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Engineering Economics - Chapter 1 questions fully solved & updated(passed).
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Engineering Economics - Chapter 1 questions fully solved & updated(passed).
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Engineering Economics -Chapter 1 questions fully
solved & updated(passed)
Engineering - answer It is the profession in which a knowledge of
the mathematical and natural science gained by study, experience
and practice is applied with judgement to develop ways to utilize
economically the materials and forces of nature for the benefit of
mankind.
Engineering Economy - answer It is concerned with the economic
aspect of engineering. It involves the systematic evaluation with the
economic merits of proposed solutions to the engineering problems.
Engineering Economics - answer It is the application of economic
techniques to the evaluation of design and engineering alternatives.
The General Economic Concepts - answer It must be taken into
account in engineering studies.
Consumer goods and services - answer These are those products or
services that are directly used by people to satisfy their wants.
Examples are foods, clothing, homes, cars, haircuts and medical
services.
Producer goods and services - answer These are used to produce
consumer goods and services and other producer goods. Examples
are machine tools, factory buildings, buses and farm machinery.
Price of goods and services - answer It is defined to be the present
amount of money or its equivalent which is given in exchange for it.
, Necessities - answer These are those products or services that are
required to support human life and activities that will be purchased
in somewhat the same quantity even though the price varies
considerably.
Luxuries - answer These are those products or services that are
desired by humans will be purchased if money is available after the
required to support human life and activities that will be purchased
in somewhat the same quantity even though the price varies
considerably.
Demand - answer A quantity of certain commodity that is bought at
a certain price at a given place and time.
Supply - answer A quantity of a certain commodity that is offered
for sale at a certain price at a given place and time.
Perfect Competition - answer It occurs in a situation in which any
given product is supplied by a large number of vendors and there is
no restriction in additional suppliers entering the market.
Perfect Monopoly - answer It exists when a unique product or
service is available from a single supplier and that vendor can
prevent the entry of all others into the market.
Oligopoly - answer It occurs when there are few suppliers and any
action taken by anyone of them will definitely after the course of
action of the others.
Total Revenue - answer It is the product of the selling price per unit
and the number of units sold. Total Cost is the sum of the fixed costs
and the variable costs.
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