Course Description: Introduction to making economic decisions, supply, demand and equilibrium in economics, ethical considerations and ethical dilemmas, Pareto efficiency, investment and cost analysis, time value of money, cash flow, the present value of a cash flow, rate of return of a project, cost-benefit study, breakeven analysis, evaluation of alternatives under budget constraint, sensitivity analysis of economic decisions with respect to changes in economic factors, expected value and economic decision-making under uncertainty, taxes, subsidies and rationing defender challenger problem and replacement analysis, inflation, computer-aided engineering economics using spreadsheets. This course is a requirement for engineering majors, and may also contribute to the Professional Practices Thematic Cluster.
Curriculum: Required for electrical and mechanical engineering
Prerequisites: MAT 152
Instructors: Mehrdaad Ghorashi
Delivery: Lecture 3 hrs.
Frequency: Spring, even year (see the Course Offering Plan)