Important question

MG6863 Engineering Economics Important questions Regulation 2013 Anna University

MG6863 Engineering Economics Important questions

MG6863 Engineering Economics Important questions Regulation 2013 Anna University free download. Engineering Economics MG6863 Important questions pdf free download.

Sample MG6863 Engineering Economics Important questions:

1. What is elasticity of demand?

Elasticity of demand may be defined as „the degree of responsiveness of quantity demanded to a change in price‟.

2. Define the term „cost‟.

Cost may be defined as a total of all expenses incurred, whether paid or outstanding, in the manufacture and sale of a product.

3. What is opportunity cost?

Opportunity cost may be defined as the potential benefit that is given up as an alternative course of action is sought. In other words, the expected return of benefit for gone in rejecting one course of action for another.

(mg6863 engineering economics important questions)

4 . What do you mean by marginal cost?

The Institute of Costs and Works Accountants of India defined marginal cost as, “the amount at any given volume of output by which aggregate costs are changed, if the volume of output is
increased or decreased by one unit”.

5. Explain marginal costing?

Marginal costing is defined by the ICWA as, “the ascertainment by differentiating between fixed costs, and variable costs, of marginal costs and of the effect on profit of changes in volume or type of output”. (mg6863 engineering economics important questions)

6. What is meant by marginal revenue?

The revenue that can be obtained from selling one more unit of product is called marginal revenue.

7. Give a short note on sunk cost. (M/J 2012)

A cost which was incurred or sunk in the past and is not relevant to the particular decisionmaking is a sunk cost or sunk loss. It may be variable or fixed or both.

8. List out the elements of cost.

The elements of cost are
a. Materials
b. Labour and
c. Expenses. (mg6863 engineering economics important questions)

Subject Name Engineering Economics
Subject Code MG6863
Regulation 2013
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