Some of the following problems would be suitable for solution by engineering economic analysis. Which ones are they? (a) Would it be better to buy a hybrid car? This decision is more likely economical than emotional, a hybrid car will cost more now but it will be efficient and overall costs will be less in future operations. It has has high fuel efficiency. (b) Should an automatic machine be purchased to replace three workers now doing a task by hand? This decision is more economical than emotional, an automatic machine will cost more now, but less in the future (with fewer maintenance costs). On the other hand, three workers will seem to be cheaper in the short term but in long term (in future) their overall costs will be higher

1-2: Some of the following problems would be suitable for solution by engineering economic analysis. Which ones are they?
(a) Would it be better to buy a hybrid car?
This decision is more likely economical than emotional, a hybrid car will cost more now but it will be efficient and overall costs will be less in future operations. It has has high fuel efficiency.

(b) Should an automatic machine be purchased to replace three workers now doing a task by hand?
This decision is more economical than emotional, an automatic machine will cost more now, but less in the future (with fewer maintenance costs). On the other hand, three workers will seem to be cheaper in the short term but in long term (in future) their overall costs will be higher.

(e) One of the people you might marry has a job that pays very little money, while another has a professional job with an excellent salary. Which one should you marry?
These are both a mix between emotional and economic, one must weigh out the differences and assign importance values. For instance, how much better salary worth than a person you would just love with no good job. It is important to employ economic based analysis in order to arrive at a good decision, emotional battles should be subjected to economic analysis.

 

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