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# BUS640 Discussion's Week 1

Course Number: BUS 640, Spring 2012

College/University: Ashford University

Word Count: 720

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When Burton Cummings graduated with honors from the Canadian Trucking Academy, his father gave him a \$350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically \$25,000 per month, while his operating costs (fuel, maintenance, and depreciation) amounted to only \$18,000 per month. Tractortrailer rigs identical to Burtons rig rented for \$15,000 per month. If...

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Burton When Cummings graduated with honors from the Canadian Trucking Academy, his father gave him a \$350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically \$25,000 per month, while his operating costs (fuel, maintenance, and depreciation) amounted to only \$18,000 per month. Tractortrailer rigs identical to Burtons rig rented for \$15,000 per month. If Burton was driving trucks for one of the competing trucking firms, he would earn \$5,000 per month. If Burton was driving trucks for one of the competing trucking firms, he would earn a net cash flow of \$7,000 (\$25,000-\$18,000) per month, since he would be earning only \$5,000 per month if he were working for a trucking firm. Compute both Burton Cummings explicit costs per month and his implicit cost per month. Explicit costs are monetary out-of-pocket payments for market supplied resources (Thomas & Maurice, 2011). Burtons explicit costs are his operating costs which were \$18,000. Implicit costs are nonmonetary opportunity cost of using owner supplied resources (Thomas & Maurice, 2011). Burtons implicit costs are \$15,000 because it was the total cost of (fuel, maintenance and depreciation. Also he would have \$5,000 implicit cost because he could make that for driving for another trucking company. So in total his implicit cost would be \$20,000. Compute the opportunity cost of the resources used by Burton Cummings each month. Burtons opportunity costs are what the firm owners give up to resources to produce goods or services (Thomas & Maurice, 2011). This would be the sum of the explicit and implicit costs associated with Burtons company. (\$18,000 + \$20,000 = \$38,000) What advice would you give Burton Cummings? Explain your advice in terms of opportunity costs. Currently, Cummings is generating a net profit of \$7,000 per month however when you calculate opportunity costs (\$38,000 - \$20,000) he is losing about \$18,000 per month. If he rents out his truck his revenue would drop about \$5,000 and he will eliminate his implicit costs giving him a revenue of \$20,000 and the only costs Burton will incur would be the depreciation as well as the maintenance) in addition to this if he gets another job working while he rents out his truck it would allow him to grow his company at a rate. Reference: Thomas, faster C. & Maurice, S. (2011). Managerial Economics: Foundations of Business Analysis and Strategy (10th ed). New York: McGraw-Hill/Irwin. ISBN 978-0-07-3375915 The Wall Street Journal reported that recent law school graduates were having a difficult time obtaining jobs in the legal profession. Many law schools said that 10 to 20 percent of their graduates had still not found a job. The historical average is between 6 to 8 percent. Many recent graduates were taking jobs outside law at much lower wages than were typically paid to beginning lawyers. Based on this information what would your prediction about lawyers salaries for future? Please explain your answers in terms of the market for lawyers fully explaining what changes will occur to demand, supply, quality demanded, quantity supplied, and equilibrium price for lawyers (starting wages for lawyers). According to Thomas and Maurice (2011), Quality demand is the amount of a good or service consumers are willing and able to purchase during a given period of time. The Quality Supplied would be the amount of goods or services offered for sale during a given period of time, (Thomas & Maurice, 2011). And the Equilibrium Price would be Quality Demanded = Quality Supplied (Thomas & Maurice, 2011). Looking at the historical average which has increased from 6-8 percent to 10-20 percent that it will continue to raise which in turn will continuously cause the salary of the lawyer to decrease. Eventually people will stop pursuing their law degree and there will be a shortage which will cause the equilibrium price to increase and there will be a high demand for graduates. Another factor of the drop in hiring new graduates could be the economic status. In my line of work I tend to see many graduate students whom are pursuing jobs outside of their career because the lack of jobs within their field. Also some graduates are being replaced with non-graduates because companies are avoiding the extra costs that come along with graduates. They are more willing to train entry level employees on jobs that a degree holding student should have. Reference: Thomas, C. & Maurice, S. (2011). Managerial Economics: Foundations of Business Analysis and Strategy (10th ed). New York: McGraw-Hill/Irwin. ISBN 978-0-07-3375915

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