Reduce External Costs, Improve Products and People's Lives Assignment

Reduce External Costs, Improve Products and People's Lives - Assignment Example Aircon used to consume huge electricity but was minimize by inverter technology. The technology can be used in electric stove to minimize its energy consumption. b. Standardized induction technology – induction cookers are now being introduced in the market where electromagnet to heat iron or steel cookware (Severson). It is still however a little expensive but when demand increases, the product can be produced in scale driving the cost down both in terms of unit cost and energy consumption. c. Prolong product lifecycle – simply put, product lifecycle is the lifespan of the product. Product cost can be defrayed when the product cycle is prolonged because its cost is spread over the years of its use. When these three proposals are introduced into an electric stove, the energy consumption will be significantly lowered and the product will also last longer making a lesser ecological footprint. The product cost may be increase a little but this can be easily defrayed by its lower energy cost. Severson, Kim. "Is Induction Cooking Ready to Go Mainstream?."Â  The New York Times. The New York Times, 6 Apr. 2010. Web. 2 Oct. 2014.