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The goal is to replicate a real life product development and familiarize students with the invent process of a system, component, or process to meet desired wants within realistic constraints such as economic, environmental, social, political, ethical, health and safety, manufacturability, and sustainability.
Requirements
a. Make a problem statement.
- Recognize the need and criteria for acceptability
Short run production period and long run production period: The short run is a period of production during which some factors of production are fixed and some too are variable
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(a) Explain why the Pareto criterion does not provide a complete ordering of the ordinal utility space (b) The competitive equilibrium is the only allocation where the gain
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