Micro-Economics for Engineers

It is important to study the economic behavior of consumers, firms and also their interactions at the market place for managers and engineers as it provides a sound basis for decision-making. The relevant topics include demand, cost, pricing and market structure. The study of these topics helps frame principles and rules to attain the desired economic goals of management. 

Objectives 

After studying this unit, you should be able to 

• describe how consumers make their decisions to buy what goods and services and how much, 
• describe how to optimist their purchase/consumption given the constraint of their income (budget) and prices of goods and services so as to maximize the satisfaction or utility derived from such consumption, 
• discuss the extent to which they can substitute under different forms of market structure, and 
• analyse above mentioned decisions from firms point of view.