General Concepts 4 min read
PROFIT VOLUME RATIO (P/V RATIO)
A company determines the selling price of its products after calculating of the fixed cost, variable cost involved in productions…
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General Concepts 3 min read
Sunk Costs, Opportunity Costs and Break-even Analysis
Sunk costs Sunk costs are costs that have already been incurred in the past and that nothing we do now…
General Concepts 4 min read
Scope of engineering economics
Definition and Scope of Engineering · Economics As stated earlier, efficient functioning of any business organization would enable it to provide…
General Concepts 2 min read
Types of Efficiency
Efficiency of a system is generally defined as the ratio of its output to input. The efficiency can be classified…
General Concepts 3 min read
Laws of supply and demand
Laws of supply – states that the quantity of a commodity supplied varies directly with the price, other determinants of supply…
General Concepts 6 min read
Introduction to Economics
INTRODUCTION Ages ago, the most significant barriers to engineers were technological. The things that engineers wanted to do, they simply…
General Concepts 5 min read
The Relatively Recent Arrival of Economic Growth
Let’s begin with a brief overview of the spectacular patterns of economic growth around the world in the last two…
General Concepts 3 min read
The Macroeconomic Perspective
Macroeconomics focuses on the economy as a whole (or on whole economies as they interact). What causes recessions? What makes…
General Concepts 1 min read
Price Elasticity of Demand and Price Elasticity of Supply
Both the demand and supply curve show the relationship between price and the number of units demanded or supplied. Price…
General Concepts 4 min read
Demand and Supply at Work in Labor Markets
Markets for labor have demand and supply curves, just like markets for goods. The law of demand applies in labor…
