(Answered) : Assignment: 1. Explain the concepts of economics and describe the role of engineering economics in your organization. State the pr

Assignment: 1. Explain the concepts of economics and describe the role of engineering economics in your organization. State the process of decision making process, identify and describe the nature and types of any three engineering economic decisions in your organization with full details. 6 marks 2 Why cost components in engineering economic studies play an important role evaluating the projects? Describe your answer with good examples. How would you classify the costs of products/ services in your organization to forecast cost behavior? Show your calculations with proper justification for at least three products/services of your choice. 7 marks What is