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Question: what are benefits how do we estimate costs and benefits...

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What are benefits? How do we estimate costs and benefits? Is there a difference when we estimate a known project vs. a new project? What are the estimating models and what are the difference between them? What are the basic definitions of the following terms: cost, benefit, sunk cost, production cost, opportunity cost, marginal cost, overhead cost, profit, deficit, break even point,interest, compounding, supply, demand, price, value, money, GDP present value, future value, annuities [Be able to differentiate between concepts with examples NOT from the book) What is a cash flow diagram? Be able to indicate the different parts of the diagram How do we usually write positive cash flows How do you write a cash flow with both positive and negative cash flows? How do you transform a cash flow into a table and viceversa?
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