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1) A good understanding of engineering economics for engineers is extremely important because of a) Engineering Answers must be safe b) Engineering Answers must be technically sound c) Engineering Answers must be economically attractive d) Engineering Answers must be implementable 2
1) A good understanding of engineering economics for engineers is extremely important because of
a) Engineering Answers must be safe
b) Engineering Answers must be technically sound
c) Engineering Answers must be economically attractive
d) Engineering Answers must be implementable
2. An example for variable cost in a typical manufacturing plant is:
a) Equipment cost
b) Property taxes
c) Building cost
d) Labor cost
3. Decision making in engineering economy always involves choosing the
a) alternative with the longest life
b) alternative with the shortest life
c) alternative with the largest annual benefit
d) alternative that is the most cost-effective
Expert Solution
1. A good understanding of engineering economics for engineers is extremely important because of d) Engineering Answers must be implementable. Engineering economics is the application of economic principles to engineering problems. It involves engineers to make decisions with respect to evaluation of the costs and benefits of projects involving engineering design. These decisions are implemented when projects are executed. Therefore, engineering answers should capture the principles of economics very well.
2. An example of variable cost in a manufacturing plant is d) labor cost, since the cost varies with each unit of output.
3. Decision making in engineering economy always involves choosing d) the alternative which is most cost effective. Engineering economics involves analysis of engineering decisions and evaluation of engineering projects that are feasible and cost effective.
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