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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define economic life in your own words.
💡 Hint: Consider how costs change over time.
Question 2
Easy
What is downtime?
💡 Hint: Think about machine's operational time.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does economic life refer to?
- A. The cost of running a machine
- B. The optimal time to continue using a machine
- C. Both A and B
- D. None of the above
💡 Hint: Focus on cost-effectiveness.
Question 2
Is downtime a cost?
- True
- False
💡 Hint: Think about productivity impacts.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Calculate the total projected maintenance costs and downtime costs for a machine over its 8-year economic life, including annual increases and downtime percentages.
💡 Hint: Accumulate yearly costs for a total across the economic life span.
Question 2
Discuss the implications of obsolescence if a similar model with advanced technology comes to the market after five years.
💡 Hint: Consider competitive advantages of updated technology.
Challenge and get performance evaluation