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Elementary Economic Analysis
Whether it is a business situation or a day-to-day event in somebody’s personal life, there are a large number of…
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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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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…
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Scope of engineering economics
Definition and Scope of Engineering · Economics As stated earlier, efficient functioning of any business organization would enable it to provide…
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Types of Efficiency
Efficiency of a system is generally defined as the ratio of its output to input. The efficiency can be classified…
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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…
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Introduction to Economics
INTRODUCTION Ages ago, the most significant barriers to engineers were technological. The things that engineers wanted to do, they simply…
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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…
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The Macroeconomic Perspective
Macroeconomics focuses on the economy as a whole (or on whole economies as they interact). What causes recessions? What makes…
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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…
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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…
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Demand, Supply, and Efficiency
The familiar demand and supply diagram holds within it the concept of economic efficiency. One typical way that economists define…