Engineering Economy

prepareing economy * Engineering economy is a subset of economicals for application to engineering projects. * It is an economic approach in solving problems in engineering projects particularly for the assessment of projects investment. Importance of Study * Engineer must take into account the monetary value in their invention as they have to position a impregnable to be the nearly profitable one * The aim is to balance the affair off between cost and performance in the most economical manner * Engineers play a major role in capital investment decisions based on their technical knowledge * To delay a conflict between engineers and financial department entreat * An economic principle that describes a consumers desire and spontaneousness to pay a price for a specific good or service. guardianship all other factors constant, the price of a good or service increases as its demand increases and vice versa. Law of Demand The lower the price of the product, the greater will be the meter demanded by all buyers, all other things being cost (Ceteris Paribus). Businesses often spend a considerable metre of silver in order to determine the amount of demand that the state-supported has for its products and services.

 Incorrect estimations will either result in coin left on the table if its underestimated or losses if its overestimated. Supply The different quantities of a good that producers are willing and able to tag on at various prices. Equilibrium  When supply and demand are equal the economy is said to be at equilibrium. At this point, the allocation of goods is at its most expeditious because the amount of goods being supplied is exactly the same as the amount of goods being demanded. INTEREST RATE If a given amount of bullion is borrowed for a specified period of time (typically, one year), a certain pct of the money is charged as interest. This percentage is called the interest rate. SIMPLE INTEREST Simple interest is defined as a... If you want to get a full essay, order it on our website: Ordercustompaper.com

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