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Note: the following is my opinion but is based on facts.
Engineering is a great applied science that studies how to make solutions to practial, scientific problems. While engineering deals with how to solve these problems, economics is the complementary science of how to optimise these solutions. Economics analyses production mathematically and statistically. For engineering, microeconomics is the invaluable tool to determine optimisation with given resource constraints (mostly by Lagrangian multi-variate methods). Game theory analysis can help determine incentive structures engineering systems should take to make proper human actions. The best use of economics in engineering is to apply these solutions to different engineering solutions in order to achieve Pareto efficiency, or economic, efficiency (ironically, Pareto was an engineer himself). The best solutions in engineering are not always the best-designed or the ones of highest quality but also the ones which are cost-effective and effiicent given constraints. Economics can master these concepts.
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoEngineering economics is the application of economic techniques to the evaluation of design and engineering alternatives. The role of engineering economics is to assess the appropriateness of a given...
Wiki User
∙ 10y agoIn order to determine the benefit of a process versus a cost. Construction is always paid for by someone, and engineers must understand the costs associated with their work.
Wiki User
∙ 11y ago;l
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If resources were abundant there would have been no need to study economics?
if resources were in abundant there would have been no need to study economics why? what is production
Justify why it is important to study economics?
It is important to study economics so that you understand the market. You need to understand why you pay what you do for the things you value.
What subject do you need to study home economics?
food technology
Why do managers need to study economics?
1. Being a manager, why should you have some basic understandings about economics?
What does the study of economics include?
Economics is the study of wealth and its distribution.
If resources were abundant there would have been no need to study economics?
if resources were in abundant there would have been no need to study economics why? what is production
Justify why it is important to study economics?
It is important to study economics so that you understand the market. You need to understand why you pay what you do for the things you value.
What subject do you need to study home economics?
food technology
Why do managers need to study economics?
1. Being a manager, why should you have some basic understandings about economics?
How many years does a mechanical engineer need to study?
5
How can you be economist?
Study economics at a university or college. Although you do not have study economics to become one. You need to have very good quantitative skills and be good at analyzing markets
How can you be an economist?
Study economics at a university or college. Although you do not have study economics to become one. You need to have very good quantitative skills and be good at analyzing markets
What is the study of how a country makes and uses the things its people need?
economics
What does the study of economics include?
Economics is the study of wealth and its distribution.
Why should you need to learn economics as an civil engineer?
You may not need to, but learning more about anything will make your a better employee and more employable.
Why is it necessary to study economics?
Because Economics is a Study of Body of Knowledge.
What is the study of economics an important exercise?
why is the study of economics an important exercise
