knowledge of Social Sciences.

Objectives:
● To build an understanding of basic concepts of Micro Economics.
● To develop and understanding of the interface between Law and Economics by discussion
of various Laws and Acts which are based on various theories of Micro Economics.
● To explain the subject matter in a manner that is easy to understand and also provide a
treatment of economic theory that is relevant to the real world.
Outcomes:
After completion of this course, the student will be able to:
● Develop acquaintance with the functioning of Micro Economic concepts in the real World
phenomenon.
● Analyse various economic issues and come up with meaningful solutions to the
Economic problems.
● Comprehend the structural framework and functioning of various Laws and Acts which
are built upon Micro Economic Theories and Principles.
Detailed Syllabus: ( per session plan )

Unit Description: Micro Economics Duration

1. Introduction to Economics 8 Hrs
A) Definition and Nature
1. Definition of Economics by Adam Smith, Marshall & Robbins
2. Economics as a Science and Social Science
3. Economics as a Positive and Normative Science
4. Deductive and Inductive Method in Economics
5. Nature of Economic Laws and Generalizations
B) Relevance of Economics to Law
1. Importance of the Study of Economics
2. Relationship between Economics and Law
C) Forms of Economic Analysis - Micro & Macro Economics
 SVKM’s Narsee Monjee Institute of Management Studies

Name of School – Kirit P. Mehta School of Law

3. Definition and Meaning of Micro Economics

4. Subject matter, Features and Importance of Micro Economics
5. Definition and Meaning of Macro Economics
6. Subject matter, Features and Importance of Macro Economics
2. Consumer’s Behaviour 18 Hrs
A) Concept of Utility
1. Meaning and Definition
2. Features of Utility
3. Types of Utility

B) Law of Diminishing Marginal Utility

C) Law of Equi-Marginal Utility

D) Concept of Demand
1. Meaning of Demand
2. Individual Demand and Market demand
3. Increase and Decrease in Demand
4. Expansion and Contraction of Demand
5. Factors affecting Demand
6. Law of Demand along with its Assumptions and Exceptions

E) Elasticity of Demand
1. Meaning of Elasticity of Demand
2. Types of Elasticity of Demand

F) Concept of Supply
1. Meaning of Supply
2. Individual Supply and Market Supply
3. Factors affecting Supply
4. Law of supply along with its Assumptions and Exceptions

G) Elasticity of Supply
1. Meaning of Elasticity of Supply
2. Types of Elasticity of Supply

H) Some Applications of Demand and Supply

1. Price Control and Rationing
2. Minimum Support Price
3. Incidence of Indirect Taxes
 SVKM’s Narsee Monjee Institute of Management Studies

Name of School – Kirit P. Mehta School of Law

3. Concepts of Cost and Revenue 7 Hrs

A) Meaning of Cost

B) Types of Cost
1. Fixed Cost & Variable Cost
2. Total Cost
3. Average Fixed Cost & Average Variable Cost
4. Total Cost
5. Marginal Cost
6. Social Cost
7. Explicit and Implicit Cost
8. Opportunity Cost

C) Meaning of Revenue

D) Types of Revenue
1. Total Revenue
2. Average Revenue
3. Marginal Revenue
4. Market Structures 13 Hrs
A) Market and Classification of Market Structures
1. Meaning of Market
2. Types of Market

B) Monopoly
1. Meaning of Monopoly
2. Types of Monopoly
3. Features of Monopoly

C) Duopoly
1. Meaning of Duopoly
2. Features of Duopoly

D) Oligopoly
1. Meaning of Oligopoly
2. Types of Oligopoly
3. Features of Oligopoly
4. Kindred Demand Curve
E) Pure Competition
 SVKM’s Narsee Monjee Institute of Management Studies

Name of School – Kirit P. Mehta School of Law

1. Meaning of Pure Competition

2. Features of Pure Competition

F) Perfect Competition
1. Meaning of Perfect Competition
2. Features of Perfect Competition

G) Monopolistic Competition
1. Meaning of Monopolistic Competition
2. Features of Monopolistic Competition

H) Price Determination under Perfect Competition

5. Factors of Production 14 Hrs
A) Meaning and classification of Factors of Production
B) Land
1. Meaning of Land
2. Characteristics of Land

C) Labour
1. Meaning of Labour
2. Characteristics of Labour
3. Division of Labour and its advantages

D) Capital
1. Meaning of Capital
2. Role of Capital
3. Fixed Capital and Working Capital
4. Human Capital
E) Entrepreneur
1. Meaning of Entrepreneur
2. Functions of Entrepreneur

Total 60 Hrs

Text Books:
1. H. L., Ahuja, Principles of Microeconomics, S. Chand Publishers, 20th Revised Edition,
2014.
2. Pindyck, R.S. and D.L. Rubinfeld, “Microeconomics”, 7E Pearson Education.
 SVKM’s Narsee Monjee Institute of Management Studies

Name of School – Kirit P. Mehta School of Law

Reference Books:

1. Mankiw, Gregory, ‘Principles of Microeconomics’ 6E, Cengagae Learning (2006).

2. Dominick Salvatore, Micro Economics: Theory and applications, Oxford University Press
(2003).
Any other information :

Details of Internal Continuous Assessment (ICA)

Specific assessments / methods Weightage

Continuous assessment In per cent

Research Paper (1500- 2000 word max) 20

Seminar on Research Paper (in class) 10

Viva on Research Paper (During Seminar) 10

Class Participation 10

Final Examination 50

Total 100

_________ ____________
Signature Signature
(Prepared by Dr. Sunil George) (Approved by Dean)