This is Engineering economics subject... Please Answer the following in your own words. 1. Define independent project. 2. What is the difference of mutually exclusive versus independent project? 3. Differentiate unlimited and budget constrained independent projects.

This is Engineering economics subject... Please Answer the following in your own words. 1. Define independent project. 2. What is the difference of mutually exclusive versus independent project? 3. Differentiate unlimited and budget constrained independent projects.

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter4: Economic Evaluation In Health Care

Section: Chapter Questions

Problem 7QAP

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Question

This is Engineering economics subject...

Please Answer the following in your own words.

1. Define independent project.
2. What is the difference of mutually exclusive versus independent project?
3. Differentiate unlimited and budget constrained independent projects.

Application of economic techniques to the evaluation of design and engineering alternatives. The role of engineering economics is to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint.

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b. An engineer can do required computations in 3 hours or she can delegate the work to an engineering aide. If the work is delegated, it will take 0.75 hour to explain the computational procedure and 0.50 hour to check the results. The actual calculations will take 4 hours to do if done by the aide. If the engineer receives a salary of $34,000 per year and the aide $17,200 per year, what are the comparative costs for each of the methods for a working year of 2080 hours?
Please answer question with details on how to do it. Thank you.