Question

5. True or False? Higher productivity is necessary for a higher standard of living. Explain.

6. Define opportunity cost. What is the opportunity cost to you of attending college? What was your opportunity cost of coming to class today? Explain.

7. True or False? Economics and Engineering both involve the study of efficiency. Explain.

8. True or False? Research and development costs are relevant to both Economic and Engineering decisions. Explain.

9. A manufacturing firm's specialty circuit board division has annual fixed costs of $100,000 and variable costs of $20.00 per board. If they charge $100 per circuit board, how many circuit boards must they produce and sell in order to break even?

10. Compare and contrast the process of engineering decisions with economic decisions.

Answer 1

5) True , As productivity is the measure of amount of good and services that re consumed on average in an economy. If determines the countries standard of living. Such that if there is faster growth in productivity there is a better of standard of living.

6) Oppurtunity cost is the benefit that you gave up to obtain another course of item.

The oppurtunity cost of attending a class is the money that can be earned if I work in that time or the time I would enjoying playing any game.

The oppurtunity cost of coming to class today is either listening to lecture and gaining knowledge of meeting my friends.or waking up early to reach the class on time.

7) True, Economy and Engineering in both the courses we study to use the limited resources in a effective way by minimizing it wastage.

8) False, Research and developemt are cost only in Engineering not in Economics. In economics there will be overview of the development where as in engineering there will be outcome to be generated from R&D