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Explain Quality.
Quality: It is explained as fitness of purpose. It is a relative term and is normally explained with reference to the end utilize of the product. For illustration, a gear used in sugar-cane extracting machine by not of similar material and without possessing good finish, tolerance and accuracy as which of a gear used in the head stock of a sophisticated lathe, may be seems of good quality when it works satisfactorily in the juice extracting machine. Therefore, a component is said to be of good quality when it works well in the equipment for which this is meant.
Assume a fixed cost for a process of $120,000. The variable cost to produce each unit of product is $35, and the selling price for the finished product is $50. Which of the followi
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