Licorice industry is competitive

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Reference no: EM136222

Q1. McKee Corporation has annual fixed costs of $12M. Its variable cost ration is .60.
a. Determine the company's break even dollar sales volume.
b. Determine the dollar sales volume required to earn a target profit of $3M.

Q2. The licorice industry is competitive. Each firm produes 2 million strings of licorice every year. Total cost of strings have an average of $0.20 each, and they sell for $0.30.
a. What is the marginal cost of a string?
b. Is this industry in long run equilibrium. Explain?

Reference no: EM136222

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