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3203以前考题2012A1.垂直整合(a)A manufacturer of pencils contemplates预期 backward integration into the production of rape seed oil, a key ingredient in manufacturing the rubberlike material (called factice) that forms the eraser. Rape seed oil 菜籽油is traded in world commodity markets and its price fluctuates as supply and demand conditions change. 价格波动大The argument that has been made in favour of vertical integration is this: “Pencil production is very utilization sensitive利用敏感 (i.e. a plant operates at full capacity can produce pencils much cheaper and at much lower cost per unit than a plant that operates at less than full capacity). Owning our own source of supply of rape seed oil insulates us from short run supply and demand imbalances and therefore will give us a competitive advantage over rival producers”. Explain why this argument is wrong.(b)What types of transactions are best brought within the firm? Explain your answer and show diagrammatically how decisions to bring these transactions within the firm ultimately determine the vertical boundaries of the firm.画图2011A1.多元化Virgin Group.(a)Whether diversification adds to company value or not is a question about where a company’s boundary belongs. Explain this statement using your knowledge of theory and discuss its implications for managers.(b)Explain and evaluate the diversification strategy of the Virgin Group. Did it create shareholder value? What changes would you recommend to the group’s structure?Use your knowledge of theory to support your answer.2010A1.垂直整合Virgin Group.(a) In each of the following situations, why are firms likely to benefitfrom vertical integration?(i) An independently operated grain elevator located at theterminus of a rail way line.(ii) A manufacturer of a product with a national brand-namereputation uses distributors that arrange for advertising andpromotional activities in local markets.(iii) A biotech firm develops a new product that will be produced,tested, and distributed by an established