The Cost Of An Engineering Student

• A situation where a reduction in production will result in less overhead allocated to the respective product

2 Reduced waste: With improved systems there would be reduction in waste and fewer defects in the products. This will help in adding to the profits. Logistical improvements will help in better organisation of physical space required and viable transportation and reduction in the waiting times for the materials required, thus giving lesser room for wasting time.

Throughout this task I will do my best to explain how firms determined to maximize profit do just that. Specifically I will delineate how such firms choose the optimum level of production or output for the goods they produce and how they behave with respect to various elevations of marginal revenue. In my attempt it will be appropriate for me to clarify the definitions of various economic terms in order to assure a proper understanding of my thoughts on this topic, I will provide these definitions throughout.

In order for any business to be successful they would need to know how to make the most profit for the goods they are producing and selling.

If a company can make a profit with low expenses, then they have succeeded in profit maximization. Companies strive to make a profit, but if they can reach their profit maximization then that’s even better.

How would you feel if money were no object when it comes to obtaining something you really want, and know it will be of great benefit to you in exchange? In fact, what if I told you that a post secondary education can be of no cost to you or your parents, meaning no high interest rates, or additional fees to pay back. All you need is the desire to better your circumstances. No loan applications and debt required! Well, I wish that had been offered this proposition before graduating high school, and not worry about whether or not my parents could afford to send me to a traditional 4-year college. We are all currently sitting in this classroom to satisfy one of many required courses in hopes to obtain a diploma in return. Some may even be looking to transfer into a 4-year college or university. Unfortunately, the cost of college education is expensive and for many is a deterrent, and loans do not make it any more enticing. The burden in repaying student loans is enough to discourage many from ever stepping foot into a college classroom. However, as demands to fill high-paying positions in the job market increases, many are going vacant as most require college degrees. For many Americans today, high costs of colleges make it difficult to consider. Today I would like to talk about first, the problems of high costs in post secondary education, second, how this proposal has been a debate, especially among recent presidential hopefuls, and finally how a community with tuition-free

As the cost of college education continues to rise exponentially year-by-year, politicians are talking about either or not to make it free. Presidential candidates like Bernie Sanders raise the point of making all public colleges free, and others like Hillary just want to end student debt. Making college a free and accessible to anyone sounds like a great idea, in theory, but in the United States it is not so feasible. At least; not the way some politicians plan on making it free. Reasons for which making it free would not work is that in the end, it will be damaging to the U.S. economy. Bernie Sanders wants to raise tax on the rich, the primary source of money in the U.S., but also get most of the money for this program through a tax called “Financial Transactions Tax” or FTT. To put it simply, for every transaction made in the financial markets, the tax will be of one basis point (.01 percent). Doesn’t sound terrible, right? Well not for household traders, but in companies that trade billions each day, that number is drastically larger. Another reason for which this will be damaging is that since all the money funded through this project is from Wall Street, some years could see a drastic shrink in money earned. That ties into the last point that short-term gains are very visible, but in the long run less money will be funneled to this program. So although free college may seem like a worthwhile plan for the United States, the possibility of this plan going into fruition

Cost has traditionally being a major influence on all business as all businesses desire to achieve maximum efficiency as it is a vital factor for businesses in order to reach the ultimate goal and success. Businesses sees cost as the key value to success and aims to become as much cost efficient as possible, by implementing a cost-leadership style approach to the operations variable cost or fixed cost ,while maintain the expected profit margin, business is able to gain a competitive advantage over their competitors in their target market. This is called cost-based competition. By determining the break-even point and applying cost saving strategies, to reducing cost, businesses who apply cost-based competition in their operations is able to maximize the profits and lead business to success.

The application of assembly lines in manufacturing increased production rates because workers were able to complete the construction of products much faster. Back in the day, artifacts were made by different crafters so even the same artifacts would vary depending on the crafter that built them. Also whatever artifact that a crafter created would be expensive since it takes its time consuming which meant that he wouldn 't have made much of it. However, assembly lines have helped changed this for the better. For example, Ford 's industry was able to make all of their cars exactly the same and this was only possible because the parts used to assemble these cars like the tires, gas tanks, and valves were all interchangeable.

Internal efficiency through the decrease of marketing costs, reduction of order taking and fulfillment costs and improving the retention rates of our customers.

By reducing the introduction of new products, cost such as product development, R&D and advertising can be avoided.

The manufacturing cost can be lower as the rearrangement of the production line to meet urgent order can be minimize or even eliminated.

Since the issue of the company’s declining profit margin has arisen, the company has been dealing with both macro and micro problems within the organization. On the macro level, the company need to deal with their operational goals since this is the issue at hand. The company’s profit margin has decreased as a result of not focusing on their operational target. Before implementing the project, Mr. West needs to take into consideration all the pros and cons of

or increasing follow of profit. These will be done in order to be able to

This gives the illusion of lower cost of goods sold (and thus higher profits) but it is, in fact, just a temporary capitalizing of the fixed manufacturing costs due to inventory build up.