The Wall Street Journal reported that recent law school graduates were having a very difficult time obtaining jobs in the legal profession. Many law schools said that 10 to 20 percent of their graduates still had not found jobs. The historical average had been 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 be your prediction about lawyers' salaries for the future? Please explain your answers in terms of the market for lawyers fully explaining what changes will occur to demand, supply, quantity demanded, quantity supplied, and equilibrium price for lawyers (starting wages for lawyers).© BrainMass Inc. brainmass.com October 17, 2018, 2:47 am ad1c9bdddf
We should discuss this question in the short run and in the long run.
In the short run:
Because a higher number of graduates cannot find jobs, new lawyer wannabes will likely to be aware of this. Some of them will choose to study something that may be more likely to find jobs. In the short run, the ...
Managerial Economics - Supply and Demand for lawyer's salaries in the future
1) Explain the difference between the short run and the long run as it relates to the firm's production function. Why is this distinction important to a firm's manager?
2) Explain why a firm maximizes its profits by producing the level of output at which marginal revenue equals marginal costs.
3) Explain how labor resistance and political and legislative influences reduce the ability of firms to minimize their costs of production. What do the two have in common in this regard?
4) What are the two primary factors that influence a firm manager's choice between a labor-intensive and a capital-intensive method of production? How does each factor influence the manager's choice?
5) Summarize the relationship between elasticity, price changes, and changes in total revenue.
6) Distinguish between "a change in demand" and "a change in quantity demanded." What are the causes of each type of change and how do we illustrate them graphically?
7) List the factors that influence supply. How does a change in each of factors you have listed affect the supply curve?View Full Posting Details