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

Teacher Product: Gas stove The product that I intend to buy where my proposed changes can lower its external cost and minimized itsecological footprint is an electric stove. Ecological footprint is the waste left by the product with its use. Huge energy consumption meant larger ecological footprint. Electric stoves may be relatively cheap but its energy consumption is just so enormous that made it expensive in the long run not to mention that it has huge ecological footprint due to its huge power consumption.

The three changes that I proposed are;a. Introduce inverter technology – inverters are used in the airconditioning units to lower its energy consumption. 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. Work CitedSeverson, Kim. "Is Induction Cooking Ready to Go Mainstream?." The New York Times.

The New York Times, 6 Apr. 2010. Web. 2 Oct. 2014. .