After successfully completing this chapter, learners will be able to:
Describe and explain various cost types and distinguish among them.
Explain various types of price and demand relationships.
Develop mathematical expressions, relationships, or equations for:
Price and demand
Total revenue function
Total profit function
Demand levels that result in maximum revenue, maximum profit, and breakeven points
Solve real-world, scenario-based problems using mathematical expressions and equations.
Use MS Excel to:
Develop tables and graphs for fixed cost, variable cost, total cost, unit price, total revenue, and total profit across a range of demand levels
Identify maximum profit, maximum revenue, and breakeven points
Analyze various future scenarios by changing key economic design parameters, such as
fixed cost,
variable cost, and
unit price
Analyze and evaluate a variety of economic scenarios.
Design, develop, and create new, profitable economic business models.
Test and assess their understanding through a wide range of question types, including those commonly found on standardized exams such as the Professional Engineer (PE) and Fundamentals of Engineering (FE) exams:
Written responses
Both short and long formats
Multiple choice questions
Finally, become an independent learner by taking responsibility for your own continuous learning, development, and growth.
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