Describe how it may be feasible in an engineering economic analysis to consider the following different situation in terms of monetary unit.

a. A piece of equipment that is being considered as a replacement for an existing item has greater reliability; that is the mean time between failures (MTBF) during operation of the new equipment has been increased 40% in comparison with the present item.

b. A company manufactures wrought iron patio furniture for home market. Some changes ion the material and metal treatment, which involve increased manufacturing costs, are being considered to significantly reduce the problem of rusting.

c. A large foundry operation has been in the same location in a metropolitan area for the past 35 years. Even though it is in compliance with current air pollution regulations, the continuing residential and commercial development of that area is causing an increasing expectation on the part of local residents and improved environmental control by the foundry. The company considers community relations to be important.