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MBA505:作业2答案-专业代做MBA作业

发布时间:2023-07-18 20:04  作者:admin

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1. 考虑到公司的长期发展,ADM公司 (还是作业1的公司) 要求你扩大对其乙醇业务的分析。为方便起

见,现将作业1中的成本和产能表以及一些关键数据放在这里,奥鹏在线作业答案,见以下信息。

ADM (from Homework #1) has asked you to extend your analysis of its ethanol business to include long-run considerations.For your

convenience, the table of costs and capacities, as well as some key data, from Homework#1 are reproduced below.

2. 美国乙醇产量的97%都以淀粉类/玉米糖为原料,(约2.5%的工厂使用玉米以外的原料)。这些工厂采用

两种加工技术:湿磨和干磨。这两种加工过程在资本密集度的分布以及提取可用材料的成本和效率方面有

所不同。本表给出了这两种工艺的关键数据。假设每年的资本成本为8%。

Within the sugar/starch category of corn ethanol plants that comprises 97% of US production (about 2 .5%of plants use feedstocks

other than corn), there are two processing technologies:Wet milling and Dry milling. These processes differ in their capital

intensiveness and in the cost and efficiency of extraction of usable material.Key data for the two processes are given in this

table. Assume a cost of capital of 8% per year.


为了清楚起见:一个湿磨厂的营运费用是每年800万美元 (每加仑0.08美元*每年1亿加仑)。同样,干磨

厂的管理费用为每年500万美元。同样的计算方法,一个湿磨厂的建造成本为1.61亿美元 (每加仑1.61美

元*1亿加仑) ,而一个干磨厂的成本为6150万美元。

For clarity: The overhead cost of a wet-milling plant is $8 million per year ($0.08 per gallon * 100 million gallons per year).

Likewise, the overhead cost of a dry-milling plant is $5 million per year. Similarly, a wet- milling plant costs $161 million to

construct ($1.61 per gallon * 100 million gallons), and a dry-milling plant costs $61,500,000.

任务1:考虑到上述成本(和资本成本),在什么情况下,乙醇的最低平均长期价格是湿磨乙醇工厂的合

理投资价格?能够让现有工厂继续运营的最低乙醇价格是多少?为简单起见,假设工厂的寿命是无限的,

工厂没有残余价值,也没有其他用途,但若退出此行业,工厂所有者可通过出售工厂所在的不动产收回

1000 万美元。

Task 1: Given the costs (and cost of capital) above, what is the minimum average long-run price for ethanol for which a wet-

milling ethanol plant is a sensible investment? What is the lowest price for ethanol for which an existing plant will remain in

operation? For simplicity, suppose that the plant is infinitely lived, and that the plant has no scrap value or alternative use, but

that exiting the industry will enable the owner to recover $10 million by selling the real estate upon which the plant is located.

任务2:干磨乙醇工厂同样面对任务1的情形。由于干磨厂的规模较小,工厂所有者在退出时只能通过出售

不动产收回500万美元。

Task 2: Repeat Task 1 for a dry-milling ethanol plant. As dry-milling plants are smaller, the owner will only recover $5 million

upon exit by selling the real estate

任务3:绘制乙醇的长期供给曲线。哪种技术的进入价格与构建长期供给曲线有关?为什么?解释一下。

Task 3: Draw the long-run supply curve for ethanol. Which technology’ s entry price is relevant for the purpose of constructing

the long-run supply curve? Why? Explain.

任务4:如果预计目前的市场条件会继续保持(乙醇的当前价格是每加仑1.53美元),ADM公司是否应该考

虑在Peoria的工厂旁边建造一个新的工厂?应该选择湿磨厂还是干磨厂?应该再建立几个新工厂吗?请

给出解释。

Task 4: If current market conditions are expected to continue (currently, the price of ethanol is $1.53 per gallon) , should ADM

consider constructing a new plant right next to the one in Peoria? Should it choose wet-milling or dry- milling? Should it build

several new plants? Explain.

任务5:假设乙醇的需求由作业1中的函数Q = 46.1 - 20P求得。在成本无变化的情况下,请你预测一下,

乙醇的长期均衡价格是多少?会有多少家湿磨厂在运行?有多少家干磨厂在运行?

Task 5: Suppose the demand for ethanol is given by the function Q = 46.1 − 20P from Homework 1. What do you predict will be the

long-run equilibrium price of ethanol, assuming no changes in costs? How many wet-milling plants will be in operation? How many dry-

milling plants?

任务6:现在试想一下,奥鹏在线作业答案,同时发生两个变化后的影响。假设玉米的价格增加了50%,因而乙醇原料的成本

同样增加。同时,资本成本下降到5%。预计这是两个永久变化。请解释这些变化如何影响ADM公司是否

在Peoria建立新工厂的决策,会采用哪种技术?

Task 6: Now consider the effect of two simultaneous changes. Suppose the price of corn increases by 50%, causing a similar increase in the cost of ethanol feedstock. Simultaneously, suppose the cost of capital decreases to 5%. Both changes are expected to be permanent. How would these changes affect ADM’s decision of whether to construct a new plant in Peoria, and its choice of which technology to employ? Explain

2. 如果星巴克的营销部门估计其咖啡需求的收入弹性为2.6,那么经济繁荣的前景(预计消费者的收入将

在未来一年内增加6%)将如何影响星巴克预期的咖啡销售量?(需求的收入弹性:收入的百分比变化除以

需求量的百分比变化)

If the marketing department at Starbucks estimates the income elasticity of demand for its coffee to be 2.6,how will the

prospect of an economic boom (expected to increase consumers’ incomes by 6 percent over the next year) impact the

quantity of coffee Starbucks expects to sell? (To answer this question, consider that the income elasticity of demand is

simply the percentage change in quantity demanded that results from (i.e., divided by) a percentage change in income.)

3. 假设锡矿市场是个完全竞争的。市场需求曲线由D(P)=300-P给出,其中,D以年计算的,P以美

元/年计算。这个市场有许多潜在的进入者,他们的成本曲线相同。在表1中,总结了成本曲线。

Suppose that the tin mining market is perfectly competitive. The market demand curve is given by D(P) = 300 – P,

where D is measured in units per year, and P is measured in $ per units. There are many potential entrants into this

market, all of whom have identical cost curves. These cost curves are summarized in Table 1 below

请完成以下每项任务,要求解答过程尽量详细,逻辑清晰,答案简洁。

Please complete each of the following tasks. Show enough of your work so that the logic that you used to arrive at your

answer can be understood, but keep answers concise.

任务1: 在图中画出一个单一公司的短期供给曲线。用Q的函数来表述ATC和FR-ATC曲线,并在第

二个图中画出曲线。计算ATC和FR-ATC曲线的最低水平,并在第二个图中表示。

Task 1: Draw in a graph the short-run supply curve of a single firm. Express as a function of Q the ATC and FR-ATC curve

and draw them in a second figure. Compute the minimum level of the ATC and FR- ATC curves and represent them in your

second figure.

任务2:假设该行业由10家公司组成,其成本曲线在表1中给出。当市场由这10家公司组成时,找

出短期 均衡价格(假设这10家公司都是价格接受者)。

Task 2: Suppose that the industry consists of 10 firms with cost curves given by those in Table 1. Find the short-run

equilibrium price when the market consists of these 10 firms (assume these 10 firms act as price takers).

任务3:假设有大量的潜在进入者,其成本曲线由表1中的曲线给出。那么这个市场的长期均衡价格

是多

少?在这个价格上,一个典型公司的供给量是多少?有多少新的进入者?在这个均衡状态下

,企业的利润是多少(考虑到初始投资) ?

Task 3: Suppose there is large number of potential entrants with cost curves given by those in Table 1. Given this, what is the

long-run equilibrium price in this market? At this price, how much does a typical firm supply? How many new entrants come

into the market? What is the profit of a firm in this equilibrium (taking into account the initial investment)?


任务4:和任务3一样,我们假设有同样的10个现有企业,以及大量的潜在进入者进入这个行业。

然而, 在新的情形下,假设这些潜在进入者的成本曲线由下面表2中的描述表示,并且他们有同

样的产能约束。( 请记住,10个现有企业的成本曲线由表1描述,所以进入者与现有企业不同)。请

注意,新进入者的MC 比10家现有公司的MC要高。这10家现有企业可以获得稀缺的、优越的资源

(例如,更好的许可协议或更 好的矿脉) ,而进入者却无法获得这些资源。继续用D(P)=300-P计

算市场需求,那么这个市场的长期均 衡价格是多少?每个现有企业的产能是多少?每个进入者的

产量是多少?有多少个进入者在这个市场上经 营?

Task 4: As in Task 3, let’s suppose that there are the same 10 incumbents, and a large number of potential entrants into this

industry. However---and this is new --- suppose that the cost curves of these potential entrants, rather than being described

by Table 1 above, have cost curves described by Table 2 below, and they have the same capacity constraint. (Keep in mind,

the 10 incumbents have cost curves described by those in Table 1, so entrants differ from the incumbents.) Notice that the

new entrants have higher MC than those of the 10 incumbent firms. You might imagine that the 10 incumbent firms have

access to a scarce, superior resource (e.g., better licensing agreements or better veins of ore) to which entrants do not have

access. Continuing to take market demand as given by D(P) = 300 – P, what is the long-run equilibrium price in this market?

How much does each incumbent firm produce? How much does each entrant produce? How many entrants operate in the

market?


任务5:用直觉解释一下,如果不用表2,奥鹏作业答案,而是用表3给的进入者成本,会发生什么?长期价格会是

多少?现有企业的反应会是什么?

Task 5: Using your intuition, explain what would happen if, instead of Table 2, the cost structure of the entrants were given by

Table 3. In particular, what would be the long-run price and what would be the reaction of the incumbents?


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