Homework Essay

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Week 1: Homework Assignment Chapter 2 Questions 3 and 4 Je’neen A. Wilson, B.S. ECO 550 Managerial Economics and Globalization Strayer University – White Marsh Prof. Asti April 16, 2013 Question 3 The Ajax Corporation has the following set of projects available to it: Project Investment Required Expected Rate ------------------------------------------------- ($ Million) of Return A 500 23.0% B 75 18.0 C 50 21.0 D 125 16.0 E 300 14.0 F 150 13.0 G 250 19.0 Ajax can raise funds with the following marginal cost: First $250 Million 14.0% Next 250 Million 15.5 Next 100 Million 16.0 Next 250 Million 16.5 Next 200 Million 18.0 Next 200 Million 21.0 Answer: Projects A, C, G, and B require a total of $875 million in investment. Project B, the last accepted, lowest return project of this group is anticipated to produce an 18 % rate of return. Ajax has access to $1,050 million in funding with the highest marginal cost of funds at 18 % for the last $200 million. If Ajax were to select any project outside A, C, G, and B – such as project D (the next best project after B) – that project would generate a marginal rate of return (16 %) which is less than the marginal cost of funds required for financing, in this instance, 18 %. Therefore, the ideal capital budget is to invest in projects A, C, G, B, for a total of $875 million. Question 4 The Demand for MICHTEC’s products is related to the state of the economy. If the economy is expanding next year (an above-normal growth in GNP), the company expects sales to be $90 million. If there is a recession next year (a decline in GNP), sales are expected to be $85 million. MICHTEC’s economists have estimated the chances that the economy will be either expanding normal, or in a

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