How Engineering Economy helps engineers for optimized decision?

Expert Solution

Economics isn't just about supply and demand and taxes. Economics means making good decisions based on al pros and cons. And engineer needs economics because they might also own a home, buy a refrigerator, or invest in the stock market someday. An introductory knowledge of economics makes for a well-rounded human being.

But economics will also help you to get a different viewpoint of the math you do. Fluid dynamics and other engineering problems require the Monte Carlo Method. Economists use stochastic modeling. Both maths are the same, but have different uses. Sometimes if a problem is too hard, you can think about it as an economics problem. It's like learning a second language.

samet mamat answered 2 years ago

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