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Explain the Fundamental Principles of Engineering Economy. Cite and example.
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- What do engineering economic decisions refer to?Which of the following stnLcmcnts is not one of the four fundamental principles of engineering economics?(a) Receiving a dollar today is worth more than a dollar received in the (future.(b) To expect the highest return on investment, you need to take a higher risk.(c) Marginal revenue must exceed the marginal cost to justify any production.(d) When you are comparing different alternatives. you must not focus only on differences in alternatives.What is a project? (speaking of economic engineering)