FYUGP CURRICULAR FRAMEWORK FOR BACHELORS PROGRAMME WITH ECONOMICS AS MAJOR
COURSE TYPE OF CREDITS
SEMESTER TITLE OF COURSE
CODE COURSE THEORY TUTORIAL
I ECO122J CT-1 ECONOMICS: BASIC MICROECONOMICS 4 2
II ECO222J CT-1 ECONOMICS: BASIC MACROECONOMICS 4 2
III ECO322J CT-1 ECONOMICS: MONETARY ECONOMICS 4 2
ECO422J1 CT-1 ECONOMICS: ECONOMICS OF DEVELOPMENT 3 1
IV ECO422J2 CT-2 ECONOMICS: MATHEMATICS FOR ECONOMICS 4 2
ECO422J3 CT-3 ECONOMICS: HISTORY OF ECONOMIC THOUGHT 4 2
ECO522J1 CT-1 ECONOMICS: INTERNATIONAL TRADE 3 1
V ECO522J2 CT-2 ECONOMICS: MICROECONOMICS -I 4 2
ECO522J3 CT-3 ECONOMICS: INDIAL FINANCIAL SYSTEM 4 2
ECO622J1 CT-1 ECONOMICS: INDIAN ECONOMY 3 1
VI ECO622J2 CT-2 ECONOMICS: MACROECONOMICS-I 4 2
ECO622J3 CT-3 ECONOMICS: STATISTICAL METHODS FOR ECONOMICS 4 2
FOR FYUGP HONOURS
ECO722J1 CT-1 ECONOMICS: ECONOMICS OF GROWTH 3 1
VII ECO722J2 CT-2 ECONOMICS: MICROECONOMICS -II 4 2
ECO722J3 CT-3 ECONOMICS: PUBLIC ECONOMICS 4 2
ECO822J1 CT-1 ECONOMICS: INTERNATIONAL FINANCE 3 1
VIII ECO822J2 CT-1 ECONOMICS: MACROECONOMICS-II 4 2
ECO822J3 CT-1 ECONOMICS: ENVIRONMENTAL ECONOMICS 4 2
FOR FYUGP HONOURS WITH RESEARCH
ECO722J1 CT-1 ECONOMICS: ECONOMICS OF GROWTH 3 1
VII ECO722J2 CT-2 ECONOMICS: MICROECONOMICS -II 4 2
ECO722J3 CT-3 ECONOMICS: PUBLIC ECONOMICS 4 2
ECO822RJ1 CT-1 ECONOMICS: BASIC ECONOMETRICS 3 1
VIII
ECO822RJP PROJECT ECONOMICS: PROJECT WITH DISSERTATION 12
HEAD OF THE DEPARTMENT / CONVENOR BOUGS
BACHELORS WITH ECONOMICS AS MAJOR
1st SEMESTER
ECO122J: ECONOMICS _ BASIC MICROECONOMICS
CREDITS: 4 + 2 = 6
Course Description: This is a core course of 06 credits (01 credit for each unit with last two units as tutorials). The course starts
with some basic concepts required for understanding the essence of subject, followed by law of demand and supply along with the
concepts like market equilibrium, utility, budget line and consumer’s equilibrium. The course concludes with the basic concepts
associated with producer’s equilibrium. Overall focus of the course is to foster knowledge, comprehension and skills among the
learners.
Course Objective: The course is designed to expose the students to the basic principles of microeconomic theory. The course
illustrates how microeconomic concepts can be applied to analyze real life situations.
Learning Outcomes: After completing this course, the student is expected to:
LO1: Develop a basic understanding of theoretical concepts in microeconomics
LO2: Exhibit a broad understanding of the theory of demand and be in a position to calculate demand elasticity under different
circumstances.
LO3: Demonstrate an understanding of utility theory and analyze changes in budget and its impact on consumer’s equilibrium
LO4: Acquire the skills to calculate revenue and cost functions of a firm.
Unit I: Introduction (1 Credit)
Economics: nature & scope; methodology of economics; microeconomics and macroeconomics – distinction; central
problems of an economy; basic economic concepts; the economic problem -scarcity and choice; concept of opportunity
cost; production possibility curve.
Unit II : Demand & Supply (1 Credit)
Demand – concept and types, demand schedule &demand curve; determinants of demand; law of demand & its
exceptions; movement vs. shift in demand. Supply-concept, types and determinants; law of supply. Elasticity of demand
&supply; types and measurement of elasticity of demand, factors affecting elasticity of demand.
Unit III: Utility Analysis of Demand (1 Credit)
Consumer Preference’s, Utility- concept and approaches, total utility and marginal utility and the relationship between
the two; law of diminishing marginal utility and law of equi-marginal utility; utility function; indifference curve-
concept, types, assumptions and properties; budget line; consumer’s equilibrium, derivation of demand curve using
indifference curve analysis.
Unit IV: Production, Cost &Revenue (1 Credit)
Production function, law of variable proportions, economies and diseconomies of scale, returns to scale. Isoquants -
properties of isoquants; iso-cost line, producer’s equilibrium - cost minimizing approach. Cost: concepts, short run and
long run cost curves. Revenue: concepts of revenue- total, average and marginal revenue and their relationship.
Tutorial-I (2 Credits)
● Use of two-dimensional plan in economics – single and two variable graphs.
● Numerical examples of calculating elasticities – point and arc elasticities.
● A case study on giffen paradox
● Derivation of demand curve from market data.
● Numerical exposition on budget line
● Numerical exposition on total utility and marginal utility
● Numerical exposition on total cost, average cost and marginal cost
Basic Readings:
1. Mankiw, N. (2020). Economics: Principles and applications, 9th ed. Cengage Learning.
2. Snyder, C., Nicholson, W. (2010). Theory and Application of Intermediate Microeconomics, 10 th Edition
Samuelson, P., &Nordhaus, W. (2010). Principles of Economics. McGraw-Hill, New York, 10th edition.
3. Karl E. Case, Ray C. Fair, Sharon E. Oster (2017), Principles of Microeconomics, Pearson.
Additional Readings:
1. Bernheim, B. Douglas, and Michael Dennis Whinston. 2014. Microeconomics. New York, NY: McGraw-
Hill/Irwin.
2. Varian, H. (2010). Intermediate microeconomics: A modern approach, 8th ed. W. W. Norton.
3. Bergstrom, T., Varian, H. (2014). Workouts in intermediate microeconomics. W. W. Norton.
4. Stonier, A. W., & Hague, D. C. (2008). A textbook of economic theory, 5th Edition.
*Further Readings shall be as per the suggestions of the concerned teacher.
