Completely and thoroughly explain how the concepts of Engineering Economy could be used to help a...

60.1K

Verified Solution

Question

Mechanical Engineering

Completely and thoroughly explain how the concepts ofEngineering Economy could be used to help a company that makespaper products make a decision on whether or not they should investin new equipment. You will need to include more information thatwhat is presented in the lecture transcript for EngineeringEconomy.

Answer & Explanation Solved by verified expert

4.4 Ratings (881 Votes)

WHAT IS ENGINEERING ECONOMY It is the collection of techniques that simplifies comparision of alternatives on an economic basis it tell various methods and process that gives same results but in most economical way It basically deals with justification and selection of projects at industry level The principles of engineering economy is on the basis of profit maximization from limited amount of resources for example let us consider a Manufacturing company X which hires labours on contract basis say for 2 months because they planned a project in such a way that for that 2 months they require labour of that particular skill that the company is in search of and for rest of the year they hire normal labour for other work in such process man power is minimized and their wages also Now according to question a paper product See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member