Engineering economics is mainly concerned with
a) IRR
b) ERR
c) B/C ratio
d) profit
d) profit
Explanation: Engineering economics focuses on evaluating the economic viability of engineering projects. While methods like IRR, ERR, and B/C ratio are used for analysis, the ultimate concern is profitability and ensuring that projects yield financial benefits.
According to law of supply, if the price of goods increases then the demand of articles
a) increases
b) decreases
c) constant
d) all of the above
a) increases
Explanation: The law of supply states that, other things being equal, an increase in the price of a good leads to an increase in the quantity supplied. Producers are willing to supply more at higher prices to maximize profit.