Engineering economy 3 min read
Discussion
With an understanding of the macroeconomics and microeconomics, it is possible to get an insight into what kind of factors…
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Accounting
Using accounting it is possible to evaluate how well a company is performing economically, and if it is necessary to…
Engineering economy 3 min read
Economic planning
When an organisation or government chooses to initiate a construction project, they usually expect to have more benefits than actual…
Engineering economy 4 min read
Validity of the Concept of Returns to Scale
We now proceed to discuss how the returns vary with the changes in scale, that is, when all factors are…
Engineering economy 3 min read
CHANGES IN SCALE AND FACTOR PROPORTIONS
Factor proportions are altered by keeping the quantity of one or some factors fixed and varying the quantity of the…
Engineering economy 5 min read
LAW OF VARIABLE PROPORTIONS
Law of variable proportions occupies an important place in economic theory. This law examines the production function with one factor…
Engineering economy 3 min read
PROPERTIES OF ISOQUANTS OR EQUAL PRODUCT CURVES
The following are the important properties of equal product curves. 1. Isoquants, like indifference curves, slope downward from left to…
Engineering economy 5 min read
EQUAL-PRODUCT CURVES OR ISOQUANTS
Equal-product curves are similar to the indifference curves of the theory of consumer’s behaviour. An equal-product curve represents all those…
Engineering economy 2 min read
THEORY OF PRODUCTION
The act of production involves the transformation of inputs into outputs. The word production in economics is not merely confined…
Engineering economy 2 min read
Factors determining price elasticity of Demand
The elasticity of demand depends on the following factors namely 1. Nature of the product 2. Extent of usage 3.…
Engineering economy 2 min read
Types of price elasticity
Different products react differently to the price change. A price change for a essential product such as rice has little…
Engineering economy 4 min read
PRICE ELASTICITY OF DEMAND
We have discussed in previous chapters that when the price of a good falls, its quantity demanded rises and when…