Stewball, Tim's racehorse has won 3 of its last 4 weekly races. On the night before Stewball's 5th race he appeared to be ill, so at 3 am Tim called Victor the regular vet for Tim's stable, who promised he would be there right away, but Victor fell asleep again and didn't make it. Tim withdrew the horse from the race. Later another vet discovered the horse had only been stung by a wasp and fit to race. Tim claims from Victor:
aReimbursement for the other vets' bill of $170.
bForfeited entry fee for withdrawing the horse of $400.
cLost prize winnings of $35,000 if Stewball had come first.
dLost bets of $35,000 if Tim had put $5,000 on at 7 to 1 as he usually did.
eLoss of Tim's reputation as a reliable race entrant, estimated by Tim at $20,000.
Victor admits that he should not have gone back to sleep and is willing to pay $10,000 to settle the issue, but Tim refuses to accept this and while the dispute is unsettled Tim will not allow Stewball to race. Each week as Stewball misses a race, Tim adds another $70,000 to his claim. How do you think these issues would be resolved?
Question 13 Value engineering describes which of the following? A. Using engineering to deliver value to customers B. A group of techniques that is used to examine past decisions and current trade offs in designing alternatives C. A group of techniques used to evaluating engineering alternatives D. All of the above Question 14 In an economic decision making, when the inputs and outputs are fixed, the criterion to use is minimize the input.(TRUE/FALSE)? Question 15 Most engineering projects that have economic consequences have to be justified using economic decision making methods (TRUE/FALSE)? Question 16 In engineering economic cost is a decision making tangible factor.(TRUE/FALSE)?a. What is cost-benefit analysis? How would you apply cost-benefit analysis to your decision to go to college? What are the benefits and what are the costs of going to college? b. What happens to your analysis if the interest rate rises? What happens if the payoff period shrinks? Who is more likely to find college economically worthwhile: you for your 63-year-old professor? c. How would you apply cost-benefit analysis to environmental policy? What are the costs of pollution? What are the benefits? Who receives the benefits, and who bears the costs? When the benefits in the costs are received in different times, how can you compare them? What happens if you use a lower discount rate or a higher one?Suppose the central bank raises interest rates. Which statement is a logical explanation of how this will impact aggregate demand? Question 5 options: Higher interest rates cause an increase in savings and government spending, which leads to a reduction in aggregate demand. bj Higher interest rates attract funding from abroad, which provides an injection into the country's economy, raising aggregate demand. Higher interest rates cause reductions in investment in capital and houses, which reduce aggregate demand. dj Higher interest rates create a greater incentive for investments, which increases aggregate demand.Please tell me and your classmates about your thoughts on the following questions: 1. What is the marginal cost and marginal benefit? How do you use the concepts of marginal cost and marginal benet when making decisions daily? The goal is for us to evaluate how often we use a benefit-cost analysis in marginal terms in our daily lives, without realizing it, and how to improve our decision-making after a careful evaluation of all relevant costs and benets involved. 2. What is your opportunity cost of attending classes on campus? For the purposes of keeping things simple, focus on finding the opportunity cost. expressed as a dollar amOunt of your opportunity cost of attending a onehour class on campus. First, find all yOur alternatives to attending class. Then assign a dollar value to each aloemative. Next rank your alternatives, and last, based on the highest ranked alternative, share your opportunity cost. Since you have made the decision to take this course online, how would your opportunity cost compare to that of another student already taking the same course on campus. Explain
