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Engineering Economics - Terminologies questions fully solved & updated(passed).
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Engineering Economics - Terminologies questions fully solved & updated(passed).
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Engineering Economics -Terminologies questions fully
solved & updated(passed)
Total Utility - answer the total amount of satisfaction obtained from
consumption of a good or service
Psychology - answer the scientific study of behavior and mental
processes
Marginal Utility - answer an additional amount of satisfaction
Demand - answer Consumer willingness and ability to buy products
Law of Demand - answer consumers buy more of a good when its
price decreases and less when its price increases
economic rule stating that the quantity demanded and price move in
opposite directions
Supply - answer the amount of goods producers are willing to make
and sell
Engineering Economy - answer - requires systematically assessing
the economic viability of the solutions proposed to engineering
problems achieving economic acceptability
- a collection of techniques that simplify comparisons of
alternatives on an economic basis
1. Develop the alternatives.
, 2. Focus on the differences.
3. Use a consistent viewpoint.
4. Use a common unit of measurement.
5. Consider all relevant criteria.
6. Make risk and uncertainty explicit.
7. Revisit your decisions. - answer Principles of Engineering
Economy
Fixed Cost - answer - those not impacted by changes in the level of
activity
across a realistic range of operations with the available capacity or
capability
- insurance, loan, rent, etc.
Variable Cost - answer - those associated with an operation entirely
varying with the quantity of production or other activity level
measurements
- utilities, raw materials
Incremental Cost - answer - the additional cost (or income) that
arises from one (or more) units raising the output of a unit
Direct Cost - answer - costs that can be calculated and distributed
reasonably for a particular production or work operation
- overlaps with fixed and variable cost
- affects a company's production of products or services
- raw materials, labor
Indirect Cost (overheads or burdens) - answer - expenses that can
hardly be allocated to a particular production or job operation
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