Pr o b l e m 6.1 Define physical efficiency and economic efficiency. Describe the differ- ences betw

Problem 6.1 Define physical efficiency and economic efficiency. Describe the differ- ences between them using your own examples for each.

Problem 6.2 What is engineering economics as a field of study? What is the role of uncertainty in engineering economics?

Problem 6.3 What are the types of costs associated with economic analyses? Classify them with simple examples using engineering applications.

 

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