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Respond to each of these questions in the final report, repeating the question number and question before responding.

(4a) In the historical period, were there any acquisitions? And if so, were they stock for stock, assets for stock, etc.?

(4b) Did another firm acquire shares in your company in the historical period? And if so, were they stock for stock, or assets for stock, etc.?

(4c) If the firm is growing, is its growth real, or is it merely growth through acquisition?

(5b) Explain which costs are fixed and which costs are variable and which costs have a fixed and variable component. If some of your costs are fixed, then there will be economies of scale, and your profit margins should improve.

(5c) If the provision for income tax differs significantly from 40 percent, explain why the difference.

If you quote any analyst or news source, show your sources. Do not plagiarize, as plagiarism is a serious breach of the academic honor code.

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