part A; All else equal, should the average Free Cash Flow to the Firm be higher for industries in the Growth or Mature phase of the Life Cycle? Provide TWO reasons to support your answer.

Part B; Name two factors (other than stage of industry life cycle) that (all else held equal), should result in a HIGHER Average Return on Invested Capital for an industry. Note: these are not financial ratios, but rather, factors that affect those ratios. For each factor, explain WHY it should result in higher average ROIC.