Engineering economy is the monetary side of the decisions that engineers make or suggest as they work to position a firm to be profitable in a highly competitive market. The mission of engineering economy is to balance these trade-offs in the most economical manner. An engineer who is unprepared to do extremely well at engineering economy is not property equipped for his or her job. Write a summary of no more than 400 words to critically discuss and elaborate any four principles of Engineering Economy with appropriate explanations. (10 marks) In Engineering Economic Analysis, learning curve, indexes and power-sizing technique are important concepts. (b) Team of university students designing a solar car for a green energy competition. The time required for the team to assemble the first car is 100 hours. Their learning rate is 70+10%, which means that as output is doubled, their time to assemble a car is reduced by at most 20%. Use this information to determine (1 mark) (1 mark) i.the shortest time it will take the team to assemble the 10th racing car; ii. the total shortest time required to assemble the first 10 nos. of racing cars; iii. the estimated cumulative (shortest) average assembly time for the first 10 nos. of racing cars; iv. the probable effects of human uncertainty. (1 mark) (3 marks) (e) Suppose that an electricity company desires to make a preliminary estimate of the cost of building a 600-MW fossil-fuel plant for supplying reliable power. It is known that a 200-MW plant cost $100 million 20 years ago when the approximate cost index was 400, and that cost index is now 1,200. The cost-capacity factor for a fossil-fuel plant is 0.79. Using the power-sizing model to estimate the cost of the 600-MW plant and propose how to consider the effect of uncertainty in your calculation. (4 marks)