Analysis: the equivalent relationship of this question is: working time = total workload ÷ work efficiency. According to the meaning of the question, it can be concluded that the total workload of team A+the total workload of team B = 1, from which the equation can be listed and solved.

(1) solution: solution: it will take x days to set up the b engineering team to complete this project alone.

According to the meaning of the question:10x+(1/x+1/40) × 20 =1,

Solution: x=60,

It is verified that x=60 is the solution of the original equation.

Answer: It will take 60 days for Team B to complete this project alone.

(2) Solution: It takes two teams y days to complete this project.

According to the meaning of the question: (1/40+1/60) y =1,

Solution: y=24,

Answer: It will take 24 days for two teams to complete this project together.