Syllabus

SYLLABUS
ECONOMICS— I
B. A. LL. B. (HONS.)
II SEMESTER
ACADEMIC YEAR 2022 – 23
COURSE TEACHER: SEEMA SHRIVASTAVA
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INTRODUCTION
This course is to make the student understand the Economics to the extent of microeconomics.
A better understanding of the working of the society will facilitate a deeper understanding of
the legal systems. By studying economics one can enhance their critical and logical thinking
and become a successful lawyer. Economics provides one with a unique tool to scrutinize
different aspect of human behavior in the light of his economic pursuits and goals. An
individual demand decision might change subject to a marketplace and similarly a change in
the business environment or government policies might affect the demand or supply of a good.
A minute changes in any of the economic variables may affect the economy in a large way,
which necessitates deeper understanding of economic concepts for a lawyer. Economics is all
pervasive andone is untouched by economic turn of events. We are all a part of the economy and
even law firms are business entities in their true sense. As corporate lawyers one even needs to
helpout in business development matters and analyze the rationale behind a particular business
decision in which the understanding of industrial and competition economics plays an
important role. A basic understanding of the economic concept[t, policies and global economic
occurrences will go a long way in widening the horizons of the law students, improving their
contextual and argumentative cognizance, and also facilitating multitudinal skill development
in the long run.
COURSE OBJECTIVES
Objectives of the course are to equip the students with the ability:
 To comprehend the fundamentals of economic goals, principles and basic concepts.

 To identify the interrelationship between Law and Economics.
 To appreciate the dimensions of economic applicability in the field of Law
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 To discern theoretical and applied tools that are necessary to critique and craft
significant economic research.
LEARNING OUTCOMES
On the completion of this course, students will be able to:
Comprehend the nature, theories and concepts of Economics.

Identify and interpret the relationship of Economics and Law.
Analyze the practical application of law of demand and supply, and comprehend the
utility factor.
Evaluate different market forms and assess decision making accordingly.
Produce a quality research paper linking law and economics.
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COURSE OUTLINE
UNIT – I: INTRODUCTION
Meaning of Economics, Relevance of Economics to Law, Meaning, Definition and Scope of Micro-
Economics, Basic Assumptions, Basic Concepts – Utility, Goods, Wealth, Income, Commodity,
Production, Consumption, Equilibrium.
UNIT – II: CONSUMER BEHAVIOUR
Principle and Concepts Relating to Utility, Various Approaches to Consumer’s Equilibrium-

Cardinal Approach, Ordinal Approach.
UNIT – III: PRINCIPLES OF DEMAND AND SUPPLY
Basic Principle of Demand and Supply: L a w o f D e m a n d , Demand Functions,

Demand Curve and Elasticity of Demand, L a w o f S u p p l y , S u p p l y C u r v e ,
Supply Functions and Elasticity of Supply, Consumer Surplus.
UNIT – IV: THEORY OF PRODUCTION
Factors of Production: Land – Characteristics, Labour – Definition and Characteristics, Capital –

Definition and Characteristics, Organization – Types and Characteristics, Production Function-
Law of Variable Proportion, Law of Return to Scale.
UNIT- V: CONCEPTS OF REVENUE AND COST
Concepts of Cost – Total Cost, Average Cost, Marginal Cost and Their Inter-Relation,
Concepts of Revenue- – Total Revenue, Average Revenue, Marginal Revenue and Their Inter-
Relation. Transaction Cost. Opportunity Cost.
UNIT – VI: MARKET STRUCTURES
Economic Features of Market, Types of Market–Perfect Competition, Imperfect Competition-

Monopoly, Duopoly, Oligopoly and Monopsony.
UNIT- VII: PRICE AND OUTPUT DETERMINATION UNDER DIFFERENT MARKET FORMS
Perfect Competition, Monopoly- Price Determination, Price Discrimination, Oligopoly-

Kinked Demand Curve Model, Chamberlin’s Model, Cartel; Theory of Bargaining, Sales
Maximization Theory and Mark Up.
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UNIT – VIII: FACTOR PRICING- I
Marginal Productivity Theory of Wages, Theories of Rent – Ricardian Theory and Modern Theory
of Rent.
UNIT – IX: FACTOR PRICING- II
Theories of interest- Liquidity Preference Theory, Theories of profit- Innovation Theory and
Risks and Uncertainties Theory
UNIT- X: WELFARE ECONOMICS
Meaning of Welfare Economics – Social Welfare and Principles of Justice – Social Welfare
Functions – Social Choice and Social Welfare – Pareto Optimality, New WelfareEconomics –
Concepts and Features. Efficiency.
READING LIST
BOOK REFERENCE
1. Pindyck, R. S., Rubinfeld, D. L., & Mehta, P. L. (2009). Microeconomics, 7th edition.
Pearson.
2. Koutsoyiannis, A. (2010). Modern Microeconomics, 7th edition. The Macmillan Press Ltd.
Recommended Readings
1. Salvatore, Dominick, Micro Economics: Theory and Application, Oxford University
Press, Indian Edition, New Delhi, 2007.
2. Samuelson, Paul, Economics, Tata McGraw Hill Publishing Company Limited, New Delhi,
2007.
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READING LIST
BOOK REFERENCE
(1) Salvatore, Dominick, Micro Economics: Theory and Application, Oxford University
Press, Indian Edition, New Delhi, 2007.
(2) Samuelson, Paul, Economics, Tata McGraw Hill Publishing Company Limited, New Delhi,
2007.
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 To comprehend the fundamentals of economic goals, principles and basic concepts.

On the completion of this course, students will be able to:

Comprehend the nature, theories and concepts of Economics.

UNIT – II: CONSUMER BEHAVIOUR

Principle and Concepts Relating to Utility, Various Approaches to Consumer’s Equilibrium-

UNIT – III: PRINCIPLES OF DEMAND AND SUPPLY

Basic Principle of Demand and Supply: L a w o f D e m a n d , Demand Functions,

UNIT – IV: THEORY OF PRODUCTION

Factors of Production: Land – Characteristics, Labour – Definition and Characteristics, Capital –

UNIT- V: CONCEPTS OF REVENUE AND COST

UNIT – VI: MARKET STRUCTURES

Economic Features of Market, Types of Market–Perfect Competition, Imperfect Competition-

Perfect Competition, Monopoly- Price Determination, Price Discrimination, Oligopoly-

UNIT – IX: FACTOR PRICING- II

UNIT- X: WELFARE ECONOMICS

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