Note for Engineering Economics - EE By Asif Syed

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MEWAT ENGINEERING COLLEGE Engineering Economics [hum-201-f] Lecture Notes -cumQuestion bank Prepared by Nazim Ali Khan Department of Mechanical Engineering

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Index Syllabus 1 Definition of economics 2 Utility analysis 15 Demand 23 Production 36 Theory of cost 41 Market 50 Supply 54 Indian economy 61 Short questions Section a 73 Section b 77 Section c 81 Section d 86 Long questions Section a 89 Section b 97 Section c 108 Section d 116

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ENGINEERING ECONOMICS [HUM-201-F] MEWAT ENGINEERING COLLEGE WAQF SYLLABUS ENGINEERING ECONOMICS [HUM-201-F] LTP 31- Class Work: 50 Marks Theory: 100 Marks Total : 150 Marks Duration of Exam.: 3 Hrs. NOTE: Examiner will set 9 questions in total, with two questions from each section and one question covering all sections which will be Q.1. This Q.1 is compulsory and of short answers type. Each question carries equal mark (20 marks). Students have to attempt 5 questions in total at least one question from each section. Section-A Definition of Economics - various definitions, Nature of Economic problem, Production possibility curve Economic laws and their nature. Relation between Science, Engineering, Technology and Economics. Concepts and measurement of utility, Law of Diminishing Marginal Utility, Law of equi-marginal utility - its practical application and importance. Section-B Meaning of Demand, Individual and Market demand schedule, Law of demand, shape of demand curve, Elasticity of demand, measurement of elasticity of demand, factors effecting elasticity of demand, practical importance & applications of the concept of elasticity of demand. Meaning of production and factors of production; Law of variable proportions, Returns to scale, Internal and External economics and diseconomies of scale. Section-C Various concepts of cost - Fixed cost, variable cost, average cost, marginal cost, money cost, real cost opportunity cost. Shape of average cost, marginal cost, total cost etc. in short run and long run. Meaning of Market, Types of Market - Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition (Main features of these markets) Section-D Supply and Law of Supply, Role of Demand & Supply in Price Determination and effect of changes in demand and supply on prices. Nature and characteristics of Indian economy (brief and elementary introduction), Privatization - meaning, merits and demerits. Globalisation of Indian economy - merits and demerits. Elementary Concepts of VAT, WTO, GATT & TRIPS agreement. PREPARED BY: NAZIM ALI KHAN 1

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ENGINEERING ECONOMICS [HUM-201-F] MEWAT ENGINEERING COLLEGE WAQF SECTION A UNIT I DEFINITION OF ECONOMICS PREPARED BY: NAZIM ALI KHAN 2