|
Engineering economics : - ( Introduction to basic economics ) - 1. Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. |
| |
|
Engineering economics : - ( Law of Supply and Demand ) - 2. The law of supply and demand combines two fundamental economic principles describing how changes in the price of a resource, commodity, or product affect its supply and demand. As the price increases, supply rises while demand declines. Conversely, as the price drops supply constricts while demand grows. |
| |
|
Engineering economics : - ( Concept and Scope ) - 3. Engineering economics is a field that addresses the dynamic environment of economic calculations and principles through the prism of engineering. It is a fundamental skill that all successful engineering firms employ in order to retain competitive advantage and market share. |
| |
|
Engineering Economics : - ( Elements of Cost ) - 4. Cost can be broadly classified into variable cost and overhead cost. Variable cost varies with the volume of production while overhead cost is fixed, irrespective of the production volume. |
| |
|
Engineering Economics : - ( Break even analysis ) - 5. Break-even analysis tells you how many units of a product must be sold to cover the fixed and variable costs of production. The break-even point is considered a measure of the margin of safety. |
| |
|
Engineering economics : - ( Break-even analysis; Solving problems ) - 6. Break-even analysis tells you how many units of a product must be sold to cover the fixed and variable costs of production. The break-even point is considered a measure of the margin of safety. Solving problems. |
| |
|
Engineering economics : - ( Elementary economic analysis ) - 7. The firm is the basic unit of activity on the production side of the market. The task of the firm is to take inputs and turns them into goods/commodities. In the neoclassical model, the objective of the firm is to maximize profits. That is, the firm chooses the production plan from all feasible plans that maximizes the profit earned. |
| |
|
Engineering economics : - ( Design selection; Solving problem ) - 8. Engineering Economy Study. is accomplished using a structured procedure and mathematical modeling techniques. economic results are then used in a decision situation that normally includes other engineering knowledge and input. |
| |
|
Engineering economics : - ( Time value of money ) - 9. The time value of money (TVM) is the concept that a sum of money is worth more now than the same sum will be at a future date due to its earnings potential in the interim. The time value of money is a core principle of finance. A sum of money in the hand has greater value than the same sum to be paid in the future. |
| |
|
Engineering economics : - ( Single and equal payments of compound amount ) - 10. In some situations, instead of looking at a single payment, we want to know the future value of a series of equal payments. In other words, if we deposit or borrow a series of n equal payments at a given interest rate, how much will they be worth immediately after the last payment? This formula is used in situations such as retirement accounts where a series of equal payments are made over time, b |
| |
|
Engineering economics : - ( Sinking fund ) - 11. Sinking fund method is a method of calculating depreciation for an asset in which apart from calculating depreciation, it also keeps aside a fund for replacing the asset at the end of its useful life. |
| |
|
Engineering economics : - ( Different interest formulae ) - 12. |
| |
Our organization is delivering short lectures in various curriculum in the form of YouTube and other videos.
Engineer. Ahamed Ameen UAE & INDIA
00 971 50 776 9083
er.ahamedameen@gmail.com