"How does chemical equilibrium affect reaction rates in chemical engineering? Discuss its significance in determining the extent of reactions and establishing optimal conditions for process efficiency. Explain Le Chatelier's Principle and its application in shifting equilibrium to favor desired products. Provide examples of how understanding equilibrium principles guides the design of industrial processes, such as ammonia synthesis or petroleum refining. Highlight the importance of equilibrium concepts in ensuring product quality and maximizing yield in chemical engineering applications."