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Bachelor of Arts (B.A.) Micro Economics I Syllabus - Mumbai University 2026

Syllabus for Micro Economics - I

Major · Economics · Semester 1 · FY BA · 4 credits · 100 marks · 60 hours

Module 1: Introduction of Micro Economics (15 Hours)

  • 1 Micro economics: Meaning, nature, scope, significance and limitations
  • 2 Economic models and Methodologies: Scientific method, Role of Assumptions, Productionpossibility curve
  • 3 Economist as policy advisors: Positive economics and normative economics, managerialeconomics, causes of disagreement among economists
  • 4 Basic concept: wealth, welfare and scarcity

Module 2: Understanding Fundamentals of Market (15 Hours)

  • 1 Demand Analysis: Meaning of demand, Demand Function, Derivation of Demand curve,Individual demand versus Market Demand
  • 2 Supply Analysis: Meaning of supply, Supply function, Derivation of Supply curve, Individual Supply versus Market Supply.
  • 3 Market Equilibrium: Changes in equilibrium, Changes in demand and Supply, movementsalong the demand curve, shifts in the demand curve, shifts in supply curve

Module 3: Consumer’s Behaviour I (15 Hours)

  • 1 Utility Analysis: meaning of Utility, Cardinal and Ordinal Approaches, types of goods:Substitutes and complementary
  • 2 Indifference Curve Analysis: Meaning, types and properties of indifference curve
  • 3 Budget Constraint: Meaning, Properties and derivation of Budget line
  • 4 Consumer’s Equilibrium: Budget optimization, Income, Price and Substitution effect

Module 4: Consumer’s Behaviour II (15 Hours)

  • 1 Elasticity of demand: Meaning of elasticity of demand, Methods of elasticity of Demand,
  • 2 Types of elasticity of demand: Price, Income and cross elasticity of demand
  • 3 Elasticity of Demand and applications: Total revenue and the elasticity of demand, Taxes,Subsidies and elasticity effects
  • 4 Consumer’s and producer’s Surplus: meaning and computation of Consumer’s andProducer’s Surplus

Reference Books

  • 1 N.Gregory Mankiw, (2015), “Principles of Microeconomics” 7 th edition- Cengage Learning.
  • 2 Sen Anindya, (2007),“Microeconomics Theory and Applications” Oxford University press, New Delhi.
  • 3 Salvator D, (2003) “Microeconomics Theory and Applications” Oxford University press,newDelhi.
  • 4 M.L.Jhingan, (2006) “Microeconomics Theory”, 5 th edition Vrinda Publication (P) Ltd.
  • 5 H.L.Ahuja, (2016) “Advance Economics Theory” S.Chand & Company Ltd.
  • 6 Paul Samuelson and W. Nordhaus, (2009): Economics, 19th Edition McGraw HillPublications.
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