Some of the following problems would be suitable for solutionby engineering econ

Question

Some of the following problems would be suitable for solutionby engineering economic analysis. Which ones are they? (a) Would it be better to buy a car with a diesel engine or agasoline engine? (b) Should an automatic machine be purchased to replace thereeworkers now doing a task by hand? (c) Would it be wise to enroll for an early morning class to avoid traveling during the morning traffic rush       hour? (d) Would you be better off if you changed your major? (e) One of the people you might marry has a job that pays verylittle money, while another has a professional job with anexcellent salary. Which one should you marry? Some of the following problems would be suitable for solutionby engineering economic analysis. Which ones are they? (a) Would it be better to buy a car with a diesel engine or agasoline engine? (b) Should an automatic machine be purchased to replace thereeworkers now doing a task by hand? (c) Would it be wise to enroll for an early morning class to avoid traveling during the morning traffic rush       hour? (d) Would you be better off if you changed your major? (e) One of the people you might marry has a job that pays verylittle money, while another has a professional job with anexcellent salary. Which one should you marry?

Explanation / Answer

(a) Would it be better to buy a car with a diesel engine or agasoline engine? This decision is more likelyeconomical than emotional, a diesel car will cost more now, butless in the future (high capital but low operating expenses) - theopposite is true for gasoline
(b) Should an automatic machine be purchased to replace thereeworkers now doing a task by hand? This decision is more likelyeconomical than emotional (unless you have an attachment to givingpeople jobs), machine will cost more now, but less in the future(only repairs and upkeep) (high capital but low operating expenses)- the opposite is true for people (no real capital, highoperating)
(c) Would it be wise to enroll for an early morning class toavoid traveling during the morning traffic rush hour? This decision is an emotional battle- no matter what you will save money by doing the earlier class,but is it worth it? This is not economic analysis, unless youare analyzing the cost of getting up in the morning versus timelost in a car.
(d) Would you be better off if you changed your major? (e) One of the people you might marry has a job that pays verylittle money, while another has a professional job with anexcellent salary. Which one should you marry? These are both a mix betweenemotional and economic - you must weight out the differences andassign importance values. For example, how much is a bettersalary worth versus doing something youi doing enjoy for a job. Howeer, ALL EMOTIONAL BATTLES MUST BE ATTACKED BY AN ECONOMICBASED ANALYSIS - all of these are to be structured economically,even if they do not dea with money, they still deal withvalue.
Hope that helps (a) Would it be better to buy a car with a diesel engine or agasoline engine? This decision is more likelyeconomical than emotional, a diesel car will cost more now, butless in the future (high capital but low operating expenses) - theopposite is true for gasoline
(b) Should an automatic machine be purchased to replace thereeworkers now doing a task by hand? This decision is more likelyeconomical than emotional (unless you have an attachment to givingpeople jobs), machine will cost more now, but less in the future(only repairs and upkeep) (high capital but low operating expenses)- the opposite is true for people (no real capital, highoperating)
(c) Would it be wise to enroll for an early morning class toavoid traveling during the morning traffic rush hour? This decision is an emotional battle- no matter what you will save money by doing the earlier class,but is it worth it? This is not economic analysis, unless youare analyzing the cost of getting up in the morning versus timelost in a car.
(d) Would you be better off if you changed your major? (e) One of the people you might marry has a job that pays verylittle money, while another has a professional job with anexcellent salary. Which one should you marry? These are both a mix betweenemotional and economic - you must weight out the differences andassign importance values. For example, how much is a bettersalary worth versus doing something youi doing enjoy for a job. Howeer, ALL EMOTIONAL BATTLES MUST BE ATTACKED BY AN ECONOMICBASED ANALYSIS - all of these are to be structured economically,even if they do not dea with money, they still deal withvalue.
Hope that helps

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