Description: Covering detailed discussion of fundamental concepts of economics, the textbook commences with comprehensive explanation of theory of consumer behavior, utility maximization and optimal choice, profit function, cost minimization and cost function. The textbook covers methods including present worth method, future worth method, annual worth method, internal rate of return method, explicit re-investment rate of return method and payout method useful for studying economic studies. A chapter on value engineering discusses important topics such as function analysis systems techniques, the value index, value measurement techniques, innovative phase and constraints analysis in depth. It facilitates the understanding of the concepts through illustrations and solved problems. This text is the ideal resource for Indian undergraduate engineering students in the fields of mechanical engineering, computer science and engineering and electronics engineering for a course on engineering economics/engineering economy.
Brief description: Brajesh Kumar is currently serving as an Associate Professor at the National Institute of Financial Management (NIFM), Faridabad. He has more than 17 years of teaching, training consultancy and research experience. His areas of interest include mathematical economics, business economics, managerial economics, computer applications in economics, research methodology and econometrics. He has published several papers in journals of national and international repute.