Lecture Engineering economy - Chapter 8: Price changes and exchange rates

Lecture Engineering economy - Chapter 8: Price changes and exchange rates. After completing this section, you will understand knowledge about: how inflation/deflation is dealt with in engineering economy studies; our assumption of constant prices for goods and services is generally not the case. General price inflation increases the average price of goods and services over time, while deflation results in a decrease in average prices (certainly a more rare circumstance);...