Comparison of Free Market Economy and Mixed Economy Systems Essay

Comparison of Free Market Economy and Mixed Economy Systems - Essay Example This can ensure that qualified medical care practitioners and welfare personnel receive prior training before employment. This ensures that the low earning bracket can access a minimal, equal level of up-to-standard medical care and treatment just like the high-income society members (Anderton, 2008). However, some officials may embezzle government funds while taking advantage of the welfare program. Medical practitioners may see an investment in their course of private practice. Some individuals may want a higher level of medical care than is available from the governing body and may lack freedom to choose. In some industries, the corporate sector experiences increased regulation resulting to decreased corporate greed. An adverse instance would be the Enron case that caused numerous workers to leave without proper retirement packages. This corporation, which the government controls, would control this greed, thus shielding the rights of people (Anderton, 2008). The modes of retireme nt in an entity that operates in a free market would yield promising returns for employee investments.. A corrupt administration can cut down retirement benefits into reserves of few. When entities facilitate businesses in a fixed economy, individual relationships may favor and push someone ahead when they cannot trace other methods. This holds a downside in business ethics in most mixed economy markets. USA citizens would find this issue debatable. Methods such as guanxi to fortify business initiatives, or business processes can result into bribery or corruption. A free market economy functions via voluntary exchange without control from a capitalist monetary system. A free market economy has numerous benefits to clients and businesses. Most demerits of... This essay is one of the best examples of comparison of the distinctive characteristics of free market economy and mixed economy types of system. In a mixed economy, the privatized businesses and the government share the control of monetary systems. A mixed economy market confers various advantages. In presentation of the fundamental advantages, it is pertinent to address every merit with a demerit to acquire a clear perspective of the differences between a free economy market and a mixed economy market. Foremost, the control level that the ruling government holds within a mixed monetary system causes it to hold a chief role in service delivery. The private domain has a responsibility to aid in building infrastructure and offer services. This may elicit an increase in efficiency. Owing to this, a problem would come up if the government refutes to ascertain the type of infrastructure it requires from the private entities. Production may fail to keep on track with demand and supply of the population and create a surplus, or scarcity of merchandise and services, contributing to loss of profits A free market economy functions via voluntary exchange without control from a capitalist monetary system. A free market economy has numerous benefits to clients and businesses. Most demerits of any economy lie within the issues of microeconomics, namely employment, laws, and wages. In current times, unemployment is a rampant factor that causes companies to commute overseas to nations like China.

Bangladesh :: essays research papers

The area know as Bangladesh was a political backwater instead of being involve in any of India political or military events the area which is call Bangladesh now just sat back and watch. Bengal which is what Bangladesh use to be call historians believe that Dravidian speaking people move in the area around 1000 B.C. and they were give the name Bang. This Home land had various names which reflected tribal names like Vanga, Banga, Bangala, Bangal, and Bengal. The first great empire that spread over Bangladesh was the Mauryan Empire, and the ruler was Asoka westeren parts of Bengal achieved some importance during Mauryan period. Buddhism was brought to Bengal by Asoka son when he took over. When Mauryan Period was over in eastern Bengal it became know as the kingdom of Samatata; although politically independent, it was a tributary state of the Indian Gupta Empire. The third great empire was Harsha Empire which drew Samatata into loosely administered political structure. The disunity in this empire allowed a Buddhist chief name Gopala to seize power over Bengal, and he started the first pala dynasty. Him and his succersors provide Bengal with there first stable government. Islamization of Bengal, 1202-1757   Ã‚  Ã‚  Ã‚  Ã‚  The Turkish took over Bengal in the early thirteen century. The take over was a long thought out process that began in Afghanistan with military forays Mahmud of ghazni. Bengal had loosely associated with Delhi Sultanate which was established in 1206. In 1341 they became independent from delhi, and Dhaka and established there independent governors of independent Bengal. The turks ruled for about seven dedcades before the conquest of Dhaka by forces of the Mughal Emperor Akbar the great. Bengal was under Mughal until the decline in the early eighteenth century. Under Mughal power Bengal was one of the richest empires of there time, and also a lot of things were created like there first calendar and also they started collected money on people house, and also there land. The British had a lot influence on there economic in the twentieth century. The country was drained from keeping up Mughals army, and he really did not do anything to help out the people of the count ry because over 40,000 slaves were caught by pirates and use as slaves. The locals had to force him to appoint powerful generals as governors. Although they were not protected well they manage to keep up there Agricultue expanded trade was still encourage, and Dhaka became one of the best textile trade.

Decision Making – Cost Accounting

Decisions Involving Alternative Choices Structure: 13. 1 Introduction Objectives 13. 2 Decision Making 13. 3 Types of Costs 13. 4 Types of Choices Decisions 13. 5 Make or Buy Decisions 13. 6 Addition / Discontinuance of a Product line 13. 7 Sell or Process Further 13. 8 Operate or Shut down 13. 9 Exploring New Markets 13. 10 Maintaining a desired level of profit 13. 11 Summary 13. 12 Terminal Questions 13. 13 Answers to SAQs and TQs 13. 1 Introduction In the previous unit we learnt about Marginal Costing.Marginal costing is the ascertainment of marginal cost and of the effect on profit of changes in volume by differentiating between fixed costs and variable costs. Marginal cost is the amount at any given volume of output by which aggregate costs are changed if the volume of output is increased or decreased by one unit. Marginal costing is a very useful tool for management because of its applications. It is used in providing assistance to the management in vital decision-making both s hort term and long term. Differential analysis is the process of estimating the consequences of alternative actions that a decision maker may take.It is used both for short term and long term decisions. Short term decisions relates to fixing price for the product, selecting a suitable product mix, diversification of the product etc while long term deals with capital budgeting decisions. Objectives After studying this unit, you should be able to:  · Explain the steps involved in decision making process  · Know various types of decision choices  · Analyze and interpret various decision choices 13. 2 Decision Making Decision making is the process of evaluating two or more alternatives leading to a final choice known as alternative choice decisions.Decision making is closely associated with planning for the future and is directed towards a specific objective or goal. Decision model contains the following decision-making steps or elements: 1. Identify and define the problem 2. Iden tify alternative as possible solutions to the problem. 3. Eliminate alternatives that are clearly not feasible 4. Collect relevant data (costs and benefits) associated with each feasible alternative 5. Identify cost and benefits as relevant or irrelevant and eliminate irrelevant costs and benefits from consideration. . Identify to the extent possible, non-financial advantage and disadvantage about each feasible alternative. 7. Total the relevant cost and benefits for each alternative 8. Select the alternative with the greatest overall benefits to make a decision 9. Implement or execute the decision 10. Evaluate the results of the decision made. 13. 3 Types of Costs A decision involves selecting among various choices. Non routine types of decisions are crucial and critical to the firm as it involves huge investments and involve much uncertainty.Short term decision making is based on relevant data obtained from accounting information.  · Relevant Cost are costs which would change as a result of the decision.  · Opportunity costs are monetary benefits foregone for not pursuing the alternative course. When a decision to follow one course of action is made, the opportunity to pursue some other course is foregone.  · Sunk costs are historical cost that cannot be recovered in a given situation. These costs are irrelevant in decision making.  · Avoidable costs are costs that can be avoided in future as a result of managerial choice.It is also known as discretionary costs. These costs are relevant in decision making.  · Incremental / Differential costs are costs that include variable costs and additional fixed costs resulting from a particular decision. They are helpful in finding out the profitability of increased output and give a better measure than the average cost. Self Assessment Questions: 1. Relevant Costs are costs which would _________as a result of the decision. 2. ___________ are historical cost that cannot be recovered in a given situation. 3.Opp ortunity costs are _________________for not pursuing the alternative course 4. ____________ is also known as discretionary cost. 13. 4 Types of Choices Decisions The application of incremental / differential costs and revenues for decision making is known as decision situations or types of choice decisions.  · Make or Buy decisions  · Selection of a suitable product mix  · Effect of change in price  · Maintaining a desired level of profit  · Diversification of products  · Closing down or suspending activities  · Alternative course of action  · Own or Lease  · Retain or Replace Change or Status quo  · Export or Local sales  · Expand or Contract  · Take or Refuse order  · Place special orders  · Select sales territories  · Sell at split-up point or process further. 13. 5 Make or Buy Decisions Make or buy decisions arise when a company with unused production capacity consider the following alternatives a) To buy certain raw materials or subassemblies from outside suppliers b) To use available capacity to produce the items within the company. c) The quality and type of item which affects the production schedule d) The space required for the production of item ) Any transportation involved due to the location of production facility f) Cost of acquiring special know how required for the item. Illustration 1: The Anchor Company Ltd produces most of its electrical parts in its own plant. The company is at present considering the feasibility of buying a part from an outside supplier for Rs. 4. 5 per part. If this were done, monthly costs would increase by Rs. 1,000 The part under consideration is manufactured in Department 1 along with numerous other parts. On account of discontinuing the production of this part, Department 1 would have somewhat reduced operations.The average monthly usage production of this part is 20,000 units. The costs of producing this part on per unit basis are as follows. |Material |Rs. 1. 80 | |Labour (half-hour) | 2. 40 | |Fixed overheads |0. 80 | |Total costs |5. 00 | Solution [pic] The company should continue the practice of producing the part in Department1. Illustration 2: ABC ltd plans utilize its idle capacity by making components parts instead of buying them from suppliers.The following are the data available for decision to make or buy: | |Unit cost | |Direct Material |12. 5 | |Direct Labour |8. 0 | |Variable manufacturing overhead |5. 0 | The company purchases the part at a unit cost of Rs. 30. The company has been operating at 75% of normal capacity. Fixed manufacturing cost is 17 lakhs. The cost to manufacture 50000 units is:    |Unit cost |Total cost | |Direct material |12. 5 |6,25,000 | |Direct labour |8. 0 |4,00,000 | |Variable manufacturing o/h |5. 0 |2,50,000 | |Total incremental cost |25. 5 |12,75,000 | |Cost to purchase part |30. |15,00,000 | |Net advantage in parts production |4. 5 |2,25,000 | Inference: The total incremental cost by producing the part in-house is Rs. 25 . 50 while the cost incurred on purchase of the part from suppliers is Rs. 30. 00. There is a clear advantage to the company to produce the part in-house. 13. 6 Addition or Discontinuance of a Product line or Process The decision to add or eliminate an unprofitable product is a special case of product profitability evaluation.When a firm is divided into multiple sales outlets, product lines, divisions, departments it may have to evaluate their individual performance to decide whether or not to continue operations of each of these segments. Illustration 3: The Hi-tech Manufacturing Company is presently evaluating two possible processes for the manufacture of a toy, and makes available to you the following information: |Particular |Process A |Process B | | |Rs. Rs. | |Variable cost per unit |12 |14 | |Sales price per unit |20 |20 | |Total fixed costs per year |30,00,000 |21,00,000 | |Capacity (in units) |4,30,000 |5,00,000 | |Anticipated sales (next year, in units) |4,00,000 |4,00,000 | You are required to suggest: ) Which process should be chosen? Substantiate your answer. ii) Would you change your answer as given above if you were informed that the capacities of the two processes are as follows: A 6, 00,000 units; B 5, 00,000 units? Why? Substantiate your answer. Solution Comparative Profitability Statement |Particular |Process A |Process B | | |Rs. |Rs. | |(i) Selling price per unit |20 20 | |Variable cot per unit |12 |14 | |Contribution per unit |8 |6 | |Total annual contribution (as per anticipated sales) |32,00,000 |24,00,000 | |Total fixed costs per year |30,00,000 |21,00,000 | |Total Income |2,00,000 |3,00,000 | |Process B may be chosen |   |   | |Total contribution (if utilized to present capacity and sold) |34,40,000 |30,00,000 | |Less : Fixed costs |30,00,000 |21,00,000 | |Total Income |4,40,000 |9,00,000 | |Process B may be chosen |   |   | |(ii) Total contribution (if capacity of A of 6,00,000 units and|48,00,000 |30,00,000 | |of B 5,00, 000 units) | | | |Less : Fixed costs |30,00,000 |21,00,000 | |Total Income |18,00,000 |9,00,000 | Process A may be chosen. Illustration 4: Addition of second shift Ulfa Ltd produces a single product in its plant. This product sells for Rs. 100 per unit. The standard production cost per unit is as follows: |Raw materials (5 kgs @ Rs. 8 |Rs. 40 | |Direct labour (2 hours @ Rs. ) |10 | |Variable manufacturing overheads |10 | |Fixed manufacturing overheads |20 | |   |80 | The plant is currently operating at full capacity of 1, 00,000 units per years on a single shift. This output is inadequate to meet the projected sales manager has estimated that the firm will lose sales of 40,000 units next years if the capacity is not expanded Plant capacity could be doubled by adding a second shift. This would require additional out-of-pocket fixed manufacturing overhead costs of Rs. 10,00,000 annually. Also, a night work wage premium equal to 25 per cent of the standard wage would have to be paid during the second shift.However, if annual production volume were 1,30,000 units or more, the company could take advantage of 2 per cent quantity discount on its raw material purchases. You are required to advise whether it would be profitable to add the second shift in order to obtain the sales volume of 40,000 units per year? Solution Decision analysis |Particulars |Profit without expansion |Profits with expansion | |Sales revenue |Rs. 1,00,00,000 |Rs. 1,40,00,000 | |Less: variable costs: |   |   | |Raw materials (Rs 39. 0 x 1,40,000) |40,00,000 |54,88,000 | |Direct labour |10,00,000 |15,00,000 | |Variable manufacturing overhead |10,00,000 |14,00,000 | |Contribution |40,00,000 |56,12,000 | |Less : fixed costs (Rs. 1,00,000 x 20) |20,00,000 |30,00,000 | |Net Income |20,00,000 |26,12,000 | Yes, it would be profitable to add the second shift as it would increase profits by Rs. 6, 12,000.Illustration 5: Assume a company is considering dropping product B from its line because acc ounting statements shows that product B is being sold at a loss. | | | |Product |A |B |C |Total | |Sales revenue |50,000 |7,500 |12,500 |70,000 | |Cost of sales: | | | | | |D. Material |7,500 |1,000 |1,500 |10,000 | |D.Labour |15,000 |2,000 |2,500 |19,500 | |Indirect manufacturing cost (50% of |7,500 |1,000 |1,250 |9,750 | |Direct labour) | | | | | |Total |30,000 |4,000 |5,250 |39,250 | |Gross margin On sales |20,000 |3,500 |7,250 |30,750 | |Selling & Admn |12,500 |4,500 |4,000 |21,000 | |Net income |7,500 |(1,000) |3,250 |9,750 | Additional information: a) Factory Overhead cost is made up of fixed cost of Rs. 5850 and variable cost of Rs. 3900. b) Variable cost by products are: A – Rs 3000, B – Rs 400 and C – Rs 500 c) Fixed costs and expense will not be changed if product B is eliminated d) Variable selling and administrative expenses are to the extent of Rs. 11000 can be traced to the product: A-Rs. 7,500; B- Rs. 1500 and C- Rs. 2000 e) Fixed selling and admn expense are Rs. 10000 Solution: [pic]If the sale of product B were discontinued, the marginal contribution would be lost and the net income would be reduced by Rs. 2,600. Assume that after dropping product B, the sales of product A increased by 10%. The total profit of the firm will not increase by this sales increase. Product A makes only a marginal contribution of 34% (17000/50000) |Sales revenue of Product A |50000 |100% | |Variable cost of Product A |33000 |66% | |Marginal contribution of Product A |17000 |34% | On additional sales of Rs. 5000 the marginal contribution would be Rs. 700 |Sales revenue 10% of 50000 |5000 | |Variable cost 66% |3300 | |Marginal contribution (34%) |1700 | This contribution is less than Rs. 2,600 now being realized on the sales of product B. it would take additional sales of product A of approximately Rs. 7,647 to equal the marginal contribution of Rs. 2,600 mow being made by product B: [pic]= Rs. 7,647 It is possible that dropping product B may res ult in reduction in some of the fixed costs. Products B now contributes Rs. 2,600 towards recovery of fixed costs and expenses. Only if the fixed costs and expenses can be reduced by more than this amount, it will be advisable to drop product B. 13. Sells or Process Further A firm is frequently faced with the problem of continuing with the existing policies or plans or change to new ones. Such change could be in the form of selling a partially processed product (semi finished) or process further. While taking a decision about such matters, the management must keep in mind the long term consequence and the interest of the firm. Illustration 6: A firm sells semi finished product at Rs. 9 per unit. The cost to manufacture the semi finished product is Rs. 6. Further processing can be done at an additional cost of Rs. 3 per unit and the final product can be sold at Rs. 15 per unit. The firm can produce 10,000 units.The analysis is shown below: |   |Sell |Process & Sell | |Sales revenu e (10,000 units) |Rs. 90,000 |1,50,000 | |Less : Manufacturing costs |60,000 |90,000 | |Profit |30,000 |60,000 | There is a net advantage of Rs. 30,000 in processing the product further. The market value of the partially processed product (Rs. 90,000) is considered to be opportunity cost of further processing. The figure of net advantage of Rs. 30. 00 can be arrived at in the following manner also: |Revenue from sale of final product (10,000 x 15) |   |Rs. 1,20,000 | |Less : Additional processing cost (10,000 x 3 ) |30,000 |   | |Revenues from sale of intermediate product |90,000 |1,20,000 | |Net advantage in further processing |   |Rs. 30,000 | 13. 8 Operate or Shutdown Various factors both external and internal affect the functioning of the firm. In such situations it becomes necessary for a firm to temporarily suspend or shutdown the activities of a particular product, department or a unit as a whole.Illustration 7: A company operating below 50% of its capacity expects tha t the volume of sales will drop below the present level of 10,000 units per month. Management is concerned that a further drop in sales volume will create a loss and has under consideration a recommendation that operation be suspended, until better market conditions prevail and also a better selling price. The present operation income statement is as follows: |   |Rs |Rs | |Sales revenue (10,000 units @ Rs. 3. 00) |   |30,000 | |Less : Variable costs @ Rs. 2. 0 per unit |20. 000 |   | |Fixed costs |10,000 |   | |Net Income |   |0 | Suggest the management at what point should the operation be suspended. The fixed cost remains only Rs 4000 if operation is shutdown. The following income statements have been prepared for sales at different capacities: [pic] It would appear that shutdown is desirable when the sale volume drops below 6,000 units per month, the point at which operating losses exceed the shutdown cost. 13. 9 Exploring New MarketsDecisions regarding entering new m arkets whether within the country or other the country should be taken after considering the following factors:  · Whether the firm has surplus capacity to meet the new demand?  · What price is being offered by the new market?  · Whether the sale of goods in the new market will affect the present market for the goods? Illustration 8: The following figures are obtained from the budget of a company which is at present working at 90% capacity and producing 13,000 units per annum. |   |90% |100% | | |Rs. |Rs. |Sales |15,00,000 |16,00,000 | |Fixed Expenses |3,00,500 |3,00,600 | |Semi- Fixed Expenses |97,500 |1,00,500 | |Variable Overhead Expenses |1,45,000 |1,49,500 | |Units made |13,500 |15,000 | Labour and material costs per unit are constant under present conditions. Profit margin is 10 per cent. a) You are required to determine the differential cost of producing 1,500 units by increasing capacity to 100 per cent. b) What would you recommend for an export price for these 1,500 units taking into account that overseas prices are much lower than indigenous prices? Solution |Basic Calculation: |Rs. | |Sales at 90% capacity 15,00,000 | |Less: Profit 10% |1,50,000 | |Cost of Goods sold |13,50,000 | |Less : Expenses (Fixed, semi-variable and variable) |5,43,000 | |Cost of Material and Labour |8,07,000 | |Labour and Material at 100% capacity = |Rs. 8,07,000 x 100/90 | |   |= 8,96,667 | Differential cost analysis can now be done as follows: Capacity levels |90% |100% |Different cost | |Production (Units) |13,500 |15,000 |1,500 | |Material and Labour |8,07,000 |8,96,667 |89,667 | |Variable overhead expenses |1,45,000 |1,49,500 |4,500 | |Semi-variable expenses |97,500 |1,00,500 |3,000 | |Fixed expenses |3,00,500 |3,00,600 |100 | |   |13,50,000 |14,47,267 |97,267 | a) Different Cost = Rs. 97,267 (Rs. 14,47,267 – 13,50,000) b) Minimum price for export = [pic]= Rs. 64. 84 per unit At this price, there is no addition to revenue; any price above Rs. 64. 84 per unit may be acceptable. Note: It has been presumed that i) No capital investment is necessary ii) No export charges are incurred and ii) The export price will have no effect on the home market where the product will continue to be sold at the old price. It has also been assumed that necessary precaution have been taken to ensure that the product is not ‘dumped back’. 13. 10 Maintaining a Desired level of profit When deciding between alternative courses of actions the criterion should be to select the project which yields the greatest contribution. Illustration 9: A company is considering expansion. Fixed costs amount to Rs. 4, 20,000 and are expected to increase by Rs. 1, 25,000 when plant expansion is completed. The present plant capacity is 80,000 units a year. Capacity will increase by 50 per cent with the expansion. Variable costs are currently Rs. 6. 0 per unit and are expected to go down by Rs. 0. 40 per unit with the expansion. The current selling price is Rs. 16 per unit and is expected to remain same under either alternative. What are the break- even points under either alternative? Which alternative is better and why? Solution [pic] The profitability after expansion is very good and hence it is better to expand. Illustration 10: Disposal of inventories ABC Ltd has on hand 5,000 units of a product that cannot be sold through regular sales. These were produced at a total cost of Re. 1, 50,000 and would normally have been sold for Rs. 40 per unit. Three alternatives are being considered. i. Sell the items as scrap for Rs. per unit ii. Repackage at a cost of Rs. 20,000 and sell them at Rs. 8 per unit iii. Dispose them off at the city dump at removal cost of Rs. 500. Which alternative should be accepted? Solution Exhibits the decision analysis [pic] Alternative II should be accepted. 13. 11 Summary  · Decision making is the process of evaluating two or more alternatives leading to a final choice known as alternative choice decisions. Decision making is closely associated with planning for the future and is directed towards a specific objective or goal.  · A decision involves selecting among various choices. Non routine types of decisions are crucial and critical to he firm as it involves huge investments and involve much uncertainty. Short term decision making is based on relevant data obtained from accounting information.  · Relevant Cost are costs which would change as a result of the decision.  · Opportunity costs are monetary benefits foregone for not pursuing the alternative course. When a decision to follow one course of action is made, the opportunity to pursue some other course is foregone.  · Sunk costs are historical cost that cannot be recovered in a given situation. These costs are irrelevant in decision making.  · Avoidable costs are costs that can be avoided in future as a result of managerial choice. It is also known as discretionary costs.These costs are relevant in decision making.  · Incremental / Differential costs are costs that include variable costs and additional fixed costs resulting from a particular decision. They are helpful in finding out the profitability of increased output and give a better measure than the average cost. 13. 12 Terminal Questions 1. Avon garments Ltd manufactures readymade garments and uses its cut-pieces of cloth to manufacture dolls. The following statement of cost has been prepared. |Particulars |Readymade garments |Dolls |Total | |Direct material |Rs. 80,000 |Rs. 6,000 |Rs. 6,000 | |Direct labour |13,000 |1,200 |14,200 | |Variable overheads |17,000 |2,800 |19,800 | |Fixed overheads |24,000 |3,000 |27,000 | |Total cost |1,34,000 |13,000 |1,47,000 | |Sales |1,70,000 |12,000 |1,82,000 | |Profit (loss) |36,000 |(1,000) |35,000 |The cut-pieces used in dolls have a scrap value of Rs 1,000 if sold in the market. As there is a loss of Rs. 1,000 in the manufacturing of dolls, it is suggested to discontinue their manufacture. Advise th e management. 2. The ABC Company Ltd produces most of its own parts and components. The standard wage rate in the parts department is Rs. 3 per hour. Variable manufacturing overheads is applied at a standard rate of Rs. 2 per labour – hour and fixed manufacturing overheads are charged at a standard rate of Rs 2. 50 per hour. For its current year’s output, the company will require a new part. This part can be made in the parts department without any expansion of existing facilities.Nevertheless, it would be necessary to increase the cost of product testing and inspection by Rs. 5,000 per month. Estimated labour time for the new part is half an hour per unit. Raw materials cost has been estimated at Rs. 6 per unit. The alternative choice before the company is to purchase part from an outside supplier at Rs 9 per unit. The company has estimated that it will need 2,00,000 new parts during the current years. Advise the company whether it would be more economical to buy or m ake the new parts. Would your answer be different if the requirement of new parts was only 1,00,000 parts? 13. 13 Answers to SAQ and TQs Answer to SAQ 1. Change 2 Sunk cost 3. Monetary benefits foregone 4. Avoidable cost Answers to TQs: . Discontinue manufacture of dolls | |Readymade garments |Dolls |Total | |Total cost |134000 |13000 |147000 | |Profit (loss) |36000 |(1000) |35000 | 2. Decision analysis : 200000 units – The company is advised to make the new part. The differential costs favouring the decision of making the component is Rs40000 Decision analysis : 100000 units – The company is advised to buy from an outside supplier. Total cost to manufacture 100000 units is Rs. 9,10,000.

How College Is The Human Brain And Behavior - 959 Words

Self-actualization; the pursuit of self-defined goals for personal fulfillment and growth. As time starts to glow upon individuals, accomplishments set their grounds. During our developmental stage as part of adolescence, personalities signify and structure one’s mindset and capabilities. Attending college, is something that was expected of me all throughout grade school up until high school. To me personally, college is a great experience that I believe everyone should have the chance and opportunity to gain knowledge from that will be beneficial along time. I come from a very educated background. My mother and father are supportive of the decisions and choices that I make and, choosing to go to college was a decision I felt was the best for me. I have always wanted to be a Pediatrician growing up, but, I later strived for another placement in society which involves my participation to work with all groups and ages. This includes major concepts such as: studying the human brain and behavior. The world in which we know- psychology. I like to understand and interpret why a person behaves the way they do, or why a person thinks from another perspective in which society may least understand the reasoning behind. Freedom of speech is the first amendment and, I do believe it is acceptable to allow another individual to express themselves in a matter of appropriate ways without restriction. The problem in today’s world is that we never allow our inner lens to be clear of thoughtShow MoreRelatedMy Future Career Research Paper1323 Words   |  6 Pagesme goals provide a map of what I want to do, how I’m going to do it, and why I want to do it. Goals also provide a sense of accomplishment when you finally get to finish whatever you’ve been working towards. The need for goals in life is clear, because without goals, we wouldn’t get much done. 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Nowadays, If A1607 Words   |  7 PagesHuman Intelligence in the Internet Era Nowadays, if a young adult hears a new terminology, instead of going to a library and looking it up in an encyclopedia as what his or her parents would have done, he or she will pull out his or her smartphone and â€Å"google† it. Thanks to Google and all other commercial Internet companies, we are closer to all kinds of information, both useful and useless, than any other time in human history. In Nicholas Carr’s article â€Å"Is Google Making Us Stupid?†, he admitsRead MorePsychology : Psychology And Psychology1267 Words   |  6 Pagesthe scientific study of the human mind and behavior. Psychology influences many behaviors in the world without anyone noticing. Watson is interested in behaviorism. This means he was interested in the behavior of people and how they act and react. Through his article, Psychology as the Behaviorist Views it, He talked about the importance of the development of psychology. Even though he saw this development, he believed more research needed to be done on behavior. So, how does psychology influenceRead MoreEvolution Of Language And The Brain1447 Words   |  6 Pages Professor Terrence Deacon, an American Neuroanthropoligist; for his undergraduate attended Fairhaven College of Western Washington University from 1972-1976 as an Interdisciplinary major. Later attending Harvard’s Graduate School of Education from 1977-1978 in Philosophy and Cognitive Development. Ultimately pursuing a Ph.D. from Harvard in Biological Anthropology from 1978-1984. Later he joined the Harvard faculty as an assistant professor of biological anthropology, he was promoted to an associate