Introduction to Engineering Economy

_______ is the discipline concerned with the economic aspect of engineering.

• Engineering Economy

• Engineering Economics

• Engineering

• Economy

______ is the application of economic techniques to the evaluation of engineering alternatives

• Engineering

• Engineering Economy

• Engineering Economics

• Econnomy

A situation where a service is supplied by a number of vendors, and there is nothing to prevent additional vendors

• Monopoly

• Perfect Competition

• Oligopoly

• Market

there are few suppliers of service that action by one will result in similar action by the others

• Monopoly

• Perfect Competition

• Oligopoly

• Market

“…the quantity purchased varies inversely with price.”

• Law of Diminishing Returns

• Law of Demand

• Law of Supply and Demand

• Law of Supply

the sum of fixed capital and working capital which is being put up in a project with the aim of getting a profit

• Demand

• Investments

• Supply

• Interest

Economic law that relates the producer service and cost of service

• Law of Supply and Demand

• Law of Diminishing Returns

• Law of Demand

• Law of Supply

Unitary elasticity of demandoccurs when the mathematical product of volume and price is constant

• True

• False

ElasticDemand occurs when a decrease in the selling price produces less than a proportionate increase in sales.

• True

• False

the quantity of a certain commodity that is offered for sale at a certain price at a given place and time

• Demand

• Supply

• Luxuries

• Necessities