Marginal costIn economics, the marginal cost is the change in the total cost that arises when the quantity produced is incremented, the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output.
Casting defectA casting defect is an undesired irregularity in a metal casting process. Some defects can be tolerated while others can be repaired, otherwise they must be eliminated. They are broken down into five main categories: gas porosity, shrinkage defects, mould material defects, pouring metal defects, and metallurgical defects. The terms "defect" and "" refer to two specific and separate things in castings. Defects are defined as conditions in a casting that must be corrected or removed, or the casting must be rejected.
CostIn production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer.
Interchangeable partsInterchangeable parts are parts (components) that are identical for practical purposes. They are made to specifications that ensure that they are so nearly identical that they will fit into any assembly of the same type. One such part can freely replace another, without any custom fitting, such as . This interchangeability allows easy assembly of new devices, and easier repair of existing devices, while minimizing both the time and skill required of the person doing the assembly or repair.
LaserA laser is a device that emits light through a process of optical amplification based on the stimulated emission of electromagnetic radiation. The word laser is an anacronym that originated as an acronym for light amplification by stimulated emission of radiation. The first laser was built in 1960 by Theodore Maiman at Hughes Research Laboratories, based on theoretical work by Charles H. Townes and Arthur Leonard Schawlow. A laser differs from other sources of light in that it emits light that is coherent.
Young's modulusYoung's modulus , the Young modulus, or the modulus of elasticity in tension or axial compression (i.e., negative tension), is a mechanical property that measures the tensile or compressive stiffness of a solid material when the force is applied lengthwise. It quantifies the relationship between tensile/compressive stress (force per unit area) and axial strain (proportional deformation) in the linear elastic region of a material and is determined using the formula: Young's moduli are typically so large that they are expressed not in pascals but in gigapascals (GPa).
PhotoresistA photoresist (also known simply as a resist) is a light-sensitive material used in several processes, such as photolithography and photoengraving, to form a patterned coating on a surface. This process is crucial in the electronics industry. The process begins by coating a substrate with a light-sensitive organic material. A patterned mask is then applied to the surface to block light, so that only unmasked regions of the material will be exposed to light. A solvent, called a developer, is then applied to the surface.
Injection mouldingInjection moulding (U.S. spelling: injection molding) is a manufacturing process for producing parts by injecting molten material into a mould, or mold. Injection moulding can be performed with a host of materials mainly including metals (for which the process is called die-casting), glasses, elastomers, confections, and most commonly thermoplastic and thermosetting polymers. Material for the part is fed into a heated barrel, mixed (using a helical screw), and injected into a mould cavity, where it cools and hardens to the configuration of the cavity.
Digital Light ProcessingDigital Light Processing (DLP) is a set of chipsets based on optical micro-electro-mechanical technology that uses a digital micromirror device. It was originally developed in 1987 by Larry Hornbeck of Texas Instruments. While the DLP imaging device was invented by Texas Instruments, the first DLP-based projector was introduced by Digital Projection Ltd in 1997. Digital Projection and Texas Instruments were both awarded Emmy Awards in 1998 for the DLP projector technology.
Hearing aidA hearing aid is a device designed to improve hearing by making sound audible to a person with hearing loss. Hearing aids are classified as medical devices in most countries, and regulated by the respective regulations. Small audio amplifiers such as personal sound amplification products (PSAPs) or other plain sound reinforcing systems cannot be sold as "hearing aids". Early devices, such as ear trumpets or ear horns, were passive amplification cones designed to gather sound energy and direct it into the ear canal.
Cost curveIn economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to decide output quantities. There are various types of cost curves, all related to each other, including total and average cost curves; marginal ("for each additional unit") cost curves, which are equal to the differential of the total cost curves; and variable cost curves.
Cost accountingCost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs". Often considered a subset of managerial accounting, its end goal is to advise the management on how to optimize business practices and processes based on cost efficiency and capability.
