DQ2 Essay Example | Topics and Well Written Essays - 750 words

DQ2 - Essay Example The payments made to the suppliers of resources are expressed and revealed (explicit) or are present but not clear (implicit). Therefore a firm incurs both implicit and explicit costs while producing products. Explicit costs of the firm are the cash expenditures or monetary payments made to the suppliers who provide materials, labor services, fuel, transportation services and other similar requirements. These monetary payments are made for using the resources owned by suppliers. Implicit costs of the firm are the opportunity costs incurred for using the firm’s self employed and self owned resources. Implicit costs are the monetary payments the self owned and self employed resources may have otherwise earned through their best alternative utilization. Economists does not use the same cost data as accountants use because economists include both implicit costs and explicit costs related to production and also include normal profit which is necessary to acquire and retain resources for a particular line of production. Economists view economic costs as the opportunity cost of resources utilized whether it is owned by the firm or others (McConnell 2005 p.155). Accountants on the other hand consider profits as the balance of revenue after deducting accounting costs (or explicit costs) only. For the economists, economic cost (explicit and implicit costs including normal profit to producer) reduced from total revenue is the economic profit (McConnell 2005 p.156). Changes in demand, supply and equilibrium occur due to fluctuations in customer income, tastes or changes in customer expectation or the changes in the price of related products. Changes in supply occur as a result of changes in the price of resources, taxes or technology. These changes can have an effect on the equilibrium of price and quantity (McConnel, Brue & Campbell 2004 p.50). Price

Aerodynamics Essay Example | Topics and Well Written Essays - 750 words

Aerodynamics - Essay Example the main topic, the Vortilon, a simple stall prevention device that was developed based on shared experience and is now freely integrated with all new aircraft entering the intensely price and performance-sensitive market. In today’s cutthroat competition between airlines, only those airlines operating the entire gamut of air and ground operations at optimum efficiency will survive. The principal contributor to an airline’s bottom line is the quality of aircraft it operates. The same competition exists between the manufacturers as well, with an identical base criterion, i.e., the quality of aircraft they produce. Essentially, the governing factor is the maximum number of passengers that can be flown the longest distance in one trip with the minimum consumption of expensive aviation fuel in each category of aircraft─ short, medium, long and ultra-long range. â€Å"Every Kg. of basic aircraft weight saved is a million dollars saved over a life span of twenty-five years,† according to Dr. Kota Harinarayan, Project Director, LCA, India, my mentor in aerodynamics (1986) (n.p.). Designing an aircraft and sections thereof take millions of man-hours from the drawing board to first flight to fully operational status. Aircraft have to be sleek and light, its surfaces as smooth as a baby’s skin, no unwanted drag creating protrusions, etc. Everything is centered about minimum weight, minimum drag and optimal use of CAD/CAM in the field of aerodynamics to extract maximum lift at minimum engine thrust in flight, with highest passenger density. Any aerodynamic innovation is most welcome. I do not propose to look at ground operations like ticketing, loading, salaries, etc. That leaves only the aircraft. Here, there are two factors to be considered, the engine and the airframe. Since this Paper is specifically aimed at an aerodynamic concept, I will discuss engines only in brief. NASA (2008) describes four propulsion systems: The Propeller, the Ramjet, the Rocket and