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What is the difference between equivalent and alternate substitutions?

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What is the difference between equivalent and alternate substitutions?

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A. The fact that there are so many different magnet material producers making so many different grades of rare earth magnets makes it even more important that material substitutions be evaluated. An equivalent circuit would perform the same as the original circuit, whereas an alternate circuit would have different performance characteristics. Simple substitution of lower grade, less expensive material into an established circuit design almost always results in an alternate circuit, with performance inferior to the original circuit.

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